Casper staff propose e-lockbox to speed bank bill-pay postings for utility customers

City Treasurer Jill told council the current process for customer bank "bill pay" checks can take seven to ten days because banks batch and mail a single check; staff receive and manually process about 1,000 bill-pay checks monthly. She proposed an e-lockbox arrangement where the bank would transmit payment files and the funds the next day, allowing quicker posting to Munis and reducing staff time.

Jill said staff solicited options from First Interstate, U.S. Bank and Wells Fargo. Wells Fargo offered the lowest ongoing fee (about $5,000 annually), and staff estimated that maintaining roughly $500,000 in an analyzed account at Wells Fargo would generate an earnings credit sufficient to offset the fees. First Interstate does not currently offer the same e-lockbox process in-house but works with a third-party vendor.

Councilors asked about interest/earnings and operational details; staff said the account would be an analyzed government account with earnings credits and that the intent was not to shift more operating cash to investments but to use a checking-relationship balance to offset service charges. Treasurer Jill introduced Ann Porter as the incoming accounts-receivable supervisor who would take over the project if council approves moving forward. Several council members indicated support; the city did not record a formal adoption vote at the meeting.

Ending: Staff will proceed with vendor discussions and implementation planning and return details for procurement and service agreements.