Riverbank LRA approves midyear budget adjustment, reduces projected net loss
April 23, 2024 | Riverbank, Los Angeles County, California
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The Riverbank Local Redevelopment Authority on April 23 approved a midyear budget amendment for the FY 2023–24 LRA budget after staff reported additional unplanned revenue.
Cody Bridgewater, interim executive director for the LRA, said the approved budget had shown $1,023,800 in revenue; additional revenue items, including an Aemetis consideration of $175,000, raised estimated receipts toward $1,198,000 and reduced the projected net revenue loss from roughly $382,000 to about $280,000. Bridgewater also noted unaccounted fire-assessment receipts of about $73,000 in the fiscal year.
After a public hearing with no speakers, Council moved to approve the amendment. A roll-call vote recorded five ayes and the motion passed.
What’s next: Staff will implement the changes to the LRA fiscal plan for the remainder of FY 2023–24 and monitor revenues and expenditures for the LRA fund.
Cody Bridgewater, interim executive director for the LRA, said the approved budget had shown $1,023,800 in revenue; additional revenue items, including an Aemetis consideration of $175,000, raised estimated receipts toward $1,198,000 and reduced the projected net revenue loss from roughly $382,000 to about $280,000. Bridgewater also noted unaccounted fire-assessment receipts of about $73,000 in the fiscal year.
After a public hearing with no speakers, Council moved to approve the amendment. A roll-call vote recorded five ayes and the motion passed.
What’s next: Staff will implement the changes to the LRA fiscal plan for the remainder of FY 2023–24 and monitor revenues and expenditures for the LRA fund.
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