12/26/2023
1 RiversideCA.gov1
RiversideCA.govFY 2023/24 First Quarter Financial Update City CouncilJanuary 16, 2024Finance Department
RiversideCA.gov2
GENERAL FUND – FUND BALANCE(in millions)$ 70.77Beginning Fund BalanceFY 2022/23 Activity$ 360.69Revenues7.00Use of Infrastructure Reserves(333.24)Expenditures(7.07)Encumbrances/Projects/Grants(4.43)Restricted Carryovers*(1.30)Discretionary Carryovers*$ 21.65Subtotal(2.23)Change in Other Reserves$ 19.42Net Change in Fund BalanceFund Balance Reserves$ (49.06)15% Emergency Reserve(16.36)5% Contingency Reserve$ (65.42)Total Policy Reserves$ 24.77Projected Surplus Reserves* In FY 2022/23 Fourth Quarter Report, staff presented to Council recommendations for Restricted and Discretionary carryovers, as well as the following use of Surplus Reserves:•Section 115 Trust: $20MStaff also recommended reallocating $15M in reserves earmarked for MOU impacts•Infrastructure Reserves: $4.8MAmounts will post in FY 2023/24 Second Quarter.General Fund Reserves at June 30, 2023(in millions)$ 49.06 MEconomic Reserves (15%)$ 16.36 MEconomic Contingency Reserves (5%)$ 15.00 MMOU Impacts Reserve*$ 20.62 MInfrastructure Reserve$ 3.00 MTechnology Reserve$ 32.70 MSection 115 Trust Fund Reserve$ 2.00 MInsurance Reserves$ 24.77 MSurplus Reserves* 12/26/2023
2 RiversideCA.gov3
GENERAL FUND OVERVIEW(in millions)Quarter 1ActualsTotal Adjusted BudgetAs of 9/30/2023AdoptedBudgetFY 2023/24$ 42.64$ 333.63$ 333.50Revenue & Transfers In(77.13)(335.28)(332.09)Expenditures & Transfers Out*$ (34.49)$ (1.65)$ 6.41Balance Before Changes in ReservesChanges in Reserves-7.07-Use of Prior Year Fund Balance for Encumbrance & Project/Grant Carryovers(2.14)(8.57)-Escrow of $8.57M Water GFT-0.90-Drawdown of Insurance Reserves$ (36.63)$ (2.25)$ 6.41Net Surplus\(Deficit)*** Includes prior year encumbrances $7.05M in encumbrances and $0.02M project/grant carryovers carried over as allowed by the Riverside Municipal Code. **In the event of a fiscal year-end budget surplus, the adopted budget includes a planned contribution of $5.00M to the Infrastructure Reserve, which is excluded in the table.
RiversideCA.gov4
GENERAL FUND REVENUE BUDGET* All revenues are being reviewed in preparation for the FY 2024-2026 mid-cycle budget update.
Sales & Use Tax$94.04M28.1%Property Tax$84.43M25.2%General Fund Transfer$53.20M15.9%Utility Users Tax$33.52M10.0%Fees & Charges for Services$24.13M7.2%Measure Z Transfer$18.27M5.5%Transient Occupancy Tax$8.58M2.6%License & Permits/Fines & Forfeitures$11.95M3.6%All Other Financing Sources$6.41M1.9%REVENUES 12/26/2023
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GENERAL FUND EXPENDITURES*Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter. $56.1 M($43.0 M)$1.3 M$11.7 M$72.4 M$236.7 M30%26%3%22%24%0% 25% 50% 75% 100%Transfers OutCharges to/from OthersMinor CapitalSpecial ProgramsNon-PersonnelPersonnelQuarter 1 Actual Total BudgetEXPENDITURESBudgetActual as % of Budget
RiversideCA.gov6
MEASURE Z SPENDING PLANProjectedActuals20242023202220212020(in millions)$ 84.46$ 85.84$ 83.91$ 72.65$ 63.14Revenue(96.25)(69.61)(67.45)(50.85)(49.56)Expenditures(48.65)Encumbrances & Carryovers$(11.79)$(32.42)$ 16.46$ 21.80$ 13.58Net Change in Fund Balance$ 58.98$ 91.40$ 74.94$ 53.14$ 39.56Beginning Fund Reserves(11.79)(32.42)16.4621.8013.58Net Change in Fund Balance-----Fund Balance Reserve Policy$ 47.19$ 58.98$ 91.40$ 74.94$ 53.14Ending Fund Reserves 12/26/2023
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ELECTRIC FUND - OPERATINGTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.$421.5M$430.7M$421.6M$439.6M$128.1M$121.4M$.0M$50.0M$100.0M$150.0M$200.0M$250.0M$300.0M$350.0M$400.0M$450.0M$500.0MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ1 Actual RiversideCA.gov8
WATER FUND - OPERATINGTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.$91.6M$87.0M$91.9M$89.4M$25.1M$16.8M$.0M$10.0M$20.0M$30.0M$40.0M$50.0M$60.0M$70.0M$80.0M$90.0M$100.0MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ1 Actual 12/26/2023
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REFUSE FUND - OPERATINGTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.$32.0M$33.1M$32.0M$42.7M$7.8M$6.4M$.0M$5.0M$10.0M$15.0M$20.0M$25.0M$30.0M$35.0M$40.0M$45.0MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ1 Actual RiversideCA.gov10
SEWER FUND - OPERATINGTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.$69.4M$72.0M$69.4M$73.7M$18.4M$26.8M$.0M$10.0M$20.0M$30.0M$40.0M$50.0M$60.0M$70.0M$80.0MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ1 Actual 12/26/2023
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PUBLIC PARKING FUND - OPERATINGTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.$7.6M$8.1M$7.6M$8.2M$2.1M$.8M$.0M$1.0M$2.0M$3.0M$4.0M$5.0M$6.0M$7.0M$8.0M$9.0MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ1 Actual RiversideCA.gov12
STRATEGIC PLAN ALIGNMENT
HIGH PERFORMING GOVERNMENTCROSS-CUTTING THREADS
Equity
Innovation
Community Trust
Fiscal Responsibility
Sustainability and Resiliency
12/26/2023
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That the City Council:1. Receive and provide input on the Fiscal Year 2023/24 First Quarter financial update;and2. With at least five affirmative votes, authorize the Chief Financial Officer, or designee,to record a supplemental appropriation in the General Fund of $1,000,000 millionfrom the Infrastructure Reserve for an interfund transfer to the Airport Fund and recordsupplemental appropriations in the same amount in Airport Capital Projectsexpenditure account for Airport building remedial repairs; and3. With at least five affirmative votes, authorize the Chief Financial Officer, or designee,to record a supplemental appropriation of $3,000 in the General Fund, Mayor’sCollege Council of Riverside expenditure account, fully offset with funds from theSpecial Deposit Fund, College Council of Riverside deposit account; andRECOMMENDATIONS RiversideCA.gov14
4. With at least five affirmative votes, authorize the Chief Financial Officer, ordesignee, to record a supplemental appropriation in the General Fund, HumanResources Department of $250,000 to the employee Education ReimbursementProgram; and5. With at least five affirmative votes, authorize the Chief Financial Officer, ordesignee, to record a supplemental appropriation in the General Fund, Non-Departmental of $100,000 to fund payment processing upgrades and relatedcompliance requirements; and6. With at least five affirmative votes, authorize the Chief Financial Officer, ordesignee, to record a supplemental appropriation of $100,000 in the GeneralFund, Non-Departmental General Services expenditure account for additionalsecurity patrols in Ward 5 and 6.RECOMMENDATIONS