RIVERSIDE, CALIFORNIA
YEAR ENDED JUNE 30, 2025
FINANCIAL REPORT
POPULAR
ANNUAL
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
Chief Financial Officer
Dear Reader,
The City of Riverside is pleased to present our Popular Annual Financial Report (PAFR) for the fiscal year end ed June 30, 2025. 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
61st
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. 7 million,
is larger than that of 26 states. The population of
the City is 3 20,337 which places it as the 12th
largest in California.
3 Average Household
Size: 3.03*
Median Age: 34.8*
Average Household
Income: $108,599*
2025 Estimated Population
320,337
Source: California Department of Finance
32.9% 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)*
57.9%
White*
23.1%
Asian*
7.9%
Black*
6.2%
Mixed or
Other
Race*
4.9%
$650,000
Median Sale Price in Riverside
Source: Redfin calculations of home data from
MLS and/or public records October 2025
* Source: United States Census Bureau, 2024 American Community Survey 1-Year Estimates – Most recent data available at time of publication 3,027.6
Acres of Parks
7 Library
Branches
Fire
Public Works
Police
Culture &
Recreation
5 Police Stations &
2 Helicopters
628 Police Personnel
(Sworn & Non-Sworn)
262 Fire Personnel
44,670 Calls Answered
890.88
Streets (miles)
15 Community
Centers
43 Playgrounds &
51 Softball/Baseball
Diamonds
29.6 Street Resurfacing
(miles)
30,116
Streetlights
14 Fire Stations
1 Training Facility
Unemployment Rate: 5.9%
Source: July 2025 U.S. Bureau of Labor
Statistics, bls.gov
4 FY 2020-21
$986,646
FY 2021-22
$1,051,974
FY 2022-23
$1,138,001
FY 2023-24
$1,190,218
FY 2024-25
$1,337,874
FY 2020-21
$966,751
FY 2021-22
$880,131
FY 2022-23
$1,012,309
FY 2023-24
$1,156,221
FY 2024-25
$1,234,274
Revenue Expenses
Overall, the City as a whole has seen revenue
increasing and expenses trending upward. For the year
ended June 30, 2025, revenue exceeded expenses by
$103.6 million. The increase in unrestricted net position is primarily the result of the increases in charges for
services, grants and contributions , and investment
income.
FIVE-YEAR REVENUES VS EXPENSES – CITYWIDE
In thousands of dollars
WHAT’S NEW: FINANCIAL HIGHLIGHTS
Long-Term Financial Planning
On June 17, 2025, the City Council adopted the
amended FY 2025-26 Budget, which includes $1.53
billion in citywide funding, including $158.1 million
for capital investments. The amended FY 2025 -26
Budget included a more cautious approach for the
General Fu nd and Measure Z due to continued
uncertainty regarding the national economy and
impacts that may have on the local economy.
While significant reserve balances are available to
help offset any revenue downturn, reserve
balances are generally being preserved in the
event the City experiences a more severe
economic downturn.
*excludes Measure Z spending
$413.1 Million
General Fund
2024-25 Budget
Final Budget*
$382.2 Million
General Fund
2025-26 Budget
Adopted Budget*
2,735.24 Full-Time Equivalent
City Employees providing services to
our community
1 General Fund Policy Reserve of
20% of budgeted expenditures met
($76.431 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 Council approved the ARPA spending plan for the two allocations in November 2021 and February 2023. On December 10, 2024, the City Council approved the final reallocation of the ARPA funding whereby all unexpended funds were reallocated to the Provision of Government Services, supported by qualifying public safety expenditures, to allow the City to safely meet the December 31, 2024, obligation deadline.
For more information about the City’s plan for ARPA spending, please visit:
https://www.riversideca.gov/citymanager/arpa
Measure Z Fund
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. Measure Z funds are within the General
Fund. For purposes of transparency the PAFR
separates General Fund and Measure Z.
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, 2025, the City’s net position improved by $38.5 million.
STATEMENT OF NET POSITION – ALL FUNDS
In thousands of dollars
City Assets – What We Own 2024 2025
Current Assets consisting mainly of cash and amounts owed to the City $1,703,862 $1,773,238 Net Capital Assets consisting primarily of buildings, equipment, and vehicles 3,313,356 3,292,726 TOTAL CITY ASSETS $5,017,218 $5,065,964
Deferred Outflows of Resources, positive effect on Net Position 237,906 187,626 Total City Assets and Deferred Outflows $5,255,124 $5,253,590
City Liabilities – What We Owe
Current Liabilities consisting of all amounts the City owes $329,803 $300,606 Non-Current Liabilities consisting of long-term debt owed, including pension obligations 2,373,477 2,368,977
TOTAL CITY LIABILITIES $2,703,280 $2,669,583
Deferred Inflows of Resources, negative effect on Net Position 149,887 143,570 Total City Liabilities and Deferred Inflows $2,853,167 $2,813,153 CITY NET FINANCIAL POSITION $2,401,957 $2,440,437
6 THE CITY’S INVESTMENTS AND CAPITAL ASSETS
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, 2025.
In thousands of dollars
US Treasury
Obligations
$486,915
36.5%
Medium Term
Corporate Notes
$214,176
16.1%
Joint Power
Authority Pools
$126,381
9.5%
Money Market
Funds
$147,873
11.1%
Securities
$235,825
17.7%
Federal Agency
Obligations
$36,174
2.7%
Other
Investment
Types
$84,953
6.4%
INVESTMENT TYPE ● $ 1, 332,297
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.
3.74 %
June 2025
3.20 %
June 2024
Improvements other
than Buildings
$1,310,208
39.9%
Infrastructure
$652,554
19.8%
Buildings
$526,031
16.0%
Land
$485,564
14.7%
Construction in
Progress
$185,928
5.6%
Machinery &
Equipment
$99,366
3.0%Other Capital
Assets
$33,075
1.0%
$3,292,726
(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 ($27.8 million),
improvements to parks and buildings ($13.8
million), purchase of vehicles and heavy
equipment ($15.9 million), electric utility
capital improvements ($59.5 million), water
utility projects ($19.8 million), and sewer
capital improvements ($23.7 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
$1,222.9 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
$91.5 million
Used as a lease-purchase financing mechanism for
public buildings such as the Convention Center.
Pension Obligation Bonds
$389.9 million
Used to pay some of the pension plan’s unfunded
pension liability. The City’s net pension liability as of June 30, 2025, was $338 million.*
Lease Revenue Bonds
$106.9 million
Used to finance public improvements such as City
Hall, Galleria at Tyler, Police Patrol Center, and a
Main Library Project.
WHAT THE CITY OWES
As of June 30, 2025, the City had outstanding long-term bonded debt totaling $1.811 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 are a key consideration in
the City’s long -term financial planning and are
factored into ongoing efforts to maintain fiscal
health. CalPERS investment returns have
fluctuated significantly over the last ten years,
leading to swings in funding levels reported in
CalPERS actuarial reports and projected
payments toward the City’s Unfunded Accrued
Liability (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. If
CalPERS meets its long -term assumptions, the
POB is anticipated to generate $175 million in
pension expense through maturity of the bond in
2050, and Section 115 Trust contributions are
projected to help smooth fluctuations in annual
required CalPERS UAL payments.
Miscellaneous Safety
FY 2023-24 FY 2024-25
Governmental Business-Type
FY 2023-24 FY 2024-25
Net Pension Liability*
by Fund Type
Governmental vs Business -Type
Activities
$187.2
Million
$255.6
Million
*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.
$75.6
Million
FY 2022-2023
$1,768,632
FY 2023-2024
$1,844,675
FY 2020-2021
$1,849,092
*Excludes debt issued by the City that is not a financial obligation of the City such as Fiduciary Funds.
$155.0
Million
FY 2021-2022
$1,779,938
$150.8
Million
$90.4
Million
$247.6
Million
$176.2
Million
FY 2024-2025
$1,811,234
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. Revenues and expenses are recorded when they are earned or incurred, regardless of the timing of the related cash flow.
For the fiscal year ended June 30, 2025, the City’s governmental and business -type activities resulted in an increase of net position totaling $38.5 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 2024 2025
Charges for Services $702,189 $755,986
Operating Grants and Contributions 53,964 80,990
Capital Grants and Contributions 51,407 81,752
Total Program Revenue $807,560 $918,728
General Revenue and Net Transfers
Sales Tax $174,300 $176,256
Property Tax 90,383 94,638
Utility Users’ Tax 32,218 35,278
Franchise Tax 6,694 6,300
Transient Occupancy Tax 8,778 9,108
Intergovernmental, unrestricted 1,097 1,199
Rental and Investment Income 54,603 77,269
Miscellaneous and Transfers, net 14,585 19,098
Total General Revenue and Net Transfers $382,658 $419,146 TOTAL PROGRAM, GENERAL REVENUES, AND NET TRANSFERS $1,190,218 $1,337,874 Program Expenses
General Government $108,301 $95,866
Public Safety 275,631 282,364
Highways and Streets 55,000 107,629
Culture and Recreation 56,685 73,905
Interest on Long-Term Debt and Fiscal Charges 17,607 17,483 Electric 409,674 418,293
Water 80,452 87,978
Sewer 69,465 70,901
Refuse 35,717 37,557
Civic Entertainment 31,557 25,310
Other Business-Type Activities 16,132 16,988
TOTAL PROGRAM EXPENSES $1,156,221 $1,234,274
INCREASE IN NET POSITION $33,997 $103,600
Net Position
Net Position, beginning of year, as previously stated $2,365,344 $2,401,957 Error Correction* 2,616 (65,120)
Add increase in net position 33,997 103,600
NET POSITION, ENDED $2,401,957 $2,440,437
* In FY 2023-24, a restatement was made to the Water Enterprise Fund for capital contributions and changes in leases. In FY 2024-25, a restatement was made to Governmental and Business-Type Activities for various operational and maintenance costs that were included in construction in progress in previous years, prepaid expenses that should have been recognized as expenses in previous years, and deposits that should have been recognized as revenues in previous years. 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 include the administrative offices, such as 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 Charge s expenditures reflect 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 2020-21 FY 2021-22 FY2022-23 FY2023-24 FY2024-25
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 occupancy 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 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25
GENERAL FUND
1 FY 2024-2025 Fund Balance
$259,113
Non-Spendable
(e.g., Deposits & Inventory)
$6,742
Committed (Fund use determined by
formal Council or Board Approval)
$140,754
Restricted (Fund use
restricted for a legally
constrained purpose)
$76,851
Assigned (Fund use
intended for a specific
purpose)
$25,692
Unassigned
(available for use)
$9,074
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 2024-25, 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 $81,326
Investment Income 3,457
Total Revenue $84,783
Measure Z - Expenditures
Current:
General Government 5,719
Public Safety 30,483
Highways and Streets 3,550
Culture and Recreation 391
Capital Outlay and Debt Service 6,536
Total Expenditures $46,679
Excess of Revenues Over Expenditures $38,104
Measure Z - Other Financing Sources (Uses)
Transfers In 1,038
Transfers Out (26,625)
Transfers Out to General Fund* (24,156)
Total Other Financing Sources (Uses) ($49,743)
DECREASE IN MEASURE Z FUND BALANCE ($11,639)
Measure Z -Fund Balance
Fund Balance, Beginning of Year 79,491
Add decrease in fund balance (11,639)
FUND BALANCE, END OF YEAR $67,852
* 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, Refuse, Civic Entertainment , and Others (Public Parking, Airport, and Transportation services).
The Electric Fund accounts for the activities of the City’s electric distribution operations. To provide an overview of the overall financial health of the fund, a five -year history of the net position is presented below. The total includes non-spendable assets and funds that are restricted for specific purposes. Net position does not reflect funds available for new spending on electric distribution operations.
NET POSITION – ELECTRIC FUND
In thousands of dollars
Electric
$418,293
63.6%
Water
$87,978
13.4% Sewer
$70,901
10.9%
Refuse
$37,557
5.7%
Civic
Entertainment
$25,310
3.9%
Others
$16,988
2.5%
2025 SPENDING – BUSINESS-TYPE ACTIVITIES
(In thousands of dollars)
Electric is the largest business -type function in
the City with more than $4 18 million in
spending during Fiscal Year 202 4-25. Water
and Sewer business activities are the next
largest, with a combined $ 158.9 million in
spending during the fiscal year ($88 million and
$70.9 million, respectively).
ELECTRIC FUND FY 2021-22
$505,563
FY 2022-23
$503,352
FY 2023-24
$508,534 FY 2020-21
$497,373
FY 2024-25
$560,556
FY 2020-21
FY 2021-22
FY 2022-23
FY 2023-24
FY 2024-25
$300,000
$320,000
$340,000
$360,000
$380,000
$400,000
$420,000
$440,000
$460,000
$480,000
$500,000
CHARGES FOR SERVICE - ELECTRIC
In thousands of dollars
114,180
Active Electric Meters -
includes Residential,
Commercial, and Industrial
2,157 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 provide 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
25,765,127
Annual water
consumption (CCF*)
17,588
New Connections
27.15 Average Daily
Sewage Treatment
(Millions of gallons)
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
FY 2020-21 FY 2021-22 FY 2022-23 FY 2023-24 FY 2024-25CHARGES FOR SERVICE - WATER AND SEWER In thousands of dollars
66,772
Number of Accounts
*CCF = Centum Cubic Feet = 748 gallons
FY 2021-22
$245,674
FY 2022-23
$252,131
FY 2023-24
$268,133 FY 2020-21
$234,397
FY 2024-25
$282,232
WATER FUND FY 2021-22
$322,304
FY 2022-23
$327,413
FY 2023-24
$339,672 FY 2020-21
$308,360
FY 2024-25
$342,001
14 GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA) PAFR AWARD
The Government Finance Officers Association (GFOA) has recognized the City with an Award for Outstanding Achievement in Popular Annual Financial Report ing for its Popular Annual Financial Report for the fiscal year ended June 30, 2024. This prestigious national award recognizes 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 that conforms 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 this award for the last eight consecutive years (fiscal years ended June 30, 2017 through 2024). We believe this report continues to conform to the Popular Annual Financial Reporting program standards and we will submit it to GFOA to determine its eligibility for another Award.
3900 Main Street, Riverside, CA 92522
ExploreRiverside.com