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1 RiversideCA.gov
City Council
June 13, 2023
FINANCE DEPARTMENT OVERVIEW
AND EMPLOYEE RECOGNITION
RiversideCA.gov
2 The mission of the Finance Department is to
provide fiduciary control of the City's assets,
perform fiscally related services, and provide
accurate, timely and useful financial information
to support the delivery of municipal services
to the City organization and the public.
MISSION
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3 ORGANIZATIONAL CHART
RiversideCA.gov
4 WHAT WE DO
• Manage $900M Investment Portfolio
• $2B Debt Portfolio Management
• Treasury Management/Cashiering
• Citywide Procurement
• Citywide Inventory Management
• Budgeting & Resource Planning
• Financing Strategies
• Financial Compliance and Reporting
• Business License Administration
• Operational Accounting
• Citywide Risk Management
• Federal/ State Grants
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5 AWARDS
16 consecutive years
5 consecutive years
5 consecutive years
7 consecutive years
21 consecutive years
2022
Achievement of
Excellence in
Procurement
Award
18 consecutive years
RiversideCA.gov
6 ACCOMPLISHMENTS
• City finances sustained and thrived despite the Covid-19 pandemic • $100M in new Measure Z Spending Initiatives in the FY 2022-2024 Adopted Budget
• Fully funded $24M Parada Claim
• Established an Infrastructure Reserve ($20M contributed) • Contributed to the Section 115 Trust for the long-term management of rising retirement costs ($30M balance)
• Concluded 7 labor negotiations with healthy salary and benefit increases for City employees
Fiscal Sustainability
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7 ACCOMPLISHMENTS
• Software Implementations
- CaseWare – streamline financial statement preparation - GASB 87 Implementation – 274 leases
- LeaseQuery – 440 leases
• Debt Issuances
- 2022A Water Revenue Bonds ($58M)
- 2022A Community Fa cilities District No. 2015-2 (Pomelo) Limited Obligation Bonds ($4.8M) • Central stores inventory vending machines
• Business Tax Amnesty Program & Transient Occupancy Tax Audit • Parada Claims Administration
• Labor negotiation costing
Division Accomplishments
RiversideCA.gov
8 STAFF DEVELOPMENT
High Performance
Leadership Academy
Professional Purchasing
Certification
International Federation
of Purchasing and Supply
Management (IFPSM)
CDIAC Bond School
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9 CURRENT INITIATIVES
• Establish Technology Reserve
• Infrastructure Reserve Policy
• Capital Project Financing
• Fees & Charges Study, DIF
• TechHub Procurement Portal
• Inventory Barcoding
• Business Tax Amnesty Program
• Contract Management Program Proposal
• Streamline Vendor Onboarding
• Transient Occupancy Tax Audit
RiversideCA.gov
10 CURRENT INITIATIVES
• Robotic Process Automation (RPA)
• GASB 96 Implementation:
Subscription-Based IT Arrangements
• Establish Citywide Risk KPI
• Elected Officials Bond Training
• Risk/Safety Collaboration:
Implement Citywide Learning
Management System
• Treasury Business Process
Automation & Reengineering
• Market Rate Monitoring for Debt
Refinancing
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11 STRATEGIC PLAN ALIGNMENT
STRATEGIC PRIORITY 5
HIGH PERFORMING GOVERNMENT
CROSS-CUTTING THREADS
Equity
Innovation
Community Trust
Fiscal
Responsibility
Sustainability
and Resiliency
RiversideCA.gov
12 RiversideCA.gov
FINANCE DEPARTMENT EMPLOYEES OF THE YEAR
Alicia Sahagun
Revenue Specialist
(2022)
Karen Hessel
Principal Management
Analyst (2021)
Jackie Godinez
Risk Manager
(2021)
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