Press Release

(Hauppauge, NY) – Suffolk County Comptroller John M. Kennedy, Jr. is dedicated to upholding the highest standards of fiscal responsibility. To that end, he partnered with three+one, a financial data provider, to ensure that County funds are properly collateralized in accordance with NYS General Municipal Law § 10.

As a result of the Comptroller’s efforts, an automated collateral reporting process is now in place. It enables Suffolk County to verify the appropriate insurance and protection of public funds on a bimonthly basis. The frequent updates allow the Comptroller to confirm that millions of taxpayer dollars are secured across each County department, even when new accounts are opened.

Since the implementation of this strategic monitoring system, all participating banks have remained in compliance with State laws regarding the safeguarding of taxpayer dollars. The benefits of this program include enhanced security and improved visibility into Suffolk County’s financial standing.

Comptroller Kennedy stated, “I would like to thank my dedicated staff and three+one for their diligence in making this important endeavor a reality. As always, I extend my gratitude to County Executive Edward Romaine for his strong support of the Department of Audit and Control. I take my responsibility to protect the economic well-being of Suffolk County Taxpayers very seriously. This collateral initiative significantly strengthens the County’s financial security.”
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