Riverside City Council
April 21, 2026

4/9/2026
1 RiversideCA.gov1
RiversideCA.gov
City CouncilApril 21, 2026Reports from Outside Independent Auditor for Fiscal Year 2024-2025Finance Department RiversideCA.gov2
Government-Wide Financial Statements1
2 4/9/2026
2 RiversideCA.gov3
Asset & Deferred Outflows Liabilities & Deferred Inflows Net Position2020-21$4,712 $2,645 $2,0672021-22$4,983 $2,743 $2,2402022-23$5,066 $2,701 $2,3652023-24$5,255 $2,853 $2,4022024-25$5,254 $2,813 $2,441Government-WideStatement of Net Position(in millions) RiversideCA.gov4
Asset & DeferredOutflowsLiabilities & DeferredInflowsNet Position2020-21$1,940 $972 $9682021-22$2,110 $1,015 $1,0952022-23$2,174 $979 $1,1952023-24$2,229 $1,032 $1,1972024-25$2,197 $1,038 $1,159GOVERNMENTAL ACTIVITIESStatement of Net PositionGovernmental Activities and Business-Type Activities(in millions)Asset & DeferredOutflowsLiabilities & DeferredInflowsNet Position2020-21$2,772 $1,673 $1,0992021-22$2,873 $1,728 $1,1452022-23$2,892 $1,722 $1,1702023-24$3,026 $1,821 $1,2052024-25$3,057 $1,775 $1,282BUSINESS-TYPE ACTIVITIES3 4 4/9/2026
3 RiversideCA.gov5
GeneralRevenuesCharges forServicesOperatingGrants &ContributionsCapitalGrants &ContributionsTransfers Total2020-21$276 $34 $64 $28 $35 $4372021-22$298 $41 $50 $39 $35 $4632022-23$333 $43 $59 $34 $25 $4942023-24$342 $48 $50 $31 $44 $5152024-25$361 $46 $76 $58 $41 $582REVENUESStatement of ActivitiesGovernmental Activities(in millions)GeneralGovernmentPublicSafetyHighways &StreetsCulture &RecreationInterest &FiscalChargesTotal2020-21$98 $219 $42 $38 $19 $4162021-22$67 $170 $41 $39 $20 $3372022-23$34 $240 $51 $51 $18 $3942023-24$108 $276 $55 $57 $17 $5132024-25$96 $282 $108 $74 $17 $577EXPENSES RiversideCA.gov6
Fund Financial Statements5
6 4/9/2026
4 RiversideCA.gov7
Assets Liabilities & Deferred Inflows Fund Balance2020-21$202 $42 $1602021-22$281 $54 $2272022-23$307 $54 $2532023-24$346 $58 $2882024-25$388 $61 $327Balance SheetGeneral Fund *(in millions)* Includes Measure Z RiversideCA.gov8
Sales Tax Property Tax Other Taxes Charges for Services All Other Revenue Total2020-21$150 $74 $42 $13 $22 $3012021-22$174 $78 $47 $15 $15 $3292022-23$178 $83 $50 $16 $25 $3522023-24$174 $89 $48 $14 $33 $3582024-25$176 $94 $51 $17 $45 $383Statement of Revenues, Expenditures, and Changes in Fund BalanceGeneral Fund Revenues *(in millions)* Includes Measure Z 7 8
4/9/2026
5 RiversideCA.gov9
City Manager, $5.2 City Attorney, $8.3 Community Development, $16.6 General Services, $8.0 Finance, $11.2 Innovation & Technology, $14.8 Police, $148.1 Fire, $80.1 Highways & Streets (Public Works), $28.3 Library, $10.6 All Other, net, $28.7 Mayor, $1.2 Council, $2.4 Marketing and communications, $2.5 City Clerk, $2.3 Human Resources, $5.9 Housing and human services, $6.5 Museum, $2.4 Parks, Recreation & Community Services, $34.1 Statement of Revenues, Expenditures, and Changes in Fund BalanceGeneral Fund Expenditures *(in millions)* Includes Measure Z RiversideCA.gov10
GENERAL FUND & MEASURE Z FUND RESERVESMeasure Z FundGeneral Fund$5M20% ($72.2M)Beginning Reserve Balance $5M20% ($76.4M)Ending Reserve Balance – 06/30/2025Met Policy Requirements$0.1M$6.7MNonspendable Fund BalanceN/A$76.9MRestricted for Unfunded Accrued LiabilityN/A$64.3MCommitted for Other Purposes$26.3M$25.7MAssigned Fund Balance$36.5M$9.1MUnreserved/Unassigned Fund Balance 9 10
4/9/2026
6 RiversideCA.gov11
Assets & Deferred Ouflows Liabilities & Deferred Inflows Net PositionElectric$1,455 $894 $561Water$752 $410 $342Sewer$647 $365 $282Proprietary FundsStatement of Net PositionElectric, Water, and Sewer Funds(in millions) RiversideCA.gov12
RIVERSIDE PUBLIC UTILITIESUNDESIGNATED CASH RESERVESWaterElectric$43M$136MBeginning Reserve Balance – 07/01/2024$50M$153MEnding Reserve Balance – 06/30/2025$25M$35MAvailable Line of Credit (LOC)1$53M$168MMinimum Reserve Level – 06/30/2025$81M$264MMaximum Reserve Level – 06/30/2025Met Policy Requirements21The LOC provides flexibility and operating liquidity by enabling the Electric and Water Funds to reduce cash levels while maintaining compliancewith the RPU Cash Reserve Policy.2Electric and Water Fund’s undesignated reserve balances, combined with the respective LOC, are in compliance with RPU Cash Reserve Policyat 06/30/2025. The reserves are above target minimum, which is consistent with projections provided during the biennial budget and rate planproposal processes. 11 12
4/9/2026
7 RiversideCA.gov13
Popular Annual Financial Report (PAFR)
RiversideCA.gov14
•8th PAFR Award from GFOA for FY 2023-24•Extracted information from the ACFR and PAFR is unaudited•Designed to be easily understandable to the general public•Intended for those without a background in public finance•Spanish VersionPOPULAR ANNUAL FINANCIAL REPORT (PAFR)13 14 4/9/2026
8 RiversideCA.gov15
External audit
RiversideCA.gov16
•Unmodified (clean) opinion•Governance Letter and Report on Internal Controls–Adjustments to deposits, construction in progress and accumulated depreciation:•Implementation of new accounting procedures to enhance the accuracy of accounting records•Hiring of additional experienced staff to support increasing reporting requirementsIndependent Auditors’ Report Highlights15 16 4/9/2026
9 RiversideCA.gov17
Future Item
RiversideCA.gov18
Governmental Accounting Standards Board (GASB) 103 – Financial Reporting Model Improvements―To improve key components of the financial reporting model to enhance its effectiveness in providing information that is essential for decision making and assessing a government’s accountability. ―Will be implemented for the June 30, 2026, financial statements.Future Item17 18 4/9/2026
10 RiversideCA.gov19
That the City Council receive the annual auditreports from external independent auditor,CliftonLarsonAllen LLP, on the City of Riversidefinancial results for Fiscal Year 2024-2025.RECOMMENDATIONS19