Printer Friendly Version

Village Vision News

Trustees seek new banking option for Village reserves

Thursday, August 25, 2011

Trustees are exploring the idea of diversifying a portion of the Village’s general fund reserves currently invested with Illinois Funds.

After receiving a letter from the state treasurer addressing the implication of the federal debt ceiling and Illinois Funds, Village Treasurer Rhonda Stewart recommended moving half of the $4.8 million Village reserves into a new general fund account with Hickory Point Bank. Trustee Steve Hubbard said he appreciated Stewart’s recommendation, but wanted research to determine which institution offered the best interest rates. Trustee Eric Morr supported Hubbard’s suggestion, and a consensus was reached to direct Stewart to seek other banking options and report back to the Board.

Stewart said Illinois Funds has never failed to provide for Village needs. Yet the recent letter, while reassuring the safety of the funds, concerned her enough to alert trustees that the majority of the Village’s reserves are in one location.

^ Back to Top ^

Site by HomeSight, LLC