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Philomath Urban Renewal Agency audit shows improved finances; council accepts 2024–25 reports
Summary
An independent auditor gave the Philomath Urban Renewal Agency a clean opinion for fiscal year 2024–25, reporting improved net position though a remaining deficit and a $2.1 million debt; the agency unanimously approved the financial and related reports and discussed early debt repayment as the agency approaches statutory sunset.
An independent auditor told the City of Philomath’s Urban Renewal Agency on March 9 that the agency’s financial statements for the year ended June 30, 2025, “present fairly in all material respects” and carried a clean opinion.
Brad Caseman, identified in the meeting as the auditor and partner in charge, summarized the fiscal-year results, saying total assets were about $1.9 million and total liabilities about $2.2 million. He said the agency’s unrestricted net position showed a deficit of roughly $305,000, an improvement from an approximately $1.2 million deficit in the prior year. Caseman attributed the change largely to property tax revenues of about $922,000 and investment earnings of about $120,000.
The auditor also…
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