Explanation
BACKGROUND:
On October 3, 2012 a request for proposal SA004617 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 April 18, 2013. 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 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.
On May 6, 2013 contracts for the first year of banking services was authorized by Columbus City Council, ordinance number 1040-2013, for the period of June 1, 2013 through May 31, 2014.
The City Treasurer's Office now wishes to modify its contracts to provide additional resources for banking with JP Morgan Chase. Funds are also needed for the Treasurer's contract for credit card processing with Huntington Merchant Services on behalf of the Department of Public Service (Planning and Operations), Building and Zoning, Finance and Management (Fleet) and Recreation and Parks (Golf).
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 expenditures are budgeted and available within the various funds' 2013 budget appropriations and are consistent with the third quarter financial review.
Contract Compliance: JP Morgan Chase Bank, 134994650, expiration 9/26/2014; Huntington National Bank, 113328074, expiration 12/17/2014 and 310966785, expiration 10/25/2014
Title
To authorize the City Treasurer to modify its contracts for various banking services with JP Morgan Chase Bank and Huntington Bank; to authorize the expenditure of up to $163,200.00 from various funds within the city; and to declare an emergency. ($163,200.00)
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 Depository Commission, at a meeting held on April 18, 2013, recommended the award of banking services, subject to approval by Columbus City Council; and
WHEREAS, Columbus City Council authorized contracts for the first year of a ten year contract for banking services for the period of June 1, 2013 through May 31, 2014 on May 6, 2013, 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 Auditor is hereby authorized and directed to transfer $24,000 within the Treasurer's Office 2013 appropriation, as follows:
Division: 2301 | Fund: 010 | OCA: 230227 | Object level one: 01 | Object level three code: 1101 | Amount: $24,000.00 | City Treasurer
Division: 2301 | Fund: 010 | OCA: 230227 | Object level one: 03 | Object level three code: 3348 | Amount: $24,000.00 | City Treasurer
SECTION 2. 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), the payroll account and the Utilities E-lockbox of the City of Columbus for the period June 1, 2013 through May 31, 2014 and to authorize the expenditure of $93,000, or so much thereof as may be necessary, as follows:
Division: 6009 | Fund: 600 | OCA: 602318 | Object level one: 03 | Object level three code: 3348 | Amount: $20,000.00 | Division of Water
Division: 2301 | Fund: 010 | OCA: 230227 | Object level one: 03 | Object level three code: 3348 | Amount: $73,000.00 | City Treasurer
SECTION 3. The City Treasurer is hereby authorized to modify its contract with Huntington Bank for the provision of credit card processing services for the period June 1, 2013 through May 31, 2014 and to authorize the expenditure of $70,200.00 or so much thereof as may be necessary, as follows:
Division: 4505 | Fund: 513 | OCA: 451409 | Object level one: 03 | Object level three code: 3348 | Amount: $2,000.00 | Fleet Management
Division: 5911 | Fund: 265 | OCA: 591101 | Object level one: 03 | Object level three code: 3348 | Amount: $2,200.00 | Planning and Operations
Division: 5103 | Fund: 284 | OCA: 516005 | Object level one: 03 | Object level three code: 3348 | Amount: $3,000.00 | Golf
Division: 4301 | Fund: 240 | OCA: 430386 | Object level one: 03 | Object level three code: 3348 | Amount: $63,000.00 | Building & Zoning
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.