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 27, 2011. 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.
On February 27, 2012 a contract for the seventh year of a seven year contract for banking services was authorized by Columbus City Council, ordinance number 0912-2012, for the period of March 1, 2012 through February 28, 2013.
The City Treasurer's Office now wishes to modify its contracts to provide additional resources for banking with JP Morgan Chase and Huntington Banks. In addition, funds are needed for the Treasurer's contract for credit card processing with Huntington Merchant Services on behalf of Health and Building and Zoning, while the Division of Power and Water wishes to reduce its encumbrance.
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:
Funds for these are budgeted and available within the various funds' 2012 budget appropriations.
Contract Compliance: JP Morgan Chase Bank, 134994650, expiration 9/26/2014; Huntington National Bank, 113328074, expiration 2...
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