McHenry County committee approves banking-analysis engagement; initial year funded from ARPA interest

McHenry County's Finance & Audit Committee voted to replace the packet resolution on item 7.5 and directed staff to use ARPA interest to fund an initial banking-analysis engagement with 3 plus 1, the vendor presenting the CashVest liquidity-intelligence platform. The committee approved replacing the version in the packet with the version handed out at the meeting and asked staff to finalize language for the Committee of the Whole.

Bob Tunzillo, chief revenue officer at 3 plus 1, told the committee the CashVest platform combines transaction-level data and relationship management to identify investable cash, benchmark interest earnings and support a bank request-for-proposal. "We have identified over $5,000,000,000 of new revenue and savings sitting within those accounts," Tunzillo said in the presentation. Treasurer Carrie Kurtz and staff described the engagement as an initial analysis and implementation support that mixes platform access with ongoing advisory from the vendor's relationship team.

Committee members asked whether the $62,800 figure represented the annual fee and whether the service was primarily software or people; vendors and staff said it is both — the platform plus a relationship manager and analysis support that will produce actionable recommendations and, if warranted, a county-led bank RFP. Members also pressed security and data-access details; the vendor said it uses view-only bank connectivity and does not move funds.

The chair moved to replace the packet resolution with the revised version distributed that morning; Carolyn seconded. The committee approved replacing the packet resolution and then agreed the be-it-resolved language would be modified to specify ARPA interest as the revenue source for the first year. Staff will prepare the updated resolution language for the Committee of the Whole and for distribution to board members before that meeting.