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1 RiversideCA.gov
1 RiversideCA.gov
City Council
January 18, 2022
Report from Outside Independent
Auditors for Fiscal Year 2020-2021
Finance Department
RiversideCA.gov
2 GENERAL FUND & MEASURE Z FUND RESERVES
General
Fund
Measure Z
Fund
Beginning Reserve Balance 20% $5 M
Ending Reserve Balance – 06/30/2021 20% $5 M
Met Policy Requirements
Restricted for Unfunded Accrued Liability $10.7 M N/A
Unreserved Fund Balance $23.12 M $36.67 M
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3 RIVERSIDE PUBLIC UTILITIES
UNDESIGNATED CASH RESERVES
Water Fund’s undesignated reserve balance combined with the line of credit (LOC) in compliance with RPU Cash Reserve Policy, at 6/30/2021 is above target minimum which is consistent with projections provided during the biennial budget and rate plan pro posal processes. The LOC provides flexibility and operating liquidity similar to cash reserve allowing the Water Fund to maintain compliance with RPU Cash Reserve Policy.
Electric Water
Beginning Balance – 7/1/2020 $193 M $29 M
Ending Balance – 6/30/2021 $177 M $34 M
Available Line of Credit (LOC) $35 M $25 M
Minimum Reserve Level – 6/30/2021 $139 M $42 M
Maximum Reserve Level – 6/30/2021 $219 M $65 M
Met Policy Requirements
RiversideCA.gov
4 • Received our 4th PAFR Award from GFOA for FY 2019-20 • Extracted information from the ACFR and PAFR is
unaudited
• Designed to be easily understandable to the general
public
• Intended for those without a background in public
finance
POPULAR ANNUAL FINANCIAL REPORT (PAFR)
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5 STRATEGIC PLAN ALIGNMENT
HIGH PERFORMING GOVERNMENT
CROSS-CUTTING THREADS
Equity
Innovation
Community Trust
Fiscal
Responsibility
Sustainability
and Resiliency
RiversideCA.gov
6 That the City Council:
1) Receive the annual audit reports from external independent auditor, Lance, Soll & Lunhgard, LLP on the City of Riverside financial results for Fiscal Year 2020-2021 as required by the Riverside City Charter; and
2) Reappoint Lance, Soll & Lunghard, LLP to serve as the City’s independent auditor to conduct the annual audit for Fiscal Year 2021-2022.
RECOMMENDATIONS
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