Explanation
BACKGROUND:
On October 3, 2012 the Columbus City Treasurer's Office issued a request for proposal, SA004617, for various banking services. The Columbus Depository Commission received and reviewed proposals from six (6) local banks and recommended, subject to the approval of City Council, the award of banking services to specific banks on April 18, 2013. All such banks are currently eligible depositories of the City of Columbus, pursuant to Chapter 321.04 of the Columbus City Code. At a meeting of the Columbus Depository Commission held on December 28, 2012, the Commission approved Applications for the Deposit of Public Funds which each bank submitted for review. The contracts are for a period of ten (10) years beginning June 1, 2013 through May 31, 2023 subject to annual appropriations and approval of contracts by the Columbus City Council.
On February 14, 2022, Columbus City Council authorized the renewal and expenditures of banking services for the tenth year of the City Treasurer’s ten-year contract for the period June 1, 2022 through May 31, 2023 with passage of ordinance number 0374-2022.
As a result of delays in the City’s banking RFP, Columbus City Council authorized extensions in banking contracts with current banking partners including Huntington National Bank for lockbox banking services with passage of ordinance 2944-2022.
On March 13, 2023, Columbus City Council authorized modification and expenditures of the City Treasurer’s banking contracts with Huntington National Bank for period ending May 31, 2024 with passage of ordinance 0555-2023.
The City Treasurer now wishes to provide additional resources for the Department of Public Utilities with Huntington National Bank for lockbox services for the period ending May 31, 2024.
FISCAL IMPACT:
Funds for these expenditures are contingent on passage of the 2024 budget.
Contract Compliance: Huntington National Bank, 310966785, pending.
Emergency action is requested in order that th...
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