City of Columbus - File #: 1431-2008

• File #: 1431-2008
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 9/4/2008
• In control: Administration Committee
• On agenda: 9/22/2008
• Final action: 9/25/2008
• 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)

Date	Ver.	Action By	Action	Result
9/25/2008	1	CITY CLERK	Attest
9/23/2008	1	MAYOR	Signed
9/22/2008	1	Columbus City Council	Approved	Pass
9/22/2008	1	COUNCIL PRESIDENT	Signed
9/11/2008	1	Treasurer Drafter	Sent to Clerk's Office for Council
9/10/2008	1	FINANCE DIRECTOR	Reviewed and Approved
9/10/2008	1	Treasurer Drafter	Sent for Approval
9/10/2008	1	CITY ATTORNEY	Reviewed and Approved
9/8/2008	1	Treasurer Drafter	Sent for Approval
9/8/2008	1	Finance Reviewer	Reviewed and Approved
9/8/2008	1	Finance Reviewer	Reviewed and Approved
9/8/2008	1	Finance Reviewer	Reviewed and Approved
9/5/2008	1	Treasurer Drafter	Sent for Approval
9/5/2008	1	Auditor Reviewer	Reviewed and Approved
9/5/2008	1	CITY AUDITOR	Reviewed and Approved
9/4/2008	1	Treasurer Drafter	Sent for Approval
9/4/2008	1	CITY TREASURER	Reviewed and Approved
9/4/2008	1	Treasurer Drafter	Sent for Approval
9/4/2008	1	EBOCO Reviewer	Sent for Approval
9/4/2008	1	ODI DIRECTOR	Reviewed and Approved

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 auth...