Last week, the New York Comptroller’s Office issued an Audit Report around another school district’s investment program. The pace of such audits is ratcheting up.

The Comptroller’s Office found deficiency in the investment management of their public funds. The primary concerns were:

• Lack of rate quotes on investments being made and the supporting documentation for them.
• Greater diversity of investments and investment options should have been considered and used by the public entity.
• Lack of an updated Investment Policy Statement (IPS) that instills safety, liquidity, and yield.
• The need to perform cashflow and liquidity analysis on all funds and assure the funds were being invested in a competitive nature to maximize yield on all public funds.

At three+one, we provide the liquidity analysis and reporting necessary to comply with government audits and/or rating-agency standards. Whether it be benchmarking of bank rates and fees; cashflow and liquidity analyses to meet the requirements of safety, liquidity, and yield standards; the comparison of market-rate quotes; or the education around the diversification of public funds, we’ve got you covered.

The level of audits on public entities of all sizes should be taken seriously. Let us help protect you and your entity from a front-page newspaper story or being shared on social media to your taxpayers.

Now’s the time to ensure all your cash-management practices are “best practices.”