When the Treasury has funds on hand that aren’t immediately needed, they are available to us for short-term investment. That investment is done with the help of qualifying banks through Bid Ohio.

WHAT IS BID OHIO?

Bid Ohio is a competitive "live" auction of interim funds from the Ohio Treasury conducted on a secure web site developed for the Treasurer's office.  "Interim funds" are state dollars (tax receipts, fee payments, etc.) which have been received by the Ohio Treasury, but which are not needed to meet immediate obligations of state government. As of July 2008, a total of $450 million in interim Treasury funds has been earmarked for Bid Ohio. 

The Treasurer's office uses the $50 million to purchase six-month certificates of deposit (CDs) from banks making successful bids on the third Tuesday of the month.  "Successful bids" are those offering the greatest rate of return on six-month CDs.  Funds are awarded from the highest bid to the lowest at the point when the $50 million is exhausted.  Like bids are awarded based on time submitted. 

Bid Ohio generates significantly higher interest earnings for taxpayers than previous processes, netting Ohio an additional $3 million in its first year. Eligible state depository banks participate in a live, competitive Internet auction of $50 million in interim funds the first and third Tuesday of each month. The Ohio Treasury uses the $50 million to purchase six-month certificates of deposit from the banks that offer the greatest rate of return.

OUR GOAL:

We aim to promote a truly competitive bidding process that’s safe, accurate, efficient, and equally available to all state depository banks.

HOW IT CAN HELP:

Bid Ohio is about reinvesting in Ohio’s communities. The live online auction process has generated significantly higher interest earnings for Ohio taxpayers than previous processes—netting an additional $3 million in its first year alone.

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