|During Fiscal Year 2021, the Cash Management Division’s noteworthy accomplishments included:
- Total annual return of 0.10 percent in STIF exceeded its primary benchmark by 0.03 percent, resulting in $5.9 million in additional interest income for Connecticut governments and their taxpayers, while adding $5.9 million to its reserves. During the past 10 years, STIF has earned an additional $74 million, while increasing the designated surplus reserve by $39.4 million.
- STIF’s credit rating of AAAm, the highest available, was reaffirmed by S & P Global Ratings.
- Municipalities had 530 active accounts, an increase of 15 accounts from the prior fiscal year.
- Investments of $46.5 million were made with community financial institutions under the Connecticut Community Bank and Credit Union initiative at an average annualized interest rate of 0.13 percent. Since inception, program investments have totaled $625.6 million.
- A total of $18,000 in annualized bank overcharges was identified and recaptured during 2021.
- The Division expanded electronic payments to municipalities and vendors, working in collaboration with the Office of the State Comptroller, with payments totaling $ 16.8 billion during the year.
- The division continued to partner with state agencies to speed the receipt of funds through remote deposits and online credit card, electronic check, and Automated Clearing House payments, and to expand the use of payee positive pay services to protect against check fraud.
- The division has performed its critical functions at a high level throughout the Covid-19 pandemic through a combination of in-office and remote work protocols.
- STIF’s Comprehensive Annual Financial Report was awarded the Certificate of Achievement for Excellence in Financial Reporting for 2020 by the Government Finance Officers Association.