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RiversideCA.govFY 2024/25 First Quarter Financial Update City CouncilJanuary 28, 2025Finance Department
RiversideCA.gov2
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)Emergency Reserve (15%)(18.06)Contingency Reserve (5%)$ (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 1 2
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2 RiversideCA.gov3
GENERAL FUND OVERVIEW(in millions)Quarter 1ActualsTotal Adjusted BudgetAs of 9/30/2024AdoptedBudgetFY 2024/25$ 56.22$ 359.44$ 361.23Revenue & Transfers In(82.58)(364.58)(352.51)Expenditures & Transfers Out*$ (26.36)$ (5.14)$ 8.72Balance Before Changes in ReservesChanges in Reserves(8.52)(8.52)Water GFT Escrow10.40-Use of Prior Year Fund Balance for Encumbrances & Project/Grant Carryovers10.010.00Museum Expansion and Renovation Project (Infrastructure Reserve)(2.87)Loan to Solid Waste Fund (From Infrastructure Reserve)(.60)(.60)Bordwell Park Gym (Infrastructure Reserve)$ (16.96)$ 3.27$ 0.20Net Surplus\(Deficit)* Includes $10.37M in prior year encumbrances and $0.03M project/grant carryovers as allowed by the Riverside Municipal Code.
RiversideCA.gov4
PROJECTED GENERAL FUND REVENUE
Sales & Use Tax, $93.84 M 26%Property Tax, $92.59 M26%General Fund Transfer, $53.40 M 15%Utility Users Tax, $34.94 M 10%Fees & Charges for Services, $27.40 M 8%Measure Z Transfer, $18.27 M 5%Transfers from Other Funds, $5.16 M 1%Transient Occupancy Tax, $8.71 M, 2%License & Permits/Fines & Forfeitures, $13.12 M 4%All Other Financing Sources and Revenues, $12.03 M 3%3 4 1/15/2025
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GENERAL FUND EXPENDITURES*Total Budget includes approved supplementals and prior fiscal year encumbrances and carryovers posted in the first quarter.
24.54%19.45%6.31%1.37%26.02%25.94%0% 25% 50% 75% 100%PersonnelNon-PersonnelSpecial ProgramsMinor CapitalCharges to/from OthersTransfers OutQ1 Actual as % of BudgetTotal Budget$253.28 M$85.71 M$14.59 M$4.37 M($42.47 M)$49.69 M RiversideCA.gov6
MEASURE Z SPENDING PLANProjectedActuals20252024202320222021(in millions)$ 84.52$ 84.19$ 85.84$ 83.91$ 72.65Revenue(105.14)(86.10)(69.61)(67.45)(50.85)Expenditures(47.20)Encumbrances & Carryovers*$(67.82)$(1.91)$16.24$ 16.46$ 21.80Net Change in Fund Balance$ 105.72$ 107.63$ 91.40$ 74.94$ 53.14Beginning Fund Balance(67.82)(1.91)16.2416.4621.80Net Change in Fund Balance$ 37.90$ 105.72$ 107.63$ 91.40$ 74.94Ending Fund Balance* Includes $27.38M in prior year encumbrances, $13.43M project/grant carryovers carried over as allowed by the Riverside Municipal Code, and $6.39M in approved discretionary carryovers. 5 6
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4 RiversideCA.gov7
ELECTRIC FUNDExcludes bond proceeds and capital expenditures. Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.$453.6M$444.3M$453.6M$464.0M$139.6M$108.4M$.0M$50.0M$100.0M$150.0M$200.0M$250.0M$300.0M$350.0M$400.0M$450.0M$500.0MRevenue ExpendituresAdopted BudgetTotal BudgetQ1 Actual RiversideCA.gov8
WATER FUND$98.9M$95.9M$98.9M$102.8M$29.1M$17.6M$.0M$20.0M$40.0M$60.0M$80.0M$100.0M$120.0MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ1 ActualExcludes bond proceeds and capital expenditures. Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter. 7 8
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5 RiversideCA.gov9
REFUSE (SOLID WASTE) FUND$34.9M$38.0M$34.8M$48.9M$8.4M$7.0M$.0M$10.0M$20.0M$30.0M$40.0M$50.0M$60.0MRevenue ExpendituresAdopted BudgetTotal BudgetQ1 ActualExcludes capital expenditures which are budgeted in full but may be expended over several years. Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.
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SEWER (WASTEWATER) FUND$82.6M$73.2M$82.6M$75.7M$18.0M$28.4M$.0M$10.0M$20.0M$30.0M$40.0M$50.0M$60.0M$70.0M$80.0M$90.0MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ1 ActualExcludes capital expenditures which are budgeted in full but may be expended over several years. Total Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter. 9 10
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PUBLIC PARKING FUND$10.4M$9.4M$10.4M$9.6M$2.6M$.6M$.0M$2.0M$4.0M$6.0M$8.0M$10.0M$12.0MRevenue ExpendituresAdopted Operating BudgetTotal BudgetQ1 ActualTotal Budget includes prior fiscal year encumbrances and carryovers posted in the first quarter.
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STRATEGIC PLAN ALIGNMENT
HIGH PERFORMING GOVERNMENTCROSS-CUTTING THREADS
Equity
Innovation
Community Trust
Fiscal Responsibility
Sustainability and Resiliency
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That the City Council:1. Receive and provide input on the Fiscal Year 2024/25 FirstQuarter financial update;2. With at least five affirmative votes, authorize the ChiefFinancial Officer, or designee, to record:a) An increase in revenue and corresponding supplementalappropriation in the CFD Kunny Ranch Fund, in the amountof $179,975 to fund the first interest payment on Special TaxBonds, Series 2024;RECOMMENDATIONS RiversideCA.gov14
b) An increase in revenue and corresponding supplementalappropriation in the CFD Bridle Ridge Fund in the amount of$30,000 for administrative costs related to the establishment ofthe new community facilities district;c) An increase in revenue and corresponding supplementalappropriation in the Special Transit Fund in the amount of$6,717,815 for the purposes of adjusting the program revenueand expenditures to align with the Short-Range Transit Plan;d) An interfund transfer and corresponding supplementalappropriation of American Rescue Plan Act interest earningsfrom the Grants and Restricted Programs Fund to the GeneralFund in the amount of $250,000 to fund legal services previouslyapproved by Council to be funded from the interest revenue;RECOMMENDATIONS13 14 1/15/2025
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e. An interfund transfer and supplemental appropriation fromGeneral Fund Infrastructure Reserves to the Capital Outlay Fund,Miscellaneous Storm Drain Construction project in the amount of$490,000 to fund emergency repairs to a stormwater facility onIowa Avenue;f. An interdepartmental transfer of one Senior Project Managerposition and related budget in the amount of $88,543.81, alongwith all program and administrative budgets, in amounts to bedetermined, associated with the position, from the General Fund,Community and Economic Development Department to the CityManager’s Office, Office of Sustainability;g. A supplemental appropriation in the Parking Fund in the amountof $280,000 to fund the initial repayment of the 2023 General FundInterfund Loan;RECOMMENDATIONS RiversideCA.gov16
h. A supplemental appropriation in the Grants and RestrictedPrograms Fund, Police Asset Forfeiture Inland Crackdown AlliedTaskforce in the amount of $24,416.95 to record the FY 2023/24carryover of unexpended funds.RECOMMENDATIONS15 16