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MANAGEMENT’S DISCUSSION AND ANALYSIS
As management of Riverton City Corporation (the City), we offer readers of the City's financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2022. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our letter of transmittal.
FINANCIAL HIGHLIGHTS
The assets plus deferred outflows of the City exceeded its liabilities plus deferred inflows at the close of 2022 by $316.6 million. Of this amount, unrestricted net position of $32.6 million is available to meet the City’s ongoing obligations to citizens and creditors.
The 2022 increase in net position for governmental activities of $33.3 million consisted of net program expenses of $9.6 million, transfers-in of $22.1 million, and general revenues of $20.8 million. For 2021, net position for governmental activities increased $5.3 million. The increase from 2021 to 2022 was caused primarily by two specific events: 1) the elimination of the Stormwater proprietary fund and consolidating those services into the
General Fund. This transfer, along with a few other transfers that will be discussed later in this document, accounted for $22.1 million; and 2) the inclusion of the
Special Revenue Fund within the City’s governmental activities. RLESA was previously shown as a discretely presented component unit on the City’s financial statements.
Net position for business-type activities decreased by $19.9 million in fiscal year 2022 compared with a $776 thousand increase during fiscal year 2021. Excluding the
Stormwater proprietary fund transfer, mentioned in the previous bullet and to be discussed in greater detail later in this document, the business-type activities increased by $2.2 million in fiscal year 2022. The reason for the change was due to small rate increases in the remaining proprietary funds; namely the culinary water, secondary water and sanitation funds.
The City’s governmental activities revenue increased from $28.8 million in 2021 to $38.1 million in 2022. The increase of $9.3 million is the combination of four items: 1) a 13.3% year-over-year increase in sales tax revenue; 2) an increase of $1.3 million in charges for services by consolidating the Stormwater Fund into the General Fund and 3) an increase of $6.4 million in property taxes by bringing RLESA into the City as a special revenue fund. Overall, total governmental activities program revenues increased by $1.3 million from 2021 to 2022. As is mentioned in the previous bullet, this increase is due bringing the operations of the Stormwater proprietary fund into the General Fund. Stormwater user fees were cut drastically to make room for rate increases across the remaining proprietary funds. A small user fee remained and is now included in the charges for services in the
General Fund.
Governmental activities general revenues increased from $12.8 million in fiscal year 2021 to $20.8 million in fiscal year 2022. The City continues to benefit from double digit sales tax revenue increases year over year, a total increase of $1.3 million or 13.3%. In addition, the governmental activities property taxes increased $6.4 million by including RLESA as a special revenue fund. The remaining amount of governmental activities remained relatively flat.
The largest part of the $22.1 million transfers from business-type to governmental activities is consolidation of the Stormwater proprietary fund partially into the
General Fund and a smaller amount to a new capital projects fund for stormwater projects. See Note No. 5 of the financial statements for additional transfer details.
The City’s business-type activities revenue decreased from $14.4 million in fiscal year 2021 to $13.5 million in fiscal year 2022. The decrease of $900 thousand is due to rate increases in the culinary, secondary, and sanitation funds and from moving the Stormwater proprietary fund to the governmental activities.
At June 30, 2022, the total fund balance for the City’s
General Fund was just over $8.4 million. General Fund balance is divided into three categories: nonspendable fund balance of $159 thousand for prepaid expenditures, restricted fund balance of $1.8 million for Class C Roads, and unassigned fund balance of $6.5 million, which is an increase in unassigned fund balance of $1.3 million over 2021.
OVERVIEW OF THE FINANCIAL STATEMENTS
The purpose of this discussion and analysis is to introduce the City’s basic financial statements, which are comprised of three components: 1) government–wide statements, 2) fund statements, and 3) notes to the financial statements. Required supplementary information (RSI) is included with supporting notes to the RSI immediately following the basic financial statements. This report contains other supplementary information, which will help the reader to gain a more in–depth understanding of the City’s financial position.
GOVERNMENT–WIDE FINANCIAL STATEMENTS
The government–wide financial statements are designed to provide readers with a broad overview of the City’s financial position and changes in financial position, similar to consolidated financial statements in a private sector business. The statements consist of the Statement of Net Position and the Statement of Activities.
The Statement of Net Position presents information on all of Riverton City’s assets, deferred outflows, liabilities, deferred inflows, with the difference reported as net position. Over time, increases or decreases in net position provide an indication of whether the financial condition of the City is improving or deteriorating.
The Statement of Activities presents information showing how the City’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, revenues and expenses reported in this statement for some items will result in cash flows in future fiscal periods.
Both of the government–wide financial statements distinguish functions of the City that are principally supported by taxes, charges for services, and intergovernmental revenues (governmental activities) from other functions that are intended to recover all, or a significant portion, of their costs through user fees and charges (business–type activities). The governmental activities of the City include general government, public safety, highways and public improvements, and parks and recreation. The business–type activities of the City include culinary water, secondary water, and sanitation.
The government–wide financial statements include not only the City (the primary government), but also two legally separate component units, the Redevelopment Agency of Riverton City and the Riverton Law Enforcement Service Area, for which the City is financially accountable. Financial information for these blended component units is presented with the financial statements of the City. Both blended component units are reported as special revenue funds.
The government–wide financial statements also include a legally separate component unit, namely, the Riverton Fire Service Area. Financial information for this discretely presented component unit is displayed in a column to the right of the primary government.
The government–wide financial statements are found immediately following this discussion and analysis.
FUND FINANCIAL STATEMENTS
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance–related requirements. All of the City’s funds can be divided into two categories: governmental funds and proprietary funds.
GOVERNMENTAL FUNDS
Most of the City’s basic services are reported in governmental funds, which focus on how money flows through those funds and the balances left at year–end. The funds are reported using the modified accrual method of accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental funds statements present a detailed short–term view of cash, operations, and the basic services provided. Governmental funds information helps users determine whether there are adequate financial resources that can be spent in the near future to finance the City’s programs. The relationship (or differences) between governmental activities (reported in the Statement of Net Position and the Statement of Activities) and governmental activities reported in governmental funds statements is described in reconciliations, which are presented after the fund financial statements.
The City maintains twelve individual governmental funds. Information is presented separately in the governmental funds statements for the General Fund and the other major governmental funds. The nonmajor funds are combined into a single aggregated presentation. Individual fund data for each of these nonmajor governmental funds is provided in the form of combining statements immediately following the notes to the RSI.
Major governmental funds:
General Fund Capital projects - Grants Capital projects – Riverton Economic Development
Infrastructure and Investment Fund (REDIIF) Special revenue – Redevelopment Agency of Riverton
City (RDA) Special revenue – Riverton Law Enforcement Service
Area (RLESA)
Nonmajor governmental funds:
Capital projects – community impact parks Capital projects – community impact fire Capital projects – community impact stormwater Capital projects – community impact roads Capital projects – capital improvements Capital projects – stormwater Capital projects – first class roads
PROPRIETARY FUNDS
The City maintains only one type of proprietary fund, namely enterprise funds. Enterprise funds are used to report the same functions presented as business-type activities in the government–wide financial statements. The City maintains three individual enterprise funds. Information is presented separately in the proprietary funds Statement of Net Position and Statement of Revenues, Expenses and Changes in Fund Net Position. All proprietary funds of the City are major funds.
Major proprietary funds:
Culinary water Secondary water Sanitation
NOTES TO THE FINANCIAL STATEMENTS
The notes provide additional information that is essential to a full understanding of the data provided in the government–wide and fund financial statements. The notes to the financial statements can be found immediately after the statements for major funds.
REQUIRED SUPPLEMENTARY INFORMATION
The Government Accounting Standards Board (GASB) released Statement No. 68, Accounting and Financial Reporting for Pensions in June of 2012. The scope of this statement addresses accounting and financial reporting for pensions that are provided to the employees of state and local governmental employers through pension plans that are administered through trusts.
The included required supplementary information (RSI) details the City’s proportionate share of the net pension liability or asset as well as the City’s pension contributions in relation to covered payroll.
OTHER INFORMATION
In addition to the basic financial statements and accompanying notes, this report also contains other supplementary information. The combining statements, mentioned earlier, in connection with nonmajor funds are presented immediately after the notes to the RSI. Budget comparisons for governmental funds other than the General Fund, the Redevelopment Agency special revenue fund, and the RLESA special revenue fund are also included.
GOVERNMENT–WIDE FINANCIAL ANALYSIS
As noted earlier, net position may serve as a useful indicator of a government’s financial position over time. In the case of Riverton City, assets plus deferred outflows exceeded liabilities plus deferred inflows by $316.6 million at the close of fiscal 2022. By far, the largest portion of the City’s net position ($279.4 million or 88.3%) reflects its net investment in capital assets. The City uses its capital assets to provide services to residents; these assets are not available for future spending. Although the City’s investment in its capital assets is reported net of related debt, it should be noted that the resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities. An additional portion of net position ($4.5 million or 1.4%) represents resources that are subject to external restrictions on how they may be used. The remaining balance of unrestricted net position ($32.6 million or 10.3%) may be used to meet the City’s ongoing obligations to its residents and creditors.
Governmental Activities Business-type Activities Total Primary Government 2022 2021 2022 2021 2022 2021 Current and other assets 40,203,147$ 20,345,275$ 13,455,285$ 17,280,989$ 53,658,432$ 37,626,264 $ Capital assets 225,323,349 199,386,592 89,700,636 111,569,569 315,023,985 310,956,161 Total Assets 265,526,496 219,731,867 103,155,921 128,850,558 368,682,417 348,582,425 Total deferred outflows of resources 3,992,104 4,203,418 829,523 1,131,136 4,821,627 5,334,554 Current and other liabilities 5,609,932 4,355,969 2,012,130 3,217,762 7,622,062 7,573,731 Long-term liabilities 30,824,501 32,151,627 4,724,970 9,750,943 35,549,471 41,902,570 Total Liabilities 36,434,433 36,507,596 6,737,100 12,968,705 43,171,533 49,476,301 Total deferred inflows of resources 12,656,633 2,197,255 1,115,325 943,241 13,771,958 3,140,496 Net position
Net investment in capital assets 194,917,793 169,180,336 84,500,510 103,882,481 279,418,303 273,062,817
Restricted 4,540,227 2,521,841 4,835 1,713,869 4,545,062 4,235,710
Unrestricted 20,969,514 13,528,257 11,627,674 10,473,398 32,597,188 24,001,655 Total Net Position 220,427,534$ 185,230,434$ 96,133,019$ 116,069,748$ 316,560,553$ 301,300,182 $
Fiscal year 2022 revenues of $51.6 million exceeded expenses of $38.2 million, resulting in an increase in net position of $13.4 million, compared with an increase in the net position of $6.1 million in fiscal year 2021. The difference in change in net position between the two years is due to double digit sales tax revenue increases year over year and by bringing the property tax revenue from RLESA into the City’s financials.
The following table provides a summary of the City’s operations for the year ended June 30, 2022.
Governmental Activities Business-type Activities Total Primary Government 2022 2021 2022 2021 2022 2021
Revenues:
Program revenues: Charges for services 3,363,860$ 2,108,795$ 12,662,925$ 13,047,720$ 16,026,785$ 15,156,515 $ Operating grants and contributions 5,539,179 9,035,715 - - 5,539,179 9,035,715 Capital grants and contributions 8,417,820 4,868,995 645,544 1,180,019 9,063,364 6,049,014
General revenues: Property taxes 6,399,639 - - - 6,399,639 Sales taxes 11,129,036 9,851,743 - - 11,129,036 9,851,743 Franchise taxes 2,579,433 2,445,976 - - 2,579,433 2,445,976 Interest income 109,237 158,706 35,771 74,072 145,008 232,778 Miscellaneous 321,939 265,019 37,700 80,619 359,639 345,638 Gain on dispostion of assets 229,698 93,750 60,159 11,913 289,857 105,663 Gain on disposal of debt - - 47,000 - 47,000 Total revenues 38,089,841 28,828,699 13,489,099 14,394,343 51,578,940 43,223,042
Expenses: General government 8,472,276 6,855,654 - - 8,472,276 6,855,654 Public safety 6,520,947 5,198,262 - - 6,520,947 5,198,262 Highways and public improvements 6,424,373 5,443,370 - - 6,424,373 5,443,370 Parks and recreation 4,185,817 4,323,736 - - 4,185,817 4,323,736 Interest on long-term debt 1,325,879 1,347,313 - - 1,325,879 1,347,313 Culinary water - - 5,769,152 6,142,930 5,769,152 6,142,930 Secondary water - - 3,348,955 3,561,161 3,348,955 3,561,161 Sanitation - - 2,129,537 1,956,139 2,129,537 1,956,139 Storm water - - - 2,314,697 - 2,314,697 Total expenses 26,929,292 23,168,335 11,247,644 13,974,927 38,176,936 37,143,262 Increase (decrease) in net position before transfers 11,160,549 5,660,364 2,241,455 419,416 13,402,004 6,079,780 Transfers 22,178,184 (357,000) (22,178,184) 357,000 - Increase (decrease) in net position 33,338,733 5,303,364 (19,936,729) 776,416 13,402,004 6,079,780 Net position - beginning, as restated 187,088,801 179,927,070 116,069,748 115,293,332 303,158,549 295,220,402
Net position - ending 220,427,534$ 185,230,434$ 96,133,019$ 116,069,748$ 316,560,553$ 301,300,182 $
GOVERNMENTAL ACTIVITIES
The graph below depicts the City’s 2022 program revenues and expenses for governmental activities found on the Statement of Activities. Because program expenses far exceed program revenues in some functions (general government, parks and recreation), general revenues (e.g. sales, and franchise taxes, etc.) are also utilized to provide services for governmental activities.
The following pie chart depicts revenues by source for governmental activities. Capital grants and contributions are at 22% of all revenues compared with 17% in 2021, which displays the slight increase in development activities. 53% of revenues were generated from the various taxes collected by the City (e.g. sales, property and franchise), up from 43% in 2021. The main reason for this increase is due to the RLESA property taxes brought into the governmental activities as mentioned earlier. Operating grants and contributions are 15% of revenues, compared with 31% for 2021. The remaining revenues represent charges for services and interest income.
General government Public safety Highways and public improvements
Revenues Expenses Parks and recreation Interest on longterm debt
Capital Grants and Contributions 22%
Governmental Activities Revenues by Source
Sales Tax 29%
Operating Grants and Contributions 15%
Franchise Taxes 7%
BUSINESS–TYPE ACTIVITIES
Business–type activities generated revenues of $13.5 million in fiscal year 2022 compared with $14.4 million in fiscal year 2021. The $900 thousand decrease is accredited primarily to the movement of the Stormwater Fund to governmental activities and rate increases in the remaining funds in the business-type activities.
Equity investment in a joint venture produced an increase of $404 thousand in fiscal year 2022 compared with an increase of $418 thousand in fiscal year 2021. Income from the joint venture is reported in the nonoperating revenues category in the proprietary fund financial statements, and as a program revenue in the Statement of Activities.
The amount received in capital contributions from development was $645 thousand in fiscal year 2022 compared with $1.18 million in fiscal year 2021. Even though capital contributions from development is showing a decrease, due to the Stormwater Fund movement, the decrease is not as large since the prior year’s figure includes capital contributions for the Stormwater Fund, and the current year’s figure does not. Small fluctuations, up and down, in capital contributions are normal and can be attributed to the timing of when projects get completed. Overall, development within Riverton City is steady.
Interfund transfers are the reciprocal of those described in the governmental activities. A more in-depth narrative of the transfers is addressed in Note No. 5. Net transfers-out from business-type activities of $22.2 million consist of the consolidation of the Stormwater Fund to governmental activities, a transfer from governmental activities to businesstype activities to pay off the 2020B Bond Series, and a small amount of subsidy for operating expenses from REDIIF to the Sanitation Fund. Net transfers-in of $357 thousand in fiscal year 2021 were used entirely for this subsidy of the sanitation fund. The reason for the large decrease in the subsidy from one year to the next is due to an increase in the user rates.
The bar graph to the right portrays the City’s 2022 program revenues and expenses for business–type activities found on the Statement of Activities. The pie chart depicts revenues by source for business–type activities. Nearly all of the revenues come from two categories: charges for services with 94% and capital contributions with 5%.
Revenues Expenses
Culinary Water Secondary Water Sanitation
Business-Type Activites Revenues by Source
Charges for Services 94%
Interest Income, Miscellaneou and Gain on Assets 1% Capital Grants and Contributions 5%
FINANCIAL ANALYSIS OF THE GOVERNMENTAL FUNDS
GOVERNMENTAL FUNDS
The focus of these funds is to provide information on near–term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financing requirements. Because fund balance is only an approximate measure of liquidity, GASB Statement No. 54 requires that governmental fund balances be divided into five categories; nonspendable, restricted, committed, assigned, and unassigned. The total fund balance is a measure of available resources at June 30, 2022. All categories except the fund balance that is in nonspendable form is a measure of available resources.
At the close of the fiscal year, governmental funds reported a combined fund balance of $26.0 million. Of the combined fund balance, $159 thousand is nonspendable prepaid expenditures; $4.5 million is restricted by external agencies; $6.5 million is committed as City Council has adopted an ordinance setting self–imposed limitations on these funds to be used for economic development, infrastructure and redevelopment; $8.4 million is assigned, this money has an intended use determined by City Council through its capital improvements plan, law enforcement operations or redevelopment; and $6.5 million is unassigned. This amount cannot be properly reported in any of the other four components discussed thus far.
MAJOR GOVERNMENTAL FUNDS
The General Fund is responsible for all of the general services provided by Riverton City. At June 30, 2022, the fund balance in the General Fund is categorized in the following ways: nonspendable for prepaid expenditures; restricted for Class C Roads; and unassigned for the remainder. The City’s unrestricted (committed, assigned, unassigned) fund balance in the General Fund at the end of fiscal year 2022 is at 34% of the current year’s actual revenue, which is required by State law to be a minimum of 5% and a maximum of 35%. This percentage is up from 30.1% in 2021, validating the City’s General Fund is in a strong and healthy financial position. The $2.5 million change in fund balance in the General Fund is primarily made up of a $1.3 million increase in sales tax, a $1.1 million increase in charges for services due to the Stormwater Fund consolidation.
The Grants capital projects fund is a newly created fund for the 2022 fiscal year. The purpose of this fund is to track money received from the federal government, $854 thousand as a WaterSmart grant and $2.6 million as the City’s first tranche from the American Rescue Plan Act (ARPA). At the conclusion of the fiscal year, the grants fund has a total fund balance of $2.6 million.
The REDIIF capital projects fund has a total fund balance of $6.5 million at June 30, 2022. Of this balance, $1.5 million is in land held for resale, and the remainder of $5.0 million has been committed by ordinance for economic development. The net change in fund balance in the REDIIF capital projects fund was a decrease of $1.1 million. The main reason for this decrease is due the REDIIF fund transferring to the Secondary Water Fund to help in paying off the 2020B Bond Series.
At June 30, 2022, the fund balance of the RDA special revenue fund was zero. In 2021 the fund balance in the RDA was $123 thousand. The entire portion of that fund balance was land held for resale, which has now been conveyed to a local entity as part of a development agreement within the RDA project area. The net change in fund balance for the RDA was a decrease of $123 thousand which is attributed to the accounting loss associated with the above mentioned land conveyance. The above transaction was the final, leftover remnant of the Redwood Road RDA Project Area. The Western Commercial District CDA, a development in the west section of the City, triggered property tax increment during the fiscal year ended June 30, 2022. Additional information on the Redevelopment Agency can be found in Note No. 15.
At June 30, 2022, the fund balance of the RLESA special revenue fund was $2.5 million. The entire fund balance has been assigned to law enforcement. Addititional information on the RLESA special revenue fund can be found in Note No. 16.
GENERAL FUND BUDGETARY HIGHLIGHTS
During fiscal year 2022 there was a total of $1.3 million increase in appropriations through budget adjustments. Of this increase, $372 thousand was for mid-year wage increases in the police department to remain competitive with the local area, $678 thousand for various public works improvement projects, and several minor increases accounting for budgets that were approved in the previous fiscal year, but due to supply delays and shortages, were not received until the 2022 fiscal year. The budget is closely monitored and adjusted as needed throughout the year. During fiscal year 2022, Council amended the budget when necessary, adjusting budgeted revenues as well as expenditures.
The actual revenues in the General Fund received were 107.3% of the final budgeted revenues. The actual expenditures in the General Fund were 88.8% of appropriations. The final budget, before transfers, included expenditures of $22.3 million, while
actual expenditures totaled $19.8 million. Budget variances resulted in an increase of unassigned fund balance of $1.3 million and an increase in restricted fund balance of $1.2 million.
All recommended amendments for budgetary changes came through the Administrative Services Department to the City Council via resolution as required by State statute. Public hearings were properly noticed and conducted for formal budget amendments that require the approval of the Council. In accordance with State Code, the Mayor approved intra–departmental budget changes without the approval of the City Council.
CAPITAL ASSETS AND DEBT ADMINISTRATION
The City’s investment in capital assets for its governmental and business–type activities totaled $279.4 million net of combined depreciation, amortization, and related debt at June 30, 2022. Types of assets included in this category are land, construction in progress, water shares, buildings and other improvements, machinery and equipment, and infrastructure. Note No. 7 addresses the City’s investments in capital assets.
CAPITAL ASSETS (NET OF DEPRECIATION)
Governmental Activities Business-type Activities Total Primary Government 2022 2021 2022 2021 2022 2021 Land and rights of ways 108,146,461$ 105,733,107$ 2,846,219$ 3,162,260$ 110,992,680$ 108,895,367 $ Construction in progress 393,867 2,331,417 854,594 466,546 1,248,461 2,797,963 Water shares - - 14,914,588 14,465,916 14,914,588 14,465,916 Buildings and improvements 16,337,712 16,612,497 4,696,098 4,788,319 21,033,810 21,400,816 Improvements other than buildings 16,082,025 16,938,060 - - 16,082,025 16,938,060 Machinery and equipment 1,103,739 816,292 297,524 305,941 1,401,263 1,122,233 Office furniture and equipment 449,238 494,068 127,537 168,745 576,775 662,813 Vehicles 3,308,679 1,723,136 979,649 1,733,983 4,288,328 3,457,119 Infrastructure 79,501,628 54,738,015 64,984,427 86,477,859 144,486,055 141,215,874 Total Capital Assets 225,323,349$ 199,386,592$ 89,700,636$ 111,569,569$ 315,023,985$ 310,956,161 $
As has been mentioned previously, the largest change in capital assets for the current fiscal year was the consolidation of the Stormwater Fund into the General Fund. Other large increases include police vehicles and various infrastructure projects.
OUTSTANDING DEBT
The basic financial statements, along with Note No. 11, provide a summary of the City’s long–term debt. At June 30, 2022, Riverton City’s bonded debt, including unamortized premiums, amounted to $36.4 million. All of the City’s bonded debt is known as revenue bonds and is secured by specific revenue sources. Riverton City has $31.2 million of franchise and sales tax revenue bonds and $5.2 million of water revenue bonds.
Governmental Activities Business-type Activities Total Primary Government 2022 2021 2022 2021 2022 2021
Bonds payable:
Franchise and sales tax revenue 30,441,000$ 31,512,000$ -$ -$ 30,441,000$ 31,512,000 $
Unamortized premiums 801,501 931,661 - - 801,501 931,661
Water revenue - - 5,211,000 10,553,000 5,211,000 10,553,000
Unamortized premiums - - 5,846 17,538 5,846 17,538
Unamortized discounts - - - (40,733) - (40,733) Financing leases 1,246,820 - - - 1,246,820 -
Total 32,489,321$ 32,443,661$ 5,216,846$ 10,529,805$ 37,706,167$ 42,973,466 $
Two major debt events occurred during the current fiscal year; an addition of financing leases to purchase police vehicles, and the defeasance of the 2020B bond series. Both transactions will be discussed in greater detail in the notes.
ECONOMIC FACTORS
Sales tax collections continue to remain strong. Over the previous eight years, the average sales tax increase has been 10.4%, which has been an ongoing indicator of the strength and stability of Riverton City’s economy.
Following the slowdown in developments during the previous fiscal years attributed primarily to the COVID-19 pandemic, the City saw the acceleration of many developments within the City. One large residential development that had delayed construction due to the pandemic has broken ground and construction is proceeding on the initial phases during the fall and winter of 2022. In addition, a large multi-family luxury condominium complex (approximately 280 units) is preparing to break ground during the winter of 2022. An additional planned unit development (approximately 350 units) should be nearing completion in late spring of 2023. With more than 1,000 entitled units at various stages in the approval process, Riverton City continues to enjoy a consistently stable permit-authorized construction environment. The value of new construction in Riverton City for permits issued during the fiscal year ended June 30, 2022, was $81.2 million. The City also saw continued residential development in the RDA project area and expansion of multi-family residential projects throughout the City.
Growth in Riverton City’s Western Commercial District (WCD) continues, with completion of over 200,000 square feet of office/warehouse “flex” space, and more in the permitting process. Construction on the CenterCal Properties, LLC retail project, Mountain View Village, an 85-acre site in the Western Commercial District, is nearing completion. Phase 1 of the project was completed in June 2018, while Phase 2 construction opened in July of 2022. Phase 3 (the final phase) was recently submitted for approval and is moving forward. At completion, CenterCal’s project will include over one million square feet of retail and office space, as well as public service and residential components. Riverton City’s investments in the construction of new roads and in upgrading and maintaining existing roads, have been effective in managing current growth, and planning for future growth in a way that provides a sustainable framework for large and small-scale development projects.
As Riverton City continues to enjoy and effectively manage significant residential and commercial growth, ongoing infrastructure and development projects further enhance the quality of life in Riverton, helping to attract and retain quality retail growth and expanded employment with high-paying jobs.
REQUEST FOR INFORMATION
This financial report is designed to provide our residents, taxpayers, investors, and creditors with a general overview of the City’s finances and to show the City’s accountability for the funds and assets it receives. If you have questions about this report, or should you need additional financial information, contact the City’s Administrative Services Department at Riverton City, 12830 S Redwood Road, Riverton, Utah 84065.
