The Marshall County Board of Finance is seeking Requests for Proposals for an investment cash management system. This really means is the county will be accepting bids from local banking institution interested in handling deposits and expenditures for the county from January 1, 2015 and through December 31, 2016.
The accounts presently maintained for Marshall County are the General Account which has an average ledger balance of $23,000,000 to $47,000,000. The months of April, May and October, November have the most activities and larger balances. The Payroll account is a zero balance subsidiary account linked to the depository account where funds are automatically transferred from the General Accout to cover checks presented on the account. The Dental Reimbursement Account is a separate stand-alone business checking account. The County also has a PERF account and a Wire account with both maintaining a zero balance.
The County Board of Finance will be looking at per-item costs for checks, account maintenance fees, check sorting charges, fees to transfer, and charges for deposits and such. Interest rates are another item the board will be considering in the selection process.
Requests for Proposals will be submitted by November 3rd and their final determination will be done on November 17th.
