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Redlands council updates reserve policy, reconstitutes financing corporation and approves City Hall contract amendment
Summary
At its mid‑year meeting the council received the FY26 budget review, adopted a revised fund balance policy clarifying discretionary reserve allocations, reconstituted the Redlands Public Improvement Corporation (RPIC) with bylaw changes and trustee appointments, and approved a First Amendment to the State Street City Hall construction management agreement increasing the not‑to‑exceed amount to $2,108,510.
Finance staff presented a mid‑year budget review and the council approved several finance‑and‑governance actions, including a fund balance policy update, reconstitution of the Redlands Public Improvement Corporation (RPIC) and a contract amendment for State Street City Hall construction management.
Finance Director Garcia told the council audited FY2025 results showed about $14.5 million in net positive variance between projections and audited results—largely the result of timing, higher property tax revenue and investment income—and that actual department savings were roughly $6 million after adjusting for project carryovers. Garcia said the FY2026 financial plan anticipates approximately $10 million in…
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