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1 RiversideCA.gov
1 RiversideCA.gov
City Council Meeting
June 21, 2022
Finance Department
Proposed FY 2022-2024
Biennial Budget
RiversideCA.gov
2 CITYWIDE PROPOSED FY 2022-2024 BUDGET
FY 2022-23 FY 2023/24
Operating Revenue $ 1,063,326,506 $ 1,102,507,410
Long-Term Debt Proceeds 57,700,000 -
Debt Transfers In 47,501,000 41,808,214
Operating Transfers In 97,148,568 107,056,976
Total Incoming Resources $ 1,265,676,074 $ 1,251,372,600 Operating Expenditures $ 1,047,323,549 $ 1,054,097,864
Debt Transfers Out 47,501,000 41,808,214
Operating Transfers Out 97,148,568 107,056,976
Subtotal $ 1,191,973,117 $ 1,202,963,054
Capital Improvement Plan $ 163,307,170 $ 115,173,721
Total Outgoing Resources $ 1,355,280,287 $ 1,318,136,775 1 2
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2 RiversideCA.gov
3 (in millions)
2018/19
Actuals
2019/20
Actuals
2020/21
Actuals
2021/22
Projected
2022/23
Proposed
2023/24
Proposed
Revenue $278.67 $279.45 $298.03 $300.65 $310.63 $318.23 Expenditures 271.38 280.48 286.10 288.04 305.67 311.11
Surplus/(Deficit) $7.29 $(1.03) $11.93 $12.61 $4.96 $7.12
GENERAL FUND PROPOSED BUDGET
Items with potential fiscal impact, not included:
• Impact of new MOUs (set to expire)
• Legal challenges and certification of Measure C results(General Fund Transfer election)
RiversideCA.gov
4 MEASURE Z PROPOSED FIVE-YEAR SPENDING PLAN
(in millions) 2022 2023 2024 2025 2026 2027
Revenue $74.65 $76.80 $79.02 $80.91 $82.12 $83.34
Expenditures (74.14) (83.79) (86.97) (86.29) (88.51) (89.61) Encumbrances & Carryovers ------
Net Change in Fund Balance $0.51 $(6.99) $(7.95) $(5.38) $(6.39) $(6.27) Beginning Fund Reserves $38.78 $39.29 $32.30 $24.35 $18.97 $12.58 Net Change in Fund Balance 0.51 (6.99) (7.95) (5.38) (6.39) (6.27) Ending Unallocated Reserves $39.29 $32.30 $24.35 $18.97 $12.58 $6.31 3 4
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5 MAJOR ENTERPRISE FUNDS - OPERATING
$409.1M
$89.7M $30.5M $68.3M $9.0M
$431.1M
$84.7M $32.2M $66.0M $7.6M
$-
$50.0M
$100.0M
$150.0M
$200.0M
$250.0M
$300.0M
$350.0M
$400.0M
$450.0M
$421.5M
$91.6M $32.0M $69.4M $9.6M
$426.2M
$85.9M $32.6M $67.5M $7.9M
Revenue
Expense
Funds
Surplus /
(Deficit)
Electric
$(22.0M)
Water
$5.0M
Refuse
$(1.7M)
Sewer
$2.3M
Public
Parking
$1.5M
Electric
$(4.6M)
Water
$5.7M
Refuse
$(0.6M)
Sewer
$1.8M
Public
Parking
$1.6M
FY 2022/23 FY 2023/24
RiversideCA.gov
6 CAPITAL IMPROVEMENT PLAN
Project Category FY 2022/23 FY 2023/24
Electric Utility $ 40,814,724 $ 56,657,003
Water Utility 29,089,738 29,930,773
Sewer 2,297,609 1,615,000
Public Parking 1,250,000 190,000
Transportation 29,001,099 25,180,945
Railroads 804,000 -
Storm Drain 850,000 100,000
Municipal Buildings & Facilities 59,200,000 1,500,000
Total Capital Projects $ 163,307,170 $ 115,173,721
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7 CITYWIDE STAFFING BY DEPARTMENT TYPE
TOTAL FTE FY 2022/23: 2,626.65
RiversideCA.gov
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. Conduct a public hearing on the proposed Fiscal Year 2022- 2024 Biennial Budget and proposed Fiscal Year 2022-2024 Capital Improvement Plan;
2. Adopt a resolution approving the Proposed Annual Budget for Fiscal Year 2022-2023 totaling $1,355,280,287 and for Fiscal Year 2023-2024 totaling $1,318,136,775; and
3. Delegate investment authority to the City’s Chief Financial Officer/Treasurer for a period of one year beginning July 1, 2022 and ending June 30, 2023.
RECOMMENDATIONS
9