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Glens Falls boards commit up to $2,000 each toward shared investment-advisory service
Summary
Boards approved participation in a pooled investment-advisory service (Cash Vest) with the city and partner agencies and authorized contributions of up to $2,000. Staff said fees would be paid only if the vendor finds net savings or improved returns.
Several Glens Falls agencies voted March 19 to join a shared investment-advisory arrangement with the city and to authorize a contribution (capped at $2,000) to cover the initial cost of the service.
Jeff Flagg, the agencies' CEO, described the arrangement as a shared service across the LDC, IDA and the city: Cash Vest will review pooled accounts, investments and fees and recommend changes intended to increase earnings or reduce costs. "If they don't find more savings than the cost, we don't pay it," Flagg said, describing the vendor's conditional-fee model.
Board members pressed for clarity on how returns and savings would be apportioned among participating entities and whether the service's benefits would be visible to smaller agencies with limited investable balances. Staff said reporting would be available in the vendor portal and suggested a future vendor presentation to the boards.
A motion to participate and to commit up to $2,000 was moved and approved by voice vote; the boards noted the exact contract amount will be added to Schedule A once payable. Staff will present the final contract and may invite Cash Vest for an informational session.
