Thumbnail for 430847

Riverside projects two years of minor deficits

By in Press Enterprise on June 16, 2017

By Alicia Robinson

Riverside officials expect revenue for fiscal 2016-17 and 2017-18 to be nearly $5 million higher than earlier forecasts, a city report states.

But they still predict the general fund will spend more than it brings in this year and next.

Deficits are projected at $3 million this year and $4.4 million in fiscal 2017-18. A construction boom is expected to bring in more building and permit fees, and the Riverside Municipal Auditorium and convention center are earning more than projected, but sales taxes and some other revenue sources may generate less than planned, the report stated.

The last budget crunch in 2016 led to spending cuts, but the sales tax increase voters approved in November is likely to fill in any gaps while also paying for new projects.

The City Council will discuss the budget at 2 p.m. Tuesday, June 20, in the council chambers at Riverside City Hall, 3900 Main St.

[…]    

Leave a Reply

Your email address will not be published. Required fields are marked *


*