Focus Area: Economy
Staff Contact: Jamie Robichaud, Lucas Mellinger, Felix Diaz
________________________________________________________________________________
title:
title
Consideration of new contract with U.S. Bank for corporate expense and purchasing cards services
Body
________________________________________________________________________________
recommended motion:
Approve as part of the consent agenda
________________________________________________________________________________
Summary:
Since 2011, the City has used U.S. Bank for our corporate banking, treasury, corporate expense and purchasing card services. U.S. Bank is fully integrated with the City's financial, expense and payroll systems.
The City uses corporate credit cards to streamline the purchasing process for small dollar transactions, allowing employees to buy approved goods and services efficiently. It reduces paperwork, saves time, and ensures that purchases are made directly from vendors who accept the cards. Thorough documentation is required for every P-Card transaction to ensure transparency, accountability, and compliance with City of Olathe policy
U.S. Bank is offering a new credit card program for Higher Education and Public Sector (HEPS) clients with enhanced reporting and improved spending thresholds to help the City earn more rebates when making card purchases. Switching the City to the new program requires signing a new contract with U.S. Bank.
Staff recommends approval to enter a 5-year contract for corporate expense and purchasing card services with U.S. Bank.
________________________________________________________________________________
Financial Information:
No increase in service fees or expenses will be incurred. New program expected to yield additional $50,000 to $100,000 per year in cash rebates for the City.
________________________________________________________________________________
Attachment(s):
A. HEPS Program Member Application and Agreement