Richard Roth will receive the 2024 City Spirit Award; Council will consider updates to the Senior Rental Assistance Program and updates to speed up the review of new project development plans.
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Riverside Adopts Cautious $382 Million Budget Amid Economic Uncertainty
City defers spending and cuts revenue projections while preserving reserves to weather inflation and federal policy changes.
The Riverside City Council unanimously approved a $382.2 million general fund budget for fiscal year 2025-26, reflecting a cautious approach to spending amid economic challenges.
Driving the news: The budget represents a $10.4 million increase from the originally adopted budget, with significant revenue challenges and spending deferrals.
Sales tax projections dropped by 2.6% in the general fund and 3.4% in Measure Z compared to adopted budget projections.
Why it matters: The city faces economic uncertainty due to federal policy changes and inflation, prompting a prudent fiscal strategy.
City Manager Mike Futrell emphasized Riverside's strong fiscal position with record-level reserves.
By the numbers: The city will defer $16.3 million in spending on various programs to address revenue shortfalls and increased costs.
The largest reduction affects forestry and landscaping equipment, cut by $950,000.
What's next: The city will pace discretionary spending strategically during the first two quarters of fiscal year 2025-26 and monitor revenue performance to adjust for any deviations from projections.
The budget takes effect July 1, 2025, when the new fiscal year begins.
Richard Roth will receive the 2024 City Spirit Award; Council will consider updates to the Senior Rental Assistance Program and updates to speed up the review of new project development plans.
Welcome to our weekly digest on public meetings and agenda items worth your attention in the coming week. This guide is part of our mission to provide everyday Riversiders like you with the information to speak up on the issues you care about.
City Council
The City Council will meet in closed and open sessions on Tuesday, June 24, at 1 p.m., 3 p.m., and 6:15 p.m. (agenda). The agenda includes:
Presenting the 2024 City Spirit Award to former state Sen. Richard Roth.
Reviewing amendments to the city's official list of service costs and fees that would add two new parking violation fees to protect designated carshare spaces and one deposit-based fee allowing developers to access expedited plan review services through third-party consultants.
Considering amendments to the city's business sign regulations that would tighten design standards, establish a creative sign permit process, and require updating of nonconforming signs during business changes.
Revisiting the La Sierra/Victoria orange grove development proposal that was pulled from the April 22 meeting at the developer's request and now returns with modifications that preserve a portion of citrus trees along Victoria Avenue and add screening for neighboring properties.
UCR and Riverside celebrate groundbreaking today for the $68 million SoCal OASIS™ Park, an 8-acre green tech hub featuring specialized labs and incubator space to advance sustainability innovation in the Inland region.
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