Quarterly
Budget Update
Quarter 4
FY 2025
August 6, 2025
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 Overview
Budget Adjustments & Revenue Estimates
City Management is pleased to present this quarterly update summarizing the City’s overall budget activity through Quarter 4 (June 30, 2025) for Fiscal Year (FY) 2025. The City’s fiscal year is July 1
st through June 30th
. For audited
information, or to find greater detail, please refer to the City’s annual financial statement, which is released by December 31st following the end of the fiscal year.
The revenue projections and budget expenditures presented in this update include budget adjustments approved by the City Council, continuing appropriations, and prior year encumbrances, mid-year revenue estimates, and updated revenue estimates presented at the Spring Financial Workshop on April 10, 2025.
General Fund Financial Condition
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 The City’s General Fund is the primary source of discretionary resources that funds many of the services provided to the citizens of the City of Corona. The General Fund is made up of the General Fund, Measure X Fund, Historic Civic Center Fund, and the Pension Stabilization Trust Fund.
The General Fund inflows (revenue and transfers in) for FY 2025 are currently estimated at $234.8 million. Based on FY 2025 projections, there is an estimated decrease of $1.4 million when compared to the cumulative budget.
They City has received or recorded 93.9% of the estimated General Fund inflows, through the end of Quarter 4 (at the time this information was prepared). Overall, inflows are down by 7.8% when compared to the same quarter of FY 2024.
As of Quarter 4 of FY 2025, the General Fund has expended 72.1% of its cumulative budget. The current savings is primarily due to capital improvement projects which will take multiple years to complete. Comparing Quarter 4 of FY 2025 to FY 2024, expenditures are up by 13.6%, or $27.3 million.
Emergency Contingency
1 Equal to 3 months of operating
expenditures
Adjusted at the end of each fiscal year
2 3 4
$50,316,648
Been in place for
20-years
Since FY 2022, we no longer add new
money into this reserve at the end of
the fiscal year
Budget
Balancing
$3,922,049
Reserve for pension related
expenditures – debt service payments
for the Pension Obligation Bonds or
the City’s CalPERS unfunded
accrued liability (UAL) contributions.
Pension
Stabilization
Measure X
Reserves
$54,892,853 $34,013,073
Unspent Measure X funds that don’t
roll into next FY will go into the
reserve
Reserve amount discussed with
Council each year through the budget
cycle
General Fund Reserves
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 The General Fund has multiple reserves in fund
balance for various purposes. For the full list,
please reference the City’s financial statements,
Note 15 (for Fiscal Year Ending June 30, 2024,
page 114). This quarterly update highlights four
of those reserves. FY 2024 audited amounts are
noted in the table. The Pension Stabilization
Trust amount has been updated to reflect the
FY 2025 contribution.
$-
$20
$40
$60
$80
$100
$120 Millions
FY 2023
FY 2024
FY 2025
General Fund Inflows
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 Top Five Revenues
The City’s top five General Fund revenue categories account for approximately 89.6% of the total estimated General Fund inflows for Quarter 4, Fiscal Year 2025. Focusing on these sources can provide a useful understanding of the City’s income position.
The bar graph to the right illustrates the performance of the top five revenues as compared to the same quarter of the prior two fiscal years.
General Fund Revenues
Top 5 Revenues Compared
Quarter 4
At the end of Quarter 4, Sales Tax is the largest General Fund revenue category. This category includes the City’s portion of sales tax, Measure X, Prop. 172 sales tax, and allowance for sales tax agreements.
As of Quarter 4, the total received is $82.2 million. At the time this information was prepared, the revenues are down by 15.9%, or $15.5 million as compared to the prior year.
Sales Tax 01
The second largest General Fund revenue category at the end of Quarter 4 is Property Tax. The total for property tax is $69.0 million, an increase of $4.0 million, or 6.2%, over the prior fiscal year. The increase is primarily in secured property taxes. The majority of property tax revenues are recorded as revenue and booked as a receivable, once the annual report is received from the County of Riverside (generally November/December). Year-end adjustments “true-up” the amounts to the actual cash received.
Property Tax 02
As of Quarter 4, FY 2025, Other Taxes ranks the third largest. This category includes revenues from Transient Occupancy Tax, Franchise Fees, Business License Tax, and Cannabis Tax. At the end of Quarter 4, the total received is $14.4 million. Overall, the Other Taxes category is down by 4.9%, or $0.7 million, as compared to the same quarter in FY 2024.
Other Taxes 03
General Fund Inflows Top Five Revenues
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 At the end of Quarter 4, a total of $14.3 million has been received in the Current Services category. Items in this revenue group include plan check fees, engineering and inspection fees, recreation revenues, and the Emergency Medical Services Program. Current Services are up 3.1%, or $0.4 million as compared to Quarter 4 of FY 2024. When comparing to the prior fiscal year, there is a decrease in engineering and inspection related revenues, EMS subscription, as well as reimbursements for legal fees. In addition, there are increases in plan checks, passport processing fees, police false alarm fees, after school recreation program, kids camp, facility rentals, and AMR system enhanced fees.
Current Services 04
The Other Revenue category is the fifth largest category at the end of Quarter 4. Activity in this revenue group includes Rental/Lease Income, Development Agreements, Telecommunication Site Rentals, and Billboard Revenues. At the end of Quarter 4, the total received is $10.4 million. Overall, the Other Revenues category is down by 14.0%, or $1.7 million, as compared to the same quarter in FY 2024. This is due to decreases in Peg Fees, Misc Rental/Lease Income, Billboard Revenue, Special District Admin Reimbursements, and Bad Debt Recovery.
Other Revenue 05
General Fund Inflows Top Five Revenues
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 General Fund Inflows
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 General Fund Revenues
Revenue + Transfers In
Quarter 4, FY 2024 to FY 2025
General Fund Revenues
Revenue + Transfers In
FY 2025, Projected Revenues to Quarter 4 Actuals
General Fund Through Q4 Through Q4 $ %
Revenue Category FY 2024 FY 2025 Change Change
Sales Tax $ 56,622,374 $ 47,975,090 (8,647,284) -15.3%
Measure X 41,086,694 34,204,191 (6,882,503) -16.8%
Property Tax 64,969,085 68,994,680 4,025,595 6.2%
Other Revenue 12,115,644 10,415,191 (1,700,452) -14.0%
Current Services 13,884,166 14,313,320 429,154 3.1%
Other Taxes 15,166,752 14,430,970 (735,781) -4.9%
Payments in Lieu of Services 6,336,890 5,799,196 (537,694) -8.5% Intergovernmental Revenues 3,899,069 6,872,320 2,973,251 76.3% Licenses, Fees & Permits 2,273,820 2,616,622 342,801 15.1% Utility Service Charges 13,839 11,109 (2,730) -19.7%
Special Assessments 777,314 982,168 204,855 26.4%
Fines, Penalties & Forfeitures 1,420,858 917,453 (503,404) -35.4% Investment Earnings 5,681,380 7,373,017 1,691,637 29.8% GASB31 Gain/ Loss on Investment 13,443,620 (2,582,639) (16,026,259) -119.2% Total Revenues $ 237,691,504 $ 212,322,688 $ (25,368,816) -10.7% Transfers In 1,289,243 8,076,222 6,786,979 526.4%
Total Inflow s $ 238,980,746 $ 220,398,910 $ (18,581,837) -7.8% Total Inflow s (w / o GASB31) $ 225,537,127 $ 222,981,549 $ (2,555,578) -1.1% General Fund Projected Through Q4 %
Revenue Category FY 2025 FY 2025 Received
Sales Tax $ 57,032,920 $ 47,975,090 84.1%
Measure X 41,017,251 34,204,191 83.4%
Property Tax 65,736,729 68,994,680 105.0%
Other Revenue 11,134,068 10,415,191 93.5%
Current Services 12,503,437 14,313,320 114.5%
Other Taxes 15,585,589 14,430,970 92.6%
Payments in Lieu of Services 7,773,943 5,799,196 74.6%
Intergovernmental Revenues 4,695,466 6,872,320 146.4%
Licenses, Fees & Permits 2,361,580 2,616,622 110.8%
Utility Service Charges 10,000 11,109 111.1%
Special Assessments 779,667 982,168 126.0%
Fines, Penalties & Forfeitures 1,170,137 917,453 78.4%
Investment Earnings 6,484,027 7,373,017 113.7%
GASB31 Gain/ Loss on Investment - (2,582,639) N/ A
Total Revenues $ 226,284,813 $ 212,322,688 93.8%
Transfers In 8,511,453 8,076,222 94.9%
Total Inflow s $ 234,796,266 $ 220,398,910 93.9%
Total Inflow s (w / o GASB31) $ 234,796,266 $ 222,981,549 95.0% The FY 2025 budget was adopted with $221.7 million in General Fund expenditures. With continuing appropriations of $28.5 million, and encumbrances (committed purchase orders) of $18.9 million, the beginning outflow budget was $269.2 million. Through Council Actions and other authorized adjustments, total outflows are currently $316.5 million.
Through Quarter 4, the City has spent $228.2 million, or 72.1% of the cumulative budget. At this point in the fiscal year, expenditures should be approximately 100% of budget. When comparing the same quarter in FY 2024, outflows are up by 13.6%, or $27.3 million.
Personnel Services, the largest budget category, has an increase of $13.0 million as compared to the same quarter last fiscal year. The changes are primarily based on the new Memorandum of Understanding (MOU) contracts that went into effect December 28, 2024, and are good through December 2027.
Materials and Supplies is up by $6.7 million when compared to Quarter 4 of FY 2024. There are multiple increases and decreases in this category. The primary driver for change is property acquisitions in the current fiscal year.
General Fund Expenditures Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 General Fund Outflows
Expenditures + Transfers Out
Quarter 4, FY 2024 to FY 2025
General Fund Outflows
Expenditures + Transfers Out
Budget to Actuals, Quarter 4, FY 2025
General Fund Through Q4 Through Q4 %
Expenditures By Category 2024 2025 Change
Contractual 20,858,982 28,479,798 36.5%
Materials and Supplies 64,374,183 71,099,964 10.4%
Claims Expense - 37 N/ A
Personnel Services 111,232,532 124,263,524 11.7%
Utilities 4,440,990 4,358,921 -1.8%
Total Expenditures $ 200,906,688 $ 228,202,245 13.6%
Transfers Out - 13,083 N/ A
Total Outflows $ 200,906,688 $ 228,215,328 13.6%
General Fund Cumulative Budget Through Q4 %
Expenditures By Department FY 2025 FY 2025 Spent
CIP / O&M Projects $ 91,621,656 $ 36,298,545 39.6%
City Manager's Office 15,574,073 10,416,660 66.9%
Community Services 20,752,019 18,631,966 89.8%
Debt Service 23,459,197 23,344,128 99.5%
Economic Development 1,634,883 1,023,901 62.6%
Elected Officials 175,694 159,637 90.9%
Finance 5,111,535 4,793,848 93.8%
Fire 38,132,764 36,139,430 94.8%
General Government 34,138,633 23,222,134 68.0%
Human Resources 3,137,124 2,689,067 85.7%
Information Technology 1,123,948 735,879 65.5%
Legal & Risk Management 2,201,895 2,040,752 92.7%
Planning & Development 10,068,646 8,124,725 80.7%
Police 63,022,910 55,861,632 88.6%
Public Works 6,354,204 4,719,940 74.3%
Total Expenditures $ 316,509,182 $ 228,202,245 72.1%
Transfers Out 13,083 13,083 100.0%
Total Outflows $ 316,522,265 $ 228,215,328 72.1%
General Fund Expenditures By Department
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 This budget does not follow the normal trends as these are multi-year projects. Any unspent encumbrances (purchase orders) or remaining balance carries forward to the next fiscal year to continue the project activities.
CIP / O&M Projects (39.6%)
Current savings are related to the contractual services budget. The contractual services are primarily related to the Homeless Program.
City Manager’s Office (66.9%)
Through June 30, 2025, approximately 100% of the fiscal year is complete. Departments with a variance of 10% or more are explained in the following section.
Current savings is due to personnel services, materials and supplies and contractual services.
Economic Development (62.6%)
Quarter 4 is trending low due to materials and supplies. Insurance premiums are reconciled and recorded at year-end.
General Government (68.0%)
Related to Measure X. Current savings due to contractual services.
Information Technology (65.5%)
Current savings is due to personnel services, materials and supplies and contractual services.
Planning & Development (80.7%)
Current savings is due to personnel, materials and supplies and contractual services.
Police (88.6%)
Current savings is due to personnel, materials and supplies and contractual services.
Community Services (89.8%)
Current savings is due to personnel services, materials and supplies and contractual services.
Human Resources (85.7%)
Current savings is due to personnel, materials and supplies and contractual services.
Public Works (74.3%)
Enterprise Funds
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 Utilities Inflows
The City operates three utility services through the Utilities Department: electric, water, and sewer. Through the collection of fees and charges, these funds should collect revenues sufficient to finance the costs associated with administration, operations, capital improvement projects (CIP), and debt service.
Enterprise Funds - Utilities
Revenues Compared, Quarter 4
FY 2023 – FY 2024 – FY 2025
$-
$10
$20
$30
$40
$50
$60
$70
$80
$90
Electric Water Sewer
FY 2023
FY 2024
FY 2025
Millions
Emergency Contingency
1 2 3
GOAL $4,901,402
Electric Utility
$553,301
Water
Utility
Sewer
Utility
$3,319,216 $1,325,448
Utilities Funds Reserves
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 The Utilities Funds target reserve amount for each of the operating funds shall be set at ninety (90) days. To build the target reserve amount, the Utilities Department shall annually contribute ten percent (10%) of the difference between actual operating revenues and actual operating expenses for each of the Utilities Department Operating Funds at the beginning of each fiscal year until the target reserve is met. Depending on the fund, it will take time to hit the target reserve amount. If the reserve amount exceeds the target reserve amount, the additional funds shall remain in reserves. The reserve process occurs annually, once the audit and financials are finalized.
GOAL $23,726,374 GOAL $12,817,081
Water Sewer
Utilities Funds Inflows
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 Comparing Quarter 4 FY 2025 revenues to FY 2024, there is a decrease of $1.7 million, or
8.7%. There were decreases in categories: Fees & Permits, Intergovernmental Revenues, Other Revenue, Payments in Lieu of Services, and Utility Service Charges. There were increases in categories: Current Services and Fines Penalties and Forfeitures. The change in the Investment Earnings category is due to how the City must report the unrealized gains/losses from investments. These are book entries and not actual cash. Adjusting for GASB31 book entries, Quarter 4 revenues are a net decrease of $1.6 million, or 8.6% Utilities Revenues - Through Quarter 4 FY 2025, revenues received have decreased 16.4%, or $22.2 million, as compared to the same quarter in Fiscal Year 2024.
Through the fourth quarter of FY 2025, there is a decrease of 15.8%, or $12.0 million, as compared to FY 2024. There were decreases in categories: Current Services, Fees & Permits, Intergovernmental Revenues, Investment Earnings, Other Revenue, Payments in Lieu of Services, Proceeds from Long Term Obligations, and Utility Service Charges.
There were increases in categories: Fines, Penalties & Forfeitures and Licenses, Fees & Permits. If GASB31 book entries are excluded, Quarter 4 revenues are a net decrease of $11.5 million, or 15.4%.
Through Quarter 4, there is a decrease of 21.2%, when compared to FY 2024. There were decreases in categories: Fees & Permits, Intergovernmental Revenues, Investment Earnings, Licenses, Fees & Permits, Other Revenue, Payments in Lieu of Services, Proceeds from Long Term Obligations, and Utility Service Charges. There were increases in categories: Current Services and Fines, Penalties & Forfeitures. The change in the Investment Earnings category is due to how the City must report the unrealized gains/losses from investments. These are book entries and not actual cash. Excluding GASB31 book entries, Quarter 4 revenues are a net decrease of $7.9 million, or 20.4%.
Electric
Utilities Funds Inflows
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 Utilities Funds Revenues
Revenue + Transfers In
Quarter 4, FY 2024 to FY 2025
Utilities Funds Revenues
Revenue + Transfers In
FY 2025, Projected Revenues to Quarter 4 Actuals
Enterprise Funds Through Q4 Through Q4 %
Fund Type FY 2024 FY 2025 Change
Electric $ 18,812,372 $ 17,194,565 -8.6%
GASB31 Gain/ Loss on Investment 391,428 342,410 -12.5%
Water 74,483,351 63,033,001 -15.4%
GASB31 Gain/ Loss on Investment 1,175,525 663,420 -43.6% Sewer 38,954,523 31,023,566 -20.4%
GASB31 Gain/ Loss on Investment 1,665,329 994,269 -40.3% Total Revenues $ 135,482,529 $ 113,251,231 -16.4%
Transfers In - Electric - - N/ A
Transfers In - Water - - N/ A
Transfers In - Sewer - - N/ A
Total Inflows $ 135,482,529 $ 113,251,231 -16.4%
Total Inflows (w/ o GASB31) $ 132,250,247 $ 111,251,132 -15.9% Enterprise Funds Projected Through Q4 %
Fund Type FY 2025 FY 2025 Received
Electric $ 19,044,472 $ 17,194,565 90.3%
GASB31 Gain/ Loss on Investment - 342,410 N/ A
Water 79,735,087 63,033,001 79.1%
GASB31 Gain/ Loss on Investment - 663,420 N/ A
Sewer 40,148,276 31,023,566 77.3%
GASB31 Gain/ Loss on Investment - 994,269 N/ A
Total Revenues $ 138,927,835 $ 113,251,231 81.5%
Transfers In - Electric - - N/ A
Transfers In - Water - - N/ A
Transfers In - Sewer - - N/ A
Total Inflows $ 138,927,835 $ 113,251,231 81.5%
Total Inflows (w/ o GASB31) $ 138,927,835 $ 111,251,132 80.1% Water Sewer
Utilities Funds Outflows
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 Overall, the Electric utility expenditures through Quarter 4 are down by 25.5% when compared to last fiscal year. There is an increase in contractual and materials and supplies and there are decreases in depreciation, personnel services and utilities.
At Quarter 4, project expenditures are 25.9% of the current expenditure budget. The operating budget expenditures total 51.7% of the current FY 2025 budget.
When comparing the total of utility outflows, Quarter 4 of FY 2025 to FY 2024, outflows are lower by 1.7%, or $2.1 million.
Overall, the Water utility expenditures are down by 3.0% or $2.0 million when compared to Quarter 4 in FY 2024. There are increases in categories: materials and supplies and utilities, and there are decreases in contractual, depreciation, and personnel services.
Through Quarter 4, project expenditures are 18.4% of the current expenditure budget.
The operating budget transactions total 85.2% of the current FY 2025 budget.
The Sewer utility expenditures are up by 10.9%, or $4.0 million, when compared to Quarter 4 of FY 2024. There are increases in categories: contractual, materials and supplies, and utilities. There are decreases in categories: depreciation and personnel services.
At the end of Quarter 4, project expenditures total 21.0% of the cumulative budget. The operating budget expenditures total 79.0% of the current FY 2025 budget.
Electric
Utilities Funds Outflows
Quarterly Budget Update | Quarter 4, FY 2025 | August 6, 2025 Utilities Funds Outflows
Expenditures + Transfers Out
Quarter 4, FY 2024 to FY 2025
Utilities Funds Outflows
Expenditures + Transfers Out
Budget to Actuals, Quarter 4, FY 2025
Enterprise Funds Through Q4 Through Q4 %
Expenditures By Category FY 2024 FY 2025 Change
Electric
Contractual $ 469,071 $ 1,262,176 169.1%
Depreciation 518,406 - -100.0%
Materials and Supplies 1,738,871 2,020,762 16.2%
Personnel Services 846,458 558,919 -34.0%
Utilities 12,135,621 7,859,505 -35.2%
Electric Total 15,708,426 11,701,362 -25.5%
Water
Contractual $ 14,174,321 $ 11,633,542 -17.9%
Depreciation 10,391,714 - -100.0%
Materials and Supplies 27,976,508 38,718,929 38.4%
Personnel Services 10,016,032 9,550,204 -4.7%
Utilities 5,967,962 6,595,053 10.5%
Water Total 68,526,537 66,497,727 -3.0%
Sewer
Contractual $ 9,402,505 $ 13,268,342 41.1%
Depreciation 5,078,031 - -100.0%
Materials and Supplies 12,436,490 17,678,234 42.1%
Personnel Services 8,040,616 7,256,730 -9.7%
Utilities 1,434,469 2,172,813 51.5%
Sewer Total 36,392,110 40,376,118 10.9%
Transfers Out - Electric - - N/ A
Transfers Out - Water - - N/ A
Transfers Out - Sewer - - N/ A
Grand Total $ 120,627,074 $ 118,575,208 -1.7%
Enterprise Funds Cumulative Budget Through Q4 %
Expenditures By Department FY 2025 FY 2025 Spent
Electric
CIP / O&M Projects $ 2,267,695 $ 586,913 25.9%
Debt Service 341,558 318,822 93.3%
Planning & Development 192 192 100.0%
Public Works 91,926 33,811 36.8%
Utilities Department 21,057,556 10,761,623 51.1%
Electric Total 23,758,927 11,701,362 49.3%
Water
CIP / O&M Projects $ 62,976,419 $ 11,593,040 18.4%
Debt Service 1,842,999 1,781,548 96.7%
Planning & Development 54,307 50,913 93.8%
Public Works 470,861 448,844 95.3%
Utilities Department 62,073,066 52,623,382 84.8%
Water Total 127,417,652 66,497,727 52.2%
Sewer
CIP / O&M Projects $ 58,694,591 $ 12,314,696 21.0%
City Manager's Office - (18) N/ A
Debt Service 1,033,264 998,767 96.7%
Planning & Development 38,834 37,896 97.6%
Public Works 351,333 325,337 92.6%
Utilities Department 34,075,143 26,699,440 78.4%
Sewer Total 94,193,165 40,376,118 42.9%
Transfers Out - Electric - - N/ A
Transfers Out - Water - - N/ A
Transfers Out - Sewer - - N/ A
Grand Total $ 245,369,744 $ 118,575,208 48.3%
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