City of Corona
Corona, California
Independent Accountant’s Report on
Applying Agreed-Upon Procedures to
Investments
March 31, 2025
6 Hutton Centre Drive, Suite 1200
Santa Ana, California 92707
INDEPENDENT ACCOUNTANT’S REPORT
ON APPLYING AGREED-UPON PROCEDURES
To the Honorable Mayor, City Council and Citizens
of the City of Corona
Corona, California
We have performed the procedures enumerated below on the investments of the City of Corona, California (the “City”) as of March 31, 2025. The City’s management is responsible for the investments.
The City has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose, which is assisting the City in evaluating the City’s investment processes, activities and degree of compliance with the State of California (the “State”) regulations and the City’s investment policy as of March 31, 2025. This report may not be suitable for any other purpose. The procedures performed may not address all the items of interest to a user of this report and may not meet the needs of all users of this report and, as such, users are responsible for determining whether the procedures performed are appropriate for their purposes.
The procedures and associated findings are as follows:
1. We obtained the City’s Monthly Investment Portfolio Report (the “Report”) as of March 31, 2025, agreed individual investments/deposits to supporting documentation obtained from the City, and reconciled such to the Report. We traced total investments listed on the Report to the City’s general ledger.
Finding: No exceptions were noted as a result of our procedures.
2. We compared the investments listed in the Report as of March 31, 2025 to the types of investments authorized for the year by the City’s investment policy and California Government Code Section 53601.
Finding: No exceptions were noted as a result of our procedures.
3. We compared the market value of the investments listed in the Report as of March 31, 2025 to investment statements and other supporting documentation.
Finding: No exceptions were noted as a result of our procedures.
4. We inspected the Report to ascertain if it contained the information/data required by California Government Code Section 53646 and met the timing requirements of Government Code Section 53646 as follows:
a. Included the type of investment, issuer, date of maturity, par and dollar amount invested on all securities, investments and monies held by the City.
b. Included those funds under management of contracted parties (fiscal agents, trustee, deferred compensation, plan administrators, etc.)
c. Included market value (and source) as of the date of the Report for all securities held by the City or under management of any outside party.
d. Confirmed the compliance of the portfolio to the investment policy of the City. e. Verified the timing requirements of the Report were met, in relation to Government Code Section 53646. f. Included a statement addressing the ability of the City to meet the pool’s expenditures requirements for the next six months.
Finding: No exceptions were noted as a result of our procedures.
To the Honorable Mayor and the Members of City Council
of the City of Corona
Corona, California
2 5. We compared the investments listed in the Report as of March 31, 2025, to the prohibited investments listed in the California Government Code Section 53601.6.
Finding: No exceptions were noted as a result of our procedures.
6. We calculated the totals (cost basis) for the investment types listed in the Report as of March 31, 2025 and compared those totals to the limitations imposed by the City’s investment policy and California Government Code Section 53601 for specified investment types.
Finding: No exceptions were noted as a result of our procedures.
7. We agreed individual investment maturity dates listed in the Report as of March 31, 2025, to the City’s copies of investment statements to determine if they conform to the maturity requirements of the City’s investment policy and California Government Code Section 53601.
Finding: No exceptions were noted as a result of our procedures.
8. We obtained and inspected the third-party custodial agreements and broker/dealer agreements in effect at the date of the Report to identify if the agreements contained a clause addressing delivery of securities and that the delivery method conformed to California Government Code Section 53601.
Finding: No exceptions were noted as a result of our procedures.
We were engaged by the City to perform this agreed-upon procedures engagement and conducted our engagement in accordance with attestation standards established by the American Institute of Certified Public Accountants. We were not engaged to and did not conduct an examination or review engagement, the objective of which would be the expression of an opinion or conclusion, respectively, on the investments. Accordingly, we do not express such an opinion or conclusion. Had we performed additional procedures, other matters might have come to our attention that would have been reported to you.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements related to our agreed-upon procedures engagement.
This report is intended solely for the information and use of City Council and management of the City and is not intended to be and should not be used by anyone other than those specified parties.
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