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FINANCIAL REPORT
FOR FISCAL YEAR ENDED
JUNE 30, 2021
POPULAR ANNUAL
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,
Edward Enriquez
Chief Financial Officer/City Treasurer
Dear Reader,
The City of Riverside is pleased to present our Popular Annual Financial Report
(PAFR) for the fiscal year ending June 30, 2021. 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.
* 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/
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 ACTIVITY: FINANCIAL HIGHLIGHTS ......................................................................12
GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA) PAFR AWARD ................................14
1 14
Government Finance Officers Association of the United States and Canada (GFOA) has given an Award
for Outstanding Achievement in Popular Annual Financial Report to the City of Riverside for its Popular
Annual Financial Report for the fiscal year ended June 30th of 2020. 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. Since the City’s inception of the Popular Annual Financial Report, the City has received a
Popular Award for the last consecutive years (fiscal years ended 2017-2020). We believe our current report
continues to conform to the Popular Annual Financial Reporting requirements and we are submitting it to
GFOA to determine its eligibility for another Award.
GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA) PAFR AWARD
BUSINESS-TYPE ACTIVITIES: FINANCIAL HIGHLIGHTS (CONTINUED)
13
ABOUT THE CITY AND ITS LEADERSHIP
2
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 25 states. The population
of the City is 324,302 which places it as the 12th
largest in California.
12th
largest city in California
58th
largest
incorporated
city in the United States by population
FY 2020-21 $234,397
FY 2016-17
$205,531
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.
FY 2017-18
$218,186
FY 2019-20
$228,532 FY 2018-19
$221,576
SEWER FUND
Water
Sewer
201,960 gallons
average per residential customer
17,602
New Connections
25.30
Average Daily Sewage Treatment (millions of gallons)
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 the fund, a five-year history of the fund balance is below. The total includes non-spendable
assets and funds that are restricted for specific purposes. Fund balance does not reflect funds available for new water and sewer operations spending.
FUND BALANCE – WATER AND SEWER FUNDS
In thousands of dollars
WATER FUND
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
FY 2016-17FY 2017-18FY 2018-19FY 2019-20FY 2020-21
CHARGES FOR SERVICE -WATER AND SEWER
In thousands of dollars
$2.77 average price
($/CCF*) per residential customer
FY 2020-21
$308,360 FY 2016-17 $305,418 FY 2017-18
$305,078 FY 2019-20
$300,635
FY 2018-19
$302,701
*CCF = Centum Cubic Feet = 748 gallons
CITY KEY STATISTICS
Average Household
Size: 3.43*
Unemployment Rate: 7.9%
Source: June 2021 Labor Force Data California Employment Development Department – County of Riverside data
Median Age: 31.6*
Average Household
Income: $85,486*
2020 Estimated Population
324,302
Source: California Department of Finance
30.7% of the Population 25 years & over have a college degree* (Associates, Bachelor’s, Graduate/Professional)
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).
(In thousands of dollars)
2,988 Acres of Parks 8 Library Branches
FY
2
0
1
6
-17
FY
2
0
1
7
-18
FY
2
0
1
8
-19
FY
2
0
1
9
-20
FY
2
0
2
0
-21
$353,000
$358,000
$363,000
$368,000
$373,000
$378,000
CHARGES FOR SERVICE -ELECTRIC
In thousands of dollars
CITY DEMOGRAPHICS AND KEY STATISTICS BUSINESS-TYPE ACTIVITIES: FINANCIAL HIGHLIGHTS
3 12
CITY DEMOGRAPHICS
$578,000
Median Sale Price in Riverside
Source: California Association of Realtors September 2021
* Source: United States Census Bureau, 2019 American Community Survey 5-Year Estimates – Most recent data available at time of publication
Hispanic or Latino (of any race)*53.7%
White*29.8%
Asian*7.4%Black*5.8%Mixed or Other Race*3.3%
Fire
Public Works
Police
Culture & Recreation
4 Police Stations &
1 Police Substations
585 Police Personnel
(Sworn & Non-Sworn)
14 Fire Stations
1 Training Facility
251 Fire Personnel
31,918 Calls Answered
891.28
Streets (miles)
12 Community Centers 46 Playgrounds &
44 Softball/Baseball Diamonds
7.3
Street Resurfacing (miles)
30,489 Streetlights
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 fund balance is below.
The total includes non-spendable assets and funds that are restricted for specific purposes. Fund balance does not reflect funds available for new electric distribution operations spending.
FUND BALANCE – ELECTRIC FUND
In thousands of dollars
ELECTRIC FUND
111,711 Active Electric
Meters - includes Residential, Commercial, and Industrial
2021 SPENDING – BUSINESS-TYPE ACTIVITIES
Electric is the largest business-type function
in the City with $366.2 million in spending
during Fiscal Year 2020-21. Water and Sewer
business activities have the next largest level
of spending with more than $132.7 million
during the fiscal year ($71.7 million and $61
million, respectively).
Electric $366,165 66.4%
Water $71,738 13.0%
Sewer $61,029 11.1%Refuse $28,428 5.2%
Civic Entertainment $11,885 2.2%Others $11,633 2.1%
17.03 average price
(cents/kWh) per residential customer
466.25 employee
positions approved to provide Electric – related services
FY 2020-21
$497,373 FY 2016-17
$484,201
FY 2017-18
$505,412
FY 2019-20 $514,885 FY 2018-19 $510,732
FY 2016-17$830,629
FY 2017-18$902,792
FY 2018-19$928,034
2019-20$933,925
2020-21$986,646
FY 2016-17$760,643
FY 2017-18$866,154
FY 2018-19$886,921
2019-20$930,318
2020-21$966,751
Revenue Expenses
Overall, the City as a whole has seen revenue and expenses trending upward. For the year ended June 30, 2021, revenue exceeded expenses by
nearly $19.9 million. This had a positive impact on
the City’s overall financial position and was primarily attributed to funds received and expended from
various COVID-19 grants.
FIVE-YEAR REVENUES VS EXPENSES – CITYWIDE
In thousands of dollars
WHAT’S NEW: FINANCIAL HIGHLIGHTS MEASURE Z REVENUE AND SPENDING
11 4
Long-Term Financial Planning
On June 22, 2021, the City Council adopted
the City’s Fiscal Year 2021-22 Annual Budget
comprised of $1.1 billion in funding for citywide operations and $116 million for capital
projects. The FY 2021-22 one-year budget is a
bridge between the FY 2020-21 Emergency
Budget developed during the pandemic and the upcoming FY 2022-24 Biennial Budget
which will embrace 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
$275.4 Million
General Fund 2020-21 Budget Final Budget*
$287.0 Million
General Fund 2021-22 Budget Original Budget*
1 Priority Based Budgeting Strategy
implementation process progressing.
2,549.65 Full-Time Equivalent
City Employees providing services to the community
1 General Fund Reserve aspiration
goal of 20% of expenditures reaffirmed by City Council and met ($57.4 million).
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 2020-21, the City received $72.5
million in Measure Z revenue. Unspent revenue will be used for approved purposes in future fiscal years.
COVID-19 PANDEMIC – THE PATH TO RECOVERY
Throughout the COVID-19 pandemic, the Big City Mayors (BCM) engaged the State’s
legislative leaders and Governor to solicit support for the creation of a dedicated funding
opportunity for the seven cities (Long Beach, Oakland, Bakersfield, Anaheim, Santa Ana,
Riverside, and Stockton) of the coalition that did not receive a direct allocation from the
Coronavirus Relief Fund due to population size. This targeted advocacy effort resulted in the
inclusion of a specific $225 million set-aside for these seven cities as part of the State budget
with the City of Riverside receiving an allocation of approximately $28 million.
The CARES Act spending plan was approved by City Council on August 4, 2020 and on July
13, 2021, a final CARES Act expenditure report was presented to City Council. The CARES Act
grant provided much needed assistance to our community.
$28.1 million CARES Act funds spent
to assist the community impacted by the pandemic.
The American Rescue Plan Act (ARPA) established Coronavirus State Fiscal Recovery Fund and Coronavirus Local
Fiscal Recovery Fund, which provides a combined $350 billion in assistance by providing resources to address impacts
resulting from the crisis. The City will receive one-time funding of approximately $73.5 million with the first installment of
$36.7 million received in June 2021. The balance will be received in June 2022. The City’s proposed expenditure plan
for the first allocation of funding was approved by the City Council on November 9, 2021. The second allocation will
be presented to City Council for consideration at a future date.
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE MEASURE Z
In thousands of dollars
Measure Z - Revenue
Taxes $71,999
Rental and Investment Income 466
Total Revenue $72,465
Measure Z - Expenditures
Current:
General government 2,056
Public Safety 18,461
Highways and streets 995
Culture and Recreation 444
Capital outlay 349
Total Expenditures $22,305
Excess (Deficiency) of Revenues Over (Under) Expenditures $50,160
Measure Z - Other Financing Sources (Uses)
Transfers in $506
Transfers out (19,870)
Transfers in/(out) to General Fund* (18,266)
Total Other Financing Sources (Uses) ($37,630)
INCREASE IN MEASURE Z BALANCE 12,530
Measure Z -Net Position
Net Change in Fund Balance $12,530
Fund Balance, Beginning of Year 46,842
FUND BALANCE, END OF YEAR $59,372
* 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.
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 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 transit occupancy tax, franchise fees and investment income.
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
Sales and UseTax Property Tax Charges forServices Grants andContributions Utility User's Tax Other
FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21
THE CITY’S FINANCIAL POSITION GOVERNMENTAL ACTIVITY: FINANCIAL HIGHLIGHTS
5 10
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, 2021, the City’s net position improved by over $100.8 million.
STATEMENT OF NET POSITION – ALL FUNDS
In thousands of dollars
City Assets – What We Own 2020 2021
Current Assets consisting mainly of cash and amounts owed to the City $1,171,736 $1,227,474
Net Capital Assets consisting primarily of buildings, equipment, and vehicles 3,221,726 3,313,464
TOTAL CITY ASSETS $4,393,462 $4,540,938
Deferred Outflows of Resources, positive effect on Net Position 627,142 171,049
Total City Assets and Deferred Outflows $5,020,604 $4,711,987
City Liabilities – What We Owe 2020 2021
Current Liabilities consisting of all amounts the City owes $220,927 $169,564
Non-Current Liabilities consisting of long-term debt owed, including pension
obligations 2,776,535 2,464,963
TOTAL CITY LIABILITIES $2,997,462 $2,634,527
Deferred Inflows of Resources, negative effect on Net Position 56,756 10,294
Total City Liabilities and Deferred Inflows $3,054,218 $2,644,821
CITY NET FINANCIAL POSITION $1,966,386 $2,067,166
GENERAL FUND
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)
FY 2020-21 Fund Balance $100,275
Non-Spendable
(e.g., Deposits & Inventory) $1,762
Committed (Fund use determined by formal Council or Board Approval) $57,400
Restricted (Fund use restricted for a specific
purpose) $10,697
Assigned (Fund use intended for a specific purpose) $7,297
Unassigned (Available for Use) $23,119
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 City Council, City Manager, City Attorney, City Clerk, Finance, Human Resources, General Services, and Innovation Technology.
Interest on Long-Term Debt expenditures are for the interest expense associated with debt financing.
$0
$50
$100
$150
$200
$250
Public SafetyCulture and
Recreation
Highways and
Streets
General
Government
Interest on Long-
Term Debt
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FY 2016-17FY 2017-18FY 2018-19FY 2019-20FY 2020-21
THE CITY’S ASSETS AND INVESTMENTS CITY VISION, ACTIVITIES AND SPENDING
9 6
Improvements other than Buildings$1,320,40639.8%
Infrastructure$677,63420.5%
Buildings$585,07717.7%
Land$476,72714.4%
Construction in Progress$157,0074.7%
Machinery & Equipment$65,8252.0%
Intangibles$30,7880.9%
$3,313,464
(In thousands of dollars)
CAPITAL ASSETS, NET OF DEPRECIATION
The City’s capital asset investment
includes land, intangibles, buildings
and improvements, machinery and
equipment, park facilities, roads,
highways, and bridges.
Major capital improvements
included projects for road ($26.3
million), sewer mains and tertiary
treatment plant ($9.1 million), water
utility ($9.7 million), and electric utility
capital improvements ($30.2 million).
INVESTMENT MANAGEMENT AND FUNDS ALLOCATION
The prioritized objective of the City’s investment program is to preserve principal, ensure enough
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, 2021.
In thousands of dollars
US Treasury Obligations$209,68022.2%
Local Agency Investment Fund$151,23716.0%
Federal Agency Obligations$137,15914.5%
Joint Power Authority Pools$136,40014.4%
Medium Term Corporate Notes$129,06113.7%
Securities$90,6239.6%
Money Market Funds$59,2546.3%
Other Investment Types$31,7913.3%
INVESTMENT TYPE ● $945,205
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 decreased significantly when
compared to the previous year. The
decrease reflects the impact of COVID-
19 on the financial markets.
1.20 %
June 2020
0.82 %
June 2021
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/
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.
The City issues bonds to support spending for construction, capital asset purchases and improvements
and unfunded pension liability.
Water, Electric, and Sewer Revenue Bonds
$1,176.6 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
$117.4 million Used as a lease-purchase financing mechanism for public buildings such as the Convention Center.
Pension Obligation Bonds
$469.1 million
Used to pay some or all the pension plan’s unfunded pension liability. The City’s net pension liability as of June 30, 2021 was $229.6 million*, a portion of which is funded with Pension Obligation Bonds.
Lease Revenue Bonds
$79.5 million
Used to finance public improvements such as City Hall, Galleria at Tyler, Police Patrol Center and a Main Library Project.
General Obligation Bonds
$6.5 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.
Net Pension Liability*
Miscellaneous vs
Safety Employees
As of June 30, 2021, the City had outstanding long-term bonded debt totaling $1.8 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
The largest impact to the City’s long-
term financial stability relates to the
increase in pension costs from
CalPERS. Net pension liability was
significantly reduced during Fiscal
Year 2020-21 with the issuance of the
2020 Pension Obligation Bonds. This
will reduce future unfunded pension
liability payments. For more
information about how the City is
handling the CalPERS challenge,
please visit:
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FY 2020-21 FY 2019-20
Go
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FY 2020-21 FY 2019-20
Net Pension Liability by Fund Type
Governmental vs
Business -Type Activities
Riversideca.gov/CityManager/
CalPERSchallenge
*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.
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, 2021, the City’s governmental and business activities resulted in an
increase of net position totaling more than $100.8 million. The table below provides and 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 2020 2021
Charges for services $585,005 $589,373
Operating grants and contributions 25,252 68,381
Capital grants and contributions 33,924 40,557
Total Program Revenue $644,181 $698,311
General Revenue and Net Transfers 2020 2021
Sales Tax $128,653 $150,321
Property Tax 72,609 71,986
Utility Users Tax 29,044 30,577
Franchise Tax 5,443 5,527
Transient Occupancy Tax 5,959 5,801
Intergovernmental, unrestricted 656 499
Rental and Investment Income 30,023 5,650
Miscellaneous and Transfers, net 17,357 18,575
Total General Revenue and Net Transfers $289,744 $288,936
TOTAL PROGRAM, GENERAL REVENUES, AND NET TRANSFERS $933,925 $987,247
Program Expenses 2020 2021
General Government $63,651 $97,927
Public Safety 222,061 219,136
Highways and Streets 46,983 42,034
Culture and Recreation 37,400 37,693
Interest on Long-Term Debt 13,181 19,083
Electric 350,667 366,165
Water 73,742 71,738
Sewer 62,961 61,029
Refuse 26,549 28,428
Civic Entertainment 21,584 11,885
Other Business-Type Activities 11,539 11,633
TOTAL PROGRAM EXPENSES $930,318 $966,751
INCREASE IN NET POSITION $3,607 $20,496
Net Position 2020 2021
Net Position, Beginning $1,962,779 $1,966,386
Prior period adjustment* - 80,284
Add increase in net position 3,607 20,496
NET POSITION, ENDING $1,966,386 $2,067,166
WHAT THE CITY OWES STATEMENT OF ACTIVITIES
$120.1 Million
7 8
$165.7 Million
$63.8 Million
$292.2 Million
$307.4 Million $151.8 Million
$447.8 Million
$109.4 Million
FY 2016-2017
$1,478,820 FY 2017-2018
$1,416,505
FY 2019-2020
$1,911,768 FY 2018-2019
$1,533,336
*Excludes debt issued by the City that is not a financial obligation of the City such as Fiduciary Funds.
* A prior period adjustment was made to land and infrastructure additions due to a change in calculation of street mileage from
a system upgrade.
FY 2020-2021
$1,849,092
The City issues bonds to support spending for construction, capital asset purchases and improvements
and unfunded pension liability.
Water, Electric, and Sewer Revenue Bonds
$1,176.6 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
$117.4 million Used as a lease-purchase financing mechanism for public buildings such as the Convention Center.
Pension Obligation Bonds
$469.1 million
Used to pay some or all the pension plan’s unfunded pension liability. The City’s net pension liability as of June 30, 2021 was $229.6 million*, a portion of which is funded with Pension Obligation Bonds.
Lease Revenue Bonds
$79.5 million
Used to finance public improvements such as City Hall, Galleria at Tyler, Police Patrol Center and a Main Library Project.
General Obligation Bonds
$6.5 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.
Net Pension Liability*
Miscellaneous vs
Safety Employees
As of June 30, 2021, the City had outstanding long-term bonded debt totaling $1.8 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
The largest impact to the City’s long-
term financial stability relates to the
increase in pension costs from
CalPERS. Net pension liability was
significantly reduced during Fiscal
Year 2020-21 with the issuance of the
2020 Pension Obligation Bonds. This
will reduce future unfunded pension
liability payments. For more
information about how the City is
handling the CalPERS challenge,
please visit:
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e
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Sa
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FY 2020-21FY 2019-20
Go
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Bu
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FY 2020-21FY 2019-20
Net Pension Liability by Fund Type
Governmental vs
Business -Type Activities
Riversideca.gov/CityManager/
CalPERSchallenge
*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.
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, 2021, the City’s governmental and business activities resulted in an
increase of net position totaling more than $100.8 million. The table below provides and 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 2020 2021
Charges for services $585,005 $589,373
Operating grants and contributions 25,252 68,381
Capital grants and contributions 33,924 40,557
Total Program Revenue $644,181 $698,311
General Revenue and Net Transfers 2020 2021
Sales Tax $128,653 $150,321
Property Tax 72,609 71,986
Utility Users Tax 29,044 30,577
Franchise Tax 5,443 5,527
Transient Occupancy Tax 5,959 5,801
Intergovernmental, unrestricted 656 499
Rental and Investment Income 30,023 5,650
Miscellaneous and Transfers, net 17,357 18,575
Total General Revenue and Net Transfers $289,744 $288,936
TOTAL PROGRAM, GENERAL REVENUES, AND NET TRANSFERS $933,925 $987,247
Program Expenses 2020 2021
General Government $63,651 $97,927
Public Safety 222,061 219,136
Highways and Streets 46,983 42,034
Culture and Recreation 37,400 37,693
Interest on Long-Term Debt 13,181 19,083
Electric 350,667 366,165
Water 73,742 71,738
Sewer 62,961 61,029
Refuse 26,549 28,428
Civic Entertainment 21,584 11,885
Other Business-Type Activities 11,539 11,633
TOTAL PROGRAM EXPENSES $930,318 $966,751
INCREASE IN NET POSITION $3,607 $20,496
Net Position 2020 2021
Net Position, Beginning $1,962,779 $1,966,386
Prior period adjustment* - 80,284
Add increase in net position 3,607 20,496
NET POSITION, ENDING $1,966,386 $2,067,166
WHAT THE CITY OWES STATEMENT OF ACTIVITIES
$120.1 Million
7 8
$165.7 Million
$63.8 Million
$292.2 Million
$307.4 Million $151.8 Million
$447.8 Million
$109.4 Million
FY 2016-2017
$1,478,820 FY 2017-2018
$1,416,505
FY 2019-2020
$1,911,768 FY 2018-2019
$1,533,336
*Excludes debt issued by the City that is not a financial obligation of the City such as Fiduciary Funds.
* A prior period adjustment was made to land and infrastructure additions due to a change in calculation of street mileage from
a system upgrade.
FY 2020-2021
$1,849,092
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 City Council, City Manager, City Attorney, City Clerk, Finance, Human Resources, General Services, and Innovation Technology.
Interest on Long-Term Debt expenditures are for the interest expense associated with debt financing.
$0
$50
$100
$150
$200
$250
Public Safety Culture and
Recreation
Highways and
Streets
General
Government
Interest on Long-
Term Debt
Mi
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FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21
THE CITY’S ASSETS AND INVESTMENTS CITY VISION, ACTIVITIES AND SPENDING
9 6
Improvements other than Buildings$1,320,40639.8%
Infrastructure$677,63420.5%
Buildings$585,07717.7%
Land$476,72714.4%
Construction in Progress$157,0074.7%
Machinery & Equipment$65,8252.0%
Intangibles$30,7880.9%
$3,313,464
(In thousands of dollars)
CAPITAL ASSETS, NET OF DEPRECIATION
The City’s capital asset investment
includes land, intangibles, buildings
and improvements, machinery and
equipment, park facilities, roads,
highways, and bridges.
Major capital improvements
included projects for road ($26.3
million), sewer mains and tertiary
treatment plant ($9.1 million), water
utility ($9.7 million), and electric utility
capital improvements ($30.2 million).
INVESTMENT MANAGEMENT AND FUNDS ALLOCATION
The prioritized objective of the City’s investment program is to preserve principal, ensure enough
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, 2021.
In thousands of dollars
US Treasury Obligations$209,68022.2%
Local Agency Investment Fund$151,23716.0%
Federal Agency Obligations$137,15914.5%
Joint Power Authority Pools$136,40014.4%
Medium Term Corporate Notes$129,06113.7%
Securities$90,6239.6%
Money Market Funds$59,2546.3%
Other Investment Types$31,7913.3%
INVESTMENT TYPE ● $945,205
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 decreased significantly when
compared to the previous year. The
decrease reflects the impact of COVID-
19 on the financial markets.
1.20 %
June 2020
0.82 %
June 2021
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/
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.
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 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 transit occupancy tax, franchise fees and investment income.
$0
$20,000
$40,000
$60,000
$80,000
$100,000
$120,000
$140,000
$160,000
Sales and UseTax Property Tax Charges forServices Grants andContributions Utility User's Tax Other
FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21
THE CITY’S FINANCIAL POSITION GOVERNMENTAL ACTIVITY: FINANCIAL HIGHLIGHTS
5 10
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, 2021, the City’s net position improved by over $100.8 million.
STATEMENT OF NET POSITION – ALL FUNDS
In thousands of dollars
City Assets – What We Own 2020 2021
Current Assets consisting mainly of cash and amounts owed to the City $1,171,736 $1,227,474
Net Capital Assets consisting primarily of buildings, equipment, and vehicles 3,221,726 3,313,464
TOTAL CITY ASSETS $4,393,462 $4,540,938
Deferred Outflows of Resources, positive effect on Net Position 627,142 171,049
Total City Assets and Deferred Outflows $5,020,604 $4,711,987
City Liabilities – What We Owe 2020 2021
Current Liabilities consisting of all amounts the City owes $220,927 $169,564
Non-Current Liabilities consisting of long-term debt owed, including pension
obligations 2,776,535 2,464,963
TOTAL CITY LIABILITIES $2,997,462 $2,634,527
Deferred Inflows of Resources, negative effect on Net Position 56,756 10,294
Total City Liabilities and Deferred Inflows $3,054,218 $2,644,821
CITY NET FINANCIAL POSITION $1,966,386 $2,067,166
GENERAL FUND
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)
FY 2020-21 Fund Balance $100,275
Non-Spendable
(e.g., Deposits & Inventory) $1,762
Committed (Fund use determined by formal Council or Board Approval) $57,400
Restricted (Fund use restricted for a specific
purpose) $10,697
Assigned (Fund use intended for a specific purpose) $7,297
Unassigned (Available for Use) $23,119
FY 2016-17$830,629
FY 2017-18$902,792
FY 2018-19$928,034
2019-20$933,925
2020-21$986,646
FY 2016-17$760,643
FY 2017-18$866,154
FY 2018-19$886,921
2019-20$930,318
2020-21$966,751
Revenue Expenses
Overall, the City as a whole has seen revenue and expenses trending upward. For the year ended June 30, 2021, revenue exceeded expenses by
nearly $19.9 million. This had a positive impact on
the City’s overall financial position and was primarily attributed to funds received and expended from
various COVID-19 grants.
FIVE-YEAR REVENUES VS EXPENSES – CITYWIDE
In thousands of dollars
WHAT’S NEW: FINANCIAL HIGHLIGHTS MEASURE Z REVENUE AND SPENDING
11 4
Long-Term Financial Planning
On June 22, 2021, the City Council adopted
the City’s Fiscal Year 2021-22 Annual Budget
comprised of $1.1 billion in funding for citywide operations and $116 million for capital
projects. The FY 2021-22 one-year budget is a
bridge between the FY 2020-21 Emergency
Budget developed during the pandemic and the upcoming FY 2022-24 Biennial Budget
which will embrace 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
$275.4 Million
General Fund 2020-21 Budget Final Budget*
$287.0 Million
General Fund 2021-22 Budget Original Budget*
1 Priority Based Budgeting Strategy
implementation process progressing.
2,549.65 Full-Time Equivalent
City Employees providing services to the community
1 General Fund Reserve aspiration
goal of 20% of expenditures reaffirmed by City Council and met ($57.4 million).
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 2020-21, the City received $72.5
million in Measure Z revenue. Unspent revenue will be used for approved purposes in future fiscal years.
COVID-19 PANDEMIC – THE PATH TO RECOVERY
Throughout the COVID-19 pandemic, the Big City Mayors (BCM) engaged the State’s
legislative leaders and Governor to solicit support for the creation of a dedicated funding
opportunity for the seven cities (Long Beach, Oakland, Bakersfield, Anaheim, Santa Ana,
Riverside, and Stockton) of the coalition that did not receive a direct allocation from the
Coronavirus Relief Fund due to population size. This targeted advocacy effort resulted in the
inclusion of a specific $225 million set-aside for these seven cities as part of the State budget
with the City of Riverside receiving an allocation of approximately $28 million.
The CARES Act spending plan was approved by City Council on August 4, 2020 and on July
13, 2021, a final CARES Act expenditure report was presented to City Council. The CARES Act
grant provided much needed assistance to our community.
$28.1 million CARES Act funds spent
to assist the community impacted by the pandemic.
The American Rescue Plan Act (ARPA) established Coronavirus State Fiscal Recovery Fund and Coronavirus Local
Fiscal Recovery Fund, which provides a combined $350 billion in assistance by providing resources to address impacts
resulting from the crisis. The City will receive one-time funding of approximately $73.5 million with the first installment of
$36.7 million received in June 2021. The balance will be received in June 2022. The City’s proposed expenditure plan
for the first allocation of funding was approved by the City Council on November 9, 2021. The second allocation will
be presented to City Council for consideration at a future date.
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCE MEASURE Z
In thousands of dollars
Measure Z - Revenue
Taxes $71,999
Rental and Investment Income 466
Total Revenue $72,465
Measure Z - Expenditures
Current:
General government 2,056
Public Safety 18,461
Highways and streets 995
Culture and Recreation 444
Capital outlay 349
Total Expenditures $22,305
Excess (Deficiency) of Revenues Over (Under) Expenditures $50,160
Measure Z - Other Financing Sources (Uses)
Transfers in $506
Transfers out (19,870)
Transfers in/(out) to General Fund* (18,266)
Total Other Financing Sources (Uses) ($37,630)
INCREASE IN MEASURE Z BALANCE 12,530
Measure Z -Net Position
Net Change in Fund Balance $12,530
Fund Balance, Beginning of Year 46,842
FUND BALANCE, END OF YEAR $59,372
* 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.
CITY KEY STATISTICS
Average Household
Size: 3.43*
Unemployment Rate: 7.9%
Source: June 2021 Labor Force Data California Employment Development Department – County of Riverside data
Median Age: 31.6*
Average Household
Income: $85,486*
2020 Estimated Population
324,302
Source: California Department of Finance
30.7% of the Population 25 years & over have a college degree* (Associates, Bachelor’s, Graduate/Professional)
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).
(In thousands of dollars)
2,988 Acres of Parks 8 Library Branches
FY
2
0
1
6
-17
FY
2
0
1
7
-18
FY
2
0
1
8
-19
FY
2
0
1
9
-20
FY
2
0
2
0
-21
$353,000
$358,000
$363,000
$368,000
$373,000
$378,000
CHARGES FOR SERVICE -ELECTRIC
In thousands of dollars
CITY DEMOGRAPHICS AND KEY STATISTICS BUSINESS-TYPE ACTIVITIES: FINANCIAL HIGHLIGHTS
3 12
CITY DEMOGRAPHICS
$578,000
Median Sale Price in Riverside
Source: California Association of Realtors September 2021
* Source: United States Census Bureau, 2019 American Community Survey 5-Year Estimates – Most recent data available at time of publication
Hispanic or Latino (of any race)*53.7%
White*29.8%
Asian*7.4%Black*5.8%Mixed or Other Race*3.3%
Fire
Public Works
Police
Culture & Recreation
4 Police Stations &
1 Police Substations
585 Police Personnel
(Sworn & Non-Sworn)
14 Fire Stations
1 Training Facility
251 Fire Personnel
31,918 Calls Answered
891.28
Streets (miles)
12 Community Centers 46 Playgrounds &
44 Softball/Baseball Diamonds
7.3
Street Resurfacing (miles)
30,489 Streetlights
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 fund balance is below.
The total includes non-spendable assets and funds that are restricted for specific purposes. Fund balance does not reflect funds available for new electric distribution operations spending.
FUND BALANCE – ELECTRIC FUND
In thousands of dollars
ELECTRIC FUND
111,711 Active Electric
Meters - includes Residential, Commercial, and Industrial
2021 SPENDING – BUSINESS-TYPE ACTIVITIES
Electric is the largest business-type function
in the City with $366.2 million in spending
during Fiscal Year 2020-21. Water and Sewer
business activities have the next largest level
of spending with more than $132.7 million
during the fiscal year ($71.7 million and $61
million, respectively).
Electric $366,165 66.4%
Water $71,738 13.0%
Sewer $61,029 11.1%Refuse $28,428 5.2%
Civic Entertainment $11,885 2.2%Others $11,633 2.1%
17.03 average price
(cents/kWh) per residential customer
466.25 employee
positions approved to provide Electric – related services
FY 2020-21
$497,373 FY 2016-17
$484,201
FY 2017-18
$505,412
FY 2019-20 $514,885 FY 2018-19 $510,732
BUSINESS-TYPE ACTIVITIES: FINANCIAL HIGHLIGHTS (CONTINUED)
13
ABOUT THE CITY AND ITS LEADERSHIP
2
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 25 states. The population
of the City is 324,302 which places it as the 12th
largest in California.
12th
largest city in California
58th
largest
incorporated
city in the United States by population
FY 2020-21 $234,397
FY 2016-17
$205,531
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.
FY 2017-18
$218,186
FY 2019-20
$228,532 FY 2018-19
$221,576
SEWER FUND
Water
Sewer
201,960 gallons
average per residential customer
17,602
New Connections
25.30
Average Daily Sewage Treatment (millions of gallons)
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 the fund, a five-year history of the fund balance is below. The total includes non-spendable
assets and funds that are restricted for specific purposes. Fund balance does not reflect funds available for new water and sewer operations spending.
FUND BALANCE – WATER AND SEWER FUNDS
In thousands of dollars
WATER FUND
$0
$10,000
$20,000
$30,000
$40,000
$50,000
$60,000
$70,000
$80,000
$90,000
FY 2016-17 FY 2017-18 FY 2018-19 FY 2019-20 FY 2020-21
CHARGES FOR SERVICE -WATER AND SEWER
In thousands of dollars
$2.77 average price
($/CCF*) per residential customer
FY 2020-21
$308,360 FY 2016-17 $305,418 FY 2017-18
$305,078 FY 2019-20
$300,635
FY 2018-19
$302,701
*CCF = Centum Cubic Feet = 748 gallons
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,
Edward Enriquez
Chief Financial Officer/City Treasurer
Dear Reader,
The City of Riverside is pleased to present our Popular Annual Financial Report
(PAFR) for the fiscal year ending June 30, 2021. 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.
* 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/
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 ACTIVITY: FINANCIAL HIGHLIGHTS ......................................................................12
GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA) PAFR AWARD ................................14
1 14
Government Finance Officers Association of the United States and Canada (GFOA) has given an Award
for Outstanding Achievement in Popular Annual Financial Report to the City of Riverside for its Popular
Annual Financial Report for the fiscal year ended June 30th of 2020. 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. Since the City’s inception of the Popular Annual Financial Report, the City has received a
Popular Award for the last consecutive years (fiscal years ended 2017-2020). We believe our current report
continues to conform to the Popular Annual Financial Reporting requirements and we are submitting it to
GFOA to determine its eligibility for another Award.
GOVERNMENT FINANCE OFFICERS ASSOCIATION (GFOA) PAFR AWARD
City of Riverside, City Hall
3900 Main Street
Riverside, CA 92522
ExploreRiverside.com
City of Arts & Innovation Riverside, California
FINANCIAL REPORT
FOR FISCAL YEAR ENDED
JUNE 30, 2021
POPULAR ANNUAL