Explanation
On October 25, 2012, four responses to a Request for Proposal SA004617/Banking Services (RFP) issued by the City Treasurer were received. The RFP included specifications for the processing of various payments to the Division of Income Tax, Office of the Auditor. Representatives from the Treasurer’s Office and the Auditor’s Office have approved the selection of Huntington National Bank as the most responsive responsible bidder able to provide lockbox banking services as required by the Division of Income Tax. The contract for lockbox services to the Division of Income Tax shall be for the initial period of fifteen (15) months with an option for the Division to renew annually thereafter for the following nine years. The initial period allows for the contract cycle to fall at a more manageable time with regard to Income Tax operations, while providing for uninterrupted services following the expiration of the current service contract. The total allowable expenditure for the first contract period shall not exceed $150,000.00.
The contract for lockbox services provides for the direct deposit of known income tax receipts. The City benefits from greater investment earnings as less processing time is required prior to deposit of receipts. This contract relieves Division of Income Tax of the time consuming task of opening and sorting a large volume of mail during peak tax filing and payment periods, as well as reducing the workload of the City Treasurer's staff during those times.
Title
To authorize and direct the City Auditor to enter into a contract with Huntington National Bank for certain lockbox banking services to be performed for the Division of Income tax for the period March 1, 2013 through May 31, 2014, to authorize the expenditure of $150,000.00 from the General Fund and to declare an emergency ($150,000.00).
Body
WHEREAS, the City Auditor wishes to enter into a contract for the provision of lockbox banking services to the Di...
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