Oak Park's Finance Committee on Oct. 8 received detailed briefings from its banks on the village's short-term investment portfolio and asked staff to return with options for social screening and policy language.

Ed Meadows of Byline Bank told the committee the village's short-term portfolio is structured for liquidity and yield, focusing on U.S. Treasuries and taxable municipal bonds. "Since inception on Jan. 1, 2024, the portfolio is averaging about 4.93% on an average annual basis," Meadows said, and noted the manager charges a 20-basis-point fee that is taken monthly.

Kyle Smeade of Huntington Bank recommended operational changes to improve yield on operating cash, including adding a sweep to the motor fuel tax account and reducing the peg on the account that already sweeps to about $25,000 so excess balances would invest overnight. "We think there's an opportunity for the village to earn some additional income by adding a sweep on the motor fuel tax account," Smeade said.

Trustees pressed managers on whether funds go into corporate issuers that conflict with village values; managers said the insured-cash-sweep product used by the village invests primarily in government-backed vehicles and that corporate bonds are considered only when yields are compelling and after due diligence. "If at some point corporate bonds present an opportunity for us to invest, we will make sure they are scored by a social scorecard before inclusion," Byline's presenter said.

Acting Finance Director Donna Gayden told the committee staff will compile the managers'suggestions, run social-screening cost estimates and bring recommended language and options back to the Finance Committee for consideration. The committee did not take formal action.

Committee members also discussed mechanics: the Byline presentation showed the earlier-year outperformance versus a 3-month T-bill benchmark but noted taxable munis are scarce at one-year terms; Huntington emphasized daily liquidity needs and full collateralization under Illinois law for public deposits. Trustees asked for a follow-up memo showing yield projections, estimated fee impact and cost to add third-party environmental, social and governance (ESG) screening to corporate-bond purchases.