Cash management and the efficiency imperative.(from the editors)(Editorial)

Whenever fiscal stress becomes a central issue in a political campaign, buzzwords like streamlining bureaucracy, reinventing government, and enhancing efficiency are heard in the media. The last few years have been no exception. While balancing a budget through efficiency gains is a stretch for any government, efficiency is a goal public managers and finance officers have long focused on. Several of the articles in this issue offer ideas on how to achieve efficiencies in one specific area of public finance--cash management.

Gerald Mecca writes about how Monroe County, New York, has achieved efficiency gains in its investment activities by auctioning investment business over the Internet. This process not only automates time-consuming manual investment procedures, but it also makes public funds available to a much larger pool of bidders. As a result, the county's investment program has experienced lower administrative costs and higher yields. GFOA recently entered into an agreement to offer this technology to the membership at large.

Although most governments by now are familiar with the efficiency benefits of purchasing cards, many have been reluctant to use them for fear of abuse or loss of control over ...