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1 RiversideCA.gov
1 RiversideCA.gov
City Council
JANUARY 23, 2024
Report from Outside Independent
Auditors for Fiscal Year 2022-2023
Finance Department
RiversideCA.gov
2 Government-Wide
Financial Statements
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3 Asset & Deferred Outflows Liabilities & Deferred Inflows Net Position 2018‐19 $4,586 $2,623 $1,963
2019‐20 $5,021 $3,054 $1,967
2020‐21 $4,712 $2,645 $2,067
2021‐22 $4,983 $2,743 $2,240
2022‐23 $5,066 $2,701 $2,365
Government-Wide
Statement of Net Position
(in millions)
RiversideCA.gov
4 Asset & Deferred
Outflows
Liabilities & Deferred
Inflows Net Position
2018‐19 $1,746 $873 $873
2019‐20 $2,088 $1,221 $867
2020‐21 $1,940 $972 $968
2021‐22 $2,110 $1,015 $1,095
2022‐23 $2,174 $979 $1,195
GOVERNMENTAL ACTIVITIES
Statement of Net Position
Governmental Activities and Business-Type Activities
(in millions)
Asset & Deferred
Outflows
Liabilities & Deferred
Inflows Net Position
2018‐19 $2,840 $1,750 $1,090
2019‐20 $2,933 $1,833 $1,100
2020‐21 $2,772 $1,673 $1,099
2021‐22 $2,873 $1,728 $1,145
2022‐23 $2,892 $1,722 $1,170
BUSINESS ‐TYPE ACTIVITIES
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5 General
Revenues
Charges for
Services
Operating
Grants &
Contributions
Capital
Grants &
Contributions
Transfers Total
2018‐19 $248 $45 $24 $28 $37 $382
2019‐20 $262 $38 $22 $20 $35 $377
2020‐21 $276 $34 $64 $28 $35 $437
2021‐22 $298 $41 $50 $39 $35 $463
2022‐23 $333 $43 $59 $34 $25 $494
REVENUES
Statement of Activities
Governmental Activities
(in millions)
General
Government
Public
Safety
Highways &
Streets
Culture &
Recreation
Interest &
Fiscal
Charges
Total
2018‐19 $51 $202 $44 $31 $10 $338
2019‐20 $64 $222 $47 $37 $13 $383
2020‐21 $98 $219 $42 $38 $19 $416
2021‐22 $67 $170 $41 $39 $20 $337
2022‐23 $34 $240 $51 $51 $18 $394
EXPENSES
RiversideCA.gov
6 Fund Financial
Statements
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7 Assets Liabilities & Deferred Inflows Net Position
2018‐19 $162 $41 $121
2019‐20 $173 $39 $134
2020‐21 $202 $42 $160
2021‐22 $281 $54 $227
2022‐23 $307 $54 $253
Balance Sheet
General Fund *
(in millions)
* Includes Measure Z
RiversideCA.gov
8 Sales Tax Property Tax Other Taxes Charges for Services All Other Revenue Total 2018‐19 $131 $70 $40 $16 $23 $280
2019‐20 $129 $71 $40 $15 $23 $278
2020‐21 $150 $74 $42 $13 $22 $301
2021‐22 $174 $78 $47 $15 $15 $329
2022‐23 $178 $83 $50 $16 $25 $352
Statement of Revenues, Expenditures, and Changes
in Fund Balance
General Fund Revenues *
(in millions)
* Includes Measure Z
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9 Statement of Revenues, Expenditures, and Changes in Fund Balance General Fund Expenditures *
(in millions)
* Includes Measure Z
RiversideCA.gov
10 GENERAL FUND & MEASURE Z FUND RESERVES
Measure
Z Fund
General
Fund
$5 M20% ($61.0 M)Beginning Reserve Balance
$5 M20% ($65.5 M)Ending Reserve Balance – 06/30/2023
Met Policy Requirements
N/A$32.7 MRestricted for Unfunded Accrued Liability
N/A$40.8 MCommitted for Other Purposes
$47.0 M$24.7 MUnreserved Fund Balance
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11 Assets & Deferred Ouflows Liabilities & Deferred Inflows Net Position Electric $1,286 $783 $503
Water $749 $422 $327
Sewer $655 $403 $252
Refuse $35 $21 $14
Proprietary Funds
Statement of Net Position
Electric, Water, Sewer, and Refuse Funds
(in millions)
RiversideCA.gov
12 RIVERSIDE PUBLIC UTILITIES
UNDESIGNATED CASH RESERVES
WaterElectric
$39 M$161 MBeginning Reserve Balance – 07/01/2022
$39 M$138 MEnding Reserve Balance – 06/30/2023
$25 M$35 MAvailable Line of Credit (LOC)1
$47 M$155 MMinimum Reserve Level – 06/30/2023
$71 M$245 MMaximum Reserve Level – 06/30/2023
Met Policy Requirements2
1 LOC provides flexibility and operating liquidity similar to cash reserve allowing the Electric and Water Funds to maintain compliance with RPU Cash Reserve Policy.
2 Electric and Water Fund’s undesignated reserve balances, combined wi th the respective LOC, are in compliance with RPU Cash Reserve Policy at 06/30/2023. The reserves are above target minimum, which is consistent with projections provided during the biennial budget and rate plan proposal processes.
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13 Popular Annual
Financial Report
(PAFR)
RiversideCA.gov
14 • Pending our 6th PAFR Award from GFOA for FY 2021-22 • Extracted information from the ACFR and PAFR is
unaudited
• Designed to be easily understandable to the general
public
• Intended for those without a background in public
finance
• Spanish Version
POPULAR ANNUAL FINANCIAL REPORT (PAFR)
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15 What’s New This
Year
RiversideCA.gov
16 Reviewed over 270 information technology subscription agreements for various software to determine applicability to GASB 96.
• Capitalized 23 new Subscription-Based Information
Technology Arrangement applicable to GASB 96.
GASB Statement No. 96, Subscription-Based
Information Technology Arrangements
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17 Future Item
RiversideCA.gov
18 Request for Proposal (RFP) For Audit Services FY 2023-2024 ― 2022-2023 Final contract year with LSL
Future Item
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19 STRATEGIC PLAN ALIGNMENT
High Performing Government – Enhance communication and
collaboration with community members, to improve transparency, build public trust, and encourage shared decision-making.
Cross-Cutting Threads
Community Trust
Equity
Fiscal Responsibility
Innovation
Sustainability &
Resiliency
RiversideCA.gov
20 That the City Council receive the annual audit reports from external independent auditor, Lance, Soll &
Lunhgard, LLP on the City of Riverside financial results for Fiscal Year 2022-2023 as required by the Riverside City Charter.
RECOMMENDATIONS
19 20