Explanation
BACKGROUND:
On December 12, 2022 the Columbus City Treasurer's Office in collaboration with the Department of Finance and Management and the City Auditor’s Office issued a request for proposal, RFQ023687, for various banking services. An Evaluation Committee comprised of five representatives from the City Treasurer’s Office, Department of Public Utilities, Department of Finance and Management, Division of Income Tax and the City Auditor’s Office received and reviewed proposals from six (6) banks. On May 12, 2023 a joint meeting of the Columbus Depository Commission and Treasury Investment Board was held at which the Treasurer presented the Evaluation Committee’s rankings of offerors. The Treasurer recommended, and the Depository Commission and Treasury Investment Board approved, subject to successful negotiation and the approval of City Council, the award of banking services to specific banks.
All such banks are currently eligible depositories of the City of Columbus, pursuant to Section 321.04 of the Columbus City Codes. The contracts are for a period of ten (10) years beginning September 1, 2023 through August 31, 2033 subject to annual appropriations and approval of contracts by the Columbus City Council.
The initial contract term of 17 months aligned the annual term to roughly coincide with the City’s budget cycle.
The Treasurer now wishes to add funding on behalf of the City agencies receiving services for lockbox, merchant processing and other related banking services which were the subject of the aforementioned bid. The framework for pricing was determined during that bid process.
This ordinance is submitted as an emergency so that the transition between banking partners can proceed without delay.
FISCAL IMPACT:
Funds for these expenditures are budgeted and available within the various funds’ 2024 budget appropriations. This ordinance is contingent on passage of the 2024 budget.
Contract Compliance: JP Morgan Chase Bank, 13499465...
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