Explanation
BACKGROUND:
The Division of Income Tax has previously contracted with Huntington National Bank for the purpose of providing certain lockbox services related to the processing of income tax remittances.
The lockbox contract provides for the direct deposit of known income tax receipts. The City benefits from greater investment earnings as less processing time is required prior to deposit of receipts.
Item No. 14 of the original contract EL014285 through May 31, 2014, as modified, provides for the option to renew for nine (9) one (1) year periods. At this time, the Division is exercising its option to renew for the eighth (8th) of the nine renewal periods of the contract. The Huntington National Bank contract compliance number is 310966785 and expired on 04-02-2020.
Emergency action is being requested to allow the financial transaction to be posted in the city's accounting system as soon as possible and allow for uninterrupted service. Up to date financial posting promotes accurate accounting and financial management.
FISCAL IMPACT:
The funds for this modification are included in the Division of Income Tax budget for 2021 in the amount of $120,000.00.
Title
To authorize the City Auditor to modify and extend a contract with Huntington National Bank for lockbox banking services to be performed for the City Auditor, Division of Income Tax, through May 31, 2022; to authorize the expenditure of $120,000.00 from the general fund; and to declare an emergency. ($120,000.00)
Body
WHEREAS, the Division of Income Tax originally entered into a contract with the Huntington National Bank on June 1, 2013; and
WHEREAS, Contract No. EL014285 provides an option for the City to renew its contract with Huntington National Bank for nine (9) one (1) year terms; and
WHEREAS, the Division of Income Tax desires the City Auditor to exercise the annual renewal option listed as Item No. 14 of the original agreement for the eighth (8th) of nine renewal p...
Click here for full text