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, 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 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.
The initial contract term of 17 months aligned the annual term to roughly coincide with the City’s budget cycle.
This ordinance is submitted as an emergency to ensure that the City agencies have sufficient funds to pay for the banking services they are receiving.
1.1 Amount of additional funds to be expended: $6,797,500.00
Cost summary:
Original Contract, Ordinance #1689-2023 $ 10,000.00
Modification #1, Ordinance #0518-2024 $1,156,000.00
Modification #2, Ordinance #2880-2024 $ 466,000.00
Modification/Renewal #3, Ordinance #0218-2025 $1,496,000.00
Modification #4, Ordinance #0531-2025 $1,105,000.00
Modification #5, Ordinance #1105-2025 $ 680,000.00
Modification #6, Ordinance #2254-2025 $1,900,000.00...
Click here for full text