Finance

Finance

FY 2018-2020 Two Year Budget: Promises Made, Promises Kept

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On June 12, 2018, City Council approved the adoption of the City’s FY 2018-2020 Two-Year Budget. The FY 2018-2020 Two-Year Budget continues to build on the strong financial foundation established in the previous budget period and enhanced by the passage of Measure Z, the formation of the Budget Engagement Commission, and an increase in the City’s general obligation bond rating to AA. The new budget maintains critical service levels and programs, maintains healthy General Fund reserves, and provides additional funding to the Fire Department and the Parks, Recreation and Community Service Department.

The development of the FY 2018-2020 Two-Year Budget followed through on the promises to the community of Riverside that the City would be financially accurate; demonstrate fiscal responsibility and discipline; apply a transparent and participatory process; and prioritize the funding of essential services and infrastructure. The budget was approved following several months of community engagement with the citizens of Riverside, local business and community groups, the Budget Engagement Commission, various City Boards and Commissions, and the City Council. In the spirit of continued transparency, we invite you to explore the FY 2018-20 Two-Year Budget online through the OpenBook, the City’s Budget Transparency Portal.

 

Navigation Guide: Budget Transparency Portal

Looking forward

During the budget development process, the City developed five-year financial plans for major funds that comprise early 90% of the City’s total budget. These five-year plans will facilitate financial discussions and policy decisions that affect the City’s long-term financial outlook. Key priorities are: developing a financial strategy to address rising CalPERS costs; seeking opportunities to restructure existing debt; and addressing the long-term financial needs of our enterprise funds, including Sewer, Refuse and Parking.



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