Submitted By
Craig Lesner, Finance
Reviewed By
CLP
Agenda Item Title
Title
A Resolution Approving a Visa Commerical Card Agreement with PNC Bank and Authorizing its Execution.
End
Overview
Overview
The Village often utilizes a credit card to purchase goods and services. Th Resolution authorizes the Village to enter into an Agreement with PNC Bank to utilize a PNC Bank issued Visa card for purchases with an average rebate of 1.35%.
Body
Staff Recommendation
Approve the Resolution.
Fiscal Impact
The Agreement creates no additional costs above the amount of good/services purchased with card. Payments are made prior to the accrual of any interest costs.
Background
In 2010, the Village began utilizing an American Express credit card for certain larger purchases online and received a rebate of 1% on average. In working with Village departments, additional needs were identified and card usage increased.
While all expenditures remain subject to the normal appropriation and procurement processes, the use of a credit card offers a more effective means to make smaller purchases.
In November of 2014, staff issued a request for proposals (RFP) for credit card programs to procure the best possible rebate in addition to other necessary features. Five responses were received and evaluated based on rebate amount, online functionality and references.
Alternatives
The Village could continue to utilize the American Express card at the current rebate level.
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.