Explanation
BACKGROUND:
On September 6, 2005 a Request for Proposal (RFP) 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 December 2, 2005. 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 29, 2010. The contracts are for a period of seven (7) years starting March 1, 2006 through February 28, 2013 subject to annual appropriations and approval of contracts by the Columbus City Council.
On February 2011, City Council passed ordinance 0147-2011 authorizing the City Treasurer to enter into the sixth year of a seven year contract for banking services for the period of March 1, 2011 through February 29, 2012. At that time, no funds were provided for the Treasurer's portion of the contract with JP Morgan Chase. The Treasurer now wishes to add funds to the contract with JP Morgan Chase. In addition, this ordinance adds $3,000 in funding for Fifth Third Bank for investment safekeeping.
Funds are also needed for the Treasurer's contract for credit card processing with Huntington on behalf of Building and Zoning Services; Recreation and Parks; Planning and Operations; and Fleet Management. Additional funds total $21,700, bringing the total contract for credit card processing to $1,085,200.
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 are budgeted and availa...
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