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1 RiversideCA.gov1
RiversideCA.govCity Council October 8, 2024 FINANCE DEPARTMENT OVERVIEW AND EMPLOYEE RECOGNITION RiversideCA.gov2
MissionThe mission of the Finance Department is to provide fiduciary control of the City's assets, perform fiscally related services, and provide accurate, timely and useful financial information to support the delivery of municipal services to the City organization and the public. 1 2 9/24/2024
2 RiversideCA.gov3
Organizational Chart
RiversideCA.gov4
•Succession Planning•Long-term Financial Planning•Labor negotiations•Cannabis Business Tax Implementation•Business Process Improvements•Budget Engagement CommissionAdministration•ARPA Review•ERP Gap Analysis•Employee Development•Leadership DevelopmentADMINISTRATIONVacancy Rate20%10 %Vacancy Rate3 4 9/24/2024
3 RiversideCA.gov5
•Awards for Excellence in Financial Reporting–PAFR in English and Spanish•Implemented GASBpronouncements•Successfully defended against cybersecurity threats•Reduced vendor onboarding time from 90 days to <30 daysAccounting2.8k New Vendors ACCOUNTS PAYABLE66kInvoices4.8k Vendors
ACCOUNTS RECEIVABLE
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•Biennial Budget–Year 2 budget updates•Quarterly and FYE reports•Fees & charges studies•Development impact fee studies•Labor negotiations fiscal impactBudgetBudgetCapital$137MOperating$1.3BTotal: $1.46 Billion Labor Unions
9Fiscal Impact Scenarios>100
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4 RiversideCA.gov7
•Business Tax Ordinance review and update•Chambers engagement•Business Tax Discovery•Transient Occupancy Tax Audits•Utility Users Tax Audits•Business Engagement & EducationBusiness TaxTax Discovery Received $879kLicenses issued as part of tax discovery233k
BUSINESS TAX
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•$157M Debt Refinancing•$117M New Issuance•Section 115 Trust Administration•Manage $900M Investment Portfolio•$2B Debt Portfolio Management•Museum Financing•RPD Headquarters Financing•Assessment Districts•Payment Reconciliation StreamliningDebt & Treasury580 Customers2.4 Transactionsper Customer$3.6 MillionDAILY EQUIVALENTTREASURY Payments340kCustomers
145kTotal: $907 Million7
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PurchasingPurchase Orders3.8k
Bidders743Awarded$113 Millionfor Proposal151 Requests 31 DaysAvg. RFP LengthPURCHASING•Achievement of Excellence in Procurement Award•Harvard/Bloomberg Grant Award Training•Staff certifications in procurement•Local Vendor Preference policy expansion•Disadvantaged Business Enterprise policy reform•Purchasing Strategic Reform•Contract Management RiversideCA.gov10
Central StoresCENTRAL STORESCustomers
317kTotal: $855,843
Items Processed1 MillionTickets
7,611•Business Process Improvements•Staffing Stabilization•Central Stores Inventory Forecasting Dashboard•Warehouse Classification Reorganization Project•Barcoding•Policy Updates 9 10
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•Parada Claims Administration•Parking Garage Risk Assessment•Insurance Certificate Automation•Safety Training Funding•Risk & Safety Dashboard•Risk Assessments & Exposure ReductionRisk ManagementIncidents Assisted 17Certificates Issued41
Vendors Reviewed658RISK
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Strategic Plan Alignment
STRATEGIC PRIORITY 5 - HIGH PERFORMING GOVERNMENTCROSS-CUTTING THREADS Equity
Innovation
Community Trust
Fiscal Responsibility
Sustainability and Resiliency11
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RiversideCA.gov
FINANCE DEPARTMENT EMPLOYEES OF THE YEAR Mitch Mason Treasury Supervisor Donna Molina Accounting Tech 13