.00Explanation
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 Treasurer wishes to make the initial contract term 17 months to better align the annual term with the City’s budget.
FISCAL IMPACT:
Funds for these expenditures are budgeted and available within the Treasurer’s general fund 2023 budget appropriations.
Contract Compliance: JP Morgan Chase Bank, 134994650, expiration 5/11/2025; Fifth Third Bank, 310676865, expiration 5/30/2025.
Title
To authorize the City Treasurer to enter into contracts for various banking services with JP Morgan Chase Bank and Fifth Third Bank as provided in Chapter 321 of the City's Codified Ordinances; to authorize the transfer of $16,100.00 between objects within the Treasurer’s Office 2023 budget appropriations; and to authorize an expenditure not to exceed $25,000.00 from the Treasurer’s Off...
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