City of Riverside, California
Fall line-up released! Terry Fator, LeAnn Rimes, Blues Traveler, Dwight Yoakum, Rufus Wainwright, America, Tonic, more!
 Seizing Our Destiny 
Weekly Wins
Great projects, initiatives and successes are happening in Riverside everyday; highlights for this week:

Partner Spotlight 

 
The Riverside County EDA Workforce Development Center

can assist or assume your employee recruitment and training efforts. 

  

EDA Workforce Development professionals will

  • Analyze your human resource needs
  • Develop hiring criteria
  • Advertise for your employee recruitment
  • Screen applicants
  • Test and assess applicants
  • Provide training programs
  • Conduct new employee orientations

Not only are these services free of charge, in many instances businesses are eligible for additional savings.

  

1325 Spruce Street, Suite 110
Riverside, CA 92507
951.955.3100 
Monday, 8/20
Riverside Downtown Library - 12-4 p.m.
 
for more community events, seminars & meetings, search the


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877-RivSide
 
Economic Development News
City of Riverside, California
Office of Economic Development
August 14, 2012 

Riverside is being recognized worldwide for its forward looking, cutting-edge approaches to economic development, education, sustainability and technology. Discover the possibilities within this City of Arts & Innovation.

Strong Financial Management Practices Set Riverside Apart

A+ and AA- Bond Ratings Affirmed

 

Businesses in Riverside can rest assured that the City of Riverside's finances are sound and stable.  Recently both Standard & Poor's and FitchRatings reviewed the City's financial standing and affirmed A+ and AA- ratings with a stable outlook, which is indicative of a very strong capacity to meet financial commitments. 

 

Standard & Poor's noted the City of Riverside's strengths as consistently strong unreserved general fund balance levels and strong financial management practices as well as Riverside's role as the economic center of the Inland Empire with a diverse employment base centered on government, education and services.  In describing Riverside's "strong financial management," they observed that their assessment indicates management practices are solid, well embedded and likely sustainable. 

 

FitchRatings indicated that Riverside's key rating drivers were consistently good financial performance, revenue diversity, low direct debt and well-funded pensions.  They note that the City of Riverside has consistently maintained healthy reserves aided by expenditure flexibility and diverse revenue sources. (Read more...)

UC Riverside School of Medicine to Bring Community-Minded Doctors and Unprecedented Economic Impact to Region

 

­The University of California, Riverside continues to expand with the planned opening of a new School of Medicine, thus completing the current partial medical program offered at the Riverside campus. 

 

Although the planning of staff and facilities has been underway for several years, UC Riverside's initial application for accreditation was denied due to the state's lack of commitment to multi-year funding.  Within 8 months after the initial denial, UC Riverside was able to raise $100 million from private donors, local governments and the UC system.  Based on this strong regional financial commitment, UC Riverside recently made a rare second application for accreditation and hopes to enroll the first class of 50 students by fall 2013.

 

The success of the School of Medicine is vital to keeping healthcare locally available to the inland Southern California population.  According to the Dean of the UC Riverside School of Medicine, Dr. G. Richard Olds, the Inland Empire is expected to face a 5,000-physician deficit in the next few years, intensifying the need for local medical graduate programs.

 

Not only will the UC Riverside School of Medicine provide the region with a critical pipeline of future doctors, but "students will be actively working within the community by interning at local hospitals and clinics, getting to know the public and providing exceptional healthcare tailored to the community's needs" explained Olds.  He added that "[the medical school] will be different from others in the nation in that the program is focused on creating community responsive physicians that are compassionate about their patients and aim to provide the highest level of customer care."

 

Although the initial costs of the medical school are approximately $60 million, the estimated impact on the Riverside community and surrounding region is anticipated to exceed $250 million annually. "Each physician trained by the university can be viewed as a $1 million small business; once that physician begins working, then staff can be employed, followed by the need for ancillary medical equipment and services.  Applying the multiplier effect, one physician will generate a lot of local revenue, making an even greater impact in the Inland Empire" stated Dean Olds. (Read more...)

We invite you to celebrate the achievements and continued progress of this City of Arts & Innovation. Please contact the Office of Economic Development for more information.


Sincerely,

Scott C. Barber

City Manager
City of Riverside