Vineyard's redevelopment fund spent $15.2 million of a $36.3 million budget in fiscal 2025

The Vineyard Redevelopment Agency's final budget for the year ended June 30, 2025 authorized $36,286,165 in expenditures, according to the budget-to-actual schedule in the city's audited financial report. The agency spent $15,188,340, leaving $21,097,825 of the authority unused. ^[1]

Of the actual spending, $6,877,702 was debt service, essentially matching its budget. The remaining $8,310,638, reported as general government, compares with a final budget of $29,408,462. ^[1]

Revenue and fund balance

The agency's revenues were $11,838,825: $9,975,057 in taxes, $216,402 in intergovernmental revenue and $1,647,366 in interest. The final budget had projected $3,000,000 in intergovernmental revenue, down from $11,000,000 in the original budget. ^[1]

After $474,002 in transfers out, the fund's balance fell $3,823,518, from $21,985,110 to $18,161,593. The final budget had projected the balance would be drawn down to zero. ^[1]

The governmental funds balance sheet reports the full $18,161,593 as restricted for the redevelopment agency. ^[3]

Bonds

Three governmental bonds account for $56,101,318 in principal at June 30, 2025: $3,250,318 on a 2016 tax increment revenue bond, $19,776,000 on a 2017 RDA bond and $33,075,000 on a 2021 RDA tax increment revenue and refunding bond, which matures in 2046. ^[2]

The debt note says the 2017 bond financed environmental remediation and infrastructure for development north of 800 North, and the 2016 bond was issued to remove and relocate a Union Pacific rail spur along Geneva Road. ^[2]