Submitted By
Steven Drazner, CFO
Reviewed By
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Agenda Item Title
Title
A Resolution Approving Expenditures For Monthly Bank Fees with Huntington National Bank in an Amount Not to Exceed $35,000 for Fiscal Year 2021 Pursuant to Huntington National Bank’s Designation as a Village of Oak Park Authorized Depository
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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 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
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Citizen Advisory Commission Action
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Anticipated Future Actions/Commitments
N/A
Intergovernmental Cooperation Opportunities
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Performance Management (MAP) Alignment
N/A