Submitted By
Steve Drazner, CFO
Reviewed By
A.M. Zayyad, Deputy Village Manager
Agenda Item Title
Title
A Resolution Approving a Schedule Modification and Amendment to the Armored Car Services with Davis Bancorp Incorporated to Increase the Not to Exceed Amount from $22,224 to $26,500 for Fiscal Year 2023 for Additional Services and Authorizing its Execution
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Overview
Overview
In June 2017, the Board approved and staff executed an Agreement with Davis Bancorp to provide armored car services for depositing parking meter coin deposits at Forest Park National Bank. Staff recommends expanding the services of Davis to pick up and deliver for deposit both cash and coins to a new Huntington "cash vault" account. Expanding the service would eliminate the need for a sworn Oak Park police officer to take the Village's cash deposits to the local Huntington Bank branch two to three times per week, thus freeing up officer time in an already short-staffed police department.
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Recommendation
Recommendation
Adopt the Resolution.
Background
The Village currently utilizes Davis Bancorp for armored car services to bring coin collections (from parking meters) to Forest Park National Bank (FPNB). Staff recommends closing the FPNB account used solely for depositing coin collections and instead opening up what is referred to as a "cash vault" account with its current banking services provider, Huntington Bank. The Village's armored car service, Davis Bancorp, already partners with Huntington to pick up and deliver customer deposits, both cash, and checks, to Huntington's vault location in downtown Chicago.
By eliminating the FPNB account and opening up a cash vault account with Huntington Bank, the Village will no longer require the services of a sworn officer to deliver deposits to the bank branch, and thus, all village deposits will be picked up by the armored car service.
Such an arrangement would allow sworn officers to focus on other pertinent tasks and...
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