During Fiscal Year 2016, the Cash Management Division’s noteworthy accomplishments included:
- Total annual return of 0.29 percent in the Short-Term
Investment Fund (STIF) exceeded its primary benchmark of 0.15
percent, resulting in $7 million in additional interest
income for Connecticut governments and their taxpayers, while
adding $0.87 million to its reserves. During the past ten
years, STIF has earned an additional $71 million, while adding
$27.8 million to its reserves during this period.
- STIF’s credit rating of AAAm, the highest available, was
reaffirmed by Standard & Poor’s.
- Six local government accounts were added to STIF, with $43 million in assets.
- STIF’s Comprehensive Annual Financial Report (CAFR) was
awarded the Certificate of Achievement for Excellence in
Financial Reporting for 2015 by the Government Finance
- An investment of $22 million was made with community
financial institutions under the Connecticut Community Bank
and Credit Union initiative at an average annualized interest
rate of 0.45 percent. Since inception, program investments
have totaled $454.5 million.
- After a competitive bidding process, a bank lockbox was
implemented for the Department of Revenue Services, thereby
speeding the deposit of personal income tax payments.
- A total of $76,000 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 $13.2
billion during the year.
- The 21st annual meeting of Short-Term Investment Fund
investors in concert with the 11th Public Finance Outlook
conference was attended by nearly 200 state, local government,
and private finance professionals. (2016
- The process of depositing checks through the Internet via
remote deposit technology was expanded to three additional
agencies with 14 deposit locations, speeding deposits
and reducing banking costs.
- The division worked with state agencies to speed the
receipt of funds through on-line credit card and electronic
check, and Automated Clearing House payments, and to expand
the use of positive pay services to protect against check