City of Columbus - File #: 0215-2009

• File #: 0215-2009
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 2/9/2009
• In control: Finance & Economic Development Committee
• On agenda: 2/23/2009
• Final action: 2/25/2009
• Title: To authorize and direct the City Auditor to modify and extend the Contract No. EL006394 with the JP Morgan Chase Bank, N.A. for certain banking services to be performed for the City Auditor, Division of Income Tax through February 28, 2010; to authorize the expenditure of $100,000.00 from the general fund; and to declare an emergency ($100,000.00).

Date	Ver.	Action By	Action	Result
2/25/2009	1	CITY CLERK	Attest
2/24/2009	1	MAYOR	Signed
2/23/2009	1	Columbus City Council	Approved	Pass
2/23/2009	1	COUNCIL PRESIDENT	Signed
2/12/2009	1	Auditor Drafter	Sent to Clerk's Office for Council
2/11/2009	1	Auditor Drafter	Sent for Approval
2/11/2009	1	CITY ATTORNEY	Reviewed and Approved
2/10/2009	1	Finance Reviewer	Reviewed and Approved
2/10/2009	1	Finance Reviewer	Reviewed and Approved
2/10/2009	1	FINANCE DIRECTOR	Reviewed and Approved
2/10/2009	1	Auditor Drafter	Sent for Approval
2/10/2009	1	EBOCO Reviewer	Reviewed and Disapproved
2/10/2009	1	Auditor Drafter	Sent for Approval
2/10/2009	1	EBOCO Reviewer	Sent for Approval
2/10/2009	1	ODI DIRECTOR	Reviewed and Approved
2/9/2009	1	Auditor Drafter	Sent for Approval
2/9/2009	1	Auditor Reviewer	Contingent
2/9/2009	1	Auditor Reviewer	Reviewed and Approved
2/9/2009	1	Auditor Drafter	Sent for Approval

Explanation

The Division of Income Tax has previously contracted with the JP Morgan Chase Bank, N.A. for the purpose of providing certain lockbox services related to the processing of income tax remittances.

The lockbox contract provides for the direct deposit of known income tax receipts. The City benefits from greater investment earnings as less processing time is required prior to deposit of receipts. This contract relieves the Division of Income Tax of the time consuming task of opening and sorting a large volume of mail during peak tax filing and payment periods, as well as reducing the workload of the City Treasurer's staff during those times.

Item No. 14 of the original contract EL006394 as modified provides for the option to renew for six (6) one (1) year periods. At this time, the Division is exercising its option to renew for the third of the six renewal periods of the contract. JP Morgan Chase Bank, N.A contract compliance number is 134994650-004 expires 09-10-2010.

FISCAL IMPACT

The funds for this modification are included in the Division of Income Tax budget for 2009 in the amount of $100,000.00.


Title

To authorize and direct the City Auditor to modify and extend the Contract No. EL006394 with the JP Morgan Chase Bank, N.A. for certain banking services to be performed for the City Auditor, Division of Income Tax through February 28, 2010; to authorize the expenditure of $100,000.00 from the general fund; and to declare an emergency ($100,000.00).

Body

WHEREAS, the Division of Income Tax originally entered into a contract with the JP Morgan Chase Bank, N.A. on March 1, 2006; and

WHEREAS, Contract No. EL006394 provides an option for the City to renew its contract with the JP Morgan Chase Bank, N.A. for six (6) one (1) year terms; and

WHEREAS, the Division of Income Tax desires the City Auditor to exercise the annual renewal option listed as Item No. 14 of the origin...