RESOLUTION NO. 2025-073
RESOLUTION OF THE CORONA PUBLIC FINANCING
AUTHORITY OF THE CITY OF CORONA, CALIFORNIA,
ADOPTING SAID AUTHORITY’S BUDGET FOR FISCAL
YEAR 2026, REVISED BUDGET ITEMS AND BUDGET
POLICIES
WHEREAS, the Executive Director has prepared the Corona Public Financing Authority’s budget for the fiscal year ending June 30, 2026; and WHEREAS, the Corona Public Financing Authority has conferred with the Executive Director and appropriate staff in public meetings, and has deliberated and considered the proposed budget.
NOW, THEREFORE, BE IT RESOLVED by the Corona Public Financing Authority of the City of Corona, California, as follows:
SECTION 1: Adoption of Budget.
The Corona Public Financing Authority of the City of Corona Proposed Annual Budget for Fiscal Year 2026, on file with the office of the City Clerk, is hereby adopted as the budget for the Corona Public Financing Authority of the City of Corona, or as so directed by minute action, for July 1, 2025 through June 30, 2026. Included in the budget adoption is the approval for all identified estimated revenues, expenditure appropriations, transfers between funds, interfund charges, debt service and estimated continuing appropriations. Appropriation of budget may also occur as related to prior Corona Public Financing Authority agreements or minute actions.
SECTION 2: Approval of Revised Budget Items.
The Summary of Revised Budget Items, as included in Attachment A, if any, for the Fiscal Year 2026, are hereby adopted as the part of the budget for the Corona Public Financing Authority of the City of Corona, or as so directed by minute action, for Fiscal Year 2026.
SECTION 3: To Increase, Add or Delete Appropriations; Administrative Authority.
Throughout the fiscal year, the Corona Public Financing Authority may, by the affirming vote of three members, as so directed by minute action, amend the budget to increase, add or delete appropriations. Notwithstanding the foregoing, the Executive Director may exercise his or her powers and duties under Corona Municipal Code Section 2.04.060, including, without limitation, the ability to transfer employees from one department to another and to consolidate or combine offices, positions, departments, divisions or units under his or her direction, without additional Corona Public Financing Authority approved budget action, so long as the funding necessary for such actions is already provided for in the budget and can be implemented using staff’s administrative funding authority provided for in this Resolution, such as Section 4 (Transfer of Funds Within an Appropriation), or elsewhere in applicable City law or policy. All approved labor related changes, including, but not limited to, employee bargaining unit negotiated Memoranda of Understanding (MOU) items, other related employee resolutions or contracts, benefit premium changes, Other Post Retirement Benefit actuarial requirements, leave calculations, and “side letter” changes will be authorized for appropriations for the said fiscal year, either through Corona Public Financing Authority approved budget action or using staff’s administrative funding authority provided for in this Resolution or elsewhere in applicable City law or policy. Funds appropriated by the City of Corona Public Financing Authority are authorized to be expended as necessary and proper for municipal purposes.
In addition, authorize the Executive Director (or his/her designee) to approve budget increases to revenue and expenditures for grant awards that total $25,000 or less. Grant awards will be reported to the Corona Public Financing Authority with the quarterly budget update reports. If additional grant funding is awarded that brings the total of the grant to more than $25,000, staff will seek Corona Public Financing Authority approval prior to making budget adjustments.
SECTION 4: Transfer of Funds Within an Appropriation.
At the request of a Department Director (or his/her designee), and with the concurrence of the Finance Director (or his/her designee) transfer of funds/appropriations may occur between object classifications and/or divisional sections as needed, within a departmental appropriation, occurring within the same fund and spending category. These actions may include transfer requests isolating or combining a specific activity from an existing approved project, both capital improvements and operating & maintenance; transfer requests isolating or combining specific activity from a divisional section, within a departmental appropriation, to an existing or new project, both capital improvements and operating & maintenance; and/or transfers between similar projects having the same funding source and in the same project category, as long as the transfers are cumulatively equal to or less than ten percent (10%) of the transferring project or divisional section in the current fiscal year’s authorized budget. The Executive Director may transfer operational funds between departments occurring within the same fund as long as the total authorized appropriations in the fund are not increased by the action. Transfers between spending categories, such as personnel to non-personnel, shall require the approval of the Corona Public Financing Authority.
At the end of each fiscal year, unused funds allocated for projects may be reallocated to other projects as long as the projects have the same funding source. The Executive Director (or his/her designee) will prepare a proposal for the reallocation of unspent funds between projects, including a justification for the reallocation. The proposal will be presented to the Corona Public Financing Authority for review and approval.
SECTION 5: Errors, Omissions and Accounting Changes.
Upon review and approval of the Finance Director, (or his/her designee) minor accounting errors and omissions may be corrected for revenues, appropriations, transfers, interfund charges, and continuing appropriations for the said fiscal year, as well as accounting changes, including but not limited to, the consolidation and segregation of funds and activities for reporting purposes and minor project title changes.
SECTION 6: Corona Public Financing Authority Budget Policies.
The following policies are to be used for the administration of the Corona Public Financing Authority’s budget:
1. In the event that projected total revenues, as estimated by the Finance Director, are insufficient to support the current year level of appropriations, the Executive Director may recommend adjustments to the City’s estimated revenues and/or appropriation levels for approval by the Corona Public Financing Authority. Furthermore, as long as there are no significant decreases in existing levels of service as indicated in Section 3 and the total appropriations are not increased by such actions, the Executive Director may also transfer budget allocations between departments for the sole purpose of meeting departmental operational needs and/or strategic goals and objectives as identified by the Corona Public Financing Authority. Furthermore, the Executive Director may initiate transfer requests isolating or combining a specific activity from an existing approved project (both capital improvements and operating & maintenance) and/or transfers between similar projects having the same funding source and in the same project category, as long as the transfers are cumulatively equal to or less than ten percent (10%) of the transferring project in the current fiscal year’s authorized budget.
2. Operating budget appropriations expire at the end of the fiscal year. No unexpended funds shall be carried forward to the following fiscal year, except as necessary for grant reporting requirements, encumbered purchase order activity that crosses fiscal years, or as expressly authorized by the Corona Public Financing Authority as a continuing appropriation.
3. Project budgets, both capital improvements and operating and maintenance, may be carried forward to the following fiscal year if the project is not completed within the current fiscal year. Project budgets carried forward must be documented and reported in the annual budget document.
PASSED, APPROVED, AND ADOPTED this 4th day of June, 2025. ____________________________________
Chairperson of the Corona Public Financing
Authority of the City of Corona, California
ATTEST:
__________________________________
Secretary of the Corona Public Financing
Authority of the City of Corona, California
CERTIFICATION
I, Sylvia Edwards, Secretary of the Corona Public Financing Authority of the City of Corona, California, do hereby certify that the foregoing Resolution was regularly introduced and adopted by the Corona Public Financing Authority of the City of Corona, California, at a regular meeting thereof held on the 4th day of June, 2025, by the following vote of the Authority:
AYES:
NOES:
ABSENT:
ABSTAINED:
IN WITNESS WHEREOF, I have hereunto set my hand and affixed the official seal of the Corona Public Financing Authority of the City of Corona, California, this 4th day of June, 2025.
___________________________________________
Secretary of the Corona Public Financing Authority
of the City of Corona, California
(SEAL)
Attachment A
City/Agency FY 2026
EXPENDITURES
CHA Corona Housing Authority Fund 291
10,074
Subtotal 10,074
CITY General Fund 110
33,988
175,000
Subtotal 208,988
CITY RMRA Fund 221
(500,000)
(300,000)
Subtotal (800,000)
CITY Gas Tax Fund 222
106,830
Subtotal 106,830
CITY Measure A Fund 227
500,000
300,000
Subtotal 800,000
CITY Abandoned Vehicle Abatement Fund 241
6,031
Subtotal 6,031
Information Technology Department - Transfer PEG Funding to City Broadcast System Overhaul Project No. TC-2022-02
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Public Works Department - Pavement Maintenance and Resurfacing Project No. 69220
Public Works Department - Miscellaneous Repair/Replacement of Traffic Signals Project No. 70940
Summary of Revised Budget Items - June 4, 2025
Increase / (Decrease or Savings)
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Community Services Department - One (1) full-time Facilities Supervisor Public Works Department - Pavement Maintenance and Resurfacing Project No. 69220
Public Works Department - Miscellaneous Repair/Replacement of Traffic Signals Project No. 70940
Attachment A
City/Agency FY 2026
Summary of Revised Budget Items - June 4, 2025
Increase / (Decrease or Savings)
CITY County Service Area 152 (NPDES) Fund 245
40,248
Subtotal 40,248
CITY Residential Refuse/Recycling Fund 260
(41,409)
22,180
Subtotal (19,229)
CITY Airport Fund 275
40,000
6,352
Subtotal 46,352
CITY CDBG Fund 431
728
Subtotal 728
CITY Successor Agency Fund 475
1,980
Subtotal 1,980
CITY Transit Services Fund 577
13,322
Subtotal 13,322
CITY Warehouse Fund 680
12,346
Subtotal 12,346
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Utilities Department - Conduct a flight check of various equipment in coordination with Federal Aviation Administration (FAA) and Flight Standards.
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Utilities Department - Utility Billing and Administration Manager Reallocation Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Attachment A
City/Agency FY 2026
Summary of Revised Budget Items - June 4, 2025
Increase / (Decrease or Savings)
CITY Information Technology Fund 681
286,989
Subtotal 286,989
CITY Fleet Operations Fund 682
76,971
Subtotal 76,971
CUA Reclaimed Water Utility Fund 567
11,538
Subtotal 11,538
CUA Water Utility Fund 570
41,409
614,295
Subtotal 655,704
CUA Sewer Utility Fund 572
466,000
Subtotal 466,000
CUA Direct Access Electric Utility Fund 576
13,924
Subtotal 13,924
CUA Greenfield Electric Utility Fund 578
44,176
Subtotal 44,176
Total Expenditures $ 1,982,972
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Utilities Department - Utility Billing and Administration Manager Reallocation Finance Department - Other Post Employment Benefits (OPEB) - Erroneously omitted from Proposed Budget
Attachment A
City/Agency FY 2026
Summary of Revised Budget Items - June 4, 2025
Increase / (Decrease or Savings)
REVENUES
CITY General Fund 110
200,000
Subtotal 200,000
Total Revenues $ 200,000
CPFA No Items
Finance Department - City Beautification Program - Waste Management