Explanation
BACKGROUND:
On September 6, 2005 a Request for Proposal (RFP) for various banking services was issued by the Columbus City Treasurer's Office. Proposals were received from six (6) local banks and subsequently reviewed by the Columbus Depository Commission, which recommended, subject to the approval of City Council, the award of banking services to specific banks on December 2, 2005. All such banks are currently eligible depositories of the City of Columbus, pursuant to Chapter 321.04 of the Columbus City Code. Approval is based upon Applications for the Deposit of Public Funds, which were submitted by each bank and approved at a meeting of the Columbus Depository Commission held on December 23, 2008. The contracts are for a period of seven (7) years starting March 1, 2006 through February 28, 2013 subject to annual appropriations and approval of contracts by the Columbus City Council.
Ordinance number 0222-2009, passed by Columbus City Council on February 23, 2009, authorized the City Treasurer to enter into the fourth year of a seven year contract for banking services for the period of March 1, 2009 through February 28, 2010. The City Treasurer's Office wishes to modify its contracts for banking services to add funds to its contracts as follows:
Fifth Third Bank -- Investment Safekeeping Account -- $5,000
JP Morgan Chase Bank -- Payroll Account and Main Operating Account -- $92,000
Huntington National Bank - Operating Account -- $5,300
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.
FISCAL IMPACT:
Funding for this modification is available within the City Treasurer's 2009 budget appropriations. The expenditures reflected in this ordinance are consistent with the Department of Finance and Management's third quarter review.
Contract Compliance: JP Morgan...
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