Riverside officials study needs as they look toward new budget

As cities throughout the area begin preparing budgets for the upcoming fiscal year, Riverside officials are taking a hard look at price increases and needs in their assessment.

During an Aug. 4 City Council meeting, Mayor Rusty Jessup identified one prime area where increases are anticipated in the coming year: insurance coverage.

"We're looking at paying about $100,000 this year for liability insurance," he said.

The amount is in contrast to last year's cost of approximately $94,000.

The city contracts with the Alabama Municipal Insurance Corporation (AMIC) for coverage, as do nearly 600 other Alabama cities for competitive rates, Jessup said. The organization offers a range of insurance services for cities that are members of the entity.

Jessup said exploring the cost of coverage with other outlets could compromise retroactive coverage should that need arise, but this is an avenue for the council should it choose to do so.

The city also continues to determine the upcoming costs for replacing mandatory water meter registers, which track usage for customers. Officials are considering their options for the 800 registers that are needed soon, along with buying 200 more that will be needed in the near future.

The item has not been set for taking official bids yet, but early estimates are in the neighborhood of a cost figure of $245,000 for the devices.

Water Department supervisor Brien Gulledge has suggested that city crews can handle installing the registers to help save on that end, but doing so would require several months of department effort.

This is also a matter for officials to balance costs against budget matters ahead.

Officials are also trying to determine how to pay for the registers, whether through an independent bank loan for a shorter term of payments, or with extended payment for a longer time length, but perhaps a higher interest rate.

Timeliness is in the equation as well, as possible tariffs on the supplies could raise their prices in the near future.

"I'm hoping we can make a decision by the first of September," Jessup said.

"And, this has to be done," said Councilman Jimmy Hollander. "We have no choice."

Officials received preliminary third quarter budget reports Monday, which will become final in the coming weeks. The reports will assist officials in preparing a fiscal year 2025-26 city budget by Sept. 30.

The next regular meeting for the council is scheduled for Monday, Aug. 18, at 5 p.m. at City Hall.