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River City Stadium authority keeps leadership in place, approves $72,500 municipal administrative budget
Summary
At its April 27 meeting the River City Regional Stadium Financing Authority confirmed its officers under the bylaws, heard a treasurer's report showing reserves and no defaults, and unanimously approved a combined $72,500 municipal administrative budget for fiscal year 2026-27.
The River City Regional Stadium Financing Authority on April 27 confirmed its annual officers under the authority's bylaws and approved a $72,500 municipal administrative budget for fiscal year 2026-27.
At the start of the meeting the presiding Chair said Section 2.7 of the authority's bylaws requires confirmation of officers at the first meeting of each calendar year; Alec advised that the bylaws require officer confirmation as the first order of business. A motion to continue Director Serna as chair was made, seconded and approved by voice vote with no opposition.
The authority also considered the vice-chair position. After counsel recommended taking public comment, none was offered. The body moved to elect Director Villegas as vice chair; that motion was seconded and approved by voice vote with no opposition.
Treasurer's report and budget Treasurer presented the annual financial report for calendar year 2025, noting that the audit and consolidated financial statements were completed on March 25 by Ernst & Young and that there were no instances of default. "As of 12/31/2025, the revenue fund ... reported a balance of 2,700,000," the Treasurer reported. He said supplemental reserves for the guaranteed payment account and the attendance-based account remained funded at about 3,500,000 and 220,000, respectively, and described measures in place to protect bondholders.
On Item 4, staff presented a proposed combined municipal administrative expense budget of $72,500 for fiscal year 2026-27, comprised of $42,500 requested by the city and $30,000 requested by the county to cover trustee bank fees, annual continuing disclosures, staff time, legal expenses and a small contingency. The authority moved to approve the proposed administrative budget; the motion carried unanimously by voice vote.
Procedural items The authority also unanimously approved the minutes of its April 28, 2025 meeting. There were no public comments on the agenda items during the meeting.
What happens next There was no further action scheduled at the meeting; the Chair adjourned the authority after the agenda items were completed.
