City of Columbus - File #: 1101-2015

• File #: 1101-2015
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 4/15/2015
• In control: Finance Committee
• On agenda: 6/1/2015
• Final action: 6/3/2015
• Title: To authorize the City Treasurer to modify its contracts for various banking services with JP Morgan Chase Bank and Huntington Bank; to authorize and direct the City Auditor to appropriate $1,000 within the citywide training entrepreneurial fund; to authorize the expenditure of up to $2,107,700 from various funds within the city; and to declare an emergency. ($2,108,700.00)

Date	Ver.	Action By	Action	Result
6/3/2015	1	CITY CLERK	Attest
6/2/2015	1	MAYOR	Signed
6/1/2015	1	COUNCIL PRESIDENT	Signed
6/1/2015	1	Columbus City Council	Approved	Pass

Explanation

BACKGROUND:
On October 3, 2012 the Columbus City Treasurer's Office 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, 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. At a meeting of the Columbus Depository Commission held on December 28, 2012, the commission approved Applications for the Deposit of Public Funds which each bank submitted for review. 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, Columbus City Council authorized contracts and expenditures for the first year of banking services, ordinance number 1040-2013, for the period of June 1, 2013 through May 31, 2014.

On May 19, 2014, Columbus City Council authorized contracts and expenditures for the second year of banking services, ordinance number 1073-2014, for the period of June 1, 2014 through May 31, 2015.

The City Treasurer’s Office now wishes to modify and extend its contracts for banking for the third year of the ten year contract for the period June 1, 2015 through May 31, 2016.

The Columbus City Treasurer requests emergency designation so as to post the financial transaction 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 expenditures are budgeted and available within the various funds' 2015 budget appropriations.

Contract Compliance: JP Morgan Chase Bank, 134994650, expiration 9/8/2016; Huntington National Bank, 113328074, expiration 12/4/2016 and 310966785, expiration 2/4/2016

Title

To aut...