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Monmouth Finances Good, But Big Bills Left to Pay
Monmouth's City Administrator says for the most part, he's pleased with how the city's budget is going this fiscal year, but he warns there might be a couple of tough months ahead.

Eric Hanson recently told the Monmouth City Council that revenues as of the fiscal third quarter are about eight percent ahead of projections, and that they're so far exceeding expenses by about a half-million dollars.

Hanson told aldermen that, with a couple of multi-million dollar projects in the works right now, though, it'll be time to pay some bills as soon as this month. "We're looking at seven-figure bill requests every month from now until the end of the year," Hanson said. "Some of them could be as much as $2 million and $3 million a month in order to bring that project home on time. That is going to be a real challenge for us as we manage our portfolio of funds."

Specifically, Hanson was referring to the $18 million Waste Water Treatment Plant. But the city is also in the final stages of new police and fire department buildings.

Hanson says the biggest concern with all city funds right now is interest income, which he says is falling pretty rapidly due to the down economy.

Among the highlights in the city's third quarter financial report, Income and sales tax revenue both increasing, and hotel/motel tax revenue on pace to double the city's projections.
03 02 09 by Newsroom
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