North Judson Town Council members will save some money on their railroad insurance payments after approving a recommendation made by Clerk-Treasurer Andrew Rowe at their meeting last week.
Rowe first brought this idea up when the payments began but he did some additional research on the payment methods and coordinated with President Wendy Hoppe about the matter prior to bringing the suggestion before the council.
When members met last Monday, Rowe explained that the town is currently paying AFCO a monthly fee of $3,351.83 for railroad insurance. He informed members that more than $190 could be saved if the remainder of the payments were made at once, rather than continuing to submit them each month.
Rowe explained that the existing balance is $20,110.98. However, if they make all the payments by March 28th, they’ll remove some of the interest and only need to pay a total of $19,917.81. He said that would also mean they wouldn’t have to worry about this particular bill again until October.
Members voted unanimously to approve the payment by utilizing some of the money in the cumulative railroad revenue fund which had a total of $120,083.38. After subtracting this payment, that leaves $100,165.57 in the account for future use.