Bring broccoli and broth to boil in medium saucepan on medium-high heat. Stir in rice; cover. Remove from heat. Let stand 5 minutes. Stir in velvetta ; cover. Let stand 5 minutes. Stir until velvetta is completely melted. Spoon into microwaveable serving dish; cover with plastic wrap. Refrigerate up to 24 hours.
Meanwhile, melt butter in small skillet on medium heat. Add cracker crumbs; cook 2 to 3 minutes or until golden brown, stirring frequently. Cool completely. Stir in parmesan cheese. Spoon into resealable plastic bag; seal bag. Store at room temperature up to 24 hours.
Vent plastic wrap covering broccoli mixture by poking a few holes in the top. Microwave on high 5 to 6 minutes or until heated through; stir. Sprinkle with cracker crumbs mixture. Microwave, uncovered, an additional 2 to 3 minutes or until heated through.
Substitute: Prepare as directed, using velveeta made with 2% milk.