FINANCIAL_SERVICESRENEWED

Town of Milton Council Contract Award Report October 2026

Milton Extends Scotiabank Banking Services Five Years

$0 (fees waived; interest revenue earned separately)Town of MiltonSCOTIABANKMay 5, 2026

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Description

The Town of Milton plans to extend its banking services contract with Scotiabank for an additional five years starting October 1, 2026, with continued fee waivers and an increased rate of return on interest-bearing accounts. The extension supports stability for the Town’s new Financial Management System and leverages an established banking relationship that generated $5.6 million in interest revenue in 2025.

Contract Details

Contract Amount

$0 (fees waived; interest revenue earned separately)

Vendor

SCOTIABANK

Agency

Town of Milton, Canada

Contract Type

FINANCIAL_SERVICES

Document Date

May 5, 2026

Contract Term

5-year period beginning October 1, 2026

Renewal Date

2031-09-30

Renewal Info

Original banking contract awarded in 2016 for a 5-year term to October 2021, with a 5-year renewal option exercised through October 2026. A further 5-year extension beginning October 1, 2026 is recommended, maintaining existing terms with an increased rate of return on interest-bearing accounts.