The short-handed Riverbank City Council was able to approve a budget for the upcoming fiscal year, and set the assessments for Landscaping and Lighting Districts throughout town at its last meeting.
On Tuesday, June 25 the council held its regular meeting. With Mayor Richard O’Brien out of town, it was presided over by Vice Mayor Darlene Barber-Martinez. Council Members Luis Uribe, Cindy Fosi, and Cal Campbell were also in attendance.
The council held a set of public hearings on the L&L Districts that are scattered around town, including the second reading and adoption of the assessment for each. They also voted on the levy and collection of assessments on the two storm drain districts in town.
As reported by Finance Director Marisela Garcia, the preliminary budget projects a structural operating deficit (expenditures exceeding revenues) of $434,200.
Of this structural deficit, Garcia said, staff is proposing the one-time funding of capital items in the amount of $327,200. Therefore, the Operating Structural Deficit is $107,000 on a total appropriations expense of $10,423,200.
“In past fiscal years, the City has received the benefit of increased revenues in the form of sales tax and one-time loan payoffs,” she said.
A projected 27 percent reserve by the end of the year, or $2,710,800 by June 2020, will cushion the disparity.
According to City Manager Sean Scully, he expects the council to take up adjusting the percentage of the reserve required in the future.
The council approved the budget 4-0.