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The County of Rock, WI, initiated use of GFOA YieldAdvantage

to increase competition for County funds.

 

Seeking to increase competition for County funds, the County of Rock, WI, started using GFOA YieldAdvantage, an Internet auction platform offered by the Government Finance Officers Association. The County of Rock joined Winnebago County as Wisconsin counties using GFOA YieldAdvantage for government investments.

 

On July 18, 2006, the County of Rock hosted an online auction for investing operating funds. Using GFOA YieldAdvantage, the County conducted a single open-bid auction for a one-year $500,000 certificate of deposit. During a live, 30-minute auction, eight County banks repeatedly submitted bids to compete for the County’s investment. Vicki Brown, the County Treasurer, intends to continue the County’s initial success by hosting auctions in August and September.

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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