Explanation
BACKGROUND:
On February 11, 2008 Columbus City Council passed ordinance number 0148-2008 authorizing the Columbus City Treasurer's Office to modify and extend various banking services contracts, among which was a contract for credit card processing services with the Huntington Bank, for the period of February 29, 2008 through February 28, 2009, on behalf of various city divisions. At that time, the Division of Power and Water (Water) was not included, as the division required programming changes to its software in order to be able to transition from Fifth Third Bank, its current provider of services, to Huntington. The development of the software has progressed more quickly than expected and as a result, a contract modification is needed to provide funds for the Division of Power and Water (Water). This ordinance increases the contract for credit card processing services. The original contract amount is 337,800. The contract modification will increase the contract amount to $697,800.
During 2006, $136,123.37 was expended by various city divisions for this purpose. In 2007, expenditures totaled $247,228.14.
FISCAL IMPACT: Sufficient resources are available for this contract modification.
Emergency action is requested to allow the financial transaction to be posted in the city's accounting system as soon as possible. Up to date financial posting promotes accurate accounting and financial management.
Contract Compliance: Huntington Bank, 113328074, expiration 3/7/2009
Title
To authorize the City Treasurer to modify the existing contract for credit card processing services with Huntington Bank; to authorize the expenditure of up to $360,000 from the water operating fund; and to declare an emergency. ($360,000.00)
Body
WHEREAS, the City Treasurer wishes to modify the existing contract for credit card processing with Huntington Bank, originally authorized by Columbus City Council on February 11, 2008 by ordinance n...
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