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Finance director: Monmouth finished FY23-24 close to budget after department cuts; rec park funded with state grant
Summary
Finance Director Susie Marston reported preliminary FY23-24 fourth-quarter results: general fund revenues came in short of budget but department expense cuts improved the beginning fund balance by about $26,000; the Monmouth Recreation Park was completed with a $467,000 Oregon Parks & Recreation grant.
Susie Marston, Monmouth's finance director, presented the preliminary fourth-quarter financial report for fiscal year 2023–24 and said auditors are scheduled to review city books Sept. 30–Oct. 4.
Marston told the council general-fund revenue came in short of what was budgeted, but department leaders reduced expenditures, producing a beginning fund balance roughly $26,000 better than staff had anticipated: "Right now, I'm seeing about $26,000 more," Marston said.
She noted most other funds are in positive positions, while a small number (Sewer & Storm and the Swinson fund) drew down planned balances to finance projects; Urban Renewal capital projects were deferred because the city postponed the loan planned for that fund until market conditions improve. Marston also said the city earned roughly 1.3 times more interest in FY23-24 than in FY22-23 due to higher interest rates on investments.
On capital projects, Marston highlighted Monmouth Recreation Park, now near completion, and reported $467,000 in support from Oregon Parks & Recreation for the project. She told council that staff will continue to monitor reserves and that implementation of a public safety fee will help but not fully resolve longer-term reserve needs.
Councilors questioned chart formats and percentage displays in the packet; Marston said she plans to prepare a more concise summary page up front and retain detailed fund-level information behind it to make performance easier to read.
What happens next: auditors will complete the review and present the final report after the first of the year; staff will revise the quarterly-report format and continue monitoring reserve needs.
