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Ways and Means committee approves contract with 3 plus 1 after presentation estimating millions in potential cash‑management gains
Summary
The Ways and Means Committee authorized an agreement with fintech firm 3 plus 1 (CashVest/CashFest) and amended the 2025 budget after a presentation that described tools for liquidity monitoring and projected a potential $2.3 million annual benefit if about $59.8 million of county cash were invested at modeled rates.
The Ways and Means Committee voted to authorize an agreement with 3 plus 1 and to amend the 2025 budget to implement the firm's CashVest/CashFest cash‑management platform following a presentation laying out the product and projected returns.
Cooper Swerdout of 3 plus 1 told the committee the firm provides third‑party liquidity monitoring, forecasting and market benchmarking to help public finance offices identify short‑ and medium‑term cash that can be invested without jeopardizing liquidity for operations. Swerdout described a tiered “liquidity level” approach that separates working capital from cash that can be invested for 30 days up to two-and-a-half years, and said the firm works with more than 300 banks and public entities nationwide.
Using conservative assumptions and historic county cash patterns, 3 plus 1 presented an illustrative number: about $59.8 million of county cash could be placed in strategic liquidity vehicles at about 4% under the firm’s model, producing roughly $2.3 million in potential additional earnings. Swerdout said the firm offers a 1:1 guarantee — the firm’s onus is to produce a net benefit above its fee and, if it cannot, the county would not pay the fee.
Committee members asked how existing earnings compared; Swerdout said audit records made precise current earnings unclear but suggested current miscellaneous revenue from cash was under $1 million. After discussion, the Ways and Means Committee approved the agreement and budget amendment; the motion carried on a voice vote.
County staff said an online portal and documentation will accompany the engagement so county finance staff can review proposed investments, rate quotes and transaction data. The next step is execution of the contract and onboarding work with county finance to stress‑test transactional data and produce recommended liquidity placements.
