4/4/2023
1 RiversideCA.gov
1 RiversideCA.gov
FY 2022/23 Second
Quarter Financial Update
City Council
April 18, 2023
Finance Department
RiversideCA.gov
2 GENERAL FUND OVERVIEW
FY 2022/23
Adopted
Budget
Amended
Budget* Projected Change
Revenue & Transfers In $ 310.63 $ 310.63 $ 325.04 $ 14.41 Expenditures & Transfers
Out (305.67) (333.50) (324.51) 8.99
Surplus/(Deficit) $ 4.96 $ (22.87) $ (0.53) $ 23.40
* Includes prior year encumbrances and carryovers and supplemental appropriations.
General Fund Reserves
(in millions)
Emergency Reserve (15%) $ 45.75 M
Economic Contingency Reserve (5%) $ 15.25 M
Infrastructure Reserve $ 20.62 M
Section 115 Trust Fund Balance $ 30.20 M
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3 GENERAL FUND REVENUE
FY 2022/23
(in millions)
Adopted
Budget Projected
$
Change
%
Change
Property Taxes $ 79.28 $ 80.78 $ 1.50 1.9%
Sales and Use Tax 83.51 94.44 10.93 13.1%
Utility Users Tax 32.80 33.10 0.30 0.9%
Transient Occupancy Tax 7.10 8.41 1.31 18.5%
Licenses & Non-Developer Permits 8.98 9.48 0.50 5.6%
General Fund Transfer 50.81 50.50 (0.31) -0.6%
All Other Revenues 48.15 48.33 0.18 0.4%
Total Revenues $ 310.63 $ 325.04 $ 14.41 4.6%
RiversideCA.gov
4 GENERAL FUND MID-CYCLE ADJUSTMENTS
$725,000
$120,000
$110,000
$640,000
Utilities
$1,595,000
Recommended Uses: $16.4M
$11,700,000
Streets & Medians
$850,000
Switch & Generators
$3,070,000
6 Street Sweepers
$1,930,000
4 Refuse Trucks
Capital Investment
$19,550,000
$900,000
Vandalism & Theft
$800,000
Animal Control
$175,803
Other Miscellaneous
Other Needs
$1,875,803
Projected savings: $23.40M
$2,000,000
Parking Garage Maintenance
Infrastructure Reserves: $7M
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5 MEASURE Z SPENDING PLAN
Actuals Projected
(in millions) 2019 2020 2021 2022 2023
Revenue $ 62.82 $ 63.14 $ 72.65 $ 83.91 $ 84.43
Expenditures (40.99) (49.56) (50.85) (67.45) (89.55)
Encumbrances & Carryovers (32.44)
Net Change in Fund Balance $ 21.83 $ 13.58 $ 21.80 $(15.98) $(5.12) Beginning Unallocated Fund
Reserves $ 22.73 $ 39.56 $ 53.14 $ 74.94 $ 58.96
Net Change in Fund Balance 21.83 13.58 21.80 (15.98) (5.12) F u n d B a l a n c e R e s e r v e P o l i c y ( 5 . 0 0 )---- Ending Unallocated Fund Reserves $ 39.56 $ 53.14 $ 74.94 $ 58.96 $ 53.84 RiversideCA.gov
6 ELECTRIC FUND - OPERATING
$409.1M
$431.1M
$409.1M
$452.1M
$236.7M $227.6M
$.0M
$50.0M
$100.0M
$150.0M
$200.0M
$250.0M
$300.0M
$350.0M
$400.0M
$450.0M
$500.0M
Revenue Expenditures
Adopted Operating Budget Total Budget Actual
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter. 5 6
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7 WATER FUND - OPERATING
$89.7M
$84.7M
$89.7M $90.1M
$48.7M
$40.3M
$.0M
$10.0M
$20.0M
$30.0M
$40.0M
$50.0M
$60.0M
$70.0M
$80.0M
$90.0M
$100.0M
Revenue Expenditures
Adopted Operating Budget Total Budget Actual
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.
RiversideCA.gov
8 SEWER FUND - OPERATING
$68.3M $66.0M$68.3M $71.4M
$36.8M $34.1M
$.0M
$10.0M
$20.0M
$30.0M
$40.0M
$50.0M
$60.0M
$70.0M
$80.0M
Revenue Expenditures
Adopted Operating Budget Total Budget Actual
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter. 7 8
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9 REFUSE FUND - OPERATING
$30.5M $32.2M$30.5M
$37.5M
$15.3M $15.1M
$.0M
$5.0M
$10.0M
$15.0M
$20.0M
$25.0M
$30.0M
$35.0M
$40.0M
Revenue Expenditures
Adopted Operating Budget Total Budget Actual
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.
RiversideCA.gov
10 PARKING FUND - OPERATING
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter. $9.0M
$7.6M
$9.0M
$8.0M
$2.7M $3.0M
$.0M
$1.0M
$2.0M
$3.0M
$4.0M
$5.0M
$6.0M
$7.0M
$8.0M
$9.0M
$10.0M
Revenue Expenditures
Adopted Operating Budget Total Budget Actual
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11 MID-CYCLE BUDGET ADJUSTMENTS
Fund Revenue Expenditures
Net Impact to
Reserves
101 - General Fund $14,230,000 $23,020,803 $(8,790,803) 110 - Measure Z Fund 7,631,000 140,000 7,491,000
215 - Grants and Restricted Programs - 2,338,176 (2,338,176) 401 - General Capital Fund 12,835,000 12,835,000 -
520 – Water - 1,448,425 (1,448,425)
540 – Refuse 5,000,000 5,000,000 -
570 – Public Parking (590,983) 1,510,000 (2,100,983)
7xx - Assessment Districts - 210,214 (210,214)
Citywide Total $39,105,017 $46,502,618 $(7,397,601)
RiversideCA.gov
12 STRATEGIC PLAN ALIGNMENT
STRATEGIC PRIORITY 5 - HIGH PERFORMING GOVERNMENT
CROSS-CUTTING THREADS
Equity
Innovation
Community Trust
Fiscal
Responsibility
Sustainability
and Resiliency
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13 That the City Council:
1. Receive and provide input on the Fiscal Year 2022/23 Second Quarter Financial Update; and
2. With at least five affirmative votes, authorize the Chief Financial Officer, or designee, to record mid-cycle budget adjustments resulting in total supplemental appropriations of $46,502,618 for all City funds as detailed in Attachment 1.
RECOMMENDATIONS
13