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1 RiversideCA.gov
1 RiversideCA.gov
City Council
June 14, 2022
Finance Department
FY 2021/22 Third Quarter
Financial Update
RiversideCA.gov
2 GENERAL FUND OVERVIEW
FY 2021/22
Adopted
Budget
Total
Budget
Actuals as of
Mar 31, 2022
Revenues & Transfers In $ 286,973,197 $ 301,717,083 $ 203,353,404 Expenditures & Transfers Out (286,973,197) (296,558,628) (200,272,388) Surplus/(Deficit) $ - $ 5,158,455 $ 3,081,016
* 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
$67.6 M
$14.1 M
$6.1 M
$10.4 M
$13.9 M
$31.6 M
$76.9 M
$81.2 M
74%
85%
95%
83%
72%
75%
54%
64%
0% 25% 50% 75% 100%
Transfers In
Other
Transient Occupancy Tax
Licenses & Permits
Charges for Services
Utility Users Tax
Property Tax
Sales Tax
Quarter 3 Actual
Total Budget
REVENUE
Budget
Actual as % of Budget
RiversideCA.gov
4 GENERAL FUND EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter $47.3 M
$40.9 M
$1.0 M
$9.6 M
$59.4 M
$220.1 M
70%
77%
17%
45%
60%
72%
0% 25% 50% 75% 100%
Transfers Out
Charges to/from Others
Minor Capital
Special Programs
Non-Personnel
Personnel
Quarter 3 Actual
Total Budget
EXPENDITURES
Budget
Actual as % of Budget
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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) (74.14)
Encumbrances & Carryovers - - - (36.16) -
Net Change in Fund Balance $ 20.10 $ 21.83 $ 13.58 $(14.36) $0.51 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) 0.51 Fund Balance Reserve Policy - (5.00) - - -
Ending Unallocated Fund Reserves $ 22.73 $ 39.56 $ 53.14 $ 38.78 $ 39.29 RiversideCA.gov
6 MEASURE Z EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter $18.3 M
$16.6 M
$51.1 M
$28.4 M
75%
20%
25%
54%
0% 25% 50% 75% 100%
General Fund Support
Debt Obligations
One-Time
Ongoing
Quarter 3 Actual
Total Budget
EXPENDITURES BY TYPE
Budget
Actual as % of Budget
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7 MEASURE Z EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter $24.2 M
$.1 M
$46.6 M
$6.9 M
$14.6 M
$22.0 M
75%
75%
19%
23%
13%
68%
0% 25% 50% 75% 100%
Transfers Out
Charges to/from Others
Capital
Special Programs
Non-Personnel
Personnel
Total Budget Quarter 3 Actual
EXPENDITURES BY CATEGORY
Budget
Actual as % of Budget
RiversideCA.gov
8 ELECTRIC FUND OVERVIEW
FY 2021/22
Operating Budget
Adopted
Budget
Total Operating
Budget
Actuals as of
Mar 31, 2022
Revenue & Transfers In $ 394,458,800 $ 394,458,800 $ 307,470,585 Expenditures & Transfers Out (401,889,290) (414,231,961) (291,336,271) Surplus/(Deficit) $ (7,430,490) $ (19,773,161) $ 16,134,314 Undesignated Cash Reserves
As of 3/31/2022 (in millions)
Cash Reserves $ 179.4 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
$9.6 M
$14.6 M
$31.5 M
$338.8 M
126%
96%
74%
76%
0% 25% 50% 75% 100% 125% 150%
Miscellaneous
Other Operating
Transmission Revenue
Retail Sales
Total Budget Quarter 3 Actual
REVENUE
Budget
Actual as % of Budget
RiversideCA.gov
10 ELECTRIC FUND OPERATING EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter $53.4 M
($13.6 M)
$40.6 M
$6.7 M
$4.1 M
$252.2 M
$70.9 M
64%
57%
75%
27%
56%
74%
61%
0% 25% 50% 75% 100%
Debt Service
Charges to/from Others
Operating Transfers Out
Minor Capital
Special Programs
Non-Personnel
Personnel
Quarter 3 Actual
Total Budget
EXPENDITURES
Budget
Actual as % of Budget
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11 WATER FUND OVERVIEW
FY 2021/22
Operating Budget
Adopted
Budget
Total Operating
Budget
Actuals as of
Mar 31, 2022
Revenue & Transfers In $ 85,043,500 $85,043,500 $ 67,300,054 Expenditures & Transfers Out (77,863,871) (80,337,130) (55,276,368) Surplus/(Deficit) $ 7,179,629 $ 4,706,370 $ 12,023,686
Undesignated Cash Reserves
As of 3/31/2022 (in millions)
Cash Reserves $ 40.3 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
$5.8 M
$2.3 M
$6.0 M
$71.0 M
125%
81%
49%
78%
0% 25% 50% 75% 100% 125% 150%
Miscellaneous
Other Operating
Conveyance/Wholesale
Retail Sales
Total Budget Quarter 3 Actual
REVENUE
Budget
Actual as % of Budget
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13 WATER FUND OPERATING EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter $20.7 M
$4.3 M
$7.6 M
$3.4 M
$19.8 M
$24.5 M
28%
0%
25%
23%
46%
32%
0% 25% 50% 75% 100%
Debt Service
Charges to/from Others
Operating Transfers Out
Special Programs
Non-Personnel
Personnel
Total Budget
Quarter 3 Actual
EXPENDITURES
Budget
Actual as % of Budget
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
Mar 31, 2022
Revenue & Transfers In $ 71,086,253 $ 71,086,253 $ 55,397,962 Expenditures & Transfers Out (66,443,526) (69,481,901) (49,525,963) Surplus/(Deficit) $ 4,642,727 $ 1,604,352 $ 5,872,000
Fund Reserves (in millions)
Beginning Balance $ 94.5 M
Estimated Revenues 73.7 M
Total Budgeted Expenditures* (111.4) M
Estimated Ending Reserves $ 56.8 M
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15 SEWER FUND OPERATING REVENUE
$1.4 M
$3.1 M
$4.9 M
$15.6 M
$46.1 M
56%
103%
91%
79%
75%
0% 25% 50% 75% 100% 125%
Miscellaneous
Non-Rate Revenue
Service Contracts
Non-Residential
Residential
Quarter 3 Actual
Total Budget
REVENUE
Budget
Actual as % of Budget
RiversideCA.gov
16 SEWER FUND OPERATING EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter $25.7 M
$2.6 M
$.5 M
$1.8 M
$9.3 M
$9.7 M
97%
66%
24%
74%
49%
62%
0% 25% 50% 75% 100%
Debt Service
Charges to/from Others
Minor Capital
Special Programs
Non-Personnel
Personnel
Quarter 3 Actual
Total Budget
EXPENDITURES
$26.5 M
$3.9 M
$2.2 M
$2.4 M
$18.9 M
$15.6 M
97%
66%
24%
74%
49%
62%
0% 25% 50% 75% 100%
Debt Service
Charges to/from Others
Minor Capital
Special Programs
Non-Personnel
Personnel
Quarter 3 Actual
Total Budget
EXPENDITURES
Budget
Actual as % of Budget
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17 REFUSE FUND OVERVIEW
FY 2021/22
Operating Budget
Adopted
Budget Total Budget Actuals as of
Mar 31, 2022
Revenue & Transfers In $ 29,894,417 $ 30,588,135 $ 22,576,767 Expenditures & Transfers Out (30,855,904) (34,172,055) (19,850,520) Surplus/(Deficit) $ (961,705) $ (3,583,920) $ 2,726,247 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
$.7 M
$.1 M
$.9 M
$6.8 M
$6.2 M
$15.9 M
100%
51%
80%
71%
74%
74%
0% 25% 50% 75% 100%
Operating Transfer In
Miscellaneous
Street Sweeping Fines
Administrative Fees
Residential - Contracted
Residential - City Service
Quarter 3 Actual
Total Budget
REVENUE
Budget
Actual as % of Budget
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19 REFUSE FUND OPERATING EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter $.5 M
$4.9 M
$2.3 M
$6.3 M
$14.0 M
$6.2 M
15%
67%
1%
65%
60%
65%
0% 25% 50% 75% 100%
Debt Service
Charges to/from Others
Minor Capital
Special Programs
Non-Personnel
Personnel
Quarter 3 Actual
Total Budget
EXPENDITURES
Budget
Actual as % of Budget
RiversideCA.gov
20 PUBLIC PARKING FUND OVERVIEW
FY 2021/22
Operating Budget
Adopted
Budget Total Budget Actuals as of
Mar 31, 2022
Revenue & Transfers In $ 6,196,851 $ 7,496,851 $ 3,849,601 Expenditures & Transfers Out (7,119,830) (8,429,571) 4,366,556 Surplus/(Deficit) $ (922,979) $ (932,720) $ (516,955)
Fund Reserves (in millions)
Beginning Balance $ 1.57 M
Projected Revenues* 6.78 M
Projected Expenditures* (6.95) M
Projected Ending Reserves $ 1.40 M
* Includes $1.3M ARPA
allocation for revenue loss and
projected capital expenditure
of $925,000.
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21 PUBLIC PARKING FUND OPERATING REVENUE
$1.3 M
$.9 M
$2.0 M
$3.3 M
0%
73%
62%
59%
0% 25% 50% 75% 100%
Operating Transfers In
Miscellaneous
Street Sweeping Fines
Licenses and Permits
Quarter 3 Actual
Total Budget
REVENUE
Budget
Actual as % of Budget
RiversideCA.gov
22 PUBLIC PARKING FUND OPERATING EXPENDITURES
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter $1.8 M
-$.3 M
$.9 M
$4.7 M
$1.4 M
61%
78%
100%
39%
56%
0% 25% 50% 75% 100%
Debt Service
Charges to/from Others
Minor Capital
Non-Personnel
Personnel
Quarter 3 Actual
Total Budget
EXPENDITURES
Budget
Actual as % of Budget
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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
Community Trust Equity Innovation
Fiscal
Responsibility
Sustainability and
Resiliency
STRATEGIC PLAN ALIGNMENT
RiversideCA.gov
24 RECOMMENDATION
That the City Council receive and provide input on the Fiscal Year 2021/22 Third Quarter financial update.
23 24