March 28, 2024
Riverside ends fiscal year with a surplus
RIVERSIDE – Higher than expected revenue from property taxes and development fees, reflecting historic levels of investment, combined to help the City of Riverside finish fiscal year 2016-17 with a surplus. That’s according to a newly-released financial report.

City Hall officials say the results mean the city will be able to invest in repairs and improvement to City facilities and increase General Fund Reserves to $41.5 million, or 15.4 percent of operating expenditures. That amount is above the City Council-approved policy of 15 percent and gets the city closer to the Council’s goal of 20 percent.

The results cap nearly two years of actions designed to stabilize and strengthen Riverside’s financial condition. Over the past 2-years, the City Council has approved shifting the annual budget to a two-year budget in the context of a five year plan; received a report from executive management on unfunded needs around the city; approved reductions in department budgets; established a Budget Engagement Commission to receive input from residents; adopted a Responsible Spending Pledge; and worked with voters to pass Measure Z, a one-cent sales tax increase.

“The City of Riverside has made tremendous fiscal progress in the past year,” Mayor Rusty Bailey said. “Remarkable levels of investment in our city, combined with responsible limits on expenditures within City Hall, are setting the stage for increased financial success in the future.”
Story Date: November 24, 2017
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