Not only did Genesee County, New York (with an annual budget of approximately $145 million) earn the highest initial cashVest® score three+one® has ever given (89), but County Treasurer Scott German, has become known for making interest earnings a top priority on the county’s cash. When three+one started serving Genesee County, its interest earnings from September 1, 2015 to August 31, 2016 were $190,070—and its effective yield on all funds was 0.34%.
As of November 30, 2017, the county’s interest earnings YTD totaled $319,784 and its effective yield on all funds was over 1.00%.
Here are a few ways they did it:
1. We altered the county’s operating cash structure to ensure more cash was providing value to the county. Liquidity proficiency became important as rates increased and the county optimized its ability to take advantage of greater yield without sacrificing liquidity.
2. We identified how to recognize the marketplace value on every dollar on deposit based on the county’s specific time horizon of its funds. Treasurer German’s priority was to ensure every tax dollar was earning at its maximum rate potential.
3. We worked together to improve the allocation of the county’s operating cash deposits by identifying where low- and non-performing cash could become a revenue-generating asset for the county.
The public finance officials we serve tell us they will be making interest earnings a priority in 2018. If you would like to speak to Treasurer German, he invites your correspondence via phone at (585) 344-2550, ext. 2210, or via email at Scott.German@co.genesee.ny.us.