Annual Authorization of Compensating Balance Agreements

Petitioner: Treasurer/Collector

Annual Town Meeting, May 2018

This article authorizes the Town Treasurer to enter into Compensating Balance Agreements, which are agreements between a depositor and a bank in which the depositor agrees to maintain a specified level of non-interest bearing deposits in return for which the bank agrees to perform certain services for the depositor. In order to incorporate such compensating balance agreements into the local budget process, the Commonwealth passed a law in 1986 mandating that all such arrangements be authorized by Town Meeting on an annual basis.
Official Town Meeting Vote Select Board Advisory Board

Favorable Action

Favorable Action

Favorable Action

Unanimous

5-0-0

15-0-0
Final Result:

Favorable Action
Community Organization Recommendations
PAX Green Caucus
Official Text of the Article

VOTED: That the Town authorize the Town Treasurer, with the approval of the Selectmen, to enter into Compensating Balance Agreement(s) for FY2019 in accordance with General Laws Chapter 44, Section 53F.


https://www.brooklinema.gov/DocumentCenter/View/14385/-May-22-2018-Annual-Town-…

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