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City finance briefing highlights improved enterprise performance and loan forgiveness credit
Summary
Staff reported favorable enterprise-fund results, credited meter and operations work for improved revenues, and said roughly $2,400,000 of outstanding program debt is expected to be forgiven because the city met qualification criteria.
S3 (Presenter) summarized the city's financial position and said enterprise funds showed modest favorability due to operational work: "The school building is, performing almost a $100,000 over what we budgeted" and he credited meter reads and reconciliations for closing revenue gaps.
S3 also said, in reviewing program outcomes, that about $2,400,000 of a larger program balance will be forgiven because the city qualified under the program’s terms: "$2,400,000 and that is all because this council agreed to that recommendation and we made appropriate changes." He asked the council to recognize that making the qualifying rate and policy changes was essential to securing the forgiveness.
