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Council extends JPMorgan Chase as city depository for three years
Summary
Council approved a three-year extension designating JPMorgan Chase Bank N.A. as the city’s public depository for active funds; staff said the change shortens the term from five years to three to allow more frequent evaluation and does not preclude adding supplementary depositories.
Westerville City Council unanimously approved the city manager’s designation of JPMorgan Chase Bank, N.A. as the public depository for active city funds for an additional three-year term, consistent with the cited sections of the codified ordinances and the Ohio Revised Code.
Staff told council the city has used JPMorgan to manage active funds for about 45 years and recommended the extension based on satisfactory service and additional offerings such as fraud protection, digital check scanning, cybersecurity training and annual trend meetings. The only change from the prior arrangement is shortening the contract duration from five years to three to enable more frequent review; staff also noted the extension does not prevent the city from adding supplementary depositories in local banks.
Council approved the designation by roll call: Mister Grimes — yes; Dr. Coombs — yes; Mayor Wright — yes; Vice Chair Reemschneider — yes; Mister Glasgow — yes; Mister Washburn — yes; Chairman Hayek — yes.
