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. Among the banking services was the contract for investment safekeeping which was awarded to Fifth Third Bank. Fifth Third is an eligible depository 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 was submitted by the bank and approved at a meeting of the Columbus Depository Commission held on December 28, 2012. The contract is 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 the contract and expenditures for the first year of investment safekeeping services was authorized by Columbus City Council, ordinance number 1040-2013, for the period of June 1, 2013 through May 31, 2014.
On May 19, 2014 the contract and expenditures for the second year of investment safekeeping services was authorized by Columbus City Council, 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 contract for investment safekeeping services for the third year of the ten year contract for the period June 1, 2015 through May 31, 2016.
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 expenditures are budgeted and available within the City Treasurer’s 2015 budget appropriations.
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