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Finance committee orders HDL billing review after staff flag interest calculation errors; prepares roughly $130,000 in refunds
Summary
Committee members said HDL’s invoices appear to under-apply cumulative interest and asked staff to investigate; Director reported about $130,000 in refunds will have to be issued and that HDL owes the city roughly $49,750 in credit after an August adjustment.
Committee members pressed staff and HDL’s calculations after spotting inconsistencies between the ordinance and third-party invoices. Committee member (speaker 2) said HDL’s approach appears to compute interest for six-month periods only and not to carry outstanding balances forward: “But interest would accumulate.” Director (speaker 5) agreed to investigate and to require HDL to align invoices with the ordinance going forward.
Director presented an update on credits and refunds: staff have identified roughly $130,000 in refunds to be issued to businesses and noted HDL has already applied a $16,250 credit on the August invoice; the remaining HDL credit to the city is approximately $49,750. Director said staff will prepare the budget revision and the set of refund checks for council approval and issuance.
