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City staff says Riverside’s reserves remain strong but flags slowing revenue and staffing costs
Summary
Deputy Finance Director Sergio Aguilar reported first-quarter fiscal results showing roughly $230 million in combined general fund reserves, softening sales and development revenues, higher police overtime and growing personnel costs; staff recommended restraint and several supplemental appropriations, and a motion to approve was delayed when the council paused for closed session.
City finance staff told the Riverside City Council on Feb. 24 that the city remains in a generally strong fiscal position but faces emerging fiscal uncertainties that warrant restraint on unallocated spending.
Deputy Finance Director Sergio Aguilar said the general fund held about $76 million in policy reserves and about $154 million in other reserves — roughly $230 million in total — and that these reserves comply with the city's 20% policy. He reported mixed revenue signals: sales tax rose about 1.1% year-over-year in the first quarter but at a slower pace than the prior year, building-permit revenue was down about 12%, and development-fee receipts trailed the…
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