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1 RiversideCA.gov1
RiversideCA.govFY 2023/24 Fourth Quarter Report
Finance DepartmentCity CouncilDecember 17, 2024
RiversideCA.gov2
GENERAL FUND OVERVIEW•Leverage one-time sales tax revenue growth, new baseline for future projections•Recognize hiring challenges and personnel savings –allocate projected 5% personnel savings to spending priorities•Assess operational needs•Assess ways to advance the City’s strategic priorities through funding allocationsBudget AmendmentRevenue HighlightsAdopted 2022-2024 Budget:•Based on FY 2020/21 and year-to-date (Spring 2022) revenue trends•Gradual recovery from the pandemicFY 2023/24 Budget Amendment:•Based on new revenue trends•$15.3M increase in revenue projectionsFiscal Year End Results:•$3.57M excessExpenditure HighlightsAdopted 2022-2024 Budget:•CPI increase, no balancing measures, all positions fundedFY 2023/24 Budget Amendment:•Personnel refresh•Address rising costs•Address operational needs following years of budget constraints•Propose funding initiatives to advance the City’s strategic priorities, including shoring up internal support servicesFiscal Year End Results:•$3.83M savings 1 2
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2 RiversideCA.gov3
GENERAL FUNDTotal Budget includes encumbrances, carryovers, and mid-year adjustments.$333.50 $327.09 $376.33 $377.63 $379.90 $373.80 $300.00$310.00$320.00$330.00$340.00$350.00$360.00$370.00$380.00$390.00Incoming Resources Outgoing ResourcesGENERAL FUND BUDGET TO ACTUAL (in millions)Adopted BudgetTotal BudgetUnaudited Actuals$6.10MNet GainIncoming/Outgoing Resources includes Uses of and Contributions to fund reserves.
RiversideCA.gov4
GENERAL FUND – FUND BALANCE(in millions)$ 65.50Beginning Fund Balance (Audited)FY 2023/24 Activity$ 350.09Revenues16.11Use of Infrastructure Reserve0.90Use of Insurance Proceed Reserve12.80Use of Encumbrance/Carryover Reserves(345.63)Expenditures(8.11)Escrow of Water GFT(3.00)Contribution to Infrastructure Reserve(2.00)Contribution to Technology Reserve(10.40)Encumbrances & Project/Grant Carryovers(0.82)Restricted Carryovers (pending approval)(3.84)Discretionary Carryovers (pending approval)$ 6.10Subtotal(0.90)Change in Other Reserves$ 5.20Net Change in Fund Balance(in millions)Policy Reserves$ (54.18)15% Emergency Reserve(18.06)5% Contingency Reserve$ (72.24)Total Policy Reserves$ (1.54)Projected Available Reserves** Reflects a timing difference and required accounting treatment to reserve the balance of interfund loan receivable as a nonspendable asset.(in millions)Other Reserve Balances$ 35.00Reserved for Section 115 Trust Contributions12.19Infrastructure Reserve5.00Technology Reserve8.11Water GFT Escrow58.29Section 115 Trust$ 118.59Total Other Reserves 3 4
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3 RiversideCA.gov5
MEASURE Z FY 2023/24 RESULTS2024202320222021202020192018(in millions)$ 84.20$ 85.84$ 83.91$ 72.65$ 63.14$ 62.82$ 56.24Revenue(86.10)(69.61)(67.45)(50.85)(49.57)(40.99)(36.14)Expenditures(47.20)------Encumbrances & Carryovers$ (49.10)$ (32.42)$16.46$ 21.80$ 13.57$ 21.83$ 20.10Net Change in Fund Balance$ 107.63$ 91.40$ 74.94$ 53.14$ 39.56$ 22.73$ 2.63Beginning Unallocated Fund Reserves(49.10)16.2416.4621.8013.5721.8320.10Net Change in Fund Balance-----(5.00)-Fund Balance Reserve Policy$ 58.52$ 107.63$ 91.40$ 74.94$ 53.13$ 39.56$ 22.73Ending Available Fund BalancePermanent Policy Reserve Set-Aside: $5MThe FY 2024-2026 Biennial Budget includes a Five-Year Spending Plan with a programmed draw on reserves totaling $48.79M through FY 2028/29.
RiversideCA.gov6
$421.54 $430.66 $421.54 $448.61 $449.40 $455.55 $400.00$410.00$420.00$430.00$440.00$450.00$460.00Revenue ExpendituresELECTRIC FUND BUDGET TO ACTUAL (in millions)Adopted BudgetTotal BudgetUnaudited ActualsELECTRIC FUND - OPERATING$6.15MNet LossTotal Budget includes encumbrances, carryovers, and mid-year adjustments.5 6 11/25/2024
4 RiversideCA.gov7
$91.61 $87.05 $91.93 $94.24 $96.63 $91.43 $82.00$84.00$86.00$88.00$90.00$92.00$94.00$96.00$98.00Revenue ExpendituresWATER FUND BUDGET TO ACTUAL (in millions)Adopted BudgetTotal BudgetUnaudited ActualsWATER FUND - OPERATING$5.20MNet GainTotal Budget includes encumbrances, carryovers, and mid-year adjustments.
RiversideCA.gov8
$ 32.0M$ 33.1M$ 32.1M$ 44.3M$ 34.4M$ 45.2M$ 26.00$ 31.00$ 36.00$ 41.00$ 46.00$ 51.00Revenue ExpendituresREFUSE FUND BUDGET TO ACTUAL (in millions)Adopted BudgetTotal BudgetUnaudited ActualsREFUSE FUND - OPERATINGTotal Budget includes encumbrances, carryovers, and mid-year adjustments. $9.5M of expenditures (Total Budget and Unaudited Actuals ) represents a use of fund reserves for vehicle purchases.$1.33MNet Loss** Excludes$9.5M timing difference for pending vehicle purchases funded by prior year revenues. $6.00MReserves7 8 11/25/2024
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$ 69.4M$ 67.5M$ 69.4M$ 76.4M$ 80.6M$ 70.3M$ 0.00$ 10.00$ 20.00$ 30.00$ 40.00$ 50.00$ 60.00$ 70.00$ 80.00$ 90.00$ 100.00Revenue ExpendituresSEWER FUND BUDGET TO ACTUAL (in millions)Adopted BudgetTotal BudgetUnaudited ActualsSEWER FUND$10.24MNet Gain$58.80MReservesTotal Budget includes encumbrances, carryovers, and mid-year adjustments.
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$ 7.6M$ 8.1M$ 8.4M$ 9.4M$ 11.6M$ 8.6M$ 0.0M$ 2.0M$ 4.0M$ 6.0M$ 8.0M$ 10.0M$ 12.0M$ 14.0MRevenue ExpendituresPUBLIC PARKING FUND BUDGET TO ACTUAL (in millions)Adopted BudgetTotal BudgetUnaudited ActualsPUBLIC PARKING FUND$3.01MNet Gain$5.88MReservesTotal Budget includes encumbrances, carryovers, and mid-year adjustments.9 10 11/25/2024
6 RiversideCA.gov11
CARRYOVERSTotalDiscretionaryRestrictedFund$ 4,655,384 $ 3,837,062 $ 818,322General Fund6,385,2936,385,293-Measure Z Fund11,128,49711,128,497-Electric Fund880,510880,510-Water Fund83,000-83,000Refuse Fund20,611,179 11,299,0419,312,138Other Funds$ 43,743,863 $ 33,530,403 $ 10,213,460 Total Carryovers RiversideCA.gov12
STRATEGIC PLAN ALIGNMENT
HIGH PERFORMING GOVERNMENTCROSS-CUTTING THREADS
Equity
Innovation
Community Trust
Fiscal Responsibility
Sustainability and Resiliency11
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7 RiversideCA.gov13
That the City Council:1. Receive and provide input on the Fiscal Year 2023/24Fourth Quarter Financial Report;2. With at least five affirmative votes, approve a carryover ofunexpended funds of approximately $4.66 million in theGeneral Fund and $39.09 million in other City funds intoFiscal Year 2024/25.RECOMMENDATIONS13