7/3/2024
1 RiversideCA.gov1
RiversideCA.govFY 2023/24 Third Quarter Financial Update Finance DepartmentCity CouncilJuly 16, 2024
RiversideCA.gov2
GENERAL FUND – FUND BALANCEGeneral Fund Reserves at March 31, 2024(in millions)General Fund$ 49.06 MEconomic Reserves (15%)$ 16.36 MEconomic Contingency Reserves (5%)$ 10.80 MInfrastructure Reserve$ 5.00 MTechnology Reserve$ 2.00 MInsurance Reserves$ 35.00 MSection 115 Trust Reserve Set AsideSection 115 Trust$ 32.70 MSection 115 Trust Fund ReserveInfrastructure 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) MSPC Jesus S. Duran Eastside Library (1/16/24)$ (1.00) MAirport Capital Projects (1/16/24)$ 3.00 M2nd Qtr. Contribution (4/16/24)$ (2.00) MAirport Infrastructure Loan (4/16/24)$ (0.83) MMagnolia Roof Replacement (4/23/24)$ 10.97 MEnding Balance (4/30/24)** The following additional requests for use of the General Fund Infrastructure Reserves will be submitted to Council for approval:•Victoria Avenue Funding Plan ($775,000) – To be heard by Council on 6/18/2024 7/3/2024
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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 $5.73M discretionary carryovers approved by Council in the FY 22/23 4th Quarter report.%Change$ChangeProjectedTotal BudgetAs of 3/31/24Adopted BudgetFY 2023/24 (in millions)0.5%$ 1.66 $ 345.64 $ 343.98 $ 333.50 Revenue & Transfers In-0.5%(1.66) 359.45 361.11 327.09 Expenditures & Transfers Out*-19.4%$ 3.32 $ (13.78)$ (17.13)$ 6.41 Balance Before Changes in ReservesChanges in Reserves2.9%$ 0.83 $ 29.03 $ 28.20 $ -Decreases to Reserves0.0%-(8.57)(8.57)-Water GFT Escrow0.0%-(3.00)(3.00)-Increase Infrastructure Reserve0.0%-(2.00)(2.00)-Increase Technology Reserve5.7%$ 0.83$ 15.46 $ 14.63$ -Total Change in Reserves-166.0%$ 4.15 $ 1.65 $ (2.50)$ 6.41 Net Surplus/(Deficit) RiversideCA.gov4
GENERAL FUND REVENUE% Change$ ChangeProjectedAdopted BudgetFY 2023/24(in millions)5.2%$ 4.40 $ 88.83 $ 84.43 Property Taxes-0.6%-0.6093.4494.04 Sales and Use Tax-1.8%-0.6032.9233.52 Utility Users Tax-1.6%-0.148.448.58 Transient Occupancy Tax12.8%0.756.595.84Franchise Fees10.0%1.011.03 10.03 Licenses & Non-Developer Permits0.4%0.253.40 53.20 General Fund Transfer16.3%7.1350.9943.86 All Other Revenues2.4%$ 12.14 $ 345.64 $ 333.50 Total Revenues* Use of reserves are excluded from the table above. 7/3/2024
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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.$73.8 M($43.9 M)$1.4 M$12.3 M$79.6 M$237.8 M$361.1 M80%77%11%39%58%75%70%0% 25% 50% 75% 100%Transfers OutCharges to/from OthersMinor CapitalSpecial ProgramsNon-PersonnelPersonnelQuarter 3 Actual Total BudgetEXPENDITURESBudgetActual as % of BudgetOverall Expenditures RiversideCA.gov6
MEASURE Z SPENDING PLANProjectedActuals20242023202220212020(in millions)$ 80.84$ 85.84$ 83.91$ 72.65$ 63.14Revenue(87.59)(69.61)(67.45)(50.85)(49.56)Expenditures(48.65)Encumbrances & Carryovers$(6.75)$(32.42)$ 16.46$ 21.80$ 13.58Net Change in Fund Balance$ 58.98$ 91.40$ 74.94$ 53.14$ 39.56Beginning Fund Balance(6.75)(32.42)16.4621.8013.58Net Change in Fund Balance$ 52.23$ 58.98$ 91.40$ 74.94$ 53.14Ending Fund Balance*Contingency reserves of $5 million are held separately per the Measure Z Reserve Policy. 7/3/2024
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ELECTRIC FUND - OPERATINGTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.$421.5M$430.7M$421.5M$448.6M$337.4M$332.0M$.0M$50.0M$100.0M$150.0M$200.0M$250.0M$300.0M$350.0M$400.0M$450.0M$500.0MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ3 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$68.5M$59.8M$0M$10M$20M$30M$40M$50M$60M$70M$80M$90M$100MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ3 Actual 7/3/2024
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REFUSE (SOLID WASTE) FUND - OPERATINGTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.$32.0M$33.1M$32.0M$44.2M$24.7M$22.8M$0M$5M$10M$15M$20M$25M$30M$35M$40M$45M$50MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ3 Actual RiversideCA.gov10
SEWER (WASTEWATER) FUND - OPERATINGTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.$69.4M$72.0M$69.4M$76.4M$55.6M$55.0M$0M$10M$20M$30M$40M$50M$60M$70M$80M$90MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ3 Actual 7/3/2024
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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$7.5M$9.4M$7.6M$5.0M$0M$1M$2M$3M$4M$5M$6M$7M$8M$9M$10MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ3 Actual RiversideCA.gov12
STRATEGIC PLAN ALIGNMENT
HIGH PERFORMING GOVERNMENTCROSS-CUTTING THREADS
Equity
Innovation
Community Trust
Fiscal Responsibility
Sustainability and Resiliency
7/3/2024
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That the City Council:1. Receive and provide input on the Fiscal Year 2023/24 Third QuarterFinancial Update; andWith at least five affirmative votes, authorize the Chief Financial Officer,or designee, to record:2. Record $330,000 in FY 2023/24 supplemental appropriations in theGeneral Fund, Finance Department, to fund the consultant servicescontract with Harvard/Partners for Public Good;RECOMMENDATIONS RiversideCA.gov14
3. Record an increase in FY 2023/24 revenues and supplementalappropriations in the amount of $260,000 in the General Fund, FinanceDepartment, to modify the accounting treatment of the consultantservices contract with Hinderliter, de Llamas and Associates (HdL) forthe Business Tax Discovery Program and other services; and4. Record $420,000 in FY 2023/24 supplemental appropriations in theGeneral Fund, Non-Departmental General Services expenditureaccount for additional security patrols in Ward 5 and 6, as well as 24/7security services required to secure the new HVAC system for CouncilChambers pending its installation.RECOMMENDATIONS