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The City of Riverside will hold a public hearing on its budget for the 2025-2026 fiscal year at the beginning of its council meeting tonight.

The budget expects the city to run an $856,100 deficit next year, dipping into the $4.9 million in cash reserves that it projects to have on June 30, the final day of the current fiscal year.

Almost the entire deficit comes from a large investment into the city’s Community and Economic Development fund, which is increasing from $238,000 to over $1 million, a 348% increase. Capital projects are set to see a similar spike, jumping from $239,151 to over $1 million. 

The increase comes alongside an increase to the city’s proposed tax levy, which is increasing to $8.10, up from the current $7.94. The levy was set at a public hearing on April 7.

The public hearing is set for 6 p.m. at Riverside City Hall.