Boone County has been chosen as the 2023 recipient of the cashVest® National Leadership Award.
This prestigious award acknowledges the leadership that the county has demonstrated, both statewide and nationally, in establishing and practicing the highest possible standards of financial governance and liquidity management, while also advocating for other counties across the National Association of Counties (NACo) enterprise in instilling the very best of practices in the management of taxpayer dollars.
Boone County was recognized as a leading advocate for the implementation of best practices in both identifying and managing all cash as a revenue-generating asset.
Its implementation of the cashVest platform’s liquidity and treasury data has made the county a national leader in cash management.
Since June 2021, cashVest has benefited Boone County with a bank-fee savings of $20,274 and $3,199,851 in cumulative interest from fixed-income opportunities, identified by liquidity data.
“We have 3,220,125 reasons why we utilize the cashVest liquidity services of three+one®,” Boone County Judge/Executive Gary Moore said of the results. “That is the $3,220,125 fewer tax dollars that needed to be raised to pay for county services.”
The $20,274 comes from a bank fee review that identified some accounts that were ineligible to offset fees. Through collaboration with the bank, all accounts are now providing value and increasing annual bank line-item savings.
Two more important numbers include:
- $721,276 - Stress Testing provided confidence to invest more than $84 million in fixed income without sacrificing daily liquidity needs.
- $102,584 - The RFQ (request for a quote) three+one issued for Investment Services is providing six-figure fee savings annually.
“Cash should be the No. 1 priority for public finance officers in 2023,” Moore said. “Recognizing cash for its power during this time will ensure you offset inflation, close budget gaps, hire frontline workers and staff your mental health initiatives.”
The cashVest program has brought more than $1.5 billion nationally to the communities it serves, Moore added.
“At this time, the cashVest program is not a luxury; it is a necessity. This program will ensure that your cash is a revenue-generating asset and that every dollar is recognized and put to work through financial institutions.
“Again, in a rising rate environment, it is imperative to look at your cash through the lens of cashVest,” Moore said.
Through vetting the cashVest program, NACo EDGE has seen firsthand what it has done for counties across the nation.
cashVest by three+one has been deemed a best practice by the National Association of Counties (NACo). NACo has done extensive due diligence to confirm the applicability and usefulness of cashVest as an additional resource.
