6/10/2022
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
REVISED - SLIDES 4 AND 13
6/10/2022
2 RiversideCA.gov3
GENERAL FUND REVENUE
RiversideCA.gov4
GENERAL FUND EXPENDITURESTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter
REVISED
6/10/2022
3 RiversideCA.gov5
MEASURE Z SPENDING PLANActualsProjected(in millions)2018 2019 2020 2021 2022Revenue $ 56.24 $ 62.82 $ 63.14 $ 72.65 $ 74.65Expenditures (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) $0.51Beginning Unallocated Fund Reserves$ 2.63 $ 22.73 $ 39.56 $ 53.14 $ 38.78Net Change in Fund Balance 20.10 21.83 13.58 (14.36) 0.51Fund Balance Reserve Policy - (5.00) - - -Ending Unallocated Fund Reserves $ 22.73 $ 39.56 $ 53.14 $ 38.78 $ 39.29 RiversideCA.gov6
MEASURE Z EXPENDITURESTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter
6/10/2022
4 RiversideCA.gov7
MEASURE Z EXPENDITURESTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter RiversideCA.gov8
ELECTRIC FUND OVERVIEWFY 2021/22Operating BudgetAdopted BudgetTotal Operating BudgetActuals as of Mar 31, 2022Revenue & Transfers In $ 394,458,800 $ 394,458,800 $ 307,470,585Expenditures & Transfers Out (401,889,290) (414,231,961) (291,336,271)Surplus/(Deficit) $ (7,430,490) $ (19,773,161) $ 16,134,314Undesignated Cash Reserves As of 3/31/2022 (in millions)Cash Reserves $ 179.4 MAvailable Line of Credit $ 35.0 MMinimum Reserve Level $ 139.0 MMaximum Reserve Level $ 220.0 M 6/10/2022
5 RiversideCA.gov9
ELECTRIC FUND OPERATING REVENUE
RiversideCA.gov10
ELECTRIC FUND OPERATING EXPENDITURESTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter
6/10/2022
6 RiversideCA.gov11
WATER FUND OVERVIEWFY 2021/22Operating BudgetAdopted BudgetTotal Operating BudgetActuals as of Mar 31, 2022Revenue & Transfers In $ 85,043,500 $85,043,500 $ 67,300,054Expenditures & Transfers Out (77,863,871) (80,337,130) (55,276,368)Surplus/(Deficit) $ 7,179,629 $ 4,706,370 $ 12,023,686Undesignated Cash Reserves As of 3/31/2022 (in millions)Cash Reserves $ 40.3 MAvailable Line of Credit $ 25.0 MMinimum Reserve Level $ 42.0 MMaximum Reserve Level $ 65.0 M RiversideCA.gov12
WATER FUND OPERATING REVENUE
6/10/2022
7 RiversideCA.gov13
WATER FUND OPERATING EXPENDITURESTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter
REVISED
RiversideCA.gov14
SEWER FUND OVERVIEW* Includes $43.5 million in unexpended capital project budgetFY 2021/22Operating BudgetAdopted BudgetTotal BudgetActuals as of Mar 31, 2022Revenue & Transfers In $ 71,086,253 $ 71,086,253 $ 55,397,962Expenditures & Transfers Out (66,443,526) (69,481,901) (49,525,963)Surplus/(Deficit) $ 4,642,727 $ 1,604,352 $ 5,872,000Fund Reserves (in millions)Beginning Balance $ 94.5 MEstimated Revenues 73.7 MTotal Budgeted Expenditures* (111.4) MEstimated Ending Reserves $ 56.8 M 6/10/2022
8 RiversideCA.gov15
SEWER FUND OPERATING REVENUE
RiversideCA.gov16
SEWER FUND OPERATING EXPENDITURESTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter
6/10/2022
9 RiversideCA.gov17
REFUSE FUND OVERVIEWFY 2021/22Operating BudgetAdopted BudgetTotal BudgetActuals as of Mar 31, 2022Revenue & Transfers In $ 29,894,417 $ 30,588,135 $ 22,576,767Expenditures & Transfers Out (30,855,904) (34,172,055) (19,850,520)Surplus/(Deficit) $ (961,705) $ (3,583,920) $ 2,726,247Fund Reserves (in millions)Beginning Balance $ 6.5 MEstimated Revenues 30.6 MTotal Budgeted Expenditures (34.2) MEstimated Ending Reserves $ 2.9 M RiversideCA.gov18
REFUSE FUND OPERATING REVENUE
6/10/2022
10 RiversideCA.gov19
REFUSE FUND OPERATING EXPENDITURESTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter RiversideCA.gov20
PUBLIC PARKING FUND OVERVIEWFY 2021/22Operating BudgetAdopted BudgetTotal BudgetActuals as of Mar 31, 2022Revenue & Transfers In $ 6,196,851 $ 7,496,851 $ 3,849,601Expenditures & Transfers Out (7,119,830) (8,429,571) 4,366,556Surplus/(Deficit) $ (922,979) $ (932,720) $ (516,955)Fund Reserves (in millions)Beginning Balance $ 1.57 MProjected Revenues* 6.78 MProjected Expenditures* (6.95) MProjected Ending Reserves $ 1.40 M* Includes $1.3M ARPA allocation for revenue loss and projected capital expenditure of $925,000. 6/10/2022
11 RiversideCA.gov21
PUBLIC PARKING FUND OPERATING REVENUE
RiversideCA.gov22
PUBLIC PARKING FUND OPERATING EXPENDITURESTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter
6/10/2022
12 RiversideCA.gov23
Strategic Priority No. 5 –High Performing GovernmentGoal No. 5.3 - Enhance communication and collaboration with community members to improve transparency, build public trust and encourage shared decision making.Cross-Cutting ThreadsSTRATEGIC PLAN ALIGNMENT Community Trust EquityInnovation
Fiscal ResponsibilitySustainability and Resiliency
RiversideCA.gov24
RECOMMENDATIONThat the City Council receive and provide input on the Fiscal Year 2021/22Third Quarter financial update.