Explanation
Background:
This ordinance NO. 0372-2024 authorizes the City Auditor to enter into year three (3) of eight (8) possible renewal periods and authorizes the expenditure of $575,000 for professional lockbox and banking services for Tax Revenue filings. Ordinance 0867-2021 approved a 10 year contract, subject to annual appropriation and approval of council. The Depository Commission and Treasury Investment Board approved this account on April 27, 2022. The initial contract (PO341676) was for the period of May 1, 2022, through February 29, 2024.
For each renewal year, funds for service shall be reviewed and expenditures shall be approved by ordinance of City Council and the appropriation and certification of funds by the City Auditor.
This ordinance authorizes the first renewal option for the third year of the contract and is being submitted in accordance with the relevant provision of Chapter 329 of the City Code.
1. Amount of additional funds: $575,000.
2. Reason additional funds were not unforeseen: The need for additional funds was known at the time of the initial contract and this legislation authorizes funding to cover a continuation of the services for 2024.
3. Reason other procurement processes were not used: This is the first year of 8 renewal options.
4. How cost was determined: The renewal is based on estimated requirements for 2024 rates established in the existing contract.
Contract Compliance: The vendor contract compliance number is 000709 and is valid through 5-11-2025.
Fiscal Impact:
This ordinance authorized an expenditure of $575,000 from the General Operating Budget. Funds were specifically budgeted for this contract. The availability of funds is contingent on the passage of the 2024 General Fund Budget, Ordinance 3011-2023.
Emergency designation: This lockbox service manages the intake of City tax returns and processes revenue deposits. The returns are digitized and integrated with the City's tax revenue sys...
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