Explanation
On October 25, 2012, six responses to a Request for Proposal for City ACH credit transaction services issued by the City Treasurer were received. The RFP included specifications for the processing of electronic ACH credit payments to the Division of Income Tax, Office of the Auditor. Representatives from the Auditor's Office and also the Columbus Depository Commission have approved the selection of Key Bank, N.A. as the most responsive bidder of those submitted by qualified service providers. Pursuant to the Request for Proposal, the contract for services to the Division of Income Tax shall be an initial term of one year with an option for the Division to renew annually for the following nine years. Allowable expenditure for the first contract year shall not exceed $60,000.00.
The contract for ACH credit services provides for the processing of electronic ACH credit files and payment transactions of city income tax receipts. The City benefits from the automation provided by the ACH credit process, thereby relieving the Division of Income Tax of the time consuming task of opening mail and the data capture of tax information in addition to expediting the deposit of funds to the City.
Title
To authorize and direct the City Auditor to enter into a contract with Key Bank, N.A. for electronic processing of ACH credit payment transactions for the Division of Income Tax for the period June 1, 2013 through May 31, 2014, to authorize the expenditure of $60,000.00 from the General Fund and to declare an emergency ($60,000.00).
Body
WHEREAS, the City Auditor wishes to enter into a contract for the provision of ACH credit banking services for the processing of income tax remittances, as specified within the Request for Proposal for City banking services, and
WHEREAS, the selection of Key Bank, N. A., to provide such services was approved by the Columbus Depository Commission at its April 18, 2013 meeting, and
WHEREAS, the ACH credit service...
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