Explanation
On October 7, 2005, two responses to a Request for Proposal for City banking services 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 Auditor's Office and also the Columbus Depository Commission have approved the selection of JPMorgan Chase Bank, N.A as the lowest bid of those submitted by qualified service providers. Pursuant to the Request for Proposal, the contract for services to the Division of Income Tax shall be for a period of one (1) year with an option for the Division to renew annually for the following six years. The total allowable expenditure for the first contract year shall not exceed $200,000.00.
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 JPMorgan Chase Bank, NA for certain banking services to be performed for the Division of Income tax for the period March 1, 2006 through February 28, 2007, to authorize the expenditure of $200,000.00 from the General Fund and to declare an emergency ($200,000.00).
Body
WHEREAS, the City Auditor wishes to enter into a contract for the provision of banking services to the Division of Income Tax, as specified within the Request for Proposal for city banking services, and
WHEREAS, the selection of JP Morgan Chase Bank, NA to provide such services was approved by the Columbus Depository Commission at its December 22, 2005 meeting, and
WHEREAS, the lockbox service contract shall be for a period of one (1) year with an option for the Division of Income Tax to renew annually for the following six years, and
WHEREAS, an emergency exists in the usual daily operation of the Income Tax Division in that it is necessary to ensure uninterrupted banking services by entering into a contract with JPMorgan Chase Bank, NA 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 be and is hereby authorized and directed to enter into a contract for certain "lockbox" services with JPMorgan Chase Bank, NA for the processing of income tax remittances for the period March 1, 2006 through February 28, 2007.
Section 2. That the expenditure of $200 ,000.00 or so much thereof as may be necessary is hereby authorized from the General Fund 010, Auditor's Office/Income Tax Division 22-02, OCA Code 220541, PCA Code 22104, Object Level Three 3348.
Section 3. That for the reasons stated in the preamble, which is hereby made a part of, this ordinance is hereby declared to be emergency measure and shall be in force and after its passage and approval; by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.