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The Clerk of the Circuit Court of Cook County, IL,

Uses GFOA YieldAdvantage to invest in Certificates of Deposit

 

Joining Cook County, the Cook County Treasurer’s Office, and the Cook County Forest Preserve District, the Clerk of the Circuit Court of Cook County, IL, initiated use of GFOA YieldAdvantage. Offered by the Government Finance Officers Association, GFOA YieldAdvantage automates the steps involved in collecting, comparing, improving and awarding bids for government investors. This automation provides governments with an efficient and transparent way of investing.

 

On August 20, 2007, the Clerk of the Circuit Court of Cook County used GFOA YieldAdvantage to invest in certificate of deposits with local, Cook County banks. During a single, 30-minute auction, the Clerk successfully placed 6 separate investments with a sum investment of $28,475,000. GFOA YieldAdvantage provided the Clerk with a tool that improved the investment process, reduced the time needed to place an investment, and increased returns.

 

GFOA YieldAdvantage is a Web-based investment auction platform offered through an alliance of the Government Finance Officers Association and Grant Street Group.  Through the use of GFOA YieldAdvantage, state and local governments are able to solicit bids easily and efficiently from a larger number of financial institutions via the Internet, enhancing the investment of government funds.     

    

 

 

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