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County Treasurer and staff honored with award

by WayneTimes.com
September 19, 2020

Alex DeRosa, Relationship Specialist and Joseph Rulison, CEO and Co-Founder of Three+One Advisors acknowledged the hard work of Wayne County Treasurer, Patrick Schmitt and his dedicated staff, noting that Wayne County is the recipient of the 2020 prestigious 90+ cashVest® Award.

This award is given for being in the top 10 percentile of how the county’s equity is handled, setting the pace for other municipalities to follow; and ultimately saving and earning more money for Wayne County taxpayers. 

“There are very stringent rules and standards to reach the top 10% of Counties. We feel that the Wayne County Treasurer’s Office has gone above and beyond to gain value for their taxpayers,” said Three+One CEO Joseph Rulison. “It is a true honor to present this award to Wayne County, Treasurer Patrick Schmitt and his office.” 

Wayne County has engaged three + One to compile data to aid the County Treasurer’s office in understanding the amount of cash we need on hand to meet current expenditures, and how much cash can be invested both in the short and long term. CashVest scoring is prepared using five categories: Percent of available funds providing value, Liquidity Proficiency, Warnick Rate Indicator, Cashflow optimization and Investment policy practices.

Wayne County Treasurer Patrick Schmitt stated: “It is an honor to accept this award from three+one on behalf of the Wayne County Treasurer’s office staff. It certainly is a team effort that we have such a high CashVest score. My predecessor, Tom Warnick, whom the Warnick rate indicator is named after, had the foresight to see the value in the data three+one could provide him, which supported him in making long term investment decisions. The County is positioned to see higher than market rate returns for the next few years as a result of the data that’s been collected over the past years during our engagement with three+one and the decisions made by Tom while he was County Treasurer.”

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