Explanation
BACKGROUND:
On October 3, 2012 the Columbus City Treasurer issued a request for proposal SA004617 for various banking services. The Columbus Depository Commission received and reviewed proposals from six (6) local banks and recommended the award of banking services to specific banks on April 18, 2013, subject to approval of City Council. All such banks are currently eligible depositories of the City of Columbus, pursuant to Chapter 321.04 of the Columbus City Code. Bank approval was dependent upon each bank submitting an application for the Deposit of Public funds at a meeting of the Columbus Depository Commission held on December 28, 2012. The contracts are for a period of ten (10) years beginning June 1, 2013 through May 31, 2023 subject to annual appropriations and approval of contracts by the Columbus City Council.
Columbus City Council authorized the first year of banking services contracts on May 6, 2013 for the period of June 1, 2013 through May 31, 2014.
On May 19, 2014 Columbus City Council authorized contracts for the second year of banking services for the period June 1, 2014 through May 31, 2015.
The City Treasurer’s Office now wishes to modify its contracts to provide additional resources for banking with JP Morgan Chase. The Treasurer’s contract is in need of additional funds for credit card processing with Huntington Merchant Services on behalf of the Department of Public Service, Division of Infrastructure, Department of Finance and Management, Division of Fleet Management, and Department of Public Safety, Division of Support Services.
To allow departments to post financial transaction in the city’s accounting system as soon as possible emergency designation is necessary. Up to date financial posting promotes accurate accounting and financial management.
FISCAL IMPACT:
Funds for these expenditures are budgeted and available within the various 2014 budget appropriations and are consistent with the third quarter financial review...
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