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Finance Committee
December 11, 2024
Cash, Investments, and Debt Report
FY 2023/24 Fourth Quarter Update
Finance Department
RiversideCA.gov
2 • Treasury and debt administrative activities
• Separate process for management of investment and debt • Different metrics of performance for debt and investments • Quarterly reports to Council; annual reports to Finance Committee
• July 16, 2024, the City Council received and provided input on the Fiscal Year 2023/24 Third Quarter report
BACKGROUND
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3 • Safety of Principal
• Liquidity for Cash Flow
• Yield return on investment
• Ensure sufficient cash on hand to meet obligations
• Adhere to City Investment Policy and bond covenants
related to Permitted Investments for Bond Proceeds
• Annual requirement to delegate investment authority to Chief Financial Officer/Treasurer
TREASURY FINANCIAL GOALS
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4 • Pooled Investment Portfolio - $1.087 billion
• Investments held by fiscal agent - $305 million
• Weighted average yield of pooled investment
portfolio – 3.20%
• No fund’s cash balance is currently a concern
CASH AND TREASURY PERFORMANCE – END OF Q4
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5 Principal Balance decreased a net $13.5 million
• New Debt Issuances:
• Interfund Loan ~$2 million
• Community Facility District ~$4.1 million
• Debt Service Principal Payments April 1 through June 30, 2024 • Pension Obligation Bonds ~$16 million
• Certificate of Participation ~$1.83 million
• Capital Leases ~$532 thousand
• Private Placement Loans ~$1.18 million
DEBT SUMMARY ANALYSIS – FOURTH QUARTER
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6 DEBT PORTFOLIO COMPOSITION – FOURTH QUARTER
21.86%
1.00%
67.05%
0.20%
7.14% 2.74%
General Fund/Measure Z
Capital Projects Funds
Enterprise Funds
Internal Service Funds
RDA Successor Agency
Assessment Districts / Galleria Agreement / Community Facilities Districts
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7 DEBT SUMMARY ANALYSIS BY TYPE – FOURTH QUARTER
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
Debt Outstanding in Millions
Fiscal Year
Internal Service Funds $3,938,197
Capital Projects Funds $19,360,000
Assessment Districts / Galleria Agreement /
Community Facilities Districts $50,595,000
RDA Successor Agency $127,487,209
General Fund / Measure Z $420,867,407
Enterprise Funds $1,298,018,288
RiversideCA.gov
8 1. Finalizing the financing plan for the Community Facility District 2013-1 Kunny Ranch, which closed on April 18, 2024.
2. Finalized the interfund loan financing for Parking Garages 1 & 2.
3. Continuing the process to finance the procuremen t of 15 vehicles for Riverside Public Utility, with a closing date of July 25, 2024, and receiving the Board of Public Utility’s recommendation for City Council approval.
4. Continuing the process to finance the Capital Improvement Plan for the Riverside Municipal Airport.
5. Beginning the process to finance the Museum Reconstruction Project and refinancing of 2012 Lease Revenue Bonds.
6. Completing the annual assessment levy process fo r the Street Lighting Assessment District and Landscape Maintenance Districts.
7. Finalizing a new contract with the City’s Special Tax Advisor.
8. Finalizing a new contract with a new Investment Advisor for the City’s 115 Pension Trust Account.
DEBT AND INVESTMENT ACTIVITIES – FOURTH QUARTER
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9 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
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10 That the Finance Committee receive and provide input on the Fiscal Year 2023/24 Fourth Quarter Cash,
Investments, and Debt Report.
RECOMMENDATION
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