OSWEGO, NY – At Monday night’s Administrative Services Committee meeting, Mayor Billy Barlow said he wishes to execute an agreement with three+one services to provide proprietary reports and data that can be used internally and externally to achieve higher income on the city’s low- and non-performing operating dollars.
Through a comprehensive liquidity analysis, three+one will identify and quantify the time horizon and worth of all operating capital, which can be used to achieve new sources of income through the city’s financial institution, the mayor said.
They do a full-scale financial analysis for local municipalities and assess interest rates and returns on bank accounts.
“I support this and think that it’s worthwhile. I am requesting a transfer of funds from the contingent account A.1991.0460 to A.1210.0440 for $9,900. If three+one does not find $50,000 in savings, the initial analysis fee is waived,” Barlow said.
This would be extremely beneficial to the mayor and council to have moving forward, “especially as we are about to enter budget season,” the mayor added.
The work Three+one services does is look to see if there are any opportunities to improve the city’s money flow. They also do an analysis to see if there is anything else the city can do to strengthen itself financially.
They would provide ongoing cash vest liquidity analysis services, monitor major accounts, stress test transaction activity for liquidity needs and refine the report each quarter.
According to the company, this will allow the city’s bank(s) and registered investment advisor to provide the best investment services to maximize interest revenue.
The company has strict security measures and no hidden agenda, a company spokesperson told the committee. And, three+one services won’t market or share any information regarding the city, he added.
The company has been in business for about 25 years.
Either party may cancel services with at least a 30-day written notice after the first year.
The committee sent the proposal to the full council for further discussion.