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Finance Committee 4. 4. <br />Meeting Date: 10/25/2011 <br />By: Diana Lund, Finance <br />Title: <br />Credit Card Update <br />Background: <br />The availability of customers being able to use credit cards for payments to the city became available in June 2011. <br />It was requested by the finance committee at its April 26, 2011 committee meeting to see a quarterly report on <br />credit card usage and its related fees. <br />Attached is a credit card analyis of June through September 2011. Please note that the highest credit card usage <br />of $59,501 occurred in August. This is attributed to the second quarter utility bill being due on August 15, 2011. <br />Total credit card processing fees totaled $3,521 or approximately 3.67% of what was collected via the credit card. <br />Again, most of the processing fees was attributed to utility bill payments. As most of the utility bills are done <br />on -line, the city does have the option of charging a transaction fee (which is not allowed if credit card is swiped at <br />city hall) to offset the processing costs. <br />Funding Source: <br />Credit card collections and processing fees are posted to the respective fund which is typically the general fund and <br />enterprise funds of water, sewer, storm water, recycling and street lighting. <br />Council Action: <br />No action required. Informational only. <br />Credit Card Analysis June -Sept 2011 <br />Attachments <br />Form Review <br />Inbox Reviewed By Date <br />Kurt Ulrich Kurt Ulrich 10/19/2011 04:41 PM <br />Form Started By: Diana Lund Started On: 10/18/2011 11:07 AM <br />Final Approval Date: 10/19/2011 <br />