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Riverfront Authority approves 2025‑26 operating budget after questions about revenue projections
Summary
Trustees approved a balanced 2025‑26 operating budget for the Oklahoma City Riverfront Redevelopment Authority after staff described conservative projections for oil and gas royalties and other revenues and trustees raised questions about line items and beginning fund balances.
The Oklahoma City Riverfront Redevelopment Authority approved a balanced operating budget for fiscal 2025‑26 after trustees debated conservative revenue projections and several line items.
Trustees approved the budget after staff explained the plan and answered questions about anticipated declines in oil and gas royalties and other revenue streams. "It's just a projection for a downward trend in oil and gas revenues that we had experienced over the last 12 months prior," a staff member said, adding the office was planning conservatively.
The budget discussion focused on why revenue estimates were lower than prior years and what the authority is budgeting to meet a statutory required balanced budget. Mike Smith, business manager for Parks and Recreation, said, "what we have to do is a balanced budget act...we do have to have a balanced budget per state law." Trustees pressed staff on several line items, including supplies and event permit revenues. Trustee Kathy Williams said, "I do have some concern about the way that you're budgeting. Those numbers are really inconsistent."
Staff said projections reflect recent declines in royalties and a cautious revenue forecast. They pointed out that the budget includes a beginning fund balance that rolls forward year to year for the trust, which increases the subtotal for operating revenues and gives the authority available funds if a "rainy day" occurs. Staff also noted that the figures in the budget packet used actuals captured on Feb. 19 while the document was being assembled and that those numbers have since been updated.
Trustees asked why event permit revenue and supplies were budgeted lower than prior years; staff said event permitting demand is expected to soften with a contracting national economy and that the supplies line includes a variety of planned materials and services. On supplies, trustees noted the packet showed about $307,000 budgeted for next year versus a $312,000 figure in the prior year and only about $300 spent so far in the current year.
After discussion, a trustee moved to approve the operating budget. The authority cast its vote and the motion passed. The meeting record does not show a roll‑call tally or a named mover and seconder.
The authority will move forward under the approved budget and staff said they will continue to monitor revenues and present updates if estimates change.
