Exhibit 1 - City of Corona ACFR- FY2024.pdf — Corona City Council, December 4, 2024

CALIFORNIA

YEAR ENDED
JUNE 30, 2024
Annual
Comprehensive
Financial
Report
&,7<2)&2521$
&$/,)251,$
$118$/ &2035(+(16,9(),1$1&,$/5(3257
)RUWKH)LVFDO<HDU(QGHG-XQH4
Prepared by the City of Corona Finance Department
City of Corona
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents
i
Page
INTRODUCTORY SECTION (Unaudited)
GFOA Certificate of Achievement for Excellence in Financial Reporting .................................................................... v Letter of Transmittal ..................................................................................................................................................... vii Elected Officials and Executive Management ............................................................................................................. xvi Organization Chart ..................................................................................................................................................... xvii

FINANCIAL SECTION
Independent Auditors’ Report on the Audit of the Financial Statements ............................................................... 1 Management’s Discussion and Analysis (Required Supplementary Information) (Unaudited) ........................... 5 Basic Financial Statements:

Government-Wide Financial Statements:

Statement of Net Position ................................................................................................................................ 26 Statement of Activities .................................................................................................................................... 28 Fund Financial Statements:

Governmental Fund Financial Statements:

Balance Sheet ............................................................................................................................................ 34 Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position .......................................................................... 37 Statement of Revenues, Expenditures, and Changes in Fund Balances .................................................... 38 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes in Fund Balances to the
Government-Wide Statement of Activities ........................................................................................ 41 Proprietary Fund Financial Statements:

Statement of Net Position ......................................................................................................................... 44 Statement of Revenues, Expenses, and Changes in Net Position ............................................................. 48 Statement of Cash Flows ........................................................................................................................... 50 Fiduciary Fund Financial Statements:

Statement of Fiduciary Net Position ......................................................................................................... 57 Statement of Changes in Fiduciary Net Position ...................................................................................... 58 Notes to the Basic Financial Statements ............................................................................................................. 63 City of Corona
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents (Continued)
ii
Page
FINANCIAL SECTION (Continued)
Required Supplementary Information (Unaudited):

Budgetary Comparison Schedule:

General Fund ................................................................................................................................................. 121 Development Special Revenue Funds ........................................................................................................... 122 Other Grants & Endowments Special Revenue Fund .................................................................................... 123 Notes to the Budgetary Comparison Schedule ................................................................................................... 124 Modified Approach for City Streets Infrastructure Capital Assets ................................................................... 126 Schedule of Changes in Net Pension Liability and Related Ratios California Public Employees’ Retirement System Defined Pension Plan – Miscellaneous Plan .................. 128 California Public Employees’ Retirement System Defined Pension Plan – Safety Police Plan ................... 130 Schedule of the City’s Proportionate Share of the Net Pension Liability and Related Ratios California Public Employees’ Retirement System Defined Pension Plan – Safety Fire Plan ....................... 132 Schedule of Contributions – Pensions:

CalPERS Miscellaneous ................................................................................................................................ 134 CalPERS Safety Plan – Police ....................................................................................................................... 136 CalPERS Safety Plan – Fire .......................................................................................................................... 138 Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios:

Other Postemployment Benefits (“OPEB”) Plan .......................................................................................... 140 Schedule of Contributions – Other Postemployment Benefits (“OPEB”) Plan ............................................... 142

Supplementary Information:

Schedule of Revenues, Expenditure, and Changes in Fund Balance – Budget and Actual:

Low Mod Income Housing Asset Capital Projects Fund .............................................................................. 147 Other Grants Capital Projects Fund ............................................................................................................... 148 Nonmajor Governmental Funds:

Combining Balance Sheet ............................................................................................................................. 150 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ..................................... 153 Schedule of Revenues, Expenditures, and Changes in Fund Balance – Budget and Actual:

Gas Tax Special Revenue Fund .............................................................................................................. 157 Measure A Special Revenue Fund .......................................................................................................... 158 Trip Reduction Special Revenue Fund ................................................................................................... 159 Asset Forfeiture Special Revenue Fund .................................................................................................. 160 Special Tax District Special Revenue Fund ............................................................................................ 161 Residential Refuse Special Revenue Fund .............................................................................................. 162 Public Facility Project Capital Projects Fund ......................................................................................... 163 HUD Grants Capital Projects Fund ......................................................................................................... 164 Planned Local Drainage Capital Projects Fund ...................................................................................... 165 City of Corona
Annual Comprehensive Financial Report
For the Year Ended June 30, 2024
Table of Contents (Continued)
iii
Page
Supplementary Information (Continued):

Nonmajor Enterprise Funds:

Combining Statement of Net Position ........................................................................................................... 169 Combining Statement of Revenues, Expenses and Changes in Net Position ................................................ 170 Combining Statement of Cash Flows ............................................................................................................ 171 Internal Service Funds:

Combining Statement of Net Position ........................................................................................................... 174 Combining Statement of Revenues, Expenses and Changes in Net Position ................................................ 176 Combining Statement of Cash Flows ............................................................................................................ 178 STATISTICAL SECTION (Unaudited)
Description of Statistical Section Contents ................................................................................................................ 183 Financial Trends:

Net Position by Component ................................................................................................................................. 184 Changes in Net Position ....................................................................................................................................... 186 Fund Balances – Governmental Funds ................................................................................................................ 190 Changes in Fund Balances – Governmental Funds .............................................................................................. 192 Revenue Capacity:

Water Sales by User Type .................................................................................................................................... 194 Assessed Valuation and Actual Value of Taxable Property ................................................................................ 195 Potable Water Rates ............................................................................................................................................. 197 Reclaimed Water Rates ........................................................................................................................................ 198 Direct and Overlapping Property Tax Rates ........................................................................................................ 199 Principal Water Customers .................................................................................................................................. 200 Principal Property Tax Payers .............................................................................................................................. 201 Property Tax Levies and Collections ................................................................................................................... 203 Debt Capacity:

Ratios of Outstanding Debt by Type .................................................................................................................... 204 Ratios of Net General Bonded Debt Outstanding ............................................................................................... 207 Direct and Overlapping Governmental Activities Debt ....................................................................................... 208 Legal Debt Margin Information ........................................................................................................................... 210 Pledged Revenue Coverage.................................................................................................................................. 212 Demographic and Economic Information:

Demographic and Economic Statistics ................................................................................................................. 215 Principal Employers ............................................................................................................................................. 216 Operating Information:

Full-Time Equivalent City Governmental Employees by Function/Program ...................................................... 217 Operating Indicators by Function/Program .......................................................................................................... 218 Capital Asset Statistics by Function/Program ...................................................................................................... 220 iv
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Corona
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
v
vi
December 4, 2024
To the Honorable Mayor, City Council, and Citizens of the City of Corona, California:

It is with great pleasure that we present to you the City of Corona’s Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2024. The ACFR is published to serve two purposes. First, it outlines accountability for public tax dollars and the services that are funded by these resources. Second, it communicates the results of operations and the City’s financial position to its constituents and provides a vital framework for future decisions about programs and services.

In order to ensure the reliability of the information in this financial report, the City contracted an independent audit firm, The Pun Group, LLP, to perform an annual audit. The goal of the audit is to provide reasonable assurance that the City’s financial statements are free from material misstatement. The Pun Group, LLP issued an unmodified opinion for the City’s financial statements for the fiscal year ended June 30, 2024. An “unmodified opinion” is defined as follows: The auditor concludes that the financial statements of a given entity are presented fairly, in all material respects, in accordance with generally accepted accounting principles.

Management is responsible for both the accuracy of the financial report and the completeness and fairness of the presentation. To the best of our knowledge, the information presented is accurate in all material aspects and includes all disclosures necessary to enable the reader to gain a reasonable understanding of the City’s financial activities. To provide a reasonable basis for making these representations, City management has established a comprehensive internal control framework that is designed both to protect the City’s assets from loss, theft or misuse, and to compile sufficient reliable information for the preparation of the ACFR.

Because the cost of internal controls should not outweigh their benefits, the City’s comprehensive framework of internal controls has been designed to provide reasonable, rather than absolute assurance, that the financial statements are free from material misstatement.

The ACFR is prepared using the financial reporting requirements outlined by the Governmental Accounting Standards Board (GASB) statements. Three sections are presented: the Introductory Section, the Financial Section, and the Statistical Section. This transmittal letter is included in the Introductory Section and is designed to complement and should be read in conjunction with the Management’s Discussion and Analysis (MD&A), which is included in the Financial Section. The MD&A provides an overview of the City’s operations and how we performed financially. The auditor’s opinion letter and a complete set of financial statements are presented in the Financial Section. The Statistical Section presents historical information about the City’s finances and operations, as well as demographic and economic data. vii
City of Corona Letter of Transmittal
The independent audit of the financial statements of the City of Corona is part of a broader, federally mandated audit of state and local governments (“Single Audit”) designed to meet the special needs of federal granting agencies. The standards governing Single Audit require the auditor to report not only on the fair presentation of the financial statements, but also on the City’s internal controls and compliance with legal requirements. These reports are available in the City of Corona’s separately issued Single Audit Report.

The ACFR is a required component of continuing disclosure to the bondholders as covenanted by certain bond issues.

Community Profile
The City of Corona is a vibrant and culturally diverse community located in the heart of Southern California at the critical juncture between Riverside, Orange, Los Angeles, and San Bernardino Counties. It is served by two major freeways, Interstates 91 and 15, and has two major airports within 25 miles. Per data provided by the California State Department of Finance, the City’s population was 160,255 as of 2023 and ranked 35th largest among all cities in California. City limits cover approximately 39.2 square miles.

The City of Corona was established in 1886 and incorporated in 1896 under the general laws of the State of California. The City operates under a Council-Manager form of government. Five Corona citizens make up the Corona City Council and each is elected by district to a four-year term of office. The Mayor is appointed annually by and from the City Council. The election cycle in November 2024 covers District 2 and 3, with Districts 1,4, and 5 to follow in November 2026. The City Manager is appointed by the City Council to manage the City’s operations.

A Full-Service City
The City provides full services to its citizens, including essential services such as: public safety (police and fire), streets, electricity, public library, parks, community center and other public facilities, planning and zoning, public transportation (Dial-A-Ride and Corona Cruiser programs), housing and economic development programs. Water and sewer services are provided through the legally separate Corona Utility Authority, which functions as a department of the City of Corona. The Corona Housing Authority and the Corona Public Financing Authority are component units of the primary City government and are financially accountable to the City. Additional information on all of these legally separated entities can be found in the Notes to the Basic Financial Statements, under the Description of Reporting Entity section.

The City maintains budgetary controls to ensure compliance with legal provisions embodied in the annual appropriation approved by the City Council. Each year, a proposed budget is submitted to the City Council and a public meeting is conducted to receive taxpayer and stakeholder feedback. In recent years, the City has conducted multiple budget workshops to encourage additional public input. The budget is subsequently adopted by the City Council through the passage of resolutions at a normally agendized meeting of the full City Council. The legal level of budgetary control is at the department level. The City Council may amend the budget to add or delete appropriations or move appropriations between funds at any time during the fiscal year.
viii
City of Corona Letter of Transmittal
Demographic and Economic Information
Demographically, Corona benefits from a young median age, higher education levels, higher median incomes, and higher home values compared with Riverside County and the state. As a thriving inland community, Corona is home to young families comprised of 51,110 households averaging 3.11 persons each, with a median age of 37.8 Annual median household income is $104,871, and since 2023, 29.1% of the population age 25 and up possess a high school diploma or higher according to U.S. Census data.

Median home prices Median home prices in Corona of $731,400, continue to be more affordable than Orange, San Diego, and Los Angeles Counties.

The City of Corona continues to maintain its position as the premier location for businesses looking to relocate and expand. Corona’s geographic position attracts a highly educated and sought-after labor force. Vacancy rates are pending for 2024, but in industrial, commercial, and office properties fluctuated in 2023. Industrial vacancy rates increased to 6.4% due to construction of new industrial buildings, retail vacancy slightly increased to 8.5%, and office vacancy rates steadily increased to 13.5%, which aligns with the county’s overall office vacancy increase.

New industrial development, business expansions, and relocations to Corona have helped to stabilize Corona’s job market. Job growth and employment in Corona increased to 84,800 in the first quarter of 2025 in comparison to 84,300 at the end of fiscal year 2024. Major contributors to local economic growth are the construction, health care, and financial industries, in addition to the fast growing professional, manufacturing and technology sectors in previous years. Job growth will continue to be fueled by commercial and industrial development. The city has an approximately 284,000 square foot industrial warehouse that is in plan check for construction at 180-241 N. Sherman Avenue.

Fiscal Year 2024 continued to see an expanding housing market with increased median home prices and average rents for multi-family communities. New single-family housing developments include Sierra Bella, a new family community consisting of 237 single family homes and Bedford South Corona, which will add approximately 1,500 attached and detached condominium units once complete along with Corona’s newest retail development, Bedford Marketplace. The city recently approved a multi-family affordable housing development consisting of 115 units located at the corner of Buena Vista Avenue and Second Street.

With limited opportunities for large-scale new development, Corona continues looking for opportunities to redevelop and expand currently underutilized properties. In prior years, the City had offered tax abatement programs to attract businesses to further economic development agendas and community improvement goals. Those programs stimulated economic growth, attracted investment, and facilitated job creation.

Through its ongoing commitment to stimulate the local economy and expand its labor force, the City of Corona will continue to be the premier inland Southern California city to live, work, and play.

Financial Condition of the City
Nationwide, the economy has seen consumption growth moderate slightly, increasing from 2.4% to 2.7% over the last year. Even with the most aggressive interest rate hike cycle in the last 40 years, the labor market has continued to show resilience. Home building has seen modest growth, home prices have stabilized in most areas, and industrial production has remained steady. The national unemployment rate was around 3.6% at the end of Fiscal Year 2024 and increased to 3.9% in the first quarter of Fiscal Year ix
City of Corona Letter of Transmittal
2025. However, improving national economic performance does not directly translate to improved financial conditions for local governments, nor does it necessarily open opportunities to fund additional services. For instance, a rise in home prices does not directly correlate to the City collecting more in property taxes.

Under Proposition 13, property tax is capped at 1.0%, and the property’s taxable value cannot increase more than 2.0% per year. Simultaneously, the increase in fixed costs for operating city government has consistently outpaced revenue growth.

In December 2016, CalPERS announced the reduction of the discount rate from 7.5% to 7.0% phased in over three years, effective Fiscal Year 2019. Subsequently, the CalPERS Board of Administration adopted a new amortization policy, effective with the June 30, 2019 actuarial valuation, shortening the amortization period for actuarial gains and losses from 30 years to 20 years with a level dollar payment structure.

Additionally, the policy removed the 5-year ramp-up and ramp-down on unfunded accrued liability (UAL) bases related to assumption changes and non-investment gains/losses. These changes apply to new UAL bases established on or after June 30, 2019. In July 2021, the discount rate was further reduced from 7% to

6.8%, lowering the system’s funded status to approximately 80%, with an anticipated increase in normal cost rates and the Unfunded Accrued Liability balance.

The significant rise in non-discretionary costs places considerable pressure on the City’s revenuegenerating capacity, compounded by state policies that continue to shift responsibilities to cities without the necessary funding. These policies drive up costs in law enforcement, public safety, and other essential services, making it more challenging to maintain the expected service levels for residents. Revenue growth must match or exceed expense growth to ensure fiscal sustainability and maintain service standards.

Sales tax was previously the second-largest revenue source for the City. However, with the introduction of Measure X, the 1% sales tax measure effective as of July 2021, sales tax has now become the largest General Fund revenue source. Taxable retail sales totaled $5.1 billion in Calendar Year 2023, an increase of approximately 4.1% from the previous year, driven by a recovery in consumer spending as the local economy rebounded from the COVID-19 pandemic. Consumer spending in Fiscal Year 2024 reflects increases in general consumer goods, automobile sales, building construction-related industries, and the Food & Drugs category. Higher automobile sales and a steady housing market signal sustained consumer confidence. The City’s diversified sales tax base, led by building and construction, business and industry, and general consumer goods, remains robust and well-distributed. x
City of Corona Letter of Transmittal
Source: HdL Companies
Note: Beginning FY 2022, includes Measure X, 1% sales tax measure effective July 2021 xi
City of Corona Letter of Transmittal
Historically, property tax was the largest General Fund revenue source for the City. In Fiscal Year 2022, it moved to the second largest category. Total taxable assessed valuation in Corona for Fiscal Year 2024, was $28.1 billion, representing an increase of 6.7% from the previous year.

Source: HdL Coren & Cone; Riverside County Assessor combined tax rolls xii
City of Corona Letter of Transmittal
Long-Term Financial Planning
Escalating pension costs are presenting a serious threat to the City’s financial sustainability. The burden of funding current pension obligations, amid continued state takeaways and the state shifting responsibilities, without the necessary funding is taking priority over spending on essential services and adding significant demands for additional locally-controlled revenue.

The City has been consistently demonstrating strong fiscal stewardship by proactively responding to the impact of the broader state-wide pension situation that is often times described as grim. This proactive stewardship includes contributing additional funds toward the City’s unfunded pension liability with CalPERS. In October 2021, the City issued Pension Obligation Bonds (POB) which are estimated to save $166 million over the next 20 years. In addition, the City Council adopted a Pension Management Policy and established an irrevocable Section 115 Trust, also known as the Pension Stabilization Trust. There was an initial contribution of $30 million. In FY 2024, $6.1 million was added to the Trust. Future contributions will be reviewed and discussed on an annual basis.

The City continues to explore and fund new technology to improve overall operational efficiency. In addition to cutting costs, the City adopted new revenue streams by establishing City-wide community facilities districts for services. The City also established the guidelines and process for approving Cannabis businesses to operate within the City limits. The first businesses became operational in Fiscal Year 2023.

In November 2020, a majority of voters in Corona approved a 1% sales tax measure, Measure X, effective July 1, 2021. This additional revenue stream was originally estimated to generate $30 million in recurring funds. Measure X revenues for FY 2024 were $42.7 million, greatly surpassing the initial estimates. The City maintains a healthy General Fund reserve level, following best practices established by the Government Finance Officers Association (GFOA).

This commitment to fiscal stewardship did not go unnoticed by the rating agencies. In September 2021, the recent credit review performed by Standard and Poor’s Financial Services (S&P), the City’s appropriation debt rating was raised from “AA-” to “AA”, and the City’s POB was rated at “AA+”, among the positive factors the City was acknowledged for were “very strong budgetary flexibility,” “very strong liquidity,” and “adequate budgetary performance.” S&P viewed the City’s management as “strong, with good financial policies and practices” under its Financial Management Assessment methodology. In August 2022, S&P raised the credit rating for the City’s Wastewater Revenue Bond from “AA” to “AA+”. In May 2023, the most recent credit review performed by S&P, Water Revenue Bond was affirmed at “AA” credit rating. In the current climate of instability at local and regional levels of government, we are exceptionally pleased about this recognition and proud to have attained this strong rating.

Financial Policies and Practices
The City has adopted various critical financial policies and practices with the goal of building a fiscally resilient government over the long term, and improving financial sustainability, all while increasing transparency and encouraging public engagement every step of the way.

Fund Balance Policy for the General Fund
The City established its reserves policy for the General Fund in June 2010. In June 2016, the City updated its Fund Balance Policy for the General Fund to increase the emergency contingency reserve balance to three months of regular General Fund operating expenses. The purpose of the revised policy is to protect xiii
City of Corona Letter of Transmittal
our community against service disruption in the event of unexpected temporary revenue shortfalls or unpredicted one-time expenditures, as well as the enhanced creditworthiness of the City. As of June 30, 2024, the Emergency Contingency Reserve balance was $50.3 million.

Zero-Based Budgeting
The City launched zero-based budgeting in Fiscal Year 2017, following 23 years of the General Fund Expenditure Control Budget (ECB) model. Zero-based budgeting is an effective process that organizations use to review every dollar in the annual budget, continuously manage financial performance, measure return on investment, and build a culture of cost management among all departments. It is based on developing visibility into actual cost drivers and using that data visualization to set budget targets that use predictive analytics to generate successful outcomes to the bottom line. The annual budgeting process starts from zero and is very detailed, structured, and interactive to facilitate meaningful financial discussion among all departments and establish priorities with all stakeholders within the community as presented by the City Council. Our goal is to achieve significant and sustainable savings, while delivering productivity and service level improvements through actionable data generation at all levels within the budget.

Implementation of this budget practice has helped leadership evaluate and balance the competing demands for enhanced services/facilities versus the increased costs of operating, building and maintaining those additional services and/or facilities.

This practice has allowed us to effectively analyze and identify budget variances during the budget process in a way that helps us more effectively program and leverage actual budget dollars. To drill down to an even more precise zero-based budget, we have continued to include an employee position vacancy factor to account for savings caused by the actual time necessary for current hiring processes and onboarding. The factor is based on a five-year look-back period for departments and classifications (safety and non-safety personnel). We will continue to identify, monitor, and adjust variance factors in future budgets.

Debt Policy and Procedures
Following the best practice guidelines for debt management published by the GFOA, the City develops and maintains a formal Debt Policy and Procedures to ensure that debt is issued and managed prudently. The purpose of this policy is to standardize the parameters for debt issuance and management, improve the quality of decisions, provide guidance for the structure of debt issuance to ensure the most prudent, equitable, and cost-effective method of financing is chosen, and demonstrate a commitment to long-term capital and financial planning. The current policy was approved by the City Council in June 2023 and is reviewed on an annual basis.

Investment Policy
The City’s Investment Policy outlines the guidelines and practices to be used in effectively managing the City’s available cash and investment portfolio. All available funds are to be invested in compliance with the California Government Code and other governing provisions of law. The policy lists in detail the authorized investments, as well as the percentage of portfolio limitations and the required rating for each investment type. The Investment Policy is reviewed, updated and adopted annually. xiv
City of Corona Letter of Transmittal
Awards and Acknowledgements
The Government Finance Officers Association (GFOA) awarded the Certificate of Achievement for Excellence in Financial Reporting to the City of Corona for its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2023. This was the 34th consecutive year that the City has received this prestigious award. The Certificate of Achievement is the highest form of recognition in the area of governmental accounting and financial reporting, and its attainment represents a significant accomplishment by a government and its management.

A Certificate of Achievement is valid for a period of one year only. We believe that our current ACFR continues to meet the award program requirements and we are submitting it to the GFOA to determine its eligibility for another certificate.

The preparation of the ACFR on a timely basis was made possible by the efficient and dedicated service of the staff in Finance. Staff members have our sincere appreciation for their contributions to this report. We also acknowledge the assistance of The Pun Group, LLP, in completing the ACFR.

We thank the Mayor, City Council, and the City’s executive management team for their strong leadership and support of the financial operations of the City and for maintaining the highest standards of professionalism in managing the City’s finances for the best interest of the citizens of Corona.

Respectfully submitted,
_____________________________ ________________________________________ Jacob Ellis Kim Sitton
City Manager Finance Director
xv
xvi
Elected Officials
Executive Management

CITY OF CORONA
Elected Officials and Executive Management
TOM RICHINS .................................................................................................. Mayor JIM STEINER ............................................................................................ Vice Mayor JACQUE CASILLAS .......................................................................... Councilmember WES SPEAKE .................................................................................... Councilmember TONY DADDARIO ............................................................................. Councilmember CHAD WILLARDSON .......................................................................... City Treasurer JACOB ELLIS ....................................................................................... City Manager BRETT CHANNING.................................................................. Assistant City Manager JUSTIN TUCKER….................................................................. Assistant City Manager JOANNE COLETTA. ............................................Planning and Development Director DEAN DERLETH.................................City Attorney & Legal/Risk Management Director DONNA FINCH..................................................................Community Services Director JOEL BELDING ……….................................................Economic Development Director SHAUGHN HULL ...........................................................Chief Communications Officer SAVAT KHAMPHOU ..................................................... ............Public Works Director CHRIS MCMASTERS ..........................................................Chief Information Officer TOM MOODY.....................................................................................Director of Utilities ROBERT NEWMAN ............................................................................. Chief of Police LORI SASSOON .......................................................................... Chief Talent Officer KIM SITTON ........................................................................................Finance Director BRIAN YOUNG ........................................................................................... Fire Chief Citizens of Corona
City Treasurer
Chad Willardson, City Treasurer
City Council
Tom Richins, Mayor
Jim Steiner, Vice Mayor
Jacque Casillas, Council Member
Tony Daddario, Council Member
Wes Speake, Council Member
Dean Derleth
City Attorney/LRM
Jacob Ellis
City Manager’s Office
Robert Newman
Police Department
Brian Young
Fire Department
Joanne Coletta
Planning & Development
Donna Finch
Community Services
Kim Sitton
Finance
Savat Khamphou
Public Works
Joel Belding
Economic Development
Tom Moody
Utilities
Chris McMasters
Information Technology
Lori Sassoon
Human Resources
Justin Tucker
Assistant City Manager
Brett Channing
Assistant City Manager
Sylvia Edwards
City Clerk
Shaughn Hall
Communications
xvii

200 E. Sandpointe Avenue, Suite 600
Santa Ana, California 92707
INDEPENDENT AUDITORS’ REPORT
To the Honorable Mayor, City Council, and Citizens
of the City of Corona
Corona, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Corona, California (the “City”), as of and for the year ended June 30, 2024, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of America (“GAAS”), and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States (“Government Auditing Standards”). Our responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, including any currently known information that may raise substantial doubt shortly thereafter.

To the Honorable Mayor, City Council, and Citizens
of the City of Corona
Corona, California

Page 2 ends

2 Auditors’ Responsibility for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinions.

Reasonable assurance is a high level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:
 exercise professional judgment and maintain professional skepticism throughout the audit.  identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.  obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.  evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.  conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the Management’s Discussion and Analysis, the Budgetary Comparison Schedules, the Modified Approach for City Streets Infrastructure Capital Assets, the Schedule of Changes in Net Pension Liability and Related Ratios, the Schedule of City’s Proportionate Share of the Net Pension Liability and Related Ratios, the Schedules of Contributions – Pensions, the Schedules of Changes in Net Other Postemployment Benefits Liability and Related Ratios, and the Schedules of Contributions – Other Postemployment Benefits be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the Required Supplementary Information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

To the Honorable Mayor, City Council, and Citizens
of the City of Corona
Corona, California

Page 3 ends

3 Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The accompanying Combining and Individual Fund Financial Statements are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the Combining and Individual Fund Financial Statements are fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information
Management is responsible for the other information included in the annual report. The other information comprises the Introductory and Statistical Sections but does not include the basic financial statements and our auditors' report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report November 25, 2024, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

Santa Ana, California
November 25, 2024
o
4 5
MANAGEMENT’S DISCUSSION AND ANALYSIS (UNAUDITED)
Fiscal Year Ended June 30, 2024
The City of Corona’s Finance team has prepared this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2024, to assist users of this report to gain a better understanding of the City’s financial health and history. The information presented here should be considered in conjunction with additional information furnished in the letter of transmittal and the accompanying basic financial statements.

FINANCIAL HIGHLIGHTS
The City of Corona’s financial statements prepared for the fiscal year ended June 30, 2024 comply with all applicable statements issued by the Governmental Accounting Standards Board (GASB). GASB Statement No. 100, “Accounting Changes and Error Corrections – an amendment of GASB Statement No. 62.” was implemented in Fiscal Year 2024. GASB Statement 100 provides guidance for changes in the financial reporting entity, accounting principles, and estimates used to prepare financial information. The new standard also prescribes the treatment for the correction of errors in previously issued financial statements.

This standard aims for greater uniformity in practice for the presentation of accounting changes and error corrections in governmental financial statements, and establishes disclosure requirements for the notes to the financial statements. Implementing the new standard improves the clarity and consistency of the City’s financial statements and related annual reports.

Government-Wide
 The City’s total assets and deferred outflows of resources exceeded its liabilities and deferred inflows of resources at June 30, 2024 by $1,444.0 million (net position).  The overall City’s net position increased by $80.60 million from the previous fiscal year, primarily due to revenues exceeding expenses. Total assets increased by $78.80 million, total liabilities increased by $2.5 million, combined with a decrease in deferred outflows in the amount of $13.4 million, and a decrease in deferred inflows in the amount of $17.7 million, primarily due to Pension and Other Post Employment Benefits related items, net position of the City saw an increase of 5.9% from the prior year.
 Total expenses for governmental activities were $248.4 million for Fiscal Year 2024. The sources for these expenses came from program revenues of $107.6 million, taxes in the amount of $176.2 million, and other general revenue of $30.7 million. For the current year, revenues from governmental activities exceeded expenses by $66.0 million, net position for governmental activities increased to $1,100.7 million.

City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
6  For business-type activities, total revenues exceeded expenses by $14.6 million. Among the total program revenue of $131.2 million, $119.1 million was from charges for services, $9.3 million from operating contributions and grants, and the remaining $2.8 million represents capital contributions and grants. Net position for business-type activities increased to $343.3 million.

Fund Based
 The City’s governmental funds reported a combined ending fund balance of $519.3 million, an increase of $39.3 million from the previous year. The net increase was primarily due to the current year’s revenue exceeding expenditure. Among the total fund balance, $350.3 million, or 67.5% is either nonspendable or restricted for specific purposes. In addition, $58.4 million was committed by the City Council, including $50.3 million as an emergency contingency, and $8.1 million as designated revenues. There was $89.4 million assigned to specific City programs and projects. Please refer to Note 15 for additional information on the classification of fund balances for governmental funds.

OVERVIEW OF THE FINANCIAL STATEMENTS
Government-Wide Financial Statements
The government-wide financial statements are designed to give users a broad overview of the City’s finances, similar to a private-sector business. They present the financial picture of the City from the economic resources measurement focus using the accrual basis of accounting.

There are two statements in the government-wide financial statements, the statement of net position, and the statement of activities. The statement of net position presents information on all of the City’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources. The net difference between the total of assets and deferred outflows and the total of liabilities and deferred inflows is reported as net position. Increases or decreases in net position over time may serve as a useful indicator of whether the City’s financial position is improving or deteriorating. Other factors to consider are changes in the City’s property tax base and the condition of the City’s infrastructure assets. The statement of activities shows how the City’s net position changed during the fiscal year.

Both government-wide financial statements distinguish between functions that are primarily supported by taxes and intergovernmental revenues, and functions that are intended to recover all or a significant portion of their costs through user fees and charges. The first function is identified in the statements as governmental activities, while the latter is reported as business-type activities.

Most of the City’s basic services are reported in the governmental activities category, including the General Government, Fire, Police, Public Works and Maintenance Services, Community Services, Planning and Development, and Economic Development. Property and sales taxes, franchise fees, transient occupancy tax, business tax, investment income, and state and federal grants finance these activities. The City operates its Water and Sewer utilities through its component unit, the Corona Utility Authority. These activities are reported in the business-type activities category along with Electric, Transit and Airport services.

The government-wide financial statements can be found on the pages immediately following this discussion in the Basic Financial Statements section.

City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
7 Fund Financial Statements
A fund is a set of related accounts that is used to control resources that have been segregated to carry on specific activities or to attain certain objectives in accordance with special regulations, restrictions, or limitations. The City, like the state and other local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. All City funds are divided into one of three categories: governmental funds, proprietary funds, or fiduciary funds.

The governmental fund financial statements are prepared using the current financial resources measurement focus and modified accrual basis of accounting. The proprietary and fiduciary activities are prepared using the economic resources measurement focus and the accrual basis of accounting.

The fund financial statements provide detailed information about the most significant funds – not the City as a whole. Some funds are required to be established by State law and by bond covenants. However, management establishes many other funds to help manage and report money for particular purposes or to show that it is meeting legal responsibilities for using certain taxes, grants, and other money.

Governmental funds
Most of the City’s basic services are reported in governmental funds, which focus on how money flows into and out of those funds and the balances left at year-end that are available for spending. These funds are reported using an accounting method called modified accrual accounting, which measures cash and all other financial assets that can readily be converted to cash. The governmental fund statements provide a detailed short-term view of the City’s general government operations and the basic services it provides.

Governmental fund information helps determine whether there are more or fewer financial resources that can be spent in the near future to finance the City’s programs. The differences in results in the governmental fund financial statements to those in the government-wide financial statements are explained in a reconciliation schedule following each governmental fund financial statement. The governmental fund financial statements can be found in the Basic Financial Statements section of this report.

Proprietary funds
When the City charges customers for the services it provides – whether to outside customers or to other units of the City – these services are generally reported in proprietary funds. Proprietary funds are reported in the same way that all activities are reported in the statement of net position and the statement of revenues, expenses and changes in fund net position. The City’s enterprise funds are the same as the business-type activities reported in the government-wide statements but provide more detail and additional information, such as cash flows. The City uses internal service funds (the other component of proprietary funds) to report activities that provide supplies and services for the City’s other programs and activities – such as the City’s self-insurance, information technology, and fleet operations funds. The internal service funds are reported with governmental activities in the government-wide financial statements. The proprietary fund financial statements can be found in the Basic Financial Statements section of this report.

Fiduciary funds
The City is the trustee, or fiduciary, for certain funds held to account for activities reported in this category which includes the Successor Agency, the special taxes, and assessments districts. The City’s fiduciary activities are reported in separate statements of fiduciary net position, and statement of changes in fiduciary net position (trust fund and custodial funds).

City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
8 Notes to Basic Financial Statements
Notes to basic financial statements provide additional information that is essential to fully understand the data provided in the government-wide and fund financial statements. They are presented immediately following the Basic Financial Statements section of this report.

Other Information
In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information on the City’s budget process and the General Fund and major special revenue fund budgetary comparison schedules, the modified approach for the City’s Street infrastructure assets, the City’s progress in funding its obligation to provide pension benefits to its employees, and the City’s obligation for post-employment benefits.

Combining and individual statements for non-major governmental and proprietary funds, internal service funds, and custodial funds are presented in the Supplementary Information section of this report.

GOVERNMENT- WIDE FINANCIAL ANALYSIS
The government-wide financial analysis focuses on the City’s net position and changes in the net position of the governmental and business-type activities during the fiscal year.

As noted earlier, the City’s net position increased by $80.6 million from the previous year. The increase in financial position was primarily due to positive operating results where revenues exceeded expenses.

Among the total net position, $1,232.9 million was invested in capital assets, net of related debt. These capital assets are essential for City operations, which include land, buildings, machinery and equipment, water and sewer rights, and infrastructure. Net position invested in capital assets is not available for spending. Although the City’s investment in 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 liquidated to pay for the liabilities.

Among the remaining amount of government-wide net position, $39.0 million is unrestricted, and $172.2 million is restricted for capital projects, debt payments, and/or special programs such as transportation and special assessment district improvements.

City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
9 The graph below illustrates the various components of the City’s net position at fiscal year ended June 30, 2024.

Net Investment in
Capital Assets

87.7%
Restricted for
Capital Project

3.0%
Restricted for
Pension

3.3%
Restricted for Debt
Service

0.1%
Restricted for
Community
Development
Projects

0.4%
Restricted for
Transportation and
Public Works

2.0%
Restricted for
Special Assessment
District

1.9%
Restricted for
Development
Projects

1.4%
Restricted for
Other Purposes or
Unassigned

0.2%
City of Corona Net Position
June 30, 2024
City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
10 The schedule below is a condensed version of the City’s statement of net position for fiscal year ended June 30, 2024 with comparative data from the previous fiscal year:

City of Corona's Net Position
(in millions)
Governmental activities Business-type activities Total
2024 2023 2024 2023 2024 2023
Current and other assets $ 500.7 464.8 185.2 189.0 685.9 653.8 Internal balances 169.5 168.9 (169.5) (168.9) - -
Capital assets 873.1 837.2 434.5 423.7 1,307.6 1,260.9
Total assets 1,543.3 1,470.9 450.2 443.8 1,993.5 1,914.7 Deferred charges on refunding 0.4 0.4 - - 0.4 0.4
Deferred pension related items 90.7 103.7 8.1 9.0 98.8 112.7 Deferred OPEB related items 25.0 24.5 3.4 3.4 28.4 27.9 Total deferred outflows 116.1 128.6 11.5 12.4 127.6 141.0 Long-term debt 220.8 239.9 68.9 78.6 289.7 318.5
Net pension liability 70.5 46.7 7.7 4.7 78.2 51.4
Net OPEB liability 82.5 82.5 11.3 11.3 93.8 93.8
Other liabilities 129.9 124.5 24.7 25.7 154.6 150.2
Total liabilities 503.7 493.6 112.6 120.3 616.3 613.9
Deferred pension related items 34.5 46.8 0.1 0.3 34.6 47.1 Deferred OPEB related items 9.4 12.8 1.3 1.8 10.7 14.6
Deferred charges on refunding bonds - - 0.7 0.8 0.7 0.8 Lease 10.9 11.7 3.6 4.0 14.5 15.7
Total deferred inflows 54.8 71.3 5.7 6.9 60.5 78.2
Net investment in capital assets 845.3 805.9 387.6 371.6 1,232.9 1,177.5 Restricted 170.2 155.9 1.9 1.4 172.1 157.3
Unrestricted 85.2 72.8 (46.2) (44.2) 39.0 28.6
Total net position $ 1,034.6 1,100.7 $ 343.3 $ 328.8$ $ 1,444.0 $ 1,363.4 City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
11 Below are condensed financial data with comparative amounts of revenues and expenses for the current and the prior year.

Governmental Business-Type
Activities Activities Total
2024 2023 2024 2023 2024 2023
Revenues:

Program Revenues:

Charges for Services $ 35.9 $ 35.4 $ 119.1 $ 134.2 $ 155.0 $ 169.6 Operating Contributions and Grants 45.6 35.0 9.3 3.0 54.9 38.0 Capital Contributions and Grants 26.1 22.8 2.8 4.2 28.9 27.0 General Revenues:

Taxes:

Property Taxes 63.3 61.1 - - 63.3 61.1
Sales and Use Taxes 97.7 101.1 - - 97.7 101.1
Other Taxes 15.2 13.4 - - 15.2 13.4
Gain on sale of capital assets - - - - - -
Investment Earnings 21.7 10.6 7.5 3.4 29.2 14.0
Other Income 9.0 8.3 - - 9.0 8.3
314.5 287.7 138.7 144.8 453.2 432.5
Expenses:

General Government 55.8 42.0 - - 55.8 42.0
Public Safety - Fire 36.7 59.3 - - 36.7 59.3
Public Safety - Police 70.2 60.0 - - 70.2 60.0
Public Works & Maintenance Services 45.3 33.9 - - 45.3 33.9 Community Services 21.7 18.7 - - 21.7 18.7
Planning and Development 11.1 9.9 - - 11.1 9.9
Economic Development 1.4 1.3 - - 1.4 1.3
Interest and Fiscal Charges 6.2 4.8 - - 6.2 4.8
Water - 68.3 - 60.7 68.3 60.7
Sewer - 36.5 - 33.6 36.5 33.6
Electric - 15.7 - 18.3 15.7 18.3
Transit Services - 3.4 - 3.4 3.4 3.4
Airport - 0.2 - 0.2 0.2 0.2
Total Expenses 248.4 230.0 124.1 116.2 372.5 346.1
Excess (Deficiency) of Revenues
Over (Under) Expenditures 66.1 57.7 14.5 28.7 80.7 86.4 Transfers - - - - - -
Special Items - - - - - -
Change in Net Position 66.1 57.7 14.5 28.7 80.7 86.4
Net Position - Beginning of Year 1,034.6 976.9 328.8 300.1 1,363.4 1,277.0 Restatement - 3.2 - - - -
Net Position - End of Year $ 1,100.7 $ 1,034.6 $ 343.3 $ 328.8 $ 1,444.0 $ 1,363.4 Total Revenues
City of Corona's Changes in Net Position
(in millions)
City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
12 Governmental Activities
Total resources available during the year for governmental operations were $1,349.1 million. This amount consists of a beginning net position of $1,034.6 million, program revenues of $107.6 million, and general revenues of $206.9 million. Total uses in governmental activities during the year is $248.4 million. The net position for governmental activities increased by $66.1 million to $1,100.7 million as of June 30, 2024.

The chart below presents governmental activity revenues and expenses for the past five years:
$-
$50
$100
$150
$200
$250
$300
$350
2020 2021 2022 2023 2024
Amount (in millions)
Fiscal Year
Revenues and Expenses - Five-Year Trend
Governmental Activities
Revenues Expenses
The following graph shows the expenses of each governmental function compared to the program revenues generated specifically from its operations.
$0
$10
$20
$30
$40
$50
$60
$70
$80
Amount (in millions)
Program Revenues and Expendses - Governmental Activities Year Ended June 30, 2024
Expenses Program Revenues

City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
13 General government support services (administration, legal, human resources, and financial) are primarily funded by charges to the direct operating functions they support through a cost allocation program. The public safety function (police and fire) generates program revenues as well, but property taxes, sales tax, and other general revenues fund a majority of the cost. The public works and maintenance services program is responsible for the maintenance and construction of the transportation system, with funding provided by the gas tax, Measure A, various federal, state, and local grants, special assessments, as well as other general revenues. The funding source for community services is primarily general revenues and some program fees.

Planning and Development and Economic Development functions are funded by development-related revenues as well as general revenues such as taxes, fees, and investment income.

The cost of all governmental activities for the fiscal year ended June 30, 2024 was $248.5 million. As shown in the statement of activities, the amount the taxpayers ultimately funded for these activities was $176.2 million, $30.7 million was funded by investment earnings and other income, and the remaining was paid by various program revenues, including $35.9 million by those who directly benefited from the programs, $45.6 million from other governments and organizations that subsidized certain programs with operating grants and contributions, and $26.1 million from capital contributions and grants.

The following two charts illustrate the total revenue and expense for the governmental activities, excluding transfers and extraordinary items for the fiscal years ended June 30, 2024 and June 30, 2023, respectively. $-
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
$160.0
$180.0
$200.0
Taxes Charges for
Services
Operating
Contributions &
Grants
Capital
Contributions &
Grants
Investment
Earnings
Other
Amount (in millions)
Revenue Sources - Two-Year Comparison
Governmental Activities
2024 2023
City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
14 $-
$20.0
$40.0
$60.0
$80.0
$100.0
$120.0
$140.0
General Government Public Safety Public Works and
Maintenance
Services
Community Services Planning and
Development
Economic
Development
Interest on LongTerm Debt
Amount (in millions)
Expenses - Two-Year Comparison
Governmental Activities
2024 2023
Highlights of the major revenue sources and expenses are listed below:
 Program revenues represent 34.2% of total revenues generated by governmental activities. Total program revenues for governmental activities in the current year were $107.6 million, an increase of $14.4 million from the previous year, primarily due to an increase of $10.6 million in operating contributions and grants, and an increase of $3.3 million in capital contributions and grants compared to the prior year.
 Total tax revenues were $176.2 million for the current year, showing an increase of $0.6 million from the previous year. Compared to the prior year, property tax revenues increased by $2.2 million, sales and use tax revenues decreased by $3.4 million, and other taxes increased by $1.8 million.  Taxes comprised 56.0% of the total revenues from governmental activities, Sales and use tax revenue represents 55.4% of total taxes, whereas property tax revenue ranked second sharing 35.9% of total tax revenue. The remaining 8.6% were comprised of franchise fee, business license tax, transient occupancy tax, and dwelling development fee.
 Overall governmental expenses increased by $18.5 million from the prior year, primarily due to a GASB 68 pension expense entry of $24.5 million, and an increase of $13.9 million spending in capital projects.

City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
15 Business-Type Activities
The City’s net position in the business-type activities increased by $14.5 million. The primary contributor to the increase was excess revenues over expenses. The overall net position reported in the business-type activities was $343.3 million as of June 30, 2024.

The chart below presents revenues and expenses in the business-type activities for the past five years. $10
$30
$50
$70
$90
$110
$130
$150
2020 2021 2022 2023 2024
Amount (in millions)
Fiscal Year
Revenues and Expenses - Five-Year Trend
Business-Type Activities
Revenues Expenses
The following graph shows the expenses of each business-type function compared to the program revenues generated specifically from its operations.
$0
$10
$20
$30
$40
$50
$60
$70
$80
Millions
Program Revenues and Expenses - Business-Type Activities Year Ended June 30, 2024
Expenses Program Revenues

City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
16 Total expenses of all business-type activities for the fiscal year ended June 30, 2024, was $124.1 million, representing an increase of $7.9 million from the previous year. The total program revenue reported for the year was $131.2 million. As shown in the statement of activities, the amount paid by users of the systems was $119.1 million, reported as charges for services. Revenues from operating grants and contributions were $9.3 million, and capital grants and contributions were $2.8 million.

Total resources available during the year for business-type activities were $467.5 million. This amount consists of the beginning net position of $328.8 million, combined with total program revenues of $131.2 million, and investment earnings of $7.5 million. After funding total expenses of $124.1 million, the net position for business-type activities increased by $14.5 million to $343.3 million at June 30, 2024.

Compared to the prior year, the total expenses increased by $7.9 million, primarily due to the increase in costs of water purchase. Revenues decreased by $6.1 million due to the one-time settlement revenue of $19.1 million received in the prior year .

FUND FINANCIAL ANALYSIS
General Fund
The General Fund is the primary operating fund of the City. Fund balance increased by $34.0 million for the fiscal year ended June 30, 2024, with an ending balance of $399.2 million, primarily due to excess revenues over expenditures.

Below is a three-year trend analysis of the fund balance for the General Fund. For additional information, please refer to Note 15 in the accompanying financial statements.

FY 2024 FY 2023 FY 2022
Fund Balances:

Nonspendable $ 181.1 $ 181.3 $ 187.6
Restricted 46.5 35.4 30.1
Committed 58.4 52.9 48.1
Assigned 88.3 77.0 55.2
Unassigned 24.9 18.6 0.2
Total Fund Balance $ 399.2 $ 365.2 $ 321.2
Fund Balance - Beginning $ 365.2 $ 321.2 $ 122.8
Excess Revenues over Expenditures 33.4 43.4 24.8
Transfers 0.6 0.6 1.0
Restatement - - 172.6
Fund Balance - Ending $ 399.2 $ 365.2 $ 321.2
City of Corona's General Fund Fund Balance
Three-Year Trend Information
(in millions)
City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
17 The graph below illustrates General Fund revenues by major sources:

Property Taxes

27.5%
Sales and Use Tax
Other Taxes 41.4%

6.4%
License, Fees and
Permits

1.0%
Fines, Penalties &
Forfeitures

0.6%
Investment Earnings

6.6%
Intergovernmental

1.7%
Current Services

5.8%
Payment in Lieu of
Services

2.7%
Other

6.4%
General Fund Revenues
Year Ended June 30, 2024

A two-year comparison of each General Fund revenue source for the fiscal years ended June 30, 2024 and June 30, 2023 is presented below:
$(10)
$10
$30
$50
$70
$90
$110
Amount (in millions)
General Fund Revenues - Two-Year Comparison
2024 2023
City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
18 The graph below illustrates General Fund expenditures by category:

General Government

23.2%
Public Safety

43.0%
Public Works and
Maintenance Services

2.3%
Community Services

8.7%
Planning and
Development

3.8%
Economic Development

0.5%
Capital Outlay

6.4% Debt Service

12.0%
General Fund Expenditures
Year Ended June 30, 2024
A two-year comparison of each General Fund expenditure category for the fiscal years ended June 30, 2024 and June 30, 2023 is presented below:
$0
$10
$20
$30
$40
$50
$60
$70
$80
$90
$100
Amount (in millions)
2024 2023
General Fund Expenditures - Two Year Comparison
Overall General Fund revenues increased by $16.5 million or 7.5%, compared to the previous year. Property taxes revenue increased by $3.9 million, driven by a 5.5% increase in property value. Investment earnings increased by $9.2 million due to higher interest rates, around 5.3% in Fiscal Year 2024. And intergovernmental revenues increased by $2.4 million, mainly due to grants received from the State for homeless programs.

City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
19 General Fund expenditures were $203.4 million, an increase of $26.2 million compared to the previous year. Capital outlay was increased by $7.7 million, mainly due to purchase of land for the City’s capital projects such as Corona Mall. Public safety expenditures increased by $8.6 million, mainly due to increase of personnel expenditures and large purchases of equipment such as in-car and body-worn camera systems, multi-band portable radios, and tasers for police officers. General government expenditures increased by $6.0 million, mainly driven by an increase of $2.1 million in professional services for City Park Revitalization project, and $1.9 million increase in homeless program spending.

Other Major Governmental Funds
The Development Special Revenue Fund reported a fund balance of $18.8 million, an increase of $1.1 million from the prior year. Primarily due to an increase of $0.5 million in licenses and permit fee revenue, and an increase of $0.9 million in investment earnings.

The Low/Mod Income Housing Asset Capital Project Fund reported a fund balance of $39.4 million, an increase of $1.1 million from the previous year. The fund balance includes $20.9 million in cash and investments, $2.0 million in land held for resale, $6.9 million loan receivables, and long-term receivables in the amount of $8.3 million from various developers.

Other Grants Capital Project Fund reported a fund balance of $2.8 million, a decrease of $0.1 million from the previous year, due to a slight decrease of intergovernmental revenues.

Other Grants and Endowments Special Revenue Fund reported a fund balance of $1.0 million, an increase of $2.0 million from the prior year, mainly due to an increase of $1.0 million in investment income, and an increase of $5.5 million in intergovernmental revenues, partially offset by an increase of $2.9 million in capital outlay, an increase of $1.4 million in leases, and an increase of $0.3 million in professional services expenditures.

CAPITAL ASSETS
The capital assets of the City are those assets that are used in the performance of the City’s functions including infrastructure assets. At June 30, 2024, net capital assets totaled $873.0 million for governmental activities, and $434.4 million for business-type activities respectively. Depreciation on capital assets is recognized in government-wide financial statements. Please refer to Note 9 of the accompanying financial statements for additional information.

The City has elected to use the “modified approach” as defined by GASB Statement No. 34 for infrastructure reporting for its street pavement system. Under GASB Statement No. 34, eligible infrastructure capital assets are not required to be depreciated under the following requirements:
 The City manages the eligible infrastructure capital assets using an asset management system with characteristics of (1) an up-to-date inventory; (2) condition assessments and summary of the results using a measurement scale; and (3) estimation of the annual amount to maintain and preserve at the established condition assessment level.
 The City documents that the eligible infrastructure capital assets are being preserved approximately at or above the established and disclosed condition assessment level.

City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
20 The City policy is to achieve an average rating of 71, or “Good” condition for all streets. The average rating for the City’s streets at June 30, 2024, was 72, one point higher than the previous assessment result. The City is continuously taking action to prevent deterioration through an ongoing street rehabilitation program funded by the Capital Improvement Program. The program is formulated based on deficiencies identified as part of the City’s Pavement Management System (PMS). It includes short-term maintenance activities such as pothole patching, street sweeping, and crack sealing. The City spent $43.1 million on street maintenance during the current fiscal year. These expenditures delayed deterioration and maintained the street condition from the previous assessment. The City has estimated that the amount of annual expenditures required to maintain the current average PCI rating of 71 through the year 2025 is a minimum of $11.0 million. Please refer to the Required Supplementary Information section of the accompanying financial statement for additional information on the City’s Pavement Management Program.

The table below presents comparative summary information on the City’s capital assets:

Governmental
Activities
Business-type
Activities Total
2024 2023 2024 2023 2024 2023
Land 89.3 $ 85.6 $ 5.7 $ 5.7 $ 95.0 $ 91.3 $
Streets 225.7 224.0 - - 225.7 224.0
Buildings and improvements 96.3 101.1 47.8 50.0 144.1 151.1 Machinery and equipment 17.8 14.3 48.4 53.6 66.2 67.9
Infrastructure 211.1 211.0 270.3 274.5 481.4 485.5
Construction in progress 229.1 196.0 42.5 20.0 271.6 216.0 Intangible assets 3.7 5.2 19.8 19.8 23.5 25.0
Total Capital Assets $ 873.0 $ 837.2 $ 434.5 $ 423.6 $ 1,307.5 $ 1,260.8 City of Corona's Capital Assets
Net of Depreciation (in millions)

DEBT ADMINISTRATION
The City is committed to fiscal stewardship and continued its efforts to reduce its long-term debt obligation.

In the most recent credit review performed by Standard and Poor’s Financial Services (S&P), Corona Utility Authorities’ Wastewater Revenue Bonds was upgraded from “AA” to “AA+” and Water Revenue Bond was affirmed at “AA” rating. For additional information on City’s long-term obligation, please refer to Note 11 of the accompanying financial statements.

City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
21 The schedule of outstanding long-term debt with comparative amounts for the previous fiscal year is presented below.

City of Corona's Outstanding Debt
(in millions)
Governmental
Activities
Business-type
Activities Total
2024 2023 2024 2023 2024 2023
Loans and Agreement Payable $ - -$ 18.4 $ 21.0$ $ 18.4 $ 21.0 2012 Refunding Lease 6.0 7.9 - - 6.0 7.9
Leases Liabilities 0.4 0.4 - - 0.4 0.4
Subscription Liabilities 2.2 3.7 - - 2.2 3.7
Revenue Bonds 15.3 16.8 25.1 27.6 40.4 44.4
Pension Obligation Bonds 192.6 207.9 32.7 35.2 225.3 243.1 Unamortized Bond Premium 1.8 1.9 2.0 2.3 3.8 4.2
Total Outstanding Debt $ 218.3 $ 238.6 $ 78.2 $ 86.1 $ 296.5 $ 324.7

GENERAL FUND BUDGETARY HIGHLIGHTS
General Fund appropriations and transfers out were originally adopted at $203.9 million for Fiscal Year 2024. Final appropriations were increased by $56.2 million to $260.1 million. Among the budgetary increase, $21.3 million was due to continuing appropriations from the prior year’s capital projects and grant funded activities and $5.2 million was for prior year committed purchases (encumbrances).

There was $29.7 million in supplemental funding and transfers approved by the City Council subsequent to the budget adoption due to the following reasons: (1) The personnel budget increased by $0.6 million in Fiscal Year 2024. The Police Department budget was increased by $0.3 million for various grants and shift differential adjustments and the Fire Department budget was increased by $0.2 million due to a planned vacant position being filled in December. In addition, $0.1 million reduction was due to a transfer from personnel to the operating budget for professional/contractual services for Planning and Development Department. (2) The operating budget increased by a total of $3.4 million. The General Government budget was increased by $0.4 million for various professional/contractual services. The Fire Department budget was increase by $0.5 million for multiple grants approved by the City Council and for the purchase of EMS Skills Lab education tools/resources. The Community Services Department budget was increased by $1.0 million for additional Rent Stabilization Program Services, various facilities maintenance services, and graffiti removal services. The Planning and Development Department budget was increased by $1.0 million for additional contract labor services and reimbursing the Inspection Division budget for deposits collected through fees. The increase was partially offset by a transfer of $100,000 from the personnel budget. (3) The capital outlay budget was increased by a net total of $25.7 million. The primary reason for the increase is for the City Park Revitalization project for $12.5 million, McKinley Street Grade Separation Project for $5 million and for the Corona Mall Acquisition and Agreement project for $2.3 million. In addition, $0.8 million was appropriated to purchase a type 3 fire apparatus.

City of Corona
Management’s Discussion and Analysis (Unaudited) (Continued) For the Year Ended June 30, 2024
22 Below is a summary of changes made to the adopted budget:

Original Budget $ 203,941,678
Continued Appropriations 21,263,945
Prior Year Encumbrances 5,224,680
Supplemental Changes 29,708,341
Final Budget $ 260,138,644
At June 30, 2024, the General Fund expenditure and transfers out budget concluded the fiscal year with a net favorable variance of $56.0 million.

Included in the $56.0 million savings, $40.5 million was unspent funding for ongoing capital improvement projects. These funds will be carried over to the next fiscal year to complete the projects. Additionally, a total of $2.0 million will be carried forward from the operating budget for grants and other activities approved by the City Council. Encumbered purchase orders totaling $4.8 million will also be carried forward for activity that crosses fiscal years. After considering the noted items that will carry forward to the new fiscal year, there is a net savings of $9.8 million. Please refer to the Required Supplementary Information section of the accompanying financial statements for additional information.

Final Budget $ 260,138,644
Actual Expenditures 203,437,276
Transfers Out 666,656
Favorable Budget Variance $ 56,034,712
CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This financial report is designed to provide our citizens, taxpayers, customers, and investors and creditors with a general overview of the City’s finances and to demonstrate the City’s accountability for the money it receives. If you have questions about this report or need any additional financial information, please contact the City of Corona’s Finance Department at 400 South Vicentia Ave., Corona, California, 92882, phone number 951-279-3500 or e-mail [email protected].

BASIC FINANCIAL STATEMENTS
23 24

GOVERNMENT-WIDE FINANCIAL STATEMENTS
25 Governmental Business-Type
Activities Activities Total
ASSETS
Current assets:

Cash and investments $ 137,632,148 356,704,927 $ 494,337,075 $ Accounts receivable 16,930,432 3,559,605 20,490,037
Interest receivable 723,406 2,172,166 2,895,572
Due from other government 40,244,276 1,519,115 41,763,391 Lease receivable - due within one year 322,186 437,760 759,946 Inventories and prepaid items 3,975,502 772,036 4,747,538 Deposits 140,822 42,728 183,550
Land held for resale - 4,332,648 4,332,648
Restricted cash and investments 56,998,606 585,304 57,583,910 Total current assets 465,264,752 161,828,915 627,093,667 Noncurrent assets:

Restricted cash and investments - 509,441 509,441
Internal balances 169,511,560 (169,511,560) -
Lease receivable - due in more than one year 11,381,003 3,616,177 14,997,180 Long-term receivables 24,017,845 24,017,845 -
Investment in joint venture 19,251,322 - 19,251,322
Capital assets:

Non-depreciable 544,139,501 67,862,966 612,002,467
Depreciable, net 328,419,994 366,485,794 694,905,788
Intangible assets, net 429,583 127,845 557,428
Total capital assets, net 872,989,078 434,476,605 1,307,465,683 Total noncurrent assets 1,077,899,486 288,341,985 1,366,241,471 Total assets 1,543,164,238 450,170,900 1,993,335,138

DEFERRED OUTFLOWS OF RESOURCES
Pension related items 90,668,425 8,084,609 98,753,034
Other postemployment benefits related items 25,000,875 3,430,350 28,431,225 Deferred charges on refunding 358,258 - 358,258
Total deferred outflows of resources 116,027,558 11,514,959 127,542,517 City of Corona
Primary Government
June 30, 2024
Statement of Net Position
See accompanying Notes to the Basic Financial Statements. 26 Governmental Business-Type
Activities Activities Total

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 33,415,903 10,743,308 44,159,211 Retention payable 2,318,706 555,924 2,874,630
Accrued interest payable 839,560 853,973 1,693,533
Unearned revenue 40,175,939 1,635,386 41,811,325
Deposits payable 18,872,829 188,741 19,061,570
Long-term liabilities- due within one year 34,310,101 10,718,671 45,028,772 Total current liabilities 129,933,038 24,696,003 154,629,041 Noncurrent liabilities:

Long-term liabilities - due in more than one year 220,772,204 68,948,355 289,720,559 Net pension liability 70,507,161 7,707,152 78,214,313
Net other postemployment benefits liability 82,509,172 11,321,014 93,830,186 Total noncurrent liabilities 373,788,537 87,976,521 461,765,058 Total liabilities 503,721,575 112,672,524 616,394,099

DEFERRED INFLOWS OF RESOURCES
Pension related items 34,492,913 72,366 34,565,279
Other postemployment benefits related items 9,376,426 1,286,532 10,662,958 Deferred charges on refunding bonds - 746,705 746,705
Leases 10,893,964 3,607,251 14,501,215
Total deferred inflows of resources 54,763,303 5,712,854 60,476,157

NET POSITION
Net investment in capital assets 845,284,685 387,584,065 1,232,868,750 Restricted:

Capital projects 42,247,174 42,247,174 -
Pension 46,473,646 46,473,646 -
Debt service 10,184 509,441 519,625
Special projects and programs:

Community development projects 6,033,095 - 6,033,095
Transportation and public works 28,198,070 580,176 28,778,246 Special assessment district projects 26,217,336 26,217,336 - Development projects 18,800,071 855,624 19,655,695
Other - 2,242,981 2,242,981
Total restricted 170,222,557 1,945,241 172,167,798
Unrestricted (deficit) 85,199,676 (46,228,825) 38,970,851 $ 1,100,706,918 $ 343,300,481 $ 1,444,007,399
City of Corona
Total net position
Primary Government
June 30, 2024
Statement of Net Position (Continued)
See accompanying Notes to the Basic Financial Statements. 27 Operating Capital
Charges for Grants and Grants and
Functions/Programs Expenses Services Contributions Contributions Governmental Activities:

General government $ 55,837,152 $ 6,983,111 $ 8,963,453 $ - Public safety - fire 36,651,843 4,710,511 1,833,111 -
Public safety - police 70,151,308 2,514,886 2,556,268 29,413 Public works and maintenance services 45,274,584 11,562,298 28,739,680 26,005,721 Community services 21,721,934 2,932,771 584,634 33,879
Planning and development 11,148,793 2,955,704 7,200,962 - Economic development - 1,355,186 - -
Interest expense 6,198,268 - - -
Total governmental activities 35,904,539 248,339,068 45,632,850 26,069,013 Business-type Activities:

Water 68,332,076 65,343,993 5,925,900 1,583,434
Sewer 36,539,999 34,783,423 541,723 1,204,839
Electric 15,731,782 18,337,177 1,134 -
Transit services 3,368,598 84,309 2,871,477 -
Airport 210,381 505,096 1,692 -
Total business-type activities 119,053,998 124,182,836 9,341,926 2,788,273 Total primary government $ 154,958,537 372,521,904 $ 54,974,776 $ 28,857,286 $ Program Revenues
City of Corona
Statement of Activities
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements. 28 Governmental Business-Type
Functions/Programs Activities Activities Total
Governmental Activities:

General government $ - (39,890,588) $ (39,890,588) $
Public safety - fire (30,108,221) - (30,108,221)
Public safety - police (65,050,741) - (65,050,741)
Public works and maintenance services 21,033,115 - 21,033,115 Community services - (18,170,650) (18,170,650)
Planning and development (992,127) - (992,127)
Economic development - (1,355,186) (1,355,186)
Interest expense (6,198,268) - (6,198,268)
Total governmental activities - (140,732,666) (140,732,666) Business-type Activities:

Water 4,521,251 - 4,521,251
Sewer (10,014) - (10,014)
Electric 2,606,529 - 2,606,529
Transit services (412,812) - (412,812)
Airport 296,407 - 296,407
Total business-type activities 7,001,361 - 7,001,361
Total primary government 7,001,361 (140,732,666) (133,731,305) General revenues and transfers:

General revenues:

Taxes:

Property taxes, levied for general purpose 63,338,213 63,338,213 - Transient occupancy taxes 3,056,672 - 3,056,672
Sales and use taxes 97,709,068 97,709,068 -
Franchise taxes 7,969,494 - 7,969,494
Business license taxes 2,745,488 - 2,745,488
Cannibus taxes 1,395,098 - 1,395,098
Total taxes 176,214,033 176,214,033 -
Investment income 21,705,154 7,469,174 29,174,328
Other income 8,951,022 - 8,951,022
Total general revenues 7,469,174 206,870,209 214,339,383 Changes in net position 14,470,535 66,137,543 80,608,078 Net position - beginning of year 1,034,569,375 328,829,946 1,363,399,321 Net position - end of year $ 343,300,481 1,100,706,918 $ 1,444,007,399 $ Net (Expenses) Revenues and
Changes in Net Position
City of Corona
Statement of Activities (Continued)
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements. 29 30

FUND FINANCIAL STATEMENTS
31 32

GOVERNMENTAL FUND FINANCIAL STATEMENTS
33 Low Mod
General Income Housing Other
Fund Asset Grants
ASSETS
Cash and investments $ 20,906,641 165,689,972 $ 731,356 $ Accounts receivable 7,275 1,593,682 7,594
Interest receivable 139,011 1,424,403 13,054
Due from other governments 24,000,296 - 8,051,013
Due from other funds 6,222,701 - -
Long-term receivables 8,268,191 1,100,647 -
Lease receivable 11,818,763 - -
Loans receivable - 6,926,333 2,300,000
Advance to other funds - 179,407,282 -
Inventories and prepaid items - 589,400 -
Deposits - 42,728 -
Land held for resale 2,871,648 - -
Restricted assets:

Cash and investments with fiscal agents 46,494,014 8,345,862 2,020,393 Total assets $ 47,464,961 438,383,888 $ 13,123,410 $

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities $ 14,949,057 $ 5,049 $ 5,419,398 Retention payable 42,548 - 1,793,152
Due to other funds - - 1,013,070
Advance from other funds - - -
Deposits payable 9,064,238 15,572 54,716
Unearned revenue 4,229,578 8,000,000 2,040,240
Total liabilities 28,285,421 8,020,621 10,320,576

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - - -
Leases 10,893,964 - -
Total deferred inflows of resources 10,893,964 - -

Fund Balances:

Nonspendable 181,097,329 - -
Restricted 46,483,830 39,444,340 2,802,834
Committed 58,382,920 - -
Assigned 88,364,753 - -
Unassigned (deficit) 24,875,671 - -
Total fund balances 399,204,503 39,444,340 2,802,834
Total liabilities, deferred inflows of
resources, and fund balances $ 438,383,888 $ 47,464,961 $ 13,123,410 (Continued)
Capital Projects Funds
City of Corona
Balance Sheet
Governmental Funds
June 30, 2024
See accompanying Notes to the Basic Financial Statements. 34 Nonmajor Total
Other Grants Governmental Governmental
Development and Endowments Funds Funds
ASSETS
Cash and investments $ 34,400,680 $ 27,738,494 $ 60,752,909 $ 310,220,052 Accounts receivable - 218 1,892,877 3,501,646
Interest receivable 165,724 141,273 288,701 2,172,166
Due from other governments - 1,357,276 6,835,691 40,244,276 Due from other funds - - - 6,222,701
Long-term receivables - 1,189,660 1,717,405 12,275,903
Lease receivable - - - 11,818,763
Loans receivable 261,771 - 2,253,838 11,741,942
Advance to other funds - - 179,407,282 -
Inventories and prepaid items - - - 589,400
Deposits - - - 42,728
Land held for resale - - 1,461,000 4,332,648
Restricted assets:

Cash and investments with fiscal agents 58,059 - 80,278 56,998,606 Total assets $ 36,075,894 $ 29,237,261 $ 75,282,699 $ 639,568,113

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES, AND FUND BALANCES
Liabilities:

Accounts payable and accrued liabilities $ 881,270 $ 358,780 $ 8,131,228 $ 29,744,782 Retention payable 32,853 - 450,153 2,318,706
Due to other funds 13,307 1,136,552 4,059,772 6,222,701 Advance from other funds 6,612,390 - 1,245,156 7,857,546 Deposits payable 9,736,003 - 2,300 18,872,829
Unearned revenue 25,664,899 - 241,222 40,175,939
Total liabilities 17,275,823 27,160,231 14,129,831 105,192,503

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - 1,047,192 3,163,103 4,210,295
Leases - - 10,893,964 -
Total deferred inflows of resources - 1,047,192 3,163,103 15,104,259

Fund Balances:

Nonspendable - - 181,097,329 -
Restricted 18,800,071 1,029,838 60,614,452 169,175,365
Committed - - 58,382,920 -
Assigned - - 1,015,896 89,380,649
Unassigned (deficit) - (3,640,583) - 21,235,088
Total fund balances 18,800,071 1,029,838 57,989,765 519,271,351 Total liabilities, deferred inflows of
resources, and fund balances $ 36,075,894 $ 29,237,261 $ 75,282,699 $ 639,568,113 (Concluded)
Special Revenue Funds
City of Corona
Balance Sheet (Continued)
Governmental Funds
June 30, 2024
See accompanying Notes to the Basic Financial Statements. 35 36
Total Fund Balances - Total Governmental Funds $ 519,271,351 Amounts reported for governmental activities in the statement of net position are different because:

Nondepreciable assets, net of $84,378 reported in Internal Service Funds 544,055,123 $ Depreciable assets, net of $5,153,271 reported in Internal Service Funds 323,266,723 Intangible assets, net of $3,291,751 reported in Internal Service Funds (2,862,168) 864,459,678 4,210,295
87,858,353
(67,828,286)
(34,467,760)
23,936,490
(78,996,436)
(8,977,236)
11,019,264
(809,569)
358,258
(205,606,130)
(1,784,740)
(11,936,614)
Net position of governmental activities $ 1,100,706,918 Amount reported in government-wide statement of position:

City of Corona
Reconciliation of the Governmental Funds Balance Sheet
to the Government-Wide Statement of Net Position
June 30, 2024
Capital assets used in governmental activities are not current financial resources and therefore are not reported in governmental funds. Those assets consist of:

Compensated absences, net of $572,690 reported under Internal Service Funds Some of the City's receivables for property taxes, operating and capital grant reimbursements will be collected after year end, but are not available soon enough to pay for current-period expenditures, and therefore, are reported as unavailable revenues in the governmental funds.

Net pension liabilities and the related deferred outflows of resources and deferred inflows of resources are not due and payable in the current period or not available for current expenditures and are not reported in the governmental fund financial statements:

Pension related deferred outflows of resources, net of $2,810,072 reported in Internal Service Funds Pension related deferred inflows of resources, net of $25,153 reported in Internal Service Funds Net other postemployment benefits liability and the related deferred outflows of resources and deferred inflows of resources are not due and payable in the current period or not available for current expenditures and are not reported in the governmental fund financial statements:

OPEB related deferred outflows of resources, net of $1,064,385 reported under Internal Service Funds OPEB related deferred inflows of resources, net of $399,190 reported under Internal Service Funds Internal service funds are used by the City to charge the cost of materials and supplies, maintenance and repair of vehicles and equipment, and printing services provided to the various departments of the City. The assets and liabilities of the internal service funds are included in governmental activities in the Statement of Net Position. Internal Service funds net position, net of $2,038,176 reported in Business-type activities.

Accrued interest payable for the current portion of interest due on long-term debt has not been reported in the governmental funds.

Long-term liabilities applicable to the City's governmental activities are not due and payable in the current period and, accordingly are not reported as fund liabilities. All liabilities, both current and long-term are reported in the Statement of Net Position. Those liabilities consist of:

Net pension liability, net of $2,678,875 reported in Internal Service Funds Net OPEB liabilities, net of $3,512,736 reported under Internal Service Funds Unamortized deferred charges on refunding
Long-term debt, net of $(11,000,390) reported under Internal Service Funds Unamortized bond premium
See accompanying Notes to the Basic Financial Statements. 37 Low Mod
General Income Housing Other
Fund Asset Grants
REVENUES:

Taxes $ - 177,844,905 $ - $
Licenses, and permits 2,269,264 - -
Intergovernmental 3,899,069 - 25,606,606
Special assessments 777,314 - -
Investment earnings 15,749,188 1,138,334 875,544
Fines and penalties 1,420,858 - -
Current services 13,753,857 - -
Payment in lieu of services 6,336,890 - -
Other revenues 14,245,570 81,466 215,874
Total revenues 1,219,800 236,296,915 26,698,024

EXPENDITURES:

Current:

General government 47,169,728 - -
Public safety- fire 33,409,110 - -
Public safety- police 54,064,980 - -
Public works and maintenance services 4,581,610 - -
Community services 17,724,377 - 23,124
Planning and development 7,769,627 150,608 -
Economic development 1,141,158 - -
Capital outlay 13,075,618 - 26,728,379
Debt service:

Principal retirement 18,171,796 14,425 -
Interest and charges 6,329,272 4,001 -
Total expenditures 169,034 203,437,276 26,751,503

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 1,050,766 32,859,639 (53,479)
OTHER FINANCING SOURCES (USES):

Transfers in - 1,289,243 -
Transfers out - (666,656) -
Issuance of subscription liability 467,257 - -
Total other financing sources (uses) - 1,089,844 -
NET CHANGE IN FUND BALANCES 1,050,766 33,949,483 (53,479) FUND BALANCES:

Beginning of year 365,255,020 38,393,574 2,856,313
End of year 399,204,503 $ 39,444,340 $ 2,802,834 $
(Continued)
City of Corona
Capital Projects Funds
For the Year Ended June 30, 2024
Governmental Funds
Statement of Revenues, Expenditures, and Changes in Fund Balances See accompanying Notes to the Basic Financial Statements. 38 Nonmajor Total
Special Revenue Other Grants Governmental Governmental
Development and Endowments Funds Funds
REVENUES:

Taxes $ - $ - $ 177,844,905 - $
Licenses, and permits 1,601,800 - 813,189 4,684,253
Intergovernmental - 7,520,719 16,206,827 53,233,221
Special assessments - - 9,169,153 9,946,467
Investment earnings 1,243,793 579,255 2,591,902 22,178,016 Fines and penalties - - 110,238 1,531,096
Current services - 71,504 11,363,298 25,188,659
Payment in lieu of services 187,200 - - 6,524,090
Other revenues 540 24,607 700,588 15,268,645
Total revenues 3,033,333 8,196,085 40,955,195 316,399,352

EXPENDITURES:

Current:

General government - 556,970 47,726,698 -
Public safety- fire 4,014 - 33,413,124 -
Public safety- police 266 435,334 59,351 54,559,931
Public works and maintenance services 50,416 22,035,965 - 26,667,991 Community services 3,842 156,530 23,142 17,931,015
Planning and development - 1,512,416 337,813 9,770,464
Economic development - - - 1,141,158
Capital outlay 1,894,430 3,565,235 15,826,334 61,089,996 Debt service:

Principal retirement - - 115,203 18,301,424
Interest - - 31,955 6,365,228
Total expenditures 1,952,968 6,226,485 38,429,763 276,967,029

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 1,969,600 1,080,365 2,525,432 39,432,323 OTHER FINANCING SOURCES (USES):

Transfers in - - - 1,289,243
Transfers out - - (1,289,243) (1,955,899)
Issuance of subscription liability - - - 467,257
Total other financing sources (uses) - - (1,289,243) (199,399) NET CHANGE IN FUND BALANCES 1,969,600 1,080,365 1,236,189 39,232,924 FUND BALANCES:

Beginning of year 17,719,706 (939,762) 56,753,576 480,038,427 End of year 18,800,071 $ 1,029,838 $ 57,989,765 $ 519,271,351 $ (Concluded)
City of Corona
Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Governmental Funds
For the Year Ended June 30, 2024
Special Revenue Funds
See accompanying Notes to the Basic Financial Statements. 39 40
Net change in fund balances - total governmental funds: $ 39,232,924 Amounts reported for governmental activities in the Statement of Activities are different because:

Capital outlay expenditures, net of $4,183,398 reported in Internal Service Funds 48,514,503 $ Effect on disposal of capital assets (30,767)
Depreciation and amortization expense, net of $3,424,125 reported in Internal Service Funds (13,385,083) 35,098,653 (3,487,371)
Change in compensated absences, net of $(89,459) reported in internal service funds (597,101) Pension expense, net of pension contribution made after measurement date (23,381,168) OPEB expense, net of OPEB contribution made after measurement date 3,671,082 Accrued interest for long-term debt 48,087
Deferred charges amortization (29,855)
Principal repayment of long-term debt, net of $3,052,290 reported in Internal Service Funds 18,301,424 Issuance of subscription liability, net of $(592,660) reported in Internal Service Funds (467,257) Bond premium amortization 148,728
(2,400,603)
Change in net position of governmental activities $ 66,137,543 Some expenses reported in the Statement of Activities do not require the use of current financial resources and therefore are not reported as expenditures in the governmental funds:

Internal service funds are used by management to charge the costs of certain activities, such as workers' compensation self-insurance, general liability self-insurance, vehicles, and technology to individual funds. The net revenue (expense) of these internal service funds are reported as governmental activities (net of $317,468) allocated to business-type activities).

City of Corona
in Fund Balances to the Government-Wide Statement of Activities For the Year Ended June 30, 2024
Governmental funds report capital outlays as expenditures. However, in the Statement of Activities, the cost of those capital assets is allocated over the estimated useful lives as depreciation expense. This is the amount by which capital expenditures exceeded depreciation in the current period:

Certain accrued revenues such as grants do not provide current financial resources and therefore, are not reported in the governmental funds as revenues. This is the amount of the net change in these accrued revenue amounts during the current period.

Reconciliation of the Governmental Funds Statement of Revenues, Expenditures, and Changes See accompanying Notes to the Basic Financial Statements. 41 42

PROPRIETARY FUND FINANCIAL STATEMENTS
43 Water Sewer Electric
ASSETS
Current assets:

Cash and investments $ 44,277,995 $ 67,085,514 $ 23,559,188 Accounts receivable 9,590,038 4,795,012 2,534,456
Interest receivable 256,161 321,290 112,722
Due from other funds 191,985 - -
Due from other governments 1,025,790 219,004 420
Lease receivable 322,186 - -
Inventories and prepaid items - 3,975,502 -
Deposits - - 140,822
Restricted cash and investments - 5,128 -
Total current assets 59,644,785 72,420,820 26,347,608
Noncurrent assets:

Restricted cash and investments - 509,441 -
Lease receivable 3,616,177 - -
Advances to other funds - 3,614,688 1,078,608
Investment in joint venture 19,251,322 - -
Capital assets:

Capital assets, not being depreciated 41,193,945 24,764,996 1,900,853 Capital assets, being depreciated, net 233,692,517 123,720,458 7,603,181 Intangible asset, being amortized, net 74,968 52,877 -
Total capital assets 274,961,430 148,538,331 9,504,034
Total noncurrent assets 278,577,607 171,913,782 10,582,642 Total assets 338,222,392 244,334,602 36,930,250

DEFERRED OUTFLOW OF RESOURCES
Pension related items 4,279,707 3,452,835 239,018
OPEB related items 1,836,416 1,373,303 165,473
Total deferred outflow of resources $ 6,116,123 $ 4,826,138 $ 404,491 (Continued)
City of Corona
Statement of Net Position
Proprietary Funds
June 30, 2024
Business-Type Activities
Enterprise Funds
Corona Utility Authority
See accompanying Notes to the Basic Financial Statements. 44 Water Sewer Electric

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities $ 5,805,562 $ 2,972,114 $ 1,219,688 Retention payable 86,256 469,668 -
Accrued interest 297,162 540,232 13,753
Due to other funds 103,136 88,429 420
Unearned revenue 6,238 622,399 821
Deposits payable 20,000 150,671 17,770
Claims and judgments, due within one year - - -
Compensated absences, due within one year 508,305 598,357 95,972 Lease and subscription payable, due within one year - - - Bonds and loans payable, due within one year 1,864,128 7,233,624 328,226 Total current liabilities 15,125,530 6,240,751 1,676,650 Noncurrent liabilities:

Advance from other funds 65,808,682 110,434,350 -
Claims and judgments, due in more than one year - - -
Compensated absences, due in more than one year (205,305) 320,751 37,162 Lease and subscription payable, due in more than one year - - - Bonds and loans payable, due in more than one year 39,980,937 24,385,351 3,666,699 Net pension liability 4,079,895 3,291,628 227,858
Net other postemployment benefits liability 4,532,244 6,060,633 546,103 Total noncurrent liabilities 160,876,566 97,812,600 4,477,822 Total liabilities 176,002,096 104,053,351 6,154,472

DEFERRED INFLOWS OF RESOURCES
Pension related items 38,308 30,907 2,139
Other postemployment benefits related items 688,736 515,049 62,060 Deferred charges on refunding bonds 746,705 - -
Lease 3,607,251 - -
Total deferred inflows of resources 5,081,000 545,956 64,199

NET POSITION
Net investment in capital assets 244,767,897 131,839,324 9,504,034 Restricted:

Debt service - 509,441 -
Transportation and public works - - -
Development projects 15,320 840,304 -
Unrestricted (deficit) (81,527,798) 11,372,364 21,612,036 Total net position $ 144,561,433 163,255,419 $ 31,116,070 $ (Continued)
City of Corona
Statement of Net Position (Continued)
Proprietary Funds
Corona Utility Authority
June 30, 2024
Business-Type Activities
Enterprise Funds
See accompanying Notes to the Basic Financial Statements. 45 Governmental
Activities
Total Enterprise Internal
Nonmajor Funds Service Funds
ASSETS
Current assets:

Cash and investments $ 137,632,148 2,709,451 $ 46,484,875 $ Accounts receivable 16,930,432 10,926 57,959
Interest receivable 723,406 33,233 -
Due from other funds 191,985 - -
Due from other governments 1,519,115 273,901 -
Lease receivable 322,186 - -
Inventories and prepaid items 3,975,502 - 182,636
Deposits 140,822 - -
Restricted cash and investments 585,304 580,176 -
Total current assets 3,607,687 162,020,900 46,725,470
Noncurrent assets:

Restricted cash and investments - 509,441 -
Lease receivable - 3,616,177 -
Advances to other funds - 4,693,296 -
Investment in joint venture 19,251,322 - -
Capital assets:

Capital assets, not being depreciated 3,172 67,862,966 84,378 Capital assets, being depreciated, net 1,469,638 366,485,794 5,153,271 Intangible asset, being amortized, net - 127,845 3,291,751 Total capital assets 1,472,810 434,476,605 8,529,400
Total noncurrent assets 1,472,810 462,546,841 8,529,400 Total assets 5,080,497 624,567,741 55,254,870

DEFERRED OUTFLOW OF RESOURCES
Pension related items 113,049 8,084,609 2,810,072
OPEB related items 55,158 3,430,350 1,064,385
Total deferred outflow of resources $ 168,207 $ 11,514,959 $ 3,874,457 (Continued)
City of Corona
Statement of Net Position (Continued)
Proprietary Funds
June 30, 2024
Enterprise Funds
Business-Type Activities
See accompanying Notes to the Basic Financial Statements. 46 Governmental
Activities
Total Enterprise Internal
Nonmajor Funds Service Funds

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities $ 10,743,308 745,944 $ 3,671,121 $ Retention payable 555,924 - -
Accrued interest 853,973 2,826 29,991
Due to other funds 191,985 - -
Unearned revenue 1,635,386 1,005,928 -
Deposits payable 188,741 300 -
Claims and judgments, due within one year - - 3,997,261 Compensated absences, due within one year 1,225,241 22,607 330,336 Lease and subscription payable, due within one year - - 1,797,662 Bonds and loan payable, due within one year 9,493,430 67,452 715,754 Total current liabilities 1,845,057 24,887,988 10,542,125 Noncurrent liabilities:

Advance from other funds 176,243,032 - -
Claims and judgments, due in more than one year - - 20,184,480 Compensated absences, due in more than one year 161,845 9,237 242,354 Lease and subscription payable, due in more than one year - - 491,105 Bonds and loan payable, due in more than one year 68,786,510 753,523 7,995,869 Net pension liability 7,707,152 107,771 2,678,875
Net other postemployment benefits liability 11,321,014 182,034 3,512,736 Total noncurrent liabilities 1,052,565 264,219,553 35,105,419 Total liabilities 2,897,622 289,107,541 45,647,544

DEFERRED INFLOWS OF RESOURCES
Pension related items 1,012 72,366 25,153
Other postemployment benefits related items 20,687 1,286,532 399,190 Deferred charges on refunding bonds - 746,705 -
Lease - 3,607,251 -
Total deferred inflows of resources 21,699 5,712,854 424,343

NET POSITION
Net investment in capital assets 1,472,810 387,584,065 6,240,633 Restricted:

Debt service - 509,441 -
Transportation and public works 580,176 580,176 -
Development projects - 855,624 -
Unrestricted (deficit) 276,397 (48,267,001) 6,816,807
Total net position $ 341,262,305 2,329,383 $ 13,057,440 $ Adjustments to reflect the consolidation of internal
service fund activities related to the proprietary funds 2,038,176 Net position of business-type activities $ 343,300,481
(Concluded)
City of Corona
Statement of Net Position (Continued)
Proprietary Funds
June 30, 2024
Business-Type Activities
Enterprise Funds
See accompanying Notes to the Basic Financial Statements. 47 Water Sewer Electric
OPERATING REVENUES:

Service charges $ 61,000,429 $ 32,255,290 $ 16,116,872
Intergovernmental - - -
Fees and permits 2,732,554 1,872,986 308
Fines and penalties 536,855 279,874 29,623
Other revenues 1,074,155 375,273 2,190,374
Total operating revenues 65,343,993 34,783,423 18,337,177 OPERATING EXPENSES:

Personnel services 10,098,158 8,149,529 846,459
Contractual services 10,099,536 9,517,986 469,071
Materials and supplies 27,741,924 8,846,048 1,302,331
Utilities 6,221,082 2,507,861 12,135,621
Depreciation and amortization 10,391,714 5,078,031 385,216 Claim expense - - -
Total operating expenses 64,552,414 34,099,455 15,138,698 OPERATING INCOME (LOSS) 791,579 683,968 3,198,479
NONOPERATING REVENUES (EXPENSES):

Intergovernmental 5,925,900 541,723 1,134
Investment earnings 2,483,794 3,222,153 865,489
Interest expense (3,597,059) (2,251,335) (85,502)
Gain (loss) on sale of capital assets (55,307) (22,391) (484,228) Gain on investment in joint venture - 848,785 -
Total nonoperating revenues (expenses) 4,757,328 2,338,935 296,893 TRANSFERS AND CAPITAL CONTRIBUTIONS:

Transfers - - -
Capital grants and contributions 1,583,434 1,204,839 -
Total capital contributions and transfers 1,583,434 1,204,839 - CHANGE IN NET POSITION 7,132,341 4,227,742 3,495,372
NET POSITION:

Beginning of year 156,123,078 140,333,691 27,620,698
End of year $ 163,255,419 $ 144,561,433 $ 31,116,070
City of Corona
Statement of Revenues, Expenses, and Changes in Net Position Proprietary Funds
Corona Utility Authority
Enterprise Funds
For the Year Ended June 30, 2024
Business-Type Activities
See accompanying Notes to the Basic Financial Statements. 48 Governmental
Activities -
Total Enterprise Internal
Nonmajor Funds Service Funds
OPERATING REVENUES:

Service charges $ 109,372,591 - $ $ 27,714,716
Intergovernmental 2,871,477 2,871,477 -
Fees and permits 46,927 4,652,775 -
Fines and penalties 25,150 871,502 -
Other revenues 517,328 4,157,130 1,483,691
Total operating revenues 3,460,882 121,925,475 29,198,407 OPERATING EXPENSES:

Personnel services 331,544 19,425,690 6,478,454
Contractual services 2,533,149 22,619,742 6,695,911
Materials and supplies 160,676 38,050,979 4,844,081
Utilities 195,647 21,060,211 1,659,045
Depreciation and amortization 340,392 16,195,353 3,424,125 Claim expense - - 9,186,311
Total operating expenses 3,561,408 117,351,975 32,287,927 OPERATING INCOME (LOSS) (100,526) 4,573,500 (3,089,520) NONOPERATING REVENUES (EXPENSES):

Intergovernmental 1,692 6,470,449 -
Investment earnings 48,953 6,620,389 -
Interest expense (17,571) (5,951,467) (376,146)
Gain (loss) on sale of capital assets - (561,926) 80,939 Gain on investment in joint venture - 848,785 -
Total nonoperating revenues (expenses) 33,074 7,426,230 (295,207) TRANSFERS AND CAPITAL CONTRIBUTIONS:

Transfers - - 666,656
Capital grants and contributions - 2,788,273 -
Total capital contributions and transfers - 2,788,273 666,656 CHANGE IN NET POSITION (67,452) 14,788,003 (2,718,071)
NET POSITION:

Beginning of year 2,396,835 326,474,302 15,775,511
End of year $ 2,329,383 $ 341,262,305 $ 13,057,440
Adjustments to reflect the consolidation of internal
service fund activities related to the proprietary funds (317,468) Changes in net position of business-type activities $ 14,470,535 City of Corona
Statement of Revenues, Expenses, and Changes in Net Position (Continued) Proprietary Funds
Business-Type Activities
Enterprise Funds
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements. 49 Water Sewer Electric
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from customers and users $ 64,201,246 $ 34,627,246 $ 17,891,481 Cash paid to suppliers for goods and services (46,898,357) (19,518,051) (12,794,178) Cash paid to employees for services (8,354,993) (7,183,190) (642,492) Cash paid for insurance or claims - - -
Net cash provided by operating activities 7,926,005 8,947,896 4,454,811 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Intergovernmental grant received 1,585,086 452,382 87,344 Receipt from other funds 88,429 78 420
Payment to other funds (88,927) - -
Principal paid on pension obligation bonds (1,383,063) (776,434) (309,557) Interest paid on pension obligation bonds (389,572) (215,363) (49,801) Net cash used in noncapital financing activities (539,337) (188,047) (271,594)

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Receipt from other funds for capital assets - - -
Acquisition of capital assets (12,950,319) (11,569,491) (28,279) Proceed from sale of capital assets - - -
Repayment of capital advances from other funds - - -
Repayment of advances to other funds - - 254,494
Proceed from refunding bonds - - -
Principal paid on long-term debt (4,049,665) (999,369) - Interest paid on long-term debt (3,571,679) (2,072,108) (36,063) Net cash provided by (used in) capital and related financing activities (14,640,968) (20,571,663) 190,152 CASH FLOWS FROM INVESTING ACTIVITIES:

Investment earnings 2,554,625 3,248,444 847,488
Investment in joint venture - (1,903,189) -
Net cash provided by investing activities 1,345,255 2,554,625 847,488 Net increase (decrease) in cash and cash equivalents (5,909,045) (9,257,189) 5,220,857 CASH AND CASH EQUIVALENTS:

Beginning of year 53,540,312 73,504,000 18,338,331
End of year $ 44,283,123 $ 67,594,955 $ 23,559,188
CASH AND CASH EQUIVALENTS:

Cash and investment $ 44,277,995 $ 67,085,514 $ 23,559,188 Restricted cash and investment, current 5,128 - -
Restricted cash and investment, noncurrent - 509,441 -
Total cash and cash equivalents $ 67,594,955 44,283,123 $ 23,559,188 $ NONCASH ITEMS:

Lease and subscription of intangible assets $ - $ - $ - Issuance of lease and subscription liabilities $ - $ - $ - (Continued)
City of Corona
Statement of Cash Flows
Proprietary Funds
For the Year Ended June 30, 2024
Business-Type Activities
Enterprise Funds
Corona Utility Authority
See accompanying Notes to the Basic Financial Statements. 50 Water Sewer Electric

OPERATING INCOME (LOSS) TO NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES:

Operating income (loss) 791,579 $ 683,968 $ 3,198,479 $ Adjustments to reconcile operating income (loss) to net cash provided by operating activities:

Depreciation and amortization 10,391,714 5,078,031 385,216 Change in assets and liabilities:
(Increase) decrease in accounts receivable (1,036,172) (156,177) (461,666) (Increase) decrease in due from other government - - -
(Increase) decrease in inventories and prepaid items (462,975) - - (Increase) decrease in deposits - - 19,492
(Increase) decrease in lease receivable - 317,308 -
(Increase) decrease in deferred outflows
of resources related to pension 425,171 472,375 (11,167) (Increase) decrease in deferred outflows
of resources related to OPEB (23,256) (27,702) (21,885) Increase (decrease) in accounts payable and accrued liabilities (2,307,149) 1,051,531 1,083,658 Increase (decrease) in deposits payable (3,778) - 15,970 Increase (decrease) in unearned revenue - - -
Increase (decrease) in compensated absences 95,235 (115,193) 95,105 Increase (decrease) in claims payable - - -
Increase (decrease) in net pension liabilities 1,595,995 1,219,347 107,566 Increase (decrease) in OPEB liabilities (56,677) (7,597) 61,660 Increase (decrease) in deferred inflows
of resources related to pension (97,904) (82,732) (4,458) Increase (decrease) in deferred inflows
of resources related to OPEB (261,090) (189,846) (13,159) Increase (decrease) in deferred inflows
of resources related to leases (420,105) - -
Total adjustment 7,242,037 8,156,317 1,256,332
Net cash provided by operating activities $ 7,926,005 8,947,896 $ 4,454,811 $ (Continued)
Business-Type Activities
City of Corona
Statement of Cash Flows (Continued)
For the Year Ended June 30, 2024
Enterprise Funds
Corona Utility Authority
Proprietary Funds
See accompanying Notes to the Basic Financial Statements. 51 Governmental
Activities -
Total Enterprise Internal
Nonmajor Funds Service Funds
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from customers and users 4,154,889 $ 120,874,862 $ 29,204,903 $ Cash paid to suppliers for goods and services (2,990,008) (82,200,594) (10,314,080) Cash paid to employees for services (289,842) (16,470,517) (5,484,821) Cash paid for insurance or claims - - (7,456,742)
Net cash provided by operating activities 22,203,751 875,039 5,949,260 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Intergovernmental grant received 1,532 2,126,344 34,702 Receipt from other funds - 88,927 -
Payment to other funds - (88,927) -
Principal paid on pension obligation bonds (63,615) (2,532,669) (675,042) Interest paid on pension obligation bonds (17,646) (672,382) (266,878) Net cash used in noncapital financing activities (1,078,707) (79,729) (907,218)

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Receipt from other funds for capital assets - - 666,656 Acquisition of capital assets (3,172) (24,551,261) (3,346,357) Proceed from sale of capital assets - - 80,939
Repayment of capital advances from other funds - - -
Repayment of advances to other funds - 254,494 -
Proceed from refunding bonds - - -
Principal paid on long-term debt - (5,049,034) (2,377,248) Interest paid on long-term debt - (5,679,850) (189,694) Net cash provided by (used in) capital and related financing activities (35,025,651) (3,172) (5,165,704) CASH FLOWS FROM INVESTING ACTIVITIES:

Investment earnings 27,486 6,678,043 -
Investment in joint venture - (1,903,189) -
Net cash provided by investing activities 4,774,854 27,486 - Net increase (decrease) in cash and cash equivalents (9,125,753) 819,624 (123,662) CASH AND CASH EQUIVALENTS:

Beginning of year 147,852,646 2,470,003 46,608,537
End of year $ 3,289,627 $ 138,726,893 $ 46,484,875
CASH AND CASH EQUIVALENTS:

Cash and investment $ 137,632,148 2,709,451 $ 46,484,875 $ Restricted cash and investment, current 580,176 585,304 - Restricted cash and investment, noncurrent - 509,441 -
Total cash and cash equivalents $ 138,726,893 3,289,627 $ 46,484,875 $ NONCASH ITEMS:

Lease and subscription of intangible assets $ - $ - $ 837,041 Issuance of lease and subscription liabilities $ - $ - $ (837,041) (Continued)
Business-Type Activities
Enterprise Funds
City of Corona
Statement of Cash Flows (Continued)
Proprietary Funds
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements. 52 Governmental
Activities -
Total Enterprise Internal
Nonmajor Funds Service Funds

OPERATING INCOME (LOSS) TO NET CASH PROVIDED BY
(USED IN) OPERATING ACTIVITIES:

Operating income (loss) (100,526) $ 4,573,500 $ (3,089,520) $ Adjustments to reconcile operating income (loss) to net cash provided by operating activities:

Depreciation and amortization 340,392 16,195,353 3,424,125 Change in assets and liabilities:
(Increase) decrease in accounts receivable 3,685 (1,650,330) 6,496 (Increase) decrease in due from other government 58,384 58,384 - (Increase) decrease in inventories and prepaid items - (462,975) 14,530 (Increase) decrease in deposits - 19,492 -
(Increase) decrease in lease receivable 317,308 - -
(Increase) decrease in deferred outflows
of resources related to pension 21,603 907,982 77,396
(Increase) decrease in deferred outflows
of resources related to OPEB 1,021 (71,822) 19,706
Increase (decrease) in accounts payable and accrued liabilities (98,719) (270,679) 2,895,006 Increase (decrease) in deposits payable (160) 12,032 -
Increase (decrease) in unearned revenue 632,098 632,098 - Increase (decrease) in compensated absences (289) 74,858 89,459 Increase (decrease) in claims payable - - 1,729,569
Increase (decrease) in net pension liabilities 36,683 2,959,591 1,154,461 Increase (decrease) in OPEB liabilities (7,505) (10,119) (144,813) Increase (decrease) in deferred inflows
of resources related to pension (2,886) (187,980) (58,443) Increase (decrease) in deferred inflows
of resources related to OPEB (8,742) (472,837) (168,712) Increase (decrease) in deferred inflows
of resources related to leases - (420,105) -
Total adjustment 17,630,251 975,565 9,038,780
Net cash provided by operating activities $ 22,203,751 875,039 $ 5,949,260 $ (Concluded)
Business-Type Activities
City of Corona
Statement of Cash Flows (Continued)
For the Year Ended June 30, 2024
Enterprise Funds
Proprietary Funds
See accompanying Notes to the Basic Financial Statements. 53 54

FIDUCIARY FUND FINANCIAL STATEMENTS
55 56
Private-Purpose Custodial
Trust Fund Funds
Successor
Agency Trust AD/CFD
Fund Funds
ASSETS
Cash and investments $ 3,902,481 $ 2,196,510
Interest receivable - 2,724
Due from other governments - 161,976
Restricted:

Cash and investments with fiscal agent 23,496,607 7,188,964 Total assets 11,091,445 25,857,817

DEFERRED OUTFLOWS OF RESOURCES
Pension related items 16,150 -
OPEB related items 46,347 -
Total deferred outflows of resources 62,497 -

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 674 -
Retention payable 3,203 -
Interest payable 485,493 -
Deposits payable - 62,059
Bonds payable, due within one year 4,705,158 -
Noncurrent liabilities:

Bonds payable, due in more than one year 25,543,773 -
Net pension liability 15,396 -
Net OPEB liability 152,955 -
Total liabilities 30,906,652 62,059

DEFERRED INFLOWS OF RESOURCES
Pension related 145 -
OPEB related items 17,382 -
Total deferred inflows of resources 17,527 -

NET POSITION
Restricted for:

Successor agency (19,770,237) -
Organization and other governments - 25,795,758
Total net position (deficit) $ 25,795,758 (19,770,237) $ City of Corona
Statement of Fiduciary Net Position
Fiduciary Funds
June 30, 2024
See accompanying Notes to the Basic Financial Statements. 57 Private-Purpose Custodial
Trust Fund Funds
Successor
Agency Trust AD/CFD
Fund Funds
ADDITIONS:

Redevelopment property tax trust fund $ 7,954,069 $ -
Assessment revenue - 7,108,234
Investment earning 254,042 1,310,712
Total additions 8,208,111 8,418,946
DEDUCTIONS:

Administrative expenses 40,533 -
Developer payments 1,116,867 -
Payments for district expenses - 5,846,013
Payments for district debt service 1,735,753 7,013,023
Total deductions 2,893,153 12,859,036
Change in net position 5,314,958 (4,440,090)
NET POSITION :

Beginning of year (25,085,195) 30,235,848
End of year $ (19,770,237) $ 25,795,758
City of Corona
Statement of Changes in Fiduciary Net Position
Fiduciary Funds
For the Year Ended June 30, 2024
See accompanying Notes to the Basic Financial Statements. 58 59

NOTES TO THE BASIC FINANCIAL STATEMENTS
60 City of Corona
Index to the Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
61 Note 1 – Summary of Significant Accounting Policies ....................................................................................... 63 A. Financial Reporting Entity ................................................................................................................... 63 B. Basis of Accounting and Measurement Focus ..................................................................................... 64 C. Cash, Cash Equivalents and Investments ............................................................................................. 68 D. Cash and Investments with Fiscal Agents ............................................................................................ 68 E. Fair Value Measurement ...................................................................................................................... 68 F. Accounts Receivable ............................................................................................................................ 69 G. Interfund Transactions. ........................................................................................................................ 69 H. Inventories and Prepaid Items .............................................................................................................. 69 I. Lease Receivables ................................................................................................................................ 69 J. Capital Assets ....................................................................................................................................... 70 K. Deferred Outflows and Inflows of Resources ...................................................................................... 72 L. Unearned and Unavailable Revenue .................................................................................................... 72 M. Compensated Absences ........................................................................................................................ 72 N. Claims Payable ..................................................................................................................................... 72 O. Lease Liabilities ................................................................................................................................... 72 P. Subscription Based Information Technology Arrangements Liabilities .............................................. 73 Q. Long-Term Debt .................................................................................................................................. 73 R. Pensions. .............................................................................................................................................. 74 S. Other Postemployment Benefits (“OPEB”) ......................................................................................... 74 T. Property Taxes ..................................................................................................................................... 75 U. Net Position and Fund Balances .......................................................................................................... 75 V. Spending Policy ................................................................................................................................... 76 W. Use of Estimates................................................................................................................................... 77 Note 2 – Stewardship, Compliance and Accountability ..................................................................................... 77 Note 3 – Cash and Investments ............................................................................................................................ 77 A. Deposits ................................................................................................................................................ 78 B. Investments .......................................................................................................................................... 79 C. Local Agency Investment Fund (“LAIF”) ........................................................................................... 79 D. Fair Value Measurement ...................................................................................................................... 79 E. Risk Disclosures ................................................................................................................................... 80 Note 4 – Investment in Joint Venture .................................................................................................................. 81 Note 5 – Land Held for Resale .............................................................................................................................. 82 Note 6 – Long-Term Receivables.......................................................................................................................... 83 Note 7 – Lease Receivables ................................................................................................................................... 84 Note 8 – Interfund Transactions .......................................................................................................................... 84 A. Government-Wide Financial Statements ............................................................................................. 84 B. Fund Financial Statements ................................................................................................................... 86 City of Corona
Index to the Notes to the Basic Financial Statements (Continued) For the Year Ended June 30, 2024
62 Note 9 – Capital Assets .......................................................................................................................................... 88 A. Governmental Activities ...................................................................................................................... 88 B. Business-Type Activities .................................................................................................................... 89 C. Infrastructure Assets ............................................................................................................................ 90 D. Construction in Progress and Capital Project Commitments ............................................................... 90 Note 10 – Compensated Absences ........................................................................................................................ 91 Note 11 – Long-Term Liabilities .......................................................................................................................... 91 A. Governmental Activities ...................................................................................................................... 91 B. Business-Type Activities ..................................................................................................................... 94 C. Fiduciary Funds ................................................................................................................................... 97 D. Non-City Obligations ........................................................................................................................... 99 E. Conduit Debt Obligations .................................................................................................................... 100 F. Bond Requirement ............................................................................................................................... 100 Note 12 – Risk Management ................................................................................................................................. 101 A. Workers’ Compensation Insurance ...................................................................................................... 101 B. General Liability Insurance .................................................................................................................. 101 C. Property Losses (Excluding Earthquake or Flood) .............................................................................. 101 D. Adequacy of Coverage ......................................................................................................................... 102 Note 13 – Pension Plan .......................................................................................................................................... 102 A. General Information about the Pension Plan ....................................................................................... 102 B. Net Pension Liability ........................................................................................................................... 104 C. Changes in the Net Pension Liability ................................................................................................... 106 D. Pension Expense and Deferred Outflows and
Deferred Inflows of Resources Related to Pensions ......................................................................... 108 Note 14 – Other Postemployment Benefits (“OPEB”) ....................................................................................... 110 A. General Information about the OPEB Plan .......................................................................................... 110 B. Net OPEB Liability .............................................................................................................................. 111 C. Changes in Net OPEB Liability ........................................................................................................... 112 Note 15 – Classification of Fund Balances ........................................................................................................... 114 Note 16 – Net Investment in Capital Assets ......................................................................................................... 115 Note 17 – Commitments and Contingencies ........................................................................................................ 115 Note 18 – Tax Abatement ...................................................................................................................................... 116 City of Corona
Notes to the Basic Financial Statements
For the Year Ended June 30, 2024
63 Note 1 – Summary of Significant Accounting Policies
The basic financial statements of the City of Corona, California, (the “City”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) as applied to governmental agencies. The Governmental Accounting Standards Board (“GASB”) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the significant policies:

A. Financial Reporting Entity
The City of Corona was incorporated in 1896 under the general laws of the State of California. The City operates under a Council-Manager form of government. Five Corona citizens make up the Corona City Council and each is elected to a four-year term of office. The Mayor is appointed annually by and from the City Council. The City provides full services to its citizens, including: public safety (police and fire), streets, electric, public library, recreation, parks and other public facilities, planning and zoning, public transportation (Dial-A-Ride and Corona Cruiser programs), housing and economic development programs. Water and sewer services are provided through the legally separate Corona Utility Authority, which functions as a department of the City of Corona.

The financial statements include the financial activities of the City of Corona, the primary government, and its component units, which are the Corona Public Financing Authority (the “CPFA”), the Corona Utility Authority (the “Authority”), and the Corona Housing Authority (the “CHA”). Financial information for the City and these component units are accounted for in the accompanying financial statements in accordance with principles defining the governmental reporting entity adopted by the Governmental Accounting Standards Board. The City Council members, in separate session, serve as the governing board of the CPFA, the Authority, and the CHA, as such, these entities are presented on a blended basis.

Blended Component Unit
Management determined that the following component unit should be blended based on the criteria above:

Although the following is legally separate from the City, it has been “blended” as though it is part of the City because the component unit’s governing body is substantially the same as the City’s and there is a financial benefit or burden relationship between the City and the component unit; management of the City has operational responsibilities for the component unit; and/or the component unit provides services entirely, or almost entirely, to the City or otherwise exclusively, or almost exclusively, benefits the City, even though it does not provide services directly to it.

The Corona Public Financing Authority (the “CPFA”) is a joint powers authority organized under Section 6500 et seq. of the California Government Code on June 21, 1989, between the City and the former Corona Redevelopment Agency (the “Agency”) for the purpose of acting as a vehicle for various financing activities of the City and the Agency. Upon dissolution of the former Corona Redevelopment Agency, the Authority becomes a public body duly organized and existing under the Amended and Restated Join Exercise of Powers Agreement, dated February 6, 2013, by and among the City, the Corona Housing Authority and the Successor Agency to the Corona Redevelopment Agency, and under the Constitution and laws of the State. The Authority was formed for the purpose of assisting the City in the financing and refinancing of public capital improvements by exercising the powers referred to in the JPA Agreement, including the power to issue bonds to pay the costs pf public improvements. The CPFA's Board of Directors is the Corona City Council. The funds of the CPFA have been included in the governmental activities in the financial statements. Funds related to debt issued for proprietary activities are included in the business-type activities. Separate financial statements are not prepared.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
64 Note 1 – Summary of Significant Accounting Policies (Continued) A. Financial Reporting Entity (Continued)
The Corona Utility Authority (the “CUA”) is a joint powers authority which was established on February 6, 2002 pursuant to a Joint Exercise of Powers Agreement between the City and the Agency in accordance with the Joint Powers Law (Articles 1 through 4 of Chapter 5, Division 7, Title 1 of the California Government Code) for the purpose of assisting the City in the leasing of the water and sewer utility systems.

The Authority's Officers are the Corona City Council and the City's executive management. The funds of the Authority have been included in the business-type activities in the financial statements. Separate financial statements are not prepared.

The Corona Housing Authority (the “CHA”) was established on February 16, 2011, pursuant to the California Housing Authority Law codified under State of California Health and Safety Code, Section 34200 et seq. The City Council became the commissioners of governing board of the CHA. The CHA was formed for purposes of providing sanitary and safe housing for people of very low, low or moderate income within the City's territorial jurisdiction. This is achieved by building, acquiring, managing and maintaining residential rental units and providing financial assistance for rentals or ownership in the private real estate market. City staff provides management assistance to the CHA. Upon the dissolution of the former Corona Redevelopment Agency pursuant to Assembly Bill X1 26, the CHA elected to become the successor agency to the former Corona Redevelopment Agency's housing functions (the “Housing Successor”). Pursuant to Senate Bill 341, the CHA oversees the Low- and Moderate-Income Housing Asset fund. The funds of the CHA have been included in the governmental activities in the financial statements. Separate financial statements are not prepared.

The City had no discretely presented component units.

B. Basis of Accounting and Measurement Focus
The accounts of the City are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for by providing a separate set of self-balancing accounts that comprise its assets, liabilities, fund balances or fund net positions, revenues and expenditures or expenses, as appropriate. City resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.

Government-Wide Financial Statements
The Government-Wide Financial Statements are presented on an “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all of the City’s assets and liabilities, including capital assets, as well as infrastructure assets, and long-term liabilities, are included in the accompanying Statement of Net Position. The Statement of Activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. On an accrual basis, revenue from sales taxes is recognized in the period in which the taxable sale takes place. Revenue from property taxes is recognized in the fiscal year for which the taxes are levied. Revenue from grants and donations is recognized in the fiscal year in which all eligibility requirements have been satisfied.

Eligibility requirements include timing requirements, which specify the year when the resources are required to be used or the year when use is first permitted, matching requirements, in which the City must provide local resources to be used for a specified purpose, and expenditure requirements, in which the resources are provided to the City on a reimbursement basis. Fiduciary activities are not included in these statements.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
65 Note 1 – Summary of Significant Accounting Policies (Continued) B. Basis of Accounting and Measurement Focus (Continued) Government-Wide Financial Statements (Continued)
Certain types of transactions are reported as program revenues for the City in three categories:
 Charges for services
 Operating grants and contributions
 Capital grants and contributions
Certain eliminations have been made in regards to interfund activities, payables and receivables. All internal balances in the Statement of Net Position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. In the Statement of Activities, internal service fund transactions have been eliminated; however, those transactions between governmental and business-type activities have not been eliminated. The following interfund activities have been eliminated:
 Due from and to other funds
 Advances to and from other funds
 Transfers in and out
Governmental Fund Financial Statements
A Balance Sheet and a Statement of Revenues, Expenditures and Changes in Fund Balances are presented for all major governmental funds and aggregated nonmajor funds. Accompanying schedules are presented to reconcile and explain the differences in fund balances as presented in these statements, to the net position presented in the government-wide financial statements. The City has presented all major funds that met the applicable criteria.

All governmental funds are accounted for on a spending or “current financial resources” measurement focus and the modified accrual basis of accounting. Accordingly, only current assets and current liabilities are included on the Balance Sheet. The Statement of Revenues, Expenditures and Change in Fund Balances presents increases (revenue and other financing sources) and decreases (expenditures and other financing uses) in net current assets. Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both “measurable” and “available” to finance expenditures of the current period.

Revenues are recorded when received in cash, except those revenues subject to accrual (generally 60 days after year-end) are recognized when due, However, the City has adopted a 12-month recognition period for sales tax and grant revenues. Also, the City accrued AQMD funds received after the 60-day accrual period. The primary revenue sources, which have been treated as susceptible to accrual by the City, are property taxes, sales taxes, federal and state grants. Expenditures are recorded in the accounting period in which the related fund liability is incurred.

The City reports the following major governmental funds:
 The General Fund is the City's primary operating fund. It accounts for all financial resources of the general government, except those required to be accounted for in another fund.  The Low Mod Income Housing Asset (Housing Successor) Capital Projects Fund accounts for the transactions related to low- and moderate-income housing activities pursuant to SB 341 and as prescribed in the Housing Element of the City's General Plan.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
66 Note 1 – Summary of Significant Accounting Policies (Continued) B. Basis of Accounting and Measurement Focus (Continued) Governmental Fund Financial Statements (Continued)
 The Other Grants Capital Projects Funds account for receipts and expenditures of funding received from various governmental grants for capital projects.
 The Development Special Revenue Funds are used to account for Quimby and various development impact fees (DIF) received. The use of DIF funds is governed by Section 66006 of the Government Code.  The Other Grants and Endowments Special Revenue Funds account for receipts and expenditures of money received from various governmental grants and library grants.

Proprietary Fund Financial Statements
Proprietary funds are accounted for using the “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all assets and liabilities (whether current or noncurrent) are included on the Statement of Net Position. The Statement of Revenues, Expenses and Changes in Net Position presents increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred.

Proprietary funds distinguish operating revenues and expenses from nonoperating items. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with a proprietary fund’s principal ongoing operations. The principal operating revenues of the Water, Sewer, Electric, Transit, and Airport funds are charges to customers for sales and services. Operating expenses for the proprietary funds include the costs of sales and services, administrative expenses and depreciation on capital assets. All revenues and expenses not meeting this definition are reported as nonoperating revenues and expenses.

A separate column representing internal service funds is also presented in these statements. However, internal service balances and activities have been combined with the governmental activities and business-type activities in the Government-Wide Financial Statements. The City’s internal service funds include five individual funds which provide services directly to other City funds. These areas of service include fleet operations, workers’ compensation, liability risk, warehouse, and information technology. These funds provide service to other City departments on a cost reimbursement basis.

The City reports the following major proprietary funds:
 Water Enterprise Fund - accounts for the operation and maintenance of the City's water utility, a selfsupporting activity which provides services on a user charge basis to residents and businesses located in the City.
 Sewer Enterprise Fund - accounts for the operation and maintenance of the City's sewer utility, a selfsupporting activity which provides services on a user charge basis to residents and businesses located in the City.
 Electric Enterprise Fund - account for the operation of the City's electric utility distribution system, a selfsupporting activity which renders services on a user charge basis to businesses as well as residents located in the City.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
67 Note 1 – Summary of Significant Accounting Policies (Continued) B. Basis of Accounting and Measurement Focus (Continued) Proprietary Fund Financial Statements (Continued)
Both the Water and the Sewer utilities are owned by the Authority. The Authority operates both the Water and Sewer systems pursuant to separate management agreements with the City.

A separate column representing internal service funds is also presented in these statements. However, internal service balances and activities have been combined with the governmental activities in the Government-Wide Financial Statements. The City has Fleet Operation, Workers’ Compensation, Liability Risk, Warehouse, Information Technology Internal Service Funds that provide services directly to other City funds.

Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a Statement of Net Position and a Statement of Changes in Fiduciary Net Position. The City’s fiduciary funds represent custodial funds and private purpose trust funds. Both custodial funds and the private purpose trust funds are accounted for on the full accrual basis of accounting where the assets associated with the activity are controlled by the City and the assets are not derived 1) solely from the government’s own-source revenues or 2) from government-mandated nonexchange transactions or voluntary nonexchange transactions.

The City reports the following two types of fiduciary funds:

Private-Purpose Trust Fund - The Successor Agency Trust for the former Corona Redevelopment Agency (Successor Agency) was established on February 1, 2012 in accordance to the Assembly Bill X1 26 that provides for the dissolution of all redevelopment agencies in the State of California. The establishment of the Successor Agency was approved by the City Council on January 11, 2012 through City Resolution No. 2012- 004. Effective February 1, 2012, successor agencies in California will only be allocated revenue in the amount that is necessary to pay the estimated annual installment payments on enforceable obligations of the former redevelopment agency until all enforceable obligations of the prior redevelopment agency have been paid in full and all assets have been liquidated. The activities of the Successor Agency are reported in a fiduciary fund (private-purpose trust fund) in the financial statements of the City.

Custodial Funds - To account for assets for the benefit of organizations or other governments that are not part of the City. In addition, the assets are not derived from the City’s provision of goods or services to those individuals, organizations, or other governments. Two funds are reported under the custodial fund type, the AD/CFD Fund and the AB109 PACT Fund. The AD/CFD Fund was established to account for receipt of special taxes and assessments used to pay principal and interest on related bonds that are not direct City liabilities, as well as receipt and disbursement of capital project bond proceeds related to bonds that are not direct obligations of the City. The AB109 PACT Fund was created on December 16, 2015 to account for activities of the Riverside County Post-Release Accountability and Compliance Team (PACT). The City of Corona is one of the seven member agencies of PACT, and serves as the trustee for PACT. Funding for PACT comes from the State of California in accordance with AB 109, Public Safety Realignment Act of 2011. At June 30, 2023, the AB109 PACT Fund was fully disbursed and closed.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
68 Note 1 – Summary of Significant Accounting Policies (Continued) C. Cash, Cash Equivalents and Investments
The City’s cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturity of three months or less from the date of acquisition. The City pools cash resources of its various funds, including the Successor Agency Private Purpose Trust Fund to facilitate cash management. Cash in excess of current requirements is invested and reported as investments. It is the City's intent to hold investments until maturity. However, the City may, in response to market conditions, sell investments prior to maturity in order to improve the quality, liquidity or yield of the portfolio. Interest earnings are apportioned among funds each month based on ending cash and investment balances of each fund.

All cash and investments of proprietary funds are held in the City's investment pool as well. These cash pools have the general characteristics of a demand deposit account, therefore, all cash and investments in the proprietary funds are considered cash and cash equivalents for Statement of Cash Flows purposes.

Highly liquid market investments with maturities of one year or less at time of purchase are stated at amortized cost. All other investments are stated at fair value. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction. In determining the amount, the City uses the market approach, one of the three acceptable valuation techniques. Market approach uses prices generated for identical or similar assets or liabilities.

The City participates in the Local Agency Investment Fund (“LAIF”), an investment pool managed by the State of California. LAIF has invested a portion of the pool funds in structured notes and asset-backed securities. LAIF's investments are subject to credit risk with the full faith and credit of the State of California collateralizing these investments. In addition, these structured notes and asset-backed securities are subject to market risk as a result of changes in interest rates. All investments in LAIF were reported at amortized cost, which approximates fair value.

D. Cash and Investments with Fiscal Agents
Cash and investments with fiscal agents are restricted for the redemption of bonded debt and for acquisition and construction of capital projects.

E. Fair Value Measurement
U.S. GAAP defines fair value, establishes a framework for measuring fair value and establishes disclosure about fair value measurement. Investments, unless otherwise specified at fair value in the financial statements, are categorized based upon the level of judgment associated with the inputs used to measure their fair value. Levels of inputs are as follows:

 Level 1 – Inputs are unadjusted, quoted prices for identical assets or liabilities in active markets at the measurement date.
 Level 2 – Inputs, other than quoted prices included in Level 1, that are observable for the assets or liabilities through corroboration with market data at the measurement date.  Level 3 – Unobservable inputs that reflect management’s best estimate of what market participants would use in pricing the assets or liabilities at the measurement date.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
69 Note 1 – Summary of Significant Accounting Policies (Continued) F. Accounts Receivable
In the government-wide statements, receivables consist of all revenues earned at year-end and not yet received.

Receivables are recorded in the financial statements net of any allowance for doubtful accounts if applicable, and estimated refunds due. Major receivable balances for the governmental activities include sales and use taxes, franchise taxes, grants, fines and other fees. Business-type activities report utilities as their major receivables.

In the fund financial statements, material receivables in governmental funds include revenue accruals such as sales tax, franchise tax, and grants and other similar intergovernmental revenues since they are usually both measurable and available. Nonexchange transactions collectible but not available are deferred in the fund financial statements in accordance with modified accrual, but not deferred in the government-wide financial statements in accordance with the accrual basis. Interest and investment earnings are recorded when earned only if paid within 60 days since they would be considered both measurable and available. Proprietary fund material receivables consist of all revenues earned at year-end and not yet received. Utility accounts receivable compose the majority of proprietary fund receivables.

G. Interfund Transactions
Outstanding short-term borrowing between funds are reported to as “due from/to other funds”. Interfund loans are reported as advances to and from other funds and are eliminated upon consolidation. Advances to other funds are presented as nonspendable in General Fund’s fund balance to indicate that they are not in a spendable form. Any residual balances outstanding between the governmental activities and business-type activities are reported in the government-wide financial statements as "internal balances." Interfund services provided are treated as revenues and expenses. Administrative overhead charges included with centralized expenses charged by the General Fund are included in the direct expenses of enterprise activities.

Reimbursements occur when one fund incurs a cost, charges the appropriate benefiting fund and reduces its related cost as a reimbursement. All other interfund transactions are treated as transfers. Transfers between governmental or between proprietary funds are eliminated as part of the reconciliation to the government-wide financial statements.

H. Inventories and Prepaid Items
Inventories within the various fund types consist of materials and supplies which are valued at cost on a first-in, first-out basis. Reported expenditures reflect the consumption method of recognizing inventory-related expenditures.

Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid items in both the government-wide and fund financial statements by using purchase method.

A nonspendable fund balance has been reported in the governmental funds to show that inventories and prepaid items do not constitute “available spendable resources,” even though they are a component of current assets.

I. Lease Receivables
The City is a lessor for leases of land and recognizes lease receivables and deferred inflows of resources in the financial statements. Variable payments based on future performance or usage of the underlying asset are not included in the measurement of the lease receivable.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
70 Note 1 – Summary of Significant Accounting Policies (Continued) I. Lease Receivables (Continued)
The City is a lessor for leases of land and recognizes lease receivables and deferred inflows of resources in the financial statements. Variable payments based on future performance or usage of the underlying asset are not included in the measurement of the lease receivable.

At the commencement of a lease, the lease receivable is measured at the present value of payments expected to be received during the lease term. The City established a threshold of $200,000 for lease receivables. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflows of resources are initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflows of resources are recognized as revenue over the life of the lease term in a systematic and rational method.

Key estimates and judgments include how the City determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts.  The City uses incremental borrowing rate (IBR) provided by the financial institution at July 1, 2021 for existing leases or the current rate at the time a new lease is executed.  The lease term includes the noncancelable period of the lease plus any option periods that are likely to be exercised.
 Lease receipts included in the measurement of the lease receivable is composed of fixed payments from the lessee.

The City monitors changes in circumstances that would require a remeasurement of its lease and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable.

J. Capital Assets
In the Government-Wide Financial Statements, capital assets are recorded at cost where historical records are available and at an estimated original cost where no historical records exist. Donated capital assets are valued at their acquisition value. City policy has set the capitalization threshold for reporting capital assets at $25,000 for non-infrastructure items and $100,000 for infrastructure and intangible right-to-use assets.

The City defines infrastructure assets as the basic physical assets that allow the City to function. The assets include the street system, water purification and distribution system, sewer collection and treatment system, park and recreation lands and improvement system, storm water conveyance system, and buildings combined with the site amenities such as parking and landscaped areas used by the City in the conduct of its business.

Each major infrastructure system can be divided into subsystems. For example, the street system can be subdivided into pavement, curb and gutters, sidewalks, medians, streetlights, landscaping and land. These subsystems were not delineated in the basic financial statements. The appropriate operating department maintains information regarding the subsystems.

Major outlays for capital assets and improvements are capitalized as projects are constructed. Capital assets acquired under finance purchase are capitalized at the net present value of the total finance payments.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
71 Note 1 – Summary of Significant Accounting Policies (Continued) J. Capital Assets (Continued)
The City elected to use the "modified approach" as defined by GASB Statement No. 34 for infrastructure reporting of its streets, concrete and asphalt pavements. The City commissioned the most recent physical assessment of its street pavement condition in October 2017. The Citywide condition assessments are performed every three years, with each year focusing on specific regions of the City. Each homogeneous segment of City owned street was assigned a physical condition based on 17 potential defects. A Pavement Condition Index (PCI) was assigned to each street segment. The index is expressed in a continuous scale from 0 to 100, where 0 is assigned to the least acceptable physical condition and 100 is assigned to segments of street that have the physical characteristics of a new street. The City's policy relative to maintaining the street assets is to achieve an average rating of 71 for all street segments. This acceptable rating allows minor cracking and raveling of the pavement along with minor roughness that could be noticeable to drivers traveling at the posted speeds. Please refer to the Required Supplementary Information section of this report for additional information on the modified approach.

For all other infrastructure systems, the City elected to use the "basic approach" as defined by GASB Statement No. 34 for infrastructure reporting. The City commissioned an appraisal of City owned infrastructure and property as of June 30, 1999 and has completed an internal update for June 30, 2019. This appraisal determined the original cost, which is defined as the actual cost to acquire new property in accordance with market prices at the time of first construction/acquisition. Original costs were developed in one of three ways: 1) historical records; 2) standard unit costs appropriate for the construction/acquisition date; or 3) present cost indexed by a reciprocal factor of the price increase from the construction/acquisition date to the current date. The accumulated depreciation, defined as the total depreciation from the date of construction/acquisition to the current date on a straight line, unrecovered cost method was computed using industry accepted life expectancies for each infrastructure subsystem. The book value was then computed by deducting the accumulated depreciation from the original cost.

The intangible right‐to‐use asset includes lease assets or subscription-based information technology arrangements (“SBITA”) assets (“subscription asset”). These intangible assets are recorded at the amount of the initial measurement of the lease liabilities or SBITA liabilities (“subscription liabilities”) and adjusted by any lease made to the lessor or subscription payments to the SBITA vendor at or before the commencement of the lease or subscription term, less any incentives received from the lessor or SBITA vendor at or before the commencement of the lease or subscription term along with any initial direct costs that are ancillary charges necessary to place the lease assets into service or subscription implementation costs. Lease assets are amortized using the straight-line method over the shorter of the lease term or the useful life of the underlying asset, unless the lease contains a purchase option that the City has determined is reasonably certain of being exercised. In this case, the lease asset is amortized over the useful life of the underlying asset. Subscription assets are amortized over the shorter of the subscription term or the useful life of the underlying IT assets.

Capital assets used in operations are depreciated over their estimated useful lives using the straight-line method.

The lives used for depreciation purposes are as follows:

Assets Years
Buildings and improvements 20-50
Computer Software 5
Equipment 3-20
Improvements 20
Infrastructure 25-65
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
72 Note 1 – Summary of Significant Accounting Policies (Continued) K. Deferred Outflows and Inflows of Resources
The statement of net position reports separate sections for deferred outflows of resources and deferred inflows of resources, when applicable.

Deferred Outflows of Resources represent a consumption of net assets that applies to future periods.

Deferred Inflows of Resources represent an acquisition of net assets that applies to future periods.

L. Unearned and Unavailable Revenue
Unearned revenue is reported for transactions for which revenue has not yet been earned. Typical transactions recorded as unearned revenues in the government-wide financial statements are grant revenues received in advance.

In the governmental fund financial statements, unavailable revenue is reported when transactions have not yet met the revenue recognition criteria based on the modified accrual basis of accounting. The City reports unavailable revenue when an asset is reported in governmental fund financial statements but the revenue is not available.

M. Compensated Absences
Under certain circumstances and according to the negotiated labor agreements, employees of the City are allowed to accumulate annual leave. This amount is accrued in the government-wide and proprietary fund statements. These amounts for annual leave are expected to be paid in future years from future resources.

N. Claims Payable
Claims payable in the Internal Service Fund represents estimates of claims against the City. The estimated claims payable represents the City’s best estimate of the amount to be paid on workers’ compensation and general liability claims. Losses for claims incurred but not reported are also recorded if the probable amount of loss can be reasonably estimated. The City is self-insured for general liability and workers’ compensation in the amounts of $500,000 and $1,000,000 per claim, respectively. Excess coverage is provided by Public Risk Innovation, Solutions, and Management (“PRISM”).

O. Lease Liabilities
The City recognizes lease liabilities with an initial, individual value of $100,000 or more with a lease term greater than one year in the government-wide and proprietary fund financial statements. Variable payments based on future performance of the City or usage of the underlying asset are not included in the measurement of the lease liability.

At the commencement of a lease, the City initially measures the lease liability at the present value of payments expected to be made during the lease term. Subsequently, the lease liability is reduced by the principal portion of lease payments made.

Key estimates and judgments related to leases liabilities include how the City determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments.  The City uses the interest rate charged by the lessor as the discount rate. When the interest rate charged by the lessor is not provided, the City generally uses its estimated incremental borrowing rate as the discount rate for leases.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
73 Note 1 – Summary of Significant Accounting Policies (Continued) O. Lease Liabilities (Continued)
 The lease term includes the noncancellable period of the lease. Lease payments included in the measurement of the lease liability are composed of fixed payments and purchase option price that the City is reasonably certain to exercise.

The City monitors changes in circumstances that would require a remeasurement of its lease and will remeasure any lease asset or liability if certain changes occur that are expected to significantly affect the amount of the lease liability.

P. Subscription Based Information Technology Arrangements Liabilities The City recognizes subscription liabilities with an initial, individual value of $100,000 or more with a subscription term greater than one year in the government-wide and proprietary fund financial statements. Variable payments based on future performance of the City, usage of the underlying IT assets, or number of user seats are not included in the measurement of the subscription liability.

At the commencement of a subscription, the City initially measures the subscription liability at the present value of subscription payments expected to be made during the subscription term. Subsequently, the lease liability is reduced by the principal portion of subscription payments made.

Key estimates and judgments related to subscription liabilities include how the City determines (1) the discount rate it uses to discount the expected subscription payments to present value, (2) subscription term, and (3) subscription payments.
 The City uses the interest rate charged by the SBITA vendor as the discount rate. When the interest rate charged by the lessor is not provided, the City generally uses its estimated incremental borrowing rate as the discount rate for subscription liabilities.
 The subscription term includes the noncancellable period of the SBITA. Subscription payments included in the measurement of the subscription liability are composed of fixed payments.

The City monitors changes in circumstances that would require a remeasurement of its SBITA and will remeasure any subscription asset or liability if certain changes occur that are expected to significantly affect the amount of the subscription liability.

Q. Long-Term Debt
In the Government-Wide Financial Statements and Proprietary Fund Financial Statements, long-term debt and other long-term obligations are reported as liabilities in the appropriate activities. Bonds payable are reported net of the applicable bond premium or discount. Debt issuance costs except for any portion related to prepaid insurance were recognized as expense in the period incurred. Premium or discount not considered as part of the reacquisition price was amortized over the life of the bond.

In the Government-Wide Financial Statements and Proprietary Fund Financial Statements, long-term debt and other long-term obligations are reported as liabilities in the appropriate activities. Bonds payable are reported net of the applicable bond premium or discount. Debt issuance costs except for any portion related to prepaid insurance were recognized as expense in the period incurred. Premium or discount not considered as part of the reacquisition price was amortized over the life of the bond.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
74 Note 1 – Summary of Significant Accounting Policies (Continued) Q. Long-Term Debt (Continued)
The governmental fund financial statements do not present long-term liabilities. Consequently, long-term debt is shown as a reconciling item in the Reconciliation of the Governmental Funds Balance Sheet to the GovernmentWide Statement of Net Position.

R. Pensions
For purposes of measuring the net pension liability, deferred outflows of resources and deferred inflows of resources related to pensions, and pension expense, information about the fiduciary net position of the plans and additions to/deductions from the plans’ fiduciary net position have been determined on the same basis as they are reported by the plans. For this purpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with benefit terms. Investments are reported at fair value.

General Fund, Low Mod Income Housing Asset Capital Projects Fund, Residential Refuse Special Revenue Fund, HUD Grants Capital Projects Fund, Planned Local Drainage Capital Projects Fund are typically used to liquidate pension liabilities for governmental funds.

The following timeframes are used for pension reporting:

CalPERS
Valuation Date June 30, 2022
Measurement Date June 30, 2023
Measurement Period July 1, 2022 to June 30, 2023
Gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time. The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense. The amortization period differs depending on the source of the gain or loss. The difference between projected and actual earnings is amortized straight-line over 5 years. All other amounts are amortized straight-line over the average expected remaining service lives of all members that are provided with benefits (active, inactive, and retired) as of the beginning of the measurement period.

S. Other Postemployment Benefits (“OPEB”)
For the purpose of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s OPEB Plan and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined on the same basis as they are reported by the Plan. For this purpose, the OPEB Plan recognizes benefit payments when due and payable in accordance with the benefit terms. Investments are reported at fair value, except for money market investments, which are reported at amortized cost.

General Fund is typically used to liquidate OPEB liabilities for governmental funds.

The following timeframes are reported OPEB reporting:

OPEB
Valuation Date June 30, 2022
Measurement Date June 30, 2023
Measurement Period July 1, 2022 to June 30, 2023
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
75 Note 1 – Summary of Significant Accounting Policies (Continued) S. Other Postemployment Benefits (“OPEB”) (Continued)
Gains and losses related to changes in total OPEB liability and fiduciary net position are recognized in OPEB expense systematically over time. The first amortized amounts are recognized in OPEB expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to OPEB and are to be recognized in future OPEB expense. The amortization period differs depending on the sources of gain or loss. The difference between projected and actual earnings is amortized on a straight-line basis over 5 years. All other amounts are amortized on a straight-line basis over the average expected remaining service lives of all members that are provided with benefits (active, inactive, and retired) at the beginning of the measurement period.

T. Property Taxes
Under California law, property taxes are assessed and collected by the counties for up to 1% of assessed property value, plus other increases approved by the voters. Property taxes collected are pooled and then allocated to the cities based on complex formulas. Property taxes are assessed, collected and allocated by Riverside County throughout the fiscal year. The following are key dates pertaining to property taxes:

January 1
July 1 to June 30
November 1 and February 1
December 11 and April 11
Lien Date
Levy Date
Due Dates
Delinquent Dates
Property taxes receivable for the governmental fund types, which have been remitted within 60 days subsequent to year end, are considered measurable and available and recognized as revenues. All other property taxes are offset by deferred property tax inflows of resources and, accordingly, have not been recorded as revenue. Taxes are considered past due on the above delinquent dates, at which time the applicable property is subject to lien, and penalties and interest are assessed.

The County of Riverside collects an administration fee from the City and the former Redevelopment Agency for its services. The City receives a percentage of the basic 1% ad valorem tax rate allowed on property within the City of Corona. Property tax rates for the City's general obligation debt are set by the City Council based on assessed valuations and debt service requirements. The assessed valuation is at "full cash value".

U. Net Position and Fund Balances
In the Government-Wide Financial Statements and proprietary fund financial statements, net position is classified as follows:

Net Investment in Capital Assets – This component of net position consists of capital assets, net of accumulated depreciation, reduced by the outstanding balances of retention payable and debt that are attributable to the acquisition, construction, or improvement of those assets, and related deferred outflows and inflows of resources, net of unspent debt proceeds.

Restricted – This component of net position consists of restricted assets reduced by liabilities and deferred inflows of resources related to those assets.

Unrestricted – This component of net position is the amount of the assets, deferred outflows of resources, liabilities, and deferred inflows of resources that are not included in the determination of net investment in capital assets or the restricted component of net position.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
76 Note 1 – Summary of Significant Accounting Policies (Continued) U. Net Position and Fund Balances (Continued)
In the Governmental Fund Financial Statements, fund balances are classified as follows:

Nonspendable – Nonspendable fund balances are items that cannot be spent because they are not in spendable form, such as prepaid items and inventories, or items that are legally or contractually required to be maintained intact, such as principal of an endowment or revolving loan funds.

Restricted – Restricted fund balances encompass the portion of net fund resources subject to externally enforceable legal restrictions. This includes externally imposed restrictions by creditors, such as through debt covenants, grantors, contributors, laws or regulations of other governments, as well as restrictions imposed by law through constitutional provisions or enabling legislation.

Committed – Committed fund balances encompass the portion of net fund resources, the use of which is constrained by limitations that the government imposes upon itself at its highest level of decision making, normally the governing body, and that remain binding unless removed in the same manner. The City Council is considered the highest authority for the City. Adoption of a resolution by the City Council is required to commit resources or to rescind the commitment.
 General Fund Emergency Contingency – The City’s general fund balance committed for emergency contingencies has been set by resolution and is for specific uses listed as the declaration of a state or federal state of emergency or a local emergency as defined in Corona Municipal Code Section 2.52.020.

A state of emergency is the existence of conditions of disasters which may result in property damage, death and/or injuries to the community. An emergency may also result from natural events that did not result in a request for state or federal assistance.
 Designated Revenues – Designated revenues are committed by minute action of the City Council. Upon receipt of the revenues and at the request of the specific department, funds may be appropriated for departmental use with the recommendation of the Finance Director, or with approval of City Council, depending on the amount of request.

Assigned – Assigned fund balances encompass the portion of net fund resources reflecting the government’s intended use of resources. Assignment of resources can be done by the highest level of decision making or by a committee or official designated for that purpose. The City Council has authorized by resolution the City Manager or the City Fiscal Officer for that purpose.

Unassigned – This amount is for any portion of the fund balances that do not fall into one of the above categories. The General Fund is the only fund that reports a positive unassigned fund balance amount. In other governmental funds, it is not appropriate to report a positive unassigned fund balance amount. However, in governmental funds other than General Fund, if expenditures incurred for specific purposes exceed the amounts that are restricted, committed or assigned to those purposes, it may be necessary to report a negative unassigned fund balance in that fund.

V. Spending Policy
Government-Wide Financial Statements and the Proprietary Fund Financial Statements When expenses are incurred for purposes for which both restricted and unrestricted components of net position are available, the City’s policy is to apply the restricted component of net position first, then the unrestricted component of net position as needed.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
77 Note 1 – Summary of Significant Accounting Policies (Continued) V. Spending Policy (Continued)
Governmental Fund Financial Statements
When expenditures are incurred for purposes for which all restricted, committed, assigned and unassigned fund balances are available, the City’s policy is to apply in the following order, except for instances wherein an ordinance specifies the fund balance:
 Restricted
 Committed
 Assigned
 Unassigned
W. Use of Estimates
The preparation of the basic financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect certain reported amounts and disclosures. Accordingly, actual results could differ from those estimates.

Note 2 – Stewardship, Compliance and Accountability
Deficit Net Position
At June 30, 2024, Public Facility Project Capital Projects Funds had deficit fund balance of $3,640,583. The deficit will be eliminated when reimbursements are received in the future year. The Successor Agency Trust Fund had a deficit net position in the amount of $19,770,237 and will be eliminated with future redevelopment property trust fund revenue.

At June 30, 2024, Water Utility Enterprise Fund had deficit fund balance of $81,527,798. The City plans to recover the costs of operating the water utility in the long run. A rate study is currently ongoing and is expected to raise the utility rates.

Note 3 – Cash and Investments
The City maintains a cash and investment pool, which includes cash balances and authorized investments of all funds.

Certain restricted funds which are held and invested by independent outside custodians through contractual agreements are not pooled. These restricted funds include cash and investments with fiscal agents.

The City had the following cash and investments at June 30, 2024:

Fiduciary
Fund
Governmental Business-Type Statement of
Activities Activities Net Position Total
Cash and investments 356,704,927 $ 137,632,148 $ 6,098,991 $ 500,436,066 $ Restricted cash and investments 56,998,606 1,094,745 30,685,571 88,778,922 Total cash and investments $ 413,703,533 $ 138,726,893 $ 36,784,562 $ 589,214,988 Government-Wide
Statement of Net Position
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
78 Note 3 – Cash and Investments (Continued)
The City’s cash and investments at June 30, 2024, in more detail:

Deposits with financial institution $ 4,187,732
Petty cash 10,248
Custodial cash 1,212,154
Cash Escrow 1,557,146
Total cash 6,967,280
Investments 551,548,465
Investments with fiscal agent 30,699,243
Total investments 582,247,708
Total cash and investments $ 589,214,988
A. Deposits
The carrying amounts of the City’s demand deposits were $4,187,732 at June 30, 2024. Bank balances at that date were $5,114,306, the total amount of which was collateralized or insured with accounts held by the pledging financial institutions in the City’s name as discussed below.

The California Government Code requires California banks and savings and loan associations to secure the City’s cash deposits by pledging securities as collateral. This Code states that collateral pledged in this manner shall have the effect of perfecting a security interest in such collateral superior to those of a general creditor. Thus, collateral for cash deposits is considered to be held in the City's name.

The fair value of pledged securities must equal at least 110% of the City's cash deposits. California law also allows institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the City’s total cash deposits. The City may waive collateral requirements for cash deposits, which are fully insured up to $250,000 by the Federal Deposit Insurance Corporation (“FDIC”). The City did not waive the collateral requirement for deposits insured by FDIC.

The City follows the practice of pooling cash and investments of all funds, except for funds required to be held by fiscal agents under the provisions of bond indentures. Interest income earned on pooled cash and investments is allocated on an accounting period basis to the various funds based on the period-end cash and investment balances.

Interest income from cash and investments with fiscal agents is credited directly to the related fund.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
79 Note 3 – Cash and Investments (Continued)
B. Investments
Under the provisions of the City’s investment policy, and in accordance with California Government Code, the following investments are authorized:

Maximum Maximum
Maximum Percentage Investments in
Authorized Investment Type Maturity Allowed One Issuer
United States Treasury Bills, Bonds and Notes 5 Years None None United States Government Sponsored Agency Securities 5 Years 75% None Negotiable Certificates of Deposit 3 Years 20% None
Banker's Acceptance Notes 180 days 20% 25%
Corporate Notes 5 Years 30% None
Commercial Paper 270 days 25% 10% of the issuer outstanding paper Local Agency Investment Fund (LAIF) N/A None $65 million per account Repurchasement Agreement 14 days 10% None
Mutual Funds N/A 20% None
Bonds N/A 25% None
Diversified management companies N/A 10% None
Non-Government issued Mortgage-backed pass-through securities, collateralized Mortgage obligations and Asset-backed securities 5 years 15% of investing agency's surplus None Supernational 5 years 10%
N/A - Not Applicable
C. Local Agency Investment Fund (“LAIF”)
The City is a participant in LAIF which is regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. The fair value of the City’s portion in the pool is the same as the value of the pool shares and reported at amortized cost.

D. Fair Value Measurement
At June 30, 2024, investments are reported at fair value. The following table presents the fair value measurements of investments on a recurring basis and the levels with GASB 72 fair value hierarchy in which the fair value measurements fall at June 30, 2024:

Quoted Prices in
Active Market for
Significant
Other
Investment Type
Identical Assets
(Level 1)
Observable
Inputs (Level 2) Uncategorized Total
Local Agency Investment Fund - $ - $ 38,180,957 $ 38,180,957 $ Money Market Funds - - 11,608,668 11,608,668
United States Government Sponsored Enterprise Securities - 110,745,542 - 110,745,542 US Treasury Bills 185,803,693 - - 185,803,693
Asset Backed Securities - 39,417,985 - 39,417,985
Corporate Notes - 104,322,642 - 104,322,642
Municipal Bonds - 3,357,751 - 3,357,751
Supernational Obligations - 11,890,442 - 11,890,442
Mutual Funds Held in Penstion Trust 46,220,785 - - 46,220,785 Held by Bond Trustee:

Local Agency Investment Fund - - 2,389,942 2,389,942
Money Market Funds - - 28,309,301 28,309,301

Total $ 269,734,362 232,024,478 $ 80,488,868 $ 582,247,708 $ Measurement Input
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
80 Note 3 – Cash and Investments (Continued)
E. Risk Disclosures
Interest Rate Risk - As a means of limiting its exposure to fair value losses arising from rising interest rates, the City’s investment policy limits investments to a maximum maturity of five years. At June 30, 2024, the City had the following investment maturities:

Investment Type
12 Months or
Less 13-24 Months 25-60 Months Total
Local Agency Investment Fund $ 38,180,957 $ - $ 38,180,957 - $ Money Market Funds 11,608,668 - 11,608,668 -
United States Government Sponsored Enterprise Securities 29,020,991 23,846,803 57,877,748 110,745,542 US Treasury bills 15,752,588 17,895,251 152,155,854 185,803,693 Asset Backed Securities 2,479,635 - 36,938,350 39,417,985 Corporate Notes 4,146,973 16,766,095 83,409,574 104,322,642 Municipal Bonds 3,357,751 - 3,357,751 -
Supernational Obligations 11,890,442 - 11,890,442 -
Mutual Funds Held in Penstion Trust 46,220,785 - 46,220,785 - Held by Bond Trustee:

Local Agency Investment Fund 2,389,942 - 2,389,942 -
Money Market Funds 28,309,301 - 28,309,301 -
Total $ 178,987,956 $ 72,878,226 $ 330,381,526 $ 582,247,708 Remaining Maturity (In Months)
Credit Risk – Generally, credit risk is the risk that an issuer of an investment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. Presented below is the minimum rating required by (where applicable) the California Government Code, the City’s investment policy, or debt agreements, and the actual rating, by Standard and Poor’s and Moody’s at June 30, 2024 for each investment type:

Fair Value Minimum Not Required
at Legal to be
Investment Type June 30, 2024 Rating AAA AA A Rated
Local Agency Investment Fund $ 38,180,957 Not Rated $ - $ - $ 38,180,957 - $ Money Market Funds 11,608,668 N/A - - 11,608,668 -
United States Government Sponsored
Enterprise Securities 110,745,542 N/A 94,908,899 - 15,836,643 - US Treasury bills 185,803,693 N/A 185,803,693 - - -
Asset Backed Securities 39,417,985 AA - - 39,417,985 -
Corporate Notes 104,322,642 A 1,749,280 16,417,936 86,155,426 - Municipal Bonds 3,357,751 A 3,357,751 - - -
Supernational Obligations 11,890,442 AA 11,890,442 - - - Held in Penstion Trust:

Mutual Funds 46,220,785 N/A - - 46,220,785 -
Held by Bond Trustee:

Local Agency Investment Fund 2,389,942 N/A - - 2,389,942 - Money Market Funds 28,309,301 N/A - - 28,309,301 -
Total $ 582,247,708 $ 19,775,687 294,352,314 $ $ 86,155,426 $ 181,964,281 N/A - Not Required
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
81 Note 3 – Cash and Investments (Continued)
E. Risk Disclosures (Continued)
Concentration of Credit Risk
The City’s investment policy states that the City operates its investment pool with many state and self-imposed constraints. It does not buy stocks and it does not speculate. Assets shall be diversified to eliminate the risk of loss resulting from over concentration of assets in specific maturity, a specific issuer, or a specific class of securities.

The City will diversify its investment by security type, institution and maturity/call dates. The City’s investment policy states that no more than 50% of the City’s total investment portfolio shall be invested in a single security type or with a single financial institution. The only exception to these maturity limits shall be the investment in U.S.

Treasury and authorized pools. Unless matched to a specific cash flow, the City shall not directly invest in securities maturing more than five years from the date of purchase.

At June 30, 2024, investment subject to portfolio restriction in any one issue that represent 5% or more of total City investments is as follows:

Issuers Investment Type Amount Percentage
Federal Home Loan Mortgage Corporation US Government Sponsored Enterprise Securities 69,913,422 $ 14% Federal National Mortgage Association US Government Sponsored Enterprise Securities 30,512,947 6% Custodial Credit Risk
The Custodial credit risk for deposits is the risk that, in the event of the failure of a depository financial institution, a government will not be able to recover deposits or will not be able to recover collateral securities that are in the possession of a third party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty to a transaction, a government will not be able to recover the value of investment or collateral securities that are in the possession of the third party. At June 30, 2024, none of the City’s deposits or investments were exposed to custodial credit risk.

Note 4 – Investment in Joint Venture
In July 2012, the City entered into an agreement with the Western Riverside County Regional Wastewater Authority (the “WRCRWA”) and became a voting member of the WRCRWA. The WRCRWA was formed in 1992 pursuant to the provisions of Article 1, Chapter 5, Division 7, Title 1 of the Government Code of the State of California relating to the joint exercise of powers common to public agencies, for the purpose of constructing, maintaining, operating, and managing facilities for the collection, transmission, treatment and disposal of wastewater, the reclamation of wastewater, and the use of reclaimed wastewater for any beneficial purpose.

WRCRWA is composed of five member agencies: City of Corona, Jurupa Community Services District, Western Municipal Water District, Home Gardens Sanitary District, and the City of Norco. The member agencies support the operating costs and capital costs through fixed and variable rates established by WRCRWA's Board of Directors. The governing body of WRCRWA is a Board of Directors, which consists of ten individuals, two appointed by each member.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
82 Note 4 – Investment in Joint Venture (Continued)
WRCRWA owns and operates a 14 Million Gallons per Day (MGD) tertiary wastewater treatment plant. The plant capacity owned by its member agencies are shown as follows:

Current
Member Agencies MGD
City of Corona 2.62
Jurupa Community Services District 6.00
City of Norco 2.70
Western Municipal Water District 1.93
Home Gardena Sanitary District 0.75
Total 14.00
The City’s investment in WRCRWA for the fiscal year ended June 30, 2024 was $19,251,322.

Unaudited financial information of the Authority for the fiscal year ended June 30, 2024, was summarized as follows:

Total assets $ 124,080,867
Total liabilities (57,189,534)
Deferred Inflow of resources (915,516)
Total net position (deficit) $ 65,975,817
Operating revenues $ 11,957,775
Operating expenses (10,789,785)
Operating revenue before depreciation 1,167,990
Depreciation (3,940,073)
Operating loss (2,772,083)
Nonoperating revenue 7,715,255
Change in net position 4,943,172
Beginning net position 61,032,645
Ending net position $ 65,975,817
Western Riverside County Regional Wastewater Authority Net Position:

Western Riverside County Regional Wastewater Authority Changes in Net Position:

Financial statements of the Authority can be obtained from the WRCRWA office at 450 Alessandro Boulevard, Riverside, California 92517, for audited financial information.

Note 5 – Land Held for Resale
Land held for resale consists of real property acquired by the City and held for resale to private developers. The amount recorded as land held for resale and the corresponding fund balance classified as restricted as of June 30, 2024 was $2,871,648 in the Low Mod Income Housing Asset Capital Projects Fund and $1,461,000 in the HUD Grants Capital Projects Fund.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
83 Note 6 – Long-Term Receivables
At June 30, 2024, the balances of the long-term receivables were as follows:

Long-Term Loans
Governmental Funds Receivable Receivable Total
General Fund 1,100,647 $ - $ 1,100,647 $
Low Mod Income Housing Assets Capital Projects Fund 8,268,191 6,926,333 15,194,524 Other Grants Capital Projects Fund - 2,300,000 2,300,000 Development Special Revenue Funds 1,189,660 261,771 1,451,431 Nonmajor Governmental Funds 1,717,405 2,253,838 3,971,243 Total $ 12,275,903 $ 11,741,942 $ 24,017,845
General Fund
 Reimbursement receivables from developers for the Temescal Canyon Communications Tower totaling $160,651.
 Reimbursement receivables from developers for South Corona area Community Facilities Plan totaling $164,996.
 Notes receivables from developers for the sale of land totaling $775,000.

Low Mod Income Housing Asset Capital Projects Fund
 Long-term receivables from developers totaling $8,268,191.  Loans receivables from developers and homeowners for home improvement loan and first-time home buyer programs totaling $6,926,333.

Other Grants Capital Projects Funds
 Loans receivable from developers for building affordable housing totaling $2,300,000.

Development Special Revenue Funds
 Long-term receivables for deferred fees from developers totaling $1,189,660.  Loans receivable from the developers totaling $261,771.

Nonmajor Governmental Funds
 The nonmajor governmental funds (HUD Grants Capital Projects Fund) reported long-term receivables from developers in the amount of $1,717,405 for development of low-income housing.  The nonmajor governmental funds (HUD Grants Capital Projects Fund) reported loans receivable in the amount of $2,253,838 for residential rehabilitation, home improvement, and first-time home buyer programs.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
84 Note 7 – Lease Receivables
Lease receivables consist of agreements with others for the right–to–use of the underlying assets for land owned by the City at various locations. The remaining terms of the agreements range from 1 to 25 years. The incremental borrowing rate used was 2.98%. For the year ended June 30, 2024, the City recognized $772,862 and $420,106 in lease revenue and $360,439 and $121,818 in interest revenue for General Fund and Water Enterprise Fund, respectively. The outstanding receivables are in the amounts of $11,818,763 and $3,938,363 for General Fund and Water Enterprise Fund, respectively.

The future required payments for these leases, including interest, are as follows:

Year Ending
June 30, Principal Interest Total Principal Interest Total 2025 437,760 $ 348,350 $ 786,110 $ 322,186 $ 112,133 $ 434,319 $ 2026 481,733 334,563 816,296 311,781 102,911 414,692
2027 501,154 320,299 821,453 334,423 93,454 427,877
2028 543,226 305,629 848,855 312,369 84,098 396,467
2029 548,931 289,814 838,745 335,969 74,588 410,557
2030-2034 3,470,977 1,174,099 4,645,076 930,821 272,559 1,203,380 2035-2039 3,151,642 661,744 3,813,386 837,683 145,194 982,877 2040-2044 2,249,685 252,558 2,502,243 460,908 56,984 517,892 2045-2049 433,655 21,063 454,718 92,223 2,756 94,979
Total $ 11,818,763 $ 3,708,119 $ 15,526,882 $ 3,938,363 $ 944,677 $ 4,883,040 Governmental Activities Business-type Activities
Note 8 – Interfund Transactions
A. Government-Wide Financial Statements
Internal Balances - At June 30, 2024, the City had the following internal receivable and payable, which represents internal service charges between the governmental activities and business-type activities:

Internal Payable
Business-Type Activities
Internal Receivable
Governmental Activities
$ 169,511,560
Included in the internal balances are net advances to nonmajor governmental funds from Electric Enterprise Funds in the amount of $1,078,608, net of internal services fund activities related to business-type activities in the amount of $2,038,176, and the following advances with CUA:

In February 2002, in the year when CUA was formed (See Note 1A), the CUA entered into finance purchase agreement with the City to acquire the City's Water and Sewer facilities (the “Agreements”). The terms of the Agreement are 55 years. The Agreements will terminate on February 6, 2056, at which time the CUA could renew the Agreements of the Water and Sewer facilities. The finance purchased assets of the Water and Sewer facilities were recorded at the City's historical cost, net of accumulated depreciation. The related debt has been recorded accordingly resulting in a principal payable for an amount equal to the net capital assets recorded on the City's financial statements.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
85 Note 8 – Interfund Transactions
A. Government-Wide Financial Statements (Continued)
Per the Agreements, maximum repayments are calculated with a discount rate of 6.0%. The original payments since Fiscal Year 2001-02 through Fiscal Year 2007-08 were established as 5.0% to 8.0% of the corresponding utility sales revenues of that year, equivalent to discounting the principal amounts by a range from 1.2% to 3.0%. Starting Fiscal Year 2008-09 and continued to the next fiscal year, the payments were calculated with a 3.5% to 4.0% growth factor over the previous fiscal year, equivalent to discounting the principal amounts by 3.2% for Water Utilities and

2.8% for Sewer Utilities. In Fiscal Year 2011-12, the annual payment for Water Utility was calculated with a discount rate of 6.0% with a catch-up payment for the prior years in the amount of $311,015, and the Sewer Utility's payment was discounted at 5.7% of the principal amount. For fiscal years 2013-14 and 2014-15, the payments for Water and Sewer utilities were calculated with a discount rate of 5.0% and 4.4%, respectively. For fiscal year ended June 30, 2024, the payments for Water and Sewer utilities were calculated with a discount rate of 6%.

Per the Agreements, all payments are considered interest payments toward the debt obligation. The CUA's obligations under the Agreements will cease, discharged and excused upon the date the aggregate amount of payments made by the CUA to the City equals the amount of the principal amount of the debt obligation.

The following internal balances – advance from other funds and to other funds were outstanding at June 30, 2024:

Advances from Other Fund
Water Utility Enterprise Fund
Sewer Utilities
Enterprise Fund
Total
Advances to Other Funds
Governmental Activities
$ 106,819,662
65,808,682
$ 172,628,344
During the year ended June 30, 2024, the following interfund transactions were paid by the CUA to the City:

Advances from Other Fund Interest
Water Utility Enterprise Fund $ 2,296,287
Sewer Utilities
Enterprise Fund 1,548,785
Total $ 3,845,072
At June 30, 2024, the future debt service payments required under the Agreement for the Water Utility are presented below:

Year Ending June 30, Principal Interest
2025 $ 2,168,773 - $
2026 2,047,634 -
2027 1,932,553 -
2028 1,823,225 -
2029 1,719,364 -
2030-2034 7,211,838 -
2035-2039 5,293,084 -
2040-2044 3,808,389 -
2045-2049 2,622,328 -
2050-2054 1,200,047 -
2055-2056 106,819,662 137,085
Total Future Repayments $ 106,819,662 $ 29,964,320
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
86 Note 8 – Interfund Transactions (Continued)
A. Government-Wide Financial Statements (Continued)
At June 30, 2024, the future debt service payments required under the Agreement for the Sewer utility advances are presented below:

Year Ending June 30, Principal Interest
2025 $ 1,464,595 - $
2026 1,384,616 -
2027 1,308,635 -
2028 1,236,453 -
2029 1,167,880 -
2030-2034 4,924,991 -
2035-2039 3,658,168 -
2040-2044 2,677,922 -
2045-2049 1,919,427 -
2050-2054 1,543,555 -
2055-2056 65,808,682 541,965
Total Future Payments $ 65,808,682 $ 21,828,207
B. Fund Financial Statements
Due From/To Other Funds – At June 30, 2024, the City had the following due from/to other funds:

Due From Other Funds
Governmental Fund:

General Fund
Governmental Funds
Nonmajor Governmental Funds
$ 6,222,701
Due To Other Funds
The above amounts resulted from temporary reclassifications made at June 30, 2024 to cover cash shortfalls.

Advances To/From Other Funds – At June 30, 2024, the City had the following advances:

Governmental
Funds Proprietary Fund
Sewer Electric
General Enterprise Enterprise
Advances from Other Funds Fund Fund Fund Total
Governmental Fund:

Development Special Revenue Fund 6,612,390 $ - $ - $ 6,612,390 $ Nonmajor Governmental Funds 166,548 - 1,078,608 1,245,156 Proprietary Fund:

Water Enterprise Fund 106,819,662 3,614,688 110,434,350 - Sewer Enterprise Fund 65,808,682 - 65,808,682 -
Total $ 179,407,282 $ 3,614,688 $ 1,078,608 $ 184,100,578 Advances to Other Funds
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
87 Note 8 – Interfund Transactions (Continued)
B. Fund Financial Statements (Continued)
The General Fund made cash advances to the Development Special Revenue Fund (Park Development “Quimby”) over the years to help the fund to repay its outstanding 2001 Lease Revenue Bonds. These bonds were issued to refund the 1989 and 1993 Lease Revenue Bonds issued by the then Corona Public Improvement Corporation. Bond proceeds were used to acquire park land throughout the City. Repayment to the General Fund will continue to be made from development impact fees collected with future development. At June 30, 2024, the outstanding balance of the interfund loan was $6,612,390. Also see advances to Water and Sewer Enterprise Funds at page 85 to 87.

In September 2017, the Electric Enterprise Fund made a loan to the Special Tax Districts Special Revenue Funds to advance funding for the LED street and safety light retrofit project. Repayment is expected to be made over a 10-year period, utilizing available revenue. At June 30, 2024, the outstanding balance was in the amount of $1,078,608.

During the years ended June 30, 2018 and 2019, Sewer Enterprise Fund advanced total of $3,614,688 to the Water Enterprise Fund. The interfund loan and repayment agreement was executed during the year ended June 30, 2023 with interest rate based on LAIF quarterly apportionment rate for the fiscal year but no greater than 2%. The principal is due when there is sufficient working capital to repay the advance. There is no fixed repayment schedule on the principal amount owed. At June 30, 2024, the outstanding balance was in the amount of $3,614,688.

Transfers In/Out – During the year ended June 30, 2024, the City had the following transfers in/out:

Nonmajor
Governmental
Transfers In General Fund Funds Total
Governmental Fund:

General Fund - $ 1,289,243 $ 1,289,243 $
Internal Service Funds 666,656 - 666,656
Total 666,656 $ 1,289,243 $ 1,955,899 $
Governmental Funds
Transfers Out
Administratively, resources may be transferred from one City fund to another. The purpose of the majority of transfers was to provide funding for other funds with the City Council’s approvals. Included in the Nonmajor Governmental Funds transfer was $1,289,243 from Gas Tax Special Revenue Fund to the General Fund for the engineering and project support.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
88 Note 9 – Capital Assets
A. Governmental Activities
A summary of changes in the capital assets for the governmental activities for the year ended June 30, 2024 is as follows:

Balance Balance
July 1, 2023 Transfers Additions Deletions June 30, 2024 Capital assets, not being depreciated:

Land $ 85,560,234 $ 3,762,041 - $ $ 89,322,275 - $
Streets 224,068,953 1,671,832 - 225,740,785 -
Construction in progress 195,942,273 (2,098,574) 35,232,742 229,076,441 - Total capital assets, not being depreciated 505,571,460 (2,098,574) 40,666,615 544,139,501 - Capital assets, being depreciated:

Buildings and improvements 240,557,943 114,497 (313,681) - 240,358,759 Machinery and equipment 45,951,769 1,363,027 4,884,240 (748,724) 51,450,312 Computer software 959,782 - - 959,782 -
Infrastructure 370,142,327 621,050 5,718,793 376,482,170 - Total capital assets, being depreciated 657,611,821 2,098,574 10,603,033 (1,062,405) 669,251,023 Less accumulated depreciation for:

Buildings and improvements (139,493,151) (4,846,490) - 287,727 (144,051,914) Machinery and equipment (31,626,125) (2,762,776) - 743,911 (33,644,990) Computer software (954,810) - (4,972) (959,782) -
Infrastructure (159,142,462) (6,254,283) - (165,396,745) - Total accumulated depreciation (331,216,548) (13,868,521) - 1,031,638 (344,053,431) Total capital assets, being depreciated, net 326,395,273 2,098,574 (3,265,488) (30,767) 325,197,592 Intangigle assets, being amortized:

Right-to-use lease vehicles 1,863,213 306,380 - 2,169,593 - Right-to-use subscription assets 6,090,416 1,121,873 - 7,212,289 - Total Intangigle assets, being amortized 7,953,629 1,428,253 - 9,381,882 - Less accumulated amortization for:

Right-to-use lease vehicles (851,467) (254,858) - (1,106,325) - Right-to-use subscription assets (1,937,743) (2,685,829) - (4,623,572) - Total accumulated amortization (2,789,210) (2,940,687) - (5,729,897) - Total intangible assets, being amortized, net 5,164,419 (1,512,434) - 3,651,985 - Governmental activities capital assets, net $ 837,131,152 $ 35,888,693 - $ $ (30,767) $ 872,989,078 Depreciation and amortization expense was charged to functions of the governmental activities for the year ended June 30, 2024 as follows:

General government $ 4,514,764
Public safety - fire 780,468
Public safety - police 715,265
Public works 4,783,588
Community services 2,590,998
Internal service 3,424,125
Total depreciation expense - governmental activities $ 16,809,208 City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
89 Note 9 – Capital Assets (Continued)
B. Business-Type Activities
A summary of changes in the capital assets for the business-type activities for the year ended June 30, 2024 is as follows:

Balance Balance
July 1, 2023 Transfers Additions Deletions June 30, 2024 Capital assets, not being depreciated:

Land $ 5,716,878 $ - $ - $ 5,716,878 - $
Water and pumping rights 19,644,651 - - 19,644,651 -
Construction in progress 19,866,724 (2,013,422) 24,648,135 42,501,437 - Total capital assets, not being depreciated 45,228,253 (2,013,422) 24,648,135 67,862,966 - Capital assets, being depreciated:

Buildings and improvements 106,583,465 163,828 (96,410) - 106,650,883 Machinery and equipment 140,059,541 547,213 791,255 (1,226,695) 140,171,314 Computer software 1,770,193 - - 1,770,193 -
Infrastructure 409,333,200 1,302,381 2,123,353 (18,668) 412,740,266 Total capital assets, being depreciated 657,746,399 2,013,422 2,914,608 (1,341,773) 661,332,656 Less accumulated depreciation for:

Buildings and improvements (56,467,058) (2,435,637) - 73,517 (58,829,178) Machinery and equipment (86,409,724) (6,105,838) - 685,324 (91,830,238) Computer software (1,715,795) (44,800) - (1,760,595) -
Infrastructure (134,854,991) (7,592,866) - (142,426,851) 21,006 Total accumulated depreciation (279,447,568) (16,179,141) - 779,847 (294,846,862) Total capital assets, being depreciated, net 378,298,831 2,013,422 (13,264,533) (561,926) 366,485,794 Intangigle assets, being amortized:

Right-to-use lease assets 217,306 - - 217,306 -
Accumulated amortization (73,249) (16,212) - (89,461) - Total lease assets, being amortized, net 144,057 (16,212) - 127,845 - Business-type activities capital assets, net $ 423,671,141 $ 11,367,390 - $ $ (561,926) $ 434,476,605 Depreciation and amortization expense was charged to functions of the business-type activities for the year ended June 30, 2024 as follows:

Water $ 10,391,714
Sewer 5,078,031
Electric 385,216
Transit Service 326,095
Airport 14,297
Total depreciation expense - business-type activities $ 16,195,353 City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
90 Note 9 – Capital Assets (Continued)
C. Infrastructure Assets
Below is a summary of infrastructure assets of the City as of June 30, 2024:

Accumulated
Description Historical Cost Depreciation Net Cost
Governmental activities:

Modified approach
Street pavement system 225,740,785 $ - $ 225,740,785 $
Basic approach
Curbing 83,955,699 (45,111,117) 38,844,582
Sidewalks 106,873,165 (49,440,999) 57,432,166
Signs and lights 51,846,654 (19,446,132) 32,400,522
Storm drains 126,697,815 (47,925,822) 78,771,993
Fiberoptics 5,902,208 (3,352,061) 2,550,147
Electric 1,206,629 (120,614) 1,086,015
Subtotal basic approach 376,482,170 (165,396,745) 211,085,425 Total governmental activities $ (165,396,745) 602,222,955 $ 436,826,210 $ Business-type activities:

Basic approach
Fiberoptics $ 235,856 $ (215,911) $ 19,945
Curbing 29,287 (451) 28,836
Sidewalks 281,933 (21,692) 260,241
Electric 9,393,937 (2,243,844) 7,150,093
Signs and lights 249,270 (69,812) 179,458
Storm drains 587,829 (42,716) 545,113
Water 291,585,533 (104,456,905) 187,128,628
Sewer 110,376,621 (35,375,520) 75,001,101
Total business-type activities $ 412,740,266 $ 270,313,415 (142,426,851) $ D. Construction in Progress and Capital Project Commitments The City has active construction projects as of June 30, 2024. These projects include street construction in areas of newly developed housing, pavement rehabilitation, and various water and sewer upgrades and replacements. At year end, the City's construction in progress totaled $271,577,878.

The following material construction commitments existed at June 30, 2024:

Expenditures
Contract to date as of Remaining
Project Name Amount June 30, 2024 Commitments
Governmental activities:

McKinley Street Grade Separation $53,666,838 $ 27,739,980 $ 25,926,858 City Park Revitalization 11,917,910 1,989,391 9,928,519 6th St Beautification/Revitalization 183,863 1,058,004 874,141 Business-type activities:

WRF#3 Lift Station 551,946 2,022,605 1,470,659
WRF1 Aeration Diffuser Replacement 3,023,633 4,386,179 1,362,546 WRF2 MCC INST Sunkist Aeration 1,565,180 3,663,130 2,097,950 WRF1 Centrifuge Installation 758,868 2,328,173 1,569,305 AMI Meter Replacement 16,359,627 378,651 15,980,976
Liberty Avenue Waterline Replacement 76,466 1,719,043 1,642,577 WRF1 Digester Dome #2 Replacement 1,063,082 2,343,484 1,280,402 WRF2 Second Clarifier Rehab 39,558 2,030,488 1,990,930
Total material construction commitments $ 101,495,481 $ 37,370,618 $ 64,124,863 City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
91 Note 10 – Compensated Absences
Under certain circumstances and accordingly to the negotiated labor agreements, City employees are allowed to accumulate annual leave. The annual leave amount is accrued and accounted for as compensated absences in the government-wide and proprietary fund statements.

The following is a summary of compensated absences payable transactions for the year ended June 30 2024:

Balance Balance Due within Due in More
July 1, 2023 Additions Deletions June 30, 2024 One Year Than One Year Governmental activities:

Compensated absences 11,822,744 $ $ 9,410,820 $ (8,724,260) $ 12,509,304 $ 8,727,209 $ 3,782,095 Business-type activities
Compensated absences 1,312,228 $ $ 1,227,728 $ (1,152,870) $ 1,387,086 $ 1,225,241 $ 161,845 The General Fund and Internal Service Funds are used to liquidate the compensated absences for governmental activities. The Enterprise Funds are used to liquidate the compensated absences for business-type activities.

Note 11 – Long-Term Liabilities
A. Governmental Activities
A summary of changes in long-term liabilities for governmental activities for the year ended June 30, 2024 is as follows:

Balance Balance Due within Due in More
July 1, 2023 Additions Deletions June 30, 2024 One Year Than One Year Governmental Activities:

Public Offering:
2016 Lease Revenue Refunding Bonds 16,790,000 $ - $ (1,475,000) $ 15,315,000 $ 1,530,000 $ 13,785,000 $ Unamortized bond premium 1,933,468 - (148,728) 1,784,740 - 1,784,740 2021 Pension Obligation Bond 207,894,781 - (15,247,466) 192,647,315 16,159,424 176,487,891 Total Public Offering 226,618,249 - (16,871,194) 209,747,055 17,689,424 192,057,631 Direct Borrowing:
2012 Refunding Lease 7,931,101 (1,885,087) - 6,046,014 1,948,766 4,097,248 Lease liabilities 386,052 244,381 (251,396) 379,037 107,340 271,697 Subscription liabilities 3,654,002 1,059,917 (2,494,765) 2,219,154 1,840,101 379,053 Compensated absences 11,822,744 9,410,820 (8,724,260) 12,509,304 8,727,209 3,782,095 Claims and judgments 22,452,172 7,281,939 (5,552,370) 24,181,741 3,997,261 20,184,480 Total governmental activities $ 272,864,320 $ 17,997,057 $ 255,082,305 (35,779,072) $ 34,310,101 $ $ 220,772,204 2016 Lease Revenue Refunding Bonds
On July 7, 2016, the CPFA issued the 2016 Lease Revenue Refunding Bonds in the amount of $24,520,000 to refund the CPFA 2006 Lease Revenue Bonds Series C, which were issued to pay the costs of the Corporate Yard Expansion project. The bonds issued at a premium of $2,974,564 and bear interest rates from 2.000% to 5.000% per annum. Interest is paid semiannually on May 1 and November 1 of each year, commencing May 1, 2017. Annual installments ranging from $880,000 to $1,590,000 are due through November 1, 2036. The bonds are payable from the revenues to be received by the CPFA from the City as lease payments for the right to use certain real property.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
92 Note 11 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
2016 Lease Revenue Refunding Bonds (Continued)
The future annual debt service requirements for the 2016 Lease Revenue Refunding Bonds are listed below:

Year Ending
June 30, Principal Interest Total
2025 1,530,000 $ 579,850 $ 2,109,850 $
2026 1,590,000 517,450 2,107,450
2027 880,000 463,650 1,343,650
2028 925,000 418,525 1,343,525
2029 970,000 371,150 1,341,150
2030-2034 5,590,000 1,106,400 6,696,400
2035-2037 3,830,000 174,600 4,004,600
Total 15,315,000 $ 3,631,625 $ 18,946,625 $
2021 Taxable Pension Obligation Bonds
On October 1, 2021, The City issued 2021 Taxable Pension Obligation bonds in the amount of $276,710,000 to pay all the City’s currently unamortized, unfunded accrued actuarial liability to the California Public Employees Retirement System with respect to the City’s defined benefit retirement plans for City employees and pay costs of issuance of the bonds. The bond bears interest rate from 0.249% to 2.702% per annum. Interest is paid semiannually on May 1 and November 1 of each year commencing May 1, 2022. Annual installments ranging from $16,375,000 to $28,835,000 are due through May 1, 2034.

The future annual debt service requirements for the 2021 Taxable Pension Obligation Bonds are listed below:

Year Ending
June 30, Principal Interest Principal Interest
2025 16,159,424 $ 4,014,378 $ 2,685,418 $ 684,517 $
2026 17,116,508 3,831,615 2,848,021 654,145
2027 17,868,151 3,598,659 2,976,133 615,383
2028 18,393,273 3,297,938 3,115,741 565,295
2029 18,906,249 2,955,271 3,087,820 507,249
2030-2034 104,203,710 8,071,975 17,971,768 1,418,779
Total 192,647,315 $ 25,769,836 $ 32,684,901 $ 4,445,368 $ Governmental Activities Business-type Activities
Year Ending
June 30, Principal Interest Principal Interest Total
2024 5,158 $ 1,315 $ 18,850,000 $ 4,700,210 $ 23,550,210 $ 2025 5,471 1,257 19,970,000 4,487,017 24,457,017
2026 5,716 1,182 20,850,000 4,215,224 25,065,224
2027 5,986 1,086 21,515,000 3,864,319 25,379,319
2028 5,931 974 22,000,000 3,463,494 25,463,494
2029-2033 34,522 2,725 122,210,000 9,493,479 131,703,479 Total 62,784 $ 8,539 $ 225,395,000 $ 30,223,743 $ 255,618,743 $ Fiduciary Activities Total
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
93 Note 11 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
2012 Refunding Lease Financing Agreement
On June 1, 2012, the City entered into the 2012 Refunding Lease financing agreement with Compass Mortgage Corporation, a private lender, in the amount of $25,265,511 to refund the CPFA Lease Revenue 2002 Series B bonds originally issued in the amount of $35,000,000 to pay the costs of the design, construction and acquisition of the City Hall facility. The 2002 Series B bonds were refunded in its entirety in September 2012. The 2012 Refunding Lease is payable over a fifteen-year period.

As of June 30, 2024, the future annual debt service requirements for the 2012 Refunding Lease Financing Agreement are as follows:

Year Ending
June 30, Principal Interest Total
2025 1,948,766 $ 186,356 $ 2,135,122 $
2026 2,014,597 120,525 2,135,122
2027 2,082,651 52,471 2,135,122
Total 6,046,014 $ 359,352 $ 6,405,366 $
Lease Liabilities
The City has entered into leases for vehicle uses. The terms of the agreements are 60 months with a implicit rate of

3.96%. Principal and interest to maturity are as follows:

Year Ending
June 30, Principal Interest Total
2025 107,340 $ 22,078 $ 129,418 $
2026 114,006 15,411 129,417
2027 80,243 8,873 89,116
2028 60,847 3,663 64,510
2029 16,601 290 16,891
$ 50,315 379,037 $ 429,352 $
Subscription Liabilities
The City has entered into subscriptions for information technology arrangements. The terms of the arrangements range from 24 to 78 months with an implicit rate of 3.00%. Principal and interest to maturity are as follows:

Year Ending
June 30, Principal Interest Total
2024 1,840,102 $ 62,612 $ 1,902,714 $
2025 379,052 9,915 388,967
$ 72,527 2,219,154 $ 2,291,681 $
Compensated Absences
The balance at June 30, 2024, was $12,509,305. See Note 10 for more detailed information.

Claims and Judgments
The balance at June 30, 2024, was $24,181,741. See Note 12 for more details.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
94 Note 11 – Long-Term Liabilities (Continued)
B. Business-Type Activities
The following is a summary of changes in long-term liabilities for business-type activities for the year ended June 30, 2024:

Balance Balance Due within Due in More
July 1, 2023 Additions Deletions June 30, 2024 One Year Than One Year Business-Type activities
Public Offering:
2023 Water Revenue Refunding Bond $ - 20,085,000 $ (1,820,000) $ 18,265,000 $ 3,480,000 $ 14,785,000 $ 2013 Wastewater Revenue Bonds 7,550,000 - (690,000) 6,860,000 725,000 6,135,000 Total Revenue Bonds 27,635,000 - (2,510,000) 25,125,000 4,205,000 20,920,000 Bond Premium - Water 2,111,297 - (230,323) 1,880,974 - 1,880,974 Bond Premium - Wastewater 170,373 - (18,930) 151,443 - 151,443 Total Premium 2,281,670 - (249,253) 2,032,417 - 2,032,417 2021 Pension Obligation Bond 35,217,570 - (2,532,669) 32,684,901 2,685,418 29,999,483 Total Public Offering 65,134,240 - (5,291,922) 59,842,318 6,890,418 52,951,900 Direct Borrowing:

Brine Line Installment Agreement 5,894,074 - (423,179) 5,470,895 435,873 5,035,022 State Loan C-06-4802-110 5,554,952 - (1,806,121) 3,748,831 1,851,274 1,897,557 State Loan C-06-7834-110 9,527,265 - (309,369) 9,217,896 315,865 8,902,031 Total Direct Borrowing 20,976,291 - (2,538,669) 18,437,622 2,603,012 15,834,610 Lease Payable 365 - (365) - - -
Compensated absences 1,312,228 1,227,728 (1,152,870) 1,387,086 1,225,241 161,845 Total business-Type activities $ 1,227,728 87,423,124 $ (8,983,826) $ 79,667,026 $ 10,718,671 $ 68,948,355 $ 2023 Corona Utility Authority Water Revenue Refunding Bonds On June 8, 2023, the Corona Utility Authority issued the 2023 Water Revenue Refunding Bonds in the amount of $20,085,000 (plus a net original issue premium of $2.1 million) with interest rate at 5.0% to current refund 2012 Corona Utility Authority Water Revenue Bonds. The CUA 2023 Water Revenue Refunding Bonds possessed an underlying credit rating of "AA" from Standard & Poor's.

The outstanding bonds bear interest rate at 5.0% and are due in annual installments ranging from $1,820,000 to $2,450,000 through 2032. The bonds are considered a liability of the Water Utility fund. The future annual debt service requirements for the 2023 CUA Water Revenue Refunding Bonds are presented below:

Year Ending
June 30, Principal Interest Total
2025 1,660,000 $ 871,750 $ 2,531,750 $
2026 1,735,000 786,875 2,521,875
2027 1,820,000 698,000 2,518,000
2028 1,915,000 604,625 2,519,625
2029 2,015,000 506,375 2,521,375
2030-2034 9,120,000 940,000 10,060,000
Total 18,265,000 $ 4,407,625 $ 22,672,625 $
2021 Taxable Pension Obligation Bonds
See Note 11A for more detail.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
95 Note 11 – Long-Term Liabilities (Continued)
B. Business-Type Activities (Continued)
2013 Corona Utility Authority Wastewater Revenue Bonds
On June 26, 2013, the Corona Utility Authority issued the 2013 Wastewater Revenue bonds in the amount of 20,890,000 (plus a net original issue premium of $2.1 million) with interest rates ranging from 2.0% to 5.0%, to refund several outstanding City debts, and to fund certain capital improvement projects for the Sewer Utility. The CUA 2013 Wastewater Revenue bonds possessed an underlying credit rating of "AA" from Standard & Poor's.

The refunded debts included the Biosolids Project portion of the 2003 Certificates of Participation (Clearwater Cogen/Recycled Water Project), the outstanding CPIC 1997 Certificates of Participation (Sunkist Plant), and the State Water Resources Control Board loan contract # 6-807- 5850-0 (WWTP#1). Of the total proceeds, $3.9 million was to fund the improvement of certain influent screening, aeration and centrifuge facilities at Sewer Facility No.

1. The outstanding bonds bear interest rates from 2.0% to 5.0% and are due in annual installments ranging from $590,000 to $2,400,000 through 2028 with term bonds in the amount of $2,860,000 due on September 1, 2031. The bonds are considered a liability of the Sewer Utility fund. The future annual debt service requirements for the 2013 CUA Wastewater Revenue Bonds are presented below:

Year Ending
June 30, Principal Interest Total
2025 725,000 $ 287,875 $ 1,012,875 $
2026 760,000 250,750 1,010,750
2027 800,000 211,750 1,011,750
2028 840,000 174,950 1,014,950
2029 875,000 136,275 1,011,275
2030-2032 2,860,000 174,400 3,034,400
Total 6,860,000 $ 1,236,000 $ 8,096,000 $
Brine Line System Discharge Right Agreement
On November 5, 2014, the City Council and the Corona Utility Authority Board authorized an agreement for the assignment of California Rehabilitation Center's wastewater discharge rights by and among the City of Corona, the Western Municipal Water District of Riverside County, the California Department of Corrections and Rehabilitation, and the City of Norco. The City of Corona purchased 750,000 gallons per day wastewater disposal right from the City of Norco through the Santa Ana Regional Interceptor (SARI) or Inland Empire Brine Line for a total amount of $9,864,651. Initial principal payment of $1,000,000 was made in June 2015, and the remaining balance was to be amortized at an interest rate of 3.00% over 20 years through 2035. Annual payment is $600,000.

As of June 30, 2024, outstanding balance on the debt was $5,470,895. The future annual debt service requirements per the agreement are presented below:

Year Ending
June 30, Principal Interest Total
2025 435,873 $ 164,127 $ 600,000 $
2026 448,949 151,051 600,000
2027 462,418 137,582 600,000
2028 476,290 123,710 600,000
2029 490,579 109,421 600,000
2030-2034 2,682,687 317,312 2,999,999
2035 474,099 14,223 488,322
Total $ 5,470,895 $ 1,017,426 $ 6,488,321
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
96 Note 11 – Long-Term Liabilities (Continued)
B. Business-Type Activities (Continued)
State Revolving Fund Loan Contract No. C-06-4802-110
On June 10, 2003, the City and the State Water Resources Control Board of the State of California entered into a State Revolving Fund Loan Contract No. C-06-4802-110 for a maximum amount of $30,228,817, for construction of facilities at the Water Reclamation Facility No. 1. These facilities will provide recycled water to existing and future customers within the City. The loan is payable over a period of 20 years at an interest rate of 2.50% in equal annual installments of $1,944,995 through 2026. The amount outstanding at June 30, 2024 was $3,748,831. Annual future debt service requirements for the loan are presented below:

Year Ending
June 30, Principal Interest Total
2025 1,851,274 $ 93,720 $ 1,944,994 $
2026 1,897,557 47,439 1,944,996
Total 3,748,831 $ 141,159 $ 3,889,990 $
State Revolving Fund Loan Contract No. C-06-7834-110
On February 1, 2014, the City and the State Water Resources Control Board of the State of California entered into a State Revolving Fund Loan Contract No. C-06-7834-110 for a maximum amount of $11,259,585, for the construction of the tertiary filtration project at the Water Reclamation Facility No. 2. The construction of the tertiary filtration process will allow for the production of 3.67 million gallons per day of peak capacity of Title 22 reclaimed water. The loan is payable over a period of 30 years at an interest rate of 2.10% in equal annual installments of $509,441 through 2046. The amount outstanding at June 30, 2024 is $9,217,896. Annual future debt service requirements for the loan are presented below:

Year Ending
June 30, Principal Interest Total
2025 315,865 $ 193,576 $ 509,441 $
2026 322,498 186,943 509,441
2027 329,271 180,170 509,441
2028 336,186 173,255 509,441
2029 343,246 166,196 509,442
2029-2033 1,827,425 719,780 2,547,205
2034-2038 2,027,535 519,670 2,547,205
2039-2043 2,249,558 297,648 2,547,206
2044-2047 1,466,312 62,012 1,528,324
Total 9,217,896 $ 2,499,250 $ 11,717,146 $
Water Enterprise Fund Vehicle Lease Payable
The City entered into a lease agreement with Enterprise FM Trust, a private lender, in the amount of $34,653 for right to use of vehicles. The lease was payable over a five-year period. The lease payable was fully settled as of June 30, 2024.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
97 Note 11 – Long-Term Liabilities (Continued)
B. Business-Type Activities (Continued)
Pledged Revenues
The City has pledged, as security for its water revenue bonds and term loans, a portion of the utility customer revenues, net of specified operating expenses, to repay $38,091,727 in outstanding debts as of June 30, 2024. These debts were to provide financing for various capital projects of the City, including the construction of certain water system and wastewater treatment facilities. The bonds and loans are payable solely from the City's utility customer net revenues. Annual principal and interest payments on these bonds required less than 24.9% of net revenues subject to the pledge. The total remaining debt service including interest to be paid on these obligations are $46,375,761. Principal and interest paid for the current year was $5,975,846, and total customer net revenue subject to pledge was $23,996,381.

Compensated Absences
The balance at June 30, 2024, was $1,387,084. See Note 10 for more detailed information.

C. Fiduciary Funds
The following long-term obligations were approved by California State Department of Finance as enforceable obligations and were considered as accounting liabilities in accordance with GAAP.

Balance Balance Due within Due in More
July 1, 2023 Additions Deletions June 30, 2024 One Year Than One Year Fiduciary Activities:

Public Offering
2021 Pension Obligation Bond $ 67,649 $ (4,865) - $ $ 62,784 $ 5,158 $ 57,626 2007 Temescal Canyon Project Area
Tax Allocation 11,020,000 (900,000) - 10,120,000 940,000 9,180,000 2007 Project Area "A" Taxable Tax
Allocation Bonds 20,610,000 (785,000) - 19,825,000 3,760,000 16,065,000 2015 Tax allocation refunding bonds,
Series "A" 2,445,000 (2,445,000) - - - -
Unamortized Bond Premium 241,147 - 241,147 - 241,147 -
Total fiduciary activities $ 34,383,796 $ (4,134,865) - $ $ 30,248,931 $ 4,705,158 $ 25,543,773 The Successor Agency's outstanding bonds from public offerings was in the amount of $29,945,000 at June 30, 2024. The bond contains a provision that if any event of default should occur, the trustee shall declare the principal of all of the bonds then outstanding, and the interest accrued thereon, to be due and payable immediately, at the written direction of the majority Bond Owners and upon receipt of the prior written consent of the Bond Insurer.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
98 Note 11 – Long-Term Liabilities (Continued)
C. Fiduciary Funds (Continued)
2007 Temescal Canyon Project Area Tax Allocation Bonds
The $22,155,000 of Temescal Canyon Project Area 2007 Tax Allocation Bonds were issued to facilitate the transformation of a former mining facility and blighted area into developed backbone infrastructure improvements within the project area. The bonds bore interest from 4.00% to 4.50% and were due in annual installments ranging from $495,000 to $1,335,000, with term bonds of $1,770,000 due November 1, 2022, $1,840,000 due November 1, 2024, $2,000,000 due November 1, 2026, $3,350,000 due November 1, 2029 and $3,830,000 due November 1, 2032. The escrow term bonds in the amount of $3,465,000 bore interest at 4.50% and is due November 1, 2032.

The annual debt service requirements for the 2007 Temescal Canyon Tax Allocation Bonds are presented below:

Year Ending
June 30, Principal Interest Total
2025 940,000 $ 431,703 $ 1,371,703 $
2026 975,000 389,603 1,364,603
2027 1,025,000 345,634 1,370,634
2028 1,070,000 299,025 1,369,025
2029 1,110,000 249,975 1,359,975
2030-2033 5,000,000 462,375 5,462,375
Total 10,120,000 $ 2,178,315 $ 12,298,315 $
2007 Project Area "A" Taxable Tax Allocation Bonds
The $29,550,000 of Project Area "A" 2007 Taxable Tax Allocation Bonds were issued on a parity basis with the 2004 Tax Allocation Bonds to further facilitate the rehabilitation of a retail center and the development of mixed used commercial, hotel, office, and light industrial projects within the Merged Downtown project area. The bonds bore interest from 4.69% to 6.25% and were due in annual installments ranging from $315,000 to $1,140,000, with term bonds of $23,850,000 due September 1, 2027. The annual debt service requirements for the 2007 Project Area "A" Tax Allocation Bonds are presented below:

Year Ending
June 30, Principal Interest Total
2025 3,760,000 $ 1,122,280 $ 4,882,280 $
2026 4,145,000 875,091 5,020,091
2027 5,450,000 575,055 6,025,055
2028 6,470,000 202,317 6,672,317
Total 19,825,000 $ 2,774,743 $ 22,599,743 $
2015 Tax Allocation Refunding Bonds Series A
The $16,895,000 of the Subordinate Tax Allocation Refunding Bonds Series A were issued to refund a portion of the 1996 Set-Aside Tax Allocation Bonds and 2004 Project Area "A" Tax Allocation Bonds. The bonds bore interest from 3.00% to 5.00% and were due in annual installments ranging from $1,635,000 to $2,800,000, with term bonds of $2,445,000 due September 1, 2023. The bonds were fully settled as of June 30, 2024.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
99 Note 11 – Long-Term Liabilities (Continued)
C. Fiduciary Funds (Continued)
2021 Taxable Pension Obligation Bonds
See Note 11A for more detail.

Pledged Revenue
Due to the dissolution of the former Corona Redevelopment Agency, the tax increment funds that were pledged to the bondholders were no longer received in full by the Agency. AB X1 26 restructured the former redevelopment agencies' revenue from tax increments to a Redevelopment Property Tax Trust Fund (“RPTTF”). RPTTF funds are distributed semi-annually to the Successor Agency to pay enforceable obligations approved by the Department of Finance on the Recognized Obligations Payment Schedule (“ROPS”). The total principal and interest remaining on the Successor Agency debt obligations were $34,898,058 with annual debt service requirements as listed above.

For the current year, the total RPTTF funds available to the Successor Agency for the payment of these indebtedness was $7,954,069 and the debt service payments on the bonds was $5,927,684.

D. Non-City Obligations
Special Assessment District Bonds (Non-City Obligation) The payment of this bonds is secured by valid assessment liens upon certain lands in each district and is not a direct liability of the City. Reserves have been established from the bond proceeds to meet delinquencies should they occur. Neither the faith and credit nor taxing power of the City of Corona is pledged to the payment of the bonds.

If delinquencies occur beyond the amounts held in those reserves, the City has no duty to pay those delinquencies out of any other available funds. The City acts solely as an agent for those paying the assessments and the bondholders.

As of June 30, 2024, the special assessment district bonds' balances outstanding were:

Balance at
June 30, 2024
Assessment District:

AD 96-1, Series 1999 A 120,000 $
Community Facilities District Bonds (Non-City Obligation) These bonds are authorized pursuant to the Mello-Roos Community Facilities Act of 1982 as amended and are payable from special taxes levied on property within the Community Facilities Districts according to a methodology approved by the voters within the District and by the City Council. Neither the faith and credit nor taxing power of the City is pledged to the payment of the bonds. Reserves have been established from the bond proceeds to meet delinquencies should they occur. If delinquencies occur beyond the amounts held in those reserves, the City has no duty to pay the delinquency out of any available funds of the City. The City acts solely as an agent for those paying taxes levied and the bondholders.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
100
Note 11 – Long-Term Liabilities (Continued)
D. Non-City Obligations (Continued)
Community Facilities District Bonds (Non-City Obligation) (Continued) The following Community Facilities Districts Bonds are currently active:

Balance at
June 30, 2024
Community Facilities Districts
$ CFD 2002-1 Dos Lagos 2017 Special Tax Refunding 9,530,000 13,455,000 $ CFD 2002-1 Dos Lagos 2017 IA Special Tax Refunding 5,355,000 7,125,000 CFD 2002-4 2017 Special Tax Refunding Bond 4,890,000 7,010,000 CFD 2016-2 2018 Special Tax Bonds 4,900,000 5,475,000
CFD 2018-1 Bedford IA1, 2018 Special Tax Bonds 8,805,000 9,000,000 CFD 2017-2 Valencia/Seville 2018 Special Tax Bonds 3,370,000 3,650,000 CFD 2000-1, 2020 Special Tax Refunding Bond 2,795,000 4,175,000 CFD 2001-2, 2020 Special Tax Refunding Bond 1,495,000 2,150,000 CFD 2003-2, 2020 Special Tax Refunding Bond 3,835,000 5,200,000 CFD 2004-1, 2020 Special Tax Refunding Bond 1,950,000 2,505,000 CFD 2018-1 Bedford IA1, 2020 Special Tax Bonds 10,155,000 10,240,000 CFD 2018-2, Sierra Bella 2022 Special Tax Bonds 14,965,000 15,190,000 Total Community Facilities Districts $ 72,045,000
E. Conduit Debt Obligations
Not included in the accompanying financial statements are various conduit debt obligations issued under the name of the City and/or the Agency. The bonds are not secured by or payable from revenues or assets of the City or Agency. Neither the faith and credit nor the taxing power of the City, the Agency, the State of California or any political subdivision thereof is pledged to the payment of the principal of and interest on the bonds nor is the City or the Agency in any manner obligated to make any appropriations for payments on these bonds. At June 30, 2024, the aggregate principal amount of conduit debt obligations outstanding totaled $44,437.

F. Bond Requirement
The City adopted an Administrative Policy No. 300.22, City Bond Compliance, on July 23, 2012. The purpose of the policy is to ensure all requirements of the federal and state law necessary to preserve the tax advantages of the City bonds are continuously complied with for the requisite periods. The policy covers the investment and expenditure of bond proceeds, the use of bond-financed facilities and other administrative requirements including continuing disclosure, arbitrage calculation and records retention.

At June 30, 2024, management believes the City and its component units are in compliance with all covenants of the various debt indentures.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
101
Note 12 – Risk Management
A. Workers' Compensation Insurance
The City's self-insured retention is $1,000,000 with an excess policy insuring claims over $4,000,000 up to a limit of $45,000,000. Departments are charged a percentage of the total estimated insurance, claims expense and premiums based on payroll costs. The actuarial estimated liability for pending and incurred, but not reported claims at June 30, 2024 has been included in the Claims Payable amount for the same reporting period. As of June 30, 2024, the City's workers' compensation self-insurance program was funded at a confidence level of 80%.

The City's self-insured retention is $1,000,000 with an excess policy insuring claims over $4,000,000 up to a limit of $45,000,000. Departments are charged a percentage of the total estimated insurance, claims expense and premiums based on payroll costs. The actuarial estimated liability for pending and incurred, but not reported claims at June 30, 2024 has been included in the Claims Payable amount for the same reporting period. As of June 30, 2024, the City's workers' compensation self-insurance program was funded at a confidence level of 80%.

The following table presents claims and judgments payable for the City's workers' compensation self-insurance program for the year ended June 30, 2024, and its two preceding years:

Current Year Current Year
Balance at Claims and Changes Claim Balance at
Year Ended July 1 in Estimates Payments June 30
June 30, 2022 20,033,659 $ 2,592,172 $ (1,901,270) $ 20,724,561 $ June 30, 2023 20,724,561 2,351,354 (2,332,387) 20,743,528 June 30, 2024 20,743,528 4,735,458 (3,416,556) 22,062,430 B. General Liability Insurance
The City's self-insured retention is $500,000 with an excess policy insuring claims over $500,000 up to a limit of $10,000,000. A third-party administrator administers claims. The actuarial estimated liability for pending and incurred, but not reported claims at June 30, 2024 has been included in the claims payable amount for the same reporting period. These liabilities are recognized on government-wide statements. As of June 30, 2024 , the City's general liability self-insurance program was funded above the confidence level of 90%.

The following table presents claims and judgments payable for the general liability self-insurance program, including property losses, for the year ended June 30, 2024, and its two preceding years:

Current Year Current Year
Balance at Claims and Changes Claim Balance at
Year Ended July 1 in Estimates Payments June 30
June 30, 2022 1,289,082 $ 240,385 $ (142,657) $ 1,386,810 $ June 30, 2023 1,386,810 755,720 (433,886) 1,708,644
June 30, 2024 1,708,644 2,546,481 (2,135,814) 2,119,311 C. Property Losses (Excluding Earthquake or Flood)
The City's property losses are covered by insurance policies for covered value of $100,000,000 with deductibles ranging from $2,500 to $50,000. The estimated liability for pending and incurred but not reported claims at June 30, 2024 has been incorporated in the financial statements as claims and judgement payable in the Liability Risk Internal Service Fund and are based on history only.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
102
Note 12 – Risk Management (Continued)
D. Adequacy of Coverage
There have been no significant changes in insurance coverage as compared to last year and settlements have not exceeded coverage in each of the past three fiscal years.

Note 13 – Pension Plan
A. General Information about the Pension Plan
Plan Description
The City contribution to the California Public Employees Retirement System (“CalPERS”), an agent multipleemployer defined benefit pension plan for miscellaneous employees and safety police employees and a cost-sharing multiple-employer defined benefit plan for safety fire employees. CalPERS acts as a common investment and administrative agent for participating public entities within the State of California. Benefit provisions and all other requirements are established by state statue and City ordinance. A full description of the pension plan regarding number of employees covered, benefit provisions, assumptions (for funding, but not accounting purposes), and membership information are listed in the June 30, 2022 Annual Actuarial Valuation Report. This report and CalPERS’ audited financial statements are publicly available reports that can be obtained at CalPERS’ website under Forms and Publications.

Benefit Provided
CalPERS provides retirement and disability benefits, annual cost-of-living adjustments, and death benefits to plan members and beneficiaries. Benefit provisions under both plans are established by State Statute and City Resolution as follows:

Classic PEPRA Classic PEPRA Classic PEPRA
Prior to On or after Prior to After Prior to After
Hire date January 1, 2013 January 1, 2013 January 1, 2013 January 1, 2013 January 1, 2013 January 1, 2013 Benefit formula 2.7% @ 55 2.0% @ 62 3.0% @ 50 2.7% @ 57 3.0% @ 50 2.7% @ 57 Benefit vesting schedule 5 years service 5 years service 5 years service 5 years service 5 years service 5 years service Benefit payments Monthly for life Monthly for life Monthly for life Monthly for life Monthly for life Monthly for life Retirement age 50 yrs 52 yrs 50 yrs 50 yrs 50 yrs 50 yrs

2.0%-2.7%,
50 yrs -55 yrs,
respectively

1.0%-2.5%,
52 yrs - 62 yrs,
respectively

3.0%, 50 yrs 2.0% - 2.7%,
50 yrs -57 yrs,
respectively

3.0%, 50 yrs 2.0% - 2.7%,
50 yrs -57 yrs,
respectively
Required Contribution Rates:

Employee (Measurement Period) 8.00% 6.50% 9.00% 13.25% 9.00% 13.75% Employee (FY23-24) 8.00% 6.50% 9.00% 13.25% 9.00% 13.75% Employer (Measurement Period) 10.880% 10.880% 23.980% 23.980% 25.640% 13.660% Employer (FY23-24) 12.030% 12.030% 26.190% 26.190% 29.090% 14.500% Miscellaneous Agent Plan Safety - Police Agent Plan Safety - Fire Cost-Sharing Plan Monthly benefits, as a % of eligible
compensation
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
103
Note 13 – Pension Plan
A. General Information about the Pension Plan (Continued) Benefit Provided (Continued)
Participants are eligible for non-industrial disability retirement if they become disabled and have at least 5 years credited service. There is no special age requirement. The standard non-industrial disability retirement benefit is a monthly allowance equal to 1.8 percent of final compensation, multiplied by service years.

Industrial disability benefits are not offered to miscellaneous employees. The City provides industrial disability retirement benefits to safety employees only. The industrial disability retirement benefit is a monthly allowance equal to 50 percent of final compensation.

An employee's beneficiary may receive the basic death benefit if the employee becomes deceased while actively employed. The employee must be actively employed with the City to be eligible for this benefit. An employee's survivor who is eligible for any other pre-retirement death benefit may choose to receive that death benefit instead of this basic death benefit. The basic death benefit is a lump sum in the amount of the employee's accumulated contributions, where interest is currently credited at 7.5 percent per year, plus a lump sum in the amount of one month's salary for each completed year of current service, up to a maximum of six month’s salary. For purposes of this benefit, one month's salary is defined as the member's average monthly full-time rate of compensation during the 12 months preceding death. Upon the death of a retiree, a one-time lump sum payment of $500 will be made to the retiree’s designated survivor(s), or to the retiree’s estate.

Benefit terms provide for annual cost-of-living adjustments to each employee’s retirement allowance. Beginning the second calendar year after the year of retirement, retirement and survivor allowances will be annually adjusted on a compound basis up to 2 percent.

Employees Covered by Benefit Terms
At June 30, 2022, the valuation date, the following employees were covered by the benefit terms:

Miscellaneous Safety - Police Classic PEPRA
Active employees 411 152 64 40
Transferred and terminated employees 716 39 62 9
Retired employees and beneficiaries 806 207 133 -
Total 1,933 398 259 49
Safety - Fire
Plans
Contributions
Section 20814(c) of the California Public Employees’ Retirement Law (“PERL”) requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. The required contribution rates are shown in the Benefit Provided Section on page 107.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
104
Note 13 – Pension Plan (Continued)
B. Net Pension Liability
Actuarial Methods and Assumption Used to Determine Total Pension Liability The June 30, 2022 valuation was rolled forward to determine the June 30, 2023 total pension liability, based on following actuarial methods and assumptions:

Actuarial Cost Method
Actuarial Assumptions:

Discount Rate
Inflation
Salary Increases
Mortality Rate Table(1)
Post Retirement Benefit Increase
Entry Age Actuarial

6.90%

2.30%
Varies by Entry Age and Service
The lesser of contract COLA or 2.30% until Purchasing
Power Protection Allowance floor on purchasing power
applies, 2.30% thereafter
Derived using CalPERS’ Membership Data for all Funds
(1)The mortality table used was developed based on CalPERS-specific data. The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and Postretirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.

Change of Assumptions
Effective with the June 30, 2022 valuation date (2023 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.

Long-term Expected Rate of Return
The long-term expected rate of return on pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
105
Note 13 – Pension Plan (Continued)
B. Net Pension Liability (Continued)
Long-term Expected Rate of Return (Continued)
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations. Using historical returns of all of the funds’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 basis points. The expected real rates of return by asset class are as follows:

Assumed Asset
Asset Class(1) Allocation Real Return1,2
Global Equity - Cap-weighted 30.00% 4.54%
Global Equity - Non-Cap-weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortgage-backed Securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage -5.00% -0.59%
100.00%
1 An expected inflation rate of 2.30% used for this period 2 Figures are based on the 2022 Asset Liability Management study Discount Rate
The discount rate used to measure the total pension liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
106
Note 13 – Pension Plan (Continued)
C. Changes in the Net Pension Liability
The following table shows the changes in net pension liability recognized over the measurement period.

Total Pension Plan Fiduciary Net Net Pension
Liability Position Liability/(Asset)
Miscellaneous Plan (a) (b) (c) = (a) - (b)
Balance at June 30, 2022 (Valuation Date) 416,786,666 $ 398,723,741 $ 18,062,925 $ Changes Recognized for the Measurement Period:

Service cost 5,881,629 - 5,881,629
Interest on the total pension liability 28,728,545 - 28,728,545 Changes of benefit terms 509,976 - 509,976
Changes of assumptions - - -
Difference between expected and actual experience - 7,296,859 7,296,859 Net plan to plan resource movement - - -
Contributions from the employer - 3,761,585 (3,761,585) Contributions from employees - 2,593,411 (2,593,411)
Net investment income - 23,626,483 (23,626,483)
Benefit payments, including refunds
of employee contributions (22,357,168) (22,357,168) -
Administrative expense - (293,203) 293,203
Other - - -
Net Changes during July 1, 2022 to June 30, 2023 20,059,841 7,331,108 12,728,733 Balance at June 30, 2023 (Measurement Date) 436,846,507 $ 406,054,849 $ 30,791,658 $ Increase (Decrease)
Total Pension Plan Fiduciary Net Net Pension
Liability Position Liability/(Asset)
Safety Plan - Police (a) (b) (c) = (a) - (b)
Balance at June 30, 2022 (Valuation Date) 329,323,758 $ 307,831,038 $ 21,492,720 $ Changes Recognized for the Measurement Period:

Service cost 6,769,725 - 6,769,725
Interest on the total pension liability 23,055,561 - 23,055,561 Changes of benefit terms 97,175 - 97,175
Changes of assumptions - - -
Difference between expected and actual experience - 8,816,880 8,816,880 Net plan to plan resource movement - - -
Contributions from the employer - 4,928,267 (4,928,267) Contributions from employees - 2,224,601 (2,224,601)
Net investment income - 18,360,050 (18,360,050)
Benefit payments, including refunds of employee
contributions (15,008,225) (15,008,225) -
Administrative expense - (226,379) 226,379
Other - - -
Net Changes during July 1, 2022 to June 30, 2023 23,731,116 10,278,314 13,452,802 Balance at June 30, 2023 (Measurement Date) 353,054,874 $ 318,109,352 $ 34,945,522 $ Increase (Decrease)
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
107
Note 13 – Pension Plan (Continued)
C. Changes in the Net Pension Liability (Continued)
Proportionate Share of Net Pension Liability and Pension Expense The following table shows the City’s Safety Fire Plan’s proportionate share of the risk pool collective net pension liability over the measure period.

Total Pension Plan Fiduciary Net Net Pension
Liability Position Liability/(Asset)
(a) (b) (c) = (a) - (b)
Balance at June 30, 2022 (Valuation Date) 208,526,637 $ 196,646,281 $ 11,880,356 $ Balance at June 30, 2023 (Measurement Date) 221,032,634 208,540,105 12,492,529 Net changes during 2022-23 12,505,997 11,893,824 612,173 Safety Plan - Fire
Increase (Decrease)
The following is the approach established by the plan actuary to allocate the net pension liability and pension expense to the individual employers within the risk pool. (1) In determining a cost-sharing plan’s proportionate share, total amounts of liabilities and assets are first calculated for the risk pool as a whole on the valuation date (June 30, 2022). The risk pool’s fiduciary net position (“FNP”) subtracted from its total pension liability (“TPL”) determines the net pension liability (“NPL”) at the valuation date.
(2) Using standard actuarial roll forward methods, the risk pool TPL is then computed at the measurement date (June 30, 2023). Risk pool FNP at the measurement date is then subtracted from this number to compute the NPL for the risk pool at the measurement date. For purposes of FNP in this step and any later reference thereto, the risk pool’s FNP at the measurement date denotes the aggregate risk pool’s FNP at June 30, 2023 less the sum of all additional side fund (or unfunded liability) contributions made by all employers during the measurement period (2022-23).
(3) The individual plan’s TPL, FNP and NPL are also calculated at the valuation date. TPL is allocated based on the rate plan’s share of the actuarial accrued liability. FNP is allocated based on the rate plan’s share of fair value assets.
(4) Two ratios are created by dividing the plan’s individual TPL and FNP as of the valuation date from (3) by the amounts in step (1), the risk pool’s total TPL and FNP, respectively. (5) The plan’s TPL as of the measurement date is equal to the risk pool TPL generated in (2) multiplied by the TPL ratio generated in (4). The plan’s FNP as of the measurement date is equal to the FNP generated in (2) multiplied by the FNP ratio generated in (4) plus any additional side fund (or unfunded liability) contributions made by the employer on behalf of the plan during the measurement period. (6) The plan’s NPL at the measurement date is the difference between the TPL and FNP calculated in (5).

Deferred outflows of resources, deferred inflows of resources, and pension expense are allocated based on the City’s share of net pension liability at the end of measurement date.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
108
Note 13 – Pension Plan (Continued)
C. Changes in the Net Pension Liability (Continued)
Proportionate Share of Net Pension Liability and Pension Expense (Continued) The City’s proportionate share of the net pension liability was as follows:

Safety Plan
Fire
June 30, 2022 0.1029%
June 30, 2023 0.1001%
Change - Increase (Decrease) -0.0028%
Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability of the plans as of the measurement date, calculated using the discount rate of 6.90%, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.90%) or 1 percentage-point higher (7.90%) than the current rate:

Discount Rate Current Discount Discount Rate
- 1% (5.90%) Rate (6.90%) + 1% (7.90%)
Miscellaneous Plan 91,306,327 $ 30,791,658 $ (18,603,887) $ Safety Plan - Police 86,364,807 $ 34,945,522 $ (6,803,777) $ Safety Plan - Fire 42,814,273 $ 12,492,529 $ (12,297,655) $ Plan's Net Pension Liability/(Asset)
Pension Plan Fiduciary Net Position
Detailed information about the plan’s fiduciary net position is available in the separately issued CalPERS financial report.

D. Pension Expense, and Deferred Outflows and Deferred Inflows of Resources Related to Pensions For the year ended June 30, 2024, the City recognized aggregated pension expense in the amount of $28,241,471 ($13,941,526, $12,458,445 and $1,841,500 for the Miscellaneous, Safety Police, and Safety Fire Plans, respectively).

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
109
Note 13 – Pension Plan (Continued)
D. Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions (Continued) As of measurement date of June 30, 2023, the City has deferred outflows and deferred inflows of resources related to pensions as follows:

Deferred Outflows Deferred Inflows
of Resources of Resources
Contribution made after measurement period 4,574,373 $ - $ Changes of assumptions 2,826,679 -
Difference between expected and actual experience 4,378,115 (289,119) Net difference between projected and actual earning
on pension plan investments 20,520,508 -
Total 32,299,675 $ (289,119) $
Miscellaneous Plan
Deferred Outflows Deferred Inflows
of Resources of Resources
Contribution made after measurement period 5,308,996 $ - $ Changes of assumptions 6,783,147 -
Difference between expected and actual experience 8,857,217 - Net difference between projected and actual earning
on pension plan investments 16,025,538 -
Total $ 36,974,898 $ -
Deferred Outflows Deferred Inflows
of Resources of Resources
Contribution made after measurement period $ 3,307,957 $ - Changes of assumptions 729,082 -
Difference between expected and actual experience 917,184 (78,520) Net difference between projected and actual earning
on pension plan investments 1,709,602 -
Adjustment due to differences in proportions 299,460 (29,743,560) Difference between City's contribution and
proportionate share of contribution: 22,531,326 (4,454,225) Total $ 29,494,611 $ (34,276,305)
Safety Plan - Police
Safety Plan - Fire
The amounts above are net of outflows and inflows recognized in the 2022-2023 measurement period expense.

The expected average remaining service lifetime (“EARSL”) is calculated by dividing the total future service years by the total number of plan participants (active, inactive, and retired). The EARSL for the Miscellaneous Plan, Safety Police Plan and the Safety Fire Plan risk pool for the 2022-23 measurement period is 2.5, 4.2, and 3.8 years, which was obtained by dividing the total service years of 4,875, 1,666 and 600,538 (the sum of remaining service lifetimes of the active employees) by 1,933, 398 and 160,073 (the total number of participants: active, inactive, and retired), respectively.
$4,574,373, $5,308,996, and $3,307,957 reported as deferred outflows of resources related to pensions for miscellaneous plan and safety plan, respectively, resulting from the City’s contributions subsequent to the measurement date will be recognized as a reduction of the net pension liability and collectively net pension liability, respectively, in the year ending June 30, 2025.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
110
Note 13 – Pension Plan (Continued)
D. Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions (Continued) Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in the future pension expense as follows:

Measurement Period
Ending June 30 Miscellaneous Safety Police Safety Fire
2024 10,016,954 $ $ 10,237,655 $ (4,273,425)
2025 4,965,255 8,947,718 (3,761,458)
2026 11,797,432 11,540,715 (102,487)
2027 656,542 939,814 47,719
2028 - - -
Total $ 27,436,183 $ 31,665,902 $ (8,089,651)
Deferred Outflows/(Inflows) of Resources
Note 14 – Other Postemployment Benefits (“OPEB”)
A. General Information about the OPEB Plan
Plan Description
The City's OPEB includes retiree medical and life insurance benefits, or, in some cases, an HRA contribution toward medical coverage of the retiree's choosing.

In October 2007, the City Council executed the City of Corona Retirement Benefits Plan, a single-employer plan, for funding the Other Post-Employment Benefits (OPEB). In March 2008, the City Council passed a resolution authorizing the City to prefund its OPEB obligation through the California Employers' Retiree Benefit Trust Program (CERBT), an IRC Section 115 trust fund dedicated to prefunding OPEB for all eligible California public agencies. CERBT is administered by the California Public Employees' Retirement System (CalPERS) Board of Administration.

The City's funding policy affects the calculation of liabilities by impacting the discount rate that is used to develop the plan liability and expense. "Prefunding" is the term used when an agency consistently contributes an amount based on an actuarially determined contribution (ADC) each year. GASB 75 allows prefunded plans to use a discount rate that reflects the expected earnings on trust assets.

The City has been and continues to prefund its OPEB liability, contributing 100% or more of the Actuarially Determined Contributions each year. Therefore, with the City's approval, the discount rate used in this valuation is

6.05%, the long-term expected return on trust assets.

Eligibility and Membership Covered by Benefit Terms
Medical coverage is currently provided through CalPERS as permitted under the Public Employees’ Medical and Hospital Care Act (PEMHCA). This coverage requires the employee to satisfy the requirements for retirement under CalPERS, which requires either (a) attainment of age 50 (age 52, if a miscellaneous member new to PERS on or after January 1, 2013) with 5 years of State or public agency service or (b) an approved disability retirement.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
111
Note 14 – Other Postemployment Benefits (“OPEB”) (Continued) A. General Information about the OPEB Plan (Continued)
Eligibility and Membership Covered by Benefit Terms (Continued) The employee must begin his or her retirement warrant within 120 days of terminating employment with the City to be eligible to continue medical coverage through the City and be entitled to the employer subsidy. If an eligible employee is not already enrolled in the medical plan, he or she may enroll within 60 days of retirement or during any future open enrollment period. Coverage may be continued at the retiree's option for his or her lifetime. A surviving spouse and other eligible dependents may also continue coverage.

At June 30, 2023 measurement date, the following numbers of participants were covered by the benefit terms:

Active plan members 712
Inactive plan members currently receiving benefits 627
Inactive plan members entitled to but not receiving benefits 68 Total 1,407
Contributions
The plan and its contribution requirements are established by Memorandum of Understanding with the applicable employee bargaining units and may be amended by agreements between the City and the bargaining units. The annual contribution is based on the actuarially determined contribution. For the measurement date ended June 30, 2023, the City's cash contributions were $ 9,994,224 in total payments, which were recognized as a reduction to the OPEB liability.

B. Net OPEB Liability
The OPEB liability was measured as of June 30, 2023, and total liability used to calculate the net OPEB liability was determined by an actuarial valuation as of June 30, 2023.

Significant Actuarial Assumptions Used for Total OPEB Liability The total OPEB liability, measured as of June 30, 2023, was determined using the following actuarial assumptions:

Actuarial Cost Method
Actuarial Assumptions:

Asset Valuation Method
Long Term return on Assets
Discount Rate
Inflation
Salary Increases
Mortality Improvement
Healthcare Trend
CalPERS 2017 Experience Study; Project with MW Scale
2022

5.6% in 2023, decrease until reaches 3.9% in 2075 and
thereafter.
3% per year, since benefits do not depend on salary, this is used only to allocate the cost of benefits between service years
Entry Age Normal
Fair value of assets

6.05% as of June 30, 2023 and 6.05% as of June 30, 2022 net of plan investment expense

6.05% as of June 30, 2023 and 6.05% as of June 30, 2022

2.50%
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
112
Note 14 – Other Postemployment Benefits (“OPEB”) (Continued) B. Net OPEB Liability (Continued)
Change in assumptions
In 2023, there were no changes in assumptions.

Discount Rate
The discount rate used to measure the total OPEB liability was 6.05%. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribution rates. Based on those assumptions, the OPEB plan's fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries. Therefore, the long-term expected rate of return on OPEB plan investments was applied to all periods of projected benefit payments to determine the total OPEB liability.

Expected Long-Term Rates of Return
Long-term
Target Real Return Real Return
Asset Class Allocation Years 1 - 5* Years 5+*
Global Equity 49.00% 4.40% 4.50%
Fixed Income 23.00% -1.00% 2.20%
Global Real Estate (REITs)(1) 20.00% 3.00% 3.90%
Treasury Inflation Protected Securities 5.00% -1.80% 1.30% Commodities 3.00% 0.80% 1.20%
100.00%
* Preliminary estimate, pending confirmation by CalPERS C. Changes in Net OPEB Liability
The following presents the changes in the net OPEB liability for the governmental activities’ Retiree Health Plan:

Total OPEB Plan Fiduciary Net Net OPEB
Liability Position Liability
(a) (b) (c) = (a) - (b)
Balance at June 30, 2022 155,068,194 $ 61,086,162 $ 93,982,032 $ Changes Recognized for the Measurement Period:

Service Cost 1,154,373 - 1,154,373
Interest on the total OPEB liability 9,188,605 - 9,188,605 Expected investment income - 3,946,752 (3,946,752)
Employer contribution - 9,994,224 (9,994,224)
Changes of benefit terms - - -
Administrative expenses - (17,812) 17,812
Benefit payments (8,689,586) (8,689,586) -
Assumption changes 6,107,673 - 6,107,673
Plan experience (2,526,378) - (2,526,378)
Contributions from the employer - - -
Net Changes during July 1, 2022 to June 30, 2023 5,234,687 5,233,578 1,109 Balance at June 30, 2023 (Measurement Date) 160,302,881 $ 66,319,740 $ 93,983,141 $ Increase (Decrease)
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
113
Note 14 – Other Postemployment Benefits (“OPEB”) (Continued) C. Changes in Net OPEB Liability (Continued)
Sensitivity of the Net OPEB Liability to Change in the Discount Rate The following presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.05 percent) or 1percentage- point higher (7.05 percent) than the current discount rate:

Discount Rate Current Discount Discount Rate
-1% (5.05%) Rate (6.05%) +1 % (7.05%)
$ 93,983,141 112,994,843 $ 78,186,021 $
Plan's Net OPEB Liability
Sensitivity of the Total OPEB Liability to Changes in the Health Care Cost Trend Rates The following presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 percentage-point lower or 1 percentage-point higher than the current healthcare cost trend rates:

Healthcare Cost Healthcare Cost Healthcare Cost
Trend Rate - 1% Trend Rate Trend Rate + 1%
$ 93,983,141 78,198,904 $ 112,834,443 $
Plan's Net OPEB Liability
OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB For the measurement period ended June 30, 2023, the City recognized OPEB expense (credit) of ($4,532,474). At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:

Deferred Outflows Deferred Inflows
of Resources of Resources
Contribution made after measurement period $ 10,203,431 $ - Changes in assumptions 14,354,434 (309,550)
Difference between expected and actual experience (10,370,790) - Net difference between projected and actual earning on
OPEB plan investments 3,919,707 -
Total $ 28,477,572 $ (10,680,340)
The $9,994,224 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2023 measurement date will be recognized as a reduction of the net OPEB liability during the year ending June 30, 2025.

Other amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized as expense as follows:

Deferred
Measurement Period Outflows/(Inflows)
Ending June 30 of Resources
2024 (699,433) $
2025 2,106,144
2026 4,276,761
2027 901,804
2028 514,554
Thereafter 493,971
Total $ 7,593,801
City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
114
Note 15 – Classification of Fund Balances
At June 30, 2024, fund balances are classified in the governmental funds as follows:

Low Mod Other
Income Grants Nonmajor Total
General Housing Other and Governmental Governmental
Fund Assets Grants Development Endowments Funds Funds
Fund Balances:

Nonspendable:

Inventories and prepaid
items $ 589,400 $ - $ - $ - $ - $ 589,400 - $
Long-term receivable 1,100,647 - - - - 1,100,647 -
Advance to other funds 179,407,282 - - - - 179,407,282 - Total nonspendable 181,097,329 - - - - 181,097,329 -
Restricted:

Pension trust 46,483,830 - - - - 46,483,830 -
Housing and community
development 39,444,340 - - 1,029,838 - 6,033,095 46,507,273 Capital projects - 2,802,834 - - - 2,802,834 -
Development projects - - 18,800,071 - - 18,800,071 -
Street maintenance - - - - 25,221,070 - 25,221,070
Trip reduction - - - - 1,983,648 - 1,983,648
Asset forfeiture - - - - 165,951 - 165,951
Special tax districts - - - - 26,217,336 - 26,217,336
Residential refuse - - - - 993,352 - 993,352
Total restricted 46,483,830 39,444,340 2,802,834 18,800,071 1,029,838 60,614,452 169,175,365 Committed:

Emergency contingency * 50,316,648 - - - - 50,316,648 - Designated revenues 8,066,272 - - - - 8,066,272 -
Total committed 58,382,920 - - - - 58,382,920 -
Assigned:

Budget balancing measures 3,922,049 - - - - 3,922,049 - Continuing appropriations 47,467,066 - - - - 47,467,066 - Measure X reserve 34,013,073 - - - - 34,013,073 -
Other purposes 2,962,565 - - - 1,015,896 - 3,978,461
Total assigned 88,364,753 - - - 1,015,896 - 89,380,649
Unassigned 24,875,671 - - - (3,640,583) - 21,235,088
Total Fund Balance $ 39,444,340 399,204,503 $ $ 2,802,834 $ 18,800,071 $ 1,029,838 $ 57,989,765 $ 519,271,351 Capital Projects Funds Special Revenue Funds
* See Note 1.T for definition of emergency circumstance and situations.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
115
Note 16 – Net Investment in Capital Assets
The net investment in capital assets for the governmental activities, business-type activities, and enterprise funds is calculated as follows:

Governmental Business-Type
Activities Activities
Total capital assets, net $ 872,989,078 $ 434,476,605
Unspent capital debt proceed - 5,128
Capital related deferred ouflows of resources 358,258 - Retention payable (2,318,706) (555,924)
Capital related debt (25,743,945) (45,595,039)
Capital related deferred inlows of resources (746,705) - Net investment in capital assets $ 845,284,685 $ 387,584,065 Water
Water
Reclamation Electric Transit Airport
Total capital assets, net 274,961,430 $ 148,538,331 $ 9,504,034 $ 1,467,753 $ 5,057 $ Unspent capital debt proceed 5,128 - - - -
Retention payable (86,256) (469,668) - - -
Capital related debt (29,365,700) (16,229,339) - - -
Capital related deferred inflows of resources (746,705) - - - - Net investment in capital assets 244,767,897 $ 131,839,324 $ 9,504,034 $ 1,467,753 $ 5,057 $ Enterprise Funds
Note 17 – Commitments and Contingencies
Commitments
Significant encumbrances by major fund and nonmajor funds in the aggregate are as follows:

Amount Purpose
General Fund $ Homelessness prevention 2,130,208
Other Grants Capital Projects Funds 25,106,577 Capital projects Development Special Revenue Funds 2,970,620 Capital projects Nonamjor Governmental Funds 11,131,823 Capital projects and homelessness prevention Water Enterprise Fund 19,857,097 Water related capital projects Sewer Enterprise Fund 12,234,961 Sewer related capital projects Total encumbrances $ 73,431,286
Contingencies
The City is a defendant in a number of lawsuits that have arisen in the normal course of business. While substantial damages are alleged in some of these actions, their outcome cannot be predicted with certainty. In the opinion of the City Attorney, these actions when finally adjudicated will not have material adverse effect on the financial position of the City.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
116
Note 17 – Commitments and Contingencies (Continued)
Contingencies (Continued)
On July 18, 2012, the City Council and the Corona Utility Authority Board approved addendum No. 6 to the Joint Exercise of Powers Agreement creating the Western Riverside County Regional Wastewater Authority (WRCRWA) admitted the City of Corona as a voting member of the WRCRWA. WRCRWA was formed as a joint powers authority in 1992 to construct and operate a regional wastewater conveyance, treatment and disposal system to serve its member agencies. Other member agencies include Home Gardens Sanitary District, Jurupa Community Services District, City of Norco, and Western Municipal Water District of Riverside County. To become a voting member of WRCRWA, the City was required to pay $4 million as buy-in which represented membership and the WRCRWA's construction loan reserve requirement. The construction loan amount on the State Revolving Fund (SRF) loan for the WRCRWA Treatment Plan Expansion project at issuance was $74,110,619.

The current participants and their obligated contribution on this loan through June 30, 2024, were as follows:

Percent
City of Corona 42.42%
Jurupa Community Services District 46.02%
City of Norco 9.10%
Home Gardens Sanitary District 1.58%
Western Municipal Water District 0.88%
Total 100.00%
As of June 30, 2024, in the opinion of City Administration, there were no additional outstanding matters that would have a significant effect on the financial position of the City.

Note 18 – Tax Abatement
In prior years, the City entered into various tax abatement agreements with local businesses. The abatements may be granted to any business located within or promising to relocate to the City. For the fiscal year ended June 30, 2024, the City abated taxes totaling $8,777,381. Under this program, the City has the following tax abatement agreements:
 A sales tax abatement to a commercial fueling and energy operation facility for expanding operations within the City of Corona, resulting in a significant new local sales tax revenues. Per the agreement, the City shall pay an amount equal to 50% of sales tax revenues received in excess of $250,000.  A sales tax reduction for a material production and construction company for creating employment opportunities and revenues within the City. Per the agreement, if during any fiscal year, sales tax revenues exceed $1,000,000 the amount abated shall be a sum equal to 50% of the sales tax revenues in excess of $250,000. If during any fiscal year, sales tax revenues are no less than $500,000 and no more than $1,000,000 the amount abated shall be a sum equal to 25% of the sales tax revenues in excess of $250,000. If during any fiscal year, sales tax revenues are less than $500,000 the City shall not pay the business.
 A sales tax reduction for construction and operation of an automotive dealership within the City. Per the agreement, the City shall make annual payments for 15 years in an amount equal to 50% of the sales tax revenues received in excess of $200,000 annually, up to a maximum of $6,000,000.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2024
117
Note 18 – Tax Abatement (Continued)
 A sales tax reduction for a warehouse wholesaler for building and operating a new store within the City. Per the agreement, sales tax revenues shall be allocated each year to the City from the first $200,000 of revenues, the next $200,000 to the developer and the balance allocated 50% to the City and 50% to the developer.  A sales tax reduction for a commercial business involving the retail sale of construction materials for generating significant new tax revenues and maintaining sales office operations within the City. Per the agreement, the City shall pay quarterly in an amount equal to 50% of the sales tax revenues received.  A sales tax reduction for a wholesale apparel retailer, for locating to a new regional sales office within the City. Per the agreement, the City shall pay quarterly in an amount equal to 50% of the sales tax revenues received. Covenant Payments shall be equal to 60% of taxable sales if sales tax revenue exceeds $2,500,000, the Owner hires 150 new employees and Owner invests at least $51,500,000 into the City. 118

REQUIRED SUPPLEMENTARY INFORMATION
(UNAUDITED)
119

Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes $ 173,702,598 $ 177,346,787 $ 177,844,905 $ 498,118 Licenses and permits 2,215,550 2,256,423 2,269,264 12,841 Intergovernmental 2,429,630 4,763,693 3,899,069 (864,624) Special assessments 679,215 773,347 777,314 3,967
Investment earnings 3,465,795 5,609,700 15,749,188 10,139,488 Fines and penalties 843,700 1,299,662 1,420,858 121,196 Current services 11,758,683 13,298,339 13,753,857 455,518 Payment in lieu of services 6,445,705 6,445,705 6,336,890 (108,815) Other revenues 13,085,809 13,698,208 14,245,570 547,362 Total revenues 214,626,685 225,491,864 236,296,915 10,805,051 EXPENDITURES:

Current:

General government:

City council 129,900 129,966 114,012 15,954
City attorney 2,022,134 2,057,338 2,049,735 7,603
City manager 10,458,392 13,422,156 9,612,899 3,809,257
City treasurer 14,974 14,974 14,761 213
Human resources 2,903,393 2,962,366 2,661,531 300,835
Finance 4,586,191 4,770,164 4,633,709 136,455
Non departmental 29,416,840 29,448,521 27,358,044 2,090,477 Information technology 700,097 1,116,937 725,037 391,900 Public safety- fire 33,577,225 35,458,084 33,409,110 2,048,974 Public safety- police 54,370,012 56,016,487 54,064,980 1,951,507 Public works and maintenance services 4,948,697 5,057,650 4,581,610 476,040 Community services 17,625,443 19,119,999 17,724,377 1,395,622 Planning and development 9,556,594 10,705,413 7,769,627 2,935,786 Economic development 1,590,768 1,616,264 1,141,158 475,106 Capital outlay 7,330,760 53,532,067 13,075,618 40,456,449 Debt service:

Principal retirement 20,167,868 20,167,868 18,171,796 1,996,072 Interest and charges 4,542,390 4,542,390 6,329,272 (1,786,882) Total expenditures 203,941,678 260,138,644 203,437,276 56,701,368

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 10,685,007 (34,646,780) 32,859,639 67,506,419 OTHER FINANCING SOURCES (USES):

Transfers in 1,235,696 1,235,696 1,289,243 53,547
Transfers out (125,039) (125,039) (666,656) (541,617)
Issuance of subscription liability - - 467,257 467,257
Total other financing sources (uses) 1,110,657 1,110,657 1,089,844 (20,813) NET CHANGE IN FUND BALANCE $ 11,795,664 $ (33,536,123) 33,949,483 $ 67,485,606 FUND BALANCE:

Beginning of year 365,255,020
End of year $ 399,204,503
City of Corona
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - General Fund
For the Year Ended June 30, 2024
121
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Licenses and permits $ 1,009,500 $ 4,575,000 $ 1,601,800 $ (2,973,200) Investment earnings 481,468 685,932 1,243,793 557,861
Payment in lieu of services - - 187,200 187,200
Other revenues - - 540 540
Total revenues 1,490,968 5,260,932 3,033,333 (2,227,599) EXPENDITURES:

Current:

Public safety- fire 4,014 4,014 4,014 -
Public safety- police 266 266 266 -
Public works and maintenance services 50,416 50,416 50,416 - Community services 3,842 3,842 3,842 -
Capital outlay 1,807,375 23,054,028 1,894,430 21,159,598 Total expenditures 1,865,913 23,112,566 1,952,968 21,159,598 NET CHANGE IN FUND BALANCE $ (374,945) $ (17,851,634) 1,080,365 $ 18,931,999 FUND BALANCE:

Beginning of year 17,719,706
End of year $ 18,800,071
City of Corona
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Development Special Revenue Funds For the Year Ended June 30, 2024
122
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 1,722,978 $ 793,588 $ 7,520,719 $ 6,727,131 Investment earnings 510,271 668,189 579,255 (88,934)
Current services 43,000 59,424 71,504 12,080
Other revenue - - 24,607 24,607
Total revenues 2,276,249 1,521,201 8,196,085 6,674,884
EXPENDITURES:

Current:

General government - 1,071,434 556,970 514,464
Public safety - police 729,269 814,757 435,334 379,423
Community services - 162,420 156,530 5,890
Planning and development 1,085,340 1,524,764 1,512,416 12,348 Capital outlay 27,873,873 - 3,565,235 24,308,638
Total expenditures 1,814,609 31,447,248 6,226,485 25,220,763

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 461,640 (29,926,047) 1,969,600 31,895,647 OTHER FINANCING SOURCES:

Transfers in - 229,101 - (229,101)
Transfer out - (81,600) - 81,600
Total other financing sources - 147,501 - (147,501)
NET CHANGE IN FUND BALANCE $ 461,640 $ (29,778,546) 1,969,600 $ 31,748,146 FUND BALANCE:

Beginning of year (939,762)
End of year $ 1,029,838
City of Corona
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Other Grants & Endowments Special Revenue Fund For the Year Ended June 30, 2024
123
The City collects and records revenue and expenditures within the following categories:

Business-type Activities
Budgets and Budgetary Accounting
The City follows these procedures in establishing the budgetary data reflected in the financial statements:
1 Before the beginning of the fiscal year the City Manager submits to the City Council a proposed budget for the year commencing July 1. 2 Public meetings are conducted to obtain taxpayer comments. 3 The budget is subsequently adopted through the passage of a resolution and is not included herein but is published separately. 4 5 Continuing appropriations are re-budgeted by the City Council as part of the adoption of subsequent year's budget. 6 Legally adopted budget appropriations are set for the general fund, special revenue, debt service and capital projects funds.

The governmental funds include the general fund, special revenue, debt service and capital projects funds. All funding sources are kept separate for both reporting and use of the money. The general fund funds most of the City services including public safety, recreation, and community development.

The budget process begins as a team effort in November of each year. The Finance Department works in cooperation with all City departments to formulate revenue projections for the upcoming fiscal year. From this, the individual departments use the projected revenues to prioritize and recommend the next fiscal year’s objectives. The City Manager’s Office and the Finance Department jointly review each budget proposal, revenue assumptions, and all current financial obligations, before preparing the proposed document for the City Council. The City Council reviews the budget at multiple budget workshops, with the final adoption scheduled in June.

All appropriations are as originally adopted or as amended by the City Council and all unencumbered budgeted amounts lapse at year-end.

However, capital improvement projects carry forward (continuing appropriation) to the following fiscal year. Grants may carry forward to the next fiscal year as determined by the grant funding time period. In addition, operating funds may carry forward to the next fiscal year, if authorized by the City Council.

City of Corona
Required Supplementary Information (Unaudited)
Notes to the Budgetary Comparison Schedule
For the Year Ended June 30, 2024
Through the budget process, the City Council sets the direction of the City, allocates its resources and establishes its priorities. The annual budget establishes the foundation of effective financial management by providing resource planning, performance measures and controls that permit the evaluation and adjustment of the City's performance in all of its functional areas. It assures the efficient and effective uses of the City's economic resources, as well as ensuring the highest priorities are accomplished for the fiscal year. It also serves as a vehicle that accurately and openly communicates these priorities to the community, businesses, vendors, employees and other public agencies.

The City’s budget cycle is on an annual basis, which serves a fiscal period from July 1 to June 30. The City’s budgets are developed consistent with generally accepted principles and procedures. There are no significant non-budgeted financial activities. For governmental funds, revenues are budgeted by entitlements, grants, and estimates of future development and economic growth. Expenditures and transfers are budgeted based upon available financial resources.

Budgetary Information
The City of Corona’s budget is prepared and based on five expense categories; personnel, non-personnel (such as supplies and services), capital outlay, debt service and capital improvement projects. The first two listed are considered operational in nature and are known as recurring costs.

Capital outlays refer to minor equipment purchases which are generally infrequent and valued at less than $50,000. Capital outlays are paid for out of the operating fund. Debt service refers to principal and interest payments on borrowed funds (such as bonds or long-term loans). Capital improvement projects (CIP) are asset acquisitions and/or major facilities, systems, and infrastructure improvements which cost over $50,000. These reside “outside” of the operational budget and are an example of a one-time cost.

Governmental Activities
124
7 8
General Fund






The capital outlay budget was increased by a net total of $25.7 million. The primary increase is in the City Park Revitalization project for $12.5 million, McKinley Street Grade Separation Project for $5 million and for the Corona Mall Acquisition and Agreement project for $2.3 million. In addition, $0.8 million was appropriated to purchase a type 3 fire apparatus.

Revenues and transfers in received in Fiscal Year 2024 had a favorable variance of $10.8 million, due to the following reasons:

The investment earnings category accounts for the major variance for Revenue and Transfers. Investment Earnings has a positive variance of $10.1 million, which includes book entries of $8.6 million, for investment gains and losses.

The current services category was also higher than budgeted by $0.6 million. Approximately $0.3 million of the variances is related to building activities such as planning application fees and plan check fees. There is a variance of $0.5 million for activities related to Community Services, including passport revenues, recreation activities, special events, and facility rentals. Additionally, there is a variance of $0.2 million for fire department-related activity, including AMR system enhancement fees and various inspection services.

Property taxes were higher than estimated by $0.8 million, Sales tax was lower than estimated by $1.0 million, and Other Taxes were higher than estimated by $0.7 million. The taxes category outperformed the final budget estimates by $0.5 million.

The expenditures and transfers out in FY 2024 had a favorable variance of $56.1 million. Included in the savings, $40.5 million is unspent funding for ongoing capital improvement projects. These funds will be carried over to the next fiscal year to complete the projects. Additionally, a total of $2.0 million will be carried forward in the operating budget, as approved by the City Council. Of the $2.0 million in carryover funds, there is a total of $1.1 million for grants in the Fire Department and Police Department. In addition, purchase orders totaling $4.8 million encumbered in Fiscal Year 2024 will be carried forward for activity that crosses fiscal years.

After considering the budgets carrying forward into Fiscal Year 2025 as noted above, the net savings for Fiscal Year 2024 is $9.8 million. The savings is primarily from the personnel budget due to vacancies throughout the year. There were 23 new positions included in Fiscal Year 2024, largely funded by Measure X. With the additional positions, there was an increase in the vacancy savings for Fiscal Year 2024. The following departments had savings in personnel budget: Police ($1.5 million), Planning and Development ($0.8 million), and Fire ($0.6 million). The savings are viewed as one-time as the City is actively recruiting to fill the vacant positions.

Required Supplementary Information (Unaudited)
The operating budget increased by a total of $3.4 million. The General Government budget increased by $0.4 million for various professional/contractual services. The Fire Department budget was increased by $0.5 million for multiple grants approved by the City Council and the purchase of EMS Skills Lab educational tools/resources. The Community Services Department budget was increased by $1.0 million for additional Rent Stabilization Program Services, various facilities maintenance services, and graffiti removal services. The Planning and Development Department budget was increased by $1.0 million for additional contract labor services and reimbursing the Inspection Division budget for deposits collected through fees. The increase was partially offset by a transfer of $100,000 from the personnel budget.

City of Corona
Notes to the Budgetary Comparison Schedule (Continued)
For the Year Ended June 30, 2024
General fund appropriations and transfers out were originally adopted at $203.9 million for Fiscal Year 2024. Final appropriations were increased by $56.2 million to $260.1 million. Among the budgetary increase, $21.3 million was due to continuing appropriations from the prior year’s capital projects and grant funded activities and $5.2 million was for prior year committed purchases (encumbrances). There was $29.7 million in supplemental funding and transfers approved by the City Council subsequent to the budget adoption due to the following reasons:

The legal level of budgetary control is at the department level. A Department Director may transfer appropriations within the department and the same funding source. Expenditures may exceed appropriations at this level in the General Fund to the extent provided for in the annual budget resolution adopted by the City Council. The City Council, by the affirmative vote of three members, may amend the budget to add or delete appropriations, transfer between appropriations within a fund or change appropriation transfers between funds. Departments consolidated and presented under the General Government category are managerial and support departments that include City Council, City Treasurer, City Manager’s Office, Finance, Human Resources, Legal and Risk Management, and General Government (non-departmental).

Budgets for general fund, special revenue, debt service and capital projects funds are adopted on a basis consistent with generally accepted accounting principles.

The personnel budget increased by $0.6 million in Fiscal Year 2024. The Police Department increased by $0.3 million for various grants and shift differential adjustments. The Fire Department increased $0.2 million due to a planned vacant position being filled in December. In addition, there was $0.1 million reduction due to a transfer from personnel to the operating budget for professional/contractual services for Planning and Development.
125
•
•
Assessment Date PCI Rating
October 2020 71
November 2021 71
September 2022 71
October 2023 72
November 2024 72
The following conditions were defined with the corresponding rating:

Condition Rating
Good to Excellent 71-100
Fair 51-70
Poor 26-50
Very Poor 0-25
City of Corona
Required Supplementary Information (Unaudited)
Modified Approach for City Streets Infrastructure Capital Assets For the Year Ended June 30, 2024
The City accounts for and reports its infrastructure capital assets in accordance with GASB Statement No. 34. Infrastructure assets are defined as the basic physical systems including street, water purification and distribution system, water reclamation collection and treatment facilities, park and recreation lands and improvement; storm water conveyance system, and buildings combined with site amenities such as parking and landscaped areas used by the City in the conduct of City business. Each major infrastructure system can be divided into subsystems. For example, the street system can be divided into concrete and asphalt pavements, concrete curb and gutters, sidewalks, medians, streetlights, traffic control devices (signs, signals and pavement markings), landscaping and land. Subsystem detail is not presented in these basic financial statements; however, the City maintains detailed information on these subsystems in its core financial system.

The City has elected to use the “modified approach” as defined by GASB Statement No. 34 for infrastructure reporting for its concrete and asphalt pavement system. Under the modified approach, eligible infrastructure capital assets are not required to be depreciated under the following requirements:

The City manages the eligible infrastructure capital assets using an asset management system with characteristics of (1) an up-to-date inventory; (2) condition assessments and summary of results using a measurement scale; and (3) estimation of annual amount needed to maintain and preserve the assets at the established condition assessment level.

The City documents that the eligible infrastructure capital assets are being preserved approximately at or above the established and disclosed condition assessment level.

The City commissioned a study to update the physical condition assessment of the streets within three regions of the City annually. The prior assessment study was completed in March 2019. The most recent assessments were performed using the StreetSaver software. The results from the assessments are shown below:

The streets, primarily Portland Cement Concrete (PCC) and Asphalt Concrete (AC) pavement, were defined as all physical features associated with the operation of motorized vehicles that exist within the limits of right of way. City-owned streets are classified based on land use, access, and traffic utilization, into the following three classifications: arterial/major, collector, and local. The Citywide condition assessment will be performed every three years, with each year focusing on specific regions of the City. Each street was assigned a physical condition based on 17 potential defects. A Pavement Condition Index (PCI), a nationally recognized index, was assigned to each street and expressed in a continuous scale from 0 to 100, where 0 is assigned to the least acceptable physical condition and 100 is assigned the physical characteristics of a new street. 126
Condition % of Streets
Good to Excellent 57%
Fair 36%
Poor 7%
Very Poor 0%
Fiscal Year Requirement Expenditures Rating
2019-2020 $ 4,800,000 $ 37,286,497 71
2020-2021 6,000,000 28,349,295 71
2021-2022 6,000,000 21,336,640 71
2022-2023 6,000,000 31,027,916 72
2023-2024 6,000,000 43,136,722 72
Required Supplementary Information (Unaudited)
City of Corona
Modified Approach for City Streets Infrastructure Capital Assets (Continued) For the Year Ended June 30, 2024
The City’s policy is to maintain an average rating of 71, or “Good” condition, for all streets. This rating level allows minor cracking and raveling of the pavement along with minor roughness that could be noticeable to drivers traveling at the posted speeds. As of November 2024, the City’s street system was rated at a PCI index of 72 on the average for the entire network. A breakdown by condition is as follows:

The City’s streets are constantly deteriorating resulting from the following four factors: (1) traffic using the streets; (2) the sun’s ultra-violet rays drying out and breaking down the top layer of pavement; (3) utility company/private development interest trenching operations; and (4) water damage from natural precipitation and other urban runoff. The City is continuously taking actions to prevent deterioration through an on-going street rehabilitation program funded in the Capital Improvement Program. The program is formulated based on deficiencies identified as a part of the City’s Pavement Management System (PMS). It includes short-term maintenance activities such as pothole patching, street sweeping, and crack sealing. The City expended $43,136,722 on street maintenance for the fiscal year ended June 30, 2024. These expenditures delayed deterioration and maintained the street condition from the previous assessment. The condition of the streets is rated at 72 in the current year, the same as it was in the prior year. A majority of the current year expenditures, about $27.7 million, were incurred by the McKinley Grade Separation project. The City has estimated that the amount of annual expenditures required to maintain the average PCI rating of 71 through the year 2025 is a minimum of $11,000,000. A schedule of the estimated annual amount required to maintain and preserve the City’s streets at the current level compared to actual expenditures for street maintenance for the last five years is presented below:

As of June 30, 2024, approximately 43% of the City’s streets were rated below the average policy standard of 71. In the most recent physical condition assessment of all City streets, it was estimated that in addition to the minimum annual maintenance requirement of $11.0 million, the total deferred work to rehabilitate all roads amounted to $75.5 million as of June 30, 2024. 127
Measurement period 2013-14 2014-15 2015-16 2016-17 2017-18 Total pension liability
Service cost $ 5,035,483 $ 4,563,432 $ 4,295,676 $ 4,540,608 $ 4,516,596 Interest 21,435,216 22,262,610 23,066,815 23,517,716 24,208,803 Differences between expected and actual experience (1,751,061) - (1,961,004) (5,673,578) (536,160) Changes of benefit terms - - - - -
Changes of assumptions (5,796,569) - 20,736,400 - (1,534,054) Benefit payments, including refunds of employee
contributions (13,231,513) (13,719,331) (14,718,032) (15,593,323) (17,027,780) Net change in total pension liability 13,239,186 5,559,081 10,683,455 27,527,823 9,627,405 Total pension liability - beginning 289,900,911 303,140,097 308,699,178 319,382,633 346,910,456 Total pension liability - ending (a) $ 308,699,178 303,140,097 $ 319,382,633 $ 346,910,456 $ 356,537,861 $ Pension fiduciary net position
Contributions - employer 7,535,692 $ 8,615,040 $ 8,408,391 $ 10,548,137 $ 20,944,590 $ Contributions - employee 2,168,466 2,099,982 1,975,493 1,875,784 1,905,754 Net investment income 29,675,543 4,430,161 1,044,158 22,406,369 18,381,353 Benefit payments, including refunds of employee
contributions (13,231,513) (13,719,331) (14,718,032) (15,593,323) (17,027,780) Net plan to plan resources movement - - - - (531)
Administrative expense - (224,286) (121,423) (289,120) (334,672) Other miscellaneous income/expense - - - - (635,548)
Net change in plan fiduciary net position 1,201,566 26,148,188 (3,411,413) 18,947,847 23,233,166 Plan fiduciary net position - beginning 198,032,887 171,884,699 199,234,453 195,823,040 214,770,887 Plan fiduciary net position - ending (b) $ 199,234,453 198,032,887 $ 195,823,040 $ 214,770,887 $ 238,004,053 $ Plan net pension liability - ending (a) - (b) $ 109,464,725 105,107,210 $ 123,559,593 $ 132,139,569 $ 118,533,808 $ Plan fiduciary net position as a percentage 65.33% 64.54% 61.31% 61.91% 66.75% of the total pension liability
Covered payroll $ 26,820,056 27,891,234 $ 25,968,300 $ 24,590,351 $ 24,554,723 $ Plan net pension liability as a percentage of
covered payroll 376.85% 408.15% 475.81% 537.36% 482.73% Notes to Schedule:

City of Corona
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Pension Liability and Related Ratios For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan Benefit Changes: In 2022, SB 1168 increased the standard retiree lump sum death benefit from $500 to $2,000 for any death occurring on or after July 1, 2023. The impact, if any, is included in the changes of benefit terms.

Changes of Assumptions: There were no assumption changes in 2023. Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.50% for measurement date 2014. 128
Measurement period 2018-19 2019-20 2020-21 2021-22 2022-23 Total pension liability
Service cost $ 4,280,881 $ 4,466,642 $ 4,403,881 $ 5,382,910 $ 5,881,629 Interest 25,059,830 25,962,850 26,674,374 27,394,212 28,728,545 Differences between expected and actual experience 715,766 1,615,820 (944,320) (1,445,599) 7,296,859 Changes of benefit terms - - - 509,976 -
Changes of assumptions - - 14,133,399 - -
Benefit payments, including refunds of employee
contributions (17,813,858) (19,025,658) (19,979,193) (20,633,132) (22,357,168) Net change in total pension liability 12,242,619 13,019,654 10,154,742 24,831,790 20,059,841 Total pension liability - beginning 356,537,861 368,780,480 381,800,134 391,954,876 416,786,666 Total pension liability - ending (a) $ 381,800,134 368,780,480 $ 391,954,876 $ 416,786,666 $ 436,846,507 $ Pension fiduciary net position
Contributions - employer 17,933,587 $ 13,255,939 $ 13,698,657 $ 126,740,939 $ 3,761,585 $ Contributions - employee 1,990,044 2,223,117 2,009,054 2,045,631 2,593,411 Net investment income 16,183,603 12,851,320 60,189,073 (29,901,304) 23,626,483 Benefit payments, including refunds of employee
contributions (17,813,858) (19,025,658) (19,979,193) (20,633,132) (22,357,168) Net plan to plan resources movement - - (53,189) - -
Administrative expense (169,845) (361,078) (264,791) (199,759) (293,203) Other miscellaneous income/expense 531 - - - -
Net change in plan fiduciary net position 8,943,640 18,124,062 55,599,611 78,052,375 7,331,108 Plan fiduciary net position - beginning 256,128,115 238,004,053 265,071,755 320,671,366 398,723,741 Plan fiduciary net position - ending (b) $ 265,071,755 256,128,115 $ 320,671,366 $ 398,723,741 $ 406,054,849 $ Plan net pension liability - ending (a) - (b) $ 116,728,379 112,652,365 $ 71,283,510 $ 18,062,925 $ 30,791,658 $ Plan fiduciary net position as a percentage 69.45% 69.43% 81.81% 95.67% 92.95% of the total pension liability
Covered payroll $ 24,461,346 23,197,580 $ 26,963,410 $ 27,718,385 $ 30,255,291 $ Plan net pension liability as a percentage of
covered payroll 485.62% 477.20% 264.37% 65.17% 101.77%
City of Corona
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Pension Liability and Related Ratios (Continued) For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan 129
Measurement period 2013-14 2014-15 2015-16 2016-17 2017-18 Total pension liability
Service cost $ 4,618,139 $ 4,735,543 $ 4,874,596 $ 5,711,294 $ 5,925,006 Interest 13,684,244 14,549,722 15,292,872 16,152,688 17,126,542 Differences between expected and actual experience 642,707 - (1,847,830) (1,030,480) 1,568,431 Changes of benefit terms - - - - -
Changes of assumptions (3,951,003) - 14,785,639 - (583,544) Benefit payments, including refunds of employee
contributions (7,151,132) (7,482,701) (8,102,489) (8,569,669) (10,101,119) Net change in total pension liability 11,151,251 8,494,268 10,217,149 27,049,472 13,935,316 Total pension liability - beginning 183,723,079 194,874,330 203,368,598 213,585,747 240,635,219 Total pension liability - ending (a) $ 203,368,598 194,874,330 $ 213,585,747 $ 240,635,219 $ 254,570,535 $ Pension fiduciary net position
Contributions - employer 5,431,639 $ 6,390,487 $ 7,032,238 $ 7,414,869 $ 7,944,109 $ Contributions - employee 1,462,671 1,517,507 1,599,970 1,841,663 1,706,509 Net investment income 19,983,092 2,973,078 707,298 16,030,928 13,353,137 Benefit payments, including refunds of employee
contributions (7,151,132) (7,482,701) (8,102,489) (8,569,669) (10,101,119) Net plan to plan resources movement - - - - (390)
Administrative expense - (155,162) (84,027) (205,265) (242,374) Other miscellaneous income/expense - - - - (460,273)
Net change in plan fiduciary net position 3,243,209 19,726,270 1,152,990 16,512,526 12,199,599 Plan fiduciary net position - beginning 134,631,354 114,905,084 137,874,563 139,027,553 155,540,079 Plan fiduciary net position - ending (b) $ 137,874,563 134,631,354 $ 139,027,553 $ 155,540,079 $ 167,739,678 $ Plan net pension liability - ending (a) - (b) $ 65,494,035 60,242,976 $ 74,558,194 $ 85,095,140 $ 86,830,857 $ Plan fiduciary net position as a percentage 69.09% 67.80% 65.09% 64.64% 65.89% of the total pension liability
Covered payroll $ 16,848,270 15,848,108 $ 17,276,613 $ 17,998,531 $ 18,658,498 $ Plan net pension liability as a percentage of
covered payroll 380.13% 388.73% 431.56% 472.79% 465.37% Notes to Schedule:

City of Corona
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Pension Liability and Related Ratios Changes of Assumptions: There were no assumption changes in 2023. Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.50% for measurement date 2014.

For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Police Plan Benefit Changes: In 2022, SB 1168 increased the standard retiree lump sum death benefit from $500 to $2,000 for any death occurring on or after July 1, 2023. The impact, if any, is included in the changes of benefit terms. 130
Measurement period 2018-19 2019-20 2020-21 2021-22 2022-23 Total pension liability
Service cost $ 5,440,494 $ 5,552,558 $ 5,647,902 $ 6,402,949 $ 6,769,725 Interest 18,247,956 19,147,726 20,210,480 21,506,772 23,055,561 Differences between expected and actual experience 3,515,370 418,217 2,604,970 3,106,586 8,816,880 Changes of benefit terms - - - 97,175 -
Changes of assumptions - - 13,243,287 - -
Benefit payments, including refunds of employee
contributions (11,179,964) (11,977,056) (13,001,364) (14,113,660) (15,008,225) Net change in total pension liability 16,023,856 13,141,445 15,461,988 30,145,934 23,731,116 Total pension liability - beginning 254,570,535 270,594,391 283,735,836 299,197,824 329,343,758 Total pension liability - ending (a) $ 283,735,836 270,594,391 $ 299,197,824 $ 329,343,758 $ 353,074,874 $ Pension fiduciary net position
Contributions - employer 8,647,659 $ 15,780,216 $ 13,995,784 $ 103,659,698 $ 4,928,267 $ Contributions - employee 1,554,430 1,611,310 1,715,846 2,027,522 2,224,601 Net investment income 11,128,659 9,184,495 44,733,798 (22,945,056) 18,360,050 Benefit payments, including refunds of employee
contributions (11,179,964) (11,977,056) (13,001,364) (14,113,660) (15,008,225) Net plan to plan move - - - - -
Administrative expense (119,703) (250,614) (191,916) (149,114) (226,379) Other miscellaneous income/expense 390 - - - -
Net change in plan fiduciary net position 14,348,351 10,031,471 47,252,148 68,479,390 10,278,314 Plan fiduciary net position - beginning 177,771,149 167,739,678 192,119,500 239,371,648 307,851,038 Plan fiduciary net position - ending (b) $ 192,119,500 177,771,149 $ 239,371,648 $ 307,851,038 $ 318,129,352 $ Plan net pension liability - ending (a) - (b) $ 91,616,336 92,823,242 $ 59,826,176 $ 21,492,720 $ 34,945,522 $ Plan fiduciary net position as a percentage 65.70% 67.71% 80.00% 93.47% 90.10% of the total pension liability
Covered payroll $ 17,137,525 17,096,107 $ 17,699,772 $ 18,195,366 $ $19,650,871 Plan net pension liability as a percentage of
covered payroll 542.95% 534.59% 338.01% 118.12% 177.83% City of Corona
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Pension Liability and Related Ratios (Continued) For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Police Plan 131
Measurement period 2013-14 2014-15 2015-16 2016-17 2017-18 City's proportion of the net pension liability 0.460390% 0.463050% 0.454250% 0.440050% 0.469000% City's proportionate share of the net pension liability 28,647,492 $ $ 31,783,428 $ 39,306,263 $ 43,640,517 $ 44,243,817 City's covered payroll $ 9,624,801 9,308,854 $ 9,885,314 $ 10,511,383 $ 10,100,596 $ City's proportionate share of the net pension liability as a percentage of its covered payroll 307.74% 330.22% 397.62% 415.17% 438.03% Plan fiduciary net position as a percentage of
the total pension liability 78.83% 77.78% 73.76% 73.61% 74.38% Notes to Schedule:

For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Fire Plan City of Corona
Required Supplementary Information (Unaudited)
Schedule of the City's Proportionate Share of the Net Pension Liability and Related Ratios Changes of Assumptions: There were no assumption changes in 2023. Effective with the June 30, 2021 valuation date (2022 measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. Projected returns for all asset classes are estimated, combined with risk estimates, and are used to project compound (geometric) returns over the long term. The discount rate used to discount liabilities was informed by the long-term projected portfolio return. In addition, demographic assumptions and the inflation rate assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates 2017 through 2021, 7.65% for measurement dates 2015 through 2016, and 7.50% for measurement date 2014.

Benefit Changes: In 2022, SB 1168 increased the standard retiree lump sum death benefit from $500 to $2,000 for any death occurring on or after July 1, 2023. For pooled plans this is a Class 3 benefit and there is no normal cost surcharge. The impact on the unfunded liability is included in the pool’s differences between expected and actual experience. 132
Measurement period 2018-19 2019-20 2020-21 2021-22 2022-23 City's proportion of the net pension liability 0.440950% 0.485490% 0.608630% 0.102850% 0.100138% City's proportionate share of the net pension liability 48,071,798 $ $ 52,823,339 $ 32,916,531 $ 11,880,356 $ 12,492,529 City's covered payroll $ 9,614,463 9,911,459 $ 10,418,921 $ 11,623,068 $ 13,202,788 $ City's proportionate share of the net pension liability as a percentage of its covered payroll 485.01% 549.42% 315.93% 102.21% 94.62% Plan fiduciary net position as a percentage of
the total pension liability 73.40% 72.01% 83.22% 94.30% 94.35% For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Fire Plan City of Corona
Required Supplementary Information (Unaudited)
Schedule of the City's Proportionate Share of the Net Pension Liability and Related Ratios (Continued) 133
Fiscal year 2015 2016 2017 2018 2019
Actuarially determined contribution 8,615,040 $ 8,408,391 $ 10,548,137 $ 10,844,590 $ 11,933,587 $ Contributions in relation to the
actuarially determined contribution (8,615,040) (8,408,391) (10,548,137) (20,944,590) (17,933,587) Contribution deficiency (excess) - $ - $ - $ (10,100,000) $ (6,000,000) $ Covered payroll1 $ 25,968,300 26,820,056 $ 24,590,351 $ 24,554,723 $ 23,197,580 $ Contributions as a percentage of covered payroll 32.12% 32.38% 42.90% 85.30% 77.31% Notes to Schedule:

Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry Age Actuarial Cost Method
Amortization method Level percentage of payroll
Asset valuation method 15 year smoothed market
Inflation 2.50%
Salary increases Varies by entry age and service
Payroll Growth 2.75%
Investment rate of return
Retirement age
Mortality
City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions
For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and Post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries.

The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2022-23 were derived from the June 30, 2020 funding valuation report.
1 Includes one year’s payroll growth using 2.80% payroll growth assumption for fiscal years ended June 30, 2022-23; 2.75% payroll growth assumption for fiscal years ended June 30, 2018-21; 3.00% payroll growth assumption for fiscal years ended June 30, 2014-17. 7% Net of Pension Plan Investment and Administrative Expenses; includes Inflation.

The probabilities of Retirement are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015.
134
Fiscal year 2020 2021 2022 2023 2024
Actuarially determined contribution 13,255,939 $ 13,698,657 $ 126,731,631 $ 3,761,585 $ 4,574,373 $ Contributions in relation to the
actuarially determined contribution (13,255,939) (13,698,657) (126,731,631) (3,761,585) (4,574,373) Contribution deficiency (excess) - $ - $ - $ - $ - $
Covered payroll1 $ 24,937,036 24,461,346 $ 27,718,385 $ 30,255,291 $ 31,102,439 $ Contributions as a percentage of covered payroll. 54.19% 54.93% 457.21% 12.43% 14.71% City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions (Continued)
For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan 135
Fiscal year 2015 2016 2017 2018 2019
Actuarially determined contribution 6,390,487 $ 7,032,238 $ 7,414,869 $ 7,944,109 $ 8,647,659 $ Contributions in relation to the
actuarially determined contribution (6,390,487) (7,032,238) (7,414,869) (7,944,109) (8,647,659) Contribution deficiency (excess) - $ - $ - $ - $ - $
Covered payroll1 $ 17,276,613 16,848,270 $ 17,998,531 $ 18,658,498 $ 17,096,107 $ Contributions as a percentage of covered payroll 37.93% 40.70% 41.20% 42.58% 50.58% Notes to Schedule:

Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry Age Actuarial Cost Method
Amortization method Level percentage of payroll
Asset valuation method 15 year smoothed market
Inflation 2.50%
Salary increases Varies by entry age and service
Payroll Growth 2.75%
Investment rate of return
Retirement age
Mortality
City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions
For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Police Plan 1 Includes one year’s payroll growth using 2.80% payroll growth assumption for fiscal years ended June 30, 2022-23; 2.75% payroll growth assumption for fiscal years ended June 30, 2018-21; 3.00% payroll growth assumption for fiscal years ended June 30, 2014-17. 7% Net of Pension Plan Investment and Administrative Expenses; includes Inflation.

The probabilities of Retirement are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015.

The probabilities of mortality are based on the 2017 CalPERS Experience Study for the period from 1997 to 2015. Pre-retirement and Post-retirement mortality rates include 15 years of projected mortality improvement using 90% of Scale MP-2016 published by the Society of Actuaries.

The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2022-23 were derived from the June 30, 2020 funding valuation report.
136
Fiscal year 2020 2021 2022 2023 2024
Actuarially determined contribution 9,780,216 $ 13,995,784 $ 103,659,698 $ 4,928,267 $ 5,308,996 $ Contributions in relation to the
actuarially determined contribution (15,780,216) (13,995,784) (103,659,698) (4,928,267) (5,308,996) Contribution deficiency (excess) (6,000,000) $ - $ - $ - $ - $ Covered payroll1 $ 17,512,875 17,137,525 $ 18,195,366 $ 19,650,871 $ 20,201,095 $ Contributions as a percentage of covered payroll 92.08% 79.92% 569.70% 25.08% 26.28% City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions (Continued)
For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Police Plan 137
Fiscal year 2015 2016 2017 2018 2019
Actuarially determined contribution 4,239,757 $ 4,648,267 $ 3,537,799 $ 3,772,862 $ 4,307,750 $ Contributions in relation to the
actuarially determined contribution (4,239,757) (4,648,267) (3,537,799) (3,772,862) (4,307,750) Contribution deficiency (excess) - $ - $ - $ - $ - $
Covered payroll1 $ 9,885,314 9,624,801 $ 10,511,383 $ 10,100,596 $ 9,911,459 $ Contributions as a percentage of covered payroll 44.05% 47.02% 33.66% 37.35% 43.46% Notes to Schedule:

City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions (Continued)
Benefit Changes: In 2022, SB 1168 increased the standard retiree lump sum death benefit from $500 to $2,000 for any death occurring on or after July 1, 2023. For pooled plans this is a Class 3 benefit and there is no normal cost surcharge. The impact on the unfunded liability is included in the pool’s differences between expected and actual experience.

For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Fire Plan 1 Includes one year’s payroll growth using 2.80% payroll growth assumption for fiscal years ended June 30, 2022-23 138
Fiscal year 2020 2021 2022 2023 2024
Actuarially determined contribution 4,869,618 $ 6,225,062 $ 60,685,514 $ 2,978,758 $ 3,307,957 $ Contributions in relation to the
actuarially determined contribution (4,869,618) (6,225,062) (60,685,514) (2,978,758) (3,307,957) Contribution deficiency (excess) - $ - $ - $ - $ - $
Covered payroll1 $ 10,418,921 9,614,463 $ 11,623,068 $ 13,202,788 $ 13,572,466 $ Contributions as a percentage of covered payroll 50.65% 59.75% 522.11% 22.56% 24.37% City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions (Continued)
For the Year Ended June 30, 2024
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Fire Plan 139
Measurement period 2016-171 2017-18 2018-19 2019-20 2020-21 Total OPEB liability
Service cost 1,391,792 $ 1,437,025 $ 1,674,724 $ 1,053,465 $ 1,087,703 $ Interest 10,487,715 10,832,995 11,059,411 9,441,454 9,588,461 Changes of benefit terms - - - - -
Differences between expected and actual experience - - (25,689,430) - (8,434,702) Changes of assumptions - 8,986,849 (2,130,435) 15,474,651 - Benefit payments, including refunds of
of employee contributions (6,931,922) (7,431,858) (7,890,228) (8,282,764) (8,451,822) Net change in total pension liability 4,947,585 13,825,011 (22,975,958) 2,212,155 9,264,291 Total OPEB liability - beginning 146,136,196 151,083,781 164,908,792 141,932,834 144,144,989 Total OPEB liability - ending (a) $ 164,908,792 151,083,781 $ 141,932,834 $ 144,144,989 $ 153,409,280 $ OPEB fiduciary net position
Contributions - employer 10,000,838 $ 10,445,297 $ 10,006,129 $ 11,847,476 $ 10,489,894 $ Net investment income 3,235,963 2,899,746 2,770,796 1,676,639 14,442,155 Benefit payments, including refunds
employee contributions (6,931,922) (7,431,858) (7,890,228) (8,282,764) (8,451,822) Administrative expense (16,420) (19,731) (9,161) (23,600) (19,869) Investment expense - - - - -
Other expenses - (47,396) - - -
Net change in plan fiduciary net position 5,846,058 6,288,459 4,877,536 5,217,751 16,460,358 Plan fiduciary net position - beginning 35,830,088 29,541,629 41,676,146 46,553,682 51,771,433 Plan fiduciary net position - ending (b) $ 41,676,146 35,830,088 $ 46,553,682 $ 51,771,433 $ 68,231,791 $ Plan net OPEB liability - ending (a) - (b) $ 123,232,646 115,253,693 $ 95,379,152 $ 92,373,556 $ 85,177,489 $ Plan fiduciary net position as a percentage 23.72% 25.27% 32.80% 35.92% 44.48% of the total OPEB liability
Covered-employee payroll $ 63,618,121 65,624,320 $ 62,361,582 $ 67,841,626 $ 68,613,350 $ Plan net OPEB liability as a percentage of
covered-employee payroll 175.63% 193.71% 152.95% 136.16% 124.14% Other Postemployment Benefits ("OPEB") Plan
1 Historical information is presented for measurement periods after GASB No. 75 was implementated in 2017-18 (measurement period of 2016-17).

Additional years of information will be displayed as it becomes available.

City of Corona
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios For the Year Ended June 30, 2024
Last Ten Fiscal Years1
140
Measurement period 2021-22 2022-23
Total OPEB liability
Service cost $ 1,154,373 1,120,750 $
Interest 9,188,605 9,090,363
Changes of benefit terms - -
Differences between expected and actual experience - (2,526,378) Changes of assumptions 6,107,673 -
Benefit payments, including refunds of
of employee contributions (8,689,586) (8,552,199)
Net change in total pension liability 5,234,687 1,658,914 Total OPEB liability - beginning 155,068,194 153,409,280 Total OPEB liability - ending (a) $ 160,302,881 155,068,194 $ OPEB fiduciary net position
Contributions - employer $ 9,994,224 10,744,736 $
Net investment income 3,946,752 (9,320,756)
Benefit payments, including refunds
employee contributions (8,689,586) (8,552,199)
Administrative expense (17,812) (17,410)
Investment expense - -
Other expenses - -
Net change in plan fiduciary net position 5,233,578 (7,145,629) Plan fiduciary net position - beginning 61,086,162 68,231,791 Plan fiduciary net position - ending (b) $ 66,319,740 61,086,162 $ Plan net OPEB liability - ending (a) - (b) $ 93,983,141 93,982,032 $ Plan fiduciary net position as a percentage 39.39% 41.37% of the total OPEB liability
Covered-employee payroll $ 84,958,125 74,680,408 $
Plan net OPEB liability as a percentage of
covered-employee payroll 125.85% 110.62%
Other Postemployment Benefits ("OPEB") Plan
City of Corona
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Other Postemployment Benefits Liability and Related Ratios (Continued) For the Year Ended June 30, 2024
Last Ten Fiscal Years1
141
Fiscal year 20171
2018 2019 2020 2021
Actuarially determined contribution $ 10,443,091 10,000,838 $ 10,760,239 $ 11,087,025 $ 10,481,185 $ Contributions in relation to the
actuarially determined contribution (10,000,838) (10,445,297) (10,006,129) (11,847,476) (10,489,894) Contribution deficiency (excess) $ (2,206) - $ $ 754,110 $ (760,451) $ (8,709) Covered-employee payroll $ 63,618,121 65,624,320 $ 62,361,582 $ 67,841,626 $ 68,613,350 $ Contributions as a percentage of covered-employee payroll.2 15.24% 16.42% 16.05% 17.46% 15.29% Notes to Schedule:

Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry Age Normal Cost Method
Amortization method Level percentage of payroll
Asset valuation method Market valuation of assets
Discount Rate 6.05%
Payroll Growth 3.00%
General Inflation Rate 2.5% per year
Health Trend 5.6 in FY2023, step down 0.5% per year to 3.9% by 2075 City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Other Postemployment Benefits For the Year Ended June 30, 2024
Last Ten Fiscal Years1
Other Postemployment Benefits ("OPEB") Plan
1 Historical information is presented for measurement periods after GASB No. 75 was implementated in 2017-18 (measurement period of 2016-17).

Additional years of information will be displayed as it becomes available.

The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2020-21 were derived from the June 30, 2021 funding valuation report.
142
Fiscal year 2022 2023 2024
Actuarially determined contribution $ 9,693,048 $ 9,983,374 $ 10,282,357 Contributions in relation to the
actuarially determined contribution (10,744,736) (9,994,224) (10,203,431) Contribution deficiency (excess) $ (1,051,688) $ (10,850) $ 78,926 Covered-employee payroll $ 84,958,125 74,680,408 $ 89,487,961 $ Contributions as a percentage of covered-employee payroll.2 14.39% 11.76% 11.40% City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Other Postemployment Benefits (Continued) For the Year Ended June 30, 2024
Last Ten Fiscal Years1
Other Postemployment Benefits ("OPEB") Plan
143
144

SUPPLEMENTARY INFORMATION
145
146
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings $ 506,614 $ 673,884 $ 1,138,334 $ 464,450 Current services 65,000 69,852 - (69,852)
Other revenues 327,199 74,061 81,466 7,405
Total revenues 898,813 817,797 1,219,800 402,003
EXPENDITURES:

Current:

Planning and development 254,618 331,930 150,608 181,322 Debt service:

Principal retirement 14,425 14,425 14,425 -
Interest and charges 4,001 4,001 4,001 -
Total expenditures 273,044 350,356 169,034 181,322

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 625,769 467,441 1,050,766 220,681
OTHER FINANCING SOURCES:

Proceeds from long term debt 227,697 227,697 - (227,697) Total other financing sources 227,697 227,697 - (227,697) NET CHANGE IN FUND BALANCE $ 853,466 $ 695,138 1,050,766 $ (7,016) FUND BALANCE:

Beginning of year 38,393,574
End of year $ 39,444,340
City of Corona
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Low Mod Income Housing Asset Capital Projects Fund
For the Year Ended June 30, 2024
147
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 12,504,800 $ 25,606,606 - $ $ 25,606,606 Investment earnings 7,610 400,602 875,544 474,942
Other revenues - 26,063 215,874 189,811
Total revenues 12,512,410 426,665 26,698,024 26,271,359 EXPENDITURES:

Current:

Community services - 325,972 23,124 302,848
Capital outlay 12,320,000 105,576,708 26,728,379 78,848,329 Total expenditures 12,320,000 105,902,680 26,751,503 79,151,177 NET CHANGE IN FUND BALANCE $ 192,410 $ (105,476,015) (53,479) $ 105,422,536 FUND BALANCE:

Beginning of year 2,856,313
End of year $ 2,802,834
City of Corona
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Other Grants Capital Projects Fund
For the Year Ended June 30, 2024
148

NONMAJOR GOVERNMENTAL FUNDS
Nonmajor Special Revenue Funds:

Special Revenue Funds are used to account for and report the proceeds of specific revenue sources that are restricted or committed to expenditure for specified purposes other than debt service or capital projects.

Gas Tax Fund – accounts for receipts and expenditures of money apportioned under Street and Highway Code Section 2105, 2106, 2107, and 2107.5 of the State of California.

Measure A Fund – accounts for money generated by a half percent sales tax approved by the voters in 1989. This money is used to maintain and construct local streets and roads.

Trip Reduction Fund – accounts for allocations made by AB 2766 known as the Clean Air Act. The money is used to provide means and incentives for ridesharing in order to reduce traffic and air pollution.

Asset Forfeiture Fund – accounts for asset seizures and forfeitures resulting from police investigations and court decisions.

Special Tax District Fund – accounts for revenues derived from annual assessments which are used to pay the cost incurred by the city for landscape maintenance, street light maintenance, and the City's Business Improvement District.

Residential Refuse Fund – accounts for receipts from refuse billings and collections to pay for vendor services and impact roadways.

Nonmajor Capital Project Fund:

Public Facility Project Fund – accounts for transactions related to proceeds from debt and other resources and their use to acquire and construct certain capital facilities.

HUD Grants Fund – accounts for grants from the department of Housing and Urban Development (HUD) and expenditures for the block grant programs as approved by the City Council.

Planned Local Drainage Fund – accounts for storm water drainage fees developers as a result of City ordinance 1279. The money is used to construct water drainage facilities within a drainage area. 149
Trip Asset
Gas Tax Measure A Reduction Forfeiture
Cash and investments 12,380,584 $ 16,813,106 $ 1,920,223 $ 333,668 $ Accounts receivable 15,409 7,430 - 1,620
Interest receivable 60,984 79,971 9,130 1,586
Due from other governments 698,099 493,254 55,000 -
Long term receivables - - - -
Loans receivable, net - - - -
Land held for resale - - - -
Restricted cash and investments - - - -
Total assets $ 17,393,761 13,155,076 $ 1,984,353 $ 336,874 $ Liabilities:

Accounts payable and accrued liabilities 679,533 $ 4,222,034 $ 705 $ - $ Retention payable - 426,200 - -
Due to other funds - - - -
Advance from other funds - - - -
Deposits payable - - - -
Unearned revenue - - - 170,923
Total liabilities 4,648,234 679,533 705 170,923

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - - - -
Total deferred inflows of resources - - - -
Fund Balances (Deficits):

Restricted 12,475,543 12,745,527 1,983,648 165,951
Assigned - - - -
Unassigned (deficits) - - - -
Total fund balances (deficits) 12,475,543 12,745,527 1,983,648 165,951 Total liabilities, deferred inflows of
resources and fund balances $ 13,155,076 $ 17,393,761 $ 1,984,353 $ 336,874 (Continued)
Combining Balance Sheet
City of Corona
June 30, 2024
Nonmajor Governmental Funds

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
Special Revenue Funds
ASSETS
150
Special Tax Residential Public Facility HUD
Districts Refuse Project Grants
Cash and investments 27,641,120 $ 1,056,641 $ - $ 607,567 $ Accounts receivable 93,154 1,765,657 - 9,498
Interest receivable 131,700 5,330 - -
Due from other governments 125,871 80,070 3,398,290 890,090 Long term receivables - - - 1,717,405
Loans receivable, net - - - 2,253,838
Land held for resale - - - 1,461,000
Restricted cash and investments 21,287 58,991 - -
Total assets $ 28,013,132 $ 2,966,689 $ 3,398,290 $ 6,939,398 Liabilities:

Accounts payable and accrued liabilities $ 522,188 $ 1,948,487 $ - $ 741,307 Retention payable 23,953 - - -
Due to other funds - - 3,875,770 121,746
Advance from other funds 1,245,156 - - -
Deposits payable 1,550 - - 750
Unearned revenue 2,949 24,850 - 42,500
Total liabilities 1,795,796 1,973,337 3,875,770 906,303

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - - 3,163,103 -
Total deferred inflows of resources - - 3,163,103 -
Fund Balances (Deficits):

Restricted 26,217,336 993,352 - 6,033,095
Assigned - - - -
Unassigned (deficits) - - (3,640,583) -
Total fund balances (deficits) 993,352 26,217,336 (3,640,583) 6,033,095 Total liabilities, deferred inflows of
resources and fund balances $ 2,966,689 28,013,132 $ 3,398,290 $ 6,939,398 $ (Continued)
Combining Balance Sheet (Continued)
City of Corona
June 30, 2024
Nonmajor Governmental Funds

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
ASSETS
Special Revenue Funds Capital Projects Funds
151
Capital Projects
Fund
Total
Nonmajor
Planned Local Governmental
Drainage Funds
Cash and investments $ 60,752,909 -
Accounts receivable 1,892,877 109
Interest receivable 288,701 -
Due from other governments 6,835,691 1,095,017
Long term receivables 1,717,405 -
Loans receivable, net 2,253,838 -
Land held for resale 1,461,000 -
Restricted cash and investments 80,278 -
Total assets $ 75,282,699 1,095,126 $
Liabilities:

Accounts payable and accrued liabilities 16,974 $ 8,131,228 $ Retention payable 450,153 -
Due to other funds 4,059,772 62,256
Advance from other funds 1,245,156 -
Deposits payable 2,300 -
Unearned revenue 241,222 -
Total liabilities 14,129,831 79,230

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 3,163,103 -
Total deferred inflows of resources 3,163,103 -
Fund Balances (Deficits):

Restricted 60,614,452 -
Assigned 1,015,896 1,015,896
Unassigned (deficits) (3,640,583) -
Total fund balances (deficits) 57,989,765 1,015,896
Total liabilities, deferred inflows of
resources and fund balances $ 75,282,699 1,095,126 $
(Concluded)
Combining Balance Sheet (Continued)
City of Corona
June 30, 2024
Nonmajor Governmental Funds

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
ASSETS
152
Trip Asset
Gas Tax Measure A Reduction Forfeiture
REVENUES:

Licenses and permits - $ - $ - $ - $
Fines and Penalties - - - -
Intergovernmental 8,259,015 5,677,441 213,368 34,375
Special assessments - - - -
Investment earnings 394,409 793,385 72,558 14,698
Current services - - - -
Other revenues 41,304 - - -
Total revenues 6,470,826 8,694,728 285,926 49,073
EXPENDITURES:

Current:

Public safety- Police - - - 59,351
Public works & maintenance services 1,539,425 159,362 1,755 - Community services - - 21,701 -
Community development - - - -
Capital outlay 2,607,773 11,352,808 6,304 -
Debt service:

Principal retirement - - - -
Interest and charges - - - -
Total expenditures 11,512,170 4,147,198 29,760 59,351

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (5,041,344) 4,547,530 256,166 (10,278) OTHER FINANCING SOURCES (USES):

Transfers out (1,289,243) - - -
Total other financing sources (uses) (1,289,243) - - -
NET CHANGES IN FUND BALANCES 3,258,287 (5,041,344) 256,166 (10,278) FUND BALANCES (DEFICITS):

Beginning of year 9,217,256 17,786,871 1,727,482 176,229 End of year $ 12,475,543 $ 12,745,527 $ 1,983,648 $ 165,951 (Continued)
City of Corona
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances Special Revenue Funds
Nonmajor Governmental Funds
For the Year Ended June 30, 2024
153
Special Tax Residential Public Facility HUD
Districts Refuse Project Grants
REVENUES:

Licenses and permits - $ - $ - $ - $
Fines and Penalties - 110,238 - -
Intergovernmental - 687,437 - 1,335,191
Special assessments 9,169,153 - - -
Investment earnings 1,282,248 (4,695) - -
Current services 17,079 11,346,219 - -
Other revenues 229,409 2,737 - 52,138
Total revenues 10,697,889 12,141,936 - 1,387,329
EXPENDITURES:

Current:

Public safety- Police - - - -
Public works & maintenance services 7,671,065 11,688,547 - - Community services - 1,441 - -
Community development - - - 337,813
Capital outlay 702,097 111,458 - 1,040,161
Debt service:

Principal retirement - 19,761 - 8,944
Interest and charges - 5,481 - 2,481
Total expenditures 8,373,162 11,826,688 - 1,389,399

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,324,727 315,248 - (2,070)
OTHER FINANCING SOURCES (USES):

Transfers out - - - -
Total other financing sources (uses) - - - -
NET CHANGES IN FUND BALANCES 2,324,727 315,248 - (2,070) FUND BALANCES (DEFICITS):

Beginning of year 23,892,609 678,104 (3,640,583) 6,035,165 End of year $ 26,217,336 $ 993,352 $ (3,640,583) $ 6,033,095 (Continued)
Capital Projects Funds
City of Corona
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2024
Special Revenue Funds
154
Capital Projects
Fund
Total
Nonmajor
Planned Local Governmental
Drainage Funds
REVENUES:

Licenses and permits $ 813,189 813,189 $
Fines and Penalties 110,238 -
Intergovernmental 16,206,827 -
Special assessments 9,169,153 -
Investment earnings 2,591,902 39,299
Current services 11,363,298 -
Other revenues 700,588 375,000
Total revenues 40,955,195 1,227,488
EXPENDITURES:

Current:

Public safety- Police 59,351 -
Public works & maintenance services 975,811 22,035,965
Community services 23,142 -
Community development 337,813 -
Capital outlay 15,826,334 5,733
Debt service:

Principal retirement 115,203 86,498
Interest and charges 31,955 23,993
Total expenditures 38,429,763 1,092,035

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 2,525,432 135,453
OTHER FINANCING SOURCES (USES):

Transfers out (1,289,243) -
Total other financing sources (uses) (1,289,243) -
NET CHANGES IN FUND BALANCES 1,236,189 135,453
FUND BALANCES (DEFICITS):

Beginning of year 56,753,576 880,443
End of year $ 57,989,765 1,015,896 $
(Concluded)
City of Corona
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2024
155
156
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 8,267,707 $ 8,429,468 $ 8,259,015 $ (170,453) Investment earnings 123,965 250,278 394,409 144,131
Other revenues - 3,053 41,304 38,251
Total revenues 8,391,672 8,682,799 8,694,728 11,929
EXPENDITURES:

Current:

Public works & maintenance services 2,488,073 2,422,445 1,539,425 883,020 Capital outlay 6,128,978 12,870,590 2,607,773 10,262,817 Total expenditures 8,617,051 15,293,035 4,147,198 11,145,837

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (225,379) (6,610,236) 4,547,530 11,157,766 OTHER FINANCING (USES):

Transfers out (1,200,000) (1,200,000) (1,289,243) (89,243) Total other financing (uses) (1,200,000) (1,200,000) (1,289,243) (89,243) NET CHANGE IN FUND BALANCE $ (1,425,379) $ (7,810,236) 3,258,287 $ 11,068,523 FUND BALANCE:

Beginning of year 9,217,256
End of year $ 12,475,543
City of Corona
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Gas Tax Special Revenue Fund
For the Year Ended June 30, 2024
157
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 5,611,000 $ 5,611,000 $ 5,677,441 $ 66,441 Investment earnings 336,406 435,688 793,385 357,697
Total revenues 5,947,406 6,046,688 6,470,826 424,138
EXPENDITURES:

Current:

Public works & maintenance services 159,362 159,362 159,362 - Capital outlay 5,711,000 20,438,655 11,352,808 9,085,847 Total expenditures 5,870,362 20,598,017 11,512,170 9,085,847 NET CHANGE IN FUND BALANCE $ 77,044 $ (14,551,329) (5,041,344) $ 9,509,985 FUND BALANCE:

Beginning of year 17,786,871
End of year $ 12,745,527
City of Corona
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Measure A Special Revenue Fund
For the Year Ended June 30, 2024
158
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 105,000 - $ $ 213,368 $ 108,368
Investment earnings 26,478 39,815 72,558 32,743
Total revenues 26,478 144,815 285,926 141,111
EXPENDITURES:

Current:

Public works & maintenance services - - 1,755 (1,755)
Community services 33,300 33,300 21,701 11,599
Capital Outlay - 69,939 6,304 63,635
Total expenditures 33,300 103,239 29,760 73,479
NET CHANGE IN FUND BALANCE $ (6,822) $ 41,576 256,166 $ 214,590 FUND BALANCE:

Beginning of year 1,727,482
End of year $ 1,983,648
City of Corona
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Trip Reduction Special Revenue Fund
For the Year Ended June 30, 2024
159
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ - $ 34,375 $ 34,375 $ -
Investment earnings 6,400 19,762 14,698 (5,064)
Total revenues 6,400 54,137 49,073 (5,064)
EXPENDITURES:

Current:

Public safety - police 66,800 137,231 59,351 77,880
Debt service:

Interest and charges 1,000 1,000 - 1,000
Total expenditures 67,800 138,231 59,351 78,880
NET CHANGE IN FUND BALANCE $ (61,400) $ (84,094) (10,278) $ 73,816 FUND BALANCE:

Beginning of year 176,229
End of year $ 165,951
City of Corona
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Asset Forfeiture Special Revenue Fund
For the Year Ended June 30, 2024
160
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Special assessments $ 9,123,049 $ 9,167,208 $ 9,169,153 $ 1,945 Investment earnings 528,418 710,974 1,282,248 571,274
Current services 69,754 74,136 17,079 (57,057)
Other revenues 20,327 115,492 229,409 113,917
Total revenues 9,741,548 10,067,810 10,697,889 630,079
EXPENDITURES:

Current:

Public works & maintenance services 8,466,664 8,741,917 7,671,065 1,070,852 Capital outlay 33,272 1,256,038 702,097 553,941
Total expenditures 8,499,936 9,997,955 8,373,162 1,624,793 NET CHANGE IN FUND BALANCE $ 1,241,612 $ 69,855 2,324,727 $ 2,254,872 FUND BALANCE:

Beginning of year 23,892,609
End of year $ 26,217,336
City of Corona
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Special Tax District Special Revenue Fund
For the Year Ended June 30, 2024
161
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 136,338 $ 507,170 $ 687,437 $ 180,267 Investment earnings (1,658) 24,269 (4,695) (28,964)
Fines and penalties 120,000 120,000 110,238 (9,762)
Current services 11,192,465 11,192,465 11,346,219 153,754 Other revenues - - 2,737 2,737
Total revenues 11,447,145 11,843,904 12,141,936 298,032 EXPENDITURES:

Current:

Public works & maintenance services 11,666,637 11,689,543 11,688,547 996 Community services - 29,499 1,441 28,058
Capital outlay 10,875 536,943 111,458 425,485
Debt service:

Principal retirement 19,761 19,761 19,761 -
Interest and charges 5,481 5,481 5,481 -
Total expenditures 11,702,754 12,281,227 11,826,688 454,539

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (255,609) (437,323) 315,248 752,571 OTHER FINANCING SOURCES:

Transfers in - 40,815 - (40,815)
Total other financing sources - 40,815 - (40,815)
NET CHANGE IN FUND BALANCE $ (255,609) $ (396,508) 315,248 $ 711,756 FUND BALANCE:

Beginning of year 678,104
End of year $ 993,352
City of Corona
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Residential Refuse Special Revenue Fund
For the Year Ended June 30, 2024
162
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental $ 700,000 $ - $ - $ -
Total revenues 700,000 - - -
EXPENDITURES:

Capital outlay - 6,451,339 - 6,451,339
Total expenditures - 6,451,339 - 6,451,339
NET CHANGE IN FUND BALANCE $ 700,000 $ (6,451,339) - $ 6,451,339 FUND BALANCE:

Beginning of year (3,640,583)
End of year $ (3,640,583)
City of Corona
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Public Facility Project Capital Projects Fund
For the Year Ended June 30, 2024
163
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Fines and penalties $ - $ - $ - $ -
Intergovernmental 1,708,303 1,708,303 1,335,191 (373,112) Current services - 184,587 - (184,587)
Other revenues - 56,069 52,138 (3,931)
Total revenues 1,708,303 1,948,959 1,387,329 (561,630)
EXPENDITURES:

Current:

Planning and development 288,963 288,963 337,813 (48,850) Capital outlay 1,547,821 7,192,967 1,040,161 6,152,806
Debt service:

Principal retirement 8,944 8,944 8,944 -
Interest and charges 2,481 2,481 2,481 -
Total expenditures 1,848,209 7,493,355 1,389,399 6,103,956 NET CHANGE IN FUND BALANCE $ (139,906) $ (5,544,396) (2,070) $ 5,542,326 FUND BALANCE (DEFICIT):

Beginning of year 6,035,165
End of year $ 6,033,095
City of Corona
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual HUD Grants Capital Projects Fund
For the Year Ended June 30, 2024
164
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Licenses and permits $ 770,000 $ 770,000 $ 813,189 $ 43,189 Investment earnings 8,455 9,872 39,299 29,427
Other revenues 375,000 375,000 375,000 -
Total revenues 1,153,455 1,154,872 1,227,488 72,616
EXPENDITURES:

Current:

Public works & maintenance services 998,156 1,000,024 975,811 24,213 Capital outlay - 352,875 5,733 347,142
Debt service:

Principal retirement 86,498 86,498 86,498 -
Interest and charges 23,993 23,993 23,993 -
Total expenditures 1,108,647 1,463,390 1,092,035 371,355 NET CHANGE IN FUND BALANCE $ 44,808 $ (308,518) 135,453 $ 443,971 FUND BALANCE:

Beginning of year 880,443
End of year $ 1,015,896
City of Corona
Schedule of Revenues, Expenditures, and Changes in Fund Balance - Budget and Actual Planned Local Drainage Capital Projects Fund
For the Year Ended June 30, 2024
165
166

NONMAJOR ENTERPRISE FUNDS
Transit Service Enterprise Fund – This fund is used to account for the operations of the City's transportation system for a fixed route and demand response service (Corona Cruiser and Dial-A-Ride) which, along with farebox revenues, and grants from the Transportation Development Act (TDA).

Airport Enterprise Fund – This fund is used to account for the operations of the City's municipal airport. The airport provides services to general aviation aircraft for recreation purposes only. It is a self-supporting activity based on rental charges and state grants.
167
168
Transit
Services Airport Total
ASSETS
Current assets:

Cash and investments 771,789 $ 1,937,662 $ 2,709,451 $
Accounts receivable 879 10,047 10,926
Interest receivable 24,038 9,195 33,233
Due from other government 273,901 - 273,901
Restricted cash and investments 580,176 - 580,176
Total current assets 1,956,904 1,650,783 3,607,687
Noncurrent assets:

Capital assets:

Capital assets, not depreciated 3,172 - 3,172
Capital assets, being depreciated, net 1,464,581 5,057 1,469,638 Total noncurrent assets 5,057 1,467,753 1,472,810
Total assets 1,961,961 3,118,536 5,080,497

DEFERRED OUTFLOWS OF RESOURCES
Pension related items 113,049 - 113,049
OPEB related items 55,158 - 55,158
Total deferred outflows of resources - 168,207 168,207

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 703,568 42,376 745,944 Accrued interest payable 2,826 - 2,826
Unearned revenue 1,005,788 140 1,005,928
Deposits payable 300 - 300
Compensated absences, due within one year 22,607 - 22,607 Long-term debt - due within one year 67,452 - 67,452
Total current liabilities 42,816 1,802,241 1,845,057
Noncurrent liabilities:

Long term liabilities, due in more than one year 753,523 - 753,523 Compensated absences, due in more than one year 9,237 - 9,237 Net pension liability 107,771 - 107,771
Net OPEB liability 182,034 - 182,034
Total non-current liabilities 1,052,565 - 1,052,565
Total liabilities 2,854,806 42,816 2,897,622

DEFERRED INFLOWS OF RESOURCES
Pension related items 1,012 - 1,012
OPEB related items 20,687 - 20,687
Total deferred inflows of resources 21,699 - 21,699

NET POSITION
Investment in capital assets 1,467,753 5,057 1,472,810
Restricted 580,176 - 580,176
Unrestricted (deficit) (1,637,691) 1,914,088 276,397
Total net position $ 1,919,145 410,238 $ 2,329,383 $
City of Corona
Combining Statement of Net Position
Nonmajor Enterprise Funds
June 30, 2024
169
Transit
Services Airport Total
OPERATING REVENUES:

Intergovernmental 2,871,477 $ - $ 2,871,477 $
Fees and permits 46,927 - 46,927
Fines and permits 25,150 - 25,150
Other revenues 458,169 59,159 517,328
Total operating revenues 505,096 2,955,786 3,460,882
OPERATING EXPENSES:

Personnel services 251,463 80,081 331,544
Contractual services 2,532,945 204 2,533,149
Materials and supplies 55,695 104,981 160,676
Utilities 10,818 184,829 195,647
Depreciation 14,297 326,095 340,392
Total operating expenses 210,381 3,351,027 3,561,408
OPERATING INCOME (LOSS) 294,715 (395,241) (100,526)
NONOPERATING REVENUES (EXPENSES):

Intergovernmental 1,692 - 1,692
Investment earnings (18,045) 66,998 48,953
Interest expense (17,571) - (17,571)
Total nonoperating revenues (expenses) (35,616) 68,690 33,074 CHANGE IN NET POSITION (430,857) 363,405 (67,452)
NET POSITION:

Beginning of the year 841,095 1,555,740 2,396,835
End of the year $ 1,919,145 410,238 $ 2,329,383 $
City of Corona
Combining Statement of Revenues, Expenses, and Changes in Net Position Nonmajor Enterprise Funds
For the Year Ended June 30, 2024
170
Transit
Service Airport Total
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from customers and users 3,648,967 $ 505,922 $ 4,154,889 $ Cash paid to suppliers for goods and services (2,913,969) (76,039) (2,990,008) Cash paid to employees for services (210,671) (79,171) (289,842) Net cash provided by operating activities 350,712 524,327 875,039 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Intergovernmental grant received 1,532 - 1,532
Principal paid on pension obligation bonds (63,615) - (63,615) Interest paid on pension obligation bonds (17,646) - (17,646) Net cash provided by (used in) noncapital financing activities 1,532 (81,261) (79,729)

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition of capital assets (3,172) - (3,172)
Net cash used in capital and related financing activities - (3,172) (3,172) CASH FLOWS FROM INVESTING ACTIVITIES:

Investment earnings 65,045 (37,559) 27,486
Net cash provided by (used in) investing activities 65,045 (37,559) 27,486 Net increase in cash and cash equivalents 417,289 402,335 819,624 CASH AND CASH EQUIVALENTS:

Beginning of year 1,520,373 949,630 2,470,003
End of year $ 1,937,662 1,351,965 $ 3,289,627 $
CASH AND CASH EQUIVALENTS:

Cash and investments 771,789 $ 1,937,662 $ 2,709,451 $
Restricted cash and investments 580,176 - 580,176
Total cash and cash equivalents $ 1,937,662 1,351,965 $ 3,289,627

RECONCILIATION OF OPERATING INCOME (LOSS) TO
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

Operating income (loss) (395,241) $ 294,715 $ (100,526) $ Adjustments to reconcile operating income to net cash
provided by operating activities:

Depreciation 326,095 14,297 340,392
Change in assets and liabilities:
(Increase) decrease in accounts receivable 2,699 986 3,685 (Increase) decrease in due from other government - 58,384 58,384 (Increase) decrease in deferred outflows of resources related to pension 21,603 - 21,603 (Increase) decrease in deferred outflows of resources related to OPEB 1,021 - 1,021 Increase (decrease) in accounts payable and accrued liabilities (139,593) 40,874 (98,719) Increase (decrease) in compensated absences (289) - (289) Increase (decrease) in unearned revenue 632,098 - 632,098 Increase (decrease) in deposits payable - (160) (160)
Increase (decrease) in net pension liability 36,683 - 36,683 Increase (decrease) in net OPEB liability (7,505) - (7,505) Increase (decrease) in deferred inflows of resources related to pension (2,886) - (2,886) Increase (decrease) in deferred inflows of resources related to OPEB (8,742) - (8,742) Total adjustments 919,568 55,997 975,565
Net cash provided by (used in) operating activities $ 350,712 524,327 $ 875,039 $ City of Corona
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the Year Ended June 30, 2024
171
172

INTERNAL SERVICE FUNDS
Fleet Operations Fund – This fund is used to account for lease of equipment to City departments as the equipment is used.

Rental charges include amounts accumulated in the fund to pay for equipment replacements as needed Workers' Compensation Self-Insurance Fund – This fund was established on December 1, 1974 at which time the City became self-insured. Claims and administrative expense are charged to this fund. Reserves are held by this fund to buffer the impact of unknown but potential losses.

Liability Risk Self-Insurance Fund – This fund is used to account for expenses in payment of claims, administrator's expense (including legal fees) and to establish reserves against future claims.

Warehouse Fund – This fund is used to account for expenses regarding distribution of inventory.

Information Technology Fund – This fund is used to account for software subscriptions, licenses, equipment, and administrative costs of the information Technology Department on behalf of the other funds. 173
Fleet Workers' Liability
Operations Compensation Risk
ASSETS
Current assets:

Cash and investments $ 5,243,996 $ 23,075,041 $ 5,010,150 Accounts receivable 12,307 45,652 -
Inventories and prepaid items 182,636 - -
Total current assets 5,438,939 23,120,693 5,010,150
Noncurrent assets:

Capital assets, not depreciated - - -
Capital assets, being depreciated, net 5,030,111 - -
Intangible asset, being amortized, net 1,014,254 - -
Total noncurrent assets 6,044,365 - -
Total assets 11,483,304 23,120,693 5,010,150

DEFERRED OUTFLOWS OF RESOURCES
Pension related items 516,795 - -
OPEB related items 357,732 - -
Total deferred outflows of resources 874,527 - -

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 1,079,100 214,449 1,808,867 Accrued interest payable 7,082 - -
Claim payable, due within one year - 3,453,914 543,347
Compensated absences, due within one year 86,028 - -
Long-term debt, due within one year 169,018 - -
Lease and SBITA payable, due within one year 106,086 - - Total current liabilities 1,447,314 3,668,363 2,352,214 Noncurrent liabilities:

Compensated absences, due more than one year - - -
Long term liabilities, due in more than one year 1,888,144 - - Lease and SBITA payable, due more than one year 272,951 - - Claim payable, due more than one year 18,608,516 - 1,575,964 Net pension liability 492,667 - -
Net OPEB liability 1,180,605 - -
Total noncurrent liabilities 3,834,367 18,608,516 1,575,964 Total liabilities 5,281,681 22,276,879 3,928,178

DEFERRED INFLOWS OF RESOURCES
Pension related items 4,626 - -
OPEB related items 134,165 - -
Total deferred inflows of resources 138,791 - -

NET POSITION
Net investment in capital assets 5,665,328 - -
Unrestricted 1,272,031 843,814 1,081,972
Total net position $ 843,814 6,937,359 $ 1,081,972 $
(Continued)
Self-Insurance
City of Corona
Combining Statement of Net Position
Internal Service Funds
June 30, 2024
174
Information
Warehouse Technology Total
ASSETS
Current assets:

Cash and investments 1,185,828 $ 11,969,860 $ 46,484,875 $ Accounts receivable - - 57,959
Inventories and prepaid items - - 182,636
Total current assets 11,969,860 1,185,828 46,725,470
Noncurrent assets:

Capital assets, not depreciated - 84,378 84,378
Capital assets, being depreciated net - 123,160 5,153,271 Intangible asset, being amortized, net 2,277,497 - 3,291,751 Total noncurrent assets 2,485,035 - 8,529,400
Total assets 14,454,895 1,185,828 55,254,870

DEFERRED OUTFLOWS OF RESOURCES
Pension related items 100,129 2,193,148 2,810,072
OPEB related items 54,629 652,024 1,064,385
Total deferred outflows of resources 2,845,172 154,758 3,874,457

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 18,364 550,341 3,671,121 Accrued interest payable 1,036 21,873 29,991
Claim payable, due within one year - - 3,997,261
Compensated absences, due within one year 3,681 240,627 330,336 Long-term debt, due within one year 24,721 522,015 715,754 Lease and SBITA payable, due within one year - 1,691,576 1,797,662 Total current liabilities 3,026,432 47,802 10,542,125
Noncurrent liabilities:

Compensated absences, due more than one year - 242,354 242,354 Long term liabilities, due in more than one year 276,167 5,831,558 7,995,869 Lease and SBITA payable, due more than one year - 218,154 491,105 Claim payable, due more than one year - 20,184,480 -
Net pension liability 95,454 2,090,754 2,678,875
Net OPEB liability 180,289 2,151,842 3,512,736
Total noncurrent liabilities 551,910 10,534,662 35,105,419 Total liabilities 599,712 13,561,094 45,647,544

DEFERRED INFLOWS OF RESOURCES
Pension related items 896 19,631 25,153
OPEB related items 20,488 244,537 399,190
Total deferred inflows of resources 21,384 264,168 424,343

NET POSITION
Net investment in capital assets - 575,305 6,240,633
Unrestricted 719,490 2,899,500 6,816,807
Total net position $ 3,474,805 719,490 $ 13,057,440 $
(Concluded)
City of Corona
Combining Statement of Net Position (Continued)
Internal Service Funds
June 30, 2024
175
Fleet Workers' Liability
Operations Compensation Risk
OPERATING REVENUES:

Service charges $ 5,565,247 $ 2,677,389 $ 5,162,069
Other revenues 858,676 - 625,000
Total operating revenues 6,423,923 2,677,389 5,787,069
OPERATING EXPENSES:

Personnel services 1,228,355 - -
Contractual services 272,223 - 1,978,712
Materials and supplies 3,205,008 63,846 -
Utilities 1,345,996 - -
Depreciation and amortization expense 1,088,450 - -
Claims and premium - 5,377,954 3,808,357
Total operating expenses 7,140,032 5,441,800 5,787,069
NET OPERATING INCOME (LOSS) (716,109) (2,764,411) -
NONOPERATING REVENUE (EXPENSES):

Interest expense (88,547) - -
Gain on sale of capital assets 78,578 - -
Total nonoperating expenses (9,969) - -

TRANSFERS
Transfers in 666,656 - -
Transfers out - - -
Total transfers 666,656 - -
CHANGE IN NET POSITION (59,422) (2,764,411) -
NET POSITION:

Beginning of the year 6,996,781 3,608,225 1,081,972
End of the year $ 843,814 6,937,359 $ 1,081,972 $
(Continued)
Self-Insurance
City of Corona
Combining Statement of Revenues, Expenses, and Changes in Net Position Internal Service Funds
For the Year Ended June 30, 2024
176
Information
Warehouse Technology Total
OPERATING REVENUES:

Service charges 529,936 $ 13,780,075 $ 27,714,716 $
Other revenues 15 - 1,483,691
Total operating revenues 13,780,090 529,936 29,198,407
OPERATING EXPENSES:

Personnel services 216,732 5,033,367 6,478,454
Contractual services 4,444,972 4 6,695,911
Materials and supplies (1,096) 1,576,323 4,844,081
Utilities 312,050 999 1,659,045
Depreciation and amortization expense - 2,335,675 3,424,125 Claims and premium - - 9,186,311
Total operating expenses 13,702,387 216,639 32,287,927
NET OPERATING INCOME (LOSS) 77,703 313,297 (3,089,520)
NONOPERATING REVENUE (EXPENSES):

Interest expense (281,159) (6,440) (376,146)
Gain on sale of capital assets - 2,361 80,939
Total nonoperating expenses (6,440) (278,798) (295,207)

TRANSFERS
Transfers in - - 666,656
Transfers out - - -
Total transfers - - 666,656
CHANGE IN NET POSITION 306,857 (201,095) (2,718,071)
NET POSITION:

Beginning of the year 412,633 3,675,900 15,775,511
End of the year $ 3,474,805 719,490 $ 13,057,440 $
(Concluded)
City of Corona
Combining Statement of Revenues, Expenses, and Changes in Net Position (Continued) Internal Service Funds
For the Year Ended June 30, 2024
177
Workers' Liability
Fleet Compensation Risk
Operations Self-Insurance Self-Insurance
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from customers and users 6,419,563 $ 2,688,110 $ 5,787,069 $ Cash paid to suppliers for goods and services (4,061,560) (72,488) (199,192) Cash paid to employees for services (1,047,333) - -
Cash paid for insurance or claims - (4,059,052) (3,397,690) Net cash provided by (used in) operating activities (1,443,430) 1,310,670 2,190,187 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Principal paid on pension obligation bonds (159,405) - - Interest paid on pension obligation bonds (44,215) - -
Intergovernmental grant received - 34,702 -
Net cash provided by (used in) noncapital financing activities - (168,918) -

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Receipt from other funds - 666,656 -
Payment to other funds - - -
Acquisition of capital assets (3,284,401) - -
Proceed from sale of capital assets 78,578 - -
Principal paid on lease and subscription payables (251,396) - - Interest paid on lease and subscription payables (44,518) - - Net cash (used in) capital and related financing activities - (2,835,081) - Net increase (decrease) in cash and cash equivalents (1,443,430) (1,693,329) 2,190,187 CASH AND CASH EQUIVALENTS:

Beginning of year 24,518,471 6,937,325 2,819,963
End of year $ 23,075,041 5,243,996 $ 5,010,150 $
NONCASH ITEMS:

Lease and subscription of intangible assets $ 244,381 $ - $ - Issuance of lease and subscription liabilities $ (244,381) $ - $ -

RECONCILIATION OF OPERATING LOSS TO
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

Operating income (loss) $ (716,109) $ (2,764,411) $ -
Adjustments to reconcile operating loss to net cash
provided by (used in) operating activities:

Depreciation and amortization 1,088,450 - -
Change in assets and liabilities:
(Increase) decrease in accounts receivable (4,360) 10,721 - (Increase) decrease in inventories and prepaid items 14,530 - - (Increase) decrease in pension related deferred outflows of resources 117,271 - - (Increase) decrease in OPEB related deferred outflows of resources 6,623 - - Increase (decrease) in accounts payable and accrued liabilities 749,393 (8,642) 1,779,520 Increase (decrease) in claims payable 1,318,902 - 410,667 Increase (decrease) in compensated absences 16,059 - -
Increase (decrease) in net pension liability 157,917 - - Increase (decrease) in net OPEB liability (48,670) - -
Increase (decrease) in pension related deferred inflows of resources (13,731) - - Increase (decrease) in OPEB related deferred inflows of resources (56,703) - - Total adjustments 2,026,779 1,320,981 2,190,187
Net cash provided by (used in) operating activities $ (1,443,430) 1,310,670 $ 2,190,187 $ City of Corona
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2024
Governmental Activities - Internal Service Funds
178
Information
Warehouse Technology Total
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from customers and users 529,936 $ 13,780,225 $ 29,204,903 $ Cash paid to suppliers for goods and services 12,612 (5,993,452) (10,314,080) Cash paid to employees for services (189,997) (4,247,491) (5,484,821) Cash paid for insurance or claims - - (7,456,742)
Net cash provided by (used in) operating activities 3,539,282 352,551 5,949,260 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Principal paid on pension obligation bonds (23,315) (492,322) (675,042) Interest paid on pension obligation bonds (6,467) (216,196) (266,878) Intergovernmental grant received - - 34,702
Net cash provided by (used in) noncapital financing activities (29,782) (708,518) (907,218)

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Receipt from other funds - - 666,656
Payment to other funds - - -
Acquisition of capital assets - (61,956) (3,346,357)
Proceed from sale of capital assets - 2,361 80,939
Principal paid on lease and subscription payables (2,125,852) - (2,377,248) Interest paid on lease and subscription payables - (145,176) (189,694) Net cash (used in) capital and related financing activities (2,330,623) - (5,165,704) Net increase (decrease) in cash and cash equivalents 500,141 322,769 (123,662) CASH AND CASH EQUIVALENTS:

Beginning of year 11,469,719 863,059 46,608,537
End of year $ 11,969,860 1,185,828 $ 46,484,875 $
NONCASH ITEMS:

Lease and subscription of intangible assets $ - $ 592,660 $ 837,041 Issuance of lease and subscription liabilities $ - $ (592,660) $ (837,041)

RECONCILIATION OF OPERATING LOSS TO
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES:

Operating income (loss) $ 313,297 $ 77,703 $ (3,089,520) Adjustments to reconcile operating loss to net cash
provided by (used in) operating activities:

Depreciation and amortization - 2,335,675 3,424,125
Change in assets and liabilities:
(Increase) decrease in accounts receivable - 135 6,496
(Increase) decrease in inventories and prepaid items - - 14,530 (Increase) decrease in pension related deferred outflows of resources 1,208 (41,083) 77,396 (Increase) decrease in OPEB related deferred outflows of resources 1,011 12,072 19,706 Increase (decrease) in accounts payable and accrued liabilities 13,964 360,771 2,895,006 Increase (decrease) in claims payable - - 1,729,569
Increase (decrease) in compensated absences (752) 74,152 89,459 Increase (decrease) in net pension liability 41,954 954,590 1,154,461 Increase (decrease) in net OPEB liability (7,434) (88,709) (144,813) Increase (decrease) in pension related deferred inflows of resources (2,038) (42,674) (58,443) Increase (decrease) in OPEB related deferred inflows of resources (8,659) (103,350) (168,712) Total adjustments 39,254 3,461,579 9,038,780
Net cash provided by (used in) operating activities $ 3,539,282 352,551 $ 5,949,260 $ Governmental Activities - Internal Service Funds
City of Corona
Combining Statement of Cash Flows (Continued)
Internal Service Funds
For the Year Ended June 30, 2024
179
180

STATISTICAL SECTION
181
182
Contents Page
1 Net Position by Component 184
2 Changes in Net Position 186
3 Fund Balances – Governmental Funds 190
4 Changes in Fund Balances – Governmental Funds 192
5a Water Sales By User Type 194
5b Assessed Value and Actual Value of Taxable Property 195 6a Potable Water Rates 197
6b Reclaimed Water Rates 198
6c Direct and Overlapping Property Tax Rates 199
7a Principal Water Customers 200
7b Principal Property Tax Payers 201
8 Property Tax Levies and Collections 203
9 Ratios of Outstanding Debt by Type 204
10 Ratios of Net General Bonded Debt Outstanding 207
11 Direct and Overlapping Governmental Activities Debt 208 12 Legal Debt Margin Information 210
13 Pledged-Revenue Coverage 212
14 Demographic and Economic Statistics 215
15 Principal Employers 216
16 Full-time Equivalent City Government Employees by Function/Program 217 17 Operating Indicators by Function/Program 218
18 Capital Assets Statistics by Function/Program 220
These schedules contain service and infrastructure data to help readers understand how the information in the City's financial report relates to the services the City provides and the activities it performs.

City of Corona
Statistical Section Overview
(Unaudited)
This part of the City of Corona's annual comprehensive financial report presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information says about the City's overall financial health.

These schedules contain information to help the reader to understand how the City's financial performance and well-being have changed over time.

Financial Trends
Revenue Capacity
Debt Capacity
Demographic and Economic Information
Operating Information
These schedules contain information to help the reader assess the City's most significant own-source revenue.

These schedules contain information to help readers to assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future.

These schedules offer demographic and economic indicators to help readers to understand the environment within which the City's financial activities take place.
183
2024 2023 2022 2021 2020
Governmental Activities
Net Investment in Capital Assets $ 845,284,685 $ 805,911,955 $ 774,605,309 $ 751,014,897 $ 715,567,718 Restricted for:

Capital Projects 42,247,174 43,106,386 37,622,892 30,373,703 30,073,897 Pension 46,473,646 35,415,224 30,102,382 - -
Debt Service 10,184 14,024 124 8,627,925 6
Transportation and Public Works 28,198,070 29,409,713 28,902,625 29,395,576 21,690,954 Special Assessment District 26,217,336 23,892,609 28,773,861 24,246,859 11,617,840 Development Projects 18,800,071 17,719,706 17,413,190 16,303,526 23,608,622 Community Development Projects 6,033,095 6,035,165 6,012,278 6,194,799 6,594,350 Other Purposes 2,242,981 283,659 540,572 565,368 350,132 Total Restricted 170,222,557 155,876,486 149,367,924 107,079,837 102,563,720 Unrestricted 85,199,675 72,780,934 52,930,786 38,917,327 45,153,818 Total Governmental Activities Net Position 1,100,706,917 $ $ 1,034,569,375 $ 976,904,019 $ 897,012,061 $ 863,285,256 Business-Type Activities
Net Investment in Capital Assets $ 387,584,719 $ 371,608,006 $ 365,081,077 $ 362,609,521 $ 348,173,650 Restricted for:

Capital Projects - - - 6,735,454 -
Debt Service 508,203 526,057 509,441 509,441 -
Transportation and Public Works 580,176 52,127 255,544 366,440 377,421 Development Projects 855,624 855,624 855,624 855,624 792,804 Total Restricted 1,944,003 1,433,808 1,620,609 1,731,505 7,905,679 Unrestricted (46,228,241) (44,211,868) (66,552,586) (70,513,075) (79,890,157) Total Business-Type Activities Net Position 343,300,481 $ $ 328,829,946 $ 300,149,100 $ 293,827,951 $ 276,189,172 Primary Government
Net Investment in Capital Assets $ 1,232,869,404 $ 1,177,519,961 $ 1,139,686,386 $ 1,113,624,418 $ 1,063,741,368 Restricted 172,166,560 157,310,294 150,988,533 108,811,342 110,469,399 Unrestricted 38,971,434 28,569,066 (13,621,800) (31,595,748) (34,736,339) Total Primary Government Net Position 1,444,007,398 $ $ 1,363,399,321 $ 1,277,053,119 $ 1,190,840,012 $ 1,139,474,428 Fiscal Year
City of Corona
Schedule 1
Net Position by Component
Last Ten Fiscal Years (accrual basis of accounting)
184
2019 2018 2017 2016 2015
Governmental Activities
Net Investment in Capital Assets $ 690,776,881 $ 661,445,807 $ 638,468,424 $ 618,953,633 $ 587,861,831 Restricted for:

Capital Projects 34,034,394 35,250,894 26,832,918 24,440,919 23,435,434 Pension - - - - -
Debt Service 6,490,959 5,100,103 3,439,357 2,416,841 2,653,417 Transportation and Public Works 22,272,787 18,493,153 16,363,749 15,401,285 19,206,895 Special Assessment District 12,625,790 11,114,013 14,377,296 17,074,793 15,602,868 Development Projects 21,365,909 9,137,699 5,276,971 8,866,182 5,939,085 Community Development Projects
Other Purposes 382,770 309,562 725,421 514,174 560,289
Total Restricted 97,172,609 79,405,424 68,714,194 67,397,988 69,921,177 Unrestricted 34,147,614 23,749,730 96,234,263 90,173,729 270,365,217 Total Governmental Activities Net Position 822,097,104 $ $ 764,600,961 $ 783,902,090 $ 745,433,548 $ 897,600,470 Business-Type Activities
Net Investment in Capital Assets $ 346,111,296 $ 334,581,059 $ 324,512,188 $ 312,540,296 $ 286,045,985 Restricted for:

Capital Projects 6,735,454 6,735,454 6,735,454 7,205,941 6,898,174 Debt Service - - - 6,061,277 -
Transportation and Public Works 369,860 261,195 697,391 611,272 830,088 Development Projects 792,804
Total Restricted 7,898,118 6,996,649 7,817,213 13,789,539 18,911,848 Unrestricted (95,417,283) (111,330,380) (96,745,399) (92,820,840) (91,326,475) Total Business-Type Activities Net Position 258,592,131 $ $ 230,247,328 $ 223,612,110 $ 207,014,684 $ 202,803,803 Primary Government
Net Investment in Capital Assets $ 1,036,888,177 $ 996,026,866 $ 962,980,612 $ 931,493,929 $ 873,907,816 Restricted 105,070,727 86,402,073 74,448,557 76,531,407 81,187,527 Unrestricted (61,269,669) (87,580,650) 20,341,732 (511,136) (2,647,111) Total Primary Government Net Position 1,080,689,235 $ $ 994,848,289 $ 1,057,770,901 $ 1,007,514,200 $ 952,448,232 Fiscal Year
City of Corona
Schedule 1
Net Position by Component (Continued)
Last Ten Fiscal Years (accrual basis of accounting)
185
2024 2023 2022 2021 2020
Expenses
Governmental Activities:

General Government $ 55,837,152 $ 42,003,289 $ 35,184,855 $ 37,567,629 $ 35,158,626 Public Safety - Fire 36,651,843 59,329,187 31,961,693 32,592,271 29,429,998 Public Safety - Police 70,151,308 60,018,129 46,544,729 49,673,632 45,363,320 Public Works & Maintenance Services 45,274,584 33,911,619 51,021,619 42,862,546 47,417,239 Communiy Services (**) 21,721,934 18,724,859 3,969,626 3,863,503 3,720,964 Planning and Development (**) 11,148,793 9,928,888 5,081,650 6,404,617 5,179,409 Economic Development 1,355,186 1,303,084 1,200,606 651,741 219,500 Interest and Charges 6,198,268 4,841,729 3,857,494 1,125,253 1,239,678 Total Governmental Activities Expenses $ 230,060,784 248,339,068 $ 178,822,272 $ 174,741,192 $ 167,728,734 $ Business-Type Activities:

Water 68,332,076 60,671,831 63,431,423 61,436,086 59,032,333 Sewer 36,539,999 33,600,749 31,913,449 27,651,867 28,852,053 Electric 15,731,782 18,276,874 15,553,202 14,557,426 15,159,666 Transit Services 3,368,598 3,357,530 2,906,505 2,563,422 2,972,289 Airport 210,381 224,270 458,143 187,251 150,703
Total Business-Type Activities Expenses 124,182,836 116,131,254 114,262,722 106,396,052 106,167,044 Total Primary Government Expenses $ 346,192,038 372,521,904 $ 293,084,994 $ 281,137,244 $ 273,895,778 $ Program Revenues
Governmental Activities:

Charges for Services:

General Government (*) 6,983,111 6,661,052 6,179,740 5,908,573 4,942,880 Public Safety - Fire 4,710,511 4,493,877 3,952,023 3,889,503 4,048,936 Public Safety - Police 2,514,886 1,812,973 2,402,592 2,112,639 2,274,242 Public Works & Maintenance Services 11,562,298 14,061,014 14,764,111 13,536,491 14,552,360 Communiy Services (**) 2,932,771 2,774,611 2,190,731 867,243 1,919,806 Planning and Development (**) 7,200,962 5,646,101 4,592,172 5,605,810 4,084,790 Economic Development - - - - -
Operating Grants and Contributions 45,632,850 34,969,870 37,521,201 33,382,020 17,568,917 Capital Grants and Contributions 26,069,013 22,824,536 19,861,094 19,254,389 36,780,592 Total Governmental Activities Program Revenues 107,606,402 93,244,034 91,463,664 84,556,668 86,172,523 Business-Type activities:

Charges for Services:

Water 65,343,993 80,554,287 64,960,384 65,486,307 55,238,024 Sewer 34,783,423 35,209,947 34,027,929 34,562,829 30,984,409 Electric 18,337,177 17,882,717 17,554,503 16,484,158 16,346,238 Transit Services 84,309 94,181 246,155 63,382 297,111
Airport 505,096 480,645 434,761 591,652 398,281
Operating Grants and Contributions 9,341,926 2,966,466 5,062,788 2,226,923 2,185,674 Capital Grants and Contributions 2,788,273 4,182,457 1,894,007 4,146,239 6,004,436 Total Business-Type Activities Program Revenues 131,184,197 141,370,700 124,180,527 123,561,490 111,454,173 Total Primary Government Program Revenues $ 234,614,734 238,790,599 $ 215,644,191 $ 208,118,158 $ 197,626,696 $ City of Corona
Schedule 2
Changes in Net Position
Last Ten Fiscal Years (accrual basis of accounting)
Fiscal Year
186
2019 2018 2017 2016 2015
Expenses
Governmental Activities:

General Government $ 33,591,975 $ 21,282,982 $ 28,273,481 $ 27,435,359 $ 24,481,334 Public Safety - Fire 29,004,569 29,892,569 26,004,329 24,447,062 24,052,304 Public Safety - Police 51,665,087 52,237,558 47,773,812 44,341,895 42,939,535 Public Works & Maintenance Services 41,082,525 38,699,371 35,763,511 39,647,786 33,544,227 Communiy Services (**) 4,301,828 3,815,661 5,281,168 6,463,940 6,559,251 Planning and Development (**) 4,666,834 3,691,471 4,736,871 5,933,581 3,806,766 Economic Development 391,110 329,276 4,927,998 4,422,141 3,107,755 Interest and Charges 1,347,268 1,398,132 1,034,468 1,910,542 2,016,105 Total Governmental Activities Expenses $ 151,347,020 166,051,196 $ 153,795,638 $ 154,602,306 $ 140,507,277 $ Business-Type Activities:

Water 54,241,684 66,216,277 52,922,440 51,177,312 55,714,372 Sewer 28,218,102 31,543,999 24,258,766 25,004,508 26,500,708 Electric 15,597,164 16,913,151 15,559,948 20,082,535 15,192,888 Transit Services 3,153,161 3,391,384 2,826,701 2,732,394 2,477,893 Airport 180,033 146,287 166,860 197,702 282,969
Total Business-Type Activities Expenses 101,390,144 118,211,098 95,734,715 99,194,451 100,168,830 Total Primary Government Expenses $ 269,558,118 267,441,340 $ 249,530,353 $ 253,796,757 $ 240,676,107 $ Program Revenues
Governmental Activities:

Charges for Services:

General Government (*) 7,377,481 10,394,661 18,216,829 18,556,870 20,774,890 Public Safety - Fire 4,914,360 5,076,947 4,087,577 3,679,300 3,142,720 Public Safety - Police 2,282,448 2,172,690 1,090,884 1,082,045 1,065,181 Public Works & Maintenance Services 17,033,637 15,271,111 15,757,571 15,708,292 20,011,693 Communiy Services (**) 2,882,270 2,582,847 1,690,619 1,481,845 1,014,872 Planning and Development (**) 4,868,485 3,718,706 2,112,169 2,116,832 2,420,301 Economic Development - - - - -
Operating Grants and Contributions 17,177,545 15,235,243 13,607,731 13,468,867 11,780,932 Capital Grants and Contributions 46,130,203 32,940,776 23,356,504 40,508,675 27,197,609 Total Governmental Activities Program Revenues 102,666,429 87,392,981 79,919,884 96,602,726 87,408,198 Business-Type activities:

Charges for Services:

Water 56,486,220 56,153,664 51,435,658 48,753,278 52,620,052 Sewer 31,394,607 31,114,187 31,271,134 30,755,583 30,735,952 Electric 16,971,319 17,772,585 16,789,626 17,057,728 16,760,206 Transit Services 364,025 359,652 445,604 427,417 432,281 Airport 341,505 265,996 298,868 272,217 288,820
Operating Grants and Contributions 1,813,204 3,195,967 2,876,392 5,116,662 4,160,035 Capital Grants and Contributions 6,915,473 4,992,185 13,061,722 6,954,812 13,485,750 Total Business-Type Activities Program Revenues 114,286,353 113,854,236 116,179,004 109,337,697 118,483,096 Total Primary Government Program Revenues $ 201,247,217 216,952,782 $ 196,098,888 $ 205,940,423 $ 205,891,294 $ (Continued)
* For 2016 and prior, General Government's program revenue was restated to reclassify Lease and Rental Income from General Revenues to Program Revenues ** The City had reorganization in fiscal year 2021-22, Community Development became Planning and Development while Library and Recreation Services became Community Services.

City of Corona
Schedule 2
Changes in Net Position (Continued)
Last Ten Fiscal Years (accrual basis of accounting)
Fiscal Year
187
2024 2023 2022 2021 2020
Net (Expense)/Revenue
Governmental Activities $ (140,732,666) $ (136,816,750) $ (87,358,608) $ (90,184,524) $ (81,556,211) Business-Type Activities 7,001,361 25,239,446 9,917,805 17,165,438 5,287,129 Total Primary Government Net Expense $ (111,577,304) (133,731,305) $ (121,801,454) $ (73,019,086) $ (76,269,082) $ General Revenues and
Other Changes in Net Position
Governmental Activities:

Taxes
Property Taxes 63,338,213 $ 61,085,887 $ 55,400,381 $ 52,583,004 $ 50,397,965 $ Sales and Use Tax 97,709,068 101,136,363 89,912,163 44,752,843 39,657,924 Other Taxes 15,166,752 13,376,528 12,562,342 11,213,308 10,369,076 Total taxes 176,214,033 175,598,778 157,874,886 108,549,155 100,424,965 Investment Earnings 21,705,154 10,613,780 (1,537,234) 972,402 10,810,066 Miscellaneous 8,951,022 8,269,548 7,519,310 12,065,796 12,544,603 Unrestricted Grants and Contributions - - - - -
Gain/(Loss) on Sale of Capital Asset - - 120,753 158,800 - Extraordinary Items - - - - -
Transfers - - 109,748 (52,902) (706,869)
Special Items - - - - -
Total Governmental Activities 206,870,209 194,482,106 164,087,463 121,693,251 123,072,765 Business-Type Activities:

Investment Earnings 7,469,174 3,441,400 (3,486,908) 684,844 6,237,118 Other Income - - - - 4,001,432
Gain/(Loss) on Sale of Capital Asset - - - - -
Transfers - - 52,902 (109,748) 706,869
- - - - 2,052,000
Total Business-Type Activities 7,469,174 3,441,400 (3,596,656) 737,746 12,997,419 Total Primary Government $ 197,923,506 214,339,383 $ 160,490,807 $ 122,430,997 $ 136,070,184 $ Change in Net Position
Governmental Activities 66,137,543 $ 57,665,356 $ 76,728,855 $ 31,508,727 $ 41,516,554 $ Business-Type Activities 14,470,535 28,680,846 6,321,149 17,903,184 18,284,548 Total Primary Government $ 86,346,202 80,608,078 $ 83,050,004 $ 49,411,911 $ 59,801,102 $ (Continued)
Extraordinary Item - Impairment of
Capital Asset
City of Corona
Schedule 2
Changes in Net Position (Continued)
Last Ten Fiscal Years (accrual basis of accounting)
Fiscal Year
188
2019 2018 2017 2016 2015
Net (Expense)/Revenue
Governmental Activities $ (63,384,767) $ (63,954,039) $ (73,875,754) $ (57,999,580) $ (53,099,079) Business-Type Activities 12,896,209 (4,356,862) 20,444,289 10,143,246 18,314,266 Total Primary Government Net Expense $ (68,310,901) (50,488,558) $ (53,431,465) $ (47,856,334) $ (34,784,813) $ General Revenues and
Other Changes in Net Position
Governmental Activities:

Taxes
Property Taxes 48,123,700 $ 45,646,490 $ 43,059,232 $ 42,156,726 $ 38,656,150 $ Sales and Use Tax 44,125,758 38,118,548 41,145,616 39,663,795 36,608,600 Other Taxes 11,640,957 10,490,863 9,565,580 9,349,800 10,566,662 Total taxes 103,890,415 94,255,901 93,770,428 91,170,321 85,831,412 Investment Earnings 9,042,370 540,824 623,227 3,172,905 1,988,557 Miscellaneous 11,764,807 13,123,627 6,892,170 4,765,043 3,686,771 Unrestricted Grants and Contributions - - - - -
Gain/(Loss) on Sale of Capital Asset - - - - -
Extraordinary Items - - - - 5,054,583
Transfers (1,896,122) (2,744,512) 44,970 14,540
Special Items 3,037,670 - - - -
Total Governmental Activities 122,801,470 108,213,510 101,330,795 99,122,809 96,561,323 Business-Type Activities:

Investment Earnings 5,010,211 334,927 199,758 1,839,114 862,948 Other Income 8,542,261 4,887,538 479,465 45,168 493
Gain/(Loss) on Sale of Capital Asset - - - - (10,207)
Transfers 1,896,122 2,744,512 (44,970) (14,540) -
- - - - -
Total Business-Type Activities 15,448,594 7,966,977 634,253 1,869,742 853,234 Total Primary Government $ 116,180,487 138,250,064 $ 101,965,048 $ 100,992,551 $ 97,414,557 $ Change in Net Position
Governmental Activities 59,416,703 $ 44,259,471 $ 27,455,041 $ 41,123,229 $ 43,462,244 $ Business-Type Activities 28,344,803 3,610,115 21,078,542 12,012,988 19,167,500 Total Primary Government $ 47,869,586 87,761,506 $ 48,533,583 $ 53,136,217 $ 62,629,744 $ (Concluded)
Extraordinary Item - Impairment of
Capital Asset
City of Corona
Schedule 2
Changes in Net Position (Continued)
Last Ten Fiscal Years (accrual basis of accounting)
Fiscal Year
189
2024 2023 2022 2021 2020
General Fund
Nonspendable $ 181,097,329 $ 181,343,271 $ 187,583,529 $ 19,804,579 $ 22,787,534 Restricted 46,483,830 35,429,248 30,102,506 6 -
Committed 58,382,920 52,915,998 48,121,481 42,939,942 41,987,810 Assigned 88,364,753 76,964,148 55,140,510 60,053,636 62,449,057 Unassigned 24,875,671 18,602,355 221,995 - -
Total General Fund $ 399,204,503 $ 365,255,020 $ 321,170,021 $ 122,798,163 $ 127,224,401 All Other Governmental Funds
Nonspendable $ - $ - $ - $ - $ -
Restricted 122,691,535 118,483,309 112,789,005 104,416,319 102,563,720 Assigned 1,015,896 880,443 638,647 558,505 493,812
Unassigned (3,640,583) (4,580,345) (8,304,147) (3,301,897) (192,005) Total all other Govermental Funds $ 120,066,848 $ 114,783,407 $ 105,123,505 $ 101,672,927 $ 102,865,527 Fiscal Year
City of Corona
Schedule 3
Fund Balances – Governmental Funds
Last Ten Fiscal Years (modified accrual basis of accounting) 190
2019 2018 2017 2016 2015
General Fund
Nonspendable $ 26,492,072 $ 31,465,340 $ 33,241,909 $ 34,124,977 $ 24,378,784 Restricted - - - - -
Committed 39,899,272 36,247,833 33,898,271 33,511,464 23,815,795 Assigned 55,495,036 40,855,061 41,979,112 33,141,625 50,696,555 Unassigned - - - - -
Total General Fund $ 121,886,380 $ 108,568,234 $ 109,119,292 $ 100,778,066 $ 98,891,134 All Other Governmental Funds
Nonspendable $ - $ - $ - $ 18,926,818 - $
Restricted 97,172,609 79,405,424 66,631,585 59,493,942 42,982,365 Assigned 396,813 389,356 432,652 9,428,541 5,825,674
Unassigned (48,500) (48,501) (48,525) (85,423) (151,869) Total all other Govermental Funds $ 97,520,922 $ 79,746,279 $ 67,015,712 $ 68,837,060 $ 67,582,988 Fiscal Year
City of Corona
Schedule 3
Fund Balances – Governmental Funds (Continued)
Last Ten Fiscal Years (modified accrual basis of accounting) 191
2024 2023 2022 2021 2020
Revenues:

Property Taxes $ 64,969,085 $ 61,085,887 $ 55,400,381 $ 52,583,004 $ 49,470,941 Sales Taxes 97,709,068 101,136,363 89,912,163 44,752,843 39,657,924 Other Taxes 15,166,752 13,255,986 12,562,342 11,213,308 10,369,076 Licenses, Fees and Permits 4,684,253 4,696,217 6,577,476 5,469,660 4,459,005 Fines and Penalties 1,531,096 1,535,485 1,181,815 790,144 1,183,944 Special Assessments 9,946,467 9,706,838 9,432,946 9,203,891 8,906,312 Investment Earnings 22,178,016 7,399,104 (5,003,021) 1,490,406 10,810,066 Intergovernmental Revenues 53,233,221 47,683,385 32,729,863 38,145,769 27,400,952 Current Services 25,188,659 25,180,987 23,562,912 21,619,934 21,047,563 Payments in Lieu of Services 6,524,090 6,251,709 6,212,499 5,796,335 4,734,340 Other Revenues 15,268,645 12,471,005 17,116,969 13,735,817 30,985,010 Total Revenues 316,399,352 290,402,966 249,686,345 204,801,111 209,025,133 Expenditures:

General Government 47,726,698 41,210,177 56,625,834 37,706,387 34,223,230 Community Development - - -
Public Safety - Fire 33,413,124 30,850,827 88,966,232 29,921,638 25,727,486 Public Safety - Police 54,559,931 48,860,334 161,926,977 48,530,984 47,307,419 Public Works & Maintenance Services 26,667,991 25,411,031 48,988,071 34,447,957 38,963,202 Community Services (*) 17,931,015 17,285,486 14,401,529 4,537,236 5,058,205 Planning and Development (*) 9,770,464 9,284,984 12,786,610 6,572,646 5,703,942 Economic Development 1,141,158 1,158,528 2,369,713 689,231 264,656 Capital Outlay 61,089,996 40,724,348 39,909,543 43,682,940 35,810,526 Debt Service
Principal 18,301,424 16,872,858 17,173,832 3,006,263 2,905,509 Interest and Fiscal Charges 6,365,228 4,999,492 3,338,137 1,271,765 1,343,061 Total Expenditures 276,967,029 236,658,065 446,486,478 210,367,047 197,307,236 Excess of Revenues Over/(Under) Expenditures 39,432,323 53,744,901 (196,800,133) (5,565,936) 11,717,897 Other Financing Sources/(Uses)
Issuance of Debt 467,257 225,994,225 - - -
Principal Retirement - - - - -
Bond Premium - - - - -
Issuance of Leases - - - - -
Transfers In 1,289,243 1,536,125 1,467,597 1,274,306 2,508,422 Transfers Out (1,955,899) (1,536,125) (1,467,597) (1,327,208) (3,215,291) Total Other Financing Sources/(Uses) (199,399) 225,994,225 - (52,902) (706,869) Extraordinary Items - - - - -
Special Items - - - - -
Net Change in Fund Balances $ 39,232,924 $ 53,744,901 $ 29,194,092 $ (5,618,838) $ 11,011,028 Debt Service as a Percentage of
Non-capital Expenditures 11.4% 11.2% 5.0% 2.6% 2.6%
* The City had reorganization in fiscal year 2021-22, Community Development became Planning and Development while Library and Recreation Services became Community Services.

Fiscal Year
City of Corona
Schedule 4
Changes in Fund Balances – Governmental Funds
Last Ten Fiscal Years (modified accrual basis of accounting) 192
2019 2018 2017 2016 2015
Revenues:

Property Taxes $ 47,994,974 $ 45,775,246 $ 43,170,396 $ 42,175,687 $ 38,896,950 Sales Taxes 44,125,758 38,118,548 41,145,616 39,663,796 38,565,868 Other Taxes 10,806,717 10,443,823 9,421,375 9,255,961 7,598,684 Licenses, Fees and Permits 14,334,965 6,530,878 5,682,991 7,947,593 9,599,549 Fines and Penalties 1,260,265 1,243,873 1,467,593 1,338,341 1,041,887 Special Assessments 8,599,669 8,518,569 8,281,089 8,801,035 9,438,713 Investment Earnings 9,042,370 540,761 623,227 3,169,381 1,988,557 Intergovernmental Revenues 23,459,273 19,642,952 26,038,928 41,588,677 27,601,255 Current Services 21,810,063 21,536,206 19,260,514 18,375,839 17,276,984 Payments in Lieu of Services 7,732,356 9,973,782 10,113,191 10,202,448 12,638,674 Other Revenues 38,087,702 35,312,655 14,111,953 13,314,649 15,300,761 Total Revenues 227,254,112 197,637,293 179,316,873 195,833,407 179,947,882 Expenditures:

General Government 32,612,219 33,897,611 25,520,135 25,200,855 21,735,399 Community Development - - - - -
Public Safety - Fire 25,393,135 26,668,495 25,855,247 25,894,695 24,874,714 Public Safety - Police 45,914,260 47,426,516 46,885,033 45,080,687 41,966,882 Public Works & Maintenance Services 33,876,327 32,492,756 27,172,763 33,621,625 27,777,052 Community Services (*) 5,140,160 5,153,298 5,197,923 4,669,898 4,677,992 Planning and Development (*) 5,249,767 4,807,968 4,816,552 5,953,143 3,829,120 Economic Development 444,925 421,117 4,930,642 4,422,141 3,107,755 Capital Outlay 38,969,422 35,320,776 30,579,173 43,444,050 34,342,416 Debt Service
Principal 2,814,099 3,324,719 2,853,939 2,800,122 3,672,900 Interest and Fiscal Charges 1,445,283 1,533,230 1,408,493 1,953,345 2,064,757 Total Expenditures 191,859,597 191,046,486 175,219,900 193,040,561 168,048,987 Excess of Revenues Over/(Under) Expenditures 35,394,515 6,590,807 4,096,973 2,792,846 11,898,895 Other Financing Sources/(Uses)
Issuance of Debt - 24,520,000 - - -
Principal Retirement - (27,212,450) - - -
Bond Premium - 2,974,564 - - -
Issuance of Leases 1,403,261 - - -
Transfers In 1,382,903 5,533,474 6,291,621 2,588,851 2,315,815 Transfers Out (3,764,070) (6,296,428) (5,677,217) (1,987,900) (1,739,145) Total Other Financing Sources/(Uses) (2,381,167) 640,307 896,518 600,951 576,670 Extraordinary Items - - - - -
Special Items 3,037,670 - - - -
Net Change in Fund Balances $ 33,013,348 $ 10,268,784 $ 4,993,491 $ 3,393,797 $ 12,475,565 Debt Service as a Percentage of
Non-capital Expenditures 2.8% 3.1% 2.9% 3.2% 4.3%
* The City had reorganization in fiscal year 2021-22, Community Development became Planning and Development while Library and Recreation Services became Community Services.

Fiscal Year
City of Corona
Schedule 4
Changes in Fund Balances – Governmental Funds (Continued) Last Ten Fiscal Years (modified accrual basis of accounting) 193
Fiscal
Year Agricultural,
Ended Irrigation
June 30 and Other
Acre % of Acre % of Acre % of Acre % of Acre % of Acre Feet % Feet Total Feet Total Feet Total Feet Total Feet Total Total Total 2015 21,621 63.0 3,024 8.8 1,090 3.2 510 1.5 8,061 23.5 34,306 100.0 2016 18,876 62.9 2,726 9.1 958 3.2 391 1.3 7,054 23.5 30,005 100.0 2017 19,668 65.0 2,814 9.3 998 3.3 383 1.3 6,412 21.2 30,275 100.0 2018 21,703 63.6 2,884 8.5 1,092 3.2 400 1.2 8,020 23.5 34,099 100.0 2019 19,981 63.6 2,711 8.6 1,031 3.3 353 1.1 7,324 23.3 31,400 100.0 2020 21,340 65.5 2,645 8.1 1,012 3.1 361 1.1 7,246 22.2 32,604 100.0 2021 22,864 65.8 2,630 7.6 1,054 3.0 362 1.0 7,856 22.6 34,766 100.0 2022 22,125 65.2 2,773 8.2 1,005 3.0 399 1.2 7,625 22.5 33,927 100.0 2023 19,474 65.6 2,547 8.6 833 2.8 365 1.2 6,474 21.8 29,693 100.0 2024 19,451 65.4 2,358 7.9 805 2.7 374 1.3 6,757 22.7 29,745 100.0 Note: 1) Amounts include reclaimed water sales.

Source: Corona Department of Water and Power
City of Corona
Schedule 5a
Water Sales By User Type
1 Last Ten Fiscal Years
Residential Commercial Industrial Public Agency Total
194
Fiscal Year Less: Total Taxable Total
Ended Residential Commercial Industrial Tax Exempt Assessed Direct Tax June 30 Property Property Property Other Property Value Rate 2015 11,717,313 2,165,931 2,215,181 1,501,930 301,090 17,299,265 1.0000 2016 12,263,772 2,245,287 2,304,917 1,589,670 354,324 18,049,322 1.0000 2017 12,889,324 2,271,239 2,344,708 1,626,588 335,878 18,795,981 1.0000 2018 13,784,933 2,348,687 2,457,625 1,681,325 360,006 19,912,564 1.0000 2019 14,411,691 2,617,996 2,620,278 1,680,616 359,344 20,971,237 1.0000 2020 15,133,389 2,736,983 2,708,635 1,764,358 481,982 21,861,383 1.0000 2021 15,997,437 2,826,228 2,952,503 1,794,076 486,611 23,083,633 1.0000 2022 16,890,158 2,810,127 3,093,455 1,736,378 486,557 24,043,561 1.0000 2023 18,326,812 2,963,556 3,625,711 1,814,071 475,249 26,254,901 1.0000 2024 19,327,734 3,143,086 4,171,874 1,958,329 546,714 28,054,309 1.0000 Source: HdL Coren & Cone, Riverside County Assessor Combined Tax Rolls Note: Property in the City is reassessed each year. Property is assessed at actual value; therefore, the assessed values are equal to the actual value. Tax rates are per $1,000 of assessed value.

City of Corona
Schedule 5b
Assessed Value and Actual Value of Taxable Property
Last Ten Fiscal Years (in thousands of dollars)
195
196
Monthly Base Rates
Ready-To-Serve Charge
Fiscal Year12 5/8" 3/4" 1" 1 1/2" 2" 3" 4" 6" 8"
2015 2.10 3 19.23 25.23 36.09 62.90 91.80 156.91 241.02 442.64 651.04 2016 2.10 3 19.23 25.23 36.09 62.90 91.80 156.91 241.02 442.64 651.04 2017 2.10 3 19.23 25.23 36.09 62.90 91.80 156.91 241.02 442.64 651.04 2018 2.10 3 19.23 25.23 36.09 62.90 91.80 156.91 241.02 442.64 651.04 2019 2.10 3 19.23 25.23 36.09 62.90 91.80 156.91 241.02 442.64 651.04 2020 1.57 22.28 29.98 45.38 83.88 130.08 276.38 491.98 1,238.88 2,162.88 2021 1.65 23.40 31.48 47.65 88.08 136.59 290.20 516.58 1,300.83 2,271.03 2022 1.74 24.57 33.06 50.04 92.49 143.42 304.71 542.41 1,365.88 2,384.59 2023 1.83 25.80 34.72 52.55 97.12 150.60 319.95 569.54 1,434.18 2,503.82 2024 1.93 27.09 36.46 55.18 101.98 158.13 335.95 598.02 1,505.89 2,629.02 Structure adopted with Ordinance No. 3025, effective March 19, 2010.

Source: Corona Department of Water and Power
City of Corona
Schedule 6a
Potable Water Rates
Last Ten Fiscal Years
Quantity
Rate per
100 C.F.
1) There are instances where the rates were changed during the fiscal year. 2) For Fiscal Year 2010 and forward, the stated rate per 100 C.F. is for Residential Tier 1 of the Budget Based Water Rate 3) For Fiscal Year 2014-2019, the quantity rate included a pass-through charge from WMWD of $0.03 per 100 C.F. for Tier 1 rates 197
Ready-To-Serve Charge
Fiscal Year12 5/8" 3/4" 1" 1 1/2" 2" 3" 4" 6" 8"
2015 1.51 18.90 24.79 35.46 61.79 90.18 154.12 236.76 434.82 639.52 2016 1.51 18.90 24.79 35.46 61.79 90.18 154.12 236.76 434.82 639.52 2017 1.51 18.90 24.79 35.46 61.79 90.18 154.12 236.76 434.82 639.52 2018 1.51 18.90 24.79 35.46 61.79 90.18 154.12 236.76 434.82 639.52 2019 1.51 18.90 24.79 35.46 61.79 90.18 154.12 236.76 434.82 639.52 2020 1.65 18.12 23.74 34.97 63.06 96.77 203.51 360.81 905.74 1,579.89 2021 1.79 19.75 25.88 38.12 68.74 105.48 221.83 393.28 987.26 1,722.08 2022 1.94 21.33 27.95 41.17 74.23 113.92 239.57 424.75 1,066.24 1,859.85 2023 2.03 22.40 29.34 43.23 77.95 119.61 251.55 445.98 1,119.55 1,952.84 2024 2.14 23.52 30.81 45.39 81.84 125.59 264.13 468.28 1,175.53 2,050.48 1) There are instances where the rates were changed during the fiscal year.

Source: Corona Department of Water and Power
Quantity
Rate per
100 C.F.
2) For Fiscal Year 2010 and forward, the stated rate per 100 C.F. is for Tier 1 of the Budget Based Water Rate Structure adopted with Ordinance No. 3025, effective March 19, 2010.
3) Rates for Reclaimed Water were established July 2, 2006 by Ordinance 2854.

City of Corona
Schedule 6b
Reclaimed Water Rates
Last Ten Fiscal Years
Monthly Base Rates 3
198
General Corona/Norco Alvord Metropolitan Riverside City Basic Obligation Total School School Water Community
Year Rate1 Debt Service Direct District District District College 2015 1.0000 0.0000 1.0000 0.0647 0.1723 0.0035 0.0179
2016 1.0000 0.0000 1.0000 0.0854 0.1534 0.0035 0.0173
2017 1.0000 0.0000 1.0000 0.0942 0.1530 0.0035 0.0165
2018 1.0000 0.0000 1.0000 0.0831 0.1500 0.0035 0.0162
2019 1.0000 0.0000 1.0000 0.0903 0.1506 0.0035 0.0148
2020 1.0000 0.0000 1.0000 0.0939 0.1445 0.0035 0.0148
2021 1.0000 0.0000 1.0000 0.0982 0.1371 0.0035 0.0147
2022 1.0000 0.0000 1.0000 0.0982 0.1371 0.0035 0.0147
2023 1.0000 0.0000 1.0000 0.0992 0.1456 0.0035 0.0147
2024 1.0000 0.0000 1.0000 0.0977 0.1979 0.0035 0.0147
Notes:

Source: HdL Coren & Cone, Riverside County Assessor 2013/14-2022/23 Tax Rate Table City Direct Rates Overlapping Rates 2
1) The City's basic property tax rate may only be increased by a majority vote of the City's residents. Rates for debt service are set based on each year's requirements.
2) Overlapping rates are those of local and county governments that apply to property owners within the City of Corona. Not all overlapping rates apply to all Corona property owners.

City of Corona
Schedule 6c
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years (rate per $100 of assessed value) 199
Percent of Percent of
Water Customer
Water
Charges Rank
Total Water
Revenues
Water
Charges Rank
Total Water
Revenues
City of Corona $ 3,602,698 1 6.22% 3,449,371 $ 1 6.79%
Corona-Norco USD 941,968 2 1.63% 914,095 2 1.80%
CLI Atlas LLC 540,719 3 0.93%
Raintree Corona Pointe, LLC. 359,954 4 0.62%
Eagle Glen Master HOA 309,544 5 0.53% 223,140 3 0.44%
City of Corona WRF 3 233,809 6 0.40%
MM Meadowood Holdings, LLC 157,282 7 0.27%
Breit MF Promenade Terrace LLC 147,260 8 0.25%
JSP Sierra Del Oro I LLC 144,748 9 0.25%
Inl Via Pacifica 2015, LLC 143,070 10 0.25%
Waterstone at Corona Pointe 189,379 4 0.37%
Aseptic Solutions 186,247 5 0.37%
EBB Creek Apartments, LLC 182,679 6 0.36%
EWR, Inc 177,658 7 0.35%
Eagle Glen Country Club, LLC 168,509 8 0.33%
Integrated Protein Tech 156,585 9 0.31%
ERP Operating Limited Partnership 149,446 10 0.29%
$ 6,581,052 11.35% 5,797,109 $ 11.41%
Source: Corona Department of Water and Power
2024 2015
City of Corona
Schedule 7a
Principal Water Customers
Current Year and Nine Years Ago
200
Percentage of Percentage of
Total City Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
SCG Atlas Ashton LLC $ 305,052,569 1 1.14%
Raintree Corona Pointe LLC 230,383,142 2 0.86%
TAI OW Monterey Owner LLC 224,399,999 3 0.84%
Castle and Cooke Corona Inc. 205,033,694 4 0.76% 134,693,409 3 0.78% NH Sherborn Street Industrial Property 207,158,000 5 0.77% Rexco 147,798,515 6 0.55% 113,208,309 4 0.65%
UHS Corona Inc 118,953,656 7 0.44% 48751316 10 0.28%
Breit MF Promenade Terrace LLC 106,342,931 8 0.40%
Artisan Corona Apartments LLC 105,135,437 9 0.39%
Corona North Retail Development 101,798,190 10 0.38%
Kaiser Foundation Health Plan Inc 200,868,646 1 1.16%
Watson Laboratories Inc 185,420,949 2 1.07%
Waterstone Apartments NF 91,549,073 5 0.53%
Costco Wholesale Corporation 84,650,529 6 0.49%
Dart Container Corporation of Calif 70,486,242 7 0.41%
Artisan At Main Street Metro 63,059,997 8 0.36%
Dos Lagos CRN 48,881,236 9 0.28%
Total $ 1,752,056,133 6.53% $ 1,041,569,706 6.01%
Source: HdL Coren & Cone, Riverside County Assessor 2022/23 & 2013/14 Combined Tax Rolls and the SBE Non Unitary Tax Roll 2024 2015
City of Corona
Schedule 7b
Principal Property Tax Payers
Current Year and Nine Years Ago
201
202
Fiscal Year Taxes Levied Delinquent
Ended for the Percentage Tax Percentage
June 30, Fiscal Year1 Amount of Levy Collections2 Amount of Levy 2015 24,628,905 23,778,058 96.55% 695,420 24,473,478 99.37% 2016 25,563,557 24,694,504 96.60% 585,598 25,280,102 98.89% 2017 26,689,890 26,019,467 97.49% 528,723 26,548,190 99.47% 2018 28,136,170 27,463,023 97.61% 514,039 27,977,062 99.43% 2019 29,448,060 28,882,342 98.08% 411,473 29,293,815 99.48% 2020 31,140,439 30,216,472 97.03% 394,599 30,611,071 98.30% 2021 31,992,547 30,787,935 96.23% 830,154 31,618,089 98.83% 2022 33,590,104 32,634,424 97.15% 645,671 33,280,095 99.08% 2023 36,211,973 34,785,725 96.06% 463,010 35,248,735 97.34% 2024 38,201,781 36,374,997 95.22% 676,856 37,051,853 96.99% Notes:
1) Amounts exclude debt service levies and former Redevelopment property tax increment. 2) Amounts excluded interest and penalties.

Source: Corona Finance Department, Riverside County Auditor-Controller's Office Collected within the
Fiscal Year of the Levy Total Collections to Date
City of Corona
Schedule 8
Property Tax Levies and Collections
Last Ten Fiscal Years
203
General Pension Lease Unamortized Refunding SBITA Special Fiscal Obligation Obligation Revenue Bond Lease Lease Agreement Assessment Year Bonds Bonds Bonds Premium Payable Payable Payable Bonds 2015 - - 29,145 - - 20,955 - 185
2016 - - 27,975 - - 19,510 - -
2017 - - 24,520 2,826 - 18,016 - -
2018 - - 23,335 2,677 1,047 16,472 - -
2019 - - 22,115 2,528 1,062 14,875 - -
2020 - - 20,860 2,379 905 13,225 - -
2021 - - 19,560 2,231 748 11,518 - -
2022 - 221,944 18,205 2,082 545 9,755 - -
2023 - 207,895 16,790 1,933 386 7,931 3,654 -
2024 - 192,647 15,315 1,785 379 6,046 2,219 -
Note: Details regarding the City's outstanding debt can be found in the notes to the financial statement.

Source: Corona Finance Department
Governmental Activities
City of Corona
Schedule 9
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years (dollars in thousands, except per capita) 204
Percent
Installment Pension Term Certificates Unamortized Total of Agreement Obligation Loan of Revenue Bond Lease Contracts Primary Personal Per Payable Bonds Payable Participation Bonds Premium Payable Payable Government Income Capita 9,766 - 19,142 23,785 54,067 - - 690 157,735 3.8% 991$
9,221 - 26,111 - 50,294 - - 690 133,801 3.1% 813$
8,656 - 26,729 - 44,710 1,701 - 690 127,848 2.9% 762$
8,072 - 24,927 - 41,380 1,594 - 690 120,194 2.6% 713$
7,467 - 23,052 - 37,935 1,486 24 690 111,234 2.3% 662$
7,091 - 21,131 - 35,860 1,379 17 690 103,537 2.0% 615$
6,704 - 19,163 - 33,715 1,271 11 690 95,611 1.8% 564$
6,305 37,538 17,147 - 31,480 1,164 3 690 346,858 6.4% 2,212$ 5,894 35,285 15,082 - 27,635 2,281 - - 324,766 5.9% 2,069$ 5,471 32,685 12,967 - 25,125 2,032 - - 296,671 4.9% 1,894$ Business-Type Activities
City of Corona
Schedule 9
Ratios of Outstanding Debt by Type (Continued)
Last Ten Fiscal Years (dollars in thousands, except per capita) 205
206
Less Net
Total Position Net Percentage
Pension Special Unamortized Lease General Restricted General of Actual Fiscal Obligation Assessment Lease Bond Revenue Bonded for Debt Bonded Value of Per Year Bonds Bonds Payable Premium Bonds Debt Repayment Debt Property1 Capita2 2015 - 185 20,955 - 29,145 50,285 2,653 47,632 0.28% 299 2016 - - 19,510 - 27,975 47,485 2,417 45,068 0.25% 274
2017 - - 18,016 2,826 24,520 45,362 3,439 41,923 0.21% 250 2018 - - 16,472 2,677 23,335 42,484 5,100 37,384 0.18% 222 2019 - - 14,875 2,528 22,115 39,518 6,491 33,027 0.15% 196 2020 - - 13,225 2,379 20,860 36,464 8,628 27,836 0.12% 165 2021 - - 11,518 2,231 19,560 33,309 6 33,303 0.14% 197
2022 221,944 - 9,755 2,082 18,205 251,986 - 251,986 0.96% 1,607 2023 207,895 - 7,931 1,933 16,790 234,549 - 234,549 0.84% 1,494 2024 192,647 - 6,046 1,785 15,315 215,793 - 215,793 0.77% 1,378 Note: 1) See Schedule 5b for property value data.
2) Population data can be found in Schedule 14.

Details regarding the City's outstanding debt can be found in the notes to the financial statement.

Source: Corona Finance Department
City of Corona
Schedule 10
Ratios of Net General Bonded Debt Outstanding
Last Ten Fiscal Years (dollars in thousands, except per capita) 207
Debt Est. Percentage City's Share of
Direct and Overlapping Tax and Assessment Debt: Outstanding Applicable 2 Overlapping Debt Metropolitan Water District 18,210 $ 0.725% 132 $
Riverside City Community College District 282,851 18.315% 51,804 Alvord Unified School District 259,600 11.750% 30,503
Corona-Norco Unified School District 477,879 53.621% 256,243 Alvord Unified School District CFD No. 2006-1 5,630 19.194% 1,081 Corona-Norco Unified School District CFD No. 97-1 483 100.000% 483 Corona-Norco Unified School District CFD No. 99-1 1,392 100.000% 1,392 Corona-Norco Unified School District CFD No. 99-2, Imp Areas A, B, C 3,362 100.000% 3,362 Corona-Norco Unified School District CFD No. 00-1 1,280 100.000% 1,280 Corona-Norco Unified School District CFD No. 01-1, Imp Areas A & B 4,790 100.000% 4,790 Corona-Norco Unified School District CFD No. 01-2, Imp Areas A, B, C 8,745 100.000% 8,745 Corona-Norco Unified School District CFD No. 03-3, Imp Area A & B 2,760 100.000% 2,760 Corona-Norco Unified School District CFD No. 03-5 1,410 100.000% 1,410 Corona-Norco Unified School District CFD No. 04-2, Imp Areas 1 & 3 2,930 100.000% 2,930 Corona-Norco Unified School District CFD No. 17-1 3,305 100.000% 3,305 City of Corona CFD No. 97-2 - 100.000% -
City of Corona CFD No. 2000-1 2,795 100.000% 2,795
City of Corona CFD No. 2001-2 1,495 100.000% 1,495
City of Corona CFD No. 2002-1 9,530 100.000% 9,530
City of Corona CFD No. 2002-1, Imp Area 1 5,355 100.000% 5,355 City of Corona CFD No. 2002-4 4,890 100.000% 4,890
City of Corona CFD No. 2003-2 3,835 100.000% 3,835
City of Corona CFD No. 2004-1 1,950 100.000% 1,950
City of Corona CFD No. 2016-2 4,900 100.000% 4,900
City of Corona CFD No. 2017-2 3,370 100.000% 3,370
City of Corona CFD No. 2018-1 Improvement Area 1, 2018 Series 8,805 100.000% 8,805 City of Corona CFD No. 2018-1 Improvement Area 1, 2020 Series 10,155 100.000% 10,155 City of Corona CFD No. 2018-2 14,965 100.000% 14,965
California Statewide Communities Development Authority Assessment District No. 2002-1 2 100.000% 1,344 1,344 City of Corona 1915 Act Bonds 120 100.000% 120
Total Overlapping Tax and Assessment Debt 443,729
Direct and Overlapping General Fund Debt:

Overlapping General Fund Obligations
Riverside County General Fund Obligations 652,187 $ 7.068% 46,097 $ Riverside County Pension Obligations Bonds 670,785 7.068% 47,411 Riverside County Community College District Certificates of Participation 24,550 18.315% 4,496 Corona-Norco Unified School District General Fund Obligations 17,115 53.621% 9,177 Western Municipal Water District General Fund Obligations 2,724 22.142% 603 Total Overlapping General Fund Obligations $ 107,784
Direct General Fund Obligations:

City of Corona General Fund Obligations 21,361 $ 21,361 $ City of Corona Pension Obligation Bonds 192,647 192,647 Unamortized Bond Premium 1,785 1,785
ROU Lease Payable 379 379
SBITA Payable 2,219 2,219
Total Direct General Fund Obligations 100.000% 218,391 $ Total Direct and Overlapping General Fund Obligations $ 326,175 Less: Riverside County Supported Obligations -
Total Net Direct and Overlapping General Fund Obligations 326,175 $ Total Direct Debt $ 218,391
Total Gross Overlapping Debt $ 551,513
Total Net Overlapping Debt $ 551,513
Gross Combined Total Direct and Overlapping Debt3 $ 769,904 Net Combined Total Direct and Overlapping Debt $ 769,904 City of Corona
Schedule 11
Direct and Overlapping Governmental Activities Debt
1 As of June 30, 2024 (dollars in thousands)
208
1)
2)
3)
Source: Corona Finance Department, California Municipal Statistics, Inc.

Notes to Schedule 11
Overlapping governments are those that coincide, at least in part, with the geographic boundaries of the City. The schedule estimates the portion of the outstanding debt of those overlapping governments that is borne by the residents and businesses of Corona. This process recognizes that, when considering the City's ability to issue and repay long-term debt, the entire debt burden borne by the residents and businesses should be taken into account. However, this does not imply that every taxpayer is a resident, and therefore responsible for the repaying the debt, of each overlapping government.

The percentage of overlapping debt applicable to the City is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value, except for community facilities district overlapping debt which was estimated by determining the special tax charged on property within the City, divided by the community facilities district’s total special tax for the fiscal year.

Amount excluded tax and revenue anticipation notes, enterprise revenue bonds, mortgage revenue bonds, and Successor Agency's tax allocation bonds.

City of Corona
Schedule 11
Direct and Overlapping Governmental Activities Debt
1 (Continued)
As of June 30, 2024 (dollars in thousands)
209
Legal Debt Margin Calculation for Fiscal Year 2023
Assessed Value $ 28,054,309
Debt Limit (15% of assessed value) 4,208,146
Debt Applicable to limit:

General obligation debt 215,793
Less: Amount set aside for repayment of general obligation debt - Total net debt applicable to limit 215,793
Legal Debt Margin $ 3,992,353
2015 2016 2017 2018 2019
Debt Limit $ 2,707,398 2,594,890 $ 2,819,397 $ 2,986,885 $ 3,145,686 $ Total net debt
applicable to limit 50,100 47,485 42,536 43,531 40,580
Legal debt margin $ 2,659,913 2,544,790 $ 2,776,861 $ 2,943,354 $ 3,105,106 $ Total debt applicable
to the limit as a percentage
of debt limit 1.931% 1.754% 1.509% 1.457% 1.290%
Note: Under State Finance Law, the City's outstanding general obligation debt should not exceed 15 percent of total assessed property value.

By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.

Source: Corona Finance Department
City of Corona
Schedule 12
Legal Debt Margin Information
Last Ten Fiscal Years (dollars in thousands)
Fiscal Year
210
2020 2021 2022 2023 2024
Debt Limit $ 3,462,545 3,279,207 $ 3,606,534 $ 3,938,235 $ 4,208,146 $ Total net debt
applicable to limit 37,369 33,309 251,986 234,549 215,793 Legal debt margin $ 3,429,236 3,241,838 $ 3,354,548 $ 3,703,686 $ 3,992,353 $ Total debt applicable
to the limit as a percentage
of debt limit 1.140% 0.962% 6.987% 5.956% 5.128%
City of Corona
Fiscal Year
Schedule 12
Legal Debt Margin Information (Continued)
Last Ten Fiscal Years (dollars in thousands)
211
Current Special Current
Fiscal Lease Account Assessment Account
Year Payments Balance Principal Interest Coverage Collections Balance Principal Interest Coverage 2015 3,373 19 2,105 1,281 1.00 192 1 170 22 1.01
2016 2,353 19 1,170 1,216 0.99 192 0 185 7 1.00
2017 30,614 2 9 27,975 1,367 1.04 - - - - -
2018 2,117 1 1,185 931 1.00 - - - - -
2019 2,121 - 1,220 901 1.00 - - - - -
2020 2,112 - 1,255 857 1.00 - - - - -
2021 2,106 - 1,300 806 1.00 - - - - -
2022 2,108 - 1,355 753 1.00 - - - - -
2023 2,113 - 1,415 698 1.00 - - - - -
2024 2,115 - 1,475 640 1.00 - - - - -
Notes: 1 Includes the advanced redemption of 2005 COPs. 2 Includes the defeasance of 2006 Lease Revenue bonds.
3 Apply new method - Utility Revenues derived from Pledged Revenue note.

Details regarding the City's outstanding debt can be found in the notes to the financial statements.

Source: Corona Finance Department
Lease Revenue Bonds Special Assessment Bonds
Debt Service Debt Service
City of Corona
Schedule 13
Pledged Revenue Coverage
Last Ten Fiscal Years (dollars in thousands)
212
Current
Fiscal Utility Lease Account
Year Revenues Principal Interest Coverage Payments Balance Principal Interest Coverage 2015 5,689 3,455 2,234 1.00 1,063 756 695 1,123 1.00
2016 5,809 3,655 2,144 1.00 24,341 1 0 23,785 555 1.00
2017 5,809 3,775 2,034 1.00 - - - - -
2018 28,093 5,166 2,537 3.65 3 - - - - -
2019 36,011 5,320 2,370 4.68 - - - - -
2020 26,851 3,996 2,222 4.32 - - - - -
2021 30,756 4,113 2,032 5.01 - - - - -
2022 28,516 4,251 1,962 4.59 - - - - -
2023 48,014 2,432 1,840 11.24 - - - - -
2024 23,996 4,625 1,350 4.02 - - - - -
Revenue Bonds Certificates of Participation
Debt Service Debt Service
Last Ten Fiscal Years (dollars in thousands)
Pledged Revenue Coverage (Continued)
City of Corona
Schedule 13
213
214
(1) (1) (1) (1) (2) (1)
Per
Personal Capita
Income Personal Median School Unemployment
Year Population (In Thousands) Income Age Enrollment Rate 2014 159,109 4,164,996 26,177 32.6 53,739 6.4%
2015 164,659 4,340,504 26,360 33.4 53,354 5.2%
2016 167,759 4,420,877 26,352 33.9 53,157 4.7%
2017 168,574 4,554,614 27,018 34.4 53,294 3.5%
2018 168,101 4,803,427 28,574 34.7 53,002 3.3%
2019 168,248 5,138,227 30,539 34.9 52,557 3.1%
2020 169,454 5,437,772 32,089 35.0 51,318 8.2%
2021 156,778 5,471,176 34,897 34.8 50,889 5.8%
2022 157,005 5,485,396 34,937 35.3 50,790 3.2%
2023 156,615 6,072,985 38,776 35.9 50,256 3.8%
Sources: (1) HdL, Coren & Cone;
(2) California Department of Education -
Corona-Norco Unified School District School Enrollment.

City of Corona
Schedule 14
Demographic and Economic Statistics
Last Ten Calendar Years
215

Percentage Percentage
of Total City of Total City
Employer Employees Rank Employment Employees Rank Employment Corona-Norco Unified School District 5,478 1 6.43% 4,932 1 6.25% Corona Regional Medical Center 1,265 2 1.48% 1,082 2 1.37% Monster Energy 1,075 3 1.26% 500 8 0.63%
City of Corona 961 4 1.13% 785 4 0.99%
Fender USA Corona 955 5 1.12% 625 5 0.79%
TWR Framing Enterprises 800 6 0.94% 600 6 0.76%
All American Asphalt 755 7 0.89% 596 7 0.76%
Veg Fresh Farms 527 8 0.62%
Thermal Structures 392 9 0.46%
Kaiser Permanente 286 10 0.34% 995 3 1.26%
Dart Container Corporation 9 0.53% 420
CoreMark International 10 0.47% 372
Total 12,494 14.67% 10,907 13.81%
Source: Corona Economic Development Department
2024 2015
City of Corona
Schedule 15
Principal Employers
Current Year and Nine Years Ago
216
2024 2023 2022 2021 2020 2019 2018** 2017 2016* 2015*
Function/Program
General Government
Elected Officials 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 6.00 City Manager's Office10 23.05 22.55 19.55 14.07 13.33 14.07 9.90 10.35 9.73 9.73 Legal & Risk Management
1 8.47 7.72 6.72 6.72 6.34 6.19 6.52 7.67 6.67 6.01
Administrative Services 2,7,8 31.74 40.92 38.56 42.23 42.56 34.30

16.00 16.00 14.00 11.48 9.39
Information Technology 33.55 32.55 29.03 25.03 24.47 23.99 17.25 13.89 15.09 12.41 Finance2 35.86 35.86 33.82 31.93
Police
Officers 165.00 164.30 163.30 158.00 153.00 149.00 162.00 162.00 162.00 159.00 Civilians 111.65 104.65 100.93 86.70 83.25 80.40 88.01 88.39 85.90 79.13 Fire
Firefighters and officers 120.44 120.44 114.96 111.48 108.00 107.00 113.00 113.00 112.00 112.00 Civilians 11.80 9.84 7.24 5.32 7.76 7.75 8.20 4.88 6.48 7.18 Public Works3, 13 68.19 66.19 58.34 35.75 35.75 35.75 35.75 29.05 29.75 31.57 Maintenance Services3, 11 34.15 42.11 42.11 42.76 43.63 45.00 44.53 Community Development
4 23.89 22.14 22.14 25.00 26.48 26.00 22.08
Planning and Development Development
12 60.86 60.86 53.06
Economic Development
5 6.00 6.00 6.00 4.00 2.00 2.00 3.00 3.00 2.00 1.00
Library and Recreation Services
6 72.99 72.74 69.06 70.67 68.04 63.50
Community Services Department
9 121.08 115.47 111.65 86.36
Utilities Department6 120.65 115.65 112.21 111.60 109.60 110.02 108.91 119.18 119.68 120.79 Transit Services14 2.00 2.00 2.00 2.00 2.00 2.00 1.00
Total 908.60 884.08 836.81 754.48 729.87 722.08 735.92 742.42 738.90 710.23 *
Data for Fiscal Year 2016 and prior was restated to Full Time Equivalents (FTE) from full-time positions. ** Data for Fiscal Year 2018 was updated to FTE Authorized information.

Note: 1 Formerly City Attorney's Office. During Fiscal Year 2014-15, Risk Management Division merged into the City Attorney's Office and formed Legal & Risk Management Department. 2 Formerly Finance Department. During Fiscal Year 2014-15, Human Resources Department merged into Finance and formed Administrative Services Department. 4 Building Department merged into Community Development Department during Fiscal Year 2008-09. 3 Public Works, and a new department, Maintenance Services was established to assume these functions. 4 During Fiscal Year 2014-15, Housing Division was merged into Community Development Department. 5 Formerly Housing and Economic Development, during Fiscal Year 2014-15, the Housing component was merged into Community Development Department. 6 Formerly Department of Water and Power 7 Redevelopment Department was dissolved in Fiscal Year 2011-12. 7 Human Resources Department separated from Administrative Services Department in Fiscal Year 2019-20. 8 Formerly Administrative Services Department. 9 Formerly Library and Recreation Services Department. 10 Formerly Management Services Department 11 various functions moved to Public Works. 12 Community Development was restructured in Fiscal Year 2021-22 and renamed Planning and Development. 13 Planning and Development. 14 Transit Services restructured during Fiscal Year 2021-22, and transferred to Community Services department.

Source: Corona Finance Department
Human Resources 2,7
Public Works Department was reorganized during Fiscal Year 2013-14, various maintenance functions were removed from Full-time Equivalent Employees
Public Works Department was restructured during Fiscal Year 2021-22, various functions moved to Community Services and Maintenance Services Department was restructured during Fiscal Year 2021-22 and is no longer overseen by the Utilities department, City of Corona
Schedule 16
Full-time Equivalent City Government Employees by Function/Program Last Ten Fiscal Years
217
Function/Program 2024 2023 2022 2021 2020
Police
Physical Arrests 2,818 3,038 2,941 2,345 2,282
Parking Violations 6,981 5,104 5,224 2,731 9,574
Traffic Violations 11,100 10,815 8,148 6,051 4,718
Fire
Emergency Responses 15,967 16,041 15,359 14,422 13,810
Fires Extinguished 402 418 472 524 451
Inspections 1,730 1,350 1,396 979 1,652
Public Works/Maintenance Services
Street Resurfacing (miles) 94 66 66 44 75
Street Lights Repaired 561 465 714 415 437
Potholes Filled (sq. ft) 19,889 31,474 38,930 20,204 46,850 Community Services - Recreation
Sportsfields Participation 657,209 539,450 568,496 404,679 370,799 Comm. Centers/Gym/Pool 35,245 29,069 31,832 28,393 111,007 Other Activity Participation 365,883 365,589 330,737 222,473 226,205 Community Services - Library
Volumes in Collection 206,357 209,144 209,357 210,747 183,794 Total Volumes Borrowed 1 397,511 5 336,749 5 280,958 182,733 284,375 Water
New Connections 374 146 309 634 389
Water Main Repairs 92 46 45 95 86
Average Daily Consumption
(millions of gallons) 24.9 24.7 32.1 33.2 31.2
Sewer
Average Daily Sewage Treatment
(millions of gallons) 11.7 12.2 12.6 12.8 12.6
Transit Services
Total Route Miles (round-trip) 47.7 47.7 47.7 47.7 47.7 Passengers
Fixed Route 139,080 120,272 95,892 76,645 100,186
Dial-A-Ride 47,186 38,141 22,673 13,386 39,989
1 Total Volumes Borrowed were restated for years between 2011 and 2016 to exclude the number of visits to Corona Library's website. 2 Reporting method changed - report by actual enrollment/attendance numbers. 4 Reduction in Total Volumes Borrowed was due to the elimination of 11 databases during the fiscal year. 5 Total Volumes Borrowed increased due to being fine free and providing automatic renewals.

Source: Various Departments.

Fiscal Year
3 Total Volume Borrowed was overstated by 309,505 in Fiscal Year 16/17. The correction was updated for Fiscal Year 16/17 in Fiscal Year 17/18.

City of Corona
Schedule 17
Operating Indicators by Function/Program
Last Ten Fiscal Years
218
Function/Program 2019 2018 2017 2016 1 2015 1
Police
Physical Arrests 2,992 2,895 3,403 5,583 5,337
Parking Violations 8,851 6,228 4,993 3,974 4,098
Traffic Violations 6,133 9,024 11,896 12,132 11,133
Fire
Emergency Responses 13,141 13,041 12,981 12,112 11,263
Fires Extinguished 362 435 382 381 346
Inspections 1,092 2,726 1,934 1,966 1,757
Public Works/Maintenance Services
Street Resurfacing (miles) 37 51 39 41 72
Street Lights Repaired 418 495 1,045 1,342 846
Potholes Filled (sq. ft) 22,332 35,700 75,000 15,076 15,978 Community Services - Recreation
Sportsfields Participation 269,168 248,617 2 2,190,246 1,760,600 1,898,300 Comm. Centers/Gym/Pool 169,888 249,885 282,797 211,410 189,519 Other Activity Participation 135,399 171,679 226,294 244,430 232,264 Community Services - Library
Volumes in Collection 165,760 168,148 167,586 164,421 167,432 Total Volumes Borrowed 1 411,592 4 783,626 648,522 3 927,956 1,073,736 Water
New Connections 511 391 166 1,408 173
Water Main Repairs 72 36 69 78 84
Average Daily Consumption
(millions of gallons) 30.2 33.0 30.4 28.4 32.6
Sewer
Average Daily Sewage Treatment
(millions of gallons) 14.275 13.8 14.3 14.0 13.1
Transit Services
Total Route Miles (round-trip) 47.7 47.5 47.5 47.5 39.0 Passengers
Fixed Route 118,366 129,972 132,469 150,002 168,303
Dial-A-Ride 52,580 58,089 65,580 63,162 66,015
Fiscal Year
City of Corona
Schedule 17
Operating Indicators by Function/Program (Continued)
Last Ten Fiscal Years
219
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Function/Program
Police
Stations 1 1 1 1 1 1 1 1 11
Zone Offices 2 2 2 2 2 2 2 2 22
Patrol Units 77 67 71 65 62 68 65 55 59 59
Fire Stations 7 7 7 7 7 7 7 7 77
Streets
Streets and Alleys (miles) 464 464 464 463 444 408 408 406 403 404 Streetlights 1 14,976 14,976 14,976 15,117 15,117 12,380 12,380 12,587 12,059 12,022 Traffic Signals 191 191 191 191 190 188 184 182 179 173 Community Services - Recreation
Total Park Acreage 389 389 378 378 376 376 376 376 376 376 Playgrounds 27 27 27 27 27 27 27 27 27 27
Baseball/softball diamonds 36 36 36 36 36 36 36 36 36 36 Soccer/football fields 18 18 18 18 18 18 18 18 18 18
Community Centers 7 7 7 7 7 7 7 7 77
Civic Center Auditorium Seating Cap 380 380 380 380 380 380 380 380 380 380 Fiesta Bandshell Seating Capacity 500 500 500 500 500 500 500 500 500 500 Water
Water Main (miles) 734 734 736 736 736 719 697 687 683 694 Fire Hydrants 9,660 9,648 9,760 9,760 10,062 9,548 9,300 9,222 9,197 9,174 Storage Capacity 2
(millions of gallons) 55 55 55 55 52 52 52 51 51 51
Sewer
Sanitary Sewers (miles) 458 458 464 464 464 458 440 435 434 452 Storm Sewers (miles) 181 181 225 225 223 171 171 167 167 172 Treatment Capacity 16 16 16 16 16 16 16 16 16 16
(millions of gallons)
Transit Services
Minibuses
Fixed Route 7 7 7 7 7 7 7 7 76
Dial-A-Ride 13 13 13 13 13 13 11 11 13 11
Source: Various City departments.

Note: 1 Includes only City-owned street lights.
2 Potable & reclaimed water storage capacity.

Fiscal Year
City of Corona
Schedule 18
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
220

Corona City CouncilDecember 4, 2024

Corona City Council
December 4, 2024