Monmouth finance director reports modest net decline, $21.6M cash on hand and capital spending on park projects

Monmouth, Ore. — Susie Marston, Monmouth's finance director, presented the city's first-quarter financial report for fiscal year 2024-25 on Nov. 19, reporting a small net decline in overall fund balances and steady progress on capital and operating measures.

Marston said the city's overall financial position decreased approximately one-half of one percent (about $104,000). The general fund's lower position mainly reflects timing: property tax receipts are collected in November, and as of the report property tax collections were at about 84% of budget. She said the water and stormwater funds showed large percentage increases year over year because of timing and ARPA usage (about $82,000 of ARPA used in the water fund). Total capital expenditures for the quarter were nearly $829,000, with roughly 40.5% attributable to Monmouth Recreation Park (Phase 1 complete).

Marston reported total cash on hand as of Sept. 30 was roughly $21.6 million and interest earnings were about $280,000 (12% higher than the prior year quarter). She noted that some revenues, such as Surface Transportation Act funds, are received later in the fiscal year and departmental expenditures are generally tracking near expectations for the first quarter.

Councilors praised the condensed format and asked for follow-up comments on presentation and format; Marston invited feedback and said staff will correct a presentation error in departmental debt-service allocation noted in the packet.

What happens next: staff will continue to monitor midyear changes, correct the presentation allocation and return with routine financial updates. The city's auditors will present FY23-24 financial statements in February.

Quotes are drawn from the Nov. 19 transcript.