The nation’s dominate provider of credit card payment services for taxpayers and government entities confirmed yesterday it is taking the knife to its payroll and expense budget. CT-based Official Payments Corporation said the restructuring will include the incorporation of newly developed technology; a reduction in marketing, administrative and telephony costs; and a near-term reduction of over one-third of the company’s workforce. Among those whose employment is ending is Kenneth Stern, the company’s founder and president. Stern will continue to serve as a director. The restructuring is expected to result in a decrease in operating expenses in 2002 of over $10 million. The reductions, excluding the restructuring costs, are expected to dramatically decrease the company’s cash consumption rate to less than $8 million in 2002, from approximately $19 million in 2001. Revenues for the third quarter ended Sept 30, were $3.9 million, up 14% from 3Q/00. The company was founded in 1996 as U.S. Audiotex Corp. and went public in Nov. 1999 as Official Payments Corporation, raising $80 million. The company has agreements with the IRS, 19 state governments, the District of Columbia, and over 1,000 counties and municipalities in all 50 states. Through September of this year, OPC captured 88% of all of the taxes paid to the IRS by credit card. For complete details on OPC’s 3Q/01 results visit CardData ([www.carddata.com]).