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Washington Lottery finance director: tightening account targets generated more than $1 million in additional revenue
Summary
At a Productivity Board Coffee Klatch, Washington Lottery finance director Todd Stebben described a team project that lowered baseline bank-account targets and redeployed idle balances, producing measurable interest income the team says exceeded $725,000 in eight months and topped $1 million in the first year.
At a Productivity Board Coffee Klatch webinar, Todd Stebben, director of finance for Washington’s Lottery, described a finance-team innovation that he said generated more than $1 million in incremental interest in its first year.
Stebben told Productivity Board manager Greg Menager that the change began with a review of the Lottery’s roughly eight bank accounts and a decision to lower baseline target balances where safe, then put previously idle funds to work so they would earn interest. “We lowered that significantly so that those monies now are working for the lottery and working for the state and our beneficiaries to generate interest income,” Stebben said.
Why it matte…
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