Mountain View Whisman School District
Agenda Item for Board Meeting of 4/18/2024
Agenda Category: CONSENT AGENDA
Agenda Item Title: Resolution No.02-041824, Open a New Bank Account for the Revolving Fund and Clearing Accounts Under a New Institution
Estimated Time:
Person Responsible: Rebecca Westover, Ed.D., Chief Business Officer
Background:
It is necessary to open a new revolving fund and clearing accounts under a new institution due to Bank of The West transferring all accounts to BMO. Bank of The West was the bank holding the districts revolving fund and clearing accounts. The service fees with BMO are not a benefit to the District. The clearing accounts hold an average balance of less than $8,000. Upon Board approval, authorized signers will open new accounts under a new bank institution.
Fiscal Implication:
None.
Recommended Action:
It is recommended that the Board of Trustees approve Resolution No. 02-041824 to close BMO accounts and to open new bank accounts for the revolving and clearing accounts, as presented.
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