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Council schedules banking RFP review as staff outlines options for underperforming investments
Summary
At its Sept. 15 meeting, Lebanon’s council set a Sept. 22 special session to review banking RFPs and heard staff outline steps to move roughly $150,000 from an underperforming Raymond James account while exploring LGIP and local CDs to boost returns.
The Lebanon City Council Committee on Sept. 15 scheduled a special meeting for Sept. 22 to publicly review banking requests for proposals and discussed near-term steps to improve the city’s investment returns.
Chair (speaker 3) announced the special meeting and said materials about the banking RFPs will be posted on the city website. A staff member (speaker 5) told the committee that statutory account control rests with the city treasurer and described proposed online-access roles so a small set of staff could view accounts and move money between funds.
On the city’s existing investments, the staff member said the city has "more than $150,000" in a Raymond James account that has performed poorly: "Year to date, we've made one‑tenth of 1%. That's about $153," the staff member said and proposed temporarily moving the balance back into the sewer fund checking account while staff investigates next steps.
Another staff member (speaker 8) explained options for longer‑term placement of investment funds, noting the Illinois local government investment pool (commonly called LGIP) and local certificates of deposit as possibilities. "They're also called the LGIP, which is the local government investment pool," the staff member said, adding that the city currently has roughly $1.7 million in investment funds and that exploring LGIP or local CDs would be part of a later process.
No formal vote was recorded. The committee directed staff to prepare ordinance language on account access and to present banking RFPs at the special Sept. 22 meeting for public review and further council action.
What happens next: The council will hold the special meeting Sept. 22 to review the RFPs; staff will return with precise ordinance language on account access, and will follow up on the Raymond James account and options for LGIP or local CDs.
