Explanation
BACKGROUND:
On October 3, 2012 the Columbus City Treasurer's Office issued a request for proposal, for various banking services.
Huntington National Bank was awarded merchant processing and lockbox services and, as a result, an operating account at Huntington was opened to facilitate the movement of funds to the City’s other, primary bank (Chase).
In 2021, the City Treasurer’s Office in collaboration with the City Auditor’s Office and the Department of Finance and Management began developing a banking RFP with an expansion of the services beyond traditional banking. JP Morgan Chase was awarded the City’s merchant processing and utilities lockbox accounts however, the transition between banking partners takes time.
While this transition is underway, the City Treasurer’s Office will continue to require an operating account with Huntington National Bank in order to collect funds and move them to the City’s primary bank at JP Morgan Chase. Huntington has agreed to renew its operating account contract with the City.
The City Treasurer now therefore wishes to extend the term of the agreement with Huntington National Bank for its operating account through May 31, 2025, and to add the necessary funding for the contract.
The current contract expiration is May 31, 2024, therefore emergency designation is requested so that the contract does not lapse before the extension takes effect.
FISCAL IMPACT:
Funding for this ordinance is available within the Treasurer’s Office 2024 budget.
Contract Compliance: Huntington National Bank, 310966785, pending
Title
To authorize the City Treasurer to extend its contract for banking services with Huntington National Bank; to authorize the expenditure of $7,000.00; and to declare an emergency. ($7,000.00)
Body
WHEREAS, the City Treasurer proposed the award of contracts for banking services as provided for in an RFP issued on October 3, 2012, for which the Columbus City Council authorized the contract and ...
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