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Council opens review of Pedernales Electric franchise draft; lowering franchise fee would cut city revenue about $300,000 annually
Summary
The Lago Vista City Council opened a review of a proposed franchise agreement with Pedernales Electric Cooperative (PEC) that would lower the franchise fee in the draft from 4 percent to 2 percent and raised questions about the budgetary effect of that reduction.
The Lago Vista City Council opened a review of a proposed franchise agreement with Pedernales Electric Cooperative (PEC) and flagged a potential reduction in the franchise fee from the current 4 percent to a proposed 2 percent rate contained in the draft.
City staff told councilmembers that the city currently receives roughly $158,421 per quarter in franchise-fee payments under the existing 4 percent formula (about $630,000 per year). At a 2 percent fee, staff estimated the city’s annual…
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