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1 RiversideCA.gov
1 RiversideCA.gov
FY 2022/23 Third Quarter
Financial Update
City Council
August 1, 2023
Finance Department
RiversideCA.gov
2 GENERAL FUND OVERVIEW
FY 2022/23
Adopted
Budget
Amended
Budget* Projected
Revenue & Transfers In $ 310.63 $ 341.04 $ 348.04
Expenditures & Transfers Out (305.67) (349.19) (334.19) Surplus/(Deficit) $ 4.96 $ (8.15) $ 13.85
Replenish Infrastructure Reserve $ (7.00)
Establish Technology Reserve (3.00)
Remaining Balance $ 4.96 $ (8.15) $ 3.85
* 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 $ 13.62 M
Section 115 Trust Fund Balance $ 30.20 M
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2 RiversideCA.gov
3 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) (96.51)
Encumbrances & Carryovers (32.44)
Net Change in Fund Balance $ 21.83 $ 13.58 $ 21.80 $(15.98) $(12.08) 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) (12.08) 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 $ 46.88 RiversideCA.gov
4 ELECTRIC FUND - OPERATING
$409.1M
$431.1M
$409.1M
$452.1M
$333.1M
(81%)
$325.7M
(72%)
$.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 third quarter. 3 4
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5 WATER FUND - OPERATING
$89.7M
$84.7M
$89.7M $90.1M
$66.1M
(74%) $57.3M
(64%)
$.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 third quarter.
RiversideCA.gov
6 SEWER FUND - OPERATING
$68.3M $66.0M$68.3M
$72.3M
$55.9M
(82%) $51.9M
(72%)
$.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 third quarter. 5 6
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7 REFUSE FUND - OPERATING
$30.5M $32.2M
$41.5M
$48.5M
$23.2M
(75%)
$23.6M
(75%)
$.0M
$10.0M
$20.0M
$30.0M
$40.0M
$50.0M
$60.0M
Revenue Expenditures
Adopted Operating Budget Total Budget Actual
Total Budget includes prior fiscal year encumbrances and carryovers posted in the third quarter.
RiversideCA.gov
8 PARKING FUND - OPERATING
Total Budget includes prior fiscal year encumbrances and carryovers posted in the third quarter. $9.0M
$7.6M
$8.7M
$8.0M
$4.9M
(75%) $4.4M
(75%)
$.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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9 STRATEGIC PLAN ALIGNMENT
HIGH PERFORMING GOVERNMENT
CROSS-CUTTING THREADS
Equity
Innovation
Community Trust
Fiscal
Responsibility
Sustainability
and Resiliency
RiversideCA.gov
10 That the City Council:
1. Receive and provide input on the Fiscal Year 2022/23 Third Quarter Financial Update;
2. Approve the allocation of $10 milli on in projected General Fund savings to the General Fund Infrastructure Reserve ($7 million) and the establishment of a Technology Reserve ($3 million);
3. With at least five affirmative votes, a uthorize the Chief Financial Officer or designee to record a supplement al appropriation in the General Fund of $500,000, fully offset by an insurance reimbursement, to cover demolition costs expended at 3460 Orange Street; and
RECOMMENDATIONS
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11 4. With at least five affirmative votes, a uthorize the Chief Financial Officer or designee to record a supplemental appropriation in the amount of $178,155 in the Measure Z Fund for the Riverside Access Center Rehabilitation project.
RECOMMENDATIONS
11