Ending her first official month in office, Albany County Comptroller Susan Rizzo is pleased to announce that the Comptroller’s Office has successfully invested $84.8 million in short term risk-free investments to benefit the taxpayers of Albany County. These investments consisted of $72.1 million in one-month U.S. Treasury Bills and $12.7 million in one-week U.S. Treasury Bills.

These investments were the result of a collaborative effort between the Albany County Comptroller’s Office and the Albany County Department of Management and Budget. By working cooperatively towards the best interest of the County taxpayers, Comptroller Rizzo is proud to be fulfilling her promise to maximize the County’s investment income upon taking office.

Comptroller Susan Rizzo said, “You can get so much more accomplished within the County if departments communicate with each other. Within my first month, I personally attended the Investment Advisory Board to discuss short term investing immediately. By investing in U.S. Treasury Bills, rather than simply Money Market accounts that currently pay 1.17%, the County has an opportunity to earn an additional 29 basis points (0.29%) on its money. If rates remain constant, the $84.8 million investment will translate to an additional $234,000 of interest income annually. The Comptroller’s Office continues to explore opportunities to invest additional County funds and to streamline its cash flow needs.”