Governor  Dannel P. Malloy
 

Cash Management

Year in Review

During Fiscal Year 2017, the Cash Management Division's noteworthy accomplishments included:

  • Total annual return of 0.61 percent in the Short-Term Investment Fund (STIF) exceeded its primary benchmark of 0.49 percent, resulting in $6.4 million in additional interest income for Connecticut governments and their taxpayers, while adding $4.7 million to its reserves. During the past ten years, STIF has earned an additional $66.5 million, while adding $28.8 million to its reserves during this period.
  • STIF's credit rating of AAAm, the highest available, was reaffirmed by Standard & Poor's.
  • Ten local government accounts were added to STIF, with $15.5 million in assets.
  • STIF's Comprehensive Annual Financial Report (CAFR) was awarded the Certificate of Achievement for Excellence in Financial Reporting for 2016 by the Government Finance Officers Association.
  • Investments of $33.9 million were made with community financial institutions under the Connecticut Community Bank and Credit Union initiative at an average annualized interest rate of 0.79 percent. Since inception, program investments have totaled $488.4 million.
  • A total of $62,000 in annualized bank overcharges was identified and recaptured.
  • The division expanded electronic payments to municipalities and vendors, working in collaboration with the Office of the State Comptroller, with payments totaling $13.5 billion during the year.
  • The 22d annual meeting of Short-Term Investment Fund investors in concert with the 12th Public Finance Outlook Conference was attended by more than 200 state, local government, and private finance professionals. (2017 Conference)
  • The division worked with state agencies to speed the receipt of funds through on-line credit card, electronic check, and Automated Clearing House payments, and to expand the use of payee positive pay services to protect against check fraud.