https://www.reddit.com/r/Columbus/comments/43v7hi/reviving_the_columbus_flag_discussion_with_a_new/
Blue ring surrounding scarlet circle: draws directly from Ohio's flag. The circle represents Columbus's place at the center and capital of Ohio. It also brings to mind the I-270 outerbelt, which people have been drawing for me any time I ask them to explain Columbus.
The blue ring is split into two parts (and makes a C):
The lighter blue section represents the Olentangy River. It is the color of the background of the Columbus seal.
The darker blue section represents the Scioto River. It is the blue from the Ohio (and by reference the US) flag. It has the shape of the river downtown.
The gold background is from the original city flag. It represents the value of the great people of Columbus, the foundation on which the city has been built.