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 23-242    Name:
Type: Resolution Status: Passed
In control: President and Board of Trustees
On agenda: 9/5/2023 Final action: 9/5/2023
Title: A Resolution Designating Wintrust Bank as a Village of Oak Park Depository and Investment Bank and Authorizing Investments Pursuant to the Illinois Public Funds Investment Act and the Village's Investment Policy
Attachments: 1. Resolution Designating Wintrust OP as Investment Bank, 2. 2023 Investment Services RFP Oak Park, 3. Wintrust Bank Proposal

Submitted By                     

Steve Drazner, CFO

 

Reviewed By

A.M. Zayyad, Deputy Village Manager

 

Agenda Item Title

Title

A Resolution Designating Wintrust Bank as a Village of Oak Park Depository and Investment Bank and Authorizing Investments Pursuant to the Illinois Public Funds Investment Act and the Village’s Investment Policy

 

End

Overview

Overview

The Village is seeking to expand banking relationships by selecting additional financial institutions to invest in surplus reserves. Finance Department staff prepared a Request for Proposals for Investment Services, included in this agenda item herein and nine (9) proposals were received. Staff thoroughly reviewed each proposal and is recommending entering into an investment banking relationship with Wintrust Bank which has a local branch in Oak Park.

 

End

Recommendation

Recommendation

Adopt the Resolution.

 

Background

The Village utilizes the services of Huntington Bank not only for checking and routine banking services but also for investing surplus funds. At the present time, the Village has approximately $78 million in its Huntington Insured Cash Sweep, earning a competitive interest rate of 5.00%. 

 

In addition, the Village has approximately $10 million invested in a US Treasury note with PNC Bank, which will mature at the end of November 2023.

 

Staff recommends that $5 million be invested with Wintrust Bank in their MaxSafe Public Fund Money Market Account at a current interest rate of slightly over 5.00%. This will allow the Village to develop and build another banking relationship which may be beneficial in the future, depending on the Village’s needs. The $5 million for investment with Wintrust will come out of the Huntington ICS account which will subsequently be replenished with the proceeds from the PNC Treasury note when it matures on November 30, 2023. 

 

Included as part of this agenda item for reference is the Proposal submitted by Wintrust Bank.

 

Fiscal Impact

There will be no impact on expenses and no significant change to interest income.

 

DEI Impact

N/A

 

Alternatives

The alternative would be to not adopt the Resolution and therefore not enter into a banking relationship with Wintrust Bank.

 

Previous Board Action

N/A

 

Citizen Advisory Commission Action

N/A

 

Anticipated Future Actions/Commitments

N/A

 

Intergovernmental Cooperation Opportunities

N/A