Chemung County Receives 90+ CashVest® Award

NEWS RELEASE

December 13, 2024

C hemung County Receives 90+ CashVest® Award

Chemung County has once again been honored with the esteemed 90+ CashVest® Award by three+one® for 2024 in recognition of its exemplary leadership in public finance liquidity management. This honor is given through a collaboration between the National Association of Counties (NACo) and three+one®, a national financial technology firm that specializes in evaluating cash-management practices within the public sector. This award underscores Chemung County's commitment to utilizing data-driven insights to maximize taxpayer dollars.

Matthew Chase, CEO/Executive Director of NACo, commented on the award: "We congratulate the recipients of the CashVest 90+ Award. This elite group of award winners has demonstrated outstanding leadership in liquidity management. We applaud these public finance leaders for helping to maximize the value of their taxpayers' dollars, optimize cash flow, lower borrowing costs, and strengthen protections for public resources."

Garrett Macdonald, Executive Vice President of three+one, added: "Collectively generating hundreds of millions in additional revenue in 2024 alone that would otherwise have to be raised in taxes or additional tuition is an amazing accomplishment. As these entities continue to navigate an ever-changing economic landscape, they have gone above and beyond to set a national standard in cash management and certify they are doing everything they can to maximize their liquid cash resources."

Chemung County began working with three+one using CashVest® in 2020 under former Treasurer and now Deputy County Executive Jennifer Furman and first received the 90+ CashVest Award for 2021. Current County Treasurer Katlyn Colombani-Ruiz and her team have continued the efforts that led to receiving the award again for 2024.

According to Deputy Executive Jennifer Furman: "We started using these tools at the exact right time to take advantage of higher cash liquidity levels and market conditions, and Chemung County has realized significant growth in interest earnings as a result. In 2020, Chemung County recorded approximately $173,000 in interest earnings in the General Fund. For 2024, we are already at $3.2 million in interest earnings and are on track to hit our budgeted target of $3.6 million. Some counties have full-time staff dedicated to cash management. We don't have that. We have three+one and CashVest®, so we are confident that we're managing our liquidity effectively to maximize interest earnings within the legal guidelines. Additionally, we now have the data and tools to negotiate interest rates and banking relationships better. This is a great job by the County Treasurer and her team for prioritizing this on behalf of Chemung County taxpayers."

For additional information, please contact:

Katlyn Colombani-Ruiz Jennifer Furman

Chemung County Treasurer Deputy County Executive

(607) 737-2927 (607) 737-2996

Christopher J. Moss

Chemung County Executive

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