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Comptroller reports positive year-end revenues; administrator cites federal funding wins and grant applications
Summary
The comptroller reported general fund revenues at 103% of budget and net revenues of $1,090,626 for 2024; the city administrator said the Water Resources Development Act increased cap funding for the Kinney Corridor project by $5 million and the city applied for a $2.2 million EDA grant for St. Clair Valley Innovation Center phase 2.
City Comptroller Ms. O'Dean reported the City of River Falls’ December 2024 financials during the Jan. 14 meeting: general fund revenues were $14,060,374, or 103% of budgeted revenues for the year, and expenditures were $12,969,748, or 95% of budgeted expenditures. Net revenues over expenditures as of Dec. 31, 2024 were $1,090,626. The comptroller noted that final numbers are subject to the end-of-year audit.
The comptroller’s report identified December revenue items including $171,089 listed as miscellaneous revenue for the Thompson annexation, $78,438 for a Bridal Fire Association fee, and $7,717 for vehicle registration fees.
City Administrator Scott told the council that the Water Resources Development Act bill passed Jan. 4 included language increasing the maximum project funding in a cap-206 program from $10 million to $15 million, providing an additional $5 million in federal capacity that will benefit the Kinney Corridor project. He said the U.S. Army Corps of Engineers is reviewing the bill language and will provide future guidance on implementation.
Scott also reported the city applied in late December 2024 for a $2,200,000 Economic Development Administration grant for planning phase work on additional industrial space (Phase 2) associated with the Saint Clair Valley Innovation Center. He said the project would be a partnership with the River Falls Economic Development Corporation and that the city is not contributing cash at this time; the project would rely on federal funds and the partner’s equity and assets if awarded.
Administrator Scott announced a state-of-the-city-style event on March 4, 2025 and invited the council to planned legislative visits to Washington, D.C., with confirmed meetings with local legislators. No council action was required for the financial report or the federal grant application at the meeting.
