Explanation
BACKGROUND:
On October 3, 2012 the Columbus City Treasurer issued a request for proposal SA004617 for various banking services. The Columbus Depository Commission received and reviewed proposals from six (6) local banks and recommended the award of banking services to specific banks on April 18, 2013, subject to approval of City Council. All such banks are currently eligible depositories of the City of Columbus, pursuant to Chapter 321.04 of the Columbus City Code. Bank approval was dependent upon each bank submitting an application for the Deposit of Public funds 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.
Columbus City Council authorized the first year of banking services contracts on May 6, 2013 for the period of June 1, 2013 through May 31, 2014.
On May 19, 2014 Columbus City Council authorized contracts for the second year of banking services for the period June 1, 2014 through May 31, 2015.
The City Treasurer’s Office now wishes to modify its contract to provide additional resources for banking with JP Morgan Chase. An increase in funding with the Huntington Bank for lockbox services is also sought on behalf of the Department of Public Utilities. In addition, the City Treasurer’s Office wishes to provide additional funding for credit card processing with Huntington Merchant Services on behalf of the Department of Public Service, Division of Infrastructure, Department of Public Utilities, Recreation and Parks Department and the Division of Income Tax.
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 ...
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