Explanation
BACKGROUND:
On October 3, 2012 the Columbus City Treasurer's Office issued a request for proposal, for various banking services necessary for the daily operation of normal business activities of the City of Columbus.
Huntington National Bank, JP Morgan Chase and Fifth Third Bank were among the banks that were awarded contracts. On May 6, 2013, Columbus City Council authorized contracts and expenditures for the first year of banking services, for the period of June 1, 2013 through May 31, 2014. On February 14, 2022 ordinance number 0374-2022 was passed by Columbus City Council which authorized the tenth year of a ten year renewal of banking services for the period from June 1, 2022 through May 31, 2023.
The City Treasurer’s Office in collaboration with the City Auditor’s Office and the Department of Finance and Management are currently engaged in development of a banking RFP with Crowe LLP as its RFP consultant. The RFP development process has taken longer than was originally expected.
As a consequence, there is insufficient time left before the end of the current contracts to allow the RFP process to unfold. Each banking partner was contacted and all agreed to modify the current terms and conditions of the contract awarded in 2013 for the period of the modification, up to one year, from May 31, 2023 to May 31, 2024.
FISCAL IMPACT:
No funds will added to the contract modification at this time.
Contract Compliance: JP Morgan Chase Bank, 134994650, expiration 4/22/2023; Fifth Third Bank, 310676865, expiration 6/3/2023; Huntington National Bank, 310966785, expiration 2/8/2024.
Title
To authorize the City Treasurer to modify its contracts for various City banking services with Huntington National Bank, JP Morgan Chase Bank and Fifth Third Bank. ($0.00)
Body
WHEREAS, the City Treasurer proposed the award of contracts for banking services as provided for in an RFP issued on October 3, 2012, for which the Columbus City Council authorized...
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