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1 RiversideCA.gov
2022-2024 Biennial Budget:
General Fund & Measure Z
Preliminary Budgets
City Council
April 18 , 2022
RiversideCA.gov
2 BUDGET DEVELOPMENT TIMELINE
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3 BUDGET GOALS
1. Leverage Priority Based Budgeting (PBB) to identify and reallocate funding to critical unfunded needs.
2. Implement a financing strategy of planned
contributions and withdrawals to/from the Section 115
Trust to smooth the annual fiscal impact of the
combined CalPERS UAL and 2020 Pension Obligation
Bond payments.
RiversideCA.gov
4 (in millions)
2018/19
Actuals
2019/20
Actuals
2020/21
Actuals
2021/22
Projections
2022/23
Preliminary
2023/24
Preliminary
Revenue $278.67 $279.45 $298.03 $300.65 $310.63 $318.23 Expenditures 271.38 280.48 262.14 287.55 305.86 311.27
Surplus/(Deficit) $7.29 $(1.03) $35.89 $13.10 $4.77 $6.96
GENERAL FUND PRELIMINARY BUDGET
Items with potential fiscal impact, not included:
• Impact of new MOUs (set to expire)
• Legal ruling on certification of Measure C results (General Fund Transfer election) 3 4
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5 MEASURE Z SPENDING PLAN
(in millions) 2022 2023 2024 2025 2026 2027
Revenue $74.65 $76.80 $79.02 $80.91 $82.12 $83.35
Expenditures (68.64) (66.03) (66.63) (65.71) (67.75) (69.13) Encumbrances & Carryovers ------
Net Change in Fund Balance $6.01 $10.77 $12.39 $15.20 $14.37 $14.22 Beginning Fund Reserves $38.78 $44.79 $55.56 $67.94 $83.14 $97.51 Net Change in Fund Balance 6.01 10.77 12.39 15.20 14.37 14.22 Policy Reserve Set-Aside ------
Ending Unallocated Reserves $44.79 $55.56 $67.94 $83.14 $97.51 $111.73 RiversideCA.gov
6 CRITICAL UNFUNDED NEEDS - RESOURCES
Funding Source
(in millions)
FY 2022/23
Surplus
FY 2023/24
Surplus
General Fund $4.77 $6.96
Measure Z 10.77 12.39
Total Available Surpluses $15.54 $19.35
Measure Z Five-Year Spending Plan – Projected Available Funding (in millions) 2022 2023 2024 2025 2026 2027
Beginning Fund Reserves $38.78 $44.79 $55.56 $67.94 $83.14 $97.51 Net Change in Fund Balance 6.01 10.77 12.39 15.20 14.37 14.22 Policy Reserve Set-Aside ------
Ending Unallocated Reserves $44.79 $55.56 $67.94 $83.14 $97.51 $111.73 5 6
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7 CRITICAL UNFUNDED NEEDS - REQUESTS
Funding Request Type FY 2022/23 FY 2023/24
Annual, Ongoing $ 6,318,438 $ 6,318,438
Annual, limited duration 2,650,000 2,650,000
One-Time 1,505,000 875,000
Ongoing, escalating costs
Personnel (21.25 FTE) 2,135,555 2,215,676
Non-Personnel* 1,372,826 945,896
Total Ongoing, escalating costs* 3,508,381 3,161,572
Total Requested* $ 13,981,819 $ 13,005,010
*Includes $418,200 of one-time costs in FY 2022/23
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8 STRATEGIC PLAN ALIGNMENT
HIGH PERFORMING GOVERNMENT
CROSS-CUTTING THREADS
Equity
Innovation
Community Trust
Fiscal
Responsibility
Sustainability
and Resiliency
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9 That the City Council:
1. Receive and provide input on the General Fund
preliminary budget and updated five-year Measure Z
Spending plan;
2. Receive and provide direction on critical unfunded
needs; and
3. Receive and provide input on the preliminary budget
proposals of City departments.
RECOMMENDATION
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