Council hears conduit-fee boost; members favor using overage for debt reduction
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.
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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.
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