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Utility board weighs payment-processing fees, reviews unaudited finances and approves $59,784.50 carryforward
Summary
The Franklin Water Utility discussed credit-card processing handled by Invoice Cloud, reviewed unaudited fourth-quarter utility finances and approved a resolution to carry forward $59,784.50 from the 2023 budget to buy a utility vehicle for 2025.
At the meeting, the Franklin Water Utility reviewed billing operations, unaudited fourth-quarter financials and approved a budget amendment to carry forward funds from 2023 for a utility vehicle.
On payment processing, staff explained the city uses Invoice Cloud to accept online credit-card payments and that Invoice Cloud posts payments automatically to the utility’s billing system. Staff said Invoice Cloud charges a processing fee (staff cited ~3.95% for card transactions) and that the vendor retains the processing fee rather than the city. Board discussion focused on whether to absorb processing fees as a general operating expense and build the cost…
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