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Council hears conduit-fee boost; members favor using overage for debt reduction
Summary
City Administrator Jenni Moore reported conduit-loan fees are projected at $62,500 for the fiscal year versus a budgeted $50,000; a council member proposed directing any excess to accelerate bond debt payments and the idea was received favorably.
City Administrator Jenni Moore reported that, with the resolution the council approved earlier in the meeting, the city is projected to receive $62,500 in conduit loan fees for the current fiscal year compared with a budgeted $50,000. Moore noted the fee revenue is a result of conduit loan activity tied to the financing resolution the council adopted.
A council member suggested that any conduit-fee revenue above the budgeted amount be earmarked for direct bond debt payments. Council members received the idea favorably and indicated support for directing overages toward accelerated debt paydown if feasible. The minutes do not indicate a formal vote on earmarking the overage; staff follow-up was requested.
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