Mount Vernon To Find Revenue By 'Putting Assets To Work'

MOUNT VERNON, NY — The Putting Assets to Work (PAW) initiative was conceived with a simple idea in mind: "Just as private individuals and corporations use assets (like machines or buildings) to generate income, governments can do the same with their assets."

Following a successful pilot program last year, the Government Finance Officers Association (GFOA) has announced that it was welcoming four new cities from across the United States, including Mount Vernon, into the second class through the innovative PAW program.

"PAW is about helping local leaders uncover the real and significant value that may be hiding in plain sight," said Ben McAdams, the former U.S. Congressman and GFOA Fellow who is leading the project. "Every local government holds immense amounts of property, structures, and other assets that they may not know how to fully utilize, or in some cases, may not even realize they own. PAW is a process where we help them understand exactly what they have, what it’s worth, and how that value can be leveraged for any number of local priorities."

The concept, known in some parts of the world as a "urban wealth fund," places these assets under professional management with clear oversight from local mayors’ offices and city councils, organizers explained.

The first cohort of PAW cities was launched in the summer of 2022.

"Simply put, a lot of local governments are sitting on a gold mine and don’t know it," McAdams, who pioneered this work during his time as mayor of Salt Lake County, explained. "PAW uses data and analysis as picks and shovels to help local leaders dig in."

Officials said the municipalities that were a part of the initial cohort have already seen new revenues and other community benefits, including affordable housing, clean energy, infrastructure and criminal justice innovations.

"We are thrilled to be part of the second cohort of the PAW initiative," Comptroller Darren Morton said. "Mt. Vernon, like many other local governments, has untapped resources that have been 'hiding in plain sight.' This program allows us to leverage them to address key community priorities and improve the quality of life for our residents in a fiscally responsible way. We are excited to roll up our sleeves and dig in."

Mt. Vernon’s involvement in PAW will last approximately six months. The PAW initiative is supported by Urban3 and Common Ground Institute.