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, the award of banking services to specific banks, subject to successful negotiation and the approval of City Council.
The initial contract term of 17 months aligned the annual term to coincide with the City’s budget cycle.
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.
1.1 Amount of additional funds to be expended: ___________$ 30,000.00
Cost summary:
Original Contract, Ordinance #1689-2023 $ 15,000.00
Modification #1, Ordinance #3278-2023 $ 41,000.00
Modification #2, Ordinance #0029-2024 $ 10,000.00
Modification/Renewal #3, Ordinance #0287-2025 $ 8,000.00
Modification #4, Ordinance #2027-2025 $ 34,100.00
Modification #5, Ordinance #2205-2025 $ 10,000.00
Modification #6, (This Ordinance) #0797-2026 $ 30,000.00
Estimated Contract Total: $ 148,100.00
1.2 Reasons additional goods/services could not be foreseen:
The original contract awarded to Fifth Third was...
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