Corona City Council
December 3, 2025

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
75 Note 1 – Summary of Significant Accounting Policies (Continued) 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, 2023
Measurement Date June 30, 2024
Measurement Period July 1, 2023 to June 30, 2024
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".

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
76 Note 1 – Summary of Significant Accounting Policies (Continued) 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.

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.

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.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
77 Note 1 – Summary of Significant Accounting Policies (Continued) U. Net Position and Fund Balances (Continued)
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.

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
V. 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.

W. Implementation of New GASB Pronouncements
GASB Statement No. 101
In June 2022, GASB issued Statement No. 101, Compensated Absences. The objective of this Statement is to better meet the information needs of financial statement users by updating the recognition and measurement guidance for compensated absences. That objective is achieved by aligning the recognition and measurement guidance under a unified model and by amending certain previously required disclosures. Implementation of this Statement results in a restatement of the beginning net position as of July 1, 2024, as presented in Note 16.

GASB Statement No. 102
In December 2023, GASB issued Statement No. 102, Certain Risk Disclosures. The objective of this Statement is to provide users of government financial statements with essential information about risks related to a government's vulnerabilities due to certain concentrations or constraints which may limit a government's ability to acquire resources or control spending. Application of this statement did not have a significant effect on the City’s financial reporting for the fiscal year ended June 30, 2025.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
78 Note 2 – Stewardship, Compliance and Accountability
Deficit Net Position
At June 30, 2025, Other Grants Capital Projects Funds had deficit fund balance of $(21,334,973). The deficit will be eliminated when reimbursements are received in the future year. Public Facility Project Capital Projects Funds had deficit fund balance of $(4,190,511). 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 $(14,087,266) and will be eliminated with future redevelopment property trust fund revenue.

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, 2025:

Fiduciary
Fund
Governmental Business-Type Statement of
Activities Activities Net Position Total
Cash and investments 328,493,666 $ 134,568,588 $ 5,998,448 $ 469,060,702 $ Restricted cash and investments 58,510,619 818,027 55,591,271 114,919,917 Total cash and investments $ 135,386,615 387,004,285 $ 61,589,719 $ 583,980,619 $ Government-Wide
Statement of Net Position
The City’s cash and investments at June 30, 2025, in more detail:

Deposits with financial institution $ 3,134,798
Petty cash 11,248
Custodial cash 532,603
Cash in escrow 2,529,524
Total cash 6,208,173
Investments 522,169,450
Investments with fiscal agent 55,602,997
Total investments 577,772,447
Total cash and investments $ 583,980,619
A. Deposits
The carrying amounts of the City’s demand deposits were $3,134,798 at June 30, 2025. Bank balances at that date were $2,093,004, 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.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
79 Note 3 – Cash and Investments (Continued)
A. Deposits (Continued)
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.

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.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
80 Note 3 – Cash and Investments (Continued)
D. Fair Value Measurement
At June 30, 2025, 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, 2025:

Quoted Prices in
Active Market for Significant Other
Investment Type
Identical Assets
(Level 1)
Observable
Inputs (Level 2) Uncategorized Total
Local Agency Investment Fund $ - $ 52,864,963 - $ $ 52,864,963 Money Market Funds - 1,994,989 - 1,994,989
United States Government Sponsored Enterprise Securities 71,424,941 - 71,424,941 - US Treasury Bills 161,370,002 - 161,370,002 -
Asset Backed Securities 44,237,526 - 44,237,526 -
Corporate Notes 109,598,249 - 109,598,249 -
Municipal Bonds 4,472,989 - 4,472,989 -
Supernational Obligations 21,514,470 - 21,514,470 -
Mutual Funds Held in Pension Trust 54,691,209 - 54,691,209 - Held by Bond Trustee:

Local Agency Investment Fund - 2,340,752 - 2,340,752
Money Market Funds - 53,262,357 - 53,262,357
Total $ 216,061,211 $ 251,248,175 $ 110,463,061 $ 577,772,447 Measurement Input
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, 2025, the City had the following investment maturities:

Investment Type
12 Months or
Less 13-24 Months 25-60 Months Total
Local Agency Investment Fund 52,864,963 $ - $ - $ 52,864,963 $ Money Market Funds 1,994,989 - - 1,994,989
United States Government Sponsored Enterprise Securities 18,700,972 4,430,577 48,293,392 71,424,941 US Treasury bills 5,919,902 14,127,461 141,322,639 161,370,002 Asset Backed Securities 100,730 5,762,373 38,374,423 44,237,526 Corporate Notes 8,747,192 10,224,167 90,626,890 109,598,249 Municipal Bonds - - 4,472,989 4,472,989
Supernational Obligations 12,448,763 - 9,065,707 21,514,470 Mutual Funds Held in Pension Trust 54,691,209 - - 54,691,209 Held by Bond Trustee:

Local Agency Investment Fund 2,340,752 - - 2,340,752
Money Market Funds 53,262,357 - - 53,262,357
Total $ 34,544,578 211,071,829 $ 332,156,040 $ 577,772,447 $ Remaining Maturity (In Months)

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
81 Note 3 – Cash and Investments (Continued)
E. Risk Disclosures (Continued)
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, 2025 for each investment type:

Fair Value Minimum Not Required
at Legal to be
Investment Type June 30, 2025 Rating AAA AA A Rated
Local Agency Investment Fund $ 52,864,963 Not Rated $ - $ - $ 52,864,963 - $ Money Market Funds 1,994,989 N/A - - 1,994,989 -
United States Government Sponsored
Enterprise Securities 71,424,941 N/A 71,424,941 - - -
US Treasury bills 161,370,002 N/A 161,370,002 - - -
Asset Backed Securities 44,237,526 AA 44,237,526 - -
Corporate Notes 109,598,249 A 38,254,291 - 71,343,958 - Municipal Bonds 4,472,989 A 4,472,989 - - -
Supernational Obligations 21,514,470 AA 21,514,470 - - - Held in Pension Trust:

Mutual Funds 54,691,209 N/A - - 54,691,209 -
Held by Bond Trustee:

Local Agency Investment Fund 2,340,752 N/A - - 2,340,752 - Money Market Funds 53,262,357 N/A - - 53,262,357 -
Total $ 577,772,447 $ 227,121,998 $ 114,152,221 $ 71,343,958 $ 165,154,270 N/A - Not Required
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, 2025, 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 52,424,315 $ 10%

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
82 Note 3 – Cash and Investments (Continued)
E. Risk Disclosures (Continued)
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, 2025, 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.

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, 2025 was $21,557,549.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
83 Note 4 – Investment in Joint Venture (Continued)
Unaudited financial information of the Authority for the fiscal year ended June 30, 2025, was summarized as follows:

Total assets $ 122,197,813
Total liabilities (53,186,438)
Deferred Inflow of resources (881,921)
Total net position (deficit) $ 68,129,454
Operating revenues $ 12,482,726
Operating expenses (11,551,393)
Operating revenue before depreciation 931,333
Depreciation (3,931,615)
Operating loss (3,000,282)
Nonoperating revenue 5,436,295
Change in net position 2,436,013
Beginning net position 65,693,441
Ending net position $ 68,129,454
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, 2025 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.

Note 6 – Long-Term Receivables
At June 30, 2025, the balances of the long-term receivables were as follows:

Long-Term Loans
Governmental Funds Receivable Receivable Total
General Fund 1,039,775 $ - $ 1,039,775 $
Low Mod Income Housing Assets Capital Projects Fund 8,268,191 6,825,017 15,093,208 Other Grants Capital Projects Fund - 2,300,000 2,300,000 Development Special Revenue Funds 1,189,660 227,102 1,416,762 Nonmajor Governmental Funds 1,717,405 2,480,907 4,198,312 Total 12,215,031 $ 11,833,026 $ 24,048,057 $

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
84 Note 6 – Long-Term Receivables (Continued)
General Fund
 Reimbursement receivables from developers for the Temescal Canyon Communications Tower totaling $147,341.
 Reimbursement receivables from developers for South Corona area Community Facilities Plan totaling $117,434.
 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 $6,825,017.

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 $227,102.

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 $2,480,907 for residential rehabilitation, home improvement, and first-time home buyer programs.

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, 2025, the City recognized $524,819 and $353,876 in lease revenue and $347,544 and $112,133 in interest revenue for General Fund and Water Enterprise Fund, respectively. The outstanding receivables are in the amounts of $13,597,713 and $4,445,103 for General Fund and Water Enterprise Fund, respectively.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
85 Note 7 – Lease Receivables (Continued)
The future required payments for these leases, including interest, are as follows:

Year Ending
June 30, Principal Interest Total Principal Interest Total 2026 506,181 $ 399,817 $ 905,998 $ 318,769 $ 127,613 $ 446,382 $ 2027 529,920 384,824 914,744 342,887 117,948 460,835
2028 576,580 369,297 945,877 322,403 108,340 430,743
2029 586,986 352,663 939,649 347,607 98,597 446,204
2030 627,882 334,664 962,546 261,473 88,765 350,238
2031-2035 3,873,068 1,355,227 5,228,295 956,665 357,833 1,314,498 2036-2040 3,537,907 799,553 4,337,460 902,364 214,752 1,117,116 2041-2045 2,705,250 330,698 3,035,948 719,198 107,176 826,374 2046-2049 653,939 33,925 687,864 273,737 21,123 294,860 Total $ 4,360,668 13,597,713 $ 17,958,381 $ 4,445,103 $ 1,242,147 $ 5,687,250 $ Governmental Activities Business-type Activities
Note 8 – Interfund Transactions
A. Government-Wide Financial Statements
Internal Balances - At June 30, 2025, 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
$ 169,891,472
Included in the internal balances are net advances to nonmajor governmental funds from Electric Enterprise Funds in the amount of $876,500, net of internal services fund activities related to business-type activities in the amount of $1,943,848 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, 2025
86 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, 2025, 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, 2025:

Sewer Utilities Governmental
Advances from Other Fund Enterprise Fund Activities Total Water Utility Enterprise Fund 3,614,688 $ 106,819,662 $ 110,434,350 $ Sewer Utilities Enterprise Fund - 65,808,682 65,808,682 Total 176,243,032 $ 348,871,376 $ 176,243,032 $
Advances to Other Funds
During the year ended June 30, 2025, the following interfund transactions were paid by the CUA to the City:

Advances from Other Fund Interest
Water Utility Enterprise Fund $ 2,168,773
Sewer Utilities Enterprise Fund 1,464,595
Total $ 3,633,368
At June 30, 2025, the future debt service payments required under the Agreement for the Water Utility are presented below:

Year Ending June 30, Principal Interest
2026 $ 2,047,634 - $
2027 1,932,553 -
2028 1,823,225 -
2029 1,719,364 -
2030 1,620,696 -
2031-2035 6,787,746 -
2036-2040 4,964,929 -
2041-2045 3,554,470 -
2046-2050 2,356,969 -
2051-2055 - 953,043
2056 106,819,662 34,918
Total Future Repayments $ 106,819,662 $ 27,795,547

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
87 Note 8 – Interfund Transactions (Continued)
A. Government-Wide Financial Statements (Continued)
At June 30, 2025, the future debt service payments required under the Agreement for the Sewer utility advances are presented below:

Year Ending June 30, Principal Interest
2026 $ 1,384,616 - $
2027 1,308,635 -
2028 1,236,453 -
2029 1,167,880 -
2030 1,102,736 -
2031-2035 4,644,992 -
2036-2040 3,441,510 -
2041-2045 2,510,275 -
2046-2050 1,789,706 -
2051-2055 1,543,555 -
2056 65,808,682 233,254
Total Future Payments $ 65,808,682 $ 20,363,612
B. Fund Financial Statements
Due From/To Other Funds – At June 30, 2025, the City had the following due from/to other funds:

Other Grants Other Grants and Nonmajor Corona Utility
Capital Projects Endowment Special Governmental Authority Due From Other Funds Funds Revenue Fund Funds Water Fund Electric Fund Total Governmental Fund:

General Fund $ 24,514,325 $ 1,473,875 $ 6,170,257 $ 115,890 $ 4,054 $ 32,278,401 Enterprise Funds
Due To Other Funds
Governmental Funds
The above amounts resulted from temporary reclassifications made at June 30, 2025 to cover cash shortfalls.

Advances To/From Other Funds – At June 30, 2025, 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 5,726,858 $ - $ - $ 5,726,858 $ Nonmajor Governmental Funds 152,020 - 876,500 1,028,520 Proprietary Fund:

Water Enterprise Fund 106,819,662 3,614,688 - 110,434,350 Sewer Enterprise Fund 65,808,682 - - 65,808,682
Total $ 178,507,222 $ 3,614,688 $ 876,500 $ 182,998,410 Advances to Other Funds

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
88 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, 2025, the outstanding balance of the interfund loan was $5,726,858. 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, 2025, the outstanding balance was in the amount of $876,500.

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, 2025, the outstanding balance was in the amount of $3,614,688.

Transfers In/Out – During the year ended June 30, 2025, the City had the following transfers in/out:

Nonmajor
Governmental
Transfers In General Fund Funds Total
Governmental Fund:

General Fund $ 1,291,254 - $ $ 1,291,254
Other Grants and Endowments
Special Revenue Fund 13,083 - 13,083
Nonmajor Governmental Funds 1,051,266 1,051,266 -
Total $ 1,064,349 $ 1,291,254 $ 2,355,603
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 $1,291,254 from Gas Tax Special Revenue Fund to the General Fund for the engineering and project related to the City’s street.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
89 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, 2025 is as follows:

Balance Balance
July 1, 2024 Transfers Additions Deletions June 30, 2025 Capital assets, not being depreciated:

Land $ 89,322,275 $ 18,541,355 - $ $ 107,863,630 - $
Streets 225,740,785 - 30,562 225,771,347 -
Construction in progress 229,076,441 (1,073,204) 53,832,205 (114,062) 281,721,380 Total capital assets, not being depreciated 544,139,501 (1,073,204) 72,404,122 (114,062) 615,356,357 Capital assets, being depreciated:

Buildings and improvements 240,358,759 - (355,739) - 240,003,020 Machinery and equipment 51,450,312 898,244 4,084,256 (2,246,124) 54,186,688 Computer software 959,782 - (246,919) - 712,863
Infrastructure 376,482,170 97,144 34,325 (517,587) 376,096,052 Total capital assets, being depreciated 669,251,023 995,388 4,118,581 (3,366,369) 670,998,623 Less accumulated depreciation for:

Buildings and improvements (144,051,914) (4,775,796) - 281,233 (148,546,477) Machinery and equipment (33,644,990) (3,096,872) - 2,225,918 (34,515,944) Computer software (959,782) - 246,919 - (712,863)
Infrastructure (165,396,745) (6,432,225) - 149,361 (171,679,609) Total accumulated depreciation (344,053,431) (14,304,893) - 2,903,431 (355,454,893) Total capital assets, being depreciated, net 325,197,592 995,388 (10,186,312) (462,938) 315,543,730 Intangible assets, being amortized:

Right-to-use lease vehicles 2,169,593 755,381 - (46,474) 2,878,500 Right-to-use subscription assets 7,212,289 8,877,099 - (1,300,184) 14,789,204 Total Intangible assets, being amortized 9,381,882 9,632,480 - (1,346,658) 17,667,704 Less accumulated amortization for:

Right-to-use lease vehicles (1,106,325) (397,384) - 23,883 (1,479,826) Right-to-use subscription assets (4,623,572) (2,919,853) - 1,300,184 (6,243,241) Total accumulated amortization (5,729,897) (3,317,237) - 1,324,067 (7,723,067) Total intangible assets, being amortized, net 3,651,985 6,315,243 - (22,591) 9,944,637 Governmental activities capital assets, net $ 872,989,078 $ (77,816) $ 68,533,053 $ (599,591) $ 940,844,724 Depreciation and amortization expense was charged to functions of the governmental activities for the year ended June 30, 2025 as follows:

General government $ 2,829,123
Public safety - fire 878,549
Public safety - police 502,815
Public works 6,889,591
Community services 2,221,916
Internal service 4,300,136
Total depreciation expense and amortization - governmental activities $ 17,622,130

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
90 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, 2025 is as follows:

Balance Balance
July 1, 2024 Transfers Additions Deletions June 30, 2025 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 42,501,437 (15,174,367) 24,510,219 (1,500,847) 50,336,442 Total capital assets, not being depreciated 67,862,966 (15,174,367) 24,510,219 (1,500,847) 75,697,971 Capital assets, being depreciated:

Buildings and improvements 106,650,883 536,911 (35,000) - 107,152,794 Machinery and equipment 140,171,314 2,778,562 1,380,194 (1,401,324) 142,928,746 Computer software 1,770,193 - (42,100) - 1,728,093
Infrastructure 412,740,266 11,936,710 2,908,770 427,585,746 - Total capital assets, being depreciated 661,332,656 15,252,183 4,288,964 (1,478,424) 679,395,379 Less accumulated depreciation for:

Buildings and improvements (58,829,178) (2,217,510) - 34,271 (61,012,417) Machinery and equipment (91,830,238) (5,447,149) - 1,401,037 (95,876,350) Computer software (1,760,595) - (9,597) 42,100 (1,728,092) Infrastructure (142,426,851) (7,699,058) - (150,125,909) - Total accumulated depreciation (294,846,862) (15,373,314) - 1,477,408 (308,742,768) Total capital assets, being depreciated, net 366,485,794 15,252,183 (11,084,350) (1,016) 370,652,611 Intangible assets, being amortized:

Right-to-use lease assets 217,306 - - 217,306 -
Accumulated amortization (89,461) (16,214) - (105,675) - Total lease assets, being amortized, net 127,845 (16,214) - 111,631 - Business-type activities capital assets, net $ 434,476,605 $ 77,816 $ 13,409,655 $ (1,501,863) $ 446,462,213 Depreciation and amortization expense was charged to functions of the business-type activities for the year ended June 30, 2025 as follows:

Water $ 9,671,278
Sewer 5,018,201
Electric 385,450
Transit Service 313,191
Airport 1,408
Total depreciation and amortization expense - business-type activities $ 15,389,528

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
91 Note 9 – Capital Assets (Continued)
C. Infrastructure Assets
Below is a summary of infrastructure assets of the City as of June 30, 2025:

Accumulated
Description Historical Cost Depreciation Net Cost
Governmental activities:

Modified approach
Street pavement system 225,771,347 $ - $ 225,771,347 $
Basic approach
Fiberoptics 5,899,801 (3,588,952) 2,310,849
Curbing 83,923,871 (46,431,111) 37,492,760
Sidewalks 106,861,498 (51,183,077) 55,678,421
Signs and Lights 51,307,924 (20,176,097) 31,131,827
Storm Drains 126,896,822 (50,155,635) 76,741,187
Electric 1,206,136 (144,737) 1,061,399
Subtotal basic approach 376,096,052 (171,679,609) 204,416,443 Total governmental activities $ (171,679,609) 601,867,399 $ 430,187,790 $ Business-type activities:

Basic approach
Fiberoptics 235,951 $ (225,384) $ 10,567 $
Curbing 29,298 (902) 28,396
Sidewalks 522,116 (26,035) 496,081
Electric 9,397,740 (2,432,166) 6,965,574
Signs and Lights 249,371 (74,811) 174,560
Storm Drains 2,407,199 (67,813) 2,339,386
Water 300,538,546 (110,000,413) 190,538,133
Water Reclamation 114,205,525 (37,298,385) 76,907,140
Total business-type activities $ (150,125,909) 427,585,746 $ 277,459,837 $ D. Construction in Progress and Capital Project Commitments The City has active construction projects as of June 30, 2025. 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 $328,557,823.

The following material construction commitments existed at June 30, 2025:

Expenditures
Contract to date as of Remaining
Project Name Amount June 30, 2025 Commitments
Governmental activities:

McKinley Street Grade Separation $41,863,212 $ 24,713,679 17,149,533 $ Ontario Avenue Widening 19,484,712 139,875 19,344,837
Fire Station Rebuild 542,603 6,345,105 6,887,708
Traffic Signal Optimization 5,505,103 1,421,676 6,926,779 City of Corona Green Alleys 6,848,452 1,075,965 7,924,417 City Park Revitalization 3,248,966 260,498 3,509,464
City Wide Street Pavement 12,568,141 211,649 12,356,492 Business-type activities:

SDO Lift Station/Pipelines 12,780,296 171,214 12,609,082 AMI Meter Replacement 2,142,887 2,413,835 4,556,722
Hydrogen Fueling Station 10,303,948 - 10,303,948
Total material construction commitments $ 126,805,399 $ 43,524,428 $ 83,280,971

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
92 Note 10 – Long-Term Liabilities
A. Governmental Activities
A summary of changes in long-term liabilities for governmental activities for the year ended June 30, 2025 is as follows:

Balance
July 1, 2024 Balance Due within Due in More
(as restated) Additions Deletions June 30, 2025 One Year Than One Year Governmental Activities:

Public Offering:
2016 Lease Revenue Refunding Bonds 15,315,000 $ - $ (1,530,000) $ 13,785,000 $ 1,590,000 $ 12,195,000 $ Unamortized bond premium 1,784,740 - (148,728) 1,636,012 - 1,636,012 2021 Pension Obligation Bond 192,647,315 - (16,159,424) 176,487,891 17,116,508 159,371,383 Total Public Offering 209,747,055 - (17,838,152) 191,908,903 18,706,508 173,202,395 Direct Borrowing:
2012 Refunding Lease 6,046,014 (1,948,766) - 4,097,248 2,014,597 2,082,651 Lease Liabilities 379,037 588,213 (168,628) 798,622 218,657 579,965 Subscription Liabilities 2,219,154 8,768,626 (3,568,583) 7,419,197 1,896,327 5,522,870 Compensated Absences * 12,872,075 881,402 13,753,477 - 9,140,324 4,613,153 Claims and Judgments 24,181,741 6,553,718 (3,317,653) 27,417,806 4,689,740 22,728,066 Total governmental activities $ 16,791,959 255,445,076 $ (26,841,782) $ 245,395,253 $ 36,666,153 $ 208,729,100 $ * Presented as net change during the year ended June 30,2025. 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.

The future annual debt service requirements for the 2016 Lease Revenue Refunding Bonds are listed below:

Year Ending
June 30, Principal Interest Total
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 1,020,000 321,400 1,341,400
2031-2035 5,810,000 881,300 6,691,300
2036-2037 2,590,000 78,300 2,668,300
Total $ 3,051,775 13,785,000 $ 16,836,775 $

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
93 Note 10 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
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
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 19,806,561 2,569,206 3,242,211 444,196
2031-2034 84,397,149 5,502,769 14,729,557 974,583
Total $ 21,755,458 176,487,891 $ 29,999,483 $ 3,760,851 $ Governmental Activities Business-type Activities
Year Ending
June 30, Principal Interest Principal Interest Total
2026 5,471 $ 1,257 $ 19,970,000 $ 4,487,017 $ 24,457,017 $ 2027 5,717 1,182 20,850,001 4,215,224 25,065,225
2028 5,985 1,086 21,514,999 3,864,319 25,379,318
2029 5,931 974 22,000,000 3,463,494 25,463,494
2030 6,228 853 23,055,000 3,014,255 26,069,255
2031-2034 28,294 1,872 99,155,000 6,479,224 105,634,224 Total $ 7,224 57,626 $ 206,545,000 $ 25,523,533 $ 232,068,533 $ Fiduciary Activities Total
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, 2025, the future annual debt service requirements for the 2012 Refunding Lease Financing Agreement are as follows:

Year Ending
June 30, Principal Interest Total
2026 2,014,597 $ 120,525 $ 2,135,122 $
2027 2,082,651 52,471 2,135,122
Total $ 172,996 4,097,248 $ 4,270,244 $

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
94 Note 10 – Long-Term Liabilities (Continued)
A. Governmental Activities (Continued)
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
2026 218,657 $ 51,143 $ 269,800 $
2027 192,943 36,555 229,498
2028 182,207 22,686 204,893
2029 146,678 9,888 156,566
2030 58,137 1,547 59,684
$ 121,819 798,622 $ 920,441 $
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
2026 1,896,327 $ 222,576 $ 2,118,903 $
2027 1,562,794 165,686 1,728,480
2028 516,872 118,802 635,674
2029 532,091 103,583 635,674
2030 548,341 87,333 635,674
2031-2035 2,362,772 179,926 2,542,698
$ 877,906 7,419,197 $ 8,297,103 $
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 balance at June 30, 2025, was $13,753,477.

Claims and Judgments
The balance at June 30, 2025, was $27,417,806. See Note 11 for more details.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
95 Note 10 – 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, 2025:

Balance Balance Due within Due in More
July 1, 2024 Additions Deletions June 30, 2025 One Year Than One Year Business-Type activities
Public Offering:
2023 Water Revenue Refunding Bonds 18,265,000 $ - $ (1,660,000) $ 16,605,000 $ 1,735,000 $ 14,870,000 $ 2013 Wastewater Revenue Bonds 6,860,000 - (725,000) 6,135,000 760,000 5,375,000 Total Revenue Bonds 25,125,000 - (2,385,000) 22,740,000 2,495,000 20,245,000 Bond Premium - Water 1,880,974 - (230,324) 1,650,650 - 1,650,650 Bond Premium - Wastewater 151,443 - (18,931) 132,512 - 132,512 Total Premium 2,032,417 - (249,255) 1,783,162 - 1,783,162 2021 Pension Obligation Bond 32,684,901 - (2,685,418) 29,999,483 2,848,021 27,151,462 Total Public Offering 59,842,318 - (5,319,673) 54,522,645 5,343,021 49,179,624 Direct Borrowing:

Brine Line Installment Agreement 5,470,895 - (435,873) 5,035,022 448,949 4,586,073 State Loan C-06-4802-110 3,748,831 - (1,851,274) 1,897,557 1,897,557 - State Loan C-06-7834-110 9,217,896 - (315,865) 8,902,031 322,498 8,579,533 Total Direct Borrowing 18,437,622 - (2,603,012) 15,834,610 2,669,004 13,165,606 Compensated Absences * 1,427,310 16,330 - 1,443,640 1,135,252 308,388 Total business-Type activities $ 16,330 79,707,250 $ (7,922,685) $ 71,800,895 $ 9,147,277 $ 62,653,618 $ * Presented as net change during the year ended June 30,2025. 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
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 2,115,000 403,125 2,518,125
2031-2033 7,005,000 536,875 7,541,875
Total 16,605,000 $ 3,535,875 $ 20,140,875 $
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, 2025
96 Note 10 – 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
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 920,000 96,000 1,016,000
2031-2032 1,940,000 78,400 2,018,400
Total $ 948,125 6,135,000 $ 7,083,125 $
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, 2025, outstanding balance on the debt was $5,035,022. The future annual debt service requirements per the agreement are presented below:

Year Ending
June 30, Principal Interest Total
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 505,296 94,704 600,000
2031-2035 2,651,490 236,832 2,888,322
Total $ 853,300 5,035,022 $ 5,888,322 $

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
97 Note 10 – 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 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, 2025 was $1,897,557. Annual future debt service requirements for the loan are presented below:

Year Ending
June 30, Principal Interest Total
2026 1,897,557 $ 47,438 $ 1,944,995 $
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 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, 2025 is $8,902,031. Annual future debt service requirements for the loan are presented below:

Year Ending
June 30, Principal Interest Total
2026 322,498 $ 186,943 $ 509,441 $
2027 329,271 180,170 509,441
2028 336,186 173,255 509,441
2029 343,246 166,195 509,441
2030 350,454 158,987 509,441
2031-2035 1,865,801 681,404 2,547,205
2036-2040 2,070,113 477,092 2,547,205
2041-2045 2,296,798 250,407 2,547,205
2046-2047 987,664 31,219 1,018,883
Total $ 2,305,672 8,902,031 $ 11,207,703 $
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 $33,539,587 in outstanding debts as of June 30, 2025. 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 $40,376,700. Principal and interest paid for the current year was $5,999,061, and total customer net revenue subject to pledge was $29,963,500.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
98 Note 10 – Long-Term Liabilities (Continued)
B. Business-Type Activities (Continued)
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 balance at June 30, 2025, was $1,443,640.

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, 2024 Additions Deletions June 30, 2025 One Year Than One Year Fiduciary Activities:

Public Offering
2021 Pension Obligation Bond $ 62,784 $ (5,158) - $ $ 57,626 $ 5,471 $ 52,155 2007 Temescal Canyon Project Area
Tax Allocation 10,120,000 (940,000) - 9,180,000 975,000 8,205,000 2007 Project Area "A" Taxable Tax
Allocation Bonds 19,825,000 (3,760,000) - 16,065,000 4,145,000 11,920,000 Unamortized Bond Premium 241,147 - 241,147 - 241,147 -
Total fiduciary activities $ 30,248,931 $ (4,705,158) - $ $ 25,543,773 $ 5,125,471 $ 20,418,302 The Successor Agency's outstanding bonds from public offerings was in the amount of $25,302,626 at June 30, 2025. 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.
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.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
99 Note 10 – Long-Term Liabilities (Continued)
C. Fiduciary Funds (Continued)
2007 Temescal Canyon Project Area Tax Allocation Bonds
The annual debt service requirements for the 2007 Temescal Canyon Tax Allocation Bonds are presented below:

Year Ending
June 30, Principal Interest Total
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 1,170,000 263,700 1,433,700
2031-2033 3,830,000 462,375 4,292,375
Total $ 2,010,312 9,180,000 $ 11,190,312 $
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
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 $ 1,652,463 16,065,000 $ 17,717,463 $
2021 Taxable Pension Obligation Bonds
See Note 10A 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 $28,644,076 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 $8,362,197 and the debt service payments on the bonds was $6,253,983.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
100
Note 10 – Long-Term Liabilities (Continued)
D. Non-City Obligations
Special Assessment District Bonds (Non-City Obligation) The payment of this bonds 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, 2025, the outstanding balance for the special assessment district bonds was paid off.

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.

The following Community Facilities Districts Bonds are currently active:

Balance at
June 30, 2025
Community Facilities Districts
$ CFD 2002-1 Dos Lagos 2017 Special Tax Refunding 8,820,000 13,455,000 $ CFD 2002-1 Dos Lagos 2017 IA Special Tax Refunding 5,055,000 7,125,000 CFD 2002-4 2017 Special Tax Refunding Bond 4,535,000 7,010,000 CFD 2016-2 2018 Special Tax Bonds 4,775,000 5,475,000
CFD 2018-1 Bedford IA1, 2018 Special Tax Bonds 8,730,000 9,000,000 CFD 2017-2 Valencia/Seville 2018 Special Tax Bonds 3,295,000 3,650,000 CFD 2000-1, 2020 Special Tax Refunding Bond 2,475,000 4,175,000 CFD 2001-2, 2020 Special Tax Refunding Bond 1,345,000 2,150,000 CFD 2003-2, 2020 Special Tax Refunding Bond 3,525,000 5,200,000 CFD 2004-1, 2020 Special Tax Refunding Bond 1,820,000 2,505,000 CFD 2018-1 Bedford IA1, 2020 Special Tax Bonds 10,100,000 10,240,000 CFD 2018-2, Sierra Bella 2022 Special Tax Bonds 14,700,000 15,190,000 CFD 2018-1 Bedford IA2 26,000,000 260,000,000
Total Community Facilities Districts $ 95,175,000
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, 2025, the aggregate principal amount of conduit debt obligations outstanding totaled $36,232.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
101
Note 10 – Long-Term Liabilities (Continued)
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, 2025, management believes the City and its component units are in compliance with all covenants of the various debt indentures.

Note 11 – 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, 2025 has been included in the Claims Payable amount for the same reporting period. As of June 30, 2025, 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, 2025 has been included in the Claims Payable amount for the same reporting period. As of June 30, 2025, 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, 2025, 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, 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 June 30, 2025 22,062,430 5,606,433 (2,962,231) 24,706,632 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, 2025 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, 2025 , the City's general liability self-insurance program was funded above the confidence level of 90%.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
102
Note 11 – Risk Management (Continued)
B. General Liability Insurance (Continued)
The following table presents claims and judgments payable for the general liability self-insurance program, including property losses, for the year ended June 30, 2025, 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, 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 June 30, 2025 2,119,311 947,285 (355,422) 2,711,174
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, 2025 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.

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 12 – 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, 2023 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.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
103
Note 12 – Pension Plan (Continued)
A. General Information about the Pension Plan (Continued) 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 (FY24-25) 8.00% 7.75% 9.00% 14.25% 9.00% 14.50% Employer (Measurement Period) 12.03% 12.03% 26.19% 26.19% 29.09% 14.50% Employee (FY24-25) 12.05% 12.05% 25.13% 25.13% 29.30% 14.72% Miscellaneous Agent Plan Safety - Police Agent Plan Safety - Fire Cost-Sharing Plan Monthly benefits, as a % of
eligible compensation
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.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
104
Note 12 – Pension Plan (Continued)
A. General Information about the Pension Plan (Continued) Employees Covered by Benefit Terms
At June 30, 2023, the valuation date, the following employees were covered by the benefit terms:

Miscellaneous Safety - Police Classic PEPRA
Active employees 448 152 60 50
Transferred and terminated employees 766 42 61 10
Retired employees and beneficiaries 829 213 137 1
Total 2,043 407 258 61
Plans
Safety - Fire
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 103.

B. Net Pension Liability
Actuarial Methods and Assumption Used to Determine Total Pension Liability The June 30, 2023 valuation was rolled forward to determine the June 30, 2024 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.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
105
Note 12 – Pension Plan (Continued)
B. Net Pension Liability (Continued)
Change of Assumptions
There were no assumption changes in 2024.

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.

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 2021 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, 2025
106
Note 12 – 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, 2023 (Valuation Date) 436,846,507 $ 406,054,849 $ 30,791,658 $ Changes Recognized for the Measurement Period:

Service cost 6,690,514 - 6,690,514
Interest on the total pension liability 30,279,132 - 30,279,132 Changes of benefit terms - - -
Changes of assumptions - - -
Difference between expected and actual experience - 10,377,336 10,377,336 Net plan to plan resource movement - - -
Contributions from the employer 4,576,146 - (4,576,146) Contributions from employees 3,045,513 - (3,045,513)
Net investment income 37,944,989 - (37,944,989)
Benefit payments, including refunds
of employee contributions (23,482,202) (23,482,202) -
Administrative expense (330,408) - 330,408
Other - - -
Net Changes during July 1, 2023 to June 30, 2024 23,864,780 21,754,038 2,110,742 Balance at June 30, 2024 (Measurement Date) $ 460,711,287 $ 427,808,887 $ 32,902,400 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, 2023 (Valuation Date) 353,074,874 $ 318,129,352 $ 34,945,522 $ Changes Recognized for the Measurement Period:

Service cost 6,880,369 - 6,880,369
Interest on the total pension liability 24,071,271 - 24,071,271 Changes of benefit terms - - -
Changes of assumptions - - -
Difference between expected and actual experience - 424,039 424,039 Net plan to plan resource movement - - -
Contributions from the employer - 5,308,996 (5,308,996) Contributions from employees - 2,149,395 (2,149,395)
Net investment income - 30,006,019 (30,006,019)
Benefit payments, including refunds of employee
contributions (16,160,203) (16,160,203) -
Administrative expense - (258,863) 258,863
Other - - -
Net Changes during July 1, 2023 to June 30, 2024 15,215,476 21,045,344 (5,829,868) Balance at June 30, 2024 (Measurement Date) 368,290,350 $ 339,174,696 $ 29,115,654 $ Increase (Decrease)

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
107
Note 12 – 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, 2023 (Valuation Date) 221,032,634 $ 208,540,105 $ 12,492,529 $ Balance at June 30, 2024 (Measurement Date) 233,760,668 222,454,018 11,306,650 Net changes during 2023-24 12,728,034 13,913,913 (1,185,879) Increase (Decrease)
Safety Plan - Fire
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, 2023). 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, 2024). 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, 2024 less the sum of all additional side fund (or unfunded liability) contributions made by all employers during the measurement period (2023-24).
(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, 2025
108
Note 12 – 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, 2023 0.1001%
June 30, 2024 0.0932%
Change - Increase (Decrease) -0.0069%
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 96,364,263 $ 32,902,400 $ (18,921,058) $ Safety Plan - Police 82,188,858 $ 29,115,654 $ (14,010,384) $ Safety Plan - Fire 43,238,133 $ 11,306,650 $ (14,808,814) $ 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, 2025, the City recognized aggregated pension expense in the amount of $34,184,873 ($18,735,942, $16,088,051, and $(639,120) 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, 2025
109
Note 12 – 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, 2024, 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 6,365,270 $ - $ Changes of assumptions - -
Difference between expected and actual experience 7,845,424 - Net difference between projected and actual earning
on pension plan investments 7,541,705 -
Total 21,752,399 $ - $
Deferred Outflows Deferred Inflows
of Resources of Resources
Contribution made after measurement period 6,700,661 $ - $ Changes of assumptions 3,553,077 -
Difference between expected and actual experience 5,774,917 - Net difference between projected and actual earning
on pension plan investments 5,728,985 -
Total 21,757,640 $ - $
Deferred Outflows Deferred Inflows
of Resources of Resources
Contribution made after measurement period 4,105,877 $ - $ Changes of assumptions 278,572 -
Difference between expected and actual experience 922,720 (30,003) Net difference between projected and actual earning
on pension plan investments 546,510 -
Adjustment due to differences in proportions 2,548,104 (13,466,400) Difference between City's contribution and
proportionate share of contribution: 10,013,922 (6,141,878) Total 18,415,705 $ (19,638,281) $
Miscellaneous Plan
Safety Plan - Police
Safety Plan - Fire
The amounts above are net of outflows and inflows recognized in the 2023-2024 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 2023-24 measurement period is 2.6, 4.2, and 3.8 years, which was obtained by dividing the total service years of 5,411, 1,695, and 630,177 (the sum of remaining service lifetimes of the active employees) by 2,043, 407 and 166,163 (the total number of participants: active, inactive, and retired), respectively.
$6,365,270, $6,700,661, and $4,105,877 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 the collectively net pension liability, respectively, in the year ending June 30, 2026.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
110
Note 12 – 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
2025 6,852,001 $ 7,375,094 $ (4,218,970) $
2026 12,087,664 9,968,091 (605,937)
2027 (1,447,996) (632,810) (316,554)
2028 (2,104,540) (1,653,396) (186,992)
2029 - - -
Total 15,387,129 $ 15,056,979 $ (5,328,453) $
Deferred Outflows/(Inflows) of Resources
Note 13 – 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, 2025
111
Note 13 – 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, 2024 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, 2024, the City's cash contributions were $10,203,431 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, 2024, 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, 2024, 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
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

6.30% as of June 30, 2024 and 6.05% as of June 30, 2023 net of plan investment expense

6.30% as of June 30, 2024 and 6.05% as of June 30, 2023

2.50%
CalPERS 2017 Experience Study; Project with MW Scale
2022
6% in 2026, decrease until reaches 3.9% in 2075 and
thereafter.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
112
Note 13 – Other Postemployment Benefits (“OPEB”) (Continued) B. Net OPEB Liability (Continued)
Change in assumptions
Discount rate changed from 6.05% at June 30, 2023 to 6.30% at June 30, 2024.

Discount Rate
The discount rate used to measure the total OPEB liability was 6.30%. 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% 3.90% 4.70%
Fixed Income 23.00% 2.70% 2.60%
Global Real Estate (REITs)(1) 20.00% 3.70% 4.00%
Treasury Inflation Protected Securities 5.00% 1.70% 1.40% Commodities 3.00% 2.90% 2.00%
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, 2023 160,302,881 $ 66,319,740 $ 93,983,141 $ Changes Recognized for the Measurement Period:

Service Cost 1,184,505 - 1,184,505
Interest on the total OPEB liability 9,493,489 - 9,493,489 Expected investment income - 7,330,458 (7,330,458)
Employer contribution - 10,203,431 (10,203,431)
Changes of benefit terms 8,633,578 8,633,578 -
Administrative expenses - (21,727) 21,727
Benefit payments (9,140,426) (9,140,426) -
Assumption changes (4,395,529) (4,395,529) -
Net Changes during July 1, 2023 to June 30, 2024 5,775,617 8,371,736 (2,596,119) Balance at June 30, 2024 (Measurement Date) $ 166,078,498 $ 74,691,476 $ 91,387,022 Increase (Decrease)

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
113
Note 13 – 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 (5.30 percent) or 1percentage- point higher (7.30 percent) than the current discount rate:

Discount Rate Current Discount Discount Rate
-1% (5.30%) Rate (6.30%) +1 % (7.30%)
$ 91,387,022 110,246,989 $ 75,673,957 $
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%
$ 75,034,088 $ 91,387,022 $ 110,917,525
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, 2024, the City recognized OPEB expense of $5,908,037. At June 30, 2025, 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 13,757,765 $ - $ Changes in assumptions 10,140,454 (3,763,987)
Difference between expected and actual experience 7,393,121 (4,955,170) Net difference between projected and actual earning on
OPEB plan investments 478,658 -
Total 31,769,998 $ (8,719,157) $
The $13,757,765 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2024 measurement date will be recognized as a reduction of the net OPEB liability during the year ending June 30, 2026.

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
2026 $ 2,057,736
2027 4,228,353
2028 853,396
2029 466,146
2030 1,102,886
Thereafter 584,559
Total $ 9,293,076

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
114
Note 14 – Classification of Fund Balances
At June 30, 2025, 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 $ 624,024 $ - $ - $ - $ - $ 624,024 - $
Long-term receivable 1,039,775 - - - - 1,039,775 -
Advance to other funds 178,507,222 - - - - 178,507,222 - Total nonspendable 180,171,021 - - - - 180,171,021 -
Restricted:

Pension trust 54,892,853 - - - - 54,892,853 -
Debt services 5,358 5,358
Housing and community
development 40,732,177 - - 1,700,025 - 5,443,446 47,875,648 Development projects - - 18,108,077 - - 18,108,077 -
Street maintenance - - - - 31,813,605 - 31,813,605
Trip reduction - - - - 2,273,522 - 2,273,522
Asset forfeiture - - - - 204,028 - 204,028
Special tax districts - - - - 29,087,842 - 29,087,842
Residential refuse - - - - 762,912 - 762,912
Total restricted 54,898,211 40,732,177 18,108,077 - 1,700,025 69,585,355 185,023,845 Committed:

Emergency contingency * 53,883,396 - - - - 53,883,396 - Designated revenues 7,888,525 - - - - 7,888,525 -
Total committed 61,771,921 - - - - 61,771,921 -
Assigned:

Continuing appropriations 62,338,586 - - - - 62,338,586 - Measure X reserve 13,206,477 - - - - 13,206,477 -
Other purposes 6,673,780 - - - 666,698 - 7,340,478
Total assigned 82,218,843 - - - 666,698 - 82,885,541
Unassigned 19,867,640 (21,334,973) - - (4,190,511) - (5,657,844) Total Fund Balance $ 40,732,177 398,927,636 $ $ 18,108,077 (21,334,973) $ $ 1,700,025 $ 66,061,542 $ 504,194,484 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, 2025
115
Note 15 – 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 940,844,724 $ 446,462,213 $
Unspent capital debt proceed - 6,479
Capital related deferred outflows of resources 328,403 - Retention payable (4,588,566) (660,238)
Capital related debt (27,736,079) (40,357,774)
Capital related deferred inflows of resources (655,271) - Net investment in capital assets $ 908,848,482 $ 404,795,409 Water
Water
Reclamation Electric Transit Airport
Total capital assets, net 278,216,076 $ 157,484,772 $ 9,600,716 $ 1,157,000 $ 3,649 $ Unspent capital debt proceed 6,366 113 - - -
Retention payable (89,837) (570,401) - - -
Capital related debt (25,188,230) (15,169,544) - - -
Capital related deferred inflows of resources (655,271) - - - - Net investment in capital assets 252,289,104 $ 141,744,940 $ 9,600,716 $ 1,157,000 $ 3,649 $ Enterprise Funds
Note 16 – Restatement of Beginning Net Position
Change in Accounting Principal
The Beginning net positions were restated as follows:

Governmental Activities Business type activities
Net position as previously reported at June 30, 2024 1,100,706,918 $ 343,300,481 $ Change in accounting principal:

GASB 101 - Compensated Absences (362,770) (40,225)
Net position as restated at July 1, 2024 1,100,344,148 $ 343,260,256 $ Information
Water Sewer Electric Transit Fleet Operations Warehouse Technology Net position as previously reported at June 30, 2024 163,255,419 $ 144,561,433 $ 31,116,070 $ 410,238 $ 6,937,359 $ 719,490 $ 3,474,805 $ Change in accounting principal:

GASB 101 - Compensated Absences (26,654) (8,787) (3,861) (923) (2,495) (107) (14,006) Net position as restated at July 1, 2024 163,228,765 $ 144,552,646 $ 31,112,209 $ 409,315 $ 6,934,864 $ 719,383 $ 3,460,799 $ Enterprise Funds
Business-Type Activities Governmental Activities
Internal Services funds

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
116
Note 17 – Commitments and Contingencies
Commitments
Significant encumbrances by major fund and nonmajor funds in the aggregate are as follows:

Amount Purpose
General Fund $ 19,098,366 ERP Implementation & City Park Revitalization Other Grants Capital Projects Funds 11,245,023 McKinley Separation Project Other Grants and Endowments
Special Revenue Funds 8,983,001 South Mall Parking & Fire Station Rebuild Measure A Special Revenue Funds 1,205,390 Magnolia Widening & 6th Street Beautification Nonmajor Governmental Funds 13,313,317 Capital projects and homelessness prevention Water Enterprise Fund 24,726,687 Water related capital projects Sewer Enterprise Fund 5,051,120 Sewer related capital projects Total encumbrances $ 83,622,904
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.

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) and 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, 2025, 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, 2025, 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.

City of Corona
Notes to the Basic Financial Statements (Continued)
For the Year Ended June 30, 2025
117
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, 2025, the City abated taxes totaling $8,366,452.14 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.  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.

Note 19 – Subsequent Events
In October 2025, the Corona Utility Authority issued 2025 Water Revenue Bonds for $39,680,000 to fund Water Projects, and 2025 Wastewater Revenue Bonds to fund Wastewater Projects for $31,730,000. The 2025 Water Revenue Bonds issuance will finance citywide direct read water meter replacement with advanced metering infrastructure meters, construction of the Glen Ivy Water Treatment Plant, improvement to the Lester Backwash Basin, hidden Springs Road waterline construction, and waterline replacement at Sherman Avenue. The 2025 Wastewater Revenue Bonds issuance will finance construction of the Sierra Del Oro lift station and pipelines, improvements to the Water Reclamation Facility # 1 Plant 1A digester and electrical equipment, improvements to the Water Reclamation Facility # 1 Plant 1A primary and blower room motor control centers replacement, water Reclamation Facility # 2 generator replacement, construction of the Water Reclamation Facility # 2 primary clarifiers rehabilitation, improvements to the Water Reclamation Facility # 1 Plant 1A secondary clarifier concrete decks, and installation of the Water Reclamation Facility # 1 compliance flow meter. Additionally, the 2025 Wastewater Bonds will refund the Utility Authority’s outstanding 2013 Wastewater Revenue Bonds.

In November 2025, the Housing Authority acquired 5-acre land for $7,535,280 to develop and maintain 115 new affordable housing units.

118 Page 763 of 1013

REQUIRED SUPPLEMENTARY INFORMATION
(UNAUDITED)
119 Page 764 of 1013
120 Page 765 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Taxes 181,026,466 $ 179,512,489 $ 182,330,823 $ 2,818,334 $ Licenses and permits 2,091,186 2,386,695 2,827,620 440,925 Intergovernmental 2,099,035 5,134,682 7,519,958 2,385,276 Special assessments 779,667 780,498 1,000,503 220,005
Investment earnings 6,484,027 4,322,838 19,999,289 15,676,451 Fines and penalties 1,290,195 1,172,461 1,031,601 (140,860) Current services 12,849,409 12,660,060 14,573,755 1,913,695 Payment in lieu of services 7,874,038 7,773,943 7,774,866 923 Other revenues 13,114,812 13,467,106 14,009,415 542,309 Total revenues 227,210,772 227,608,835 251,067,830 23,857,058 EXPENDITURES:

Current:

General government:

City council 157,810 160,657 144,945 15,712
City attorney 2,099,384 2,201,899 2,066,235 135,664
City manager 10,298,455 15,600,283 12,381,226 3,219,057 City treasurer 15,020 15,037 15,019 18
Human resources 3,087,782 3,254,575 2,711,668 542,907
Finance 4,770,908 5,146,454 4,885,584 260,870
Non departmental 34,328,080 33,450,625 32,429,383 1,021,242 Information technology 736,223 1,123,948 758,831 365,117 Public safety- fire 35,601,970 38,290,483 37,294,528 995,955 Public safety- police 59,905,516 63,298,017 58,405,218 4,892,799 Public works and maintenance services 4,994,953 6,337,801 5,297,917 1,039,884 Community services 19,444,339 20,807,970 19,374,860 1,433,110 Planning and development 9,068,850 10,107,291 8,445,200 1,662,091 Economic development 1,692,602 1,663,322 931,053 732,269 Capital outlay 12,176,327 91,907,937 40,975,958 50,931,979 Debt service:

Principal retirement 21,081,197 21,081,197 18,933,516 2,147,681 Interest and charges 4,386,579 4,487,850 6,520,461 (2,032,611) Total expenditures 318,935,346 223,845,995 251,571,602 67,363,744

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (91,724,574) 3,762,840 (503,772) 91,220,802 OTHER FINANCING SOURCES (USES):

Transfers in - - 1,291,254 1,291,254
Transfers out - - (1,064,349) (1,064,349)
Total other financing sources (uses) - - 226,905 226,905 NET CHANGE IN FUND BALANCE $ (91,724,574) 3,762,840 $ (276,867) 91,447,707 $ FUND BALANCE:

Beginning of year 399,204,503
End of year $ 398,927,636
City of Corona
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - General Fund
For the Year Ended June 30, 2025
121 Page 766 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Licenses and permits 1,050,000 $ 1,163,005 $ 1,221,040 $ 58,035 $ Investment earnings 870,028 586,211 1,815,791 1,229,580 Payment in lieu of services - - 204,480 204,480
Other revenues - - 779 779
Total revenues 1,749,216 1,920,028 3,242,090 1,492,874
EXPENDITURES:

Current:

Public safety- fire 2,997 2,997 2,995 2
Public safety- police 759 759 759 -
Public works and maintenance services 54,793 54,793 54,274 519 Community services 6,269 6,269 6,269 -
Capital outlay 1,455,060 22,439,937 3,869,787 18,570,150 Total expenditures 22,504,755 1,519,878 3,934,084 18,570,671 NET CHANGE IN FUND BALANCE $ (20,755,539) 400,150 $ (691,994) 20,063,545 $ FUND BALANCE:

Beginning of year 18,800,071
End of year $ 18,108,077
City of Corona
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Development Special Revenue Funds For the Year Ended June 30, 2025
122 Page 767 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 656,415 $ 2,617,500 $ 10,180,717 $ 7,563,217 $ Investment earnings 847,520 362,893 786,510 423,617
Current services 59,424 65,464 96,583 31,119
Other revenue - - 31,126 31,126
Total revenues 3,045,857 1,563,359 11,094,936 8,049,079 EXPENDITURES:

Current:

General government 1,107,265 - 1,106,302 963
Public safety - fire 80,806 378,839 317,851 60,988
Public safety - police 438,411 506,744 395,375 111,369
Community services 91,850 207,298 154,703 52,595
Planning and development 593,290 574,751 370,196 204,555 Capital outlay - 17,111,758 8,093,405 9,018,353
Total expenditures 19,886,655 1,204,357 10,437,832 9,448,823

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (16,840,798) 359,002 657,104 17,497,902 OTHER FINANCING SOURCES:

Transfers in - - 13,083 13,083
Total other financing sources - - 13,083 13,083
NET CHANGE IN FUND BALANCE $ (16,840,798) 359,002 $ 670,187 17,510,985 $ FUND BALANCE:

Beginning of year 1,029,838
End of year $ 1,700,025
City of Corona
Required Supplementary Information (Unaudited)
Budgetary Comparison Schedule - Other Grants & Endowments Special Revenue Fund For the Year Ended June 30, 2025
123 Page 768 of 1013
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.

City of Corona
Required Supplementary Information (Unaudited)
Notes to the Budgetary Comparison Schedule
For the Year Ended June 30, 2025
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
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.
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General Fund
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City of Corona
Notes to the Budgetary Comparison Schedule (Continued)
For the Year Ended June 30, 2025
General Fund appropriations and transfers out were originally adopted at $223.8 million for Fiscal Year 2025. Final appropriations were increased by $95.1 million to $318.9 million. Among the budgetary increase, $28.5 million was due to continuing appropriations from the prior year’s capital projects and grant funded activities and $18.9 million was for prior year committed purchases (encumbrances). There was $47.6 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 $5.7 million in Fiscal Year 2025. Cumulatively, departments increased by $3.8 million for the completion of the labor negotiations process and implementation of new Memorandums of Understanding. Based on funding needs, workers’ compensation rates were adjusted, which resulted in a budget increase of $0.9 million. The Police Department’s personnel budget increased by $0.3 million for various grants and reimbursement agreements. A funding distribution change was implemented for multiple positions in Planning and Development and Public Works, resulting in a General Fund budget increase of $0.4 million. The operating budget increased by a total of $2.7 million. The General Government budget increased by $1.8 million for various grants, including $1.0 million in funding from the County of Riverside’s American Rescue Plan Act (ARPA) Grant and $0.4 million from the Housing and Homelessness Incentive Program (HHIP) Grant. The Planning and Development Department increased by $0.3 million for the development of an environmental impact report.

The capital outlay budget was increased by a net total of $39.2 million. The primary increase is $20.9 million for property acquisitions and related activities for the Corona Mall. A new enterprise resource planning system was approved in FY 2025, with a budget increase of $6.5 million. A budget increase of $2.4 million was approved for a new fire apparatus. The Traffic Signal Optimization project received additional funding of $1.6 million when awarding the construction contract. The Old Police Building Demolition project had a budget increase of $1.1 million when awarding the construction contract.

Revenues and transfers in received in Fiscal Year 2025 had a favorable variance of $25.1 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 $15.7 million, which includes book entries of $10.3 million, for unrealized investment gains and losses.

Transfer In had a variance of $1.3 million.

Property taxes were higher than estimated by $1.7 million, Sales tax was higher than estimated by $0.6 million, and Other Taxes were higher than estimated by $0.6 million. The taxes category outperformed the final budget estimates by $2.8 million.

The expenditures and transfers out in FY 2025 had a favorable variance of $66.3 million. Included in the savings, $50.9 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 $4.4 million will be carried forward in the operating budget, as approved by the City Council. Of the $4.4 million in carryover funds, there is a total of $2.7 million for grants in the City Manager’s Office for housing and homeless activities and $0.9 million for the Fire Department and Police Department. In addition, purchase orders totaling $3.2 million encumbered in Fiscal Year 2025 will be carried forward for activity that crosses fiscal years.

After considering the budgets carrying forward into Fiscal Year 2026 as noted above, the net savings for Fiscal Year 2025 is $7.8 million. The savings is primarily from the personnel budget due to vacancies throughout the year. The following departments had savings in the personnel budget: Police ($4.3 million), Planning and Development ($0.9 million), Public Works ($0.7 million), Economic Development ($0.3 million), and City Manager’s Office ($0.3 million). The savings are viewed as one-time as the City is actively recruiting to fill the vacant positions.

Required Supplementary Information (Unaudited)
Intergovernmental revenues were higher than estimates by $2.3 million. Federal grant revenue was $1.3 million higher and fire mutual aid reimbursement revenues were higher by $0.9 million due to a more active fire season than originally estimated.

The current services category was also higher than budgeted by $1.9 million. Approximately $0.8 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 $0.5 million for fire department-related activity, including AMR system enhancement fees and various inspection services. 125 Page 770 of 1013
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Assessment Date PCI Rating
November 2021 71
September 2022 71
October 2023 72
November 2024 72
July 2025 71
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, 2025
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 Page 771 of 1013
Condition % of Streets
Good to Excellent 54%
Fair 38%
Poor 8%
Very Poor 0%
Fiscal Year Requirement Expenditures Rating
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
2024-2025 11,000,000 40,303,168 71
Modified Approach for City Streets Infrastructure Capital Assets (Continued) For the Year Ended June 30, 2025
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 July 2025, the City’s street system was rated at a PCI index of 71 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 $40,303,168 on street maintenance for the fiscal year ended June 30, 2025. These expenditures delayed deterioration and maintained the street condition from the previous assessment. The condition of the streets is rated at 71 in the current year. A majority of the current year expenditures, about $24.7 million, were incurred by the McKinley Grade Separation project, and $6.8 million were used for the City’s Green Alleys project. The City has estimated that the amount of annual expenditures required to maintain the average PCI rating of 71 through the year 2026 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, 2025, approximately 46% 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 $82.3 million as of June 30, 2025.

Required Supplementary Information (Unaudited)
City of Corona
127 Page 772 of 1013
Measurement period 2014-15 2015-16 2016-17 2017-18 2018-19 Total pension liability
Service cost 4,563,432 $ 4,295,676 $ 4,540,608 $ 4,516,596 $ 4,280,881 $ Interest 22,262,610 23,066,815 23,517,716 24,208,803 25,059,830 Differences between expected and actual experience (1,751,061) (1,961,004) (5,673,578) (536,160) 715,766 Changes of benefit terms - - - - -
Changes of assumptions (5,796,569) - 20,736,400 (1,534,054) - Benefit payments, including refunds of employee
contributions (13,719,331) (14,718,032) (15,593,323) (17,027,780) (17,813,858) Net change in total pension liability 10,683,455 5,559,081 27,527,823 9,627,405 12,242,619 Total pension liability - beginning 308,699,178 303,140,097 319,382,633 346,910,456 356,537,861 Total pension liability - ending (a) $ 319,382,633 308,699,178 $ 346,910,456 $ 356,537,861 $ 368,780,480 $ Pension fiduciary net position
Contributions - employer 8,615,040 $ 8,408,391 $ 10,548,137 $ 20,944,590 $ 17,933,587 $ Contributions - employee 2,099,982 1,975,493 1,875,784 1,905,754 1,990,044 Net investment income 4,430,161 1,044,158 22,406,369 18,381,353 16,183,603 Benefit payments, including refunds of employee
contributions (13,719,331) (14,718,032) (15,593,323) (17,027,780) (17,813,858) Net plan to plan resources movement - - - (531) -
Administrative expense (224,286) (121,423) (289,120) (334,672) (169,845) Other miscellaneous income/expense - - - (635,548) 531
Net change in plan fiduciary net position (3,411,413) 1,201,566 18,947,847 23,233,166 18,124,062 Plan fiduciary net position - beginning 199,234,453 198,032,887 195,823,040 214,770,887 238,004,053 Plan fiduciary net position - ending (b) $ 195,823,040 199,234,453 $ 214,770,887 $ 238,004,053 $ 256,128,115 $ Plan net pension liability - ending (a) - (b) $ 123,559,593 109,464,725 $ 132,139,569 $ 118,533,808 $ 112,652,365 $ Plan fiduciary net position as a percentage 64.54% 61.31% 61.91% 66.75% 69.45% of the total pension liability
Covered payroll $ 25,968,300 26,820,056 $ 24,590,351 $ 24,554,723 $ 23,197,580 $ Plan net pension liability as a percentage of
covered payroll 408.15% 475.81% 537.36% 482.73% 485.62% Notes to Schedule:

Benefit Changes: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.

Changes of Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 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. In addition, demographic assumptions and the price inflation 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 June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.

For the Year Ended June 30, 2025
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan City of Corona
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Pension Liability and Related Ratios 128 Page 773 of 1013
Measurement period 2019-20 2020-21 2021-22 2022-23 2023-24 Total pension liability
Service cost 4,466,642 $ 4,403,881 $ 5,382,910 $ 5,881,629 $ 6,690,514 $ Interest 25,962,850 26,674,374 27,394,212 28,728,545 30,279,132 Differences between expected and actual experience 1,615,820 (944,320) (1,445,599) 7,296,859 10,377,336 Changes of benefit terms - - - 509,976 -
Changes of assumptions - - 14,133,399 - -
Benefit payments, including refunds of employee
contributions (19,025,658) (19,979,193) (20,633,132) (22,357,168) (23,482,202) Net change in total pension liability 10,154,742 13,019,654 24,831,790 20,059,841 23,864,780 Total pension liability - beginning 381,800,134 368,780,480 391,954,876 416,786,666 436,846,507 Total pension liability - ending (a) $ 391,954,876 381,800,134 $ 416,786,666 $ 436,846,507 $ 460,711,287 $ Pension fiduciary net position
Contributions - employer 13,255,939 $ 13,698,657 $ 126,740,939 $ 3,761,585 $ 4,576,146 $ Contributions - employee 2,223,117 2,009,054 2,045,631 2,593,411 3,045,513 Net investment income 12,851,320 60,189,073 (29,901,304) 23,626,483 37,944,989 Benefit payments, including refunds of employee
contributions (19,025,658) (19,979,193) (20,633,132) (22,357,168) (23,482,202) Net plan to plan resources movement - (53,189) - - -
Administrative expense (361,078) (264,791) (199,759) (293,203) (330,408) Other miscellaneous income/expense - - - - -
Net change in plan fiduciary net position 55,599,611 8,943,640 78,052,375 7,331,108 21,754,038 Plan fiduciary net position - beginning 265,071,755 256,128,115 320,671,366 398,723,741 406,054,849 Plan fiduciary net position - ending (b) $ 320,671,366 265,071,755 $ 398,723,741 $ 406,054,849 $ 427,808,887 $ Plan net pension liability - ending (a) - (b) $ 71,283,510 116,728,379 $ 18,062,925 $ 30,791,658 $ 32,902,400 $ Plan fiduciary net position as a percentage 69.43% 81.81% 95.67% 92.95% 92.86% of the total pension liability
Covered payroll $ 26,963,410 24,461,346 $ 27,718,385 $ 30,255,291 $ 35,362,127 $ Plan net pension liability as a percentage of
covered payroll 477.20% 264.37% 65.17% 101.77% 93.04%
For the Year Ended June 30, 2025
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan City of Corona
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Pension Liability and Related Ratios (Continued) 129 Page 774 of 1013
Measurement period 2014-15 2015-16 2016-17 2017-18 2018-19 Total pension liability
Service cost 4,735,543 $ 4,874,596 $ 5,711,294 $ 5,925,006 $ 5,440,494 $ Interest 14,549,722 15,292,872 16,152,688 17,126,542 18,247,956 Differences between expected and actual experience 642,707 (1,847,830) (1,030,480) 1,568,431 3,515,370 Changes of benefit terms - - - - -
Changes of assumptions (3,951,003) - 14,785,639 (583,544) - Benefit payments, including refunds of employee
contributions (7,482,701) (8,102,489) (8,569,669) (10,101,119) (11,179,964) Net change in total pension liability 10,217,149 8,494,268 27,049,472 13,935,316 16,023,856 Total pension liability - beginning 203,368,598 194,874,330 213,585,747 240,635,219 254,570,535 Total pension liability - ending (a) $ 213,585,747 203,368,598 $ 240,635,219 $ 254,570,535 $ 270,594,391 $ Pension fiduciary net position
Contributions - employer 6,390,487 $ 7,032,238 $ 7,414,869 $ 7,944,109 $ 8,647,659 $ Contributions - employee 1,517,507 1,599,970 1,841,663 1,706,509 1,554,430 Net investment income 2,973,078 707,298 16,030,928 13,353,137 11,128,659 Benefit payments, including refunds of employee
contributions (7,482,701) (8,102,489) (8,569,669) (10,101,119) (11,179,964) Net plan to plan resources movement - - - (390) -
Administrative expense (155,162) (84,027) (205,265) (242,374) (119,703) Other miscellaneous income/expense - - - (460,273) 390
Net change in plan fiduciary net position 1,152,990 3,243,209 16,512,526 12,199,599 10,031,471 Plan fiduciary net position - beginning 137,874,563 134,631,354 139,027,553 155,540,079 167,739,678 Plan fiduciary net position - ending (b) $ 139,027,553 137,874,563 $ 155,540,079 $ 167,739,678 $ 177,771,149 $ Plan net pension liability - ending (a) - (b) $ 74,558,194 65,494,035 $ 85,095,140 $ 86,830,857 $ 92,823,242 $ Plan fiduciary net position as a percentage 67.80% 65.09% 64.64% 65.89% 65.70% of the total pension liability
Covered payroll $ 17,276,613 16,848,270 $ 17,998,531 $ 18,658,498 $ 17,096,107 $ Plan net pension liability as a percentage of
covered payroll 388.73% 431.56% 472.79% 465.37% 542.95% Notes to Schedule:

Changes of Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 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. In addition, demographic assumptions and the price inflation 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 June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.

For the Year Ended June 30, 2025
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Police Plan Benefit Changes: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golden Handshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.

City of Corona
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Pension Liability and Related Ratios 130 Page 775 of 1013
Measurement period 2019-20 2020-21 2021-22 2022-23 2023-24 Total pension liability
Service cost 5,552,558 $ 5,647,902 $ 6,402,949 $ 6,769,725 $ 6,880,369 $ Interest 19,147,726 20,210,480 21,506,772 23,055,561 24,071,271 Differences between expected and actual experience 418,217 2,604,970 3,106,586 8,816,880 424,039 Changes of benefit terms - - - 97,175 -
Changes of assumptions - - 13,243,287 - -
Benefit payments, including refunds of employee
contributions (11,977,056) (13,001,364) (14,113,660) (15,008,225) (16,160,203) Net change in total pension liability 15,461,988 13,141,445 30,145,934 23,731,116 15,215,476 Total pension liability - beginning 283,735,836 270,594,391 299,197,824 329,343,758 353,074,874 Total pension liability - ending (a) $ 299,197,824 283,735,836 $ 329,343,758 $ 353,074,874 $ 368,290,350 $ Pension fiduciary net position
Contributions - employer 15,780,216 $ 13,995,784 $ 103,659,698 $ 4,928,267 $ 5,308,996 $ Contributions - employee 1,611,310 1,715,846 2,027,522 2,224,601 2,149,395 Net investment income 9,184,495 44,733,798 (22,945,056) 18,360,050 30,006,019 Benefit payments, including refunds of employee
contributions (11,977,056) (13,001,364) (14,113,660) (15,008,225) (16,160,203) Net plan to plan move - - - - -
Administrative expense (250,614) (191,916) (149,114) (226,379) (258,863) Other miscellaneous income/expense - - - - -
Net change in plan fiduciary net position 47,252,148 14,348,351 68,479,390 10,278,314 21,045,344 Plan fiduciary net position - beginning 192,119,500 177,771,149 239,371,648 307,851,038 318,129,352 Plan fiduciary net position - ending (b) $ 239,371,648 192,119,500 $ 307,851,038 $ 318,129,352 $ 339,174,696 $ Plan net pension liability - ending (a) - (b) $ 59,826,176 91,616,336 $ 21,492,720 $ 34,945,522 $ 29,115,654 $ Plan fiduciary net position as a percentage 67.71% 80.00% 93.47% 90.10% 92.09% of the total pension liability
Covered payroll $ 17,699,772 17,137,525 $ 18,195,366 $ $19,650,871 $20,147,493 Plan net pension liability as a percentage of
covered payroll 534.59% 338.01% 118.12% 177.83% 144.51% For the Year Ended June 30, 2025
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Police Plan City of Corona
Required Supplementary Information (Unaudited)
Schedule of Changes in Net Pension Liability and Related Ratios (Continued) 131 Page 776 of 1013
Measurement period 2014-15 2015-16 2016-17 2017-18 2018-19 City's proportion of the net pension liability 0.463050% 0.454250% 0.440050% 0.469000% 0.440950% City's proportionate share of the net pension liability 31,783,428 $ 39,306,263 $ 43,640,517 $ 44,243,817 $ 48,071,798 $ City's covered payroll $ 9,885,314 9,624,801 $ 10,511,383 $ 10,100,596 $ 9,911,459 $ City's proportionate share of the net pension liability as a percentage of its covered payroll 330.22% 397.62% 415.17% 438.03% 485.01% Plan fiduciary net position as a percentage of
the total pension liability 77.78% 73.76% 73.61% 74.38% 73.40% Notes to Schedule:

Changes of Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 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. In addition, demographic assumptions and the price inflation 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 June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.

Benefit Changes: There were no changes to benefit terms that applied to all members of the Public Agency Pool.

City of Corona
Required Supplementary Information (Unaudited)
Schedule of the City's Proportionate Share of the Net Pension Liability and Related Ratios For the Year Ended June 30, 2025
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Fire Plan 132 Page 777 of 1013
Measurement period 2019-20 2020-21 2021-22 2022-23 2023-24 City's proportion of the net pension liability 0.485490% 0.608630% 0.102850% 0.100138% 0.093232% City's proportionate share of the net pension liability 52,823,339 $ 32,916,531 $ 11,880,356 $ 12,492,529 $ 11,306,650 $ City's covered payroll $ 10,418,921 9,614,463 $ 11,623,068 $ 13,316,807 $ 14,302,845 $ City's proportionate share of the net pension liability as a percentage of its covered payroll 549.42% 315.93% 102.21% 93.81% 79.05% Plan fiduciary net position as a percentage of
the total pension liability 72.01% 83.22% 94.30% 94.35% 95.58% City of Corona
Required Supplementary Information (Unaudited)
Schedule of the City's Proportionate Share of the Net Pension Liability and Related Ratios (Continued) For the Year Ended June 30, 2025
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Fire Plan 133 Page 778 of 1013
Fiscal year 2016 2017 2018 2019 2020
Actuarially determined contribution 8,408,391 $ 10,548,137 $ 10,844,590 $ 11,933,587 $ 13,255,939 $ Contributions in relation to the
actuarially determined contribution (8,408,391) (10,548,137) (20,944,590) (17,933,587) (13,255,939) Contribution deficiency (excess) - $ - $ (10,100,000) $ (6,000,000) $ - $ Covered payroll1 $ 24,590,351 25,968,300 $ 24,554,723 $ 23,197,580 $ 24,461,346 $ Contributions as a percentage of covered payroll 32.38% 42.90% 85.30% 77.31% 54.19% 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 Fair Value of Assets.

Inflation 2.30%
Salary increases Varies by entry age and service
Payroll Growth 2.80%
Investment rate of return
Retirement age
Mortality The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 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.

6.80% Net of Pension Plan Investment and Administrative Expenses; includes Inflation.

The probabilities of retirement are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.

For the Year Ended June 30, 2025
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions
134 Page 779 of 1013
Fiscal year 2021 2022 2023 2024 2025
Actuarially determined contribution 13,698,657 $ 126,731,631 $ 3,761,585 $ 4,576,146 $ 6,365,270 $ Contributions in relation to the
actuarially determined contribution (13,698,657) (126,731,631) (3,761,585) (4,576,146) (6,365,270) Contribution deficiency (excess) - $ - $ - $ - $ - $
Covered payroll1 $ 27,718,385 24,937,036 $ 30,255,291 $ 35,362,127 $ 36,352,267 $ Contributions as a percentage of covered payroll 54.93% 457.21% 12.43% 12.94% 17.51% For the Year Ended June 30, 2025
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Miscellaneous Plan City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions (Continued)
135 Page 780 of 1013
Fiscal year 2016 2017 2018 2019 2020
Actuarially determined contribution 7,032,238 $ 7,414,869 $ 7,944,109 $ 8,647,659 $ 9,780,216 $ Contributions in relation to the
actuarially determined contribution (7,032,238) (7,414,869) (7,944,109) (8,647,659) (15,780,216) Contribution deficiency (excess) - $ - $ - $ - $ (6,000,000) $ Covered payroll1 $ 17,998,531 17,276,613 $ 18,658,498 $ 17,096,107 $ 17,137,525 $ Contributions as a percentage of covered payroll 40.70% 41.20% 42.58% 50.58% 92.08% 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 Fair Value of Assets.

Inflation 2.30%
Salary increases Varies by entry age and service
Payroll Growth 2.80%
Investment rate of return
Retirement age
Mortality

6.8% Net of Pension Plan Investment and Administrative Expenses; includes Inflation.

The probabilities of retirement are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions.

The probabilities of mortality are based on the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. Mortality rates incorporate full generational mortality improvement using 80% of Scale MP-2020 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.

For the Year Ended June 30, 2025
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.

City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions
136 Page 781 of 1013
Fiscal year 2021 2022 2023 2024 2025
Actuarially determined contribution 13,995,784 $ 103,659,698 $ 4,928,267 $ 5,308,996 $ 6,700,661 $ Contributions in relation to the
actuarially determined contribution (13,995,784) (103,659,698) (4,928,267) (5,308,996) (6,700,661) Contribution deficiency (excess) - $ - $ - $ - $ - $
Covered payroll1 $ 18,195,366 17,512,875 $ 19,650,871 $ 20,147,493 $ 20,711,623 $ Contributions as a percentage of covered payroll 79.92% 569.70% 25.08% 26.35% 32.35% For the Year Ended June 30, 2025
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Police Plan City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions (Continued)
137 Page 782 of 1013
Fiscal year 2016 2017 2018 2019 2020
Actuarially determined contribution 4,648,267 $ 3,537,799 $ 3,772,862 $ 4,307,750 $ 4,869,618 $ Contributions in relation to the
actuarially determined contribution (4,648,267) (3,537,799) (3,772,862) (4,307,750) (4,869,618) Contribution deficiency (excess) - $ - $ - $ - $ - $
Covered payroll1 $ 10,511,383 9,885,314 $ 10,100,596 $ 9,911,459 $ 9,614,463 $ Contributions as a percentage of covered payroll 47.02% 33.66% 37.35% 43.46% 50.65% Notes to Schedule:

Benefit Changes: There were no changes to benefit terms that applied to all members of the Public Agency Pool.

Changes of Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 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. In addition, demographic assumptions and the price inflation 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 June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.

For the Year Ended June 30, 2025
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 City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions (Continued)
138 Page 783 of 1013
Fiscal year 2021 2022 2023 2024 2025
Actuarially determined contribution 6,225,062 $ 60,685,514 $ 2,978,758 $ 3,307,957 $ 4,105,877 $ Contributions in relation to the
actuarially determined contribution (6,225,062) (60,685,514) (2,978,758) (3,307,957) (4,105,877) Contribution deficiency (excess) - $ - $ - $ - $ - $
Covered payroll1 $ 11,623,068 10,418,921 $ 13,316,807 $ 14,302,845 $ 14,703,325 $ Contributions as a percentage of covered payroll 59.75% 522.11% 22.37% 23.13% 27.92% For the Year Ended June 30, 2025
Last Ten Fiscal Years
California Public Employees' Retirement System Defined Pension Plan - Safety Fire Plan City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Pensions (Continued)
139 Page 784 of 1013
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 13,825,011 4,947,585 (22,975,958) 2,212,155 9,264,291 Total OPEB liability - beginning 151,083,781 146,136,196 164,908,792 141,932,834 144,144,989 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, 2025
Last Ten Fiscal Years1
140 Page 785 of 1013
Measurement period 2021-22 2022-23 2023-24
Total OPEB liability
Service cost $ 1,154,373 1,120,750 $ 1,184,505 $
Interest 9,188,605 9,090,363 9,493,489
Changes of benefit terms - - -
Differences between expected and actual experience - (2,526,378) 8,633,578 Changes of assumptions 6,107,673 - (4,395,529)
Benefit payments, including refunds of
of employee contributions (8,552,199) (8,689,586) (9,140,426) Net change in total pension liability 5,234,687 1,658,914 5,775,617 Total OPEB liability - beginning 155,068,194 153,409,280 160,302,881 Total OPEB liability - ending (a) $ 160,302,881 155,068,194 $ 166,078,498 $ OPEB fiduciary net position
Contributions - employer 10,744,736 $ 9,994,224 $ 10,203,431 $ Net investment income (9,320,756) 3,946,752 7,330,458
Benefit payments, including refunds
employee contributions (8,552,199) (8,689,586) (9,140,426) Administrative expense (17,812) (17,410) (21,727)
Investment expense - - -
Other expenses - - -
Net change in plan fiduciary net position 5,233,578 (7,145,629) 8,371,736 Plan fiduciary net position - beginning 61,086,162 68,231,791 66,319,740 Plan fiduciary net position - ending (b) $ 66,319,740 61,086,162 $ 74,691,476 $ Plan net OPEB liability - ending (a) - (b) $ 93,983,141 93,982,032 $ 91,387,022 $ Plan fiduciary net position as a percentage 39.39% 41.37% 44.97% of the total OPEB liability
Covered-employee payroll $ 84,958,125 74,680,408 $ 89,487,961 $ Plan net OPEB liability as a percentage of
covered-employee payroll 125.85% 110.62% 102.12%
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, 2025
Last Ten Fiscal Years1
141 Page 786 of 1013
Fiscal year 20171
2018 2019 2020 2021
Actuarially determined contribution 10,000,838 $ 10,443,091 $ 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 payroll2 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 6.5% in FY2025, step down to 3.9% by 2075
The actuarial methods and assumptions used to set the actuarially determined contributions for Fiscal Year 2024-25 were derived from the June 30, 2023 funding valuation report.

City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Other Postemployment Benefits For the Year Ended June 30, 2025
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. 142 Page 787 of 1013
Fiscal year 2022 2023 2024 2025
Actuarially determined contribution 9,693,048 $ 9,983,374 $ 10,282,357 $ 13,220,693 $ Contributions in relation to the
actuarially determined contribution (10,744,736) (9,994,224) (10,203,431) (13,757,765) Contribution deficiency (excess) (1,051,688) $ (10,850) $ 78,926 $ (537,072) $ Covered-employee payroll $ 84,958,125 74,680,408 $ 89,487,961 $ 100,394,642 $ Contributions as a percentage of covered-employee payroll2 14.39% 11.76% 11.40% 13.70% City of Corona
Required Supplementary Information (Unaudited)
Schedule of Contributions - Other Postemployment Benefits (Continued) For the Year Ended June 30, 2025
Last Ten Fiscal Years1
Other Postemployment Benefits ("OPEB") Plan
143 Page 788 of 1013
144 Page 789 of 1013

SUPPLEMENTARY INFORMATION
145 Page 790 of 1013
146 Page 791 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Investment earnings 801,663 $ 435,511 $ 1,383,933 $ 948,422 $ Current services 65,000 65,000 - (65,000)
Other revenues 98,748 98,748 75,600 (23,148)
Total revenues 599,259 965,411 1,459,533 860,274
EXPENDITURES:

Current:

General government - 170,331 46,880 123,451
Planning and development 320,988 101,280 105,622 (4,342) Debt service:

Principal retirement 15,296 15,296 15,295 1
Interest and charges 3,899 3,899 3,899 -
Total expenditures 290,806 340,183 171,696 119,110
NET CHANGE IN FUND BALANCE $ 308,453 625,228 $ 1,287,837 979,384 $ FUND BALANCE:

Beginning of year 39,444,340
End of year $ 40,732,177
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, 2025
147 Page 792 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 2,500,000 $ 2,880,119 $ 295,419 $ (2,584,700) $ Investment earnings 497,137 48,441 147,635 99,194
Other revenues - - 164,840 164,840
Total revenues 2,928,560 2,997,137 607,894 (2,320,666)
EXPENDITURES:

Current:

Community services - 328,780 69,831 258,949
Capital outlay 12,061,091 96,135,985 24,675,870 71,460,115 Total expenditures 96,464,765 12,061,091 24,745,701 71,719,064 NET CHANGE IN FUND BALANCE $ (93,536,205) (9,063,954) $ (24,137,807) 69,398,398 $ FUND BALANCE (DEFICIT):

Beginning of year 2,802,834
End of year $ (21,334,973)
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, 2025
148 Page 793 of 1013

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 Page 794 of 1013
Trip Asset
Gas Tax Measure A Reduction Forfeiture
Cash and investments 14,376,542 $ 18,692,892 $ 2,209,833 $ 395,587 $ Accounts receivable 18,857 7,430 - 1,620
Interest receivable 87,658 110,805 13,209 2,322
Due from other governments 733,863 1,016,631 51,000 -
Long term receivables - - - -
Loans receivable, net - - - -
Land held for resale - - - -
Restricted cash and investments - - - -
Total assets $ 19,827,758 15,216,920 $ 2,274,042 $ 399,529 $ Liabilities:

Accounts payable and accrued liabilities 791,333 $ 1,796,453 $ 520 $ 24,578 $ Retention payable 94,067 549,220 - -
Due to other funds - - - -
Advance from other funds - - - -
Deposits payable - - - -
Unearned revenue - - - 170,923
Total liabilities 2,345,673 885,400 520 195,501

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

Restricted 14,331,520 17,482,085 2,273,522 204,028
Assigned - - - -
Unassigned (deficits) - - - -
Total fund balances (deficits) 17,482,085 14,331,520 2,273,522 204,028 Total liabilities, deferred inflows of
resources and fund balances $ 19,827,758 15,216,920 $ 2,274,042 $ 399,529 $ (Continued)
Special Revenue Funds
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
June 30, 2025
Nonmajor Governmental Funds
Combining Balance Sheet
City of Corona
150 Page 795 of 1013
Special Tax Residential Public Facility HUD
Districts Refuse Project Grants
Cash and investments 30,114,961 $ 23,805 $ - $ 347,608 $ Accounts receivable 83,982 760,098 - 9,498
Interest receivable 185,706 372 - -
Due from other governments 130,582 - 4,425,698 1,414,077 Long term receivables - - - 1,717,405
Loans receivable, net - - - 2,480,907
Land held for resale - - - 1,461,000
Restricted cash and investments 19,558 60,648 - -
Total assets $ 844,923 30,534,789 $ 4,425,698 $ 7,430,495 $ Liabilities:

Accounts payable and accrued liabilities 207,658 $ 57,622 $ 41,349 $ 326,426 $ Retention payable - - - 73,880
Due to other funds 199,915 - 4,384,349 1,585,993
Advance from other funds 1,028,520 - - -
Deposits payable - - - 750
Unearned revenue 10,854 24,389 - -
Total liabilities 82,011 1,446,947 4,425,698 1,987,049

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue - - 4,190,511 -
Total deferred inflows of resources - - 4,190,511 -
Fund Balances (Deficits):

Restricted 29,087,842 762,912 - 5,443,446
Assigned - - - -
Unassigned (deficits) - - (4,190,511) -
Total fund balances (deficits) 762,912 29,087,842 (4,190,511) 5,443,446 Total liabilities, deferred inflows of
resources and fund balances $ 844,923 30,534,789 $ 4,425,698 $ 7,430,495 $ (Continued)
ASSETS
Special Revenue Funds Capital Projects Funds

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
June 30, 2025
Nonmajor Governmental Funds
Combining Balance Sheet (Continued)
City of Corona
151 Page 796 of 1013
Capital Projects
Fund
Total
Nonmajor
Planned Local Governmental
Drainage Funds
Cash and investments $ 66,843,547 682,319
Accounts receivable 881,594 109
Interest receivable 404,392 4,320
Due from other governments 7,771,851 -
Long term receivables 1,717,405 -
Loans receivable, net 2,480,907 -
Land held for resale 1,461,000 -
Restricted cash and investments 80,283 77
Total assets $ 81,640,979 686,825 $
Liabilities:

Accounts payable and accrued liabilities 20,127 $ 3,266,066 $ Retention payable 717,167 -
Due to other funds 6,170,257 -
Advance from other funds 1,028,520 -
Deposits payable 750 -
Unearned revenue 206,166 -
Total liabilities 11,388,926 20,127

DEFERRED INFLOWS OF RESOURCES
Unavailable revenue 4,190,511 -
Total deferred inflows of resources 4,190,511 -
Fund Balances (Deficits):

Restricted 69,585,355 -
Assigned 666,698 666,698
Unassigned (deficits) (4,190,511) -
Total fund balances (deficits) 66,061,542 666,698
Total liabilities, deferred inflows of
resources and fund balances $ 81,640,979 686,825 $
(Concluded)
ASSETS

LIABILITIES, DEFERRED INFLOWS OF

RESOURCES AND FUND BALANCES
June 30, 2025
Nonmajor Governmental Funds
Combining Balance Sheet (Continued)
City of Corona
152 Page 797 of 1013
Trip Asset
Gas Tax Measure A Reduction Forfeiture
REVENUES:

Licenses and permits - $ - $ - $ - $
Fines and Penalties - - - -
Intergovernmental 8,659,184 6,391,896 203,064 73,794
Special assessments - - - -
Investment earnings 732,093 909,861 111,299 19,939
Current services - - - -
Other revenues 41,699 - - -
Total revenues 7,301,757 9,432,976 314,363 93,733
EXPENDITURES:

Current:

General government - - - -
Public safety- police - - - 55,656
Public works & maintenance services 1,861,321 180,061 21,177 - Community services - - 1,026 -
Community development - - - -
Capital outlay 4,424,424 2,385,138 2,286 -
Debt service:

Principal retirement - - - -
Interest and charges - - - -
Total expenditures 2,565,199 6,285,745 24,489 55,656

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 4,736,558 3,147,231 289,874 38,077 OTHER FINANCING SOURCES (USES):

Transfers in - - - -
Transfers out (1,291,254) - - -
Total other financing sources (uses) - (1,291,254) - -
NET CHANGES IN FUND BALANCES 4,736,558 1,855,977 289,874 38,077 FUND BALANCES (DEFICITS):

Beginning of year 12,475,543 12,745,527 1,983,648 165,951 End of year $ 17,482,085 14,331,520 $ 2,273,522 $ 204,028 $ (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, 2025
153 Page 798 of 1013
Special Tax Residential Public Facility HUD
Districts Refuse Project Grants
REVENUES:

Licenses and permits - $ - $ - $ - $
Fines and Penalties - 3,473 - -
Intergovernmental 16,796 8,707 - 3,013,639
Special assessments 9,323,603 - - -
Investment earnings 1,741,176 15,552 - -
Current services 74,327 162,714 - 42,500
Other revenues 157,604 - - 4,181
Total revenues 190,446 11,313,506 - 3,060,320
EXPENDITURES:

Current:

General government - - - 125,280
Public safety- police - - - -
Public works & maintenance services 8,425,197 1,292,651 - - Community services - - - -
Community development - - - 102,816
Capital outlay 94,069 76,941 549,928 3,409,973
Debt service:

Principal retirement 20,953 - - 9,483
Interest and charges - 5,341 - 2,417
Total expenditures 1,395,886 8,519,266 549,928 3,649,969

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (1,205,440) 2,794,240 (549,928) (589,649) OTHER FINANCING SOURCES (USES):

Transfers in 76,266 975,000 - -
Transfers out - - - -
Total other financing sources (uses) 975,000 76,266 - - NET CHANGES IN FUND BALANCES (230,440) 2,870,506 (549,928) (589,649) FUND BALANCES (DEFICITS):

Beginning of year 26,217,336 993,352 (3,640,583) 6,033,095 End of year $ 762,912 29,087,842 $ (4,190,511) $ 5,443,446 $ (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, 2025
Special Revenue Funds
154 Page 799 of 1013
Capital Projects
Fund
Total
Nonmajor
Planned Local Governmental
Drainage Funds
REVENUES:

Licenses and permits $ 463,848 463,848 $
Fines and Penalties 3,473 -
Intergovernmental 18,367,080 -
Special assessments 9,323,603 -
Investment earnings 3,574,736 44,816
Current services 279,541 -
Other revenues 480,266 276,782
Total revenues 32,492,547 785,446
EXPENDITURES:

Current:

General government 125,280 -
Public safety- police 55,656 -
Public works & maintenance services 1,003,896 12,784,303 Community services 1,026 -
Community development 102,816 -
Capital outlay 10,958,414 15,655
Debt service:

Principal retirement 122,151 91,715
Interest and charges 31,136 23,378
Total expenditures 24,180,782 1,134,644

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 8,311,765 (349,198)
OTHER FINANCING SOURCES (USES):

Transfers in 1,051,266 -
Transfers out (1,291,254) -
Total other financing sources (uses) (239,988) -
NET CHANGES IN FUND BALANCES 8,071,777 (349,198)
FUND BALANCES (DEFICITS):

Beginning of year 57,989,765 1,015,896
End of year $ 66,061,542 666,698 $
(Concluded)
City of Corona
Combining Statement of Revenues, Expenditures, and Changes in Fund Balances (Continued) Nonmajor Governmental Funds
For the Year Ended June 30, 2025
155 Page 800 of 1013
156 Page 801 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 8,668,437 $ 8,377,282 $ 8,659,184 $ 281,902 $ Investment earnings 317,450 229,271 732,093 502,822
Other revenues - 18,099 41,699 23,600
Total revenues 8,624,652 8,985,887 9,432,976 808,324
EXPENDITURES:

Current:

Public works & maintenance services 2,527,916 2,633,139 1,861,321 771,818 Capital outlay 6,233,128 16,047,697 4,424,424 11,623,273 Total expenditures 18,680,836 8,761,044 6,285,745 12,395,091

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (10,056,184) 224,843 3,147,231 13,203,415 OTHER FINANCING (USES):

Transfers out - - (1,291,254) (1,291,254)
Total other financing (uses) - - (1,291,254) (1,291,254) NET CHANGE IN FUND BALANCE $ (10,056,184) 224,843 $ 1,855,977 11,912,161 $ FUND BALANCE:

Beginning of year 12,475,543
End of year $ 14,331,520
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, 2025
157 Page 802 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 5,723,000 $ 5,889,000 $ 6,391,896 $ 502,896 $ Investment earnings 552,621 277,229 909,861 632,632
Other revenues 11,781 11,781 - (11,781)
Total revenues 6,178,010 6,287,402 7,301,757 1,123,747
EXPENDITURES:

Current:

Public works & maintenance services 180,169 180,169 180,061 108 Capital outlay 6,309,000 17,470,103 2,385,138 15,084,965 Total expenditures 17,650,272 6,489,169 2,565,199 15,085,073 NET CHANGE IN FUND BALANCE $ (11,472,262) (201,767) $ 4,736,558 16,208,820 $ FUND BALANCE:

Beginning of year 12,745,527
End of year $ 17,482,085
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, 2025
158 Page 803 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 210,000 $ 210,000 $ 203,064 $ (6,936) $ Investment earnings 50,501 36,504 111,299 74,795
Total revenues 246,504 260,501 314,363 67,859
EXPENDITURES:

Current:

Public works & maintenance services - 32,274 21,177 11,097 Community services 33,300 1,026 1,026 -
Capital outlay - 61,880 2,286 59,594
Total expenditures 95,180 33,300 24,489 70,691
NET CHANGE IN FUND BALANCE $ 151,324 227,201 $ 289,874 138,550 $ FUND BALANCE:

Beginning of year 1,983,648
End of year $ 2,273,522
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, 2025
159 Page 804 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental - $ 52,451 $ 73,794 $ 21,343 $
Investment earnings 9,708 6,835 19,939 13,104
Total revenues 59,286 9,708 93,733 34,447
EXPENDITURES:

Current:

Public safety - police 93,288 93,288 55,656 37,632
Debt service:

Interest and charges 1,000 1,000 - 1,000
Total expenditures 94,288 94,288 55,656 38,632
NET CHANGE IN FUND BALANCE $ (35,002) (84,580) $ 38,077 73,079 $ FUND BALANCE:

Beginning of year 165,951
End of year $ 204,028
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, 2025
160 Page 805 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental - $ - $ 16,796 $ 16,796 $
Special assessments 9,188,109 9,300,060 9,323,603 23,543 Investment earnings 865,918 724,438 1,741,176 1,016,738 Current services 71,149 71,149 74,327 3,178
Other revenues 30,315 46,882 157,604 110,722
Total revenues 10,142,529 10,155,491 11,313,506 1,170,977 EXPENDITURES:

Current:

Public works & maintenance services 8,963,342 9,543,394 8,425,197 1,118,197 Capital outlay 37,429 408,693 94,069 314,624
Total expenditures 9,952,087 9,000,771 8,519,266 1,432,821

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES 190,442 1,154,720 2,794,240 2,603,798 OTHER FINANCING SOURCES:

Transfers in - - 76,266 76,266
Total other financing sources - - 76,266 76,266
NET CHANGE IN FUND BALANCE $ 190,442 1,154,720 $ 2,870,506 2,680,064 $ FUND BALANCE:

Beginning of year 26,217,336
End of year $ 29,087,842
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, 2025
161 Page 806 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 80,000 $ 494,610 $ 8,707 $ (485,903) $ Investment earnings 26,003 996 15,552 14,556
Fines and penalties 120,000 3,830 3,473 (357)
Current services 11,386,886 200,969 162,714 (38,255)
Total revenues 700,405 11,612,889 190,446 (509,959)
EXPENDITURES:

Current:

Public works & maintenance services 11,783,432 1,834,967 1,292,651 542,316 Community services - 19,516 - 19,516
Capital outlay - 425,485 76,941 348,544
Debt service:

Principal retirement 20,953 20,953 20,953 -
Interest and charges 5,341 5,341 5,341 -
Total expenditures 2,306,262 11,809,726 1,395,886 910,376

EXCESS (DEFICIENCY) OF REVENUES OVER
(UNDER) EXPENDITURES (1,605,857) (196,837) (1,205,440) 400,417 OTHER FINANCING SOURCES:

Transfers in - - 975,000 975,000
Total other financing sources - - 975,000 975,000
NET CHANGE IN FUND BALANCE $ (1,605,857) (196,837) $ (230,440) 1,375,417 $ FUND BALANCE:

Beginning of year 993,352
End of year $ 762,912
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, 2025
162 Page 807 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
EXPENDITURES:

Capital outlay - $ 17,674,339 $ 549,928 $ 17,124,411 $
Total expenditures 17,674,339 - 549,928 17,124,411
NET CHANGE IN FUND BALANCE $ (17,674,339) - $ (549,928) 17,124,411 $ FUND BALANCE (DEFICIT):

Beginning of year (3,640,583)
End of year $ (4,190,511)
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, 2025
163 Page 808 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Intergovernmental 1,708,304 $ 405,216 $ 3,013,639 $ 2,608,423 $ Current services - - 42,500 42,500
Other revenues - - 4,181 4,181
Total revenues 405,216 1,708,304 3,060,320 2,655,104
EXPENDITURES:

Current:

General government - 218,259 125,280 92,979
Planning and development 278,475 37,277 102,816 (65,539) Capital outlay 1,473,257 7,785,887 3,409,973 4,375,914
Debt service:

Principal retirement 9,483 9,483 9,483 -
Interest and charges 2,418 2,418 2,417 1
Total expenditures 8,053,324 1,763,633 3,649,969 4,403,355 NET CHANGE IN FUND BALANCE $ (7,648,108) (55,329) $ (589,649) 7,058,459 $ FUND BALANCE:

Beginning of year 6,033,095
End of year $ 5,443,446
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, 2025
164 Page 809 of 1013
Original Final Variance with
Budget Budget Actual Final Budget
REVENUES:

Licenses and permits 770,000 $ 770,000 $ 463,848 $ (306,152) $ Investment earnings 12,522 12,647 44,816 32,169
Other revenues 275,000 275,000 276,782 1,782
Total revenues 1,057,647 1,057,522 785,446 (272,201)
EXPENDITURES:

Current:

Public works & maintenance services 1,045,433 1,071,974 1,003,896 68,078 Capital outlay - 362,296 15,655 346,641
Debt service:

Principal retirement 91,716 91,715 91,716 1
Interest and charges 23,379 23,379 23,378 1
Total expenditures 1,549,365 1,160,528 1,134,644 414,721 NET CHANGE IN FUND BALANCE $ (491,718) (103,006) $ (349,198) 142,520 $ FUND BALANCE:

Beginning of year 1,015,896
End of year $ 666,698
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, 2025
165 Page 810 of 1013
166 Page 811 of 1013

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 Page 812 of 1013
168 Page 813 of 1013
Transit
Services Airport Total
ASSETS
Current assets:

Cash and investments 884,185 $ 2,111,460 $ 2,995,645 $
Accounts receivable 1,596 17,214 18,810
Interest receivable 28,866 12,740 41,606
Due from other government 362,477 - 362,477
Restricted cash and investments 302,107 - 302,107
Total current assets 2,141,414 1,579,231 3,720,645
Noncurrent assets:

Capital assets:

Capital assets, not depreciated 5,896 - 5,896
Capital assets, being depreciated, net 1,151,104 3,649 1,154,753 Total noncurrent assets 3,649 1,157,000 1,160,649
Total assets 2,145,063 2,736,231 4,881,294

DEFERRED OUTFLOWS OF RESOURCES
Pension related items 106,587 - 106,587
OPEB related items 79,425 - 79,425
Total deferred outflows of resources - 186,012 186,012

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 851,232 31,625 882,857 Accrued interest payable 2,701 - 2,701
Retention payable - - -
Unearned revenue 772,057 - 772,057
Deposits payable 300 - 300
Compensated absences, due within one year 22,305 - 22,305 Bonds and notes payable, due within one year 71,536 - 71,536 Total current liabilities 31,925 1,719,831 1,751,756
Noncurrent liabilities:

Compensated absences, due in more than one year 14,859 - 14,859 Bonds and notes payable, due in more than one year 681,986 - 681,986 Net pension liability 161,222 - 161,222
Net OPEB liability 228,468 - 228,468
Total non-current liabilities - 1,086,535 1,086,535
Total liabilities 31,925 2,806,366 2,838,291

DEFERRED INFLOWS OF RESOURCES
OPEB related items 21,798 - 21,798
Total deferred inflows of resources - 21,798 21,798

NET POSITION
Investment in capital assets 1,157,000 3,649 1,160,649
Restricted - 302,107 302,107
Unrestricted (deficit) (1,365,028) 2,109,489 744,461
Total net position $ 2,113,138 94,079 $ 2,207,217 $
City of Corona
Combining Statement of Net Position
Nonmajor Enterprise Funds
June 30, 2025
169 Page 814 of 1013
Transit
Services Airport Total
OPERATING REVENUES:

Intergovernmental 3,202,514 $ - $ 3,202,514 $
Fees and permits 51,205 - 51,205
Fines and permits 58,150 14 58,164
Other revenues 467,918 62,133 530,051
Total operating revenues 519,137 3,322,797 3,841,934
OPERATING EXPENSES:

Personnel services 383,123 101,094 484,217
Contractual services 2,824,491 204 2,824,695
Materials and supplies 56,047 321,910 377,957
Utilities 11,394 178,909 190,303
Depreciation 1,408 313,191 314,599
Total operating expenses 436,010 3,755,761 4,191,771
OPERATING INCOME (LOSS) 83,127 (432,964) (349,837)
NONOPERATING REVENUES (EXPENSES):

Intergovernmental 1,216 - 1,216
Investment earnings 135,082 109,650 244,732
Interest expense (17,068) - (17,068)
(Loss) on disposal of capital assets (286) - (286)
Total nonoperating revenues (expenses) 110,866 117,728 228,594 CHANGE IN NET POSITION 193,993 (315,236) (121,243)
NET POSITION:

Beginning of year (as restated in note 16) 1,919,145 410,238 2,329,383 Change in accounting principal (GASB 101) - (923) (923) Beginning of year, as restated (Note 16) 409,315 1,919,145 2,328,460 End of the year $ 2,113,138 94,079 $ 2,207,217 $
City of Corona
Combining Statement of Revenues, Expenses, and Changes in Net Position Nonmajor Enterprise Funds
For the Year Ended June 30, 2025
170 Page 815 of 1013
Transit
Service Airport Total
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from customers and users 2,999,773 $ 511,970 $ 3,511,743 $ Cash paid to suppliers for goods and services (2,916,793) (344,349) (3,261,142) Cash paid to employees for services (291,533) (101,004) (392,537) Net cash provided by (used in) operating activities 66,617 (208,553) (141,936) CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Intergovernmental grant received 1,076 - 1,076
Principal paid on pension obligation bonds (67,453) - (67,453) Interest paid on pension obligation bonds (17,194) - (17,194) Net cash provided by (used in) noncapital financing activities 1,076 (84,647) (83,571)

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition of capital assets (2,724) (9,279) (12,003)
Net cash used in capital and related financing activities (9,279) (2,724) (12,003) CASH FLOWS FROM INVESTING ACTIVITIES:

Investment earnings 106,105 130,251 236,356
Net cash provided by investing activities 106,105 130,251 236,356 Net increase (decrease) in cash and cash equivalents 164,519 (165,673) (1,154) CASH AND CASH EQUIVALENTS:

Beginning of year 1,937,662 1,351,965 3,289,627
End of year $ 2,102,181 1,186,292 $ 3,288,473 $
CASH AND CASH EQUIVALENTS:

Cash and investments 884,185 $ 2,111,460 $ 2,995,645 $
Restricted cash and investments 302,107 - 302,107
Total cash and cash equivalents $ 2,111,460 1,186,292 $ 3,297,752

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

Operating income (loss) (432,964) $ 83,127 $ (349,837) $ Adjustments to reconcile operating income (loss) to net cash provided by (used in) operating activities:

Depreciation 313,191 1,408 314,599
Change in assets and liabilities:
(Increase) decrease in accounts receivable (717) (7,167) (7,884) (Increase) decrease in due from other government - (88,576) (88,576) (Increase) decrease in deferred outflows of resources related to pension 6,462 - 6,462 (Increase) decrease in deferred outflows of resources related to OPEB (24,267) - (24,267) Increase (decrease) in accounts payable and accrued liabilities 147,668 (10,751) 136,917 Increase (decrease) in compensated absences 4,397 - 4,397 Increase (decrease) in unearned revenue (233,731) - (233,731) Increase (decrease) in net pension liability 53,451 - 53,451 Increase (decrease) in net OPEB liability 46,434 - 46,434 Increase (decrease) in deferred inflows of resources related to pension (1,012) - (1,012) Increase (decrease) in deferred inflows of resources related to OPEB 1,111 - 1,111 Total adjustments 224,411 (16,510) 207,901
Net cash provided by (used in) operating activities $ 66,617 (208,553) $ (141,936) $ City of Corona
Combining Statement of Cash Flows
Nonmajor Enterprise Funds
For the Year Ended June 30, 2025
171 Page 816 of 1013
172 Page 817 of 1013

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 Page 818 of 1013
Fleet Workers' Liability
Operations Compensation Risk
ASSETS
Current assets:

Cash and investments 3,038,735 $ 23,140,308 $ 6,659,829 $ Accounts receivable 46,351 46,948 -
Inventories and prepaid items 215,460 - 1,358,012
Total current assets 23,187,256 3,300,546 8,017,841
Noncurrent assets:

Capital assets, not depreciated 332,947 - -
Capital assets, being depreciated, net 7,251,834 - -
Intangible asset, being amortized, net - 1,368,327 -
Total noncurrent assets - 8,953,108 -
Total assets 23,187,256 12,253,654 8,017,841

DEFERRED OUTFLOWS OF RESOURCES
Pension related items 345,863 - -
OPEB related items 368,532 - -
Total deferred outflows of resources - 714,395 -

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 437,431 172,012 1,359,416 Accrued interest payable 6,768 - -
Retention payable - - -
Claim and judgements, due within one year - 4,026,364 663,376 Compensated absences, due within one year 90,204 - -
Bonds and loan payable, due within one year 179,252 - - Lease and subscription payable, due within one year 218,657 - - Total current liabilities 4,198,376 932,312 2,022,792
Noncurrent liabilities:

Claim and judgements, due more than one year - 20,680,268 2,047,798 Compensated absences, due more than one year - - -
Bonds and loan payable, due in more than one year 1,708,892 - - Lease and subscription payable, due more than one year 579,965 - - Net pension liability 523,148 - -
Net OPEB liability 1,060,089 - -
Total noncurrent liabilities 20,680,268 3,872,094 2,047,798 Total liabilities 24,878,644 4,804,406 4,070,590

DEFERRED INFLOWS OF RESOURCES
OPEB related items 101,142 - -
Total deferred inflows of resources - 101,142 -

NET POSITION
Net investment in capital assets 8,154,486 - -
Unrestricted (1,691,388) (91,985) 3,947,251
Total net position $ (1,691,388) 8,062,501 $ 3,947,251 $ (Continued)
Self-Insurance
City of Corona
Combining Statement of Net Position
Internal Service Funds
June 30, 2025
174 Page 819 of 1013
Information
Warehouse Technology Total
ASSETS
Current assets:

Cash and investments 1,182,637 $ 12,503,916 $ 46,525,425 $ Accounts receivable - 218 93,517
Inventories and prepaid items - - 1,573,472
Total current assets 12,504,134 1,182,637 48,192,414
Noncurrent assets:

Capital assets, not depreciated - 158,293 491,240
Capital assets, being depreciated net 7,890 159,240 7,418,964 Intangible asset, being amortized, net 8,390,353 - 9,758,680 Total noncurrent assets 8,707,886 7,890 17,668,884
Total assets 21,212,020 1,190,527 65,861,298

DEFERRED OUTFLOWS OF RESOURCES
Pension related items 67,432 1,440,009 1,853,304
OPEB related items 60,363 762,480 1,191,375
Total deferred outflows of resources 2,202,489 127,795 3,044,679

LIABILITIES
Current liabilities:

Accounts payable and accrued liabilities 6,893 721,274 2,697,026 Accrued interest payable 990 156,531 164,289
Retention payable 2,938 2,938 -
Claim and judgements, due within one year - - 4,689,740 Compensated absences, due within one year 3,120 240,516 333,840 Bonds and loan payable, due within one year 26,218 553,623 759,093 Lease and subscription payable, due within one year - 1,735,429 1,954,086 Total current liabilities 3,410,311 37,221 10,601,012
Noncurrent liabilities:

Claim and judgements, due more than one year - - 22,728,066 Compensated absences, due more than one year - 330,340 330,340 Bonds and loan payable, due in more than one year 249,949 5,277,935 7,236,776 Lease and subscription payable, due more than one year - 5,522,870 6,102,835 Net pension liability 101,997 2,178,139 2,803,284
Net OPEB liability 173,635 2,193,289 3,427,013
Total noncurrent liabilities 15,502,573 525,581 42,628,314 Total liabilities 18,912,884 562,802 53,229,326

DEFERRED INFLOWS OF RESOURCES
OPEB related items 16,566 209,260 326,968
Total deferred inflows of resources 209,260 16,566 326,968

NET POSITION
Net investment in capital assets 7,890 1,446,649 9,609,025 Unrestricted 2,845,716 731,064 5,740,658
Total net position $ 4,292,365 738,954 $ 15,349,683 $
(Concluded)
City of Corona
Combining Statement of Net Position (Continued)
Internal Service Funds
June 30, 2025
175 Page 820 of 1013
Fleet Workers' Liability
Operations Compensation Risk
OPERATING REVENUES:

Service charges 7,367,088 $ 3,855,835 $ 6,174,966 $
Other revenues 894,559 19,841 1,349,254
Total operating revenues 3,875,676 8,261,647 7,524,220
OPERATING EXPENSES:

Personnel services 1,171,516 - -
Contractual services 274,780 - 213,131
Materials and supplies 2,760,217 90,419 -
Utilities - 1,315,067 -
Depreciation and amortization expense 1,487,687 - -
Claims and premium 6,320,459 - 4,445,810
Total operating expenses 6,410,878 7,009,267 4,658,941
NET OPERATING INCOME (LOSS) (2,535,202) 1,252,380 2,865,279 NONOPERATING REVENUE (EXPENSES):

Interest expense (85,345) - -
Gain (Loss) on disposal of capital assets (39,398) - -
Total nonoperating expenses - (124,743) -
CHANGE IN NET POSITION (2,535,202) 1,127,637 2,865,279
NET POSITION:

Beginning of the year 6,937,359 843,814 1,081,972
Change in accounting principal (GASB 101) (2,495) - -
Beginning of year, as restated (Note 16) 843,814 6,934,864 1,081,972 End of the year $ (1,691,388) 8,062,501 $ 3,947,251 $
(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, 2025
176 Page 821 of 1013
Information
Warehouse Technology Total
OPERATING REVENUES:

Service charges 235,555 $ 15,041,884 $ 32,675,328 $
Other revenues 1,718 - 2,265,372
Total operating revenues 15,043,602 235,555 34,940,700
OPERATING EXPENSES:

Personnel services 228,034 5,459,294 6,858,844
Contractual services 2,795,282 4 3,283,197
Materials and supplies 607 2,083,383 4,934,626
Utilities 783,039 1,406 2,099,512
Depreciation and amortization expense 599 2,811,850 4,300,136 Claims and premium - - 10,766,269
Total operating expenses 13,932,848 230,650 32,242,584
NET OPERATING INCOME (LOSS) 1,110,754 4,905 2,698,116
NONOPERATING REVENUE (EXPENSES):

Interest expense (281,703) (6,256) (373,304)
Gain (Loss) on disposal of capital assets 20,922 2,515 (15,961) Total nonoperating expenses (279,188) 14,666 (389,265)
CHANGE IN NET POSITION 831,566 19,571 2,308,851
NET POSITION:

Beginning of the year 719,490 3,474,805 13,057,440
Change in accounting principal (GASB 101) (14,006) (107) (16,608) Beginning of year, as restated (Note 16) 3,460,799 719,383 13,040,832 End of the year $ 4,292,365 738,954 $ 15,349,683 $
(Concluded)
City of Corona
Combining Statement of Revenues, Expenses, and Changes in Net Position (Continued) Internal Service Funds
For the Year Ended June 30, 2025
177 Page 822 of 1013
Workers' Liability
Fleet Compensation Risk
Operations Self-Insurance Self-Insurance
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from customers and users 8,227,603 $ 3,874,380 $ 7,524,220 $ Cash paid to suppliers for goods and services (5,029,484) (132,856) (2,020,594) Cash paid to employees for services (1,132,460) - -
Cash paid for insurance or claims - (3,676,257) (3,853,947) Net cash provided by operating activities 65,267 2,065,659 1,649,679 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Principal paid on pension obligation bonds (169,018) - - Interest paid on pension obligation bonds (43,083) - -
Net cash (used in) noncapital financing activities - (212,101) -

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition of capital assets (3,847,615) - -
Proceed from sale of capital assets - - -
Principal paid on lease and subscription payables (168,628) - - Interest paid on lease and subscription payables (42,576) - - Net cash (used in) capital and related financing activities - (4,058,819) - Net increase (decrease) in cash and cash equivalents 65,267 (2,205,261) 1,649,679 CASH AND CASH EQUIVALENTS:

Beginning of year 5,243,996 23,075,041 5,010,150
End of year $ 23,140,308 3,038,735 $ 6,659,829 $
NONCASH ITEMS:

Lease and subscription of intangible assets 588,213 $ - $ - $ Issuance of lease and subscription liabilities (588,213) $ - $ - $

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

Operating income (loss) 1,252,380 $ (2,535,202) $ 2,865,279 $ Adjustments to reconcile operating loss to net cash
provided by (used in) operating activities:

Depreciation and amortization 1,487,687 - -
Change in assets and liabilities:
(Increase) decrease in accounts receivable (34,044) (1,296) - (Increase) decrease in inventories and prepaid items (32,825) - (1,358,012) (Increase) decrease in pension related deferred outflows of resources 170,932 - - (Increase) decrease in OPEB related deferred outflows of resources (10,800) - - Increase (decrease) in accounts payable and accrued liabilities (641,668) (42,437) (449,451) Increase (decrease) in claims payable - 2,644,202 591,863 Increase (decrease) in compensated absences 1,681 - -
Increase (decrease) in net pension liability 30,481 - - Increase (decrease) in net OPEB liability (120,516) - - Increase (decrease) in pension related deferred inflows of resources (4,626) - - Increase (decrease) in OPEB related deferred inflows of resources (33,023) - - Total adjustments 813,279 2,600,469 (1,215,600)
Net cash provided by operating activities $ 65,267 2,065,659 $ 1,649,679 $ City of Corona
Combining Statement of Cash Flows
Internal Service Funds
For the Year Ended June 30, 2025
Governmental Activities - Internal Service Funds
178 Page 823 of 1013
Information
Warehouse Technology Total
CASH FLOWS FROM OPERATING ACTIVITIES:

Cash receipts from customers and users 235,555 $ 15,043,384 $ 34,905,142 $ Cash paid to suppliers for goods and services (2,234) (5,522,201) (12,707,369) Cash paid to employees for services (205,490) (4,637,388) (5,975,338) Cash paid for insurance or claims - - (7,530,204)
Net cash provided by operating activities 4,883,795 27,831 8,692,231 CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES:

Principal paid on pension obligation bonds (24,721) (522,015) (715,754) Interest paid on pension obligation bonds (6,301) (133,062) (182,446) Net cash (used in) noncapital financing activities (655,077) (31,022) (898,200)

CASH FLOWS FROM CAPITAL AND
RELATED FINANCING ACTIVITIES:

Acquisition of capital assets (20,922) (263,137) (4,131,674) Proceed from sale of capital assets 20,922 2,515 23,437 Principal paid on lease and subscription payables - (3,420,057) (3,588,685) Interest paid on lease and subscription payables - (13,983) (56,559) Net cash (used in) capital and related financing activities (3,694,662) - (7,753,481) Net increase (decrease) in cash and cash equivalents 534,056 (3,191) 40,550 CASH AND CASH EQUIVALENTS:

Beginning of year 1,185,828 11,969,860 46,484,875
End of year $ 12,503,916 1,182,637 $ 46,525,425 $
NONCASH ITEMS:

Lease and subscription of intangible assets - $ 8,768,626 $ 9,356,839 $ Issuance of lease and subscription liabilities - $ (8,768,626) $ (9,356,839) $

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

Operating income (loss) 4,905 $ 1,110,754 $ 2,698,116 $ Adjustments to reconcile operating loss to net cash
provided by (used in) operating activities:

Depreciation and amortization 599 2,811,850 4,300,136
Change in assets and liabilities:
(Increase) decrease in accounts receivable - (218) (35,558) (Increase) decrease in inventories and prepaid items - - (1,390,837) (Increase) decrease in pension related deferred outflows of resources 32,697 753,139 956,768 (Increase) decrease in OPEB related deferred outflows of resources (5,734) (110,456) (126,990) Increase (decrease) in accounts payable and accrued liabilities 961 170,933 (961,662) Increase (decrease) in claims payable - - 3,236,065
Increase (decrease) in compensated absences (668) 73,869 74,882 Increase (decrease) in net pension liability 6,543 87,385 124,409 Increase (decrease) in net OPEB liability (6,654) 41,447 (85,723) Increase (decrease) in pension related deferred inflows of resources (896) (19,631) (25,153) Increase (decrease) in OPEB related deferred inflows of resources (3,922) (35,277) (72,222) Total adjustments 22,926 3,773,041 5,994,115
Net cash provided by operating activities $ 4,883,795 27,831 $ 8,692,231 $ Governmental Activities - Internal Service Funds
City of Corona
Combining Statement of Cash Flows (Continued)
Internal Service Funds
For the Year Ended June 30, 2025
179 Page 824 of 1013
180 Page 825 of 1013

STATISTICAL SECTION
181 Page 826 of 1013
182 Page 827 of 1013
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 196
6b Reclaimed Water Rates 197
6c Direct and Overlapping Property Tax Rates 198
7a Principal Water Customers 199
7b Principal Property Tax Payers 200
8 Property Tax Levies and Collections 201
9 Ratios of Outstanding Debt by Type 202
10 Ratios of Net General Bonded Debt Outstanding 204
11 Direct and Overlapping Governmental Activities Debt 205 12 Legal Debt Margin Information 208
13 Pledged-Revenue Coverage 210
14 Demographic and Economic Statistics 212
15 Principal Employers 213
16 Full-time Equivalent City Government Employees by Function/Program 215 17 Operating Indicators by Function/Program 216
18 Capital Assets Statistics by Function/Program 218
City of Corona
Statistical Section Overview
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 offer demographic and economic indicators to help readers to understand the environment within which the City's financial activities take place.

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.

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

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.

Financial Trends
Revenue Capacity
Debt Capacity
Demographic and Economic Information
Operating Information
183 Page 828 of 1013
2025 2024 2023 2022 2021
Governmental Activities
Net Investment in Capital Assets 908,848,482 $ 845,284,685 $ 805,911,955 $ 774,605,309 $ 751,014,897 $ Restricted for:

Capital Projects 43,434,114 42,247,174 43,106,386 37,622,892 30,373,703 Pension 54,892,853 46,473,646 35,415,224 30,102,382 -
Debt Service 5,358 10,184 14,024 124 6
Transportation and Public Works 34,850,039 28,198,070 29,409,713 28,902,625 29,395,576 Special Assessment District 29,087,842 26,217,336 23,892,609 28,773,861 24,246,859 Development Projects 18,108,077 18,800,071 17,719,706 17,413,190 16,303,526 Community Development Projects 5,443,446 6,033,095 6,035,165 6,012,278 6,194,799 Other Purposes 204,028 2,242,981 283,659 540,572 565,368 Total Restricted 186,025,757 170,222,557 155,876,486 149,367,924 107,079,837 Unrestricted 89,393,732 85,199,675 72,780,934 52,930,786 38,917,327 Total Governmental Activities Net Position 1,184,267,971 $ 1,100,706,917 $ 1,034,569,375 $ 976,904,019 $ 897,012,061 $ Business-Type Activities
Net Investment in Capital Assets 404,795,409 $ 387,584,719 $ 371,608,006 $ 365,081,077 $ 362,609,521 $ Restricted for:

Capital Projects - - - - -
Debt Service 509,441 508,203 526,057 509,441 509,441
Transportation and Public Works 302,107 580,176 52,127 255,544 366,440 Development Projects 855,624 855,624 855,624 855,624 855,624 Total Restricted 1,667,172 1,944,003 1,433,808 1,620,609 1,731,505 Unrestricted (40,452,896) (46,228,241) (44,211,868) (66,552,586) (70,513,075) Total Business-Type Activities Net Position 366,009,685 $ 343,300,481 $ 328,829,946 $ 300,149,100 $ 293,827,951 $ Primary Government
Net Investment in Capital Assets 1,313,643,891 $ 1,232,869,404 $ 1,177,519,961 $ 1,139,686,386 $ 1,113,624,418 $ Restricted 187,692,929 172,166,560 157,310,294 150,988,533 108,811,342 Unrestricted 48,940,836 38,971,434 28,569,066 (13,621,800) (31,595,748) Total Primary Government Net Position 1,550,277,656 $ 1,444,007,398 $ 1,363,399,321 $ 1,277,053,119 $ 1,190,840,012 $ City of Corona
Schedule 1
Net Position by Component
Last Ten Fiscal Years (accrual basis of accounting)
Fiscal Year
184 Page 829 of 1013
2020 2019 2018 2017 2016
Governmental Activities
Net Investment in Capital Assets 715,567,718 $ 690,776,881 $ 661,445,807 $ 638,468,424 $ 618,953,633 $ Restricted for:

Capital Projects 30,073,897 34,034,394 35,250,894 26,832,918 24,440,919 Pension - - - - -
Debt Service 8,627,925 6,490,959 5,100,103 3,439,357 2,416,841 Transportation and Public Works 21,690,954 22,272,787 18,493,153 16,363,749 15,401,285 Special Assessment District 11,617,840 12,625,790 11,114,013 14,377,296 17,074,793 Development Projects 23,608,622 21,365,909 9,137,699 5,276,971 8,866,182 Community Development Projects 6,594,350
Other Purposes 350,132 382,770 309,562 725,421 514,174
Total Restricted 102,563,720 97,172,609 79,405,424 68,714,194 67,397,988 Unrestricted 45,153,818 34,147,614 23,749,730 96,234,263 90,173,729 Total Governmental Activities Net Position 863,285,256 $ 822,097,104 $ 764,600,961 $ 783,902,090 $ 745,433,548 $ Business-Type Activities
Net Investment in Capital Assets 348,173,650 $ 346,111,296 $ 334,581,059 $ 324,512,188 $ 312,540,296 $ Restricted for:

Capital Projects 6,735,454 6,735,454 6,735,454 6,735,454 7,205,941 Debt Service - - - - -
Transportation and Public Works 377,421 369,860 261,195 697,391 611,272 Development Projects 792,804 792,804
Total Restricted 7,905,679 7,898,118 6,996,649 7,817,213 13,789,539 Unrestricted (79,890,157) (95,417,283) (111,330,380) (96,745,399) (92,820,840) Total Business-Type Activities Net Position 276,189,172 $ 258,592,131 $ 230,247,328 $ 223,612,110 $ 207,014,684 $ Primary Government
Net Investment in Capital Assets 1,063,741,368 $ 1,036,888,177 $ 996,026,866 $ 962,980,612 $ 931,493,929 $ Restricted 110,469,399 105,070,727 86,402,073 74,448,557 76,531,407 Unrestricted (34,736,339) (61,269,669) (87,580,650) 20,341,732 (511,136) Total Primary Government Net Position 1,139,474,428 $ 1,080,689,235 $ 994,848,289 $ 1,057,770,901 $ 1,007,514,200 $ City of Corona
Schedule 1
Net Position by Component (Continued)
Last Ten Fiscal Years (accrual basis of accounting)
Fiscal Year
185 Page 830 of 1013
2025 2024 2023 2022 2021
Expenses
Governmental Activities:

General Government 60,126,008 $ 55,837,152 $ 42,003,289 $ 35,184,855 $ 37,567,629 $ Public Safety - Fire 33,339,522 36,651,843 59,329,187 31,961,693 32,592,271 Public Safety - Police 69,015,181 70,151,308 60,018,129 46,544,729 49,673,632 Public Works & Maintenance Services 41,630,008 45,274,584 33,911,619 51,021,619 42,862,546 Communiy Services (**) 21,943,646 21,721,934 18,724,859 3,969,626 3,863,503 Planning and Development (**) 9,919,035 11,148,793 9,928,888 5,081,650 6,404,617 Economic Development 1,019,235 1,355,186 1,303,084 1,200,606 651,741 Interest and Charges 6,402,204 6,198,268 4,841,729 3,857,494 1,125,253 Total Governmental Activities Expenses $ 248,339,068 243,394,839 $ 230,060,784 $ 178,822,272 $ 174,741,192 $ Business-Type Activities:

Water 70,420,460 68,332,076 60,671,831 63,431,423 61,436,086 Sewer 36,187,623 36,539,999 33,600,749 31,913,449 27,651,867 Electric 12,770,030 15,731,782 18,276,874 15,553,202 14,557,426 Transit Services 3,773,115 3,368,598 3,357,530 2,906,505 2,563,422 Airport 436,010 210,381 224,270 458,143 187,251
Total Business-Type Activities Expenses 123,587,238 124,182,836 116,131,254 114,262,722 106,396,052 Total Primary Government Expenses $ 372,521,904 366,982,077 $ 346,192,038 $ 293,084,994 $ 281,137,244 $ Program Revenues
Governmental Activities:

Charges for Services:

General Government (*) 8,590,840 6,983,111 6,661,052 6,179,740 5,908,573 Public Safety - Fire 4,955,205 4,710,511 4,493,877 3,952,023 3,889,503 Public Safety - Police 2,446,421 2,514,886 1,812,973 2,402,592 2,112,639 Public Works & Maintenance Services 442,199 11,562,298 14,061,014 14,764,111 13,536,491 Community Services (**) 3,395,768 2,932,771 2,774,611 2,190,731 867,243 Planning and Development (**) 7,419,153 7,200,962 5,646,101 4,592,172 5,605,810 Economic Development - - - - -
Operating Grants and Contributions 54,470,317 45,632,850 34,969,870 37,521,201 33,382,020 Capital Grants and Contributions 26,457,658 26,069,013 22,824,536 19,861,094 19,254,389 Total Governmental Activities Program Revenues 108,177,561 107,606,402 93,244,034 91,463,664 84,556,668 Business-Type activities:

Charges for Services:

Water 74,739,001 65,343,993 80,554,287 64,960,384 65,486,307 Sewer 36,167,688 34,783,423 35,209,947 34,027,929 34,562,829 Electric 19,763,160 18,337,177 17,882,717 17,554,503 16,484,158 Transit Services 120,283 84,309 94,181 246,155 63,382
Airport 519,137 505,096 480,645 434,761 591,652
Operating Grants and Contributions 3,315,103 9,341,926 2,966,466 5,062,788 2,226,923 Capital Grants and Contributions 3,269,528 2,788,273 4,182,457 1,894,007 4,146,239 Total Business-Type Activities Program Revenues 137,893,900 131,184,197 141,370,700 124,180,527 123,561,490 Total Primary Government Program Revenues $ 238,790,599 246,071,461 $ 234,614,734 $ 215,644,191 $ 208,118,158 $ (Continued)
City of Corona
Schedule 2
Changes in Net Position
Last Ten Fiscal Years (accrual basis of accounting)
Fiscal Year
186 Page 831 of 1013
2020 2019 2018 2017 2016
Expenses
Governmental Activities:

General Government 35,158,626 $ 33,591,975 $ 21,282,982 $ 28,273,481 $ 27,435,359 $ Public Safety - Fire 29,429,998 29,004,569 29,892,569 26,004,329 24,447,062 Public Safety - Police 45,363,320 51,665,087 52,237,558 47,773,812 44,341,895 Public Works & Maintenance Services 47,417,239 41,082,525 38,699,371 35,763,511 39,647,786 Communiy Services (**) 3,720,964 4,301,828 3,815,661 5,281,168 6,463,940 Planning and Development (**) 5,179,409 4,666,834 3,691,471 4,736,871 5,933,581 Economic Development 219,500 391,110 329,276 4,927,998 4,422,141 Interest and Charges 1,239,678 1,347,268 1,398,132 1,034,468 1,910,542 Total Governmental Activities Expenses $ 166,051,196 167,728,734 $ 151,347,020 $ 153,795,638 $ 154,602,306 $ Business-Type Activities:

Water 59,032,333 54,241,684 66,216,277 52,922,440 51,177,312 Sewer 28,852,053 28,218,102 31,543,999 24,258,766 25,004,508 Electric 15,159,666 15,597,164 16,913,151 15,559,948 20,082,535 Transit Services 2,972,289 3,153,161 3,391,384 2,826,701 2,732,394 Airport 150,703 180,033 146,287 166,860 197,702
Total Business-Type Activities Expenses 106,167,044 101,390,144 118,211,098 95,734,715 99,194,451 Total Primary Government Expenses $ 267,441,340 273,895,778 $ 269,558,118 $ 249,530,353 $ 253,796,757 $ Program Revenues
Governmental Activities:

Charges for Services:

General Government (*) 4,942,880 7,377,481 10,394,661 18,216,829 18,556,870 Public Safety - Fire 4,048,936 4,914,360 5,076,947 4,087,577 3,679,300 Public Safety - Police 2,274,242 2,282,448 2,172,690 1,090,884 1,082,045 Public Works & Maintenance Services 14,552,360 17,033,637 15,271,111 15,757,571 15,708,292 Communiy Services (**) 1,919,806 2,882,270 2,582,847 1,690,619 1,481,845 Planning and Development (**) 4,084,790 4,868,485 3,718,706 2,112,169 2,116,832 Economic Development - - - - -
Operating Grants and Contributions 17,568,917 17,177,545 15,235,243 13,607,731 13,468,867 Capital Grants and Contributions 36,780,592 46,130,203 32,940,776 23,356,504 40,508,675 Total Governmental Activities Program Revenues 86,172,523 102,666,429 87,392,981 79,919,884 96,602,726 Business-Type activities:

Charges for Services:

Water 55,238,024 56,486,220 56,153,664 51,435,658 48,753,278 Sewer 30,984,409 31,394,607 31,114,187 31,271,134 30,755,583 Electric 16,346,238 16,971,319 17,772,585 16,789,626 17,057,728 Transit Services 297,111 364,025 359,652 445,604 427,417 Airport 398,281 341,505 265,996 298,868 272,217
Operating Grants and Contributions 2,185,674 1,813,204 3,195,967 2,876,392 5,116,662 Capital Grants and Contributions 6,004,436 6,915,473 4,992,185 13,061,722 6,954,812 Total Business-Type Activities Program Revenues 111,454,173 114,286,353 113,854,236 116,179,004 109,337,697 Total Primary Government Program Revenues $ 216,952,782 197,626,696 $ 201,247,217 $ 196,098,888 $ 205,940,423 $ (Concluded)
* 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 Page 832 of 1013
2025 2024 2023 2022 2021
Net (Expense)/Revenue
Governmental Activities (135,217,278) $ (140,732,666) $ (136,816,750) $ (87,358,608) $ (90,184,524) $ Business-Type Activities 14,306,662 7,001,361 25,239,446 9,917,805 17,165,438 Total Primary Government Net Expense $ (133,731,305) (120,910,616) $ (111,577,304) $ (121,801,454) $ (73,019,086) $ General Revenues and
Other Changes in Net Position
Governmental Activities:

Taxes
Property Taxes 69,139,781 $ 63,338,213 $ 61,085,887 $ 55,400,381 $ 52,583,004 $ Sales and Use Tax 98,620,077 97,709,068 101,136,363 89,912,163 44,752,843 Other Taxes 16,296,272 15,166,752 13,376,528 12,562,342 11,213,308 Total taxes 184,056,130 176,214,033 175,598,778 157,874,886 108,549,155 Investment Earnings 25,735,401 21,705,154 10,613,780 (1,537,234) 972,402 Miscellaneous 9,427,386 8,951,022 8,269,548 7,519,310 12,065,796 Unrestricted Grants and Contributions - - - - -
Gain/(Loss) on Sale of Capital Asset - - - 120,753 158,800 Extraordinary Items - - - - -
Transfers (77,816) - - 109,748 (52,902)
Special Items - - - - -
Total Governmental Activities 219,141,101 206,870,209 194,482,106 164,087,463 121,693,251 Business-Type Activities:

Investment Earnings 8,364,951 7,469,174 3,441,400 (3,486,908) 684,844 Other Income - - - - -
Gain/(Loss) on Sale of Capital Asset - - - - -
Transfers 77,816 - - (109,748) 52,902
- - - - -
Total Business-Type Activities 8,442,767 7,469,174 3,441,400 (3,596,656) 737,746 Total Primary Government $ 214,339,383 227,583,868 $ 197,923,506 $ 160,490,807 $ 122,430,997 $ Change in Net Position
Governmental Activities 83,923,823 $ 66,137,543 $ 57,665,356 $ 76,728,855 $ 31,508,727 $ Business-Type Activities 22,749,429 14,470,535 28,680,846 6,321,149 17,903,184 Total Primary Government $ 80,608,078 106,673,252 $ 86,346,202 $ 83,050,004 $ 49,411,911 $ (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 Page 833 of 1013
2020 2019 2018 2017 2016
Net (Expense)/Revenue
Governmental Activities (81,556,211) $ (63,384,767) $ (63,954,039) $ (73,875,754) $ (57,999,580) $ Business-Type Activities 5,287,129 12,896,209 (4,356,862) 20,444,289 10,143,246 Total Primary Government Net Expense $ (50,488,558) (76,269,082) $ (68,310,901) $ (53,431,465) $ (47,856,334) $ General Revenues and
Other Changes in Net Position
Governmental Activities:

Taxes
Property Taxes 50,397,965 $ 48,123,700 $ 45,646,490 $ 43,059,232 $ 42,156,726 $ Sales and Use Tax 39,657,924 44,125,758 38,118,548 41,145,616 39,663,795 Other Taxes 10,369,076 11,640,957 10,490,863 9,565,580 9,349,800 Total taxes 100,424,965 103,890,415 94,255,901 93,770,428 91,170,321 Investment Earnings 10,810,066 9,042,370 540,824 623,227 3,172,905 Miscellaneous 12,544,603 11,764,807 13,123,627 6,892,170 4,765,043 Unrestricted Grants and Contributions - - - - -
Gain/(Loss) on Sale of Capital Asset - - - - -
Extraordinary Items - - - - -
Transfers (706,869) (1,896,122) (2,744,512) 44,970 14,540 Special Items - - 3,037,670 - -
Total Governmental Activities 123,072,765 122,801,470 108,213,510 101,330,795 99,122,809 Business-Type Activities:

Investment Earnings 6,237,118 5,010,211 334,927 199,758 1,839,114 Other Income 4,001,432 8,542,261 4,887,538 479,465 45,168 Gain/(Loss) on Sale of Capital Asset - - - - -
Transfers 706,869 1,896,122 2,744,512 (44,970) (14,540) - 2,052,000 - - -
Total Business-Type Activities 12,997,419 15,448,594 7,966,977 634,253 1,869,742 Total Primary Government $ 138,250,064 136,070,184 $ 116,180,487 $ 101,965,048 $ 100,992,551 $ Change in Net Position
Governmental Activities 41,516,554 $ 59,416,703 $ 44,259,471 $ 27,455,041 $ 41,123,229 $ Business-Type Activities 18,284,548 28,344,803 3,610,115 21,078,542 12,012,988 Total Primary Government $ 87,761,506 59,801,102 $ 47,869,586 $ 48,533,583 $ 53,136,217 $ (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 Page 834 of 1013
2025 2024 2023 2022 2021
General Fund
Nonspendable 180,171,021 $ 181,097,329 $ 181,343,271 $ 187,583,529 $ 19,804,579 $ Restricted 54,898,211 46,483,830 35,429,248 30,102,506 6 Committed 61,771,921 58,382,920 52,915,998 48,121,481 42,939,942 Assigned 82,218,843 88,364,753 76,964,148 55,140,510 60,053,636 Unassigned 19,867,640 24,875,671 18,602,355 221,995 -
Total General Fund 398,927,636 $ 399,204,503 $ 365,255,020 $ 321,170,021 $ 122,798,163 $ All Other Governmental Funds
Nonspendable - $ - $ - $ - $ - $
Restricted 130,125,634 122,691,535 118,483,309 112,789,005 104,416,319 Assigned 666,698 1,015,896 880,443 638,647 558,505
Unassigned (25,525,484) (3,640,583) (4,580,345) (8,304,147) (3,301,897) Total all other Govermental Funds 105,266,848 $ 120,066,848 $ 114,783,407 $ 105,123,505 $ 101,672,927 $ City of Corona
Schedule 3
Fund Balances – Governmental Funds
Last Ten Fiscal Years (modified accrual basis of accounting) Fiscal Year
190 Page 835 of 1013
2020 2019 2018 2017 2016
General Fund
Nonspendable 22,787,534 $ 26,492,072 $ 31,465,340 $ 33,241,909 $ 34,124,977 $ Restricted - - - - -
Committed 41,987,810 39,899,272 36,247,833 33,898,271 33,511,464 Assigned 62,449,057 55,495,036 40,855,061 41,979,112 33,141,625 Unassigned - - - - -
Total General Fund 127,224,401 $ 121,886,380 $ 108,568,234 $ 109,119,292 $ 100,778,066 $ All Other Governmental Funds
Nonspendable - $ - $ - $ - $ - $
Restricted 102,563,720 97,172,609 79,405,424 66,631,585 59,493,942 Assigned 493,812 396,813 389,356 432,652 9,428,541
Unassigned (192,005) (48,500) (48,501) (48,525) (85,423) Total all other Govermental Funds 102,865,527 $ 97,520,922 $ 79,746,279 $ 67,015,712 $ 68,837,060 $ City of Corona
Schedule 3
Fund Balances – Governmental Funds (Continued)
Last Ten Fiscal Years (modified accrual basis of accounting) Fiscal Year
191 Page 836 of 1013
2025 2024 2023 2022 2021
Revenues:

Property Taxes 67,414,475 $ 64,969,085 $ 61,085,887 $ 55,400,381 $ 52,583,004 $ Sales Taxes 98,620,077 97,709,068 101,136,363 89,912,163 44,752,843 Other Taxes 16,296,271 15,166,752 13,255,986 12,562,342 11,213,308 Licenses, Fees and Permits 4,512,508 4,684,253 4,696,217 6,577,476 5,469,660 Fines and Penalties 1,035,074 1,531,096 1,535,485 1,181,815 790,144 Special Assessments 10,324,106 9,946,467 9,706,838 9,432,946 9,203,891 Investment Earnings 27,707,894 22,178,016 7,399,104 (5,003,021) 1,490,406 Intergovernmental Revenues 36,363,174 53,233,221 47,683,385 32,729,863 38,145,769 Current Services 14,949,879 25,188,659 25,180,987 23,562,912 21,619,934 Payments in Lieu of Services 7,979,346 6,524,090 6,251,709 6,212,499 5,796,335 Other Revenues 14,762,026 15,268,645 12,471,005 17,116,969 13,735,817 Total Revenues 299,964,830 316,399,352 290,402,966 249,686,345 204,801,111 Expenditures:

General Government 56,671,353 47,726,698 41,210,177 56,625,834 37,706,387 Public Safety - Fire 37,615,374 33,413,124 30,850,827 88,966,232 29,921,638 Public Safety - Police 58,857,008 54,559,931 48,860,334 161,926,977 48,530,984 Public Works & Maintenance Services 18,136,494 26,667,991 25,411,031 48,988,071 34,447,957 Community Services (*) 19,606,689 17,931,015 17,285,486 14,401,529 4,537,236 Planning and Development (*) 9,023,834 9,770,464 9,284,984 12,786,610 6,572,646 Economic Development 931,053 1,141,158 1,158,528 2,369,713 689,231 Capital Outlay 88,573,434 61,089,996 40,724,348 39,909,543 43,682,940 Debt Service
Principal 19,070,962 18,301,424 16,872,858 17,173,832 3,006,263 Interest and Fiscal Charges 6,555,496 6,365,228 4,999,492 3,338,137 1,271,765 Total Expenditures 315,041,697 276,967,029 236,658,065 446,486,478 210,367,047 Excess of Revenues Over/(Under) Expenditures (15,076,867) 39,432,323 53,744,901 (196,800,133) (5,565,936) Other Financing Sources/(Uses)
Issuance of Debt - 467,257 - 225,994,225 -
Principal Retirement - - - - -
Bond Premium - - - - -
Issuance of Leases - - - - -
Transfers In 2,355,603 1,289,243 1,536,125 1,467,597 1,274,306 Transfers Out (2,355,603) (1,955,899) (1,536,125) (1,467,597) (1,327,208) Total Other Financing Sources/(Uses) - (199,399) - 225,994,225 (52,902) Extraordinary Items - - - - -
Special Items - - - - -
Net Change in Fund Balances (15,076,867) $ 39,232,924 $ 53,744,901 $ 29,194,092 $ (5,618,838) $ Debt Service as a Percentage of
Non-capital Expenditures 10.6% 10.8% 11.2% 5.0% 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.

City of Corona
Schedule 4
Changes in Fund Balances – Governmental Funds
Last Ten Fiscal Years (modified accrual basis of accounting) Fiscal Year
192 Page 837 of 1013
2020 2019 2018 2017 2016
Revenues:

Property Taxes 49,470,941 $ 47,994,974 $ 45,775,246 $ 43,170,396 $ 42,175,687 $ Sales Taxes 39,657,924 44,125,758 38,118,548 41,145,616 39,663,796 Other Taxes 10,369,076 10,806,717 10,443,823 9,421,375 9,255,961 Licenses, Fees and Permits 4,459,005 14,334,965 6,530,878 5,682,991 7,947,593 Fines and Penalties 1,183,944 1,260,265 1,243,873 1,467,593 1,338,341 Special Assessments 8,906,312 8,599,669 8,518,569 8,281,089 8,801,035 Investment Earnings 10,810,066 9,042,370 540,761 623,227 3,169,381 Intergovernmental Revenues 27,400,952 23,459,273 19,642,952 26,038,928 41,588,677 Current Services 21,047,563 21,810,063 21,536,206 19,260,514 18,375,839 Payments in Lieu of Services 4,734,340 7,732,356 9,973,782 10,113,191 10,202,448 Other Revenues 30,985,010 38,087,702 35,312,655 14,111,953 13,314,649 Total Revenues 209,025,133 227,254,112 197,637,293 179,316,873 195,833,407 Expenditures:

General Government 34,223,230 32,612,219 33,897,611 25,520,135 25,200,855 Public Safety - Fire 25,727,486 25,393,135 26,668,495 25,855,247 25,894,695 Public Safety - Police 47,307,419 45,914,260 47,426,516 46,885,033 45,080,687 Public Works & Maintenance Services 38,963,202 33,876,327 32,492,756 27,172,763 33,621,625 Community Services (*) 5,058,205 5,140,160 5,153,298 5,197,923 4,669,898 Planning and Development (*) 5,703,942 5,249,767 4,807,968 4,816,552 5,953,143 Economic Development 264,656 444,925 421,117 4,930,642 4,422,141 Capital Outlay 35,810,526 38,969,422 35,320,776 30,579,173 43,444,050 Debt Service
Principal 2,905,509 2,814,099 3,324,719 2,853,939 2,800,122 Interest and Fiscal Charges 1,343,061 1,445,283 1,533,230 1,408,493 1,953,345 Total Expenditures 197,307,236 191,859,597 191,046,486 175,219,900 193,040,561 Excess of Revenues Over/(Under) Expenditures 11,717,897 35,394,515 6,590,807 4,096,973 2,792,846 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 2,508,422 1,382,903 5,533,474 6,291,621 2,588,851 Transfers Out (3,215,291) (3,764,070) (6,296,428) (5,677,217) (1,987,900) Total Other Financing Sources/(Uses) (706,869) (2,381,167) 640,307 896,518 600,951 Extraordinary Items - - - - -
Special Items - - 3,037,670 - -
Net Change in Fund Balances 11,011,028 $ 33,013,348 $ 10,268,784 $ 4,993,491 $ 3,393,797 $ Debt Service as a Percentage of
Non-capital Expenditures 2.6% 2.8% 3.1% 2.9% 2.9%
* 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 4
Changes in Fund Balances – Governmental Funds (Continued) Last Ten Fiscal Years (modified accrual basis of accounting) Fiscal Year
193 Page 838 of 1013
Agricultural,
Irrigation
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 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 22.4 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 2025 21,124 64.8 2,613 8.0 904 2.8 392 1.2 7,547 23.2 32,580 100.0 Note: 1) Amounts include reclaimed water sales.

Source: Corona Utilities Department
City of Corona
Schedule 5a
Water Sales By User Type1
Last Ten Fiscal Years
Total
Fiscal
Year Ended
June 30 Residential Commercial Industrial Public Agency 194 Page 839 of 1013
Less: Total Taxable Total
Residential Commercial Industrial Tax Exempt Assessed Direct Tax Property Property Property Other Property Value Rate
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 2025 20,256,037 3,206,090 4,357,147 2,143,346 564,505 29,398,115 1.0000 Source: HdL Coren & Cone, Riverside County Assessor Combined Tax Rolls Fiscal Year
Ended
June 30
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 Page 840 of 1013
2 5/8" 3/4" 1" 1 1/2" 2" 3" 4" 6" 8"
2016 2.10 7 25.23 19.23 36.09 62.90 91.80 156.91 241.02 442.64 651.04 2017 2.10 7 25.23 19.23 36.09 62.90 91.80 156.91 241.02 442.64 651.04 2018 2.10 7 25.23 19.23 36.09 62.90 91.80 156.91 241.02 442.64 651.04 2019 2.10 7 25.23 19.23 36.09 62.90 91.80 156.91 241.02 442.64 651.04 2020 1.57 7 29.98 22.28 45.38 83.88 130.08 276.38 491.98 1,238.88 2,162.88 2021 1.65 7 31.48 23.40 47.65 88.08 136.59 290.20 516.58 1,300.83 2,271.03 2022 1.74 7 33.06 24.57 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 2025 1.96 32.79 42.94 63.23 113.94 174.81 367.54 651.56 1,635.51 2,852.76 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 Structure adopted with Ordinance No. 3025, effective March 19, 2010.

Source: Corona Utilities Department
Schedule 6a
Potable Water Rates
Last Ten Fiscal Years
City of Corona
7) For Fiscal Year 2013-14, the quantity rate included a pass-through charge from WMWD of $0.03 per 100 C.F. for Tier 1 rates.

Quantity
Rate per
100 C.F.
1) There are instances where the rates were changed during the fiscal year.

Ready-To-Serve Charge
Monthly Base Rates
Fiscal
Year1
196 Page 841 of 1013
Monthly Base Rates
Fiscal
Year13 5/8" 3/4" 1" 1 1/2" 2" 3" 4" 6" 8"
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 2025 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 Utilities Department
3) For Fiscal Year 2009-10 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.

Quantity
Rate per
100 C.F.
2) Rates for Reclaimed Water were established July 2, 2006 by Ordinance 2854.

Ready-To-Serve Charge
City of Corona
Schedule 6b
Reclaimed Water Rates
Last Ten Fiscal Years2
197 Page 842 of 1013
General Corona/Norco Alvord Metropolitan Riverside City Basic Obligation Total School School Water Community
Year Rate1 Debt Service Direct District District District College 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 3 1.0000 0.0000 1.0000 0.0991 0.1445 0.0035 0.0147 2023 1.0000 0.0000 1.0000 0.0993 0.1456 0.0035 0.0147
2024 1.0000 0.0000 1.0000 0.0977 0.1979 0.0035 0.0147
2025 1.0000 0.0000 1.0000 0.0900 0.1950 0.0070 0.0123
Notes:

Source: HdL Coren & Cone, Riverside County Assessor 2014/15-2023/24 Tax Rate Table (rate per $100 of assessed value)
City of Corona
Schedule 6c
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
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.
3) Year 2022 Corona Norco School District and Alvord School District data updated. 198 Page 843 of 1013
Percent of Percent of
Water Customer
Water
Charges Rank
Total Water
Revenues
Water
Charges Rank
Total Water
Revenues
City of Corona $ 1 6.19% 3,144,500 4,187,650 $ 1 6.79%
Corona-Norco USD 1,053,570 2 1.56% 793,288 2 1.71%
Eagle Glen Master HOA 472,751 3 0.70% 236,532 3 0.51%
Eagle Glen Country Club, LLC 4 0.56% 144,225 377,227 10 0.33% Raintree Corona Pointe, LLC. 361,036 5 0.53%
AMFP VI Ashton LLC 257,383 6 0.38%
City of Corona WRF 3 194,563 7 0.29%
Bedford Master Association 182,664 8 0.27%
Owner LLC 9 0.26% 173,723
Inl Via Pacifica 2015, LLC 173,079 10 0.26%
Aseptic Solutions 4 0.45% 208,394
Sukut Construction Inc. 184,508 5 0.40%
Waterstone at Corona Pointe 176,837 6 0.38%
TTC ROC III Promenade LLC 168,062 7 0.36%
SCG Atlas Ashton, LLC 8 0.35% 163,216
Integrated Protein Tech 158,297 9 0.34%
$ 11.00% 5,377,859 7,433,646 $ 11.62%
Source: Corona Utilities Department
City of Corona
Schedule 7a
Principal Water Customers
Current Year and Nine Years Ago
2025 2016
199 Page 844 of 1013
Percentage of Percentage of
Total City Total City
Taxable Taxable Taxable Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value Value Rank Value
Wilshire Corona Lakeside 330,837,000 $ 1 1.18% - $ - -
Raintree Corona Pointe LLC 234,995,776 2 0.84% - - -
TAI OW Monterey Owner LLC 228,887,998 3 0.81% - - -
Castle and Cooke Corona Inc. 209,134,343 4 0.74% 176,339,513 2 0.98% Polla Acquisitions 185,572,218 5 0.66% - - -
Rexco 150,739,891 6 0.54% 105,843,740 4 0.59%
AMFP VI Ashton LLC 128,706,188 7 0.46% - - -
Breit MF Promenade Terrace LLC 109,541,422 8 0.39% - - - Artisan Corona Apartments LLC 107,238,145 9 0.38% 64,319,934 9 0.36% UHS Corona Inc 107,065,877 10 0.38% 50,465,285 10 0.28% SCG Atlas Ashton LLC - - - - - -
Kaiser Foundation Health Plan Inc - - - 213,495,235 1 1.18% Watson Laboratories Inc - - - 158,460,714 3 0.88%
Waterstone Apartments NF - - - 91,540,816 5 0.51%
Costco Wholesale Corporation - - - 87,624,208 6 0.49%
Dart Container Corporation of Calif - - - 69,945,476 8 0.39% Arantine Hills Holdings LP - - - 74,000,000 7 0.41%
Total 1,792,718,858 $ 6.38% 1,092,034,921 $ 6.07%
Source: HdL Coren & Cone, Riverside County Assessor 2024/25 & 2015/16 Combined Tax Rolls and the SBE Non Unitary Tax Roll 2025 2016
City of Corona
Schedule 7b
Principal Property Tax Payers
Current Year and Nine Years Ago
200 Page 845 of 1013
Fiscal Year Taxes Levied Delinquent
Ended for the Percentage Tax Percentage
June 30, Fiscal Year1 Amount of Levy Collections2 Amount of Levy 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% 2025 39,688,281 37,946,801 95.61% 689,000 38,635,801 97.35% 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
201 Page 846 of 1013
General Pension Lease Unamortized Refunding Lease and
Fiscal Obligation Obligation Revenue Bond Lease Subscription Year Bonds Bonds Bonds Premium Payable Payable
2016 - $ - $ 27,975 $ - $ 19,510 $ - $
2017 - - 24,520 2,826 18,016 -
2018 - - 23,335 2,677 16,472 -
2019 - - 22,115 2,528 14,875 -
2020 - - 20,860 2,379 13,225 -
2021 - - 19,560 2,231 11,518 -
2022 - 221,944 18,205 2,082 9,755 -
2023 - 207,895 16,790 1,933 7,931 3,654
2024 - 192,647 15,315 1,785 6,046 2,598
2025 - 176,488 13,785 1,636 4,097 8,218
Note: 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 9
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(dollars in thousands, except per capita)
Governmental Activities
202 Page 847 of 1013
Percent
Installment Long-Term Term Certificates Unamortized Pension Total of Fiscal Agreement Installment Loan of Revenue Bond Contracts Obligation Primary Personal Per Year Payable Payable Payable Participation Bonds Premium Payable Bonds Government Income Capita 2016 9,221 $ - $ 26,111 $ - $ 50,294 $ - $ 690 $ - $ 133,801 $ 3.1% 813 $ 2017 8,656 - 26,729 - 44,710 1,701 690 - 127,848 2.9% 762 2018 8,072 - 24,927 - 41,380 1,594 690 - 120,194 2.6% 713 2019 7,467 - 23,052 - 37,935 1,486 690 - 111,234 2.3% 662 2020 7,091 - 21,131 - 35,860 1,379 690 - 103,537 2.0% 615 2021 6,704 - 19,163 - 33,715 1,271 690 - 95,611 1.8% 564 2022 6,305 - 17,147 - 31,480 1,164 690 37,538 346,858 6.4% 2,212 2023 5,894 - 15,082 - 27,635 2,281 - 35,285 324,766 5.9% 2,069 2024 5,471 - 12,967 - 25,125 2,032 - 32,685 296,734 4.9% 1,895 2025 5,035 - 10,800 - 22,740 1,783 - 29,999 276,862 4.3% 1,740 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)
203 Page 848 of 1013
Less Net
Total Position Net Percentage
General/Pension Redevelop- Special Unamortized Lease General Restricted General of Actual Fiscal Obligation ment Assessment Lease Bond Revenue Bonded for Debt Bonded Value of Per Year Bonds Bonds3 Bonds Payable Premium Bonds Debt Repayment Debt Property1 Capita2 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 0.22% 250 2018 - - - 16,472 2,677 23,335 42,484 5,100 37,384 0.19% 222 2019 - - - 14,875 2,528 22,115 39,518 6,491 33,027 0.16% 196 2020 - - - 13,225 2,379 20,860 36,464 8,628 27,836 0.13% 165 2021 - - - 11,518 2,231 19,560 33,309 6 33,303 0.14% 197 2022 - - - 9,755 2,082 18,205 251,986 - 251,986 1.05% 1,607 2023 207,895 - - 7,931 1,933 16,790 234,549 - 234,549 0.89% 1,494 2024 192,647 - - 6,046 1,785 15,315 215,793 - 215,793 0.77% 1,378 2025 176,488 - - 4,097 1,636 13,785 195,940 - 195,940 0.67% 1,231 Note: 1) See Schedule 5b for property value data.
2) Population data can be found in Schedule 14.
3) No longer considered general bonded debt as the result of the dissolution of the former Corona Redevelopment Agency as of February 1, 2012.

Details regarding the City's outstanding debt can be found in the notes to the financial statement.

Source: Corona Finance Department
General Bonded Debt Outstanding
City of Corona
Schedule 10
Ratios of Net General Bonded Debt Outstanding
Last Ten Fiscal Years
(dollars in thousands, except per capita)
204 Page 849 of 1013
Debt Est. Percentage City's Share of
Direct and Overlapping Tax and Assessment Debt: Outstanding Applicable 2 Overlapping Debt Metropolitan Water District 17,155 $ 0.722% 124 $
Riverside City Community College District 18.011% 86,246 478,850 Alvord Unified School District 12.993% 31,833 245,002
Corona-Norco Unified School District 53.289% 247,840 465,087 Alvord Unified School District CFD No. 2006-1 19.194% 1,018 5,305 Corona-Norco Unified School District CFD No. 97-1 100.000% 395 395 Corona-Norco Unified School District CFD No. 99-1 100.000% 1,191 1,191 Corona-Norco Unified School District CFD No. 99-2, Imp Areas A, B, C 100.000% 3,006 3,006 Corona-Norco Unified School District CFD No. 00-1 100.000% 1,175 1,175 Corona-Norco Unified School District CFD No. 01-1, Imp Areas A & B 100.000% 4,350 4,350 Corona-Norco Unified School District CFD No. 01-2, Imp Areas A, B, C 100.000% 8,165 8,165 Corona-Norco Unified School District CFD No. 03-3, Imp Area A & B 100.000% 2,950 2,950 Corona-Norco Unified School District CFD No. 03-5 100.000% 1,320 1,320 Corona-Norco Unified School District CFD No. 04-2, Imp Areas 1 & 3 100.000% 2,760 2,760 Corona-Norco Unified School District CFD No. 17-1 100.000% 3,235 3,235 City of Corona CFD No. 2000-1 100.000% 2,475 2,475
City of Corona CFD No. 2001-2 100.000% 1,345 1,345
City of Corona CFD No. 2002-1 100.000% 8,820 8,820
City of Corona CFD No. 2002-1, Imp Area 1 100.000% 5,055 5,055 City of Corona CFD No. 2002-4 100.000% 4,535 4,535
City of Corona CFD No. 2003-2 100.000% 3,525 3,525
City of Corona CFD No. 2004-1 100.000% 1,820 1,820
City of Corona CFD No. 2016-2 100.000% 4,775 4,775
City of Corona CFD No. 2017-2 100.000% 3,295 3,295
City of Corona CFD No. 2018-1 Improvement Area 1, 2018 Series 100.000% 8,730 8,730 City of Corona CFD No. 2018-1 Improvement Area 1, 2020 Series 100.000% 10,100 10,100 City of Corona CFD No. 2018-1 Improvement Area 2, 2024 Series 100.000% 26,000 26,000 City of Corona CFD No. 2018-2 100.000% 14,700 14,700
California Statewide Communities Development Authority Assessment District No. 2002-1 21-01 100.000% 1,317 1,317
Total Overlapping Tax and Assessment Debt 492,100
Direct and Overlapping Debt:

Overlapping Obligations
Riverside County General Fund Obligations 1,134,210 $ 6.924% 78,533 $ Riverside County Pension Obligations Bonds 603,055 6.924% 41,756 Riverside County Community College District Certificates of Participation 18.011% 4,292 23,830 Corona-Norco Unified School District General Fund Obligations 14,751 53.289% 7,861 Western Municipal Water District General Fund Obligations 1,378 21.843% 301 Total Overlapping Obligations $ 132,743
Direct Obligations:

City of Corona General Fund Obligations 17,882 17,882 $ City of Corona Pension Obligation Bonds 176,546 176,546 Unamortized Bond Premium 1,636 1,636
ROU Lease Payable 799 799
SBITA Payable 7,419 7,419
Total Direct Obligations 100.000% 204,282 $
Total Direct and Overlapping Obligations $ 337,025
Less: Riverside County Supported Obligations -
Total Net Direct and Overlapping Obligations 337,025 $
Total Direct Debt $ 204,282
Total Gross Overlapping Debt $ 624,843
Total Net Overlapping Debt $ 624,843
Gross Combined Total Direct and Overlapping Debt
3 $ 829,125
Net Combined Total Direct and Overlapping Debt $ 829,125 City of Corona
Schedule 11
Direct and Overlapping Governmental Activities Debt1
As of June 30, 2025 (dollars in thousands)
205 Page 850 of 1013
206 Page 851 of 1013
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, Successor Agency's tax allocation bonds.

City of Corona
Schedule 11
Notes to Direct and Overlapping Governmental Activities Debt1 As of June 30, 2025 (dollars in thousands)
207 Page 852 of 1013
Legal Debt Margin Calculation for Fiscal Year 2024
Assessed Value 29,398,115 $
Debt Limit (15% of assessed value) 4,409,717
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 4,193,924 $
2016 2017 2018 2019 2020
Debt Limit 2,707,398 $ 2,819,397 $ 2,986,885 $ 3,145,686 $ 3,279,207 $ Total net debt
applicable to limit 47,485 42,536 43,531 40,580 37,369
Legal debt margin $ 2,776,861 2,659,913 $ 2,943,354 $ 3,105,106 $ 3,241,838 $ Total debt applicable
to the limit as a percentage
of debt limit 1.754% 1.509% 1.457% 1.290% 1.140%
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
Fiscal Year
City of Corona
Schedule 12
Legal Debt Margin Information
Last Ten Fiscal Years (dollars in thousands)
208 Page 853 of 1013
2021 2022 2023 2024 2025
Debt Limit 3,462,545 $ 3,606,534 $ 3,938,235 $ 4,208,146 $ 4,409,717 $ Total net debt
applicable to limit 33,309 251,986 234,549 215,793 215,793 Legal debt margin $ 3,354,548 3,429,236 $ 3,703,686 $ 3,992,353 $ 4,193,924 $ Total debt applicable
to the limit as a percentage
of debt limit 0.962% 6.987% 5.956% 5.128% 4.894%
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 (Continued)
Last Ten Fiscal Years (dollars in thousands)
Fiscal Year
209 Page 854 of 1013
Current Special Current
Fiscal Lease Account Assessment Account
Year Payments Balance Principal Interest Coverage Collections Balance Principal Interest Coverage 2016 2,353 19 1,170 1,216 0.99 192 0 185 7 1.00
2017 30,614 3 27,975 9 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 - - - - -
2025 2,110 - 1,530 580 1.00 - - - - -
Notes: 1 Includes the defeasance of 1997 COPs and 2003 COPs. 2 Includes the advanced redemption of 2005 COPs.
3 Includes the defeasance of 2006 Lease Revenue bonds.
4 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
City of Corona
Schedule 13
Pledged Revenue Coverage
Last Ten Fiscal Years (dollars in thousands)
Lease Revenue Bonds Special Assessment Bonds
Debt Service Debt Service
210 Page 855 of 1013
Current
Fiscal Utility Lease Account
Year Revenues Principal Interest Coverage Payments Balance Principal Interest Coverage 2016 5,809 3,655 2,144 1.00 24,341 2 23,785 0 555 1.00
2017 5,809 3,775 2,034 1.00 - - - - -
2018 28,093 5,166 2,537 3.65 4 - - - - -
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 - - - - -
2025 29,963 4,552 1,447 4.99 - - - - -
City of Corona
Schedule 13
Pledged Revenue Coverage (Continued)
Last Ten Fiscal Years (dollars in thousands)
Revenue Bonds Certificates of Participation
Debt Service Debt Service
211 Page 856 of 1013
(1) (1) (1) (1) (2) (1)
Per
Personal Capita
Income Personal Median School Unemployment
Year Population (In Thousands) Income Age Enrollment Rate 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%
2024 159,157 6,425,563 40,372 37.3 49,487 4.2%
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
212 Page 857 of 1013
Percentage Percentage
of Total City of Total City
Employer Employees Rank Employment Employees Rank Employment Corona-Norco Unified School District 5,172 1 6.07% 5,098 1 7.18% Corona Reginal Medical Center 1,250 2 1.47% 1,113 2 1.57% Monster Energy 1,080 3 1.27% 544 8 0.77%
City of Corona 1,012 4 1.19% 749 5 1.05%
Fender USA Corona 903 5 1.06% 600 6 0.84%
All American Asphalt 650 6 0.76% 842 4 1.19%
TWR Framing Enterprises 461 7 0.54% 600 7 0.84%
Thermal Structures 418 8 0.49%
Kaiser Permanente 360 9 0.42% 995 3 1.40%
Veg Fresh Farms 134 10 0.16% 425 9 0.60%
CoreMark International 10 0.59% 421
Total 11,440 13.43% 11,387 16.03%
Source: Corona Economic Development Department
2025 2016
City of Corona
Schedule 15
Principal Employers
Current Year and Nine Years Ago
213 Page 858 of 1013
214 Page 859 of 1013
2025 2024 2023 2022 2021 2020 2019 2018** 2017 2016*
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 Office5 24.09 23.05 22.55 19.55 14.07 13.33 14.07 9.90 10.35 9.73 Legal & Risk Management 9.47 8.47 7.72 6.72 6.72 6.34 6.19 6.52 7.67 6.67 Administrative Services4 31.74 40.92 38.56 42.23 42.56

15.50 16.00 16.00 14.00 11.48 9.39
Information Technology 41.03 33.55 32.55 29.03 25.03 24.47 23.99 17.25 13.89 15.09 Finance1 37.48 35.86 35.86 33.82 31.93
Building4 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Police
Officers 165.00 165.00 164.30 163.30 158.00 153.00 149.00 162.00 162.00 162.00 Civilians 112.26 111.65 104.65 100.93 86.70 83.25 80.40 88.01 88.39 85.90 Fire
Firefighters and officers 123.48 120.44 120.44 114.96 111.48 108.00 107.00 113.00 113.00 112.00 Civilians 13.28 11.80 9.84 7.24 5.32 7.76 7.75 8.20 4.88 6.48 Public Works8 71.69 68.19 66.19 58.34 35.75 35.75 35.75 35.75 29.05 29.75 Maintenance Services6 34.15 42.11 42.11 42.76 43.63 45.00 Community Development7 23.89 22.14 22.14 25.00 26.48 26.00 Planning and Development Development7 60.86 60.86 60.86 53.06 Economic Development 6.00 6.00 6.00 6.00 4.00 2.00 2.00 3.00 3.00 2.00 Library and Recreation Services 72.99 72.74 69.06 70.67 68.04 Community Services Department4 124.91 121.08 115.47 111.65 86.36 Utilities Department2 126.65 120.65 115.65 112.21 111.60 109.60 110.02 108.91 119.18 119.68 Transit Services9 2.00 2.00 2.00 2.00 2.00 2.00
Total 937.70 908.60 884.08 836.81 1484.35 729.87 722.08 735.92 742.42 738.90 *
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 Finance Department separated from Administrative Services Department in Fiscal Year 2020-21. 2 Formerly Department of Water and Power 3 Human Resources Department separated from Administrative Services Department in Fiscal Year 2019-20. 4 Formerly Library and Recreation Services Department. 5 Formerly Management Services Department 6 Utilities department, various functions moved to Public Works. 7 Community Development was restructured in Fiscal Year 2021-22 and renamed Planning and Development. 8 Services and Planning and Development. 9
Source: Corona Finance Department
Human Resources3
Maintenance Services Department was restructured during Fiscal Year 2021-22 and is no longer overseen by the Public Works Department was restructured during Fiscal Year 2021-22, various functions moved to Community Transit Services restructured during Fiscal Year 2024-25, and transferred from Community Services department to Public Works.

City of Corona
Schedule 16
Full-time Equivalent City Government Employees by Function/Program Last Ten Fiscal Years
Full-time Equivalent Employees
215 Page 860 of 1013
Function/Program 2025 2024 2023 2022 2021
Police
Physical Arrests 3,980 2,818 3,038 2,941 2,345
Parking Violations 5,595 6,981 5,104 5,224 2,731
Traffic Violations 9,674 11,100 10,815 8,148 6,051
Fire
Emergency Responses 16,318 15,967 16,041 15,359 14,422
Fires Extinguished 455 402 418 472 524
Inspections 1,795 1,730 1,350 1,396 979
Public Works/Maintenance Services
Street Resurfacing (miles) 94 94 66 66 44
Street Lights Repaired 572 561 465 714 415
Potholes Filled (sq. ft) 23,538 19,889 31,474 38,930 20,204 Community Services - Recreation
Sportsfields Participation 657,266 657,209 539,450 568,496 404,679 Comm. Centers/Gym/Pool 54,328 35,245 29,069 31,832 28,393 Other Activity Participation 438,260 365,883 365,589 330,737 222,473 Community Services - Library
Volumes in Collection 2,633,187 6 209,144 209,357 210,747 206,357 Total Volumes Borrowed 1 397,511 389,680 336,749 5 280,958 182,733 Water
New Connections 273 374 146 309 634
Water Main Repairs 42 92 7 46 45 95 7
Average Daily Consumption
(millions of gallons) 27.7 24.9 24.7 32.1 33.2
Wastewater
Average Daily Sewage Treatment
(millions of gallons) 10.9 11.7 12.2 12.6 12.8
Transit Services
Total Route Miles (round-trip) 47.8 47.7 47.7 47.7 47.7 Passengers
Fixed Route 124,806 139,080 120,272 95,892 76,645
Dial-A-Ride 48,577 47,186 38,141 22,673 13,386
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. 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. 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. 6 Volumes in the Collection include both print and electronic materials owned by the City and available for patron access for Fiscal Year 2025. 7 Water Main Repairs included water main valve repairs in FY 2024, FY 2021, FY 2020, FY 2019, FY 2017, FY 2016, FY 2015.

Source: Various Departments.

Note:
1) Data from ten years ago was not available.

City of Corona
Schedule 17
Operating Indicators by Function/Program
Last Ten Fiscal Years
Fiscal Year
216 Page 861 of 1013
Function/Program 2020 2019 2018 2017 2016 1
Police
Physical Arrests 2,282 2,992 2,895 3,403 5,583
Parking Violations 9,574 8,851 6,228 4,993 3,974
Traffic Violations 4,718 6,133 9,024 11,896 12,132
Fire
Emergency Responses 13,810 13,141 13,041 12,981 12,112
Fires Extinguished 451 362 435 382 381
Inspections 1,652 1,092 2,726 1,934 1,966
Public Works/Maintenance Services
Street Resurfacing (miles) 75 37 51 39 41
Street Lights Repaired 437 418 495 1,045 1,342
Potholes Filled (sq. ft) 46,850 22,332 35,700 75,000 15,076 Community Services - Recreation
Sportsfields Participation 370,799 269,168 248,617 2 2,190,246 1,760,600 Comm. Centers/Gym/Pool 111,007 169,888 249,885 282,797 211,410 Other Activity Participation 226,205 135,399 171,679 226,294 244,430 Community Services - Library
Volumes in Collection 183,794 165,760 168,148 167,586 164,421 Total Volumes Borrowed 1 284,375 411,592 4 783,626 648,522 3 1,073,736 Water
New Connections 389 511 391 166 1,408
Water Main Repairs 86 7 72 7 36 69 7 78 7 7
Average Daily Consumption
(millions of gallons) 31.2 30.2 33.0 30.4 28
Wastewater
Average Daily Sewage Treatment
(millions of gallons) 12.6 14.3 13.8 14.3 14
Transit Services
Total Route Miles (round-trip) 47.7 47.7 47.5 47.5 48
Passengers
Fixed Route 100,186 118,366 129,972 132,469 150,002
Dial-A-Ride 39,989 52,580 58,089 65,580 63,162
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. 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. 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. 6 Volumes in the Collection include both print and electronic materials owned by the City and available for patron access for Fiscal Year 2025. 7 Water Main Repairs included water main valve repairs in FY 2024, FY 2021, FY 2020, FY 2019, FY 2017, FY 2016, FY 2015.

Source: Various Departments.

Note:
1) Data from ten years ago was not available.

Fiscal Year
City of Corona
Schedule 17
Operating Indicators by Function/Program (Continued)
Last Ten Fiscal Years
217 Page 862 of 1013
2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
Function/Program
Police
Stations 1 1 1 1 1 1 1 1 1 1
Zone Offices 2 2 2 2 2 2 2 2 2 2
Patrol Units 73 77 67 71 65 62 68 65 55 59
Fire Stations 7 7 7 7 7 7 7 7 7 7
Streets
Streets and Alleys (miles) 464 464 464 464 463 444 408 408 406 403 Streetlights 1 14,976 14,984 14,976 14,976 15,117 15,117 12,380 12,380 12,587 12,059 Traffic Signals 216 191 191 191 191 190 188 184 182 179 Community Services - Recreation
Total Park Acreage 389 389 389 378 378 376 376 376 376 376 Playgrounds 28 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 7 7
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 Water
Water Main (miles) 675 734 734 736 736 736 719 697 687 683 Fire Hydrants 8,928 9,660 9,648 9,760 9,760 10,062 9,548 9,300 9,222 9,197 Storage Capacity 2
(millions of gallons) 55 55 55 55 55 52 52 52 51 51
Wastewater
Sanitary Sewers (miles) 458 458 458 464 464 464 458 440 435 434 Storm Sewers (miles) 182 181 181 225 225 223 171 171 167 167 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 7 7
Dial-A-Ride 13 13 13 13 13 13 13 11 11 13
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
218 Page 863 of 1013
The Trip Reduction
Special Revenue Fund
of the City of Corona
Corona, California
Financial Statements
and Independent Auditor’s Reports
For the Year Ended June 30, 2025

The Trip Reduction Special Revenue Fund of the City of Corona For the Year Ended June 30, 2025
Table of Contents
Page
Independent Auditor’s Reports:

Report on the Audit of the Financial Statements ............................................................................................... 1 Report on Internal Control Over Financial Reporting and Report on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance with Government Auditing Standards ................................................................. 5 Report on Compliance for Trip Reduction Special Revenue Fund; and Report on Internal Control Over Compliance ................................................................... 7 Financial Statements:

Balance Sheet ........................................................................................................................................................ 13 Statement of Revenues, Expenditures, and Change in Fund Balance ................................................................... 14 Notes to the Financial Statements ......................................................................................................................... 15 Required Supplementary Information (Unaudited):

Budgetary Comparison Schedule .......................................................................................................................... 19 Notes to the Budgetary Comparison Schedule ...................................................................................................... 20

6 Hutton Centre Drive, Suite 1200
Santa Ana, California 92707
INDEPENDENT AUDITOR’S REPORT
To the Honorable Mayor, City Council and Citizens
of the City of Corona
Corona, California
Report on the Audit of the Financial Statements
Opinion
We have audited the financial statements of the Trip Reduction Special Revenue Fund of the City of Corona, California (the “City”) as of and for the year ended June 30, 2025, and the related notes to the financial statements, as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the Trip Reduction Special Revenue Fund of the City as of June 30, 2025, and the change in its financial position for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinion
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 Auditor’s 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 opinion.

Emphasis of Matter
As discussed in Note 1, the financial statements present only the Trip Reduction Special Revenue Fund and do not purport to, and do not, present fairly the financial position of the City as of June 30, 2025, the changes in its financial position, or, where applicable, its cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America. Our opinion is not modified with respect to this matter.

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.

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

2 Auditor’s 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 auditor’s report that includes our opinion.

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.

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 Budgetary Comparison Schedule be presented to supplement the basic financial statements. Such information is the responsibility of management and, 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 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 financial statements, and other knowledge we obtained during our audit of the 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.

Management has omitted the Management’s Discussion and Analysis that accounting principles generally accepted in the United States of America require to be presented to supplement the basic financial statements. Such missing 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. Our opinion on the basic financial statements is not affected by this missing information.

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

3 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 25, 2025, on our consideration of the City’s internal control 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 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 the Trip Reduction Special Revenue Fund’s financial reporting and compliance.

Santa Ana, California
November 25, 2025

4 Page 871 of 1013
6 Hutton Centre Drive, Suite 1200
Santa Ana, California 92707

REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING AND ON COMPLIANCE AND

OTHER MATTERS BASED ON AN AUDIT OF FINANCIAL STATEMENTS PERFORMED IN

ACCORDANCE WITH GOVERNMENT AUDITING STANDARDS
Independent Auditor’s Report
To the Honorable Mayor, City Council and Citizens
of the City of Corona
Corona, California
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (“Government Auditing Standards”), the financial statements of the Trip Reduction Special Revenue Fund of the City of Corona, California (the “City”), as of and for the year ended June 30, 2025, and the related notes to the financial statements, and have issued our report thereon dated November 25, 2025.

Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over the Trip Reduction Special Revenue Fund’s financial reporting (“internal control”) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of City’s internal control.

Accordingly, we do not express an opinion on the effectiveness of City’s internal control.

A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control, such that there is a reasonable possibility that a material misstatement of the entity's financial statements will not be prevented, or detected and corrected on a timely basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses or significant deficiencies may exist that were not identified.

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

6 Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the Trip Reduction Special Revenue Fund's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.

Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity's internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity's internal control and compliance. Accordingly, this communication is not suitable for any other purpose.

Santa Ana, California
November 25, 2025

6 Hutton Centre Drive, Suite 1200
Santa Ana, California 92707
REPORT ON COMPLIANCE FOR TRIP REDUCTION SPECIAL REVENUE FUND;

AND REPORT ON INTERNAL CONTROL OVER COMPLIANCE
Independent Auditor’s Report
To the Honorable Mayor, City Council and Citizens
of the City of Corona
Corona, California
Report on Compliance for the Trip Reduction Special Revenue Fund Opinion on Compliance
We have audited the City of Corona, California’s (the “City”) compliance with the type of compliance requirements described in the Assembly Bill 2766, Chapter 1705 (44220 through 44247) (“AB 2766”) for the year ended June 30, 2025.

In our opinion, the City complied, in all material respects, with the compliance requirements referred to above that are applicable to Trip Reduction Special Revenue Fund for the year ended June 30, 2025.

Basis for Opinion
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (“GAAS”); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (“Government Auditing Standards”); and AB 2766. Our responsibilities under those standards and AB 2766 are further described in the Auditor’s Responsibilities for the Audit of Compliance section of our report.

We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with 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 opinion. Our audit does not provide a legal determination of the City's compliance with the compliance requirements referred to above.

Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules, and provisions of contracts or grant agreements applicable to the City's AB 2766 programs.

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

8 Auditor’s Responsibilities for the Audit of Compliance Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the City's compliance based on our audit. 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, Government Auditing Standards, and AB 2766 will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Noncompliance with the compliance requirements referred to above is considered material if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the City's compliance with the requirements of the government program as a whole.

In performing an audit in accordance with GAAS, Government Auditing Standards, and the AB 2766, we  exercise professional judgment and maintain professional skepticism throughout the audit.  identify and assess the risks of material noncompliance, 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 City's compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances.  obtain an understanding of the City's internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with AB 2766, but not for the purpose of expressing an opinion on the effectiveness of the City's internal control over compliance. Accordingly, no such opinion is expressed.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.

Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance on a timely basis. A material weakness in internal control over compliance is a deficiency, or combination of deficiencies in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a compliance requirement will not be prevented, or detected and corrected, on a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.

Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencies in internal control over compliance. Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or significant deficiencies in internal control over compliance may exist that were not identified.

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

9 Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.

The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of AB 2766. Accordingly, this report is not suitable for any other purpose.

Santa Ana, California
November 25, 2025

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FINANCIAL STATEMENTS
11 Page 878 of 1013
12 Page 879 of 1013
ASSETS
Cash and investments $ 2,209,833
Due from South Coast Air Quality Management District 51,000 Interest receivables 13,209
Total assets $ 2,274,042

LIABILITIES AND FUND BALANCE
Liabilities:

Accounts payable and accrued liabilities 520
Total liabilities $ 520
Fund Balance:

Restricted for trip reduction program 2,273,522
Total fund balance 2,273,522
Total liabilities and fund balance $ 2,274,042
The Trip Reduction Special Revenue Fund of the City of Corona Balance Sheet
June 30, 2025
See accompanying notes to the financial statements.
13 Page 880 of 1013
Revenues:

Assembly Bill 2766 revenues $ 203,064
Investment earnings 111,299
Total revenues 314,363
Expenditures:

Current:

Trip reduction program 24,489
Total expenditures 24,489
Net change in fund balance 289,874
Fund Balance:

Beginning of year 1,983,648
End of year $ 2,273,522
The Trip Reduction Special Revenue Fund of the City of Corona Statements of Revenues, Expenditures, and Change in Fund Balance For the Year Ended June 30, 2025
See accompanying notes to the financial statements.
14 Page 881 of 1013
The Trip Reduction Special Revenue Fund of the City of Corona Notes to the Financial Statements
For the Year Ended June 30, 2025
15 Note 1 – Financial Reporting Entity and Summary of Significant Accounting Policies A. Financial Reporting Entity
The Trip Reduction Special Revenue Fund (the “Fund”) of the City of Corona, California (the “City”) was formed in 1993 to account for allocation made by Assembly Bill 2766 (“AB 2766”), known as the Clean Air Act.

The financial statements of the Fund are intended to present the financial position and changes in financial position of only those transactions attributable to the Fund that is operated by the City. The City performs all administrative and accounting functions. The financial statements of the Fund are included in the basic financial statements of the City.

The financial statements of the Fund 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 (the “GASB”) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The financial statements were prepared from only the accounts of the Fund. Accordingly, the financial statements do not purport to, and do not, present fairly the financial position of the City and changes in financial position thereof.

B. Fund Accounting
The accounts of the City are organized on the basis of funds, each of which is considered a separate accounting entity with a self-balancing set of accounts. Monies received under AB 2766 are recorded in the Fund. AB 2766 authorizes the South Coast Air Quality Management District (“SCAQMD”) to impose an annual vehicle registration fee and to distribute a portion of the collected revenues to all local jurisdictions within the South Coast Air Basin. These revenues are to be used solely to reduce air pollution from motor vehicles by implementing new programs and studies necessary for the implementation of the California Clean Air Act.

The Fund is presented as a Special Revenue Fund.

C. Financial Statements Presentation, Basis of Accounting and Measurement Focus The fund financial statements include a Balance Sheet and a Statement of Revenues, Expenditures and Change in Fund Balance. Special Revenue Fund is accounted for on a spending or “current financial resources” measurement focus and modified accrual basis of accounting. Under the modified accrual basis of accounting, revenues are recorded when susceptible to accrual; that is, when they become both measurable and available to finance expenditures in the fiscal period. “Available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For the Fund, revenues and other governmental fund financial resources are recognized if measurable and collectible generally within 60 days following the end of the fiscal year. Expenditures are recognized in the accounting period in which the fund liability is incurred, if measurable.

D. Cash and Investments
The Fund’s cash balance was pooled with various other City funds for deposit and investment purposes.

The share of each fund in the pooled cash account was separately maintained and interest income was apportioned to the participating funds based on the relationship of their average quarter-end cash balances to the total of the pooled cash and investments.

The Trip Reduction Special Revenue Fund of the City of Corona Notes to the Financial Statements (Continued)
For the Year Ended June 30, 2025
16 Note 1 – Organization and Summary of Significant Accounting Policies (Continued) E. Fund Balance
In the fund financial statements, the Fund reports the following fund balance classification:

Restricted – This includes amounts that are constrained on the use of resources by either (a) external creditors, grantors, contributors, or laws of regulations of other governments or (b) by law through constitutional provisions or enabling legislation. The Fund’s restricted fund balance is restricted for trip reduction program governed by AB 2766.

F. Use of Estimates
The preparation of the basic financial statements in accordance 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 – Cash and Investments
The Fund’s cash and investments consisted of pooled cash with the City of Corona in the amount of $2,227,833 at June 30, 2025.

Cash is pooled with the City and is considered as cash since the Fund is able to withdraw cash at any time without prior notice or penalty. It has general characteristics of demand deposit accounts. Interest income is allocated based on average cash balances. Investment policies and associated risk factors applicable to the Trip Reduction Special Revenue Fund are those of the City and are included in the City’s basic financial statements.

Note 3 – Commitments and Contingencies
The Fund receives monies from the SCAQMD that are subject to review and audit by the SCAQMD. Although such audits could result in disallowed expenditures under terms of the program’s guidelines, the management believed that any repayments resulting from disallowances will not be material.