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RiversideCA.gov1
RiversideCA.gov
City CouncilDecember 17, 2024Cash and Investments Debt Administration Report FY 2023/24 Fourth Quarter UpdateFinance Department RiversideCA.gov2
•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 reportBACKGROUND1 2 2
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•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/TreasurerTREASURY FINANCIAL GOALS RiversideCA.gov4
•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 concernCASH AND TREASURY PERFORMANCE – END OF Q43 4 3
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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 millionDEBT SUMMARY ANALYSIS – FOURTH QUARTER RiversideCA.gov6
DEBT PORTFOLIO COMPOSITION – FOURTH QUARTER
21.86%1.00%67.05%0.20%7.14%2.74%General Fund/Measure ZCapital Projects FundsEnterprise FundsInternal Service FundsRDA Successor AgencyAssessment Districts / Galleria Agreement / Community FacilitiesDistricts 5 6
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DEBT SUMMARY ANALYSIS BY TYPE – FOURTH QUARTER$0$20$40$60$80$100$120$140$160$180$200Debt Outstanding in MillionsFiscal YearInternal Service Funds $3,938,197Capital Projects Funds $19,360,000Assessment Districts / Galleria Agreement /Community Facilities Districts $50,595,000RDA Successor Agency $127,487,209General Fund / Measure Z $420,867,407Enterprise Funds $1,298,018,288 RiversideCA.gov8
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 procurement 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 for 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 QUARTER7 8 5
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RiversideCA.gov9
STRATEGIC PLAN ALIGNMENTHigh performing government -Enhance communication and collaboration with community members, to improve transparency, build public trust, and encourage shared decision-making.Cross-Cutting ThreadsCommunity TrustEquityFiscal ResponsibilityInnovationSustainability & Resiliency RiversideCA.gov10
That the City Council receive and provide input on the Fiscal Year 2023/24 Fourth Quarter Cash, Investments, and Debt Report.RECOMMENDATION 9 10