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Riverbank council approves FY24-25 midyear budget amendments, flags water and gas-tax pressures
Summary
The Riverbank City Council approved midyear budget amendments that adjust revenues and expenditures and highlight future pressures from water and gas-tax declines. Council passed the amendment 5-0 after staff outlined revenue corrections, personnel and capital changes and a persistent structural deficit.
The Riverbank City Council on Tuesday adopted fiscal year 2024–25 midyear budget amendments after receiving a staff review of updated revenue and expenditure projections.
Tammy Alcantor, assistant city manager, presented the midyear review and told the council, "Tonight, as stated, I will be presenting to you our midyear budget review." The council voted 5-0 to approve the amendments.
The amendments increase projected revenues by about $482,000, chiefly from higher property tax receipts, business licensing and plan-check fees, and interest income after the city engaged an investment adviser. Alcantor told the council that overall midyear expenditure…
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