SC New York News

Chemung County has been awarded the 90+ CashVest Award by three+one for 2024, acknowledging its leadership in public finance liquidity management. The award is a collaboration between the National Association of Counties (NACo) and three+one, a financial technology firm that assesses cash-management practices in the public sector. This recognition highlights Chemung County's efforts to use data-driven insights to optimize taxpayer funds.

Matthew Chase, CEO/Executive Director of NACo, stated: “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, remarked: “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.”

The county began its partnership with three+one using CashVest in 2020 under former Treasurer and now Deputy County Executive Jennifer Furman. Chemung County first received this award for 2021. Current County Treasurer Katlyn Colombani-Ruiz has maintained these efforts leading to another award win for 2024.

Jennifer Furman commented on the progress: "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."

Furman also emphasized: "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."

For further information about this achievement or other inquiries related to Chemung County's financial strategies:

Katlyn Colombani-Ruiz

Chemung County Treasurer

(607) 737-2927

Jennifer Furman

Deputy County Executive

(607) 737-2996