Treasurer reports 2024 interest income outperformed budget; attorney general collections cited

Treasurer Todd Mumpire told the Salem City Council on March 4 that the city outperformed its 2024 interest‑income projection. "In 2024, fiscal year budget projected the city would benefit in interest income about 350 ks. This, I'm happy to report, was exceeded with the interest income coming in at $712,045.77," Mumpire said, describing various moves to higher‑yield certificates of deposit and money market accounts.

Mumpire said refunding and reinvestment included moving refunded money received in 2023 (roughly $139,000) into a three‑month high‑yield CD at Premier Bank, then into a six‑month CD at Farmers Bank, and moving low‑yield money‑market funds to higher‑yield alternatives. He reported that most of the funds earning higher yields are utility department funds that benefit the city through interest income.

On tax collection activity, Mumpire reported the attorney general's office collected $25,956.32 for the city in 2024, with $57,661.38 sent to the attorney general's office for delinquency processing in 2024; the treasurer also reported that income tax overall was up 6.05% year over year and that business taxes were up substantially (figures presented in committee materials show a double‑digit increase). He said total income tax actual receipts for fiscal 2024 were $1,159,519.13 compared with the 2023 figure noted in the materials.

Mumpire and auditors encouraged council to refer detailed spreadsheet questions to a follow‑up finance meeting; several councilmembers requested a separate session to review ledger details and the delinquent‑collections flowchart that was distributed.