Hardwick Announces Significant Interest Earnings On County Investments

Erie County Comptroller Kevin Hardwick announced that as of September 30, 2023, his office has earned over $18 million in interest on investments made with the County’s general fund. This far exceeded the 2023 Budget estimate for interest revenue of $1.2 million. Investments made by Hardwick’s team are driving the county’s surplus, accounting for more than half of the total.

Beginning in 2022, the Comptroller’s Office implemented a policy of aggressive investment which included purchasing Treasury Bills and other financial instruments. Hardwick’s active cash management policy also included deposits in multiple banks designed to achieve higher interest earnings than in recent years. This ever growing and diverse portfolio along with a steady increase in interest rates by the Federal Reserve made the timing ideal for these changes.

“I’m obviously pleased that the hard work of my staff has paid off, but I’m particularly proud that at a time when Erie County should be looking to reign in some of its expenditures, my office is making money instead of just spending it. We expect Erie County to be in a more difficult financial position, beginning in 2025. Now is the time to start preparing, and my office will continue to lead the way by making strong, strategic, and safe investments,” stated Hardwick.