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Delaware County earns CashFest 90+ award for cash management, treasurer and consultant say
Summary
A finance consultant recognized Delaware County with a CashFest 90+ award for its cash-management performance; the county's interest revenue rose in recent years and the county increased the amount of cash invested, the consultant told supervisors.
A consultant from 3 Plus 1 presented Delaware County with the firm’s CashFest 90+ award and highlighted recent improvements in county cash management during a Board of Supervisors meeting.
Tyler Klein of 3 Plus 1 told supervisors that the county’s interest revenue rose from about $678,000 in the 12-month period ending in 2018 to over $5,400,000 in the most recent 12 months the firm measured. “So kudos to you all on that,” the consultant said, and added that the county’s liquidity positioning improved: the county increased the amount of cash it invested by more than 20% and moved its yield closer to the 30-day Treasury benchmark.
The CashFest 90+ award recognizes counties that earn a cash score of 90 or higher for four consecutive quarters. The consultant said Delaware County scored 90 or higher for the last four quarters and ranked in the 70th percentile of other counties the firm tracks. County Treasurer Carly Penner and a retired fiscal manager were singled out in the presentation for their roles in implementing staggered investments and competitive bids to secure higher interest rates.
Ending: Supervisors congratulated the treasurer and the consultant, and the presentation closed with recognition that disciplined cash management is one tool for maximizing taxpayer dollars without raising tax rates.
