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Cash Management & Banking Services


Location
Connecticut
Publication Date
07/11/2019 03:28 PM EDT
Closing Date
08/07/2019 12:00 PM EDT
Issuing Organization
Town of Avon
Solicitation Number
Description

Specifications include, but are not limited to: A qualified financial institution to provide cash management and banking services for the Town and Board of Education. The Town currently uses a pooled cash concept with a concentration account that has zero balance accounts (ZBA) linked to it. Town General Fund accounts include Revenue Collection, Accounts Payable and Payroll, and the Medical Claims Fund. The General Fund Board of Education Disbursements Account covers both Accounts Payable and Payroll. On a monthly basis, any cash remaining within the concentration account earns interest and is applied to bank fees.

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