Title
Approval for the Mayor and/or City Administrator to sign a contract for Procurement Card Services with JP Morgan Chase Bank for a term of three (3) years with an option for two (2) additional one-year terms.
Presented by Keith Lee, Finance Director
Body
Item Summary:
As part of the Banking Services Request for Proposal (RFP) #14-128-S the City requested that each financial institution provide details on its Procurement Card (P-card) Program. P-card Programs were included as part of the overall evaluation process for banking services.
Based upon the technical proposal, oral presentation, and p-card rebate proposal, JP Morgan Chase Bank was the most responsive responsible proposer to provide P-card Services for the City of Roswell.
Committee or Staff Recommendation:
On August 12, 2014 the Administration, Finance, Recreation & Parks Committee recommended placing this item on the August 25, 2014 Mayor and Council Agenda.
Financial Impact:
The City receives bank rebates based upon the annual amount of purchases utilizing p-cards. The rebate structure proposed by JP Morgan Chase Bank represents an increase of approximately 20% in the amount of rebates paid to the City. For Fiscal Year 2014 the City received a rebate of $13,234.89 from the current procurement card provider.
Presented by:
Keith Lee, Finance Director