Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the LRA Budget topic
No spam. Unsubscribe anytime.
Riverbank LRA approves midyear budget adjustment, reduces projected net loss
Summary
The Local Redevelopment Authority approved a midyear amendment for FY 2023–24 after staff reported additional revenue (including a $175,000 Aemetis consideration) that reduced the projected net revenue loss from about $382,000 to $280,000; council approved the resolution 5–0.
The Riverbank Local Redevelopment Authority on April 23 approved a midyear budget amendment for the FY 2023–24 LRA budget after staff reported additional unplanned revenue.
Cody Bridgewater, interim executive director for the LRA, said the approved budget had shown $1,023,800 in revenue; additional revenue items, including an Aemetis consideration of $175,000, raised estimated receipts toward $1,198,000 and reduced the projected net revenue loss from roughly $382,000 to about $280,000. Bridgewater also noted unaccounted fire-assessment receipts of about $73,000 in the fiscal year.
After a public hearing with no speakers, Council moved to approve the amendment. A roll-call vote recorded five ayes and the motion passed.
What’s next: Staff will implement the changes to the LRA fiscal plan for the remainder of FY 2023–24 and monitor revenues and expenditures for the LRA fund.
