Rinse the rice under cold water until the water runs clear to remove excess starch.
In a medium saucepan, combine the rinsed rice with the vegetable broth. Bring to a boil over medium-high heat.
Once boiling, reduce the heat to low, cover, and let it simmer for 15 minutes, or until the rice is tender and the liquid is absorbed.
Once the rice is cooked, remove it from heat and let it sit covered for an additional 5 minutes.
In the same saucepan, add butter, milk, and cream cheese to the warm rice. Stir gently to combine until the cream cheese has melted.
Gradually add shredded cheddar cheese, garlic powder, black pepper, and salt to the rice. Stir until all the cheese is melted and the mixture is creamy.
Taste and adjust seasoning if necessary. If the rice is too thick, add a splash of milk to reach your desired consistency.
Serve hot, garnished with chopped fresh parsley if desired.