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Riverside staff propose FY 2025–26 budget amendments; council sets June 17 public hearing
Summary
City staff presented proposed amendments to the FY 2025–26 biannual budget citing lower sales and property transfer revenues, increased CalPERS and MOU costs, and recommended targeted spending deferrals and a Measure Z transfer; the council voted to set a public hearing for June 17.
Mike Petrell, the city manager, told the City Council the administration is proposing amendments to the second year of the city's 2024–26 biannual budget to reflect updated revenue forecasts and higher costs. "A very strong city budget is balanced. Total of $1,500,000,000 all in," Petrell said, adding staff are taking a conservative approach because of economic uncertainty.
Sergio Aguilar, deputy finance director, presented the amendment details. Citywide, staff proposed supplemental appropriations of about $31.3 million across all funds and net revenue adjustments driven by revised sales‑tax forecasts, lower property‑transfer revenue and higher pension liabilities.…
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