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City to rewrite ordinances for LMU pilot payments; staff recommends splitting $800,000 annually between general and infrastructure funds
Summary
Council discussed how Logansport will handle newly negotiated pilot payments from Logansport Municipal Utilities (LMU). Staff recommended splitting the $800,000 annual pilot evenly between the general fund and an infrastructure fund; ordinances will be rewritten to reflect the new payment schedule and account flows.
City finance staff explained the new pilot payment schedule arising from recently adopted electric rate changes and said the city needs to update existing ordinances so invoicing and accounting match the new agreement.
Staff said the first payment is expected to be invoiced in mid‑February and that the agreement calls for four equal payments per year. The proposed approach presented to the finance committee would allocate half of the $800,000 annual pilot receipts to the general fund (including prior salary obligations such as the golf fund salary line) and half to the infrastructure fund.
Council directed staff to draft a new ordinance reflecting the revised pilot payment procedures and account allocations. Staff indicated they would prepare the rewrite and that the second reading of the electric rate ordinance would remain on the Feb. 3 agenda; the pilot‑payment ordinance revisions will be prepared separately so funding allocations are clear and authorized by council.
