Regular Village Board meetings are typically held at 7:00 p.m., the first three Tuesdays of each month in Council Chambers of Village Hall (room 201), 123 Madison St. When a Regular Meeting falls on a holiday, the meeting typically is held the following night. The Village Board also meets in special sessions from time to time. However, dates and times of Special Meetings can vary and may change.

File #: RES 22-16    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 1/18/2022 Final action: 1/18/2022
Title: A Resolution Approving Annual Expenditures For Monthly Bank Fees with Huntington National Bank in an Amount Not to Exceed $30,000 for Fiscal Year 2022 Pursuant to Huntington National Bank's Designation as a Village of Oak Park Authorized Depository
Attachments: 1. Resolution- Huntington Annual Spending.pdf, 2. Adopted Resolution Authorizing Huntington

Submitted By                     

Steven Drazner, CFO

 

Reviewed By

AMZ

 

Agenda Item Title

Title

A Resolution Approving Annual Expenditures For Monthly Bank Fees with Huntington National Bank in an Amount Not to Exceed $30,000 for Fiscal Year 2022 Pursuant to Huntington National Bank’s Designation as a Village of Oak Park Authorized Depository

 

End

Overview

Overview

The Village utilizes the services of Huntington National Bank for its primary checking account as well as several smaller accounts in which the Village is legally required to keep certain funds separate.  Huntington assesses monthly service charges as well as transaction fees (i.e. ACH deposits for payroll) for each active bank account.   

 

Body

Staff Recommendation

Approve the Resolution

 

Fiscal Impact

This expense has been appropriated in Finance operating budget 1001.41300.101. 530675

 

Background

Huntington is the Village’s primary bank and is used both for checking account purposes as well as receiving property tax and other distributions from the County and the Illinois Department of Revenue.  

 

Prior to 2020, interest earnings were sufficient to offset bank fees but now that interest-earning rates are near zero, there is a net cash outflow/expense associated with these various bank fees.  As such, the attached Resolution provides staff the necessary authorization to continue allowing Huntington to debit various bank accounts for routine bank fees and service charges.  

 

Alternatives

N/A

 

Previous Board Action

N/A

 

Citizen Advisory Commission Action

N/A

 

Anticipated Future Actions/Commitments

N/A

 

Intergovernmental Cooperation Opportunities

N/A

 

Performance Management (MAP) Alignment

N/A