Suffolk County Comptroller John Kennedy, Jr. (R-Nesconset) has proudly announced that Suffolk County and three+one’s Bank Account Collateralization Program has earned national recognition from the National Association of Counties (NACo), receiving a 2025 Achievement Award and the prestigious designation of Best in Category for Financial Management.
The NACo Achievement Awards honor innovative, effective county government programs that enhance services for residents. Suffolk County’s winning program was developed through a collaboration between Comptroller Kennedy and County Executive Ed Romaine (R-Center Moriches), with the goal of ensuring that county funds held in banking institutions are properly secured and fully collateralized, as required under New York State General Municipal Law § 10.
“It is an incredible honor for Suffolk County’s Bank Account Collateralization Program to be granted a NACo Achievement Award and to be selected as Best in Category,” said Comptroller Kennedy. “County Executive Romaine and I share a deep commitment to safeguarding taxpayer dollars, and this award reflects that ongoing effort.”
As Suffolk County’s Chief Financial Officer, Kennedy emphasized the importance of the program in maintaining financial security, transparency, and compliance across all county banking practices. The Bank Account Collateralization Program helps protect the county’s finances, especially in today’s rapidly changing regulatory and banking environments by ensuring that all county funds are fully backed by eligible securities, even in the event of unforeseen financial institution failures.
“Our responsibility is to the over 1.5 million residents of Suffolk County,” said Kennedy. “This program was created to give them peace of mind that their taxpayer dollars are not only being managed responsibly but also protected to the highest standard.”
The recognition marks Suffolk County’s second major award from NACo in recent years. In 2022, the County received an Achievement Award for its cashVest Program, also developed in partnership with three+one, a financial technology company focused on liquidity management. The cashVest Program continues to generate increased interest income for the County while helping to reduce banking costs and improve fiscal planning.
The success of both the cashVest and Collateralization programs signals Suffolk County’s leadership in adopting forward-thinking financial tools and reflects a broader commitment to responsible governance.
“We are poised for an extraordinary year focused on the issues where counties can make a difference and truly improve the quality of life for our residents,” said NACo President James Gore.
The Bank Account Collateralization Program was chosen as Best in Category among all financial management programs submitted nationwide, a distinction that highlights its impact, effectiveness, and replicability by other counties seeking to modernize their treasury operations.
Three+one CEO and co-founder, Joseph Rulison, also praised the recognition, stating, “It’s a privilege to work alongside a county so committed to financial stewardship. Suffolk County and Comptroller Kennedy have demonstrated how proactive policies, and technology can work together to better protect public funds.”
The NACo Achievement Awards, launched in 1970, annually spotlight counties that are modernizing services in cost-effective and impactful ways. This year’s awards were highly competitive, making Suffolk County’s Best in Category win even more notable.
“This recognition isn’t just about one program, it’s about a shared commitment to smart, transparent, and secure governance,” Kennedy concluded. “We will continue to build on these successes to strengthen the financial future of Suffolk County. There is so much more work to be done and will continue to do it with vigor.”
As the County continues to lead by example in fiscal innovation and management, the NACo award underscores Suffolk’s status as a national model for responsible and secure government finance practices.
