Explanation
BACKGROUND:
On February 11, 2008 Columbus City Council passed ordinance number 0148-2008 authorizing the Columbus City Treasurer's Office to modify and extend various banking services contracts, among which were a contract extension with JP Morgan Chase Bank and a contract extension for Fifth Third Bank for the period of February 29, 2008 through February 28, 2009. At that time, no funds were added to these contracts.
The City Treasurer now wishes to modify its contracts with JP Morgan Chase Bank and Fifth Third Bank to provide funding for these contracts. JP Morgan Chase provides banking services to both the City Treasurer and the Division of Power and Water, while Fifth Third Bank provides investment safe keeping services solely to the City Treasurer. This ordinance authorizes a transfer of appropriation authority from the Treasurer's personnel category to the Treasurer's services budget and a transfer from the Division of Power and Water (Water) from its equipment category to its services category to provide funding for the contract modifications and related expenditures.
FISCAL IMPACT: Funds for these contracts are budgeted and available within the City Treasurer and Division of Power and Water (Water) 2008 appropriations. The transfer of appropriation authority is consistent with the City Treasurer's second quarter financial review.
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.
Contract Compliance: JP Morgan Chase Bank, 134994650, expiration 9/14/2008; Fifth Third Bank, 310740333, expiration 10/20/2008
Title
To authorize the transfer of $12,500 within the 2008 general fund appropriations of the City Treasurer; to authorize the transfer of $17,000 within the 2008 water operating fund appropriations of the Division of Power and Water (Water); to authorize the City Treasurer to modify its contracts for various banking services; to authorize the expenditure of up to $17,500 from the general fund; to authorize the expenditure of up to $17,000 from the water operating fund; and to declare an emergency. ($34,500.00)
Body
WHEREAS, the City Treasurer wishes to modify the existing contracts for banking services with JP Morgan Chase Bank and Fifth Third Bank, originally authorized by Columbus City Council on February 11, 2008 by ordinance number 0148-2008; and
WHEREAS, the funds that are needed are budgeted and available within the City Treasurer and Division of Power and Water (Water) 2008 appropriations; and
WHEREAS, as an emergency exists in the usual daily operation of the City Treasurer, as it is immediately necessary to authorize the transfer of appropriation authority within the 2008 budget, modify the existing contracts and authorize the expenditures with JP Morgan Chase Bank and Fifth Third Bank for the provision of banking services which are 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 Auditor is hereby authorized and directed to transfer $29,500, as follows:
FROM:
Division: 2301 | Fund: 010 | OCA: 230227 | Object level one: 01 | Object level three code: 1101 | Amount: $12,500.00 | City Treasurer
Division: 6009 | Fund: 600 | OCA: 602730 | Object level one: 06 | Object level three code: 6000 | Amount: $17,000.00 | Division of Power and Water (Water)
TO:
Division: 2301 | Fund: 010 | OCA: 230227 | Object level one: 03 | Object level three code: 3348 | Amount: $12,500.00 | City Treasurer
Division: 6009 | Fund: 600 | OCA: 602318 | Object level one: 03 | Object level three code: 3348 | Amount: $17,000.00 | Division of Power and Water (Water)
SECTION 2. That the City Treasurer is hereby authorized to modify the contract and authorize the expenditure with JP Morgan Chase Bank for the provision of banking services for the City of Columbus, of $29,500, 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: $12,500.00 | City Treasurer
Division: 6009 | Fund: 600 | OCA: 602318 | Object level one: 03 | Object level three code: 3348 | Amount: $17,000.00 | Division of Power and Water (Water)
SECTION 3. That the City Treasurer is hereby authorized to modify the contract with Fifth Third Bank for the provision of banking services to the City of Columbus and to authorize the expenditure of $5,000, 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: $5,000.00 | City Treasurer
SECTION 4. 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.