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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 certain transfers staff characterized the net position closer to a $50,000 loss in discussion.
Commission members pressed staff on the factors driving the deficit. Nonpayment of leases — notably the diner tenant who underwent a formal eviction — and elevated project spending (docks repairs, event costs and snow removal) were cited as principal contributors. Staff confirmed a $75,000 transfer in from local option sales tax this year and an approximate $52,500 transfer to the general fund for maintenance services.
Commissioners expressed concern that the commission has used fund balance repeatedly over the past two years to cover operating gaps (on the order of $40,000–$50,000 annually), and asked staff to prepare a 2026 budget that is revenue-neutral. Several commissioners suggested pursuing grants, sponsorships or a modest sales-tax allocation to avoid eroding the fund balance and to support capital projects that lease revenue alone cannot cover.
Staff said they will provide more granular account breakdowns and options for the January meeting. Commissioners also noted operational items — vacant diner space requiring assessment and deferred maintenance such as elevator repairs — will delay potential new revenue until repairs are completed.
Next steps: staff to return with a list of expense drivers, proposed budget amendments, and options to balance the 2026 budget without depleting reserves.
