Explanation
BACKGROUND:
On September 6, 2005 a Request for Proposal (RFP) for various banking services was issued by the Columbus City Treasurer's Office. Proposals were received from six (6) local banks and subsequently reviewed by the Columbus Depository Commission, which recommended, subject to the approval of City Council, the award of banking services to specific banks on December 2, 2005. All such banks are currently eligible depositories of the City of Columbus, pursuant to Chapter 321.04 of the Columbus City Code. Approval is based upon Applications for the Deposit of Public Funds, which were submitted by each bank and approved at a meeting of the Columbus Depository Commission held on December 27, 2011. The contracts are for a period of seven (7) years starting March 1, 2006 through February 28, 2013 subject to annual appropriations and approval of contracts by the Columbus City Council.
On February 27, 2012 a contract for the seventh year of a seven year contract for banking services was authorized by Columbus City Council, ordinance number 0912-2012, for the period of March 1, 2012 through February 28, 2013.
The City Treasurer's Office now wishes to modify its contracts to provide additional resources for banking with JP Morgan Chase and Huntington Banks. In addition, funds are needed for the Treasurer's contract for credit card processing with Huntington Merchant Services on behalf of Health and Building and Zoning, while the Division of Power and Water wishes to reduce its encumbrance.
Emergency action is requested to allow the financial transaction to be posted in the city's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
FISCAL IMPACT:
Funds for these are budgeted and available within the various funds' 2012 budget appropriations.
Contract Compliance: JP Morgan Chase Bank, 134994650, expiration 9/26/2014; Huntington National Bank, 113328074, expiration 2/10/2013 and 310966785, expiration 9/28/2013
Title
To authorize the City Treasurer to modify its contracts for various banking services with JP Morgan Chase and Huntington; to authorize the expenditure of up to $72,500.00 from various funds within the city; to authorize the City Auditor to reduce an encumbrance for banking services; and to declare an emergency. ($72,500.00)
Body
WHEREAS, the City Treasurer awarded various contracts for the provision of banking services as provided for in a Request for Proposal issued on September 6, 2005 and for which approval for banking services was approved by the Columbus Depository Commission at a meeting held on December 2, 2005; and
WHEREAS, Columbus City Council authorized a contract for the seventh year of a seven year contract for banking services for the period of March 1, 2012 through February 28, 2013 on February 27, 2012, ordinance 0912-2012; and
WHEREAS, the City Treasurer now wishes to modify its contracts to provide additional resources for banking services; and
WHEREAS, as an emergency exists in the usual daily operation of various City divisions, as it is immediately necessary to modify the contracts and authorize the expenditures as cited below, providing banking services necessary for the daily operation of normal business activities of the City of Columbus thereby preserving the public health, peace, property, safety and welfare; now therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
SECTION 1. That the City Treasurer is hereby authorized to modify its contract with JP Morgan Chase Bank for the provision of the main operating account (for the City Treasurer and the Department of Public Utilities) and the payroll account of the City of Columbus within the guidelines set forth in the original bid document with a contract ending date of February 28, 2013 and to authorize the expenditure of $40,500, or so much thereof as may be necessary, as follows:
Division: 2301 | Fund: 010 | OCA: 230227 | Object level one: 03 | Object level three code: 3348 | Amount: $36,000.00 | City Treasurer
Division: 6009 | Fund: 600 | OCA: 602318 | Object level one: 03 | Object level three code: 3348 | Amount: $4,500.00 | Division of Power and Water
SECTION 2. The City Treasurer is hereby authorized to modify its existing contract with Huntington National Bank for the provision of credit card processing services and to authorize the expenditure of $27,000, or so much thereof as may be necessary, as follows:
Division: 5001 | Fund: 251| OCA: 500066 | Grant: 508001 | Object level one: 03 | Object level three code: 3348 | Amount: $5,000.00 | Health
Division: 4301 | Fund: 240 | OCA: 430386 | Object level one: 03 | Object level three code: 3348 | Amount: $22,000.00 | Building & Zoning
SECTION 3. The City Treasurer is hereby authorized to modify its existing contract with Huntington National Bank for the provision of credit card processing services and to authorize a reduction in expenditures of $76,500 and a corresponding reduction on encumbrance EL012479of $76,500 for the Division of Power and Water.
SECTION 4. That the City Treasurer is hereby authorized to modify its contract with the Huntington National Bank for the provision of banking services for the period March 1, 2012 through February 28, 2013 and authorize the expenditure of up to $5,000 as follows:
Division: 2301 | Fund: 010 | OCA: 230227 | Object level one: 03 | Object level three code: 3348 | Amount: $5,000.00 | City Treasurer
SECTION 5. That for the reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect and be in force from and after its passage and approval by the Mayor or ten days after passage if the Mayor neither approves nor vetoes the same.