POPULAR ANNUAL
FINANCIAL REPORT
YEAR ENDED JUNE 30, 2024
RIVERSIDE, CALIFORNIA
1 It is important to note, this PAFR is unaudited and is presented on a non-GAAP basis*. This means that the presentation of financial data in this report differs from the GAAP basis presentation in the City’s ACFR. The differences are as follows: the use of prescribed accounting methods and financial statement formats; the presentation of segregated funds; and the disclosure of all material financial and non-financial matters in notes to the financial statements.
We hope that you find this report helpful and encourage you to access the City’s website (www.RiversideCA.gov/Finance) or contact the Finance Department at (951) 826- 5660 for more detailed information about the City’s finances.
Sincerely,
Kristie Thomas
Financial Director
Dear Reader,
The City of Riverside is pleased to present our Popular Annual Financial Report (PAFR) for the fiscal year ending June 30, 2024 . Our PAFR provides an overview of the City’s financial position in a manner that is easy to understand. The information in this report is based on the audited results presented in the City’s Annual Comprehensive Financial Report (ACFR). This report also includes information about the City’s economic outlook and organizational outstanding debt structure.
IN THIS REPORT
ABOUT THE CITY AND ITS LEADERSHIP ........................................................................................... 2 CITY DEMOGRAPHICS AND KEY STATISTICS ................................................................................... 3 WHAT’S NEW: FINANCIAL HIGHLIGHTS .......................................................................................... 4 THE CITY’S FINANCIAL POSITION .................................................................................................... 5 THE CITY’S ASSETS AND INVESTMENTS ........................................................................................... 6 WHAT THE CITY OWES ..................................................................................................................... 7 STATEMENT OF ACTIVITIES .............................................................................................................. 8 CITY VISION, ACTIVITIES, AND SPENDING ..................................................................................... 9 GOVERNMENTAL ACTIVITY: FINANCIAL HIGHLIGHTS ................................................................. 10 MEASURE Z REVENUE AND SPENDING ......................................................................................... 11 BUSINESS-TYPE ACTIVITIES: FINANCIAL HIGHLIGHTS .................................................................. 12 GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA) PAFR AWARD ................................ 14
* Generally Accepted Accounting Principles (GAAP) is a combination of authoritative standards and the commonly accepted way of recording and reporting accounting information. To review the audited GAAP-based, full disclosure financial statements, please refer to the City’s ACFR, which is available on the City’s website at www.RiversideCA.gov/Finance/
2 ABOUT THE CITY AND ITS LEADERSHIP
The City of Riverside operates under the council- manager form of government. Under this organizational structure, the City Council appoints a City Manager to act as the Chief Operating Officer. The City Council sets policy direction and the City Manager implements those policies. The Mayor is elected at -large, while Council members are elected by voters in each of seven separate wards. The Mayor shall be the presiding officer at all meetings of the City Council and shall have a voice in all its proceedings but shall not vote except to break a City Council tie-vote. The Mayor shall be the official head of the City for all ceremonial purposes.
12th
largest city in
California
59th
largest
incorporated
city in the United
States by population
The City of Riverside, incorporated on October
11, 1883, is in the western portion of Riverside
County, about 60 mile east of Los Angeles. The
City currently occupies a land area of 81.5 square
miles.
The City is a part of Inland Southern California,
which consists of Riverside and San Bernardino
Counties (the “MSA”). The population of Inland
Southern California, at approximately 4.6 million,
is larger than 26 states. The population of the City
is 3 16,690 which places it as the 12th largest in
California.
3 Average Household
Size: 3.20*
Median Age: 33.6*
Average Household
Income: $111,850*
2024 Estimated Population
316,690
Source: California Department of Finance
35.8% of the Population
25 years & over
have a college degree*
(Associates, Bachelor’s, Graduate/Professional)
CITY DEMOGRAPHICS AND KEY STATISTICS
CITY DEMOGRAPHICS
CITY KEY STATISTICS
Hispanic or Latino
(of any race)*
54.1%
White*
25.4%
Asian*
7.8% Black*
7.5%
Mixed or
Other
Race*
5.2%
$635,000
Median Sale Price in Riverside
Source: Redfin calculations of home data from
MLS and/or public records August 2024
* Source: United States Census Bureau, 2023 American Community Survey 1-Year Estimates – Most recent data available at time of publication 3,010.5
Acres of Parks
8 Library
Branches
Fire
Public Works
Police
Culture &
Recreation
4 Police Stations &
1 Police Substations
626 Police Personnel
(Sworn & Non-Sworn)
252 Fire Personnel
43,329 Calls Answered
890.93
Streets (miles)
14 Community
Centers
43 Playgrounds &
44 Softball/Baseball
Diamonds
11.8 Street Resurfacing
(miles)
31,112
Streetlights
14 Fire Stations
1 Training Facility
Unemployment Rate: 5.3%
Source: August 2024 Labor Force Data
California Employment Development
Department
4 FY 2019-20
$933,925
FY 2020-21
$986,646
FY 2021-22
$1,051,974
FY 2022-23
$1,138,001
FY 2023-24
$1,190,218
FY 2019-20
$930,318
FY 2020-21
$966,751
FY 2021-22
$880,131
FY 2022-23
$1,012,309
FY 2023-24
$1,156,221
Revenue Expenses
Overall, the City as a whole has seen revenue
increasing and expenses trending upward. For the year
ended June 30, 2024, revenue exceeded expenses by
nearly $ 34 million. The positive increase in unrestricted net position is primarily the result of the increases in charges for services, property tax, and investment
income.
FIVE-YEAR REVENUES VS EXPENSES – CITYWIDE
In thousands of dollars
WHAT’S NEW: FINANCIAL HIGHLIGHTS
Long-Term Financial Planning
On June 25, 2024, the City Council adopted
the City’s 2024-2026 Biennial Budget, which
includes $1.46 billion in funding for citywide
operations and $137.5 million for capital
projects in FY 2024- 25. The Biennial Budget
embraces the concepts of Priority Based
Budgeting (PBB) that align City resources with
the strategic priorities outlined in the Envision
Riverside Strategic Plan 2025.
*excludes Measure Z spending
$364.0 Million
General Fund
2023-24 Budget
Final Budget*
$352.5 Million
General Fund
2024-25 Budget
Adopted Budget*
2,668.15 Full-Time Equivalent
City Employees providing services to
our community
1 General Fund Policy Reserve of
20% of budgeted expenditures met
($72.246 million)
American Rescue Plan Act (ARPA)
On March 11, 2021, President Biden passed the $1.9 trillion American Rescue Plan Act (ARPA). The ARPA established the Coronavirus State Fiscal Recovery Fund and the Coronavirus Local Fiscal Recovery Fund, which aid eligible state, local, territorial, and Tribal governments to assist in the recovery from economic and health impacts of the COVID-19 pandemic.
The City received one-time funding of approximately $73.5 million from ARPA with the first installment of $36.7 million received in June 2021 and $36.8 million received in June 2022. The City may use the funds to best support the needs of the community providing the use of the funds aligns with statutory categories.
On November 9, 2021, the City Council approved the ARPA spending plan for the first allocation in the amount of $36.7 million. On February 7, 2023, the City Council approved the ARPA spending plan for the second allocation in the amount of $36.8 million.
For more information about the City’s plan for ARPA spending, please visit:
https://www.riversideca.gov/citymanager/arpa
Development of the Housing and Human Services
Department (HHS):
HHS was created to address the housing needs of
residents and mitigate homelessness through
strategic investments in affordable housing,
supportive services, and homeless prevention
programs. This department focuses on providing
shelter, supportive housing, and pathways to stable
housing for vulnerable populations.
5 THE CITY’S FINANCIAL POSITION
The Statement of Net Position financial statement presents information about the City’s assets, liabilities, deferred outflows (e.g., prepaid items), and deferred inflows (e.g., advance collections). The City’s net financial position is the balance of all assets and deferred outflows, less all liabilities and deferred inflows. Over time, increases or decreases in the City’s net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. For the fiscal year ended June 30, 2024, the City’s net position improved by $36.6 million.
STATEMENT OF NET POSITION – ALL FUNDS
In thousands of dollars
City Assets – What We Own 2023 2024
Current Assets consisting mainly of cash and amounts owed to the City $1,490,111 $1,703,862 Net Capital Assets consisting primarily of buildings, equipment, and vehicles 3,302,316 3,313,356 TOTAL CITY ASSETS $4,792,427 $5,017,218
Deferred Outflows of Resources, positive effect on Net Position 274,234 237,906 Total City Assets and Deferred Outflows $5,066,661 $5,255,124
City Liabilities – What We Owe 2023 2024
Current Liabilities consisting of all amounts the City owes $312,601 $329,803 Non-Current Liabilities consisting of long-term debt owed, including pension obligations 2,250,373 2,373,477
TOTAL CITY LIABILITIES $2,562,974 $2,703,280
Deferred Inflows of Resources, negative effect on Net Position 138,343 149,887 Total City Liabilities and Deferred Inflows $2,701,317 $2,853,167 CITY NET FINANCIAL POSITION $2,365,344 $2,401,957
6 THE CITY’S ASSETS AND INVESTMENTS
INVESTMENT MANAGEMENT AND FUNDS ALLOCATION
The prioritized objective of the City’s investment program is to preserve principal, ensure sufficient liquidity, and generate a market rate of return. The City’s investments comply with California Government Code Section 53601 guidelines for permissible investment types and limits. In addition, all investments comply with the City Council’s adopted investment policy which mitigates the City’s risk. The chart below reflects the types of investments held by the City or its Fiscal Agent as of June 30, 2024.
In thousands of dollars
US Treasury
Obligations
$375,844
27.9%
Medium Term
Corporate Notes
$219,677
16.3%
Joint Power
Authority Pools
$213,275
15.8%
Money Market
Funds
$193,565
14.4%
Securities
$191,398
14.2%
Federal Agency
Obligations
$100,195
7.4%
Other Investment
Types
$52,255
3.8%
INVESTMENT TYPE ● $ 1, 346 ,209
Average Purchase Yield to Maturity
Yield to maturity is the total return of
investment anticipated on a bond if the
bond is held until it matures. This figure is
expressed as an annual rate. Based on
information prepared by the City’s
investment consultant at year -end, the
City’s average purchase yield to maturity
increased significantly when compared to
the previous year.
2.89 %
June 2023
3.20 %
June 2024
Improvements other
than Buildings
$1,275,633
39.6%
Infrastructure
$678,867
20.5%
Buildings
$534,767
16.1%
Land
$480,956
14.5%
Construction in
Progress
$230,260
6.9%
Machinery &
Equipment
$82,456
2.5%
Other Capital
Assets
$30,417
0.9%
$3,313,356
(In thousands of dollars)
CAPITAL ASSETS, NET OF DEPRECIATION AND AMORTIZATION
The City’s capital asset investment includes
land, buildings and improvements,
machinery and equipment, park facilities,
roads, highways, bridges, and other capital
assets (intangibles, lease, and subscription
assets).
Major capital improvements included
projects for roads ($36.9 million), purchase of
vehicles, trailers, and heavy equipment ($8.7
million), purchase of helicopters ($10.9
million), water utility projects ($18.2 million),
and electric utility capital improv ement
projects ($16.5 million).
To review more comprehensive information about the City’s funds in the audited GAAP -based, full disclosure financial statements, please refer to the City’s ACFR which is available on the City’s website at www.RiversideCA.gov/Finance/
7 The City issues bonds to support spending for construction, capital asset purchases, and improvements and unfunded pension liability.
Water, Electric, and Sewer
Revenue Bonds
$1,268.7 million
Issued to acquire, purchase, construct, or improve
major capital facilities. The revenue generated by
the facility or activity supporting the facility is
pledged as security for the repayment of debt.
Certificates of Participation
$98.2 million
Used as a lease-purchase financing mechanism for
public buildings such as the Convention Center.
Pension Obligation Bonds
$409.1 million
Used to pay some of the pension plan’s unfunded
pension liability. The City’s net pension liability as of June 30, 2024, was $331.3 million.*
Lease Revenue Bonds
$66.9 million
Used to finance public improvements such as City
Hall, Galleria at Tyler, Police Patrol Center, and a
Main Library Project.
General Obligation Bonds
$1.8 million
Issued for the construction or acquisition of major
capital assets. The security pledged for the bonds
is the general taxing power of the government.
WHAT THE CITY OWES
As of June 30, 2024, the City had outstanding long-term bonded debt totaling $1.845 billion. A five-year history of the long-term debt for governmental and business-type activities is below.
Long-Term Bond Debt Outstanding*
In thousands of dollars
Net Pension Liability*
Miscellaneous vs
Safety Employees
Rising retirement costs continue to have a
significant impact on the City’s long -term
financial stability. CalPERS investment returns
have fluctuated significantly over the last ten
years, leading to swings in funding levels
reported in CalPERS actuarial re ports and
projected payments toward the City’s UAL. In
response, the City has employed several
strategies to address the rising CalPERS costs.
Such as, issuing a Pension Obligation Bond (POB)
and establishing a Section 115 Trust. The POB has
the ability to save the City over $170 million in
pension expense through maturity of the bond in
2050 and Section 115 Trust contributions are
projected to achieve level annual payments of
$36.17 million starting in FY 2028/29, offsetting a
projected impact of over $11.7 million annually.
For more
information about how the City is
handling the CalPERS challenge, please visit:
Miscellaneous Safety
FY 2022-23 FY 2023-24
Governmental Business-Type
FY 2022-23 FY 2023-24
Net Pension Liability*
by Fund Type
Governmental vs Business -Type
Activities
$155.0
Million
$231.0
Million
https://riversideca.gov/citymanager/calpers-challenge
*Based on Governmental Accounting Standards Board Pronouncement No. 68 Generally Accepted Accounting Principles reporting requirements which differs from the annual CalPERS actuarial report which contains information regarding the current financial status of the City’s retirement plans and employer funding requirements.
$66.1
Million
FY 2021-2022
$1,779,938
FY 2022-2023
$1,768,632
FY 2019-2020
$1,911,768
*Excludes debt issued by the City that is not a financial obligation of the City such as Fiduciary Funds.
$131.7
Million
FY 2020-2021
$1,849,092
$176.2
Million
$75.6
Million
$255.6
Million
$165.4
Million
FY 2023-2024
$1,844,675
8 STATEMENT OF ACTIVITIES
The Statement of Activities presents the City’s revenue and expenses in a format that reflects the financial burden for each of the City’s functions. All changes are reported as soon as the underlying event for the change occurs, regardless of the timing of the related cash flow.
For the fiscal year ended June 30, 2024, the City’s governmental and business -type activities resulted in an increase of net position totaling more than $125.7 million. The table below provides an overview of the effect of the City’s functions on its net financial position.
STATEMENT OF ACTIVITIES – ALL FUNDS
In thousands of dollars
Program Revenue 2023 2024
Charges for Services $671,171 $702,189
Operating Grants and Contributions 63,742 53,964
Capital Grants and Contributions 49,788 51,407
Total Program Revenue $784,701 $807,560
General Revenue and Net Transfers 2023 2024
Sales Tax $177,722 $174,300
Property Tax 84,751 90,383
Utility Users’ Tax 34,963 32,218
Franchise Tax 6,422 6,694
Transient Occupancy Tax 8,587 8,778
Intergovernmental, unrestricted 467 1,097
Rental and Investment Income 20,008 54,603
Miscellaneous and Transfers, net 20,380 14,585
Total General Revenue and Net Transfers $353,300 $382,658 TOTAL PROGRAM, GENERAL REVENUES, AND NET TRANSFERS $1,138,001 $1,190,218 Program Expenses 2023 2024
General Government $34,258 $108,301
Public Safety 239,744 275,631
Highways and Streets 50,588 55,000
Culture and Recreation 50,863 56,685
Interest on Long-Term Debt and Fiscal Charges 18,598 17,607 Electric 401,427 409,674
Water 76,475 80,452
Sewer 67,195 69,465
Refuse 32,777 35,717
Civic Entertainment 27,698 31,557
Other Business-Type Activities 12,686 16,132
TOTAL PROGRAM EXPENSES $1,012,309 $1,156,221
INCREASE IN NET POSITION $125,692 $33,997
Net Position 2023 2024
Net Position, beginning of year, as previously stated $2,239,652 $2,365,344 Prior period adjustment* 2,616
Add increase in net position 125,692 33,997
NET POSITION, ENDING $2,365,344 $2,401,957
* A prior period adjustment was made in Fiscal Year 2023-24. The adjustment was made to the Water Enterprise Fund for a capital contribution and changes lease items that should have been recognized in prior periods.
9 CITY VISION, ACTIVITIES, AND SPENDING
The City of Riverside is committed to providing high quality municipal services to ensure a safe, inclusive, and livable community.
The City provides a full range of services which include general government, public safety, highway and street maintenance, economic development, culture and recreation, electric, water, airport, refuse, sewer, and senior citizen/handicap transportation.
SPENDING: GOVERNMENTAL ACTIVITIES
The City’s governmental activities include general government, public safety, highways and streets, and culture and recreation. These activities are principally supported by general revenue including taxes and investment income. The table below reflects a five-year history of spending for these activities.
FIVE-YEAR SPENDING HISTORY – GOVERNMENTAL
In thousands of dollars
Public Safety expenditures reflect the costs associated with providing police and fire services to residents and visitors.
Culture and Recreation expenditures enrich the quality of life in Riverside through recreational and cultural activities as well as support the educational and informational needs of the community.
Highways and Streets expenditures are related to the design, construction, maintenance, and operation of public facilities and infrastructure within the City.
General Government expenditures are for the administration offices, including the Mayor, City Council, City Manager, City Attorney, City Clerk, Community Development, Finance, Human Resources, General Services, and Innovation Technology.
Interest on Long -Term Debt and Fiscal Charges expenditures are for the interest expense and fiscal charges associated with debt financing.
$0
$50
$100
$150
$200
$250
$300
Public Safety Culture and
Recreation
Highways and
Streets
General
Government
Interest on Long-
Term Debt and
Fiscal Charges
Millions
FY 2019-20 FY 2020-21 FY 2021-22 FY2022-23 FY2023-24
10 GOVERNMENTAL ACTIVITY: FINANCIAL HIGHLIGHTS
The General Fund is the government’s primary operating fund. It accounts for all financial resources of the general government, except those required to be recorded in another fund. Fund balance highlights are below.
FUND BALANCE OVERVIEW – GENERAL FUND
Excludes Measure Z Activity
(In thousands of dollars)
Functions of the City can be separated into two categories, those that are principally supported by taxes and intergovernmental revenues (governmental activities) and those that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities).
FIVE-YEAR REVENUE HISTORY – GOVERNMENTAL
In thousands of dollars
Sales and Use Tax – consumable tax placed on retail sales, leases or rentals of most goods, and any taxable services as mandated.
Property Tax – legally enforceable lien on property as of January 1. Taxes are levied on July 1 and are payable in two installments on December 10 and April 10.
Charges for Services – revenues that arise from charges to customers, applicants, or others who purchase, use, or directly benefit from the goods, services, or privileges provided, or are otherwise directly affected by the service.
Grants and Contributions (operating and capital) – revenues arising from mandatory and voluntary non -exchange transactions with other governments, organizations, or individuals that are restricted for use in a particular program.
Utility User’s Tax 6.5% usage tax on landline telephone, electricity, gas, water, and cable. The tax is collected by the utility company as part of its regular billing procedure and then remitted to the City.
Other consists of franchise tax, transient tax, intergovernmental (unrestricted), rental and investment income, and miscellaneous income, including one-time revenues.
$0
$20
$40
$60
$80
$100
$120
$140
$160
$180
$200
Sales and Use
Tax
Property Tax Charges for
Services
Grants and
Contributions
Utility User's Tax Other
Millions
FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
GENERAL FUND
1 FY 2023-2024 Fund Balance
$208,367
Non-Spendable
(e.g., Deposits & Inventory)
$3,782
Committed (Fund use determined by
formal Council or Board Approval)
$133,061
Restricted (Fund use restricted
for a specific purpose)
$60,166
Assigned (Fund use intended
for a specific purpose)
$11,358
11 MEASURE Z REVENUE AND SPENDING
In May 2017, the City began receiving revenue for the Measure Z additional one -cent sales and use tax authorized by voters during the November 2016 election. In Fiscal Year 2023-24, the City received $84.8 million in Measure Z revenue. Unspent revenue will be used for approved purposes in future fiscal years.
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE
MEASURE Z
In thousands of dollars
Measure Z - Revenue
Taxes $81,893
Miscellaneous 2,857
Total Revenue $84,750
Measure Z - Expenditures
Current:
General Government 4,295
Public Safety 26,921
Highways and Streets 3,707
Culture and Recreation 267
Capital Outlay and Debt Service 3,691
Total Expenditures $38,881
Excess of Revenues Over Expenditures $45,869
Measure Z - Other Financing Sources (Uses)
Transfers In 54
Transfers Out (23,219)
Transfers Out to General Fund* (18,266)
Total Other Financing Sources (Uses) ($41,431)
INCREASE IN MEASURE Z FUND BALANCE $4,438
Measure Z -Fund Balance
Fund Balance, Beginning of Year 75,053
Add increase in fund balance 4,438
FUND BALANCE, END OF YEAR $79,491
* Measure Z funds are within the General Fund. Per accounting standards, transfers within the same fund are not reflected in the Statement of Revenues, Expenditures and Changes in Fund Balances; however, General Fund transfers are reflected in this schedule for transparency purposes.
12 BUSINESS-TYPE ACTIVITIES: FINANCIAL HIGHLIGHTS
EXPENSES: BUSINESS-TYPE ACTIVITIES
The business-type activities of the City include Electric, Water, Sewer, Civic Entertainment and Others (Refuse, Public Parking, Airport, and Transportation services).
The Electric Fund accounts for the activities of the City’s electric distribution operations. To give an overview of the overall financial health of the fund, a five -year history of the net position is below. The total includes non-spendable assets and funds that are restricted for specific purposes. The net position does not reflect funds available for new electric distribution operations spending.
NET POSITION – ELECTRIC FUND
In thousands of dollars
Electric
$409,674
64.9%
Water
$80,452
12.5% Sewer
$69,465
10.9%
Refuse
$35,717
5.6%
Civic
Entertainment
$31,557
4.9%
Others
$16,132
2.0%
2024 SPENDING – BUSINESS-TYPE ACTIVITIES
(In thousands of dollars)
Electric is the largest business -type function in
the City with more than $409 million in
spending during Fiscal Year 2023 -24. Water
and Sewer business activities are the next
largest with a combined $149.9 million in
spending during the fiscal year ($80.4 million
and $69.5 million, respectively).
ELECTRIC FUND FY 2020-21
$497,373
FY 2021-22
$505,563 FY 2022-23
$503,352
FY 2019-20
$514,885 FY 2023-24
$508,534
FY 2019-20
FY 2020-21
FY 2021-22
FY 2022-23
FY 2023-24
$330,000
$340,000
$350,000
$360,000
$370,000
$380,000
$390,000
$400,000
$410,000
$420,000
$430,000
CHARGES FOR SERVICE - ELECTRIC
In thousands of dollars
113,436
Active Electric Meters -
includes Residential,
Commercial, and Industrial
2,065 kwh
Annual electric consumption
(millions of kwh)
473.0 employee
positions approved to
provide Electric – related
services
13 BUSINESS-TYPE ACTIVITIES: FINANICAL HIGHLIGHTS (CONTINUED) The Water Fund accounts for the activities of the City’s water distribution operations and the Sewer Fund accounts for the activities of the City’s sewer systems. To give an overview of the overall financial health of each fund, a five-year history of the net position is below. The total includes non-spendable assets and funds that are restricted for specific purposes. The net position does not reflect funds available for new water and sewer operations spending.
NET POSITION – WATER AND SEWER FUNDS
In thousands of dollars
SEWER FUND
Water
Sewer
23,011,443
annual water
consumption (CCF*)
17,580
New Connections
26.95 Average Daily
Sewage Treatment
(Millions of gallons)
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
FY 2019-20 FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24
CHARGES FOR SERVICE - WATER AND SEWER
In thousands of dollars
66,570
Number of Accounts
*CCF = Centum Cubic Feet = 748 gallons
FY 2020-21
$234,397
FY 2021-22
$245,674
FY 2022-23
$252,131
FY 2019-20
$228,532
FY 2023-24
$268,133
WATER FUND FY 2020-21
$308,360
FY 2021-22
$322,304
FY 2022-23
$327,413 FY 2019-20
$300,635
FY 2023-24
$339,672
14 GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA) PAFR AWARD
Government Finance Officers Association of the United States and Canada (GFOA) has given an Award for Outstanding Achievement in Popular Annual Financial Reporting to the City of Riverside for its Popular Annual Financial Report for the fiscal year ended June 30, 2023. The Award for Outstanding achievement in Popular Annual Financial Reporting is a prestigious national award recognizing conformance with the highest standards for preparation of state and local government popular reports.
In order to receive an Award for Outstanding Achievement in Popular Annual Financial Reporting, a government unit must publish a Popular Annual Financial Report, whose contents conform to program standards of creativity, presentation, understandability, and reader appeal.
An Award for Outstanding Achievement in Popular Annual Financial Reporting is valid for a period of one year only. The City has received an Award for Outstanding Achievement in Popular Annual Financial Reporting for the last seven consecutive years (fiscal years ended June 30, 2017-2023). We believe our current report continues to conform to the Popular Annual Financial Reporting requirements and w e are submitting it to GFOA to determine its eligibility for another Award.
City of Riverside, City Hall
3900 Main Street
Riverside, CA 92522
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