Explanation
BACKGROUND:
On December 12, 2022, the Columbus City Treasurer's Office, in collaboration with 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 Chapter 321.04 of the Columbus City Code. The contracts are for a total 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 was made 17 months to better align the annual term with the City’s budget.
The original contract awarded both investment safekeeping and smart safe banking services. This modification is needed to fund implementation of smart safe/bill recycler services for the Treasurer's Office and for the Division of Parking. Pricing for these services is related to the volumes of cash and equipment sizes that are specific to each location.
Columbus City Council authorized the initial term of the contract with passage of ordinance 1689-2023 on July 17, 2023.
The City Treasurer now wishes to modify its contract with Fifth Third Bank to add funding in the amount of $41,000.00 for implementation of smart safe and bill recycler solution.
FISCAL IMPACT:
Funds ...
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