$1.6 million in village funds transferred to Prairie State Bank and Trust

By Benjamin Cox on March 8, 2019 at 12:30pm

South Jacksonville trustees approved a sizeable transfer of village funds last Thursday.

During the South Jacksonville Board of Trustees meeting, there were a few main topics of discussion that carried significant weight. A transfer of more than $1.6 million of funds from accounts that the village has maintained at a few area banks all to Prairie State Bank was set in motion. Additionally, a tourism grant check to the Jacksonville Rotary was revoked when Trustee Stacy Pinkerton amended the motion to approve March payables for the village. The check was for $1,000 and was meant to help with the annual Bass Tournament.

Village President Harry Jennings describes why the check to Rotary will not be issued.

“It was a check for a tourism grant, and a majority of the trustees believe that the terms of the tourism grant application were not met, so they stopped the check from being issued.”

The motion to rescind the $1,000 check was approved by a vote of 4-1. Trustee John Gotschall was not in attendance, and Trustee Dick Samples voted no.

Jennings explains each of the village accounts that was moved to Prairie State Bank.

“So we have our general checking account, general savings account, the tourism checking account, and our village escrow account. There’s also the water and sewer security deposits, though that one doesn’t receive interest. Additionally, the General Fund CDs were moved. All of those were transferred to Prairie State Bank and Trust because they approached us with very attractive interest rates. After about a month and a half of discussing it, we decided that more than $15,000 in additional annual village revenue from interest alone was not something to pass up, so that’s why we decided to make the transfers.”

The Board of Trustees also officially approved the transfer of more than $63,000 to the newly established ‘South Jacksonville Fire Department Community Benefit’.