Meeting Type: BCC Work Session
Meeting Date: 8/13/2019
Item Status: New
From: Donna G. Bryars, Interim Clerk/Treasurer
Submitted by: Makayla Shiver, Jr. Staff Accountant
______________________________________________________________________
ITEM TITLE
Title
Banking Services - Deposit Accounts
Body
STAFF RECOMMENDATION
Recommendation
Take the following actions:
Authorize the Interim Clerk Treasurer to open three (3) new deposit accounts; two (2) for Solid Waste and one (1) for Baldwin County Animal Shelter with United Bank located in Baldwin County with the following terms:
1) No service charges on accounts with a minimum daily balance of at least $10,0000.00 per account. Each account must maintain the balance requirement in order to not be assessed fees; and
2) Accounts will earn 0.20% interest, accrued daily and posted monthly. (Interest rate is subject to change); and
3) Baldwin County Commission will be responsible for any cost related to deposit tickets, checks, nightly depository bags, endorsement stamps, etc.
End
BACKGROUND INFORMATION
Previous Commission action/date: N/A
Background: Baldwin County Solid Waste Director, Terri Graham, has made this request to increase efficiencies related to deposits at Magnolia Landfill and Central Annex. The deposited funds will be transferred weekly from the United Bank to Hancock Whitney Bank.
FINANCIAL IMPACT
Total cost of recommendation: N/A
Budget line item(s) to be used: N/A
If this is not a budgeted expenditure, does the recommendation create a need for funding? N/A
LEGAL IMPACT
Is legal review necessary for this staff recommendation and related documents?
N/A
Reviewed/approved by: N/A
Additional comments: N/A
ADVERTISING REQUIREMENTS
Is advertising required for this recommendation? N/A
If the proof of publication affidavit is not attached, list the reason: N/A
FOLLOW UP IMPLEMENTATION
For time-sensitive follow up, select deadline date for follow up: N/A
Individual(s) responsible for follow up: Donna G. Bryars, Interim Clerk/Treasurer
Action required (list contact persons/addresses if documents are to be mailed or emailed): N/A
Additional instructions/notes: N/A