Jul. 12—Madison County Fiscal Court voted to pass an order dealing with a partnership for liquidity monitoring and analysis, by passing the order on Tuesday in Berea.
Data was the overarching theme of the presentation given by cashVest at the most recent Fiscal Court meeting.
Part of the goal that cashVest has is to help provide necessary savings and maximize the use of taxpayer dollars as well as expertly manage liquidity data of public funds. In the finance world, liquidity is the availability of liquid assets to a market or company, in this case, Madison County.
The fintech platform specializes in helping those who run schools (including higher education) and work in the public sector (i.e. city/county government) "to see more, so you can do more."
According to the cashVest website, the platform has helped clients invest 73% more cash confidently.
As part of the resolution, Ruth Chiumia from three+one, cashVest's parent company, presented a high level overview of the platform.
"(CashVest) is supposed to compliment your current strategy," Chiumia told the court via Zoom.
The cashVest website states that over $2 billion has been given back to local communities and in 2019, they started their partnership with the National Association of Counties (NACo).
Judge Executive Reagan Taylor said during the meeting that he found this service through his association with the Kentucky Association of Counties (KACo). KACo serves as the statewide arm of NACo.
The overarching goal of cashVest is to help entities to generate new revenue back to the bottom line for initiatives, projects, etc.
"Madison County is proud to take this proactive step towards ensuring that every tax dollar is working for us at all times and maintaining our financial strength," Jill Williams, Deputy Judge Executive for Madison County, told the Register.
She continued by saying that this is a testament to the county's "dedication to fiscal excellence, efficiency and [Madison County's] unwavering commitment to serving the best interests of our residents." She also went on to list the advantages of the partnership.
The advantages Williams listed are:
—Maximized interest earnings.
—Enhanced financial transparency.
—Risk mitigation.
—Operational efficiency.
—Expert guidance.
Magistrate Brian Combs is stoked about the lack of risk.
"I'm tickled that there's no risk," Magistrate Brian Combs said during the meeting.
He reiterated that there's no risk to the taxpayer. Jill Williams echoed similar sentiments by telling the Register that it is a guaranteed return to the county and is no cost to the county.