Mount Vernon has decided to discontinue its previous practice of creating an interim budget at the start of the fiscal year, followed by a supplemental budget in February or March. Safety-Service Director Tanner Salyer described this process as "pointless."
According to Salyer, the general fund's anticipated revenues for 2025 will be $20.5 million, while non-general fund appropriations are projected to reach $50.85 million. He emphasized that this figure includes approximately $2 million in American Rescue Plan Act (ARPA) funds, various grants, and unresolved bond payments. Salyer noted issues with how these bonds were structured.
"We should immediately be able to go in and know where all our bonds are, how much we owe, what the principal is, what the annual interest is. We don't have that," Salyer told Mount Vernon News. He mentioned that the auditor's office is currently working on gathering this information.
Salyer also indicated that financial closure for the last months of the year has not been completed yet. However, he estimated a carryover of approximately $1 million in the general fund and $11.86 million in the non-general fund, excluding the reserve balance account or rainy day fund.
A legislative measure approved by Mount Vernon City Council earlier this year permits collaboration between the treasurer and auditor to manage cash reserves or underperforming investments more effectively. This initiative aims to place over $3 million into a rainy day fund capped at 13% of anticipated revenues, with any interest earned being transferred into the reserve balance account.
Salyer said that having a full-year budget allows for price locking and contractor securing to prevent project delays. Planned developments include new baseball and softball fields at Memorial Park, along with concessions and restrooms, starting in 2025 and concluding in early 2026 with a budget of $1.5 million for 2025. Naming rights will be sought for each field at $50,000 to help offset costs alongside grant applications.
Additionally, city infrastructure projects such as sidewalks and street repairs have been allocated $555,000. An unfunded state mandate requires $100,000 for Municipal Court networking improvements. The splash pad project receives $25,000 in funding. A joint venture with the Area Development Foundation for a Heartland Commerce Park railroad spur has been allotted $150,000 in capital funds with an additional $300,000 expected from matching grants.
