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1 RiversideCA.gov
1 RiversideCA.gov
FY 2023/24 Second
Quarter Financial Update
City Council
April 16, 2024
Finance Department
RiversideCA.gov
2 GENERAL FUND – FUND BALANCE
General Fund Reserves at December 31, 2023
(in millions)
General Fund
$ 49.06 MEconomic Reserves (15%)
$ 16.36 MEconomic Contingency Reserves (5%)
$ 15.29 MInfrastructure Reserve
$ 3.00 MTechnology Reserve
$ 2.00 MInsurance Reserves
Section 115 Trust
$ 67.70 MSection 115 Trust Fund Reserve
Infrastructure Reserve Balance
(in millions)
$ 20.62 MBeginning Balance (7/1/23)
$ (10.00) MMuseum Renovation (12/12/23)
$ 4.68 MFYE Surplus Reserves (12/19/23)
$ (3.50) MEastside Library (1/16/24)
$ (1.00) MAirport Capital Projects (1/16/24)
$ 10.80 MEnding Balance (1/31/24)*
* At the time of the writing of this report, two additional requests for use of the General Fund Infrastructure
Reserves are scheduled for Council consideration:
• Victoria Avenue Funding Plan ($775,000) – On
3/14/24, Mobility and Infrastructure Committee
voted to recommend Council approve this item.
• Airport Infrastructure Loan ($2,000,000) – To be heard by Council on 4/16/2024
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3 GENERAL FUND OVERVIEW
* Includes $7.05M in encumbrances and $0.02M project/grant carryovers carried over as allowed by the Riverside Municipal Code. Also includes $5.73M discretionary carryovers approved by Council in the FY 22/23 4th Quarter report. %
Change
$
ChangeProjected
Total Budget
As of
12/31/23
Adopted
BudgetFY 2023/24 (in millions)
2.0%$ 6.75 $ 341.54 $ 334.79 $ 333.50 Revenue & Transfers In
0.5%1.84 353.91 352.07 327.09 Expenditures & Transfers Out* -28.4%$ 4.91 $ (12.37)$ (17.28)$ 6.41 Balance Before Changes in Reserves Changes in Reserves
19.0%$ 4.50 $ 28.20 $ 23.70 $ -Decreases to Reserves
0.0%-(8.57)(8.57)-Water GFT Escrow
29.7%$ 4.50 $ 19.63 $ 15.13 $ -Total Change in Reserves -437.7%$ 9.41 $ 7.26 $ (2.15)$ 6.41 Net Surplus/(Deficit) Recommendation: From projected surplus: allocate $3M to Infrastructure Reserves and $5M to Technology Reserves.
RiversideCA.gov
4 GENERAL FUND REVENUE
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5 GENERAL FUND EXPENDITURES
*Includes $7.07 million prior year encumbrances and carryovers carried per RMC and $5.73M discretionary carryovers approved by Council in the FY 22/23 4th Quarter report. $66.2 M
($43.0 M)
$1.5 M
$11.9 M
$78.2 M
$237.2 M
$352.1 M
62%
53%
8%
21%
41%
48%
47%
0% 25% 50% 75% 100%
Transfers Out
Charges to/from Others
Minor Capital
Special Programs
Non-Personnel
Personnel
Overall Expenditures
Quarter 2 Actual Total Budget
EXPENDITURES
Budget
Actual as % of Budget
RiversideCA.gov
6 MEASURE Z SPENDING PLAN
ProjectedActuals
20242023202220212020(in millions)
$ 80.54$ 85.84$ 83.91$ 72.65$ 63.14Revenue
(96.25)(69.61)(67.45)(50.85)(49.56)Expenditures
(48.65)Encumbrances & Carryovers
$(15.71)$(32.42)$ 16.46$ 21.80$ 13.58Net Change in Fund Balance $ 58.98$ 91.40$ 74.94$ 53.14$ 39.56Beginning Unallocated Fund Reserves
(15.71)(32.42)16.4621.8013.58Net Change in Fund Balance -----Fund Balance Reserve Policy
$ 43.27$ 58.98$ 91.40$ 74.94$ 53.14Ending Unallocated Fund Reserves 5 6
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7 ELECTRIC FUND - OPERATING
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter. $421.5M $430.7M$421.5M
$448.0M
$239.8M $227.0M
$0M
$50M
$100M
$150M
$200M
$250M
$300M
$350M
$400M
$450M
$500M
Revenue Expenditures
Adopted Operating Budget Total Budget Q2 Actual
RiversideCA.gov
8 WATER FUND - OPERATING
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter. $91.6M
$87.0M
$91.9M $89.9M
$48.6M
$43.0M
$0M
$10M
$20M
$30M
$40M
$50M
$60M
$70M
$80M
$90M
$100M
Revenue Expenditures
Adopted Operating Budget Total Budget Q2 Actual
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9 REFUSE FUND - OPERATING
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter. $32.0M $33.1M$32.0M
$44.2M
$16.2M $14.5M
$0M
$5M
$10M
$15M
$20M
$25M
$30M
$35M
$40M
$45M
$50M
Revenue Expenditures
Adopted Operating Budget Total Budget Q2 Actual
RiversideCA.gov
10 SEWER FUND - OPERATING
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter. $69.4M $72.0M$69.4M
$74.5M
$36.6M $38.3M
$0M
$10M
$20M
$30M
$40M
$50M
$60M
$70M
$80M
Revenue Expenditures
Adopted Operating Budget Total Budget Q2 Actual
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11 PUBLIC PARKING FUND - OPERATING
Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter. $7.6M
$8.1M
$7.5M
$8.2M
$4.7M
$3.3M
$0M
$1M
$2M
$3M
$4M
$5M
$6M
$7M
$8M
$9M
Revenue Expenditures
Adopted Operating Budget Total Budget Q2 Actual
RiversideCA.gov
12 MID-CYLE BUDGET ADJUSTMENTS
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7 RiversideCA.gov
13 STRATEGIC PLAN ALIGNMENT
HIGH PERFORMING GOVERNMENT
CROSS-CUTTING THREADS
Equity
Innovation
Community Trust
Fiscal
Responsibility
Sustainability
and Resiliency
RiversideCA.gov
14 RECOMMENDATIONS
That the City Council:
1. Receive and provide input on the Fiscal Year 2022/23 Second Quarter Financial Update;
2. With at least five affirmative votes, authorize the Chief Financial Officer, or designee, to record mid-cycle budg et adjustments resulting in total supplemental appropriations of $386,133 in various funds as detailed in this report, including $99,921 in the General Fund fully offset by adjusted revenue projections; and
3. With at least five affirmative votes, authorize the Chief Financial Officer, or designee, to record an allocation of $5 million in projected General Fund surplus to the General Fund Infrastructure Reserve ($3 million) and the Technology Reserve ($2 million) fully offset by adjusted revenue projections. 13 14