Explanation
BACKGROUND:
On October 3, 2012 a request for proposal SA004617 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 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. 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 28, 2012. 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 May 6, 2013 contracts for the first year of banking services was authorized by Columbus City Council, ordinance number 1040-2013, for the period of June 1, 2013 through May 31, 2014.
The City Treasurer’s Office wishes to modify its contract for banking with JP Morgan Chase to provide additional resources and to include the Income Tax Division’s ACH account. The tax ACH account was awarded to Key Bank however there is a need to maintain the current account at Chase during the transition. Funds are also needed for the Treasurer’s contract for credit card processing with Huntington Merchant Services on behalf of the Recreation and Parks Department, Golf Division and the Health Department.
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:
This ordinance is contingent on passage of the 2014 budget. Funds for these expenditures are budgeted and available within the various funds' 2014 budget...
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