News Column

State of Wisconsin Saves more than $1 Million with New Banking Deal

July 7, 2014

MADISON, Wis., July 7 -- Gov. Scott Walker, R-Wis., issued the following news release:

Today, Governor Scott Walker announced taxpayers would save approximately $1.2 million over four years due to a banking contract that was renegotiated and extended last week. The contract extension allows the State of Wisconsin to continue to utilize U.S. Bank for day-to-day treasury/cash management functions and was negotiated by the State Controller's Office and the Department of Administration.

"This banking renegotiation is another example of how we are focused on efficiently and effectively managing state government and making the best use of taxpayer dollars," said Governor Scott Walker. "We are saving taxpayer resources while maintaining core government services."

The renegotiated contract with U.S. Bank will save taxpayers more than 9 percent annually through lower basic fees and reductions in the credit/debit card per transaction fee. As the State of Wisconsin continues to undertake more financial transactions, there may be additional savings realized under the renegotiated contract.

Beyond just the fiscal savings, it is also important to note this new contract provides flexibility for the State of Wisconsin to utilize future technology upgrades. Integrating new technologies directly with U.S. Bank has the potential to make the state's IT infrastructure operate more efficiently, effectively, and securely in the future.

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Source: Targeted News Service

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