three+one® was honored to spend time with county officials from across the country at the 2021 NACo Annual Conference in Prince George’s County, Maryland. While there, we had the chance to listen to many NACo members and understand the challenges they face in 2021 and beyond.
We feel invigorated knowing that our liquidity tools are alleviating the frustrations public-finance offices face in meeting their ongoing cash-management challenges.
A special guest speaker at the conference, Suffolk County (NY) Comptroller John M. Kennedy, Jr., shared his story of how our cashvest® liquidity analysis program has created new value for his taxpayers.
Listen to Comptroller Kennedy’s presentation:
We found our biggest takeaway from the conference to be: “Nothing bad can come from planning.” Our cashvest® program—a NACo-recognized best practice in liquidity management—is helping a fast-growing number of public entities and higher Ed institutions across the country create better financial outcomes for their constituents.
To Public Officials Across the Country: cashvest® is Your Program
As public officials, you know better than anyone the importance of maximizing every resource your locality has to offer. This is particularly true when it comes to managing your cash.
But how can you, as a local leader, be absolutely sure that every dollar is being put to use? And how can you know for sure if your entity’s funds are either too liquid or not liquid enough? These are the questions local treasurers, administrators, and chief investment officers have been asking themselves for decades.
Now those questions have an answer: cashvest®. It’s a program created by public officials for public officials.
The co-founders of three+one®, a public treasurer and a school official, saw the public sector’s growing need to take the guesswork out of liquidity management. They also knew that some of the best local solutions came from public servants. That’s why they designed cashvest® to harness the power of liquidity data to provide a single point of reference and give you the knowledge and control you need to put all your entity’s cash to work.
To our public officials across the nation, know this: cashvest® is your program. It’s a best management practice. It’s endorsed by the National Association of Counties (NACo) and ten other state county associations. It’s also a local solution created by local leaders to help protect taxpayers and transform communities.
I hope you’ll take advantage of your program today. Contact us to learn more on why cashvest® is the liquidity-management solution for your public entity or higher Ed institution needs.
Seven years ago, the cashvest® platform by three+one® was launched, created by public officials for use by public finance officials. With the support of the National Association of Counties (NACo) and 11 state county associations, the cashvest® platform has continually improved and its features were enhanced by individuals with actual public-service and government-banking experience—with input from those with public finance and administration backgrounds from around the country.
The cashvest® platform provides liquidity analysis and data of the highest quality—just what is needed to best manage all cash that flows through and is held by public entities.
Over the years, the many innovations we’ve brought to the cashvest® platform have had you in mind, to better serve you and to benefit those you serve. By the end of 2021, over $500,000,000 in new sources of revenue will have found its way back to your communities because of the innovative FinTech program you helped create and use.
We are all being pushed into digital platforms in almost every area of our lives. At times, these changes seem overwhelming and even annoying.
I can’t tell you how many times I’ve been asked, “Can’t we just keep our paper statements and processes that we have had for the last 20+ years!?”
Later in this blog, we will provide benchmark data on how much those processes cost your taxpayers on average. Stay tuned…
As we serve public entities across the nation, we often see one item as non-negotiable: receiving paper statements.
We get it. They come in the mail; you can feel them; you can write on them; you can keep physical records of them if you want to refer to them down the road. Lots of reasons people like them.
But did you know that paper statements could actually be costing your taxpayers money? Did you know there are heightened possibilities of fraud associated with receiving paper statements? Did you know that you can receive your paper statements—yes, PAPER—quicker, easier, less expensively, and more securely using your own online bank portal?
This solution does not require much change at all. It simply changes the delivery method from physical delivery to electronic delivery. From there, you can follow all the same processes, helping you be more efficient with enhanced security and at less cost.
Six reasons to switch to digital delivery:
- Cost savings. Our data shows that the average monthly cost of paper statements to a public entity in bank fees is $67.79. That’s an average of $813.48 a year in unnecessary fees. In today’s market, that could require about $1,000,000 in compensating balances to offset. The highest price of paper statements we have ever recorded was $525 per month in bank fees! Any idea how much your entity is paying?
- Statements are available in real time. You can download your statements as soon as they are ready after month-end, without any postal or printing delays (up to 7 days sooner, at least).
- Increased security. You’ll protect your information from being stolen. Digital banking statements are secure and require login credentials and typically multifactor authentication.
- They’re eco-friendly. Replacing your paper statement with an electronic version saves trees and cuts down on mail transportation. When the environment wins, we all win.
- More convenient access. Working remotely? No problem. You can access your bank statements anytime, from anywhere.
- Fewer headaches. You’ll always know the exact location of your documents. Digital statements won’t get misplaced and don’t require physical storage space.
Our recommendation: Talk to your banker about your options and switch to digital delivery of your bank statements.