2008 City Innovations Showcase
Financial Programs
|
Earning by Spending: Innovative Banking Practices
City of Clearwater
Clearwater’s Finance Department has collaborated with a large national bank and a software company to create a solution that will net the city more than $50,000 annually in cash rebates, and will greatly reduce the time and risk associated with traditional check payments. The city is letting its ongoing expenses work to its advantage by using an ePayables system, which processes accounts payable as city purchasing card purchases. Because payments to the bank are made monthly, the program also allows the city to leverage its cash balances, netting an estimated $160 per day in additional interest earnings.
Contact: Margie Simmons, Director
Finance Department
City of Clearwater
P.O. Box 4748
Clearwater, FL 32758
Phone: (727) 562-4538
E-mail: margie.simmons@myclearwater.com
|
Credit Checks
City of Palm Bay
In order to mitigate increasing write-off from unpaid utility accounts, the City of Palm Bay implemented two changes in March 2007. First, utility deposits were increased to help offset unpaid balances once accounts were closed. Second, the city is using the services of a technology-based screening tool to assess credit risk at the point of application and charges deposits only to potential and existing residential customers who pose a credit risk. Property owners whose credit check comes back with a green light pay no deposit. Property owners who produce a yellow light pay half of the required deposit and those producing a red light pay a full deposit. Tenants pay half the deposit if they produce a green or yellow light and the full deposit if they produce a red light.
Contact: Yvonne McDonald, Finance Director
Finance Department
City of Palm Bay
120 Malabar Road, S.E.
Palm Bay, FL 32907
Phone: (321) 952-3418
E-mail: mcdony@palmbayflorida.org
Natural Gas Prepayment Program
City of Tallahassee
In order to control the cost of natural gas fuel used by its electric and gas utilities, the City of Tallahassee uses risk management and hedge techniques, including long-term contracts. Now, the city is taking advantage of a mechanism known as a “prepayment contract.” These contracts allow municipalities to use their tax-exempt status to purchase fuels at a discount to the market, through a combination of fuel purchase agreements and bond issuances. When the transactions are completed, the city will realize a savings of $5 million to $7 million per year for the next 30 years.
Contact: David Byrne, Director
Energy Services
City of Tallahassee
100 W. Virginia Street
Tallahassee, FL 32301
Phone: (850) 891-6898
E-mail: byrned@talgov.com
|
Back to Top
| Innovations Home | Environmental Programs | Animal Programs |
| City/School Partnerships | Community Revitalization | EMS/Fire Services | Employee Programs |
| Housing | Human Services | Law Enforcement | Library Services |
| Public Information | Public Works/Transportation | Recreation | Safety |
| Technology | Water Management |
|
