Explanation
BACKGROUND:
On December 12, 2022 the Columbus City Treasurer's Office in collaboration with the Department of Finance and Management and the City Auditor’s Office issued a request for proposal, RFQ023687, for various banking services. An Evaluation Committee comprised of five representatives from the City Treasurer’s Office, Department of Public Utilities, Department of Finance and Management, Division of Income Tax and the City Auditor’s Office received and reviewed proposals from six (6) banks. On May 12, 2023 a joint meeting of the Columbus Depository Commission and Treasury Investment Board was held at which the Treasurer presented the Evaluation Committee’s rankings of offerors. The Treasurer recommended, and the Depository Commission and Treasury Investment Board approved, subject to successful negotiation and the approval of City Council, the award of banking services to specific banks.
All such banks are currently eligible depositories of the City of Columbus, pursuant to Section 321.04 of the Columbus City Codes. The contracts are for a period of ten (10) years beginning September 1, 2023 through August 31, 2033 subject to annual appropriations and approval of contracts by the Columbus City Council.
The initial contract term of 17 months aligned the annual term to roughly coincide with the City’s budget cycle.
Columbus City Council authorized the initial contract term and expenditures of $10,000.00 with passage of ordinance 1689-2023 on July 17, 2023.
On March 18, 2024, Columbus City Council authorized the first modification of the contract which added $1,156,000.00 in funding with passage of ordinance 0518-2024. Ordinance number 2880-2024 passed by Columbus City Council on November 4, 2024, added $466,000.00 to the contract.
The Treasurer now wishes to renew the contract with JP Morgan Chase for the period April 1, 2025 through March 31, 2026 and add funding of $1,496,000.00 on behalf of the City agencies receiving services for loc...
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