Governor  Dannel P. Malloy

Cash Management

Year in Review

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 Officers Association.
  • 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 Conference)
  • 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 fraud.