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1 RiversideCA.gov
City Council
March 15, 2022
Finance Department
FY 2021/22 Second Quarter
Financial Update
RiversideCA.gov
2 GENERAL FUND OVERVIEW
FY 2021/22
Adopted
Budget
Total
Budget
Actuals as of
Dec 31, 2021
Revenues & Transfers In $ 286,973,197 $ 301,214,138 $ 110,951,833 Expenditures & Transfers Out (286,973,197) (295,426,542) (132,317,241) Surplus/(Deficit) $ - $ 5,787,596 $ (21,365,408)
* Per City Council direction on
December 14, 2021, surplus
reserves have been allocated
for specific purposes
contingent upon the
certification of Measure C
results.
General Fund Reserves at June 30, 2021
(in millions)
Economic Reserves (15%) $ 43.05 M
Economic Contingency Reserves (5%) $ 14.35 M
Surplus Reserves* $ 47.12 M
Section 115 Trust Fund Reserves $ 10.98 M
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3 GENERAL FUND REVENUE
RiversideCA.gov
4 GENERAL FUND EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter 3 4
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5 MEASURE Z SPENDING PLAN
Actuals Projected
(in millions) 2018 2019 2020 2021 2022
Revenue $ 56.24 $ 62.82 $ 63.14 $ 72.65 $ 74.65
Expenditures (36.14) (40.99) (49.56) (50.85) (68.64)
Encumbrances & Carryovers - - - (36.16) -
Net Change in Fund Balance $ 20.10 $ 21.83 $ 13.58 $(14.36) $6.01 Beginning Unallocated Fund
Reserves $ 2.63 $ 22.73 $ 39.56 $ 53.14 $ 38.78
Net Change in Fund Balance 20.10 21.83 13.58 (14.36) 6.01 Fund Balance Reserve Policy - (5.00) - - -
Ending Unallocated Fund Reserves $ 22.73 $ 39.56 $ 53.14 $ 38.78 $ 44.79 RiversideCA.gov
6 MEASURE Z EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter 5 6
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7 MEASURE Z EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter RiversideCA.gov
8 ELECTRIC FUND OVERVIEW
FY 2021/22
Operating Budget
Adopted
Budget
Total Operating
Budget
Actuals as of
Dec 31, 2021
Revenue & Transfers In $ 394,458,800 $ 394,458,800 $ 217,061,520 Expenditures & Transfers Out (401,889,290) (414,231,961) (201,160,919) Surplus/(Deficit) $ (7,430,490) $ (19,773,161) $ 15,900,601 Unrestricted, Undesignated Cash Reserves
As of 11/30/2021 (in millions)
Cash Reserves $ 190.2 M
Available Line of Credit $ 35.0 M
Minimum Reserve Level $ 139.0 M
Maximum Reserve Level $ 220.0 M
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9 ELECTRIC FUND OPERATING REVENUE
RiversideCA.gov
10 ELECTRIC FUND OPERATING EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter 9 10
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11 WATER FUND OVERVIEW
FY 2021/22
Operating Budget
Adopted
Budget
Total Operating
Budget
Actuals as of
Dec 31, 2021
Revenue & Transfers In $ 85,043,500 $85,043,500 $ 48,041,360 Expenditures & Transfers Out (77,863,871) (80,337,130) (38,606,517) Surplus/(Deficit) $ 7,179,629 $ 4,706,370 $ 9,434,843
Unrestricted, Undesignated Cash Reserves
As of 11/30/2021 (in millions)
Cash Reserves $ 40.1 M
Available Line of Credit $ 25.0 M
Minimum Reserve Level $ 42.0 M
Maximum Reserve Level $ 65.0 M
RiversideCA.gov
12 WATER FUND OPERATING REVENUE
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13 WATER FUND OPERATING EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter RiversideCA.gov
14 SEWER FUND OVERVIEW
* Includes $43.5 million in unexpended capital project budget FY 2021/22
Operating Budget
Adopted
Budget Total Budget Actuals as of
Dec 31, 2021
Revenue & Transfers In $ 71,086,253 $ 71,086,253 $ 36,716,642 Expenditures & Transfers Out (66,443,526) (69,481,901) (33,159,765) Surplus/(Deficit) $ 4,642,727 $ 1,604,352 $ 3,556,877
Fund Reserves (in millions)
Beginning Balance $ 94.5 M
Estimated Revenues 71.1 M
Total Budgeted Expenditures* (113.1) M
Estimated Ending Reserves $ 52.5 M
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15 SEWER FUND OPERATING REVENUE
RiversideCA.gov
16 SEWER FUND OPERATING EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter 15 16
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17 REFUSE FUND OVERVIEW
FY 2021/22
Operating Budget
Adopted
Budget Total Budget Actuals as of
Dec 31, 2021
Revenue & Transfers In $ 29,894,417 $ 30,588,135 $ 14,522,837 Expenditures & Transfers Out (30,855,904) (34,172,055) (12,604,259) Surplus/(Deficit) $ (961,487) $ (3,583,920) $ 1,918,578 Fund Reserves (in millions)
Beginning Balance $ 6.5 M
Estimated Revenues 30.6 M
Total Budgeted Expenditures (34.2) M
Estimated Ending Reserves $ 2.9 M
RiversideCA.gov
18 REFUSE FUND OPERATING REVENUE
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19 REFUSE FUND OPERATING EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter RiversideCA.gov
20 PUBLIC PARKING FUND OVERVIEW
FY 2021/22
Operating Budget
Adopted
Budget Total Budget Actuals as of
Dec 31, 2021
Revenue & Transfers In $ 6,196,851 $ 6,196,851 $ 2,160,978 Expenditures & Transfers Out (7,119,830) (8,429,571) (3,537,783) Surplus/(Deficit) $ (922,979) $ (2,232,720) $ (1,376,805) Fund Reserves (in millions)
Beginning Balance $ 1.57 M
Projected Revenues* 5.64 M
Projected Expenditures* (7.21) M
Projected Ending Reserves $ 0.0 M
* Does not include $1.3M ARPA
allocation for revenue loss or
projected capital expenditure
of $925,000.
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21 PUBLIC PARKING FUND OPERATING REVENUE
RiversideCA.gov
22 PUBLIC PARKING FUND OPERATING EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter 21 22
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23 Strategic Priority No. 5 – High Performing Government Goal No. 5.3 - Enhance communication and collaboration with community members to improve transparency, build public trust and encourage shared decision making.
Cross-Cutting Threads
STRATEGIC PLAN ALIGNMENT
Community Trust Equity Innovation
Fiscal
Responsibility
Sustainability and
Resiliency
RiversideCA.gov
24 RECOMMENDATIONS
That the City Council:
1. Receive and provide input on the Fiscal Year 2021/22 Second Quarter financial update;
2. With at least five affirmative votes, a uthorize the Chief Financial Officer to record an increase in revenue and appropriate expenditures in the amount of $1,000 in the Development Grants Fund for additional funding received from the State Office of Historic Preservation grant;
3. With at least five affirmative votes, a uthorize the Chief Financial Officer to record a supplemental appropriation in the amount of $350,000 in the General Fund Parks, Recreation and C ommunity Services department for the repair of Shamel Park pool;
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25 RECOMMENDATIONS
5. With at least five affirmative votes, authorize the Chief Financial Officer to record a supplemental appropriation in the amount of $191,816 in the Community Facilities District 90-1 Highlander Fund for irrigation maintenance; and
6. With at least five affirmative votes, authorize the Chief Financial Officer to record an interfund transfer of Wellness Program Donations from the General Fund to the Grants and Restricted Programs Fund in the amount of $46,679.90.
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