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Riverfront fund shows roughly $248K cash and a FY2024 shortfall; commissioners discuss closing the gap
Summary
Unaudited FY2024 figures presented to the Riverfront Improvement Commission show ~ $248,000 in cash, fund balance ~ $264,000 and a net operating shortfall driven by lease nonpayments and project expenses; commissioners asked staff for a balanced FY2026 budget and options for modest subsidy or sales-tax support.
City staff presented unaudited FY2024 financial statements on Dec. 3 showing the Riverfront Improvement Fund held approximately $248,000 in cash with a fund balance of about $264,000.
Controller Vashas or lack told the commission auditors had not finalized statements but expected completion on Dec. 12. He said revenues for FY2024 were roughly $317,000 while expenditures totaled about $388,000, producing a net loss of roughly $70,000 before transfers; after…
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