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Riverside posts stronger year‑end balances; council approves hazard‑plan adoption, Woodman Corridor agreement and America250 membership
Summary
City finance staff presented a year‑end (Q4/2024) financial report showing available cash above earlier projections and identified one‑time receipts; council approved four routine resolutions and a late‑filed America 250 Ohio participation resolution that could make the city eligible for up to $5,000 in America250 grants.
Finance staff provided the City Council with a Q4 (through the end of 2024) report on Jan. 21 showing the city entered 2025 with higher-than-expected available balances and a number of one‑time adjustments.
Kim Baker, a finance staff member, reviewed revenue and expenditure variances for 2024, explaining that some funds originally expected to receive transfers were instead funded from reserves or reclassified (for example, income tax receipts were booked directly to police and fire funds rather than passing through a holding fund). Baker said some one‑time adjustments — including a final-year refund tied to Right Point property taxes — increased available balances at year-end. She noted the city began 2024 with roughly $15.25 million in total fund balance, about $6 million of which was in the general fund; by the start of 2025 available cash had increased compared with some earlier estimates.
Baker also reported that the city collected more income tax than originally budgeted in…
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