Agenda packet — Eastvale City Council, January 28, 2026 (part 2 of 2)

Development Standards
The following development standards are City regulations for each land use area established in this Specific Plan.

Table 2-3
Development Standards

Standard
Commercial
Retail

Industrial
Business
Park 1

Hospital Overlay
Building Site Specifications
Min. lot size None 40,000 s.f. 10,000 s.f. Least restrictive standard applies Min. lot width 75 ft. 200 ft. 75 ft.

Min. landscape cover 2 15% 10% 15% 15% for Hospital
development
Landscaped Setback 3,4
From Cantu-Galleano 15 ft. to parking, 15 ft. to buildings NA From Hamner 15 ft. to parking, 15 ft. to buildings
From Bellegrave 30 ft. to parking, 30 ft. to buildings NA From Internal Streets A and B 20 ft. to parking, 30 ft. to buildings From Caltrans I-15 ROW 30 ft. to parking, 40 ft. to buildings NA Height
Max. height 5, 6 50 ft. (75 ft. 7) 55 ft. 8 50 ft.8 125 ft.

Building Separation 9
Min. side 25 ft. 25 ft. 25 ft. 25 ft.

Min. front entries 25 ft 25 ft. 25 ft. 25 ft.

Min. rear 25 ft 25 ft. 25 ft. 25 ft.

Notes:

NA – Not applicable
1 There is a maximum area of 40,000 square feet for a single-tenant building or 40,000 square feet for each tenant in a multi-tenant building (Except as otherwise provided in Table 2-2 – Permitted Uses) 2 See the landscape provisions in this Chapter and in Appendix A, Plant Palette, for greater detail. 3 All building and landscaping setbacks shall be measured from the right-of-way line, as defined by the Zoning Code that is in effect at the time a project is submitted. 4 Landscaped setbacks accommodate landscaping, fences, walls, signs, entry monuments, benches, and other similar elements. Conceptual landscaped setbacks are depicted on Figures 2-3 to 2-9. 5 Maximum building height is defined as the height from finished grade to the top of the roof pitch or top of parapet, whichever is greater. There is no limit on the number of stories within the maximum building height. 6 Uninhabitable architectural features, such as towers, may exceed the maximum height limit of the Commercial Retail and Business Park area by 20 percent, and mechanical penthouses may exceed the maximum height limit by 10 percent.
7 The maximum building height for hotels in the Commercial Retail land use area is 75 feet. 8 The maximum height at the setback line is 55 feet. For each foot of additional setback provided, an additional foot of height is permitted up to a maximum of 60 feet to the roof peak or top of parapet wall. A height between 61 and 150 feet may be permitted as detailed in the City of Eastvale Zoning Code that is in effect at the time a project is submitted.
9 Building separation is measured between the nearest exterior walls of two adjacent, non -attached structures. Non-habitable projections, such as eaves, bay windows, and architectural detailing, may extend two feet into the separation area.
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Standards Applicable to All
Uses/Development
The following standards apply as shown below.

Antennas
 A satellite antenna may be installed on a lot in any zoning district provided that:
(1) it is not located in a required setback from a street; (2) the antenna or satellite antenna is located on the rear one -half of the lot (if roof mounted), and; (3) the antenna does not exceed 10 feet if installed on the ground or, if roof mounted and screened, as defined by the Zoning Cod e that is in effect at the time a project is submitted, the maximum building height for the district in which the satellite antenna is located.
 Antennas and Direct Broadcast Satellite (DBS) are permitted to be installed in locations that are not readily seen from neighboring properties or from public streets.
 Wireless communication facilities shall comply with the standards as defined by the Zoning Code that is in effect at the time a project is submitted.

Lighting - Exterior
The exterior lighting standards listed below are intended to provide illumination, highlight unique features, and provide security in a manner that does not impact light- sensitive uses, such as residences.
 Parking areas shall have lighting that provides adequate illumination for safety and security as approved by the City of Eastvale Building Department. At a minimum, parking lot lighting fixtures shall maintain 1 foot -candle of illumination at ground level at any location within the parking facility, excepting at convenience m arkets, where the standard is a minimum of 1.5 foot-candles.
 The maximum level of exterior light at any property line is 1 foot-candle and

0.5 foot-candle at any residential property line.
 Exterior lighting fixtures shall utilize energy-efficient fixtures.  Exterior light fixtures, including those in parking and loading areas, shall not exceed 25 feet in height above finish grade and shall be consistent with the architectural theme of the facility served.
 All exterior lighting, including security lighting, shall be directed away from adjoining properties and the public right-of-way.
 All lighting fixtures, other than pedestrian walkway lighting of approximately 3 feet in height, shall be shielded (equipped with glare reflector shields designed to redirect spill lighting down and away from surrounding areas) such that no light is emitted above the horizontal plane of the bottom of the light fixture.
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 Office, hotel, and commercial structures shall incorporate shielded exterior lighting to illuminate significant exterior architectural features, signage, and unique landscape features.
 Where security may be an issue, motion-sensitive lights or other alternatives acceptable to the City shall be used to provide security lighting for loading docks, outdoor storage areas, and other areas used intermittently at night.

Parking, Loading, and Access
 Disabled parking shall be provided per the requirements of the Cal ifornia Building Code.
 All commercial sites shall be evaluated for parking on a project -by-project basis per requirements in Table 2-4. Prior to the establishment of any use, City staff shall review the proposal in relation to the approved site plan to ensure there is adequate parking. In the event that there is not enough parking to satisfy the proposed use, the applicant may propose any combination of:
• Parking lot restriping (staff-level approval)
• Parking management strategies, such as employee parking, reserved parking, valet parking, or other acceptable measures (CUP required) • Shared parking analysis, prepared by a traffic engineer, to be used as the basis for calculating parking requirements for the center (CUP required)  All large commercial uses of 15,000 square feet or greater, except medical, require one loading space unless otherwise noted.
 Standard parking stalls shall be designed in accordance with the standards as defined by the Zoning Code that is in effect at the time a project is submitted.  Up to 20 percent of all parking spaces may be compact spaces with minimum stall dimensions of 8 feet wide and 16 feet long.
 Each parking space or facility shall have adequate drive aisles and usable turning and maneuvering areas as defined by the Zoning Code that is in effect at the time a project is submitted.
 All parking areas, loading facilities, and drive aisles shall be surfaced and maintained with asphaltic concrete, cement, or other permanent impervious or pervious surfacing material that is acceptable to the City Engineer.  All drive -through banks, pharmacies, and eating facilities shall have a minimum 150-foot driveway to an ATM or menu board. The drive- through driveway must be designed to provide clearly marked and safe pedestrian crossing to the building entrance(s) and not be located where cars staking may result in blocking ingress/egress to the site.
 Where practical, new developments on separate parcels are enco uraged to provide common access and parking areas. Reciprocal parking and driveway easements are encouraged.
 Parking spaces for low-emitting, fuel-efficient, and carpool/van pool vehicles will be provided per the California Green Building Standards Code.  Parking lots including off-site parking shall comply with the Eastvale Zoning Code that is in effect at the time a project is submitted except for some of the required parking spaces (up to 15% of required spaces) that are located within the truck parking areas.
 On-street parking is prohibited.
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The parking standards for the minimum number of parking spaces required for each use or equivalent use in the GCCE shall be as follows. All uses not specifically listed or substantially equivalent to a listed use are subject to the number of parking spaces required as defined by the Zoning Code that is in effect at the time a project is submitted.

Table 2-4
Parking Standards1
Use Standard
Community shopping center,
including those with restaurants

5.5 spaces per 1,000 square feet of net leasable floor
area.2
Hotel 1 space per hotel room plus two additional spaces for managers
Restaurants and other eating
establishments including drive-thru
1 space per 45 square feet of public serving and
seating area
Professional office (e.g. financial,
real estate, medical office, etc.)
1 space per 200 square feet of professional office
area.2
Light assembly/light
manufacturing/light industrial
1 space per 250 square feet of office area, plus 1
space per 500 square feet of fabrication area, plus 1
space per 1,000 square feet of storage area.

Hospitals and Clinics 1 space per 2 patient’s beds, and one space per vehicle owned and operated by the hospital or clinic
plus one space per staff member of largest shift
Medical and Dental Offices 1 space per 200 square feet of net leasable floor area Warehousing/distribution 3 1 space per 250 square feet of office area, plus 1 space per 1,000 square feet for to the first 40,000
square feet of building space and 1 space per 4,000
square feet beyond the initial 40,000 square feet.

Notes:
1 Additional parking that may be required based upon the specific tenant - beyond those that are provided at construction - must be designed to comply with the parking ratios listed in the City of Eastvale Zoning Code.
2 Where multiple tenants and/or uses occupy the same building, the parking shall be calculated based upon the floor area of each tenant. In the event that all or some of the tenants are not known, City staff, in concert with the developer/property owner, shall make assumptions as to the mixture of likely tenants to establish a base level of parking.
3 A maximum of 15% of the required parking spaces may be located within truck parking areas without meeting the landscape and shade requirements as defined by the Zoning Code that is in effect at the time a project is submitted. This in no way limits the amount of passenger vehicles that may park in truck parking areas if the parking requirements of the City of Eastvale Zoning Code are met. 168
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Parking - Shared
 The implementation of a shared parking agreement is intended to serve tenants with distinctly different peak hour parking demands.  Sufficient evidence shall be presented to the Planning Director to demonstrate that no substantial conflict in the principal hours or periods of peak demand will exist between the uses or structures which propose to share parking.
 The uses or buildings for which an application for shared parking is being made shall be located within 150 feet of the parking area to be shared.  No more than 50 percent of the parking space requireme nt shall be met through shared parking.
 Parties sharing off -street parking facilities shall provide evidence of a reciprocal parking agreement for the join use by a legal instrument approved by the Planning Director.
 Uses within Planning Area 4 , which exceed the 40,000 square foot requirement, shall present a parking analysis to the Community Development Director for review and approval.

Parking – Off-Site
 Off-site parking shall be constructed and landscaped to the same standards that apply to on-site parking.
 Off-site parking shall be provided for a particular user or parcel with access controlled via signage entry controls or other means specified through the conditional use permit process.
 The design and layout of off -site parking shall be subject to approval of a Major Development Review per the Eastvale Zoning Code.

Loading
 In the Business Park Land Use Planning Areas, each tenant is permitted a maximum of one dock high loading door per 8,000 square feet (maximum 5 dock-high doors per 40,000 square feet) and up to 2 roll-up doors.  Loading docks shall not be located directly in front of a driveway unless there is a minimum of 150 feet of separation between the dock and the driveway.  A minimum of 120 feet unobstructed clearance, measured perpendicularly from the face of the truck loading door, shall be required for loading areas.  Dock high doors and roll -up tenant doors will be screened with landscape treatment to prevent visibility from the public-right-of-way.

Performance Standards
Sustainability
 The GCCE shall be developed to meet the California Green Code building standards adopted by the City. It should be noted that this plan already incorporates several sustainable features including:
• Green infrastructure to collect stormwater on-site through the use of stormwater management practices such as the incorporation of infiltration basins and bioswales.
• Sustainable landscaping and efficient irrigation practices to promote water conservation and reduce water demand.
• Building-level sustainability practice related to indoor/outdoor air quality, lighting, and building envelope.
• Resource conservation practices addressing water, energy heating, ventilation and air conditioning (HVAC), mobility, and solid waste.

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Electric Vehicle Charging Station - Small : A station that is designed and operated as a use ancillary to the primary permitted use on the site (such as a single family residence, condominium, apartment, office building, commercial retail, parking lot, garage or structure) in order to deliver electricity to personal or commercial passenger vehicles and trucks owned or operated by individuals who either reside or work on the site or are guests on the site where the charging station is located.

Electric Vehicle Charging Station - Large: A station that is designed to charge personal passenger vehicles and trucks and/or commercial passenger vehicles and trucks which is open to the public, whether with or without the payment of fees, subscriptions or monetary charges for the service. A "large electric vehicle charging station" includes the electrical and mechanical equipment as defined in Article 625 of the California El ectrical Code, and any subsequent amendments, that is necessary to delivery electricity from a source outside an electric vehicle into a plug -in electric vehicle. It does not include ancillary equipment and facilities that are not directly necessary for the charging of plug-in electric vehicles, including but not limited to, canopies (with or without solar panels), patronage resting facilities, commercial sales kiosks or buildings, public restrooms, family amenities or pet amenities. Such ancillary equipmen t and facilities are not subject to the expedited application and permitting requirements as referenced in Chapter 110.96 of the Eastvale Municipal Code, electric vehicle charging systems, but shall be subject to the applicable development review process a s referenced in Section 120.02.010 of the Eastvale Municipal Code , development review.

Warehousing / distribution: The receipt and temporary stocking of products (goods) to be redistributed to retailers, or wholesalers, where no retail sales is conducted or directly to customers.

Wholesaling: This includes the movement and storage of raw materials, work- in- process inventory and finished goods from a point of origin to point of consumption. Uses would include goods movement (import, export and sales of product). These activities shall occur within an enclosed building and typically do not result in large amounts of noise, dust or smoke that can occur with some industrial uses.

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ORDINANCE NO. 26-01

AN ORDINANCE OF THE CITY COUN CIL OF THE CITY OF EASTVALE, CALIFORNIA AMENDING CHAPTER 2 AND APPENDIX B OF THE GOODMAN

COMMERCE CENTER AT EASTVALE SPECIFIC PLAN COVERING
APPROXIMATELY 205 ACRES OF THE REAL PROPERTIES LOCATED

GENERALLY NORTH OF BELLEGRAVE AVENUE, SOUTH OF CANTU-GALLEANO RANCH ROAD, EAST OF HAMNER AVENUE, AND WEST OF I -15, BORDERED

BY THE CITY OF ONTARIO TO THE WEST

NOW, THEREFORE, THE CITY COUNCIL OF THE CITY OF EASTVALE DOES ORDAIN AS FOLLOWS:

SECTION 1. The proposed Specific Plan Amendment is not subject to further California Environmental Quality Act (CEQA) review as the proposed changes to the Specific Plan do not introduce new uses which would create impacts not already addressed and mitigated in the Final Environmental Impact Report for the Specific Plan (SCH# 2011 111012) certified by the City Council through Resolution No. 14 -32 and adopted on June 11, 2014. The Notice of Determination filed for the adoption of the Specific Plan in November 2014 remains valid for the proposed Specific Plan amendment.

SECTION 2. The project is found to be consistent with the Multiple Species Habitat Conservation Plan (MSHCP). The project is located outside of any MSHCP criteria area, and mitigation is provided through payment of the MSHCP Mitigation Fee.

SECTION 3. Pursuant to the City of Eastvale Zoning Code, the following findings pertaining to the adoption of a Specific P lan Amendment (Project No. PLN25 -20068) to the Goodman Commerce Center at Eastvale Specific Plan are required:

Finding 1: The proposed Specific Plan is consistent with the goals, policies, and objectives of the General Plan

Evidence: The changes contained in the Specific Plan amendment are consistent with the General Plan Goals, policies, and implementation programs. The proposed changes in intended to allow certain land uses, primarily located in the Business Park land use category, to exceed the existing maximum area requirement for a single tenant. Additionally, the amendment proposes technical and clarifying changes to Appendix B Glossary and Chapter 2 – Development Criteria, which includes Table 2-2 Permitted Uses, Table 2-3 Development Standards, the Parking, Loading, and Access section. These changes are intended to promote the General Plan Goal PC-3: Promote economic growth within the City to provide employment opportunities and goods and services to local residents.

Finding 2: The proposed Specific Plan meets the requirements set forth in the Zoning Code.

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Evidence: Section 2.5 of the Eastvale Zoning Code identifies mandatory contents of the Specific Plan such as a description of the site, available public services and faciliti es, capacity of existing and planned circulation system, proposed land uses, development standards for each land use categories, a time schedule for development, procedure for review of proposed development, etc. The revisions to Chapter 2 and Appendix B m eet the requirements of the Zoning Code for specific plan content.

Finding 3: The language and contents of the Specific Plan must meet all applicable City standards.

Evidence: The proposed amendment to the Goodman Commerce Center at Eastvale Specific Plan has been reviewed to ensure that the plan contains the mandatory context required under Section 2.5 of the Eastvale Zoning Code. The proposed amendment to the Specific Plan meets or exceeds all applicable City Standards.

SECTION 5. Specific Plan Amendments . Chapter 2 and Appendix B of the Goodman Commerce Center at Eastvale Specific Plan is hereby amended as shown in Exhibit A hereto.

SECTION 6. Severability. If any chapter, subsection, subdivision, sentence, clause, phrase, or portion of this ordinance, is for any reason held to be invalid or unconstitutional by the decision of any court of competent jurisdiction, such decision will not affect the validity of the remaining portions of this ordinance. The City Council hereby declares that it would have adopted this ordinance, and each Chapter, subsection, subdivision, sentence, clause, phrase, or portion thereof, irrespective of the fact that any one or more Sections, subsections, subdivisions, sentences, clauses, phrases, or portions thereof be declared invalid or unconstitutional.

SECTION 7. Effective Date . This ordinance shall take effect thirty (30) days after its passage by the City Council.

SECTION 8. City Cler k Action . The City Clerk is authorized and directed to cause this Ordinance to be published within fifteen (15) days after its passage in a newspaper of general circulation and circulated within the City in accordance with Government Code Chapter 36933(a) or, to cause this Ordinance to be published in the manner required by law using the alternative summary and pasting procedure authorized under Government Code Chapter 39633(c).

PASSED, APPROVED AND ORDAINED this 28th day of January, 2026.

_______________________________________
Jocelyn Yow
Mayor

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APPROVED AS TO FORM: ATTEST:

_______________________________________ _______________________________________ Erica Vega Marc A. Donohue, MMC
City Attorney City Clerk

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STATE OF CALIFORNIA)
COUNTY OF RIVERSIDE) §

CITY OF EASTVALE )

I, Marc A. Donohue , City Clerk of the City of Eastvale, California, do hereby certify that the foregoing Ordinance No. 2 6-01, was introduced at a regular meeting of the City Council of the City of Eastvale held on the 14th of January, 2026, and was passed by the City Council of the City of Eastvale at a regular meeting held on the 28th of January, 2026 by the following vote:

AYES:

NOES:

ABSENT:

ABSTAIN:

____________________________________
Marc A. Donohue, MMC
City Clerk

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Exhibit A:

Chapters 2 and Appendix B of the Goodman Commerce Center at Eastvale Specific Plan

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Permitted Uses
Table 2-2, Permitted Uses, establishes the regulations for uses allowed in each land use area. Uses are either: permitted- by-right (P), conditionally permitted (C), or prohibited (X). Conditionally permitted uses require the approval of a Conditional Use Permit per the Eastvale Zoning Code.

Those uses not specifically listed in Tables 2-2 and 2-3 are subject to a determination by the Planning Director per Section 3.1.C of the Eastvale Zoning Code.

Table 2-2 - Permitted Uses CR1 I2 BP H(O)3
Office Uses
Administrative and professional offices or services (e.g., medical, doctors, physical therapy, chiropractic, financial planners, banks, insurance, real estate, architects)

Laboratories P P P5
Vehicle Related Uses
Alternative fuel fueling station in the Industrial land use area, excluding electric vehicle charging (the sale of ancillary goods such as food, alcohol, drinks, and merchandise is not permitted)

Automobile or boat parts and supplies stores (new and used) P X X Automobile service and repair, major – indoor only (e.g., bodywork, engine and drive train, painting) X C C5

Automobile service and repair, minor – indoor only (e.g., oil change, tires, tune- ups, stereo installation) C X C5

Car, RV, truck, boat sales – indoor only (new and used), (auctions in I only) C C C5 Car, RV, truck, boat sales – indoor auctions only (new and used) X C X Car washes P X C
Electric Vehicle Charging Station, small P P P
Electric Vehicle Charging Station, large P P P
Gasoline service stations, without sale of beer and wine P C C Gasoline service stations, with sale of beer and wine C C C Off-site parking C4 C4 C4
Vehicle/boat/leasing/rental C C X
Vehicle rental C C C
Industrial Uses
Manufacturing, Light X P P5
Manufacturing, Heavy X P C
Mini-storage X P C
Warehousing/distribution X P X
Construction equipment sales, repair and incidental retail sale of spare parts (operations shall occur within an enclosed building) X P P5

Wholesaling (these activities shall occur within an enclosed building and typically do not result in large amounts of noise, dust or smoke that can occur with some industrial uses)

Eating, Drinking Establishments
Bars/cocktail lounges/night clubs C X C
Breweries, wineries, and distilleries with on-site tasting C X C5 Catering establishment, commercial kitchen P X P
Restaurants and other eating establishments, no drive-thru P X P Restaurants and other eating establishments, with drive-thru C X C 176

Table 2-2 - Permitted Uses CR1 I2 BP H(O)3
Entertainment
Auditoriums, convention halls, concert halls, movie and concert theaters, performing art venues P X C5
Indoor Fitness and Sport Facility <8,500 sqft: Predominantly participant sports and health activities conducted entirely within an enclosed building.

Typical uses include billiard parlors, athletic clubs, and health clubs.

P
Indoor Fitness and Sport Facility >8,501 sqft: Predominantly participant sports and health activities conducted entirely within an enclosed building.

Typical uses include bowling alleys, billiard parlors, indoor racquetball courts, indoor climbing facilities, athletic clubs, and health clubs.

C
Indoor Amusement/Entertainment Facility: Establishments providing indoor amusement and entertainment services as primary uses for a fee or admission charge, including dance halls and ballrooms and electronic game arcades.

Medical
Hospital X X X C
Medical offices (doctors, dentists, chiropractic, physical therapy, outpatient surgery, health clinics (walk-in, urgent care), acupuncture/acupressure)

P
Personal Services
Banking and financial institutions P X P
Miscellaneous services, such as barbers, nail shops, dry cleaners, locksmiths, tailors, shoe repair, massage, etc., which are typically used by the average person

Professional Office P X P
Laundromats (self-serve) P X P
Contractors (e.g., construction, plumbing, janitorial, drywall, communications, HVAC, electrical and engineering), with storage outside of a building

Contractors (e.g., construction, plumbing, janitorial, drywall, communications, HVAC, electrical and engineering), with storage enclosed within a building

Cigar, Hookah, Cigarette, Tobacco, and Electronic Cigarette Sales or Lounges C X C

Tattoo parlor C X C
Schools, Business and Professional, including Art, Barber, Beauty, Dance, Drama, Music and Swimming C X C5

Photography or portrait studio, by appointment only P X P Spas, gazebos, and aboveground pools, sale of enclosed within a building P X P Retail Uses
Alcohol retail sales, on- or off-site C C C
Clay products P P P
Commercial day care centers P X P5
Pet day care centers – indoor only (with or without boarding) X X C5 Copy centers/postal service centers/blueprinting P X P
Equipment rental/sales/service yard P P P

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Table 2-2 - Permitted Uses CR1 I2 BP H(O)3
General retail sales (e.g., clothing, department stores, electronics, art, books, discount stores, flower shops, drug stores, convenience stores, and supermarkets) in stores of less than 80,000 square feet

Retail stores (larger than 80,000 square feet) P C X
Hotels P X P
Live entertainment and dancing C X X
Nurseries/garden supplies P X X
Office equipment/supplies P X P5
Spas, gazebos, and aboveground pools, sale of enclosed within a building P X P5 Veterinary services, pet grooming (no boarding) P X P5
Farmers markets C X C
Bottling and bottle washing, enclosed within a building X P P Public/Quasi-Public Uses
Civic/city related uses (e.g. City Hall) P P P
Police and fire stations P P P
Religious Institutions P X P5
Libraries C X C
Wireless telecommunication facilities (subject to Development Plan Review per Eastvale Zoning Code) P P P
Clubs or lodges P X P
Legend:

P = Permitted-by-right C = Conditionally permitted X = Prohibited CR = Commercial Retail BP = Business Park I = Industrial
Notes:
1 CR may include an approximately 130 room hotel on 2.5 acres anywhere within the planning area. 2 Ancillary uses to the main use, such as offices, storage, and meeting rooms in the Industrial area or small retail spaces in the Business Park area, are permitted provided they are supportive of the main business and do not exceed 1/3 of the total floor area of the tenant space.
3 In the Hospital overlay area, all uses in the underlying designations (Commercial Retail, Industrial, and Business Park) are permitted as shown in this table.
4 Planning Area 5 only
5 A single tenant may exceed the 40,000 square foot maximum if at least 1,200 sf of the occupied floor area is designed, constructed, and maintained as publicly accessible customer -facing space. This space must be actively used for public interaction, such as showrooms, retail display areas, wholesale material displays, vehicle or home improvement design centers, or indoor recreational facilities, and must be open to the public during operating hours.

Prohibited Uses
The following uses have been determined to be inappropriate in this Specific Plan and are prohibited in all land use planning areas.  Abattoir (slaughterhouse)
 Auto wrecking
 Check-cashing and payday advance
 Junk or salvage yard
 Hazardous materials processing, treatment, or storage  Kindergarten through 12th grade schools
 Motels (temporary lodging with exterior room doors and halls)  Outdoor manufacturing, processing or similar outdoor activities  Recycling facilities
 Residential uses including caretaker units
 Single-room occupancy units
 Medical Marijuana Dispensary
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Development Criteria

Development Standards
The following development standards are City regulations for each land use area established in this Specific Plan.

Table 2-3 Development Standards
Commercial
Retail

Industrial
Business
Park 1

Hospital Overlay
Building Site Specifications
Min. lot size None 40,000 s.f. 10,000 s.f. Least restrictive standard applies Min. lot width 75 ft. 200 ft. 75 ft.

Building Separation 9
Min. side 25 ft. 25 ft. 25 ft. 25 ft.

Min. front entries 25 ft 25 ft. 25 ft. 25 ft.

Min. rear 25 ft 25 ft. 25 ft. 25 ft.

Notes:

NA – Not applicable
1 There is a maximum area of 40,000 square feet for a single-tenant building or 40,000 square feet for each tenant in a multi-tenant building (Except as otherwise provided in Table 2-2 – Permitted Uses)
2 See the landscape provisions in this Chapter and in Appendix A, Plant Palette, for greater detail. 3 All building and landscaping setbacks shall be measured from the right-of-way line, as defined by the Zoning Code that is in effect at the time a project is submitted. 4 Landscaped setbacks accommodate landscaping, fences, walls, signs, entry monuments, benches, and other similar elements. Conceptual landscaped setbacks are depicted on Figures 2-3 to 2-9.
5 Maximum building height is defined as the height from finished grade to the top of the roof pitch or top of parapet, whichever is greater. There is no limit on the number of stories within the maximum building height.
6 Uninhabitable architectural features, such as towers, may exceed the maximum height limit of the Commercial Retail and Business Park area by 20 percent, and mechanical penthouses may exceed the maximum height limit by 10 percent. 7 The maximum building height for hotels in the Commercial Retail land use area is 75 feet. 8 The maximum height at the setback line is 55 feet. For each foot of additional setback provided, an additional foot of height is permitted up to a maximum of 60 feet to the roof peak or top of parapet wall. A height between 61 and 150 feet may be permitted as detailed in the City of Eastvale Zoning Code that is in effect at the time a project is submitted.
9 Building separation is measured between the nearest exterior walls of two adjacent, non -attached structures. Non-habitable projections, such as eaves, bay windows, and architectural detailing, may extend two feet into the separation area. 179
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Standards Applicable to All Uses/Development
The following standards apply as shown below.

Antennas
 A satellite antenna may be installed on a lot in any zoning district provided that:
(1) it is not located in a required setback from a street; (2) the antenna or satellite antenna is located on the rear one- half of the lot (if roof mounted), and; (3) the antenna does not exceed 10 feet if installed on the ground or, if roof mounted and screened, as defined by the Zoning Code that is in ef fect at the time a project is submitted, the maximum building height for the district in which the satellite antenna is located.  Antennas and Direct Broadcast Satellite (DBS) are permitted to be installed in locations that are not readily seen from neighboring properties or from public streets.
 Wireless communication facilities shall comply with the standards as defined by the Zoning Code that is in effect at the time a project is submitted.

Lighting - Exterior
The exterior lighting standards listed below are intended to provide illumination, highlight unique features, and provide security in a manner that does not impact light- sensitive uses, such as residences.  Parking areas shall have lighting that provides adequate illumination for safety and security as approved by the City of Eastvale Building Department. At a minimum, parking lot lighting fixtures shall maintain 1 foot -candle of illumination at ground level at any location within the parking facility, excepting at convenience markets, where the standard is a minimum of 1.5 foot-candles.
 The maximum level of exterior light at any property line is 1 foot-candle and

0.5 foot-candle at any residential property line.
 Exterior lighting fixtures shall utilize energy-efficient fixtures.  Exterior light fixtures, including those in parking and loading areas, shall not exceed 25 feet in height above finish grade and shall be consistent with the architectural theme of the facility served.  All exterior lighting, including security lighting, shall be directed away from adjoining properties and the public right- of-way.
 All lighting fixtures, other than pedestrian walkway lighting of approximately 3 feet in height, shall be shielded (equipped with glare reflector shields designed to redirect spill lighting down and away from surrounding areas) such that no light is emitted above the horizontal plane of the bottom of the light fixture. 180
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Page B-3

 Office, hotel, and commercial structures shall incorporate shielded exterior lighting to illuminate significant exterior architectural features, signage, and unique landscape features.
 Where security may be an issue, motion -sensitive lights or other alternatives acceptable to the City shall be used to provide security lighting for loading docks, outdoor storage areas, and other areas used intermittently at night.

Parking, Loading, and Access
 Disabled parking shall be provided per the requirements of the California Building Code.
 All commercial sites shall be evaluated for parking on a project -by-project basis per requirements in Table 2-4. Prior to the establishment of any use, City staff shall review the proposal in relation to the approved site plan to ensure there is adequate parking. In the event that there is not enough parking to satisfy the proposed use, the applicant may propose any combination of:
• Parking lot restriping (staff-level approval)
• Parking management strategies, such as employee parking, reserved parking, valet parking, or other acceptable measures (CUP required) • Shared parking analysis, prepared by a traffic engineer, to be used as the basis for calculating parking requirements for the center (CUP required)  All large commercial uses of 15,000 square feet or greater, except medical, require one loading space unless otherwise noted.
 Standard parking stalls shall be designed in accordance with the standards as defined by the Zoning Code that is in effect at the time a project is submitted.  Up to 20 percent of all parking spaces may be compact spaces with minimum stall dimensions of 8 feet wide and 16 feet long.
 Each parking space or facility shall have adequate drive aisles and usable turning and maneuvering areas as defined by the Zoning Code that is in effect at the time a project is submitted.
 All parking areas, loading facilities, and drive aisles shall be surfaced and maintained with asphaltic concrete, cement, or other permanent impervious or pervious surfacing material that is acceptable to the City Engineer.  All drive-through banks, pharmacies, and eating facilities shall have a minimum 150-foot driveway to an ATM or menu board. The drive- through driveway must be designed to provide clearly marked and safe pedestrian crossing to the building entrance(s) and not be located where cars staking may result in blocking ingress/egress to the site.
 Where practical, new developments on separate parcels are encouraged to provide common access and parking areas. Reciprocal parking and driveway easements are encouraged.
 Parking spaces for low-emitting, fuel-efficient, and carpool/van pool vehicles will be provided per the California Green Building Standards Code.  Parking lots including off-site parking shall comply with the Eastvale Zoning Code that is in effect at the time a project is submitted except for some of the required parking spaces (up to 15% of required spaces) that are located within the truck parking areas.
 On-street parking is prohibited.
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January 2026

Page B-3

Table 2-4 Parking Standards1
Use Standard
Community shopping center,
including those with restaurants

5.5 spaces per 1,000 square feet of net leasable floor
area.2
Hotel 1 space per hotel room plus two additional spaces for managers
Restaurants and other eating
establishments including drive-thru
1 space per 45 square feet of public serving and seating area
Professional office (e.g. financial,
real estate, medical office, etc.)
1 space per 200 square feet of professional office
area.2
Light assembly/light
manufacturing/light industrial
1 space per 250 square feet of office area, plus 1 space per 500 square feet of fabrication area, plus 1 space per 1,000 square feet of storage area.

Hospitals and Clinics 1 space per 2 patient’s beds, and one space per vehicle owned and operated by the hospital or clinic plus one
space per staff member of largest shift
Medical and Dental Offices 1 space per 200 square feet of net leasable floor area Warehousing/distribution 3 1 space per 250 square feet of office area, plus 1 space per 1,000 square feet for to the first 40,000 square feet of building space and 1 space per 4,000 square feet
beyond the initial 40,000 square feet.

Page B-3

Parking - Shared
 The implementation of a shared parking agreement is intended to serve tenants with distinctly different peak hour parking demands.  Sufficient evidence shall be presented to the Planning Director to demonstrate that no substantial conflict in the principal hours or periods of peak demand will exist between the uses or structures which propose to share parking.
 The uses or buildings for which an application for shared parking is being made shall be located within 150 feet of the parking area to be shared.  No more than 50 percent of the parking space requirement shall be met through shared parking.
 Parties sharing off -street parking facilities shall provide evidence of a reciprocal parking agreement for the join use by a legal instrument approved by the Planning Director.
 Uses within Planning Area 4, which exceed the 40,000 square foot requirement, shall present a parking analysis to the Community Development Director for review and approval.

Parking – Off-Site
 Off-site parking shall be constructed and landscaped to the same standards that apply to on-site parking.
 Off-site parking shall be provided for a particular user or parcel with access controlled via signage entry controls or other means specified through the conditional use permit process.
 The design and layout of off-site parking shall be subject to approval of a Major Development Review per the Eastvale Zoning Code.

Loading
 In the Business Park Land Use Planning Areas, each tenant is permitted a maximum of one dock high loading door per 8,000 square feet (maximum 5 dock-high doors per 40,000 square feet) and up to 2 roll-up doors.  Loading docks shall not be located directly in front of a driveway unless there is a minimum of 150 feet of separation between the dock and the driveway.
 A minimum of 120 feet unobstructed clearance, measured perpendicularly from the face of the truck loading door, shall be required for loading areas.  Dock high doors and roll-up tenant doors will be screened with landscape treatment to prevent visibility from the public-right-of-way.

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January 2026

Page B-3

Electric Vehicle Charging Station - Small: A station that is designed and operated as a use ancillary to the primary permitted use on the site (such as a single family residence, condominium, apartment, office building, commercial retail, parking lot, garage or structure) in order to deliver electricity to personal or commercial passenger vehicles and trucks owned or operated by individuals who either reside or work on the site or are guests on the site where the charging station is located.

Electric Vehicle Charging Station - Large: A station that is designed to charge personal passenger vehicles and trucks and/or commercial passenger vehicles and trucks which is open to the public, whether with or without the payment of fees, s ubscriptions or monetary charges for the service. A "large electric vehicle charging station" includes the electrical and mechanical equipment as defined in Article 625 of the California Electrical Code, and any subsequent amendments, that is necessary to delivery electricity from a source outside an electric vehicle into a plug-in electric vehicle. It does not include ancillary equipment and facilities that are not directly necessary for the charging of plug-in electric vehicles, including but not limited to, canopies (with or without solar panels), patronage resting facilities, commercial sales kiosks or buildings, public restrooms, family amenities or pet amenities. Such ancillary equipment and facilities are not subject to the expedited application and p ermitting requirements as referenced in Chapter 110.96 of the Eastvale Municipal Code, electric vehicle charging systems, but shall be subject to the applicable development review process as referenced in Section 120.02.010 of the Eastvale Municipal Code, development review.

Warehousing / distribution: The receipt and temporary stocking of products (goods) to be redistributed to retailers, or wholesalers, where no retail sales is conducted or directly to customers.

Wholesaling: This includes the movement and storage of raw materials, work-in- process inventory and finished goods from a point of origin to point of consumption. Uses would include goods movement (import, export and sales of product). These activities shall occur within an enclosed building and typically do not result in large amounts of noise, dust or smoke that can occur with some industrial uses.

184

CITY OF EASTVALE
CITY COUNCIL NOTICE OF PUBLIC HEARING FOR PLN25-20068

GOODMAN COMMERCE CENTER AT EASTVALE SPECIFIC PLAN

AMENDMENT

NOTICE IS HEREBY GIVEN that the City of Eastvale City Council will hold a public hearing on Wednesday, January 28, 2026, at 6:30 p.m. at the Eastvale City Hall Council Chambers located at 12363 Limonite Avenue, Suite 910, Eastvale, CA 91752, to consider the following projects for the Goodman Commerce Center at Eastvale Specific Plan Amendment.

PROJECT DESCRIPTION: The applicant, Tarpon Property Ownership 2, LLC, is requesting a Specific Plan Amendment to the Goodman Commerce Center at Eastvale Specific Plan to allow identified land uses, primarily located in the Business Park land use category, to exceed the existing requirement that a single tenant may only have a maximum 40,000 square foot area. The proposed Specific Plan Amendment will also include further technical and clarifying changes to Appendix B Glossary and Table 2-2 Permitted Uses, Table 2 -3 Development Standards, and the Parking, Loading, and Access section of Chapter 2 – Development Criteria.

PROJECT LOCATION: The Goodman Commerce Center at Eastvale Specific Plan is bounded by Cantu-Galleano Ranch Road to the north, I -15 freeway to the east, Bellegrave Avenue to the south, and Hamner Avenue to the west.

ENVIRONMENTAL: The proposed amendment is not subject to additional environmental analysis under the California Environmental Quality Act (“CEQA”) because the proposed changes do not introduce new uses which would create impacts not already addressed and mitigated in the Final Environmental Impact Report for the Specific Plan (SCH# 2011111012) certified by the City Council through Resolution No. 14 -32 and adopted on June 11, 2014. The Notice of Determination filed for the adoption of the Specific Plan in November 2014 remains valid for the proposed Specific Plan amendment.

Any person may submit written comments prior to the public hearing or may appear in person before the City Council to be heard. Written comments may be mailed to the City of Eastvale Planning D ivision located at 12363 Limonite Avenue, Suite 910, Eastvale, CA 91752 or via email to [email protected].

For the comments to be presented to the City Council at the meeting, all comments made in writing or via e-mail prior to the public hearing must be received by the City of Eastvale Planning Division no later than Wednesday, January 28, 2026, at 5:30 p.m. Oral and written comments may be submitted directly to the City Council at the public hearing. If you challenge the project in court, you may be limited to raising only those issues you raised at the public hearing as described in this notice or in written correspondence delivered to the Eastvale City Council prior to or at the public hearing.

If you have any questions on the project, please contact Allen Lim, Senior Planner, at (951) 703-4461 or [email protected].

185
186

AGENDA STAFF REPORT

City Council/Eastvale Public Financing Authority Meeting

CITY COUNCIL/EASTVALE PUBLIC FINANCING AUTHORITY BUSINESS

Agenda Item No. 13.1
January 28, 2026
Annual Comprehensive Financial Report (ACFR) and Related Letters and Reports for the Fiscal Year Ended June 30, 2025 Prepared By:

Caroline Cruz-Contreras, Principal Accountant
Recommended Action(s)
Staﬀ recommends that the City Council receive and ﬁle the Annual Comprehensive Financial Report and accompanying letters and reports the for fiscal year ended June 30, 2025

Summary
In order to meet guidelines set forth in the Government Accoun'ng Standards Board (GASB) statement number 34, the City enters into contracts with audi'ng ﬁrms in order to perform annual audits and compile the City’s Annual Comprehensive Financial Report (ACFR). The audit process typically begins in July and concludes in December with the prepara'on of the ﬁnancial statements.

The audit helps to iden'fy whether signiﬁcant ma2ers exist that should be addressed by the City in order to strengthen internal controls and ensure accuracy in financial reporting.

Background
The City’s independent auditor, Rogers, Anderson, Malody and Sco2, LLP, have completed their annual audit of the City’s general ledger for the ﬁscal year ending June 30, 2025. The services provided for this audit fulﬁll the ﬁrst year of a three-year contract. The City’s annual ﬁnancial statements were prepared by the audit ﬁrm in accordance with Generally Accepted Accoun'ng Principles (GAAP), Government Accoun'ng Standards, and comply with other rules and regula'ons applicable to government entities.

At the conclusion of the audit test work, the audit ﬁrm issues an opinion as to the fairness of presentation of the financial position of City activities. The City received an unmodified opinion from 12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752 951.361.0900 |
eastvaleca.gov
187
the independent auditors. An unmodiﬁed opinion is an independent auditor’s judgement that a company or organiza'on’s ﬁnancial records and statements are fairly and appropriately presented and in accordance with GAAP. In addi'on, the audit ﬁrm is required to issue reports related to internal controls and communicate with the Council regarding how the audit was planned and conducted. All reports and letters are attached.

The ACFR consists of three parts, Management’s Discussion and Analysis (MDA), the basic ﬁnancial statements, and required supplementary informa'on. The MDA serves as an introduc'on to the basic ﬁnancial statements. The basic ﬁnancial statements include three components: the government-wide ﬁnancials statements, the fund ﬁnancials statements, and notes to the ﬁnancial statements. The required supplementary informa'on provides addi'onal ﬁnancial informa'on regarding the City not provided in the basic ﬁnancial statements. The City prepares the Transmi2al Letter and Management Discussion and Analysis and the City’s audit firm prepares the basic financial statements and compiles the final ACFR document.

Environmental
Government ﬁnancial statements are not considered a Project as deﬁned by the California Environmental Quality Act (CEQA) and no environmental review is required.

Strategic Plan Action - Priority Level: N/A
| Target #: N/A
| Goal #: N/A
The annual audit and subsequent issuance of ﬁnancial statements is a basic requirement of the city's daily func'ons. Without the comple'on of an annual audit and issuance of annual ﬁnancial statements the city would be unable ensure receipt of vital state, federal, and grant funding, issue debt, and safeguard public funds.

Fiscal Impact
There is no ﬁscal impact associated with this report. Costs associated with the annual audit and production of the financial statements were included in the fiscal year 2025-26 adopted budget.

Prior City Council/Commission Action
Not applicable.

Attachment(s)
Attachment 1 - Annual Comprehensive Financial Report 2025

Attachment 2 - Independent Accountant's Report GANN 2025

12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752
951.361.0900 |
eastvaleca.gov
188

CITY OF EASTVALE

ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
189

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City of Eastvale,
California

ANNUAL COMPREHENSIVE

FINANCIAL REPORT

FOR THE FISCAL YEAR ENDED JUNE 30, 2025

Prepared by:

Finance Department

191

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City of Eastvale
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2025

TABLE OF CONTENTS
Page
Number

INTRODUCTORY SECTION
Letter of Transmittal .............................................................................................................................. i Principal Officials ................................................................................................................................. v Organizational Chart ........................................................................................................................... vi GFOA Award ...................................................................................................................................... vii

FINANCIAL SECTION
Independent Auditor’s Report .............................................................................................................. 1 Management’s Discussion and Analysis ............................................................................................. 4 Basic Financial Statements:

Government-Wide Financial Statements
Statement of Net Position ............................................................................................................ 20 Statement of Activities ................................................................................................................. 21 Governmental Fund Financial Statements ...................................................................................... 22 Balance Sheet - Governmental Funds ........................................................................................ 23 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ........................................................................................................ 25 Statement of Revenues, Expenditures and Changes in Fund Balances - Governmental Funds ............................................................................................. 26 Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities ................................... 28 Notes to Financial Statements ........................................................................................................... 29 Required Supplementary Information
Schedule of the City’s Proportionate Share of the Total Pension Liability and Related Ratios CalPERS Pension Plan ............................................................................................................... 62 Schedule of City’s Contributions
CalPERS Pension Plan ................................................................................................................ 63 Schedule of Changes in the Total OPEB Liability (Asset) and Related Ratios ............................. 64 Schedule of City’s Contributions – OPEB Plan .............................................................................. 65 Budgetary Comparison Schedules
General Fund .................................................................................................................................. 66 Miscellaneous Grants Special Revenue Fund ............................................................................... 67 Transportation Uniform Mitigation Fee (TUMF) Special Revenue Fund ....................................... 68 Development Impact Fees Special Revenue Fund ........................................................................ 69 Notes to the Required Supplementary Information ........................................................................ 70 193
City of Eastvale

Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2025

TABLE OF CONTENTS (Continued)
Page
Number
Supplementary Information
Nonmajor Governmental Funds ........................................................................................................ 71 Combining Balance Sheet – Nonmajor Governmental Funds .......................................................... 72 Combining Statement of Revenues, Expenditures and
Changes in Fund Balances – Nonmajor Governmental Funds ..................................................... 75

Budgetary Comparison Schedule – Special Revenue Funds
Gas Tax .......................................................................................................................................... 78 Measure A ...................................................................................................................................... 79 AQMD ............................................................................................................................................. 80 Lighting and Landscape Maintenance ............................................................................................ 81 Benefit Assessment ........................................................................................................................ 82 Road and Bridge Benefit City ......................................................................................................... 83 CDBG ............................................................................................................................................. 84 Area Drainage Plan ........................................................................................................................ 85 Capital Projects Fund ..................................................................................................................... 86

STATISTICAL SECTION

Financial Trends
Net Position by Component ............................................................................................................ 88 Changes in Net Position ................................................................................................................. 89 Fund Balances of Governmental Funds ......................................................................................... 90 Changes in Fund Balances of Governmental Funds ..................................................................... 91

Revenue Capacity
Assessed Value and Estimated Value of Taxable Property .......................................................... 92

Debt Capacity
Ratios of Outstanding Debt by Type .............................................................................................. 93 Ratio of General Bonded Debt ....................................................................................................... 94 Direct and Overlapping Bonded Debt ............................................................................................ 95 Legal Debt Margin Information ....................................................................................................... 96 Pledged Revenue Coverage .......................................................................................................... 97

Demographic and Economic Information
Direct and Overlapping Property Tax Rates ................................................................................... 98 Principal Property Tax Payers ........................................................................................................ 99 Principal Tax Levies and Collections ........................................................................................... 100 Demographic and Economic Status ............................................................................................. 101 Principal Employers ...................................................................................................................... 102 Governmental Activities Tax Revenue by Source ........................................................................ 103 Taxable Sales by Category .......................................................................................................... 104

194
City of Eastvale

Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2025

TABLE OF CONTENTS (Continued)
Page
Number
STATISTICAL SECTION (Continued)

Operating Information
Full-time City Employees by Function ........................................................................................ 105 Operating Indicators by Function ............................................................................................... 106 Capital Assets Statistics by Function ......................................................................................... 107 195

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INTRODUCTORY SECTION
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December 15, 2025

Honorable Mayor, Council Members and Residents of the City of Eastvale,

I am pleased to present the 2024-2025 Annual Comprehensive Financial Report (ACFR) for the City of Eastvale, California for the fiscal year ended June 30, 2025. State Law requires the city to prepare an annual financial report, and this report fulfills that obligation. The city’s independent audit firm in conjunction with staff, prepared the report in conformity with generally accepted accounting principles (GAAP) and with the financial reporti ng requirements prescribed by the Governmental Accounting Standards Board (GASB).

The ACFR is intended to provide relevant financial information to residents of the City of Eastvale, city staff, creditors, investors, businesses, and ot her concerned readers. This letter of transmittal is designed to complement the Management Discussion and Analysis (MD&A) and should be read in conjunction with it. The City of Eastvale's MD&A can be found immediately following the report of the independent auditors in the financial section of the ACFR. We encourage all readers to contact the Finance Department with any questions or comments regarding the ACFR.

Purpose and Management Responsibility
The ACFR consists of management representations concerning the finances of the City of Eastvale in its fifteenth year of incorporation. Accordin gly, management assumes full responsibility for the completeness and reliability of all information pr esented in this report. To provide a reasonable basis for making these representations, manage ment of the City of Eastvale established a comprehensive internal control framework that is designed both to protect the government's assets from loss, theft, or misuse and to compile sufficient reliable information for the preparation of the City of Eastvale's financial statements in conformity with generally accepted accounting principles (GAAP). The cost of internal controls should not outweigh their benefits; therefore, the City of Eastvale's comprehensive framework of internal controls is designed to provide reasonable rather than absolute assurance that the financial statements will be free from material misstatement. As management, we assert that, to the best of our knowledge and belief, this financial report is complete and reliable in all material respects.

Audited Financial Statements
Rogers, Anderson, Malody & Scott, LLP, a firm of certified public accountants and consultants audited the City of Eastvale’s financial statements. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City of Eastvale for the fiscal year ended June 30, 2025, are free of material mi sstatement. The indepe ndent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the accounting principles used and significant estimates made by management; and evaluating the overall financial statement presentation. The independent auditor's report is presented as the first compon ent of the financial section of the ACFR. GAAP requires that management provide a narrative of introductions, overview, and analysis to accompany the basic financial statements in the form of Management's Discussion and Analysis (MD&A).

Jocelyn Yow
Mayor

Clint Lorimore
Mayor Pro Tem

Christian Dinco
Council Member

Mike McMinn
Council Member

Todd Rigby
Council Member

Mark Orme
City Manager

199

Profile of the Government
Eastvale is a young and dynamic community in Western Riverside County. Eastvale is the most northwest city in Riverside County and is surrounded by the Cities of Chino and Ontario in San Bernardino County on the west and north and the Riverside County Cities of Jurupa Valley, Norco, and Corona on the east and south. Eastvale was incorporated on October 1, 2010, as a General Law city. The California Department of Finance lists the city’s population as 69,799 as of January 2025. The city operates under a Council/Manager form of go vernment and has a five-membe r City Council comprised of members elected by district. Each Council Member is elected for four years with staggered terms. The Council selects one of its members each year in December to serve as Mayor and another to serve as Mayor Pro Tem.

The Council is responsible for enacting ordinances, resolutions, and regulations governing the city. In addition, the Council appoints members of various statutory and advisory boards in addition to the City Manager and City Attorney. As Chief Administrative Officer, the City Manager has the responsib ility of administering programs in accordance with policies established by the City Council and within the guidelines of the annual budget adopted by the Council.

The ACFR includes all funds of the city. It includes all gove rnmental organizations and activities for which the City of Eastvale's City Council is financially accountable. The city provides a wide range of services including City Clerk, Communications, Community Development, Community Safety & Technology, Pub lic Works & Engineering, Community Services and Recreation, and internal administrative services including Finance, Human Resources, and Risk Management.

Animal control, library, and public safety (fire and police) se rvices are provided to the City and its residents through contracts with the County of Riverside. Other services ar e provided directly through other agencies, water and sewer through the Jurupa Community Services District, parks and recreation through the Jurupa Community Services District and Jurupa Area Recreation and Parks District, and public transit through the Riverside Transit Agency. The city has franchise agreements for electricity service thro ugh Southern California Edison, natural gas through SoCalGas, refuse collection through Waste Management, and cable service through state franchise agreements with Charter Communications, DirecTV, and Frontier.

The Budget Process & Relevant Financial Policies
The annual budget planning process begins in late winter with a discussion of the City Council’s goals and priorities and ends with the adoption of th e budget prior to July 1st. In February 2025, the Council held a Strategic Plan Goals and Priorities workshop. The adopted Strategi c Plan includes seven targets: Public Safety, Economic Development, Financial Planning, Inclusion, Infrastructure, Innovation and Technology, and Organizational Development. With these seven targets driving the future of the city, the City Council established “p riority” goals to provide short- and long-term goals for the community. The fiscal year 2024-2025 budget was the sixth budget to be aligned with the city’s Strategic Plan goals and priorities. The annual budget serves as the foundation for the City of Eastvale' s financial planning and control. The development of the budget is completed as two separate pr ojects: the development of th e governmental activities operating budget and the development of the capital improvement program (CIP) focusing on short and long-term capital projects.

The city abides by a set of financial policies. Staff conti nually enhances and adds relevant policies as formal financial systems are developed. As of June 30, 2025, the city had $130.0 million in assigned and committed reserves set aside for the Civic Center construction, which includes City Hall, Library, Police Station, and plaza and park. In addition, the city maintains two assigned reserves: General Fund emergenc y contingency of $19.6 million and Fire Fund emergency contingency of $7.3 million. These contingency reserves are assigned reserves, set by policy, at 50% and 75% respectively of the operating budget for the fiscal year.

Local Economy
The information presented in the financial statements is best understood when it is considered from the broader perspective of the specific environment within which the City of Eastvale operates. In fiscal year 2024-2025, the City of Eastvale was in its fifteenth year of incorporation. The city de veloped in a significantly different fashion in comparison to older cities; residential properties developed throughout the city before a downtown commercial center was developed.

Several major commercial/retail development projects were recently completed and/or are nearing completion, including the Goodman Commerce Center at Hamner and Cantu Gallean o, Hamner Place on Hamner Avenue and Schleisman, and a development anchored by Walmart at Archibald and Limonite. The residential development of Eastvale Square, the 160- 200

iii

acre former Leal ranch at Hamner and Limonite Avenues, is also underway. The Civic Center site within the development is currently under construction and is sited adjacent to a proposed retail downtown development. Additionally, several small areas are currently under development in the city incl uding commercial development along Limonite at Hellman, commercial development on the west side of Hamner avenue near Schleisman, commercial development at Archibald and Chandler, and the Magnolia Ranch residential development ne ar Scholar and Schleisman. These new developments will bring a mix of commercial and retail to the city and attract new businesses and restaurants in addition to residential at the Eastvale Square and Magnolia Ranch.

Sales tax continues to be the largest source of revenue fo r the general fund. A few years ago, a local business changed business structure; as a result, county p ool sales tax revenue was rea llocated to host cities. Th is provided a significant boost to sales tax revenues and staff expects the increased revenu es to continue for the next several fiscal years. Fiscal year 2024-2025 was the second highest sales tax year for the ci ty, generating over $48 million in sales tax revenue. The City Council committed the budget surplus for the future Civic Center project. The city expects positive revenue generation to continue in the General Fund, however, as positive pandemic impacts to revenue pools continue to fade and economic uncertainty comes into question, it is unknown how long reve nue will continue to increase. Additionally, a specific property tax levied for fire services is the only source of revenue for the fire fund and continues to be a concern regarding the city’s future ability to fund and expand fire services without a General Fund subsidy. Additional details regarding the city’s revenues can be found in the Management Discussion and Analysis.

Current Year and Future Initiatives
For fiscal year 2024-2025, initiatives focused on increasing intern al staffing levels by adding a few positions in Finance, Community Development, Public Works, and Community Servic es and Recreation, traded for a few vacant positions that were converted back to contract services due to a drop in workload. In addition, the City Council expanded law enforcement services via School Resour ce Officer reimbursements to Corona Norco Unified School District and the addition of an administrative sergeant. In addition, the city funded a business incentive program for businesses interested in adding Flock license plate reader cameras to shopping centers. The construction contract for the Civic Center was awarded in addition to the approval of the issuance of lease revenue bonds to fund the project in June 2025.

Major CIP projects for the 2024-2025 fiscal year include the Hamner Avenue Beauti fication project, the Civic Center project, and completion of the Limonite Gap Bridge project. Construction of the Civic Center project commenced in August 2025 and is expected to be completed by 2028. The project includes City Hall, Librar y, Police Station, open space, parks, and other public infrastructure. Annual street maintenance projects include Sl urry Seal and Annual Overlay. The 2024- 2025 budget also included continuing the funding of five capita l replacement reserves to mi tigate future maintenance costs and strain to the General Fund operating budget. Th e reserve funds include information technology capital replacement, fleet capital replacement, street maintenanc e, facility maintenance, and catch basin and storm drain maintenance.

Long-Range Financial Planning and Initiatives
The city will continue to focus its emphasis on strategic in vestments and fiscally balanced growth. The City completed financial planning for the Civic Center infrastructure projec t and settled adequate reserve amounts in combination with lease revenue bond proceeds to fund the project. The city’s long-range plans include known future costs, such as operating and maintaining the Civic Center, the five year CIP, and anti cipated costs such as constructing and operating the city’s planned third fire station. The City Council has taken many steps to preserve the city’s financial integrity, maintain critical service levels, and sustain fund balance and strategic reserves to support the city in the coming years. Central to the city’s long-range financial planning is the city’s Strategic Plan, which is annually incorporated into the budget process, culminating in an adopted budget each year by July 1st.

Long-Term Liabilities
As of June 30, 2025, the city only carries a few types of long-term liabilities. These include employee accrued leave, capital leases, subscription-based IT agreements, and retirement benefits including CalPERS pension and other post-employment benefits (OPEB). The city provides retirement pension bene fits to employees through the California Public Employee Retirement System (CalPERS). The city pays 100% of the required employer contributions and employees are responsible for paying employee contributions. As of June 30, 2024, the city’s two plans are funded at 91.5% for both classic members 201
202
v

CITY OF EASTVALE, CALIFORNIA

LIST OF PRINCIPAL OFFICIALS
JUNE 30, 2025

CITY COUNCIL

JOCELYN YOW
Mayor

CLINT LORIMORE
Mayor Pro Tem
CHRISTIAN DINCO, Council Member
MIKE McMINN, Council Member
TODD RIGBY, Council Member

CITY ADMINISTRATION

MARK ORME
City Manager

ERICA VEGA
City Attorney
AMANDA WELLS, Finance Director / City Treasurer
203
Financial Structure, Policy & Process OrganizaƟonal Structure: By PosiƟon City of Eastvale
Fiscal Year 2024-25
City of Eastvale │ 12363 Limonite Avenue, Suite 910, Eastvale, CA 91752 │ (951) 361-0900 │ www.eastvaleca.gov vi
Department posiƟon organizaƟon charts are located in the detail secƟon of the budget document City Manager
 City Manager
o Assistant to the City Manager
o Intern (PT)
Government Services
Department
 City Clerk/Communications
Director
o Senior Management Analyst
 Deputy City Clerk
 Administrative Specialist
o Communications Officer
 Communications Specialist
Community Services
 Assistant Community Services
and Recreation Director
 Management Analyst
 Community Services
Coordinator (2)
 Community Services
Leader (2-PT)
Community Development
Department
 Community Development
Director
 Senior Administrative
Specialist
o Economic Development
Manager
 Management Analyst
 Management Assistant
 Intern (1-PT)
o City Planner
 Principal Planner
 Senior Planner
 Planning Technician
Community Safety Department
 Community Safety Director
 Senior Management Analyst
 Administrative Specialist (2)
 Intern (PT)
o Building Official
 Senior Building Inspector
 Building Inspector II
 Senior Permit Technician
 Permit Technician
o Code Enforcement Supervisor
 Senior Code Enforcement
Officer
 Code Enforcement Officer
(3)
 Senior Administrative
Specialist
Human Resources
 Assistant Human Resources/Risk
Management Director
o Human Resources & Risk
Management Analyst
 Payroll Coordinator
 Human Resources
Specialist
 Intern (PT)
Finance
Department
 Finance Director/City Treasurer
o Finance Manager
 Principal Accountant
 Accountant
 Senior Accounting Technician
 Accounting Technician (2)
o Purchasing Manager
 Senior Accounting Technician
Public Works
Department
 City Engineer
o Principal Engineer (2)
 Senior Engineer
 Associate Engineer
 Assistant Engineer
 Management Analyst
 Engineering Technician
 Management Assistant
 Administrative Assistant
o Maintenance and Operations
Manager
 Maintenance Coordinator
 Landscape & Facility
Maintenance Worker
o Public Works Manager
 Senior Construction Inspector
 Construction Inspector
 Senior Street Maintenance
Worker
 Street Maintenance
Worker (2)
204
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Eastvale
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2024
Executive Director/CEO
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FINANCIAL SECTION
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Tel. 909-889-0871 | www.ramscpa.net | 735 E. Carnegie Dr. Suite 100, San Bernardino, CA 92408

CERTIFIED PUBLIC ACCOUNTANTS

1 Independent Auditor’s Report

To the Honorable City Council
City of Eastvale, California

Report on the Audit of the Financial Statements

Opinions

We have audited the financial statements of the governmental activities, each major fund, and the aggregate remaining fund information of the City of Eastvale (the City), as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

In our opinion, the accompanying financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2025, and the respective changes in financial position, for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards).

Our responsibilities under those standards are further described in the 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 opinions.

Emphasis of Matter

As described in Note 1 to the financial statements during the year ended June 30, 2025, the City adopted new accounting guidance under Governmental Accounting Standards Board (GASB) Statement No. 101, Compensated Absences and No. 102, Certain Risk Disclosures. Our opinions are not modified with respect to these matters.

Responsibilities of Management for the Financial Statements

Management is responsible for the preparation and fair presentation of the 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.

209

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

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

In performing an audit in accordance with GAAS and Government Auditing Standards, we:

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

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

Required Supplementary Information

Accounting principles generally accepted in the United States of America require that the required supplementary information, such as management’s discussion and analysis and schedules, as listed in the table of contents, 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 basic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
210

3 Supplementary Information

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

Other Information

Management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the introductory and statistical sections but does not include the basic financial statements and our auditor's report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated.

If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards, we have also issued our report dated December 15, 2025 on our consideration of City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering City’s internal control over financial reporting and compliance.

San Bernardino, CA
December 15, 2025
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MANAGEMENT DISCUSSION AND ANALYSIS
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City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

4 Management’s
Discussion and Analysis

As management of the City of Eastvale, California (City), we are pleased to offer to the readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the year ended June 30, 2025. The Management’s Discussion and Analysis is designed to focus on the current year’s activities, resulting changes, and currently known facts. As a result, we encourage readers to consider the information presented here in conjunction with additional information that we have furnished in the Letter of Transmittal, which can be found in the introductory section of this report, and with the City’s Basic Financial Statements, which follow this discussion.

FINANCIAL HIGHLIGHTS

When revenues exceed expenses, the result is an increase in net position. When expenses exceed revenues, the result is a decrease in net position. The relationship between the revenues and expenses can be thought of as the City’s operating results. The City’s net position, as measured in the Statement of Net Position, is one way to measure the City’s financial health, or financial position. Over time, increases or decreases in the City’s net position, as measured in the Statement of Activities, are another indicator of whether the City’s financial health is improving or deteriorating. However, it is the City’s goal to provide services that improve the quality of life of the residents, not to generate profits.

For the aforementioned reason, readers need to consider many other non-financial factors, such as the condition of roads and public safety service levels in assessing the overall health of the City.  As of June 30, 2025, the City’s total assets and deferred outflows of resources exceeded its liabilities and deferred inflows, resulting in a net position of $568,233,073. This net position was made up of $287,126,628 in net investment in capital assets, $79,645,878 classified as restricted, and $201,460,567 reported as unrestricted.
 The City’s net position increased by $75,073,798 during the fiscal year, driven primarily by asset growth of $69,665,416. Key contributors included a $44,353,236 increase in cash from revenues exceeding expenditures and a $21,618,711 increase in capital assets, net of depreciation, from the acquisition of the Civic Center land and construction in progress. Liabilities decreased by $5,278,716, largely due to reductions in outstanding invoices and deposits payable.  Governmental funds reported combined fund balances of $279,888,852 as of June 30, 2025, an increase of $53,487,197 compared to the prior year. Of this total, $15,707,790, or 6 percent, was unassigned.
 The General Fund’s fund balance at the close of the fiscal year was $223,269,295, reflecting an increase of $37,185,055 from the prior year. This increase resulted from revenues exceeding expenditures during the fiscal year. The additional resources were directed to capital infrastructure reserves, with committed reserves identified through the fiscal year 2025-26 budget process and formally adopted by Council resolution. The General Fund balance is made up of $22,889,009 restricted, $118,610,029 committed, $66,062,467 assigned, and $15,707,790 unassigned. 215
City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

5 OVERVIEW OF THE FINANCIAL STATEMENTS

The City is required to present its financial
statements in accordance with Generally Accepted
Accounting Principles (GAAP) as promulgated by the
Government Accounting Standards Board (GASB)
pronouncements. This annual report consists of
three parts, Management’s Discussion and Analysis
(this section), the basic financial statements, and
required supplementary information. This discussion
and analysis is intended to serve as an introduction
to the City of Eastvale’s basic financial statements.

The City’s basic financial statements are comprised
of three components: 1) governmentwide financial
statements, 2) fund financial statements, and 3)
notes to the financial statement. This report also
contains other supplementary information in addition
to the basic financial statements themselves.

Government-wide financial statements: The government-wide financial statements are designed to provide readers with a broad overview of the City’s finances, in a manner that is similar to a private- sector business.

Government-wide financial statements include a statement of net position and a statement of activities.

The statement of net position presents information on all of the City’s assets, liabilities, and deferred outflow/inflow of resources with the difference reported as net position. Over time, increases or decreases may provide a useful indicator on whether the financial position of the City is improving or deteriorating.

The statement of activities provides information showing how the City’s net position changed during the most recent fiscal year. All changes in net position are reported as soon as the underlying event causing the change occurs, regardless of the timing of related cash flows. Under this basis of accounting, revenues and expenses are reported in the statement for some items that will only result in future cash inflows or outflows such as vacation earned but not paid and uncollected taxes.

Both government-wide financial statements distinguish functions of the City that are principally supported by taxes and intergovernmental revenues (government activities) from other functions that are intended to recover all or a significant portion of their costs through user fees and charges (business-type activities). The governmental activities of the City include general government, public safety, economic development, building and planning, animal control, and public works. The City does not have any business-type activities.

The government-wide financial statements can be found in the Table of Contents under the heading Basic Financial Statements.

Fund financial statements: A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other states and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. The funds of the City can be divided into two categories:
governmental funds.
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City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

6 Governmental funds: Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike government-wide financial statements, governmental fund financial statements focus on near-term inflows and outflows of spendable resources, as well as on balances of non-spendable resources available at the end of the fiscal year. Such information may be useful in evaluating the City’s near- term financing requirements.

Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements. By doing so, readers may better understand the long-term impact of the City’s near-term financing decisions. Both the governmental fund balance sheet and the governmental fund statement of revenues, expenditures and changes in fund balances provide a reconciliation to facilitate this comparison between governmental funds and governmental activities.

The City maintains fifteen individual governmental funds for financial reporting purposes. Information is presented separately in the governmental fund balance sheet and in the governmental fund statement of revenues, expenditures, and changes in fund balance for the General Fund, Miscellaneous Grants Fund, TUMF Fund, Development Impact Fund, and Capital Projects Fund, which are considered to be major funds. Data from the remaining governmental funds are combined into a single, aggregated presentation. Individual fund data for each of these non-major governmental funds is provided in the form of combining statements elsewhere in this report.

The City adopts an annual appropriated budget for its general fund, special revenue funds, debt service fund, and capital projects fund. A budgetary comparison statement has been provided for the General Fund to demonstrate compliance with this budget.

The governmental fund financial statements can be found in the Table of Contents under the heading Basic Financial Statements.

Fiduciary funds: Fiduciary funds are used to account for resources held for the benefit of parties outside the City. It is important to note that the resources of those funds are not available to support the City’s own programs.

The basic fiduciary fund financial statements can be found in the Table of Contents under the heading Basic Financial Statements.

Notes to the basic financial statements: The notes to the basic financial statements provide additional information that is essential for a full understanding of the data provided in the government- wide and fund financial statements. The notes to the basic financial statements can be found in the Table of Contents under the heading Notes to the Financial Statements.

Other supplementary information: In addition to the basic financial statements and accompanying notes, this report also presents certain required supplementary information (RSI), about the City’s General Fund and other funds budgetary comparison in addition to the Schedule of Proportionate Share of the Total Pension Liability and Related Ratios – CalPERS Pension Plan, Schedule of Contributions – CalPERS Pension Plan, and Schedule of Changes in Total OPEB Liability (Asset) and Related Ratios and Schedule of Contributions – OPEB Plan. The combining statements referred to earlier in connection with nonmajor governmental funds are presented for all non-major Special Revenue Funds, Debt, and Capital Projects Funds. The supplementary financial information also includes budgetary comparison schedules for the non-major governmental funds to demonstrate compliance with the annual budget as adopted and amended. The Required Supplementary Information can be found following the Notes to Financial Statements. 217
City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

7 The combining statements for nonmajor governmental funds and the budgetary comparison schedules for the nonmajor funds can be found following the Required Supplementary Information.

FINANCIAL ANALYSIS OF THE GOVERNMENT-WIDE STATEMENTS

REPORTING THE CITY AS A WHOLE

The government-wide financial statements provide long-term and short-term information about the City’s overall financial condition. This analysis addresses the financial statements of the City as a whole.

For the fiscal year ending June 30, 2025, City’s assets plus deferred outflows of resources exceeded liabilities plus deferred inflows of resources by $568,233,073 as summarized below:

As of June 30,2025 2024Assets:Current and other assets 290,834,771$ 242,788,066$ Capital assets (net of depreciation) 289,175,334 267,556,623 Total assets 580,010,105 510,344,689 Deferred Outflows 1,174,276 1,059,798 Liabilities:Current and other liabilities 11,016,747 16,176,355 Long-term liabilities 1,360,664 1,479,772 Total liabilities 12,377,411 17,656,127 Deferred Inflows of Resources 573,897 589,085 Net position:Net Investment in capital assets 287,126,628 266,253,912 Restricted 79,645,878 64,123,838 Unrestricted 201,460,567 162,781,525 Total net position 568,233,073$ 493,159,275$ Governmental Activities

Assets
Total assets increased by $69,665,416, driven primarily by growth in cash and capital assets. Cash and investments rose by $44,353,236, supported by revenues exceeding expenditures, largely within the General Fund. Capital assets grew by $21,618,711, reflecting the acquisition of Civic Center land valued at $12,221,571 under a developer agreement with New Home Company Southern California LLC, completion of the Limonite Gap construction project that incurred additional costs of $8,152,137, and $5,489,260 in design-phase expenditures for the Civic Center project. All other asset categories remained relatively unchanged from the prior year.

Deferred Outflows of Resources
Deferred outflows of resources increased $114,478 as a result of a net increase in pension related items and other post-employment benefit (OPEB) related items. 218
City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

8 Liabilities
Total liabilities declined by $5,278,716, primarily reflecting reductions in accounts payable and deposits payable.

Deferred Inflows of Resources
Deferred inflows of resources decreased by $15,188 as a result of net decrease in pension, OPEB, and lease related items.

Net Position
Net investment in capital assets comprises 51 percent of the City’s net position. Most of these assets consist of streets and other infrastructures, which, by their nature, are not liquid and therefore unavailable for appropriation or future spending. An additional $79,645,878, representing 14 percent of the City’s net position, is restricted as to use. This restricted category increased by $15,522,040, primarily attributable to planned capital improvements, including street maintenance projects and the development of a public works yard. The remaining balance of unrestricted net position amounts to $201,460,567.

Statement of Activities: The statement of activities shows how the City’s net position changed during the fiscal year 2024-25. Provided below is a summary of changes in net position.

Government Activities2025 2024RevenuesProgram revenues:Charges for services 16,134,800$ 13,656,013$ Operating contributions & grants 7,178,971 4,599,043 Capital contributions & grants 28,314,394 16,719,870 General revenues: 73,775,743 79,350,757 Total revenue 125,403,908 114,325,683 ExpensesGeneral government 5,485,793 7,048,556 Public safety 22,988,456 21,789,763 Public works 14,046,484 19,972,683 Community development 6,574,228 5,630,678 Revenue neutrality/Tax abatements1,210,433 556,342 Interest on long-term debt 24,716 27,885 Total expenses 50,330,110 55,025,907 Change in net position 75,073,798 59,299,776 Beginning net position 493,159,275 433,859,499 Ending net position 568,233,073$ 493,159,275$ For the fiscal year ended June 30, Revenue Highlights

The City’s total revenues were $125,403,908 while the total cost of all programs and services was $50,330,110. Total revenues increased by $11,078,225 or 10 percent. The net increase was due to several factors:
 General revenues decreased by $5,575,014. This reflects a $9,856,051 drop in sales tax revenues, mainly due to a one-time $7.8 million back payment recorded in fiscal year 2023–24.

The decline was partially offset by a $3,288,011 increase in interest earnings. Excluding the back 219
City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

9 payment, sales tax still fell by about $2 million compared to last year. The decrease is linked to slightly lower consumer spending.
 Capital contributions and grants increased by $11,594,524, primarily due to the acquisition of Civic Center land valued at $12,221,571 under a developer agreement with New Home Company Southern California LLC, provided in lieu of development impact fees. This increase was partially offset by a decrease of $627,047, driven mainly by reduced grant reimbursements and lower development impact fee collections.
 Operating contributions and grants increased by $2,579,928, driven mainly by the TUMF reimbursement grant, which provided funding to offset expenses previously incurred.  Charges for services rose by $2,478,787, driven primarily by higher building permit fee collections as a result of a newly adopted user fee schedule and increased development within the city.

- 10,000 20,000 30,000 40,000 50,000 60,000 70,000 80,000General Revenues Capital Contributions and Grants Operating Contributions andGrantsCharges for Services ThousandsRevenues by Category: Governmental Activities20252024 Sales taxes38%Operating grants & contributions6%Motor vehicle license fee9%Capital contributions & grants23%Property tax (levied for general purpose)5%Franchise tax4%Other taxes investment earnings1%Other1%Charges for services13%

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City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

10 Expense Highlights
Total expenses decreased by $4,695,797 compared to the prior year. The most significant changes in governmental expenses were:
 General Government expenses decreased by $1,562,763, primarily due to changes in capital assets and depreciation.
 Public Safety costs increased by approximately $1,198,693. Law enforcement expenditures rose by $1,488,237 compared to the prior year, driven by additional resources and higher contract costs, while fire department expenditures decreased by $195,879 as a result of CalFIRE’s ongoing staffing shortage.
 Public Works expenses decreased by $5,926,199, largely due to changes in capital assets and depreciation.
 Community Development expenses increased by $943,550, reflecting higher salary and benefit costs as well as contracted services for private development reviews. Although the department is transitioning more services in-house, it continues to rely on outside professional support during service demand spikes.
 Revenue Neutrality increased by $654,091, primarily due to $447,280 in sales tax rebates issued to Rivian LLC under its economic development agreement.

- 5,000 10,000 15,000 20,000 25,000ThousandsExpenses: Governmental ActivitiesFY25FY24

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City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

11 FINANCIAL ANALYSIS OF THE FUND STATEMENTS

REPORTING THE CITY BY SPECIFIC FUNCTIONS

As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance related legal requirements. The fund financial statements focus on individual parts of the City government, reporting the City’s operations in more detail than the government-wide statements. The types of Governmental funds reported by the City include the General Fund, Special Revenue Funds, Capital Project Funds, and Debt Service Funds. The fund statements provide information on near- term inflows, outflows and balances of spendable resources. These funds represent the reporting structure of the budget.

Governmental Funds: The focus of the City’s governmental funds is to provide information on near- term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financing requirements. In particular, unreserved fund balances may serve as a useful measure of the City’s net resources available for spending at the end of the fiscal year.

The City’s governmental funds reported a combined ending fund balance of $279,888,852 on June 30, 2025. Compared to the prior year, this is an increase of $53,487,197. Fund balance in the amount of $79,508,566 is restricted for the completion of special activities and capital improvement projects.

Another $118,610,029 is committed for the future Civic Center. In addition, $66,062,467 is assigned for an emergency contingency and for reimbursable grants. The remaining $15,707,790 is classified as unassigned, all of which is derived from the General Fund.

The General Fund is the chief operating fund of the City. As a measure of the General Fund’s financial condition, it may be useful to compare the unassigned fund balance to total expenditures. Unassigned fund balance represents 38% of General Fund expenditures of $40,985,160.

Provided in the section below is a summary of net changes in fund balances in addition to financial and budgetary highlights.

General Fund Financial and Budgetary Highlights

Overall, General Fund revenues for fiscal year ended June 30, 2025, total $89,495,786 compared to $92,556,504 for the previous year. The major components of revenues are sales taxes ($48.5 million), property taxes ($4.0 million), franchise taxes ($3.0 million), motor vehicle in lieu tax ($6.7 million), investment earnings ($9.5 million), and licenses, permits, and fees ($6 million). General Fund expenditures total $40,985,160 for the fiscal year ended June 30, 2025, compared to $36,856,614 for the previous year. It should be noted that while the City collects over $13.2 million in property tax, most of it is not levied for general purpose, the remainder $9.3 million is collected in the restricted fund for fire services.

As of June 30, 2025, the City’s General Fund reported revenues exceeding expenditures by $48,510,160, compared to $55,699,890 in the prior year. This represents a decrease of $7,189,730.

The $7.1 million reduction from the prior year is attributable to several factors, including the following:

222
City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

12 General Fund Revenues

 Total General Fund Revenues decreased by $3,060,718 compared to the prior year. Significant revenue changes are noted below:
o Investment earnings increased by $2,929,255 compared to the prior year, reflecting the impact of higher interest rates. Rates began the fiscal year at 4.343%, declined to 3.828% in January, and recovered to 4.117% by June.
o Sales tax revenue decreased by $9,856,051 compared to the prior year, primarily attributable to a one-time $7.8 million back payment recorded in fiscal year 2023-24. This amounted to a year-over-year increase of about 23%. Economic development efforts combined with commercial and retail growth, as well as inflation, attributed to the increase. o Licenses, permits, and fees increased by $2,165,502 compared to the prior year, driven primarily by permit submittals for the New Home Company development at Limonite and Hamner.

General Fund Expenditures

 Total General Fund expenditures increased by $4,128,546 compared to the prior year. Significant expenditure changes are noted below:
o Public Safety costs increased by approximately $1,292,359. Of this amount, law enforcement expenditures rose by $1,488,237 year over year, while fire department expenditures decreased by $195,879. The increase in law enforcement costs is primarily due to higher reimbursements for the School Resource Officer program with the Corona Norco Unified School District, the addition of a dedicated Sergeant to the Special Enforcement Team, and an 8.7% increase in the contract rate for patrol services. The decrease in fire contract services reflects CalFIRE’s current staffing shortage. o General government expenditures increased by $889,155 compared to the prior year. The increase is primarily due to an increase of $798,143 in salaries and benefits and $113,400 in contract services. The rise in personnel costs reflects the implementation of the classification and compensation study, along with a 3.5% cost‑of‑living adjustment and a 5% merit increase for all eligible incumbents.
o Public Works expenditures increased by $647,269 compared to the prior year. The increase is primarily due to an increase of $307,014 in salaries and benefits and $259,670 in contract services. The rise in personnel costs reflects the implementation of the classification and compensation study, along with a 3.5% cost‑of‑living adjustment and a 5% merit increase for all eligible incumbents.
o Community Development expenditures increased by $835,830 compared to the prior year.

The change is primarily due to an increase of $657,275 in salaries and benefits and $269,380 in contract services. The rise in personnel costs reflects the implementation of the classification and compensation study, along with a 3.5% cost‑of‑living adjustment and a 5% merit increase for all eligible incumbents.
223
City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

13 2025 2024RevenuesTaxes 65,069,694$ 74,221,086$ Transient occupancy taxes 377,751 - Licenses, Permits, and Fees 6,067,020 3,901,518 Fines and Forfeitures 1,171,486 774,612 Intergovernmental 7,028,584 6,657,860 Investment Earnings 9,555,374 6,626,119 Total revenues 89,495,786 92,556,504 ExpendituresCurrent:General government 7,932,544 7,043,890 Public safety 22,842,595 21,550,236 Public works 1,234,896 587,627 Community development 6,600,245 5,764,415 Revenue neutrality/Tax abatements 1,210,433 556,342 Capital outlay 401,314 831,070 Debt service:Principal retirement 738,417 495,149 Interest and fiscal charges 24,716 27,885 Total expenditures 40,985,160 36,856,614 Excess of revenues over expenditures 48,510,626 55,699,890 Other finance sources (uses)Transfers in 511,261 531,786 Transfers out (12,238,146) (15,247,922) Leases (As lessee) 401,314 830,711 Total other financing sources (uses) (11,325,571) (13,885,425) Change in fund balances 37,185,055 41,814,465 Beginning fund balances 186,084,240 144,269,775 Ending fund balances 223,269,295$ 186,084,240$ For the fiscal year ended June 30,General Fund
General Fund Budget Highlights

The City’s adopted general fund budget was amended throughout the fiscal year. The amendments included adjustments for various transfers between accounts, departments, programs, and funds and were authorized by the City Manager, in accordance with the budget resolution approved by Council at the time of budget adoption. Any additional appropriations in excess of the adopted budget were approved by Council throughout the fiscal year and during the mid-year budget. The revised budget for revenues totaled $85,707,610. Expenditure revised budget totaled $48,808,032.

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City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

14 Final BudgetActual AmountsVariance in Final Budget RevenuesTaxes 66,020,800$ 65,069,694$ (951,106)$ Transient occupancy taxes 250,000 377,751 127,751 Licenses, permits, and fees 5,503,600 6,067,020 563,420 Fines and forfeitures 1,090,000 1,171,486 81,486 Intergovernmental 6,570,000 7,028,584 458,584 Investment earnings 6,120,000 9,555,374 3,435,374 Other 153,210 225,877 72,667 Total revenues 85,707,610 89,495,786 3,788,176 ExpendituresCurrent:General government 10,777,051 7,932,544 2,844,507 Public safety 24,792,049 22,842,595 1,949,454 Public works 3,095,397 1,234,896 1,860,501 Community development 9,015,535 6,600,245 2,415,290 Revenue neutrality/Tax abatements 1,126,000 1,210,433 (84,433) Capital outlay 2,000 401,314 (399,314) Debt Service: - Principal retirement - 738,417 (738,417) Interest and fiscal charges - 24,716 (24,716) Total expenditures 48,808,032 40,985,160 7,822,872 Excess of revenues over expenditures 36,899,578 48,510,626 11,611,048 Other finance sources (uses)Transfers in 510,406 511,261 855 Transfers out (12,231,499) (12,238,146) (6,647) Leases (As lessee) - 401,314 401,314 Total other financing sources (uses) (11,721,093) (11,325,571) 395,522 Change in fund balances 25,178,485 37,185,055 (12,006,570) Beginning fund balances 223,269,295 186,084,240 37,185,055 Ending fund balances 248,447,780$ 223,269,295$ 25,178,485$ General FundFor the fiscal year ended June 30, 2025
The City of Eastvale takes a conservative budgeting approach by estimating minimal growth in revenues and adopting status quo service levels year over year. However, in fiscal year 2024-2025, General Fund’s actual revenues and other financing sources were higher than the adjusted budget, while actual expenditures and other financing uses were lower than the adjusted budget.

Actual revenues were higher than the adjusted budget by $3,788,176. Significant revenue variances at the end of the fiscal year were as follows:
 Taxes: The negative variance of $951,106 was primarily due to lower‑than‑anticipated sales tax revenues. Actual sales tax receipts were $1,636,703 below budget, reflecting limited historical data and unusually high prior‑year collections. Offsetting this shortfall, property tax revenues exceeded budget by $278,339 and franchise fees surpassed estimates by $333,830.  Investment Earnings: There was a positive variance of $3,435,374, primarily resulting from the reversal of an unrealized loss recorded in the prior year as required by the Government Accounting Standards Board. In addition, strong reserve balances and fund growth driven by non‑operating revenues from the Civic Center project contributed to investment returns that exceeded budget projection.

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City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

15 Actual expenditures were lower than the adjusted budget by $7,822,872. Significant expense variances at the end of the fiscal year were as follows:
 Public Safety: Law enforcement and Fire expenditures came in below projections from the Riverside County Sheriff’s Department and CalFIRE.
 Other Departments: In General Government, Public Works, and Community Development, budgeted expenditures exceeded actuals primarily due to salary and benefit savings from vacancies across several divisions.

Miscellaneous Grants Fund Financials and Budgetary Highlights

As of June 30, 2025, the Miscellaneous Grants Fund reported ending fund balance of $4,678.

Miscellaneous Grants’ fund balance increased by a significant amount due to the timing of reimbursement of payments for multiple grants received at the end of the fiscal year.

2025 2024RevenuesIntergovernmental 10,269,841$ 10,820,267$ Total revenues 10,269,841 10,820,267 ExpendituresCurrent:General government 29,322 65,641 Capital Outlay 8,056,335 12,963,481 Total expenditures 8,085,657 13,029,122 Excess (deficiency) of revenues over expenditures (2,208,855) (2,208,855) Other finance sources (uses)Transfers in 4,000 - Transfers out (855) - Total other financing sources (uses) 3,145 - Change in fund balances 2,187,329 (2,208,855) Beginning fund balances (2,182,651) 26,204 Ending fund balances 4,678$ (2,182,651)$ Miscellaneous Grants FundFor the fiscal year ended June 30,

Transportation Uniform Mitigation Fee Fund Financials and Budgetary Highlights

By June 30, 2025, the Transportation Uniform Mitigation Fee (TUMF) Fund had no remaining balance, since the City received reimbursements for expenses already incurred for the Limonite Gap project.

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City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

16 2025 2024RevenuesIntergovernmental 2,862,591$ 451,322$ Total revenues 2,962,591 451,322 ExpendituresCapital outlay 873,493 1,671,198 Total Expenditures 873,493 1,671,198 Transfers in 120 - Total other financing sources (uses) 120 - Change in fund balances 1,989,218 (1,219,876) Beginning fund balances (1,989,218) (769,342) Ending fund balances -$ (1,989,218)$ For the fiscal year ended June 30,TUMF Fund

Capital Projects Fund Financials and Budgetary Highlights

As of June 30, 2025, the City’s Capital Projects Fund reported ending fund balance of $26,063,893, an increase of $7,280,730 from the prior year due to increases of transfers from the General Fund.

The Capital Projects fund is entirely made up of general funds and is used to capture capital expenditures. Provided below is a summary of net changes in fund balance.

The City’s Capital Projects Fund reported an excess of expenditures over revenues of $5,176,858, compared to $8,801,649 in the prior year. Capital outlay expenditures decreased by $3,358,554, reflecting lower costs during the Civic Center’s design phase. As mentioned previously all Capital Projects fund expenditures are funded through transfers from the General Fund resulting in a decrease transfers in of $3,005,592. Not all expenditures are completed in the same year as they are funded.

Transfers for the Civic Center are expected to cover expenditures in future years. 2025 2024RevenuesOther 25,776$ -$ Total revenues 25,776 - ExpendituresCurrent:Public works 53,710 294,171 Capital outlay 5,148,924 8,507,478 Total expenses 5,202,634 8,801,649 Excess of revenues over expenditures (5,176,858) (8,801,649) Transfers in 12,222,690 15,228,282 Subscription/lease acquisition 234,898 - Total other financing sources (uses) 12,457,588 15,228,282 Change in fund balances 7,280,730 6,426,633 Beginning fund balances 18,783,163 12,356,530 Ending fund balances 26,063,893$ 18,783,163$ Capital Projects FundFor the fiscal year ended June 30,

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City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

17 Development Impact Fees Fund Financials and Budgetary Highlights

As of June 30, 2025, the City’s Development Impact Fees Fund reported ending fund balance of $3,181,774, an increase of $506,143 from the prior year due to impact fees and investment earnings.

The Development Impact Fees fund is entirely made up of impact fees and developer contributions and is used to capture capital expenditures. Provided below is a summary of net changes in fund balance.

The City’s Development Impact Fees Fund reported an excess of revenues over expenditures of $507,962, compared to $945,081 in the prior year. Developer contributions increased, offset by a corresponding rise in capital outlay expenditures of $12,221,571. This reflects the acquisition of Civic Center land under a developer agreement with New Home Company. 2025 2024RevenuesDevelopment impact fees 384,003$ 818,480$ Investment earnings 123,959 64,397 Other - 62,204 Developer contributions 12,221,571 - Total revenues 12,729,533 945,081 ExpendituresCapital outlay 12,221,571 - Total expenditures 12,221,571 - Excess (deficiency) of revenues over expenditures 507,962 945,081 Other finance sources (uses)Transfers out (1,819) (9,340) Total other financing sources (uses) (1,819) (9,340) Change in fund balances 506,143 935,741 Beginning fund balances 2,675,631 1,739,890 Ending fund balances 3,181,774$ 2,675,631$ For the fiscal year ended June 30,Development Impact Fees Fund

CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets: City investment in capital assets, net of depreciation, for its governmental activities as of June 30, 2025, amounted to $289,175,334, an increase of $21,618,711 compared to the prior fiscal year. Additional information on the City’s capital assets can be found in Note 6 to the basic financial statements.

Major capital asset events during the current fiscal year included the following:
 Land increased by $12,221,571, reflecting the acquisition of Civic Center land valued at $12,221,571 under the development agreement with New Home.  Several construction projects are still in progress at varying stages of completion. Construction in Progress reported a net decrease of $18,609,582, resulting from the addition of new and ongoing 228
City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

18 projects, the capitalization of completed projects primarily to infrastructure assets, and the removal of projects reclassified as maintenance.
 Depreciation expense totaled $9,427,926, with $7,919,961 attributed to infrastructure, including streets, sidewalks, streetlights, and storm drains—which accounted for most of the reduction in Capital Assets.
 Right-to-Use – Lease Buildings increased by $457,486 due to the City increasing its leasing agreement.
 Infrastructure reported a net increase of $35,796,511, of which $2,992,705 represented developer contributions recorded as donated infrastructure.

Capital assets are summarized below, more information can be found in Note 6 to the basic financial statements.
2025 2024Land 22,124,314$ 9,902,743$ Construction in progress 14,915,729 33,525,311 Buildings 9,374,448 9,374,448 Right-to-Use - lease buildings 1,228,435 770,949 Leasehold improvements 49,245 49,245 Improvements 627,530 - Vehicles 2,666,533 2,619,494 Furniture and fixtures 83,148 83,148 Machinery and equipment 1,100,506 1,072,139 Right-to-Use - lease machinery and equipment 103,054 103,054 Software 480,412 480,412 Right-to-Use - IT subscriptions 1,435,023 1,021,059 Infrastructure 337,733,811 301,937,300 Total capital assets 391,922,188 360,939,302 Accumulated depreciation/amortization 102,746,854 93,382,679 Total capital assets, net 289,175,334$ 267,556,623$ Capital Assets Long-term debt: Long-term debt amounted to $1,958,456 as of June 30, 2025, an increase of $196,534 compared to the prior year. The long-term debt liability is made up of Compensated Absences $757,950, Subscription Payable $529,836 and Leases Payable $670,670. Compensated absences increased by $298,739 due higher accrued vacation and leave balances and the City’s adoption of Statement on Governmental Accounting Standards (GASB Statements) No. 101 – Compensated Absences. Subscription Payable decreased by $32,303. Leases payable decreased by $69,902. Outstanding long-term debt of the City is summarized below, more information can be found in Note 7 to the basic financial statements.
2025 2024Compensated absences 757,950$ 459,211$ Subscription payable 529,836 562,139 Leases payable 670,670 740,572 Total long-term debt 1,958,456$ 1,761,922$

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City of Eastvale

Management’s Discussion and Analysis
For the Fiscal Year Ended June 30, 2025

19 ECONOMIC FACTORS AND OUTLOOK FOR FUTURE YEARS

Although the focus of this annual report is the economic condition of the City for the fiscal year ended June 30th, 2025, during the preparation of the fiscal year 2025-26 budget, management considered the possible impacts of economic development, and national economies.

The City of Eastvale maintains a cautious budgeting strategy, mindful of the challenges local governments face in sustaining resources and services. For fiscal year 2025-26, staff projected only a 1% increase in General Fund revenues. This conservative estimate reflects national economic growth alongside local signs of slowing sales tax collections from discretionary spending. With consumer habits shifting, the City will continue to monitor revenues closely and adjust at mid-year if needed
Sales tax remains the City’s largest and most volatile revenue source. Since 2020, relocations from County Pools have boosted collections by 475 percent, but this growth is not guaranteed. To manage risk, forty percent of new sales tax revenues are reserved for infrastructure, while sixty percent support operations. The fiscal year 2025‑26 budget anticipates a two percent decline, though future gains are expected from a new Walmart opening in 2026 and Rivian’s auto sales facility. The City also benefits from its first hotel, projected to generate $430,000 in Transient Occupancy Tax revenues.

On the expenditure side, the City is preparing for major investments, most notably the Civic Center Campus, with $87.6 million budgeted for construction of City Hall, Library, Police Station, parking facilities, and open space. Public safety remains a priority, with expanded law enforcement services including a new Sergeant position, additional patrol hours, and continuation of the Flock Safety Camera program. Fire services face rising contract costs, projected to increase eight percent, and may require General Fund subsidies in future years as property tax revenues fall short of covering expenses.

Challenges include the State’s Gann Appropriations Limit, which restricts the City’s ability to appropriate tax revenues. Temporary relief expired in March 2025, and the City will again request state assistance to maintain service levels. Inflationary pressures and reliance on sales tax revenues further underscore the importance of strong reserves. The City maintains a $3 million public safety stabilization reserve and continues to meet Council‑mandated reserve levels to offset future economic impacts.

Overall, City of Eastvale’s outlook reflects cautious optimism. Conservative revenue forecasting, strong reserves, and strategic investments in infrastructure and public safety position the City to weather economic uncertainties, while rising service costs and state restrictions highlight the need for continued vigilance and proactive fiscal management.

REQUEST FOR INFORMATION

This financial report is designed to provide a general overview of the City’s finances for all those with interest in the government’s finances. Questions concerning any of the information provided in this report, or requests for additional information should be addressed to the City Clerk of Eastvale, 12363 Limonite Ave., Suite 910, Eastvale, CA 91752, or call (951) 361-0900.

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BASIC FINANCIAL STATEMENTS
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GOVERNMENT-WIDE

FINANCIAL STATEMENTS

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City of Eastvale

Statement of Net Position
June 30, 2025

See accompanying notes to financial statements.
20 Governmental ActivitiesAssetsCurrent assets:Cash and investments (Note 3 and Note 4) 271,505,233$ Receivables:Accounts 66,501 Intergovernmental 17,542,343 Interest 1,072,350 Leases 506,354 Total Current Assets290,692,781 Noncurrent assets:Net OPEB Asset (Note 10) 141,990 Capital assets: (Note 6)Non-depreciable 37,040,043 Depreciable, net 252,135,291 Total capital assets 289,175,334 Total Noncurrent Assets289,317,324 Total Assets580,010,105 Deferred Outflows of ResourcesPension related items (Note 9) 1,159,608 OPEB related items (Note 10) 14,668 Total Deferred Outflows of Resources1,174,276 LiabilitiesCurrent liabilities:Accounts payable 7,159,988 Accrued liabilities 490,751 Deposits payable 2,454,772 Compensated absences, due within one year (Note 7) 189,488 Long-term liabilities, due within one year (Note 7) 721,748 Total Current Liabilities11,016,747 Noncurrent liabilities:Compensated absences (Note 7) 568,462 Long-term liabilities (Note 7) 478,758 Net pension liability (Note 9) 313,444 Total Noncurrent Liabilities1,360,664 Total Liabilities12,377,411 Deferred Inflows of ResourcesPension related items (Note 9) 1,057 OPEB related items (Note 10) 122,861 Lease related items 449,979 Total Deferred Inflows of Resources573,897 Net PositionNet investment in capital assets 287,126,628 Restricted for:Street maintenance/projects 21,724,061 Lighting and landscape maintenance 5,244,503 AQMD projects 337,849 Capital projects city facilities 29,280,393 Fire operations/improvements 22,889,009 Other purposes 170,063 Total Restricted 79,645,878 Unrestricted 201,460,567 Total Net Position568,233,073$

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City of Eastvale

Statement of Activities
For the Fiscal Year Ended June 30, 2025

See accompanying notes to financial statements.
21 Program RevenuesCharges for Operating Contributions Capital Contributions Total Program Net (Expenses) Revenues and Changes in Functions/Programs Expenses Services and Grants and Grants Revenue Net PositionPrimary GovernmentGovernmental Activities:General government 5,485,793$ 162,983$ 50,000$ -$ 212,983$ 5,272,810$ Public safety 22,988,456 9,875,246 208,689 - 10,083,935 12,904,521 Public works 14,046,484 3,697,382 6,905,282 28,314,394 38,917,058 (24,870,574) Community development 6,574,228 2,399,189 15,000 - 2,414,189 4,160,039 Revenue neutrality/Tax abatements 1,210,433 - - - - 1,210,433 Interest and fiscal charges 24,716 - - - - 24,716 Total Governmental Activities50,330,110$ 16,134,800$ 7,178,971$ 28,314,394$ 51,628,165$ (1,298,055) General RevenuesTaxes:Property taxes, levied for general purpose 3,979,091 Franchise taxes 2,968,827 Sales taxes 48,463,297 Transient occupancy taxes 377,751 Other taxes 312,926 Total taxes 56,101,892 Motor vehicle in lieu (Intergovernmental/unrestricted) 6,714,285 Investment earnings 10,758,191 Other 201,375 Total General Revenues73,775,743 Change in Net Position 75,073,798 Net PositionBeginning of year 493,159,275 End of year568,233,073$ 236

FUND FINANCIAL STATEMENTS

Governmental Fund Financial Statements
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22 GOVERNMENTAL FUND

FINANCIAL STATEMENTS

The Governmental Funds of the City are outlined below:

General Fund - The General Fund accounts for all revenues and expenditures used to finance the traditional services associated with a municipal government which are not accounted for in the other funds. In Eastvale, these services include general government, safety, community development, culture and recreation and public works.

Miscellaneous Grants Fund - This fund is used to account for the receipts and expenditures of miscellaneous grants not accounted for in a separate fund.

TUMF Fund - This fund provides transportation and transit infrastructure that mitigates the impact of new growth in western Riverside County.

Development Impact Fees Fund - This fund is used to account for the receipt of fees for development-related activities such as infrastructure and public facilities.

Capital Projects Fund - is used to account for the financial resources to be used for the acquisition or construction of capital facilities.

Nonmajor Governmental Funds - Nonmajor Governmental Funds is the aggregate of all the nonmajor governmental funds.
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City of Eastvale

Balance Sheet
Governmental Funds
June 30, 2025

See accompanying notes to financial statements.
23 MiscellaneousGeneral Grants TUMFA ssets Cash and investments (Note 3 and Note 4) 215,354,273$ -$ -$ Receivables:Accounts 66,501 - - Intergovernmental 9,878,092 3,901,325 2,547,376 Interest 938,192 - - Lease 506,354 - - Due from other funds (Note 5) 6,383,049 - - Total Assets233,126,461$ 3,901,325$ 2,547,376$ Liabilities, Deferred Inflows of Resources, and Fund BalancesLiabilitiesAccounts payable 6,217,411$ 24,836$ 36,138$ Accrued liabilities 490,751 - - Deposits payable 2,454,772 - - Due to other funds (Note 5) - 3,871,811 2,511,238 Total Liabilities9,162,934 3,896,647 2,547,376 Deferred Inflows of ResourcesUnavailable revenues 244,253 - - Lease related items 449,979 - - Total Deferred Inflows of Resources694,232 - - Fund Balances (Note 12)Restricted 22,889,009 4,678 - Committed 118,610,029 - - Assigned 66,062,467 - - Unassigned 15,707,790 - - Total Fund Balances223,269,295 4,678 - Liabilities, Deferred Inflows ofResources, and Fund Balances233,126,461$ 3,901,325$ 2,547,376$ Special Revenue Funds

240

See accompanying notes to financial statements.
24 Special Revenue Funds Capital Project Fund Nonmajor TotalGovernmental GovernmentalFunds Funds3,142,330$ 26,387,846$ 26,620,784$ 271,505,233$ - - - 66,501 25,496 - 1,190,054 17,542,343 13,948 - 120,210 1,072,350 - - - 506,354 - - - 6,383,049 3,181,774$ 26,387,846$ 27,931,048$ 297,075,830$ -$ 323,953$ 557,650$ 7,159,988$ - - - 490,751 - - - 2,454,772 - - - 6,383,049 - 323,953 557,650 16,488,560 - - 4,186 248,439 - - - 449,979 - - 4,186 698,418 3,181,774 26,063,893 27,369,212 79,508,566 - - - 118,610,029 - - - 66,062,467 - - - 15,707,790 3,181,774 26,063,893 27,369,212 279,888,852 3,181,774$ 26,387,846$ 27,931,048$ 297,075,830$ Development Impact Fees (formerly nonmajor) Capital Projects Fund

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City of Eastvale

Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position
June 30, 2025

See accompanying notes to financial statements.
25 Total Fund Balances - Governmental Funds 279,888,852$ Amounts reported for governmental activities in the statement of net position are differentbecause:Capital assets used in governmental activities are not current financial resources andtherefore are not reported in the governmental funds balance sheet.Capital assets 391,922,188$ Accumulated depreciation (102,746,854) Total capital assets 289,175,334 Certain revenues were not available to pay for current period expenditures and,therefore, were deferred in the funds. 248,439 Long-term liabilities applicable to the governmental activities are not due and payablein the current period and accordingly are not reported in as fund liabilities. Allliabilities, both current and long-term are reported in the statement of net position.Compensated absences (757,950) Leases and subscriptions payable (1,200,506) Net pension liability (313,444) Net OPEB (Liability) Asset 141,990 (2,129,910) Deferred outflows and inflows of resources related to pensions and OPEB that arerequired to be recognized over a defined closed period.Pension related deferred outflows of resources 1,159,608 OPEB related deferred outflows of resources 14,668 Pension related deferred inflows of resources (1,057) OPEB related deferred inflows of resources (122,861) 1,050,358 Net Position of Governmental Activities568,233,073$

243
City of Eastvale

Statement of Revenues, Expenditures and Changes in Fund Balances Governmental Funds
For the Fiscal Year Ended June 30, 2025

See accompanying notes to financial statements.
26 MiscellaneousGeneral Grants TUMFRevenuesTaxes 65,069,694$ -$ -$ Transient occupancy taxes 377,751 - - Licenses, permits and fees 6,067,020 - - Fines and forfeitures 1,171,486 - - Intergovernmental 7,028,584 10,269,841 2,862,591 Development impact fees - - - Assessments - - - Investment earnings 9,555,374 - - Other 225,877 - - Developer contributions - - - Total Revenues89,495,786 10,269,841 2,862,591 ExpendituresCurrent:General government 7,932,544 29,322 - Public safety 22,842,595 - - Public works 1,234,896 - - Community development 6,600,245 - - Revenue neutrality/Tax abatements 1,210,433 - - Capital outlay 401,314 8,056,335 873,493 Debt service:Principal retirement 738,417 - - Interest and fiscal charges 24,716 - - Total Expenditures40,985,160 8,085,657 873,493 Excess of revenues over(under) expenditures 48,510,626 2,184,184 1,989,098 Other Financing Sources (Uses)Transfers in 511,261 4,000 120 Transfers out (12,238,146) (855) - Subscription/lease acquisition 401,314 - - Total Other Financing Sources (Uses)(11,325,571) 3,145 120 Net Change in Fund Balances 37,185,055 2,187,329 1,989,218 Fund Balances (deficits)Previously reported 186,084,240 (2,182,651) (1,989,218) Adjustment - change from nonmajor to major - - - Beginning of year, restated 186,084,240 (2,182,651) (1,989,218) End of year223,269,295$ 4,678$ -$ Special Revenue Funds
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See accompanying notes to financial statements.
27 Capital Nonmajor TotalProjects Governmental GovernmentalFund Funds Funds-$ -$ 1,901,641$ 66,971,335$ - - - 377,751 - - 19,294 6,086,314 - - - 1,171,486 - - 5,606,759 25,767,775 384,003 - 483,646 867,649 - - 888,791 888,791 123,959 - 1,088,539 10,767,872 - 25,776 1,049 252,702 12,221,571 - - 12,221,571 12,729,533 25,776 9,989,719 125,373,246 - - 9,182 7,971,048 - - 21,599 22,864,194 - 53,710 1,240,799 2,529,405 - - 15,000 6,615,245 - - - 1,210,433 12,221,571 5,148,924 3,867,166 30,568,803 - - - 738,417 - - - 24,716 12,221,571 5,202,634 5,153,746 72,522,261 507,962 (5,176,858) 4,835,973 52,850,985 - 12,222,690 11,953 12,750,024 (1,819) - (509,204) (12,750,024) - 234,898 - 636,212 (1,819) 12,457,588 (497,251) 636,212 506,143 7,280,730 4,338,722 53,487,197 - 18,783,163 25,706,121 226,401,655 2,675,631 - (2,675,631) - 2,675,631 18,783,163 23,030,490 226,401,655 3,181,774$ 26,063,893$ 27,369,212$ 279,888,852$ Special Revenue Funds Development Impact Fees (formerly no-major) Capital Projects Fund 245
City of Eastvale

Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of Governmental Funds to the Statement of Activities For the Fiscal Year Ended June 30, 2025

See accompanying notes to financial statements.
28 Net Change in Fund Balances - Total Governmental Funds 53,487,197$ Governmental activities in the Statement of Activities were reported differently because:Governmental Funds report capital outlay as expenditures. However, in the Government-wide Statementof Activities, the costs of those assets is allocated over their estimated useful lives as depreciationexpense. The amount of capital assets recorded in the current period is listed below.Total capital outlay expenditures reported in governmental funds 33,282,509 Abandoned construction in process projects (2,231,372) Loss on disposal of vehicles (4,500) 31,046,637 Depreciation expense of capital assets is reported in the Government-wide Statement of Activities, butthey do not require the use of current financial resources. Therefore, depreciation expense is not reportedas expenditures in the governmental funds expect for the Internal Service fund amount listed below.Total depreciation reported in Government-wide Statement of Activities (9,427,926) The issuance of long-term debt provides current financial resources to governmental funds. Repaymentof long-term debt is an expenditure in in governmental funds, but repayment reduces long-term liabilitiesin the statement of net position.Subscription/lease acquisition (636,212) Principal paid on lease/subscription payable 738,417 102,205 Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds.Net change in compensated absences (298,739) Net change in Net Pension Liability (Asset) (12,700) Net change in Net OPEB Liability (Asset) 51,410 Net change in pension related deferred outflows and deferred inflows of resources 132,479 Net change in OPEB related deferred outflows and deferred inflows of resources (37,427) (164,977) Earned unavailable revenue and other resources not available to liquidate liabilities of the current periodare not recognized in governmental funds. Revenues in the statement of activities is not limited byavailability, so certain revenues need to be increased by the amounts that were unavailable at the end ofthe year. 30,662 Change in Net Position of Governmental A ctivities75,073,798$

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NOTES TO THE BASIC

FINANCIAL STATEMENTS
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City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

29 I. SIGNIFICANT ACCOUNTING POLICIES

Note 1: Organization and Summary of Significant Accounting Policies

The basic financial statements of the City of Eastvale, California, (the “City”) have been prepared in conformity with accounting principles generally accepted in the United States (“GAAP”) as applied to governmental agencies. The Governmental Accounting Standards Board (“GASB”) is the accepted standard setting body for establishing governmental accounting and financial reporting principles. The following is a summary of the City’s significant policies:

a. Description of the Reporting Entity

The City of Eastvale (City) was incorporated on October 1, 2010, under the laws of the State of California and enjoys all the rights and privileges pertaining to “General Law” cities. The City operates under a council-manager form of government and currently provides a wide variety of services to its citizens, including public safety, public works, community development, general administrative and other services.

As required by generally accepted accounting principles, these financial statements present the City (the primary government) and its component units. Component units are legally separate organizations for which the elected officials of the primary government are financially accountable. In addition, component units can be other organizations for which the nature and significance of their relationship with a primary government are such that exclusion would cause the reporting entity’s financial statements to be incomplete.

Blended component units, although legally separate entities, are, in substance, part of the government's operation and so data from these units are combined with data of the primary government.

The Eastvale Parking Authority (the Parking Authority) was founded by the execution of a resolution dated December 11, 2024, by the City of Eastvale (the City). The Parking Authority is authorized to receive, control and order the expenditure of money pertaining to parking facilities or related properties, including but not limited to: (i) any revenue derived from operations of the Parking Authority (no operations are currently contemplated); (ii) all money appropriated or made available by the City; (iii) the proceeds of all financial aid or assistance by the City, the State, or the Federal Government; (iv) the proceeds of assessments levied pursuant to the Parking Law; and (v) the proceeds of general obligation, revenue or other bonds issued by the City for parking facilities. The City Council of the City serves as the governing board for the Parking Authority and the City has fiduciary responsibility for the Parking Authority. The Parking Authority exclusively benefits the City. There are no separate financial statements available.

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City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

30 Note 1: Organization and Summary of Significant Accounting Policies (Continued)

a. Description of the Reporting Entity (Continued)

The Eastvale Public Financing Authority (the Authority) was founded by the execution of a joint exercise of powers agreement dated January 8, 2025, by the City of Eastvale (the City) and the Eastvale Parking Authority (the Parking Authority). The Authority is authorized to issue bonds and to purchase bonds issued by, or make loans to, the City or Parking Authority for financing or providing interim financing for the acquisition, construction, installation and improvement of public facilities and other public capital improvements, working capital, liability and other insurance needs, or projects whenever there are significant public benefits, as determined by the City or the Parking Authority. The City Council of the City of Eastvale serves as the governing board for the Authority and the City has fiduciary responsibility for the Authority. The Authority exclusively benefits the City. Transactions are recorded in the Debt Service Fund. There are no separate financial statements available.

b. Government-wide and Fund Financial Statements

The government-wide financial statements include a statement of net position and a statement of activities. These statements present summaries of governmental activities for the City. The City does not have any business-type or fiduciary activity. Certain eliminations have been made as prescribed by GASB Statement No. 34 in regard to interfund activities, payables, and receivables. All internal balances in the statement of net position have been eliminated.

Governmental activities which normally are supported by taxes and intergovernmental revenues rely to a significant extent on fees and charges for support.

The Statement of Activities demonstrates the degree to which the direct expenses of a given function or segment, are offset by program revenues. Direct expenses are those that are clearly identifiable with a specific function or segment. Program revenues include: 1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment, and 2) grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment.

Taxes and other items not properly included among program revenues are reported instead as general revenues.

Separate financial statements are provided for governmental funds. Major individual governmental funds are reported as separate columns in the fund financial statements. The City does not have any proprietary or fiduciary funds.

250
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

31 Note 1: Organization and Summary of Significant Accounting Policies (Continued)

c. Measurement Focus, Basis of Accounting, and Financial Statement Presentation

The government-wide financial statements are reported using the economic resources measurement focus and the accrual basis of accounting, as are the fiduciary fund financial statements. Revenues are recorded when earned and expenses are recorded when a liability is incurred, regardless of the timing of related cash flows. Accordingly, all of the City’s assets, deferred outflows of resources, liabilities and deferred inflows of resources, including capital assets, as well as infrastructure assets, and long-term liabilities, are included in the accompanying statement of net position. The statement of activities presents changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred. The types of transactions reported as program revenues for the City are reported in three categories: 1) charges or services, 2) operating grants and contributions, and 3) capital grants and contributions.

Governmental fund financial statements are reported using the current financial resources measurement focus and the modified accrual basis of accounting. Under the modified-accrual basis of accounting, revenues are recognized in these funds when susceptible to accrual (i.e. when they are both measurable and available). “Measurable” means the amount of the transaction can be determined and “available” means collectible within the current period or soon enough thereafter to be used to pay liabilities of the current period. For this purpose, the City considers property taxes collected after year-end as available, if they are collected within 60 days of the end of the current fiscal period.

Other revenue susceptible to accrual includes sales tax, state gasoline taxes, investment earnings, and certain other intergovernmental revenues. Expenditures in the governmental funds are generally recognized in the accounting period in which the related fund liability is incurred.

However, debt service principal and interest expenditures on general long-term debt, including lease liabilities, as well as expenditures related to compensated absences, and claims and judgments, and postemployment benefits are recognized later based on specific accounting rules applicable to each, generally when payment is due. General capital asset acquisitions, including entering into contracts giving the City the right to use lease assets, are reported as expenditures in governmental funds. Issuance of long-term debt and financing through leases are reported as other financing sources.

The City reports the following major governmental funds:

The General Fund is the government’s primary operating fund. It accounts for all financial resources of the general government not accounted and reported in another fund.

The Miscellaneous Grants Fund is the fund is used to account for the receipts and expenditures of miscellaneous grants not accounted for in a separate fund.

The TUMF Fund is the fund provides transportation and transit infrastructure that mitigates the impact of new growth in western Riverside County.
251
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

32 Note 1: Organization and Summary of Significant Accounting Policies (Continued)

c. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)

The Development Impact Fees Fund is the fund is used to account for the receipt of fees for development-related activities such as infrastructure and public facilities.

The Capital Project Fund (Capital Projects) is used to account for the financial resources to be used for the acquisition or construction of capital facilities.

As a general rule, the effect of interfund activity has been eliminated from the government-wide financial statements except for the effect of interfund services provided and used.

Amounts reported as program revenues include 1) charges to customers or applicants for goods, services, or privileges provided, 2) operating grants and contributions, and 3) capital grants and contributions, including special assessments. Internally dedicated resources are reported as general revenues rather than program revenues. Likewise, general revenues include all unrestricted taxes.

When both restricted and unrestricted resources are available for use, it is the City’s policy to use the restricted resources first, and then unrestricted, as they are needed.

Other Accounting Policies

Deposits and Investments

The City cash and cash equivalents are considered to be cash on hand, demand deposits, and short-term investments with original maturities of three months or less from the date of acquisition. Investments are reported at fair value. The City’s policy is to hold investments until maturity or until fair value equal or exceed cost.

Interfund Receivables and Payables

Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as either “due to/from other funds” (i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the non-current portion of interfund loans). All other outstanding balances between funds are reported as “due to/from other funds”. Any residual balances outstanding are reported in the government-wide financial statements as “internal balances”.

Prepaid Items

Certain payments to vendors reflect costs applicable to future accounting periods and are recorded as prepaid costs in both government-wide and fund financial statements. The City uses the consumption method for prepaid items in the governmental funds.

252
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

33 Note 1: Organization and Summary of Significant Accounting Policies (Continued)

c. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)

Capital Assets

Capital assets, which include property, plant and equipment, and infrastructure assets (e.g., roads, bridges, sidewalks, and similar items) are reported in the applicable governmental or business-type activities columns in the governmentwide financial statements. Capital assets are defined by the government as assets with an initial, individual cost of more than or equal to $5,000 (amount not rounded) and an estimated useful life of at least five years. Such assets are recorded at the historical cost or estimated historical cost if purchased or constructed (except for intangible right-to-use lease assets), the measurement of which is discussed thereafter. Donated capital assets are recorded at acquisition value rather than fair value at the date of donation.

The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend the asset’s lives are not capitalized.

Property, plant and equipment of the primary government is depreciated using the straight-line method over the following estimated useful lives:

Leasehold Improvements 10 years
Infrastructure 10 to 65 years
Vehicles 5 to 10 years
Office Equipment 5 to 10 years
Computer Equipment 5 years
Right to Use Lease Equipment and Subscriptions 3 to 5 years

Use of Estimates

The financial statements have been prepared in accordance with generally accepted accounting principles accepted in the United States of America and necessarily include amounts based on estimates and assumptions by management. Actual results could differ from those amounts.

Compensated Absences

The City provides to its employees a comprehensive annual leave program. Leave pay is payable at the time it is taken or upon termination.

The total amount of liability for compensated absences is segregated between short-term and long-term with both portions reflected in the government-wide statements. The short-term portion is determined to be the amount due to employees for future absences which is attributable to services already rendered and which is expected to be paid during the next fiscal year.

253
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

34 Note 1: Organization and Summary of Significant Accounting Policies (Continued)

c. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)

Long-term Obligations

In the government-wide financial statements, long-term debt and other long-term obligations are reported as liabilities in the applicable governmental activities, statement of net position. Bond premiums and discounts are deferred and amortized over the life of the bonds using the straight- line method. Bonds payable are reported net of the applicable bond premium or discount. Bond issuance costs are reported as expenses in the year incurred.

In the fund financial statements, governmental fund types recognize bond premiums and discounts, as well as bond issuance costs, during the current period. The face amount of debt issued is reported as other financing sources. Premiums received on debt issuances are reported as other financing sources while discounts on debt issuances are reported as other financing uses.

Issuance costs, whether or not withheld from the actual debt proceeds received, are reported as expenditures. The City has not issued bonds and currently has no bonds payable.

Property Taxes

The County of Riverside collects property taxes for the City. Tax liens attach annually as of 12:01 A.M. on the first day in January preceding, the fiscal year for which the taxes are levied. The tax levy covers the fiscal period July 1st to June 30th. All secured personal property taxes and one-half of the taxes on real property are due November 1st, the second installment is due February 1st. All taxes are delinquent, if unpaid, on December 10th and April 10th, respectively.

Unsecured personal property taxes become due on the first of March each year and are delinquent, if unpaid, on August 31st.

Unearned Revenues

In the government-wide financial statements and the fund financial statements, unearned revenues represent cash advances by various grantors that have not been spent; therefore, no revenue has been recognized.

Fund Balance

GAAP provides for clearly defined fund balance categories to make the nature and extent of the constraints placed on a government’s fund balance more transparent. The following classifications describe the relative strength of the spending constraints placed on the purposes for which resources can be used:

Nonspendable - amounts that are not in a spendable form (such as inventory) or are required to be maintained intact.

Restricted - amounts constrained to specific purposes by their providers (such as grantors, bondholders and higher levels of government), through constitutional provisions or by enabling legislation.
254
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

35 Note 1: Organization and Summary of Significant Accounting Policies (Continued)

c. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)

Committed - amounts constrained to specific purposes by a government itself, using the highest level of decision-making authority, an adoption of a resolution; to be reported as committed, amounts cannot be used for any other purpose unless the City Council takes the same highest-level action (the adoption of another resolution) to remove or change the constraint.

Assigned - amounts a government intends to use for a specific purpose; the City Council has delegated the authority to assign unrestricted fund balance to the City Manager or the City Manager’s designee, per the City Council “Fund Balance Reserve Policy”.

Unassigned - amount that are for any purpose; positive amounts are reported only in a general fund.

The City Council may establish (and modify or rescind) fund balance commitments by passage of a resolution.

The City has established a General Fund minimum fund balance policy as follows:

At the end of each fiscal year, the General Fund should have a minimum fund balance of 50% of the next year’s General Fund annual budgeted operating expenditures, as calculated by the Finance Director. This target amount has been established in order to provide a reasonable level of assurance that the City’s day-to-day operations will be able to continue even if circumstances occur where revenues are insufficient to cover expenditures.

When both restricted and unrestricted resources are available for use when an expenditure is incurred, it is the City’s policy to use restricted resources first, then unrestricted resources as they are needed. It is the City’s policy to consider committed amounts as being reduced first, followed by assigned amounts, and then unassigned amounts when expenditures are incurred for purposes for which amounts in any of those unrestricted fund balance classifications could be used.

Deferred Outflows/Inflows of Resources

In addition to assets, the statement of net position will sometimes report a separate section for deferred outflows of resources. This separate financial statement element, deferred outflows of resources, represents a consumption of net assets that applies to a future period(s) and so will not be recognized as an outflow of resources (expenses/expenditure) until then. The City has deferred outflows related to pensions and other postemployment benefits, which arise only under a full accrual basis of accounting. Accordingly, these items (pension and other postemployment benefits), are reported only in the government-wide statement of net position. This includes pension and other postemployment benefits contributions subsequent to the measurement date of the net liabilities and other amounts (see Notes 9 and 10, respectively), which are amortized by an actuarial determined period.

255
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

36 Note 1: Organization and Summary of Significant Accounting Policies (Continued)

c. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)

In addition to liabilities, the statement of net position and the balance sheet will sometimes report a separate section for deferred inflows of resources. This separate financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to a future period(s) and so will not be recognized as an inflow of resources (revenue) until that time. The government has one type of item, which arises only under a modified accrual basis of accounting that qualifies for reporting in this category. Accordingly, the item, unavailable revenue, is reported only in the government funds balance sheet. The governmental funds report unavailable revenues from these sources: property taxes, special assessments, grant revenues and Measure A revenues. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available.

The City also has deferred inflows of resources related to pensions, and OPEB, which arises only under a full accrual basis of accounting. Accordingly, these items (pension and other postemployment benefit related items), are reported only in the government-wide statement of net position. These amounts (see Notes 9 and 10, respectively) are amortized by an actuarial determined period.

Leases and Subscription Agreements

Lessee: The City is a lessee for noncancellable leases of buildings, equipment, and subscription software and subscription agreements. The City recognizes a lease/subscription liability and an intangible right-to-use lease asset/subscription (lease asset) in the government-wide financial statements. The City recognizes lease/subscription liabilities with an initial, individual value of $5,000 or more.

At the commencement of a lease, the City initially measures the lease and subscription agreements liability at the present value of payments expected to be made during the lease term.

Subsequently, the lease liability is reduced by the principal portion of lease payments made. The lease and subscription agreements asset is initially measured as the initial amount of the lease liability, adjusted for lease payments made at or before the lease commencement date, plus certain initial direct costs. Subsequently, the lease and subscription agreements asset is amortized on a straight-line basis over its useful life.

Key estimates and judgments related to leases and subscription agreements include how the City determines (1) the discount rate it uses to discount the expected lease payments to present value, (2) lease term, and (3) lease payments. The City uses the interest rate charged by the lessor as the discount rate. When the interest rate charged by the lessor is not provided, the City generally uses its estimated incremental borrowing rate as the discount rate for leases and subscription agreements. The lease term includes the noncancellable period of the lease. Lease and subscription agreement payments included in the measurement of the lease liability are composed of fixed payments and purchase option price that the City is reasonably certain to exercise.

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

256
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

37 Note 1: Organization and Summary of Significant Accounting Policies (Continued)

c. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)

Lease and subscription agreements assets are reported with other capital assets and lease liabilities are reported with long-term debt on the Statement of Net Position.

Lessor: The City is a lessor for a noncancellable lease of a portion of land. The City recognizes a lease receivable and a deferred inflow of resources in the government-wide and governmental fund financial statements.

At the commencement of a lease, the City initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of the lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease commencement date. Subsequently, the deferred inflow of resources is recognized as revenue over the life of the lease term.

Key elements and judgement include how the City determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts. The City uses it estimated incremental borrowing rate as the discount rate for leases. The lease term includes the noncancellable period of the lease. Lease receipts included In the measurement of the lease receivable is composed of fixed payments from the lessee.

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

Pensions

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

Generally accepted accounting principles requires that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used.

Valuation Date June 30, 2023
Measurement Date June 30, 2024
Measurement Period July 1, 2023, to June 30, 2024
257
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

38 Note 1: Organization and Summary of Significant Accounting Policies (Continued)

c. Measurement Focus, Basis of Accounting, and Financial Statement Presentation (Continued)

Other Postemployment Benefits – OPEB

For purposes of measuring the total OPEB liability (asset), 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 plan (OPEB Plan) and additions to/deductions from the OPEB Plan’s fiduciary net position have been determined on the same basis. For this purpose, benefit payments are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.

GAAP require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used:

Valuation Date December 31, 2023
Measurement Date June 30, 2025
Measurement Period July 1, 2024, to June 30, 2025

Governmental Accounting Standard Accounting Standards Board (GASB) Pronouncements

The City adopted Statement on Governmental Accounting Standards (GASB Statements) No. 101 – Compensated Absences and No. 102, Certain Risk Disclosures. The adoption of GASB No. 101 and GASB No. 102 did not significantly impact the City.

Note 2: Budget Information

The City prepares its budgets on the basis of estimated actual expenditures and, accordingly, the budget amounts included in the accompanying financial statements are presented on a basis consistent with generally accepted accounting principles.

Each year, the City Manager submits a proposed budget to the City Council during May. The City Council holds budget hearings during May and June. The final budget is adopted by the City Council in June.

No budget expenditures can be disbursed without proper appropriations. Once the budget is adopted, no additional funds can be authorized without the City Council’s approval. The level of budgetary control (the level on which expenditures may not legally exceed appropriations) is at the individual fund level. The City Manager can authorize budget transfers between departments without additional appropriations.

Throughout the year, budgeted expenditures are reviewed and projections are made by the City Manager. Therefore, any necessary changes are submitted for approval to the City Council with a recorded action for any budget adjustments.

Formal budgetary integration is employed as a management control device during the year for all the Governmental Type Funds. Budgets for all the Governmental Type Funds are adopted on a basis consistent with generally accepted accounting principles. Budgeted amounts are as originally adopted and as further amended by the City Council. 258
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

39 Note 3: Cash and Investments

Cash and investments as of June 30, 2025, are classified in the accompanying financial statements as follows:

Statement of Net Position:Cash and Investments 271,505,233$ Total Cash and Investments 271,505,233$ Cash and investments as of June 30, 2025, consist of the following:

Deposits with Financial Institutions 23,003,258$ Petty cash 800 Investments 248,501,175 Total Cash and Investments 271,505,233$ The City follows the practice of pooling cash and investments of all funds. Investment earnings earned on pooled cash and investments is allocated quarterly to the various funds based on cash balances.

GAAP establishes fair value standards for investments in participating interest earning investment contracts, external investment pools, equity securities, option contracts, stock warrants and stock rights that have readily determinable fair values. Accordingly, the City reports its investments at fair value in the balance sheet. All investment income, including changes in the fair value of investments, is recognized as revenue in the operating statement.

Authorized Investments

The following table identifies the investment types that are authorized for the City by the California Government Code and the City’s investment policy. The table also identifies certain provisions of the California Government Code (or the City’s investment policy, if more restrictive) that address interest rate risk, credit risk, and concentration of credit risk. This table does not address investments of debt proceeds held by bond trustees that are governed by provisions of debt agreements of the City, rather than the general provisions of the California Government Code or the City’s investment policy.

259
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

40 Note 3: Cash and Investments (Continued)

Authorized Investment TypeMaximum MaturityMaximum Percentage of PortfolioMaximum Investment in One IssuerU.S. Treasury 5 years None NoneMoney Market Mutual Funds N/A 20% 5%Certificates of Deposit 5 years None NonePlacement Service Bank Deposits 5 years 30% $250,000Local Agency Investment Fund (LAIF) N/A None $75,000,000Local Government Investment Pools N/A None NoneFederal Agency Securities 5 years None NoneBanker’s Acceptances 180 days 40% 5%Commercial Paper 270 days 25% 10%Medium-Term Notes 5 years 30% 5%Negotiable Certificates of Deposit 5 years 30% 5%Municipal Obligations 5 years 30% 5%Asset-Backed Securities 5 years 20% 5%Supranationals 5 years 30% None Disclosures Relating to Interest Rate Risk

Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Generally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates. One of the ways that the City manages its exposure to interest rate risk is by purchasing a combination of shorter term and longer-term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations. Information about the sensitivity of the fair values of the City’s investments to market interest rate fluctuation are presented below:

Investment TypeLess than 1 Year1 to 3 Years4 to 5 Years TotalLocal Agency Investment Fund 72,678,807$ -$ -$ 72,678,807$ California Asset Management Program 134,995,999 - - 134,995,999 Federal Agency Securities - 2,384,049 5,801,276 8,185,325 Medium-Term Notes 132,218 4,023,015 3,840,971 7,996,204 U.S. Treasury 3,213,204 7,568,120 9,007,705 19,789,029 Asset-Backed Securities - 283,150 2,982,942 3,266,092 Bank Notes - 939,716 - 939,716 Municipal Obligations 285,000 - - 285,000 Negotiable Certificates of Deposit - 365,003 - 365,003 Total investments 211,305,228$ 15,563,053$ 21,632,894$ 248,501,175$ Remaining Investment Maturities 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.
260
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

41 Note 3: Cash and Investments (Continued)

Information about the minimum rating required by the California Government Code, the City's investment policy, or debt agreements, and the actual rating, as of year-end for each type of investment held by the City can be found below:

Investment TypeTotal as of June 30, 2025Minimum Legal Rating RatingLocal Agency Investment Fund 72,678,807$ None Not RatedCalifornia Asset Management Program 134,995,999 None AAAmFederal Agency Securities 8,185,325 None AA+Medium-Term Notes 7,996,204 A A - AAAU.S. Treasury 19,789,029 None AA+Asset-Backed Securities 3,094,512 AA AAAAsset-Backed Securities 171,580 AA Not RatedBank Notes 939,716 A A+Municipal Obligations 285,000 A AANegotiable Certificates of Deposit 365,003 None A+Total investments 248,501,175$ Custodial of Credit Risk

For the fiscal year ended June 30, 2025, there are no investments in any one issuer (other than U.S. Treasury securities, mutual funds, and external investment pools) that represent 5% or more of total City’s investments.

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 its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the failure of the counterparty (e.g. broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits.

The California Government Code requires that a financial institution secure deposits made by state or local government units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The fair value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by the public agencies. California law also allows financial institutions to secure deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. At June 30, 2025, the City deposits (bank balances) were collateralized under California Law.
261
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

42 Note 3: Cash and Investments (Continued)

Investment in Investment Pools

The City is a voluntary participant in the Local Agency Investment Fund (LAIF) that is regulated by California Government Code under the oversight of the Treasurer of the State of California.

The fair value of the City’s investment in this pool is reported in the accompanying financial statements at amounts based on the City’s pro- rata share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio). The balance available for withdrawal is based on the accounting records maintained by LAIF, which are recorded on an amortized cost basis. LAIF is a governmental investment pool managed and directed by the California State Treasurer and is not registered with the Securities and Exchange Commission.

An oversight committee comprised of California State officials and various participants provide oversight to the management of the fund. The daily operations and responsibilities of LAIF fall under the auspices of the State Treasurer’s office. The maximum investment in LAIF is $75,000,000.

The California Asset Management Program (the CAMP) is a public joint powers authority which provides California Public Agencies with investment management services for surplus funds and comprehensive investment management, accounting and arbitrage rebate calculation services for proceeds of tax-exempt financings. The CAMP currently offers the Cash Reserve Portfolio, a short-term investment portfolio, as a means for Public Agencies to invest these funds. Public Agencies that invest in the Pool (Participants) purchase shares of beneficial interest. Participants may also establish individual, professionally managed investment accounts (Individual Portfolios) by separate agreement with the Investment Advisor.

The City has a separate account in the Investment Advisor to manage part of the CAMP portfolio.

Investments in the Pools and Individual Portfolios are made only in investments in which Public Agencies generally are permitted by California statute. The CAMP may reject any investment and may limit the size of a Participant’s account. The Pool seeks to maintain, but does not guarantee, a constant net asset value of $1.00 per share. A Participant may withdraw funds from its Pool accounts at any time by check or wire transfers. Requests for wire transfers must be made by 9:00 a.m. that day. Fair value of the Pool is determined by the fair value per share of the Pool’s underlying portfolio.

262
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

43 Note 4: Fair Value Measurements

GAAP provides the framework for measuring fair value. The framework provides a fair value hierarchy that prioritizes the inputs to valuation techniques used to measure fair value with Level 1 given the highest priority and Level 3 the lowest priority. The three levels of the fair value hierarchy are as follows:

Level 1 inputs are quoted prices (unadjusted) in active markets for identical assets or liabilities that the organization has the ability to access at the measurement date.

Level 2 inputs are inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 2 inputs include the following:
 Quoted prices for similar assets or liabilities in active markets.  Quoted prices for identical or similar assets or liabilities in markets that are not active.  Inputs other than quoted prices that are observable for the asset or liability (for example, interest rates and yield curves observable at commonly quoted intervals, volatilities, prepayment speeds, loss severities, credit risks, and default rates).  Inputs that are derived principally from or corroborated by observable market data by correlation or other means (market-corroborated inputs).

Level 3 inputs are unobservable inputs for the asset or liability.

Fair value of assets measured on a recurring basis as of June 30, 2025, are as follows:

Investment Type Quoted Prices Level 1 Observable Inputs Level 2 Unobservable Inputs Level 3 TotalFederal Agency Securities -$ 8,185,325$ -$ 8,185,325$ Medium-Term Notes - 7,996,204 - 7,996,204 U.S. Treasury - 19,789,029 - 19,789,029 Asset-Backed Securities - 3,266,092 - 3,266,092 Bank Notes - 939,716 - 939,716 Municipal Obligations - 285,000 - 285,000 Negotiable Certificates of Deposit - 365,003 - 365,003 Total Leveled Investments -$ 40,826,369$ -$ 40,826,369 Investments Not Subject toFair Value Hierarchy:Local Agency Investment Fund 72,678,807 California Asset Management Program 134,995,999 Total 248,501,175$ Fair values for investments are determined by using a matrix pricing technique. Matrix pricing is used to value securities based on the security’s relationship to benchmark quoted prices.

Uncategorized investments do not fall under the fair value hierarchy as there is no active market for the investments.

263
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

44 Note 5: Interfund Receivables, Payables and Transfers

Due to/From Other Funds

Current interfund balances as of June 30, 2025, consisted of the following:

Miscellaneous Grants Fund TUMF Fund TotalDue from Other Funds:General Fund 3,871,811$ 2,511,238$ 6,383,049$ Due to Other Funds:

The Due to General Fund from the Miscellaneous Grants Fund and TUMF Fund was a result of temporary cash shortfalls recorded in those funds.

Transfers

Interfund transfers are as follows:

Transfers In General FundMiscellaneous Grants FundDevelopment Impact FeesNonmajor Governmental Funds TotalGeneral Fund -$ 855$ 1,819$ 508,587$ 511,261$ Capital Projects Funds 12,222,690 - - - 12,222,690 Miscellaneous Grants Fund 4,000 - - - 4,000 TUMF Fund 120 - - - 120 Nonmajor Governmental Funds 11,336 - - 617 11,953 Total 12,238,146$ 855$ 1,819$ 509,204$ 12,750,024$ Transfers Out Transfers are used to provide services and construct assets between funds.

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264
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

45 Note 6: Capital Assets

Capital asset activity for the year ended June 30, 2025, was as follows:

DescriptionBeginning Balance Additions DeletionsEnding BalanceNon-depreciable:Land 9,902,743$ 12,221,571$ -$ 22,124,314$ Construction in process 33,525,311 16,425,596 35,035,178 14,915,729 Total non-depreciable 43,428,054 28,647,167 35,035,178 37,040,043 Depreciable:Buildings 9,374,448 - - 9,374,448 Right-to-use Lease Buildings 770,949 457,486 - 1,228,435 Leasehold Improvements 49,245 - - 49,245 Improvements - 627,530 - 627,530 Vehicles 2,619,494 115,290 68,251 2,666,533 Furniture and Fixtures 83,148 - - 83,148 Machinery and Equipment 1,072,139 28,367 - 1,100,506 Right-to-use Lease Machinery and Equipment 103,054 - - 103,054 Software 480,412 - - 480,412 Right-to-use- IT Subscriptions 1,021,059 413,964 - 1,435,023 Infrastructure 301,937,300 35,796,511 - 337,733,811 Total depreciable capital assets 317,511,248 37,439,148 68,251 354,882,145 Less accumulated depreciation/amortization for:Buildings 1,495,515 192,795 - 1,688,310 Right-to-use Lease Buildings 75,215 356,774 - 431,989 Leasehold Improvements 43,518 2,402 - 45,920 Improvements - 62,753 - 62,753 Vehicles 1,241,599 348,854 63,751 1,526,702 Furniture and Fixtures 41,677 8,315 - 49,992 Machinery and Equipment 850,779 111,831 - 962,610 Right-to-use Lease Machinery and Equipment 66,985 20,611 - 87,596 Software 480,411 - - 480,411 Right-to-use- IT Subscriptions 343,262 403,630 - 746,892 Infrastructure 88,743,718 7,919,961 - 96,663,679 Total accumulated depreciation/amortization 93,382,679 9,427,926 63,751 102,746,854 Total depreciable capital assets, net 224,128,569 28,011,222 4,500 252,135,291 Total capital assets, net 267,556,623$ 56,658,389$ 35,039,678$ 289,175,334$ Depreciation/amortization expense was charged in the following functions in the Statement of Activities:

General Government 795,459$ Public Safety 497,208 Public Works 8,135,259 Total 9,427,926$

265
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

46 Note 7: Long-Term Liabilities

Long-term liability activity for the year ended June 30, 2025, was as follows:

Beginning Balance Additions DeletionsEnding BalanceAmounts Due within One YearCompensated Absences* 459,211$ 298,739$ -$ 757,950$ 189,488$ Subscriptions Payable 562,139 401,314 433,617 529,836 398,343 Leases Payable 740,572 234,898 304,800 670,670 323,405 Total 1,761,922$ 934,951$ 738,417$ 1,958,456$ 911,236$ *the net change is shown for compensated absences

Note 8: Leases

a. Lease Receivable

In June 2018 (recognized in fiscal year 2021), the City leased land real estate to a third party.

The lease is for twenty years and the City will receive monthly payments of $2,500. The City recognized $26,052 in lease revenue and $8,561 in interest revenue during the current fiscal year related to this lease. As of June 30, 2025, the City’s receivable for lease payments was $506,354.

Also, the City has a deferred inflow of resources associated with the lease that will be recognized as revenue over the lease term. As of June 30, 2025, the balance of the deferred inflow of resources was $449,979.

b. Leases Payable

In April 2021, the City entered into a five-year lease agreement as lessee for the acquisition and use of copier equipment. An initial lease liability was recorded in the amount of $103,054. As of June 30, 2025, the value of the lease liability was $16,880. The City is required to make monthly principal and interest payments of $1,890. The lease has an interest rate of 1.91%. The equipment has a five-year estimated useful life. The value of the right-to-use asset and related accumulated amortization are presented on Note 6.

In June 2021, the City entered into a three-year lease agreement as lessee for the use of building space. In March 2024, the City terminated the original lease agreement and entered into an updated three-year lease agreement as lessee for the use of building space with the addition of a third space. An initial lease liability was recorded in the amount of $770,949. In May 2025, an additional expansion was added, per the March 2024 agreement, recorded in the amount of $453,466. As of June 30, 2025, the value of the lease liability was $653,790. The City is required to make monthly principal and interest payments of $29,397. The lease has an interest rate of

2.02%. The building space has a three-year estimated useful life. The value of the right-to-use asset and related accumulated amortization are presented on Note 6. 266
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

47 Note 8: Leases (Continued)

b. Leases Payable (Continued)

The future principal and interest lease payments are as follows:

Year Ending June 30, Principal Interest Total2026 323,405$ 12,963$ 336,368$ 2027 323,889 5,046 328,935 2028 23,376 57 23,433 Total 670,670$ 18,066$ 688,736$ c. Subscriptions Payable

As of June 30, 2024, the City had 7 active subscriptions. The subscriptions have payments that range from $5,408 to $183,000 and interest rates that range from 2.184% to 3.217%. As of June 30, 2025, the total combined value of the subscription liability is $529,836 and the total combined value of the short-term subscription liability is $398,343. The combined value of the right to use asset, as of June 30, 2025, of $1,435,023 with accumulated amortization of $746,892.

The future principal and interest subscription payments are as follows:

Year Ending June 30, Principal Interest Total2026 398,343$ 14,607$ 412,950$ 2027 131,493 3,430 134,923 Total 529,836$ 18,037$ 547,873$

Note 9: Defined Benefit Pension Plans

General Information about the Pension Plans

Plan Descriptions

All qualified permanent and probationary employees are eligible to participate in the Public Agency Cost-Sharing Multiple-Employer Defined Benefit Pension Plan (Plan or PERF C) administered by the California Public Employees’ Retirement System (CalPERS.) The Plan consists of a miscellaneous pool and a safety pool (also referred to as “risk pools”), which are comprised of individual employer miscellaneous and safety rate plans, respectively. Plan assets may be used to pay benefits for any employer rate plan of the safety and miscellaneous pools. Accordingly, rate plans within the safety or miscellaneous pools are not separate plans under generally accepted accounting principles. Individual employers may sponsor more than one rate plan in the miscellaneous or safety risk pools. The City participates in two miscellaneous rate plans. Benefit provisions under the Plan are established by State statute and City resolution. CalPERS issues publicly available reports that include a full description of the pension plan regarding benefit provisions, assumptions and membership information that can be found on the CalPERS’ website, at www.calpers.ca.gov.

267
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

48 Note 9: Defined Benefit Pension Plans (Continued)

Benefits Provided

CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full-time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for non-duty disability benefits after 5 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

The Plan operates under the provisions of the California Public Employees’ Retirement Law (PERL), the California Public Employees’ Pension Reform Act of 2013 (PEPRA), and the regulations, procedures and policies adopted by the CalPERS Board of Administration. The Plan’s authority to establish and amend the benefit terms are set by the PERL and PEPRA, and may be amended by the California state legislature and in some cases require approval by the CalPERS Board.

The rate plan provisions and benefits in effect as of June 30, 2025, are summarized as follows:

Hire DatePrior to January 1, 2013 On or after January 1, 2013Benefit formula 2.7% @ 60 2.0% @ 62Benefit vesting schedule 5 years service 5 years serviceBenefit payments monthly for life monthly for lifeRetirement age 50 - 55+ 52 - 67+Monthly benefits, as a % of eligible compensation 1.092% to 2.418% 1.0% to 2.5%Required employee contribution rates 7.00% 7.75%Required employer contribution rates 10.15% 7.87%Miscellaneous Contributions

Section 20814(c) of the California Public Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers are 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. Employer contribution rates may change if plan contracts are amended. Payments made by the employer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions. Employer contributions to the Plan for the fiscal year ended June 30, 2025, were $565,074.

268
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

49 Note 9: Defined Benefit Pension Plans (Continued)

Net Pension Liability

The City’s net pension liability for the Plan is measured as the total pension liability, less the pension plan’s fiduciary net position. The net pension liability of the Plan is measured as of June 30, 2024, using an annual actuarial valuation as of June 30, 2023, rolled forward to June 30, 2024, using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is as follows.

Actuarial Methods and Assumptions Used to Determine Total Pension Liability

The collective total pension liability for the June 30, 2024, measurement period was determined by an actuarial valuation as of June 30, 2023, with update procedures used to roll forward the total pension liability to June 30, 2024. The collective total pension liability was based on the following assumptions:

MiscellaneousValuation date June 30, 2023Measurement date June 30, 2024Actuarial cost method Entry-Age Normal Cost MethodAsset Valuation Method Fair Value of AssetsActuarial assumptions:Discount rate 6.90%Inflation 2.50%Salary increases Varies by Entry Age and ServiceMortality Rate Table(1)Derived using CalPERS' membership data for all fundsPost retirement benefit increases (2)Notes(1)The mortality table used was developed based on CalPERS-specific data. The rates incorporateGenerational Mortality to capture ongoing mortality improvement using 80% of Scale MP-2020 published bythe Society of Actuaries. For more details, please refer to the 2021 experience study report from November 2021 that can be found on the CalPERS Website.(2)The lesser of contract COLA or 2.3% until Purchasing Power Protection Allowance floor on purchasingpower applies, 2.3% thereafter.

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.
269
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

50 Note 9: Defined Benefit Pension Plans (Continued)

The expected real rates of return by asset class are as follows:

Asset ClassAssumed Asset AllocationReal Return Years 1-10 (a)(b)Global equity-cap-weighted 30.0% 4.45%Global equity non-cap-weighted 12.0% 3.84%Private equity 13.0% 7.28%Treasury 5.0% 0.27%Mortgage-backed Securities 5.0% 0.50%Investment Grade Corporates 10.0% 1.56%High Yield 5.0% 2.27%Emerging Market Debt 5.0% 2.48%Private Debt 5.0% 3.57%Real Assets 15.0% 3.31%Leverage -5.0% -0.59%Total 100%(a) An expected inflation of 2.30% used for this period.(b) Figures are based on the 2021-2022 Asset Liability Management study.

Discount Rate

The discount rate used to measure the total pension liability for PERF C 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.

Subsequent Events

There were no subsequent events that would materially affect the results presented in this disclosure.

270
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

51 Note 9: Defined Benefit Pension Plans (Continued)

Pension Plan Fiduciary Net Position

Information about the pension plan’s assets, deferred outflows of resources, liabilities, deferred inflows of resources, and fiduciary net position are presented in CalPERS’ audited financial statements, which are publicly available reports that can be obtained at CalPERS’ website, at www.calpers.ca.gov. The plan’s fiduciary net position and additions to/deductions from the plan’s fiduciary net position have been determined on the same basis used by the pension plan, which is the economic resources measurement focus and the accrual basis of accounting. Benefits and refunds are recognized when due and payable in accordance with the terms of the plan.

Investments are reported at fair value.

Proportionate Share of Net Pension Liability

The following table shows the City’s proportionate share of the Plan’s total pension liability over the measurement period.

Increase (Decrease)Proportionate Share of Total Pension LiabilityProportionate Share of Fiduciary Net PositionProportionate Share of Net Pension LiabilityBalance at: 6/30/2023 (VD) 3,789,783$ 3,489,039$ 300,744$ Balance at: 6/30/2024 (MD) 4,673,517 4,360,073 313,444 Net Changes during 2023-24 883,734$ 871,034$ 12,700$ VD: Valuation Date, MD:Measurement Date The City’s proportion of the total pension liability was determined by CalPERS using the output from the Actuarial Valuation System and the fiduciary net position, as provided in the CalPERS Public Agency Cost-Sharing Allocation Methodology Report, which is a publicly available report that can be obtained at CalPERS’ website, at www.calpers.ca.gov. The City’s proportionate share of the total pension liability for the miscellaneous Plan as of the June 30, 2024 and 2025 fiscal year end dates was as follows:

MiscellaneousProportion - June 30, 2024 0.00601%Proportion - June 30, 2025 0.00648%Change - Increase (Decrease) 0.00047%

271
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

52 Note 9: Defined Benefit Pension Plans (Continued)

Sensitivity of the Proportionate Share of the Net Pension Liability to Changes in the Discount Rate

The following presents the City’s proportionate share of the net pension liability of the Plan as of the measurement date, calculated using the discount rate of 6.9 percent, as well as what the net pension liability would be if it were calculated using a discount rate that is 1 percentage-point lower (5.9 percent) or 1 percentage-point higher (7.9 percent) than the current rate:

Discount Rate - 1%(5.9%)Current DiscountRate (6.9%)Discount Rate + 1%(7.9%)Plan's Net Pension Liability/(Asset) 944,090$ 313,444$ (205,671)$ Amortization of Deferred Outflows and Deferred Inflows of Resources

Gains and losses related to changes in total pension liability and fiduciary net position are recognized in pension expense systematically over time.

The first amortized amounts are recognized in pension expense for the year the gain or loss occurs. The remaining amounts are categorized as deferred outflows and deferred inflows of resources related to pensions and are to be recognized in future pension expense.

The amortization period differs depending on the source of the gain or loss:

Net difference between
projected and actual
earnings on pension plan
investments

5-year straight-line amortization
All other amounts Straight-line amortization over the expected average remaining service lives (EARSL) of all
members that are provided with benefits (active,
inactive and retired) as of the beginning of the
measurement period

Pension Expense and Deferred Outflows and Deferred Inflows of Resources Related to Pensions
As of the start of the measurement period (July 1, 2023), the City’s total pension liability was $300,744. For the measurement period ending June 30, 2024 (the measurement date), the City incurred a pension expense of $445,295.

272
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

53 Note 9: Defined Benefit Pension Plans (Continued)

As of June 30, 2025, the City has deferred outflows and deferred inflows of resources related to pensions as follows:

Deferred Outflows of ResourcesDeferred Inflows of ResourcesPension contributions subsequent to 565,074$ -$ measurement dateChange in proportion 142,667 - Difference in actual contributions vs.proportionate share of contributions 398,667 - Difference between expected andactual experience 27,100 (1,057) Differences between projected andactual earnings on plan investments 18,045 - Change in assumptions 8,055 - Total 1,159,608$ (1,057)$ The amounts above are net of outflows and inflows recognized in the 2023-24 measurement period expense. Contributions subsequent to the measurement date of $565,074 reported with deferred outflows of resources will be recognized as a reduction of the net pension liability in the upcoming fiscal year. Other amounts reported as deferred outflows and deferred inflows of resources related to pensions will be recognized in future pension expense as follows:

Year Ended June 30,Deferred Outflows/Inflows of Resources2026 284,693$ 2027 235,581 2028 79,387 2029 (6,184) Thereafter - Payable to the Pension Plan

As of June 30, 2025, the City reported a payable of $0 for the outstanding amount of contributions to the pension plan required for the year then ended.

273
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

54 Note 10: Other Post-Employment Benefit (OPEB) Plan

Plan Description

The City’s defined benefit postemployment healthcare plan provides medical benefits to eligible retired employees and qualified dependents. The Plan is part of the Public Agency portion of the California Employers’ Retiree Benefit Trust Fund (CERBT), an agent multiple-employer plan administered by California Public Employees’ Retirement System (CalPERS), which acts as a common investment and administrative agent for participating public employers within the State of California. A menu of benefit provisions as well as other requirements is established by State statute within the Public Employees’ Retirement Law. CalPERS issues an Annual Comprehensive Financial Report. The Annual Comprehensive Financial Report is issued in aggregate and includes the sum of all CalPERS plans. Copies of the CalPERS ACFR may be obtained from the CalPERS Executive Office, 400 P Street, Sacramento, California 95814.

Funding Policy

The contribution requirements of the City are established and may be amended by the City Council.

Employees Covered

As of December 31, 2023, actuarial valuation, the following current and former employees were covered by the benefit terms under the Plan:

Active employee 55 Inactive employees or beneficiaries currently receiving benefits 1 Inactive employees entitled to, but not yet receiving benefits - Total 56 Contributions

The annual contribution is based on the actuarially determined contribution. For the fiscal year ended June 30, 2025, the City’s cash contributions were $81,405 to the trust.

274
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

55 Note 10: Other Post-Employment Benefit (OPEB) Plan (Continued)

Net OPEB Liability

The City’s net OPEB liability (asset) was measured as of June 30, 2025, and the net OPEB liability (asset) used to calculate the net OPEB liability (asset) was determined by an actuarial valuation dated December 31, 2023 based on the following actuarial methods and assumptions:

Actuarial Assumptions:Discount Rate 6.20%Inflation 2.50%Salary Increases 3.00% per yearInvestment Rate of Return 6.20%, net of expensesMortality Improvement MacLeod Watts Scale 2022 applied generationally from 2017Pre-Retirement Turnover (1) Derived using CalPERS Membership Date for all fundsHealthcare Trend Rate 6.5% in 2025 decreasing to 3.9% by 2075(1) The pre-retirement turnover information was developed based on CalPERS specific data. For moredetails, please refer to the 2007 to 2011 Experience Study Report. The Experience Study Report may be accessed on the CalPERS website www.calpers.ca.gov under Forms and Publications.

The long-term expected rate of return on OPEB plan investments was determined using a building block method in which best-estimate ranges of expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of return by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. Best estimates of arithmetic real rates of return for each major asset class included in the OPEB plan’s target asset are summarized in the following table:

Asset ClassTarget AllocationLong-Term Expected Real Rate ReturnGlobal equity 34.0% 4.70%Fixed income 41.0% 2.60%TIPS 5.0% 1.40%REITS 17.0% 4.00%Commodities 3.0% 2.00%Total 100.0%

275
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

56 Note 10: Other Post-Employment Benefit (OPEB) Plan (Continued)

Discount Rate

The discount rate used to measure the net OPEB liability was 6.20%. 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 projects benefit payments to determine the net OPEB liability.

Changes in the Net OPEB Liability (Asset)

The changes in the net OPEB liability (asset) for the Plan are as follows:

Total OPEB Liability (a)Plan Fiduciary Net Position (b)Net OPEB Liability/(Asset) (c)=(a)-(b)Balance at Fiscal Year Ending 6/30/24Measurement Date 6/30/2024 272,246$ 362,826$ (90,580)$ Changes During the Period:Service Cost 76,116 - 76,116 Interest Cost 19,820 - 19,820 Changes of Assumptions (26,554) - (26,554) Contributions - Employer - 81,405 (81,405) Net Investment Income - 39,512 (39,512) Benefit Payments (7,318) (7,318) - Administrative Expense - (125) 125 Net Changes 62,064 113,474 (51,410) Balance at Fiscal Year Ending 6/30/25Measurement Date 6/30/25 334,310$ 476,300$ (141,990)$ Increase (Decrease) Change of Assumptions

The trust rate of return and discount rate increased from 5.75% to 6.20%, net of plan investment expenses, based on updated projected annual benefits applied to the most recent CalPERS information on expected investment returns (June 2024).

Sensitivity of the Total OPEB Net (Asset) to Changes in the Discount Rate

The following presents the net OPEB liability (asset) of the City if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2025:

1% Decrease 5.20%Current Discount Rate 6.20%1% Increase 7.20%(78,932)$ (141,990)$ (192,034)$ 276
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

57 Note 10: Other Post-Employment Benefit (OPEB) Plan (Continued)

Sensitivity of the Total OPEB Liability (Asset) to Changes in the Health Care Cost Trend Rates

The following presents the total OPEB liability (asset) of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2025:

1% DecreaseCurrent Health Care Cost Trent Rates 1% Increase(206,455)$ (141,990)$ (54,480)$ OPEB Plan Fiduciary Net Position

CERBT issues a publicly available financial report that may be obtained from the California Public Employees Retirement System Executive Office, 400 P Street, Sacramento, California 95814.

Recognition of Deferred Outflows and Deferred Inflows of Resources

Gains and losses related to changes in total OPEB liability and fiduciary net position are recognized in OPEB expense systematically over time.

Amounts are first 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 recognition period differs depending on the source of the gain or loss:

Net deferred outflow of resources related to OPEB plan 5 yearsAll other amounts Expected average remaining servicelifetime (EARSL) OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB

For the fiscal year ended June 30, 2025, the City recognized OPEB expense of $67,422. As of fiscal year ended June 30, 2025, the City reported deferred outflows of resources related to OPEB from the following services:

Deferred Outflows of ResourcesDeferred Inflows of ResourcesChange of assumptions 10,348$ (44,243)$ Difference between expected andactual experience 4,320 (72,782) Net difference between projected andactual earnings on investments - (5,836) Total 14,668$ (122,861)$

277
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

58 Note 10: Other Post-Employment Benefit (OPEB) Plan (Continued)

There were no deferred outflows of resources related to contributions subsequent to the June 30, 2025, measurement date as the valuation was for the same reporting period. Other amounts reported as deferred outflows of resources related to OPEB will be recognized as expense as follows:

Year Ended June 30Deferred Outflows/(Inflows) of Resources2026 (2,699)$ 2027 (12,401) 2028 (14,219) 2029 (12,948) 2030 (9,645) Thereafter (56,281)

Note 11: Risk Management

The City is a member of the Public Entity Risk Management Authority (PERMA), a joint powers insurance authority formed under Section 990 of the California Government Code for the purpose of jointly funding programs of insurance coverage for its members. PERMA is comprised of thirty- two participating member agencies: twenty-one cities, four transit agencies, and six special districts. The City participates in the liability, workers compensation, property, auto physical damage, cyber, deadly weapon response program, employment practices and crime insurance programs of PERMA.

The Liability Program provides defense and indemnity coverage against claims and suits arising from covered occurrences. It provides $50 million in broad form general liability coverage, which includes auto liability, bodily injury and property damage, personal injury, and public officials errors and omissions. The City of Eastvale has a $50,000 member retention.

The Workers’ Compensation program provides statutory benefits for employee injuries arising out of and in the course of employment. It provides statutory limits in workers’ compensation coverage and $5,000,000 in employers’ liability coverage. The City of Eastvale has a $50,000 member retention.

The all-risk property program provides coverage on a replacement cost basis. The all-risk coverage includes a $100 million limit, a $100,000 pool deductible, and a $10,000 member deductible for the City of Eastvale.

The auto physical damage program provides coverage to member-owned vehicles. Members schedule the vehicles, and coverage is available on a replacement cost basis.

The Employment Practice Liability (EPL) program provides coverage for employment related lawsuits, such as wrongful termination and discrimination, through participation in the Employment Risk Management Authority (ERMA). ERMA provides $1 million in employment practices liability coverage. Additional limits are provided by PRISM. The city has a $25,000 member retention.

278
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

59 Note 11: Risk Management (Continued)

The Cyber Liability program provides coverage for information security & privacy liability, privacy notification costs, regulatory defense & penalties, website media content liability, cyber extortion, first party data protection & business interruption losses.

The Alliant Deadly Weapon Response Program provides coverage for 3rd-party injuries while on Member property, including defense costs, for which the Member is legally liable where a weapon has been used or brandished. Weapon is broadly defined and can also include vehicles. The program also covers crisis management services and 1st-party property damage, including business interruption.

The Crime Coverage program provides public employee dishonesty, forgery or alteration, and computer fraud coverage with the various coverage limits available

Note 12: Net Position and Fund Balance

Fund Balance

The City has established certain fund balance designations to report the amounts in the following funds, which represent available spendable resources restricted, committed or assigned for a specific purpose:

General Fund Miscellaneous Grants Fund TUMF Fund Development Impact Fees Capital Grants Fund Non-major Governmental Funds Total RestrictedStreet maintenance/projects -$ -$ -$ -$ -$ 21,724,061$ 21,724,061$ Lighting and landscape maintenance - - - - - 5,244,503 5,244,503 AQMD projects - - - - - 337,849 337,849 Capital projects city facilities - - - 3,181,774 26,063,893 34,726 29,280,393 Fire operations/improvements 22,889,009 - - - - - 22,889,009 Other purposes - 4,678 - - - 28,073 32,751 Total Restricted 22,889,009 4,678 - 3,181,774 26,063,893 27,369,212 79,508,566 CommittedLibrary Construction 10,200,000 - - - - - 10,200,000 Police Substation Construction 9,300,000 - - - - - 9,300,000 Police safety rate increase stabilization 3,000,000 - - - - - 3,000,000 Pension liability 2,500,000 - - - - - 2,500,000 City Hall Construction 33,000,000 - - - - - 33,000,000 Equipment purchase, fire truck 1,734,498 - - - - - 1,734,498 Appropriations limit qualified capital outlay 51,875,531 - - - - - 51,875,531 Debt service reserve: Civic Center 7,000,000 - - - - - 7,000,000 Total Committed 118,610,029 - - - - - 118,610,029 AssignedOperating Reserve 19,564,912 - - - - - 19,564,912 Cash Flow: CIP Grants 6,500,000 - - - - - 6,500,000 Cash Flow: Special Revenue Fund Negative Fund Balance 177,584 - - - - - 177,584 Loan Program: Business Incentive Loan 230,000 - - - - - 230,000 Land Purchases 12,000,000 - - - - - 12,000,000 Financial System Implementation 1,000,000 - - - - - 1,000,000 Civic Center Reserve 26,589,971 - - - - - 26,589,971 Total Assigned 66,062,467 - - - - - 66,062,467 Unassigned 15,707,790 - - - - - 15,707,790 Totals 223,269,295$ 4,678$ -$ 3,181,774$ 26,063,893$ 27,369,212$ 279,888,852$ Net Position

The details of the restricted other purposes in the Statement of Net Position are presented below:

Statement of Net PositionNet OPEB asset $ 141,990 Benefit Assessment 21,992 PEG Grant 6,081 170,063$

279
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

60 Note 13: Joint Ventures

The Western Riverside County Regional Conservation Authority (“Authority”) was created in 2004 to protect 146 native species of plants and animals and preserving a half million acres of their habitat. Resolution 10-28, signed October 1, 2010, authorized the City Manager to pursue membership in the Riverside Conservation Authority, which would also fulfil one of the LAFCO’s conditions of incorporation for the City. Resolution 10-48, signed December 8, 2010, authorized the Mayor to sign the Joint Powers Agreement with the Riverside Conservation Authority and the agreement with the U.S. Fish and Wildlife Service and California Department of Fish and Game relating to the implementation of the Western Riverside County Multiple Species Habitat Conservation Plan.

There will also be some additional (and unquantifiable) expenses associated with the City’s interaction with the Authority. However, these additional expenses are expected to be relatively minor. There will be staff costs associated with locally implementing the program, which will be borne by the general fund for City projects and for the periodic reports to the Authority, and by landowners and developers through the City’s full cost recovery program for private development applications. Copies of the Authority’s annual financial report may be obtained from the Western Riverside County Regional Conservation Authority Riverside Centre Building at 3403 10th Street, Suite 320, Riverside, CA 92501.

Note 14: Tax Abatements

In accordance with Chapter 4.12 of the Eastvale Municipal Code, the City provides sales tax rebates to a local sales tax generator based on sales tax generated at a site developed within the City of Eastvale. The City entered into an economic development agreement for sales tax rebates with Rivian, LLC, in order to establish a significant tax-generating business, jobs, and occupancy of property within City boundaries. The rebates are calculated based on the total taxes generated by the business.

For the fiscal year ended June 30, 2025, the City abated local sales tax totaling $447,280.

Note 15: Restatement of Fund Balance

During the fiscal year 2025, the City had a change within the financial reporting entity as follows:

Development Impact Fees Non-major Governmental Funds June 30, 2024 as previously reported -$ 25,706,121$ Change from non-major to major fund 2,675,631 (2,675,631) June 30, 2024 as restated and adjusted 2,675,631$ 23,030,490$ Reporting Units Affected by Adjustments to and Restatements of Governmental Funds

280
City of Eastvale

Notes to Financial Statements
For the Fiscal Year Ended June 30, 2025

61 Note 16: Subsequent Events

Subsequent to year-end, on July 31, 2025, the Eastvale Public Financing Authority (the Authority) issued Lease Revenue Bonds in the aggregate principal amount of $57,715,000 through a Joint Powers Agreement with the City of Eastvale (the City). The bonds were issued to finance capital improvements and related project costs of the Authority. The bonds are payable from lease payments made by the City under a lease agreement and are secured by the revenues pledged under the bond indenture.

Management has evaluated subsequent events through the date the financial statements were available to be issued and determined that the bond issuance represents a non-recognized subsequent event. Accordingly, the accompanying financial statements do not reflect the financial impact of this transaction.

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REQUIRED SUPPLEMENTARY

INFORMATION (UNAUDITED)

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City of Eastvale

Required Supplementary Information
Schedule of City’s Proportionate Share of the Total Pension Liability and Related Ratios CalPERS Pension Plan
For the Last Ten Years

62 Measurement Date Employer's Proportion of the Collective Total Pension Liability1Employer's Proportionate Share of the Collective Total Pension Liability Covered PayrollEmployer's Proportionate Share of the Collective Total Pension Liability as a percentage of the Covered PayrollPension Plan's Fiduciary Net Position as a percentage of the Total Pension LiabilityJune 30, 2015 -0.00007% (1,555)$ 628,256$ -0.25% 78.40%June 30, 2016 0.00041% 14,412 575,155 2.51% 74.06%June 30, 2017 0.00089% 35,121 578,739 6.07% 73.31%June 30, 2018 0.00077% 29,187 809,185 3.61% 75.26%June 30, 2019 0.00128% 51,218 1,479,268 3.46% 75.26%June 30, 2020 0.00180% 73,969 2,154,841 3.43% 75.10%June 30, 2021 -0.00860% (163,759) 2,588,113 -6.33% 88.29%June 30, 2022 0.00115% 53,679 2,377,036 2.26% 76.68%June 30, 2023 0.00241% 300,744 5,590,286 5.38% 76.21%June 30, 2024 0.00259% 313,444 5,502,857 5.70% 78.08%1 Proportion of the net pension liability represents the plan's proportion of PERF C, which includes both the Miscellaneous and Safety Risk Pools excluding the 1959 Survivors Risk Pool.

285
City of Eastvale

Required Supplementary Information
Schedule of City’s Contributions
CalPERS Pension Plan
For the Last Ten Years

63 Fiscal YearActuarially Determined ContributionContribution in Relation to the Actuarially Determined ContributionContribution Deficiency (Excess) Covered Payroll1Contributions as a Percentage of Covered PayrollJune 30, 2016 38,874$ (38,874)$ -$ 575,155$ 6.76%June 30, 2017 41,112 (41,112) - 578,739 7.10%June 30, 2018 56,387 (56,387) - 809,185 6.97%June 30, 2019 121,361 (121,361) - 1,479,268 8.20%June 30, 2020 167,959 (167,959) - 2,154,841 7.79%June 30, 2021 253,472 (253,472) - 2,577,036 9.84%June 30, 2022 342,270 (342,270) - 3,701,391 9.25%June 30, 2023 451,400 (451,400) - 5,540,286 8.15%June 30, 2024 452,959 (452,959) - 5,502,857 8.23%June 30, 2025 565,074 (565,074) - 6,370,715 8.87%1Covered Payroll represented above is based on pensionable earnings provided by the employer.Notes to ScheduleChanges in Benefit Terms: There were no changes to benefit terms that applied to all members of the Public Agency Pool.However, individual employers in the Plan may have provided a benefit improvement to their employees such as GoldenHandshakes, service purchases, and other prior service costs. Employers that have done so may need to report thisinformation as a separate liability in their financial statement as CalPERS considers such amounts to be separatelyfinanced employer-specific liabilities. These employers should consult with their auditors. Additionally, the figures above donot include any liability impact that occurred after the June 30, 2023, valuation date, unless the liability impact is deemed tobe material to the Public Agency Pool.Change in Assumptions: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuationdate (June 30, 2022, measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determiningthe long-term expected rate of return, CalPERS took into account long-term market return expectations as well as theexpected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changedin accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discountrate 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.

286
City of Eastvale

Required Supplementary Information
Schedule of Changes in the Total OPEB Liability (Asset) and Related Ratios For the Last Ten Years 1

64 2025 2024 2023 2022 2021 2020 2019 2018Total OPEB LiabilityService cost 76,116$ 63,142$ 61,303$ 41,998$ 40,676$ 22,958$ 26,279$ 19,154$ Interest and the total OPEB liability 19,820 16,772 12,458 12,130 8,779 7,903 7,859 2,677 Actual and expected experience difference - (11,029) - (56,729) - (35,443) (2,979) (3,628) Changes in assumptions (26,554) (21,455) - 14,304 - (1,711) (2,964) - Benefit payments (7,318) (2,441) - - - - - - Net change in total OPEB liability 62,064 44,989 73,761 11,703 49,455 (6,293) 28,195 18,203 Total OPEB liability - beginning 272,246 227,257 153,496 141,793 98,631 98,631 70,436 52,233 Total OPEB liability - ending (a) 334,310 272,246 227,257 153,496 148,086 92,338 98,631 70,436 Plan Fiduciary Net PositionContribution - employer 81,405 65,624 61,190 4,700 42,800 24,000 - - Net investment Income 39,512 23,386 10,221 (27,856) 24,047 7,205 16,882 3,730 Benefit payments (7,318) (2,441) - - - - - - Administrative expense (125) (148) (103) (297) (277) (130) (126) (74) Net change in plan fiduciary net position 113,474 86,421 71,308 18,847 66,570 31,075 16,756 3,656 Plan fiduciary net position - beginning 362,826 276,405 205,097 186,250 119,680 88,605 71,849 68,193 Plan fiduciary net position - ending (b) 476,300 362,826 276,405 205,097 186,250 119,680 88,605 71,849 Total OPEB liability (asset) ending (a)-(b)(141,990)$ (90,580)$ (49,148)$ (51,601)$ (44,457)$ (27,342)$ 10,026$ (1,413)$ Covered- employee payroll 6,753,958$ 5,360,497$ 5,540,286$ 2,744,186$ 2,664,258$ 2,257,055$ 2,105,545$ 1,113,007$ Total OPEB liability as a percentage ofcovered-employee payroll -2.10% -1.69% -0.89% -1.88% -1.67% -1.21% 0.48% -0.13%Notes to Schedulebecomes available.1 Fiscal year 2017-18 was the first year of implementation, therefore only eight years are shown.Historical information is required only for measurement periods for which GASB 75 is applicable. Future years' information will be displayed up to 10 years as information As of the fiscal year ending June 30,

287
City of Eastvale

Required Supplementary Information
Schedule of City’s Contribution – OPEB Plan
For the Last Ten Years (1)

65 Fiscal Year Measurement DateActuarially determined contribution (ADC)Contributions in relation to the actuarially determined contributions Contributions deficiency (excess)Covered-employee payrollContributions as a Percentage of Covered PayrollJune 30, 2018 6/30/2018 -$ -$ -$ 1,113,007$ 0.00%June 30, 2019 6/30/2019 - - - 2,105,545 0.00%June 30, 2020 6/30/2020 42,747 (24,000) 18,747 2,257,055 1.06%June 30, 2021 6/30/2021 44,029 (42,800) 1,229 2,664,258 1.61%June 30, 20226/30/202245,350 (47,000) (1,650) 2,744,186 1.71%June 30, 20236/30/202361,190 (61,190) - 5,540,286 1.10%June 30, 2024 6/30/2024 63,183 (65,624) (2,441) 5,360,497 1.22%June 30, 2025 6/30/2025 74,087 (81,405) (7,318) 6,753,958 1.21%Notes to schedule - assumptions used to develop ADC:Valuation date 12/31/2023 12/31/2021 12/31/2021 12/31/2019 12/31/2019 12/31/2019Actual cost method Entry Age Normal Entry Age Normal Entry Age Normal Entry Age Normal Entry Age Normal Entry Age Normal Amortization method Level Dollar Level Dollar Level Dollar Level Dollar Level Dollar Level Dollar Amortization period Open 30 Year Period Open 30 Year Period Open 30 Year Period Open 30 Year Period Open 30 Year Period Open 30 Year Period Asset valuation method Fair Value Fair Value Fair Value Fair Value Fair Value Fair ValueInflation 2.50% 2.50% 2.50% 2.50% 2.50% 2.50%Healthcare cost-trend rates 6.5% in 2025 fluctuating to 3.9% by 2075 5.6% in 2023 fluctuating to 3.9% by 2075 5.6% in 2023 fluctuating to 3.9% by 2075 5.4% in 2021 fluctuating to 4% by 2076 5.4% in 2021 fluctuating to 4% by 2076 5.4% in 2021 fluctuating to 4% by 2076 Salary increases 3.00% 3.00% 3.00% 3.00% 3.00% 3.00%Investment rate of return 6.20% 5.75% 5.80% 6.50% 6.50% 6.50%Retirement age 50 to 75 50 to 75 50 to 75 50 to 75 50 to 75 50 to 75Mortality CalPERS 2021 Experience Study CalPERS 2018 Experience Study CalPERS 2018 Experience Study CalPERS 2017 Experience Study CalPERS 2017 Experience Study CalPERS 2017 Experience Study Mortality improvement MW Scale 2022 MW Scale 2022 MW Scale 2022 MW Scale 2020 MW Scale 2020 MW Scale 2020 1Fiscal Year 2017-2018 was the first year of implementation, therefore only eight years are shown.

288
City of Eastvale

Required Supplementary Information
Budgetary Comparison Schedule – General Fund
For the Fiscal Year Ended June 30, 2025

66 Actual Variance withOriginal Final Amounts Final BudgetRevenues Taxes 64,385,800$ 66,020,800$ 65,069,694$ (951,106)$ Transient occupancy taxes 250,000 250,000 377,751 127,751 Licenses, permits and fees 2,523,600 5,503,600 6,067,020 563,420 Fines and forfeitures 875,000 1,090,000 1,171,486 81,486 Intergovernmental 6,535,000 6,570,000 7,028,584 458,584 Investment earnings 4,020,000 6,120,000 9,555,374 3,435,374 Other 153,210 153,210 225,877 72,667 Total Revenues78,742,610 85,707,610 89,495,786 3,788,176 ExpendituresCurrent:General government 10,490,481 10,777,051 7,932,544 2,844,507 Public safety 25,161,231 24,792,049 22,842,595 1,949,454 Public works 1,656,397 3,095,397 1,234,896 1,860,501 Community development 8,955,535 9,015,535 6,600,245 2,415,290 Revenue neutrality/Tax abatements 600,000 1,126,000 1,210,433 (84,433) Capital outlay 2,000 2,000 401,314 (399,314) Debt service:Principal - - 738,417 (738,417) Interest and fiscal charges - - 24,716 (24,716) Total Expenditures46,865,644 48,808,032 40,985,160 7,822,872 Excess of revenues over (under) expenditures 31,876,966 36,899,578 48,510,626 11,611,048 Other Financing Sources (Uses)Transfers in 510,406 510,406 511,261 855 Transfers out (12,231,499) (12,231,499) (12,238,146) (6,647) Subscription/lease acquisition - - 401,314 401,314 Total other financing sources (uses)(11,721,093) (11,721,093) (11,325,571) 395,522 Net Change in Fund Balance 20,155,873 25,178,485 37,185,055 12,006,570 Fund BalanceBeginning of year 186,084,240 186,084,240 186,084,240 - End of year 206,240,113$ 211,262,725$ 223,269,295$ 12,006,570$ Budgeted Amounts

289
City of Eastvale

Required Supplementary Information
Budgetary Comparison Schedule – Miscellaneous Grants Special Revenue Fund For the Fiscal Year Ended June 30, 2025

67 Actual Variance withOriginal Final A mounts Final BudgetRevenues Intergovernmental 2,615,112$ 6,498,782$ 10,269,841$ 3,771,059$ Total Revenues2,615,112 6,498,782 10,269,841 3,771,059 ExpendituresCurrent:General government 61,610 78,792 29,322 49,470 Capital outlay 286,336 9,669,613 8,056,335 1,613,278 Total Expenditures347,946 9,748,405 8,085,657 1,662,748 Revenues Over (Under) Expenditures 2,267,166 (3,249,623) 2,184,184 5,433,807 Other Financing Sources (Uses)Transfers in - - 4,000 4,000 Transfers out - - (855) (855) Total Other Financing Sources (Uses)- - 3,145 3,145 Net Change in Fund Balance 2,267,166 (3,249,623) 2,187,329 5,436,952 Fund Balance (deficit)Beginning of year (2,182,651) (2,182,651) (2,182,651) - End of year 84,515$ (5,432,274)$ 4,678$ 5,436,952$ Budgeted A mounts
290
City of Eastvale

Required Supplementary Information
Budgetary Comparison Schedule – Transportation Uniform Mitigation Fee (TUMF) Special Revenue Fund
For the Fiscal Year Ended June 30, 2025

68 Actual Variance withOriginal Final Amounts Final BudgetRevenues Intergovernmental -$ 2,700,000$ 2,862,591$ 162,591$ Total Revenues- 2,700,000 2,862,591 162,591 ExpendituresCapital outlay - 3,170,812 873,493 2,297,319 Total Expenditures- 3,170,812 873,493 2,297,319 Revenues Over (Under) Expenditures - (470,812) 1,989,098 2,459,910 Other Financing Sources (Uses)Transfers in - - 120 120 Total Other Financing Sources (Uses)- - 120 120 Net Change in Fund Balance - (470,812) 1,989,218 2,460,030 Fund Balance (deficit)Beginning of year (1,989,218) (1,989,218) (1,989,218) - End of year (1,989,218)$ (2,460,030)$ -$ 2,460,030$ Budgeted A mounts
291
City of Eastvale

Required Supplementary Information
Budgetary Comparison Schedule – Development Impact Fees Special Revenue Fund For the Fiscal Year Ended June 30, 2025

69 Actual Variance withOriginal Final Amounts Final BudgetRevenues Development impact fees 450,000$ 450,000$ 384,003$ (65,997)$ Investment earnings 17,000 17,000 123,959 106,959 Developer contributions - - 12,221,571 12,221,571 Total Revenues467,000 467,000 12,729,533 12,262,533 ExpendituresCapital outlay - - 12,221,571 (12,221,571) Total Expenditures- - 12,221,571 (12,221,571) Excess of Revenues Over (Under) Expenditures 467,000 467,000 507,962 40,962 Other Financing Sources (Uses)Transfers out (1,819) (1,819) (1,819) - Total Other Financing Sources (Uses)(1,819) (1,819) (1,819) - Net Change in Fund Balance 465,181 465,181 506,143 40,962 Fund BalanceBeginning of year 2,675,631 2,675,631 2,675,631 - End of Year 3,140,812$ 3,140,812$ 3,181,774$ 40,962$ Budgeted Amounts
292
City of Eastvale

Notes to the Required Supplementary Information
For the Fiscal Year Ended June 30, 2025

70 Note 1: Budgets and Budgetary Accounting Data

The City Council approves each year’s budget submitted by the City Manager prior to the beginning of the fiscal year. Public hearings are conducted prior to the adoption by City Council.

Total appropriations for each fund may only be increased or decreased by the City Council by passage of a resolution amending the budget.

The City Manager has authority to adjust the amounts appropriated between the funds and activities of a fund, provided, however, that the total appropriations for each fund may not exceed the amounts provided in the budget resolution.

The level on which expenditures may not legally exceed appropriations is the fund level.

The City Manager is also authorized to approve continuing appropriations at year-end for capital improvement projects and other expenditures previously approved by the City Council.

Budgets for the various funds are adopted on a basis consistent with generally accepted accounting principles (GAAP). Budgets were legally adopted for all governmental funds, except for the PEG Grant and Quimby Parkland Special Revenue Funds.

Note 2: Expenditures in Excess of Appropriations

The following funds had expenditures in excess of appropriations:

Final Budget Actual Excess Major FundsDevelopment Impact Fees -$ 12,221,571$ (12,221,571)$ Nonmajor FundsAQMD Trust - 9,182 (9,182) Benefit Assessment 6,938 9,239 (2,301)

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SUPPLEMENTARY INFORMATION

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City of Eastvale

Nonmajor Governmental Funds
For the Fiscal Year Ended June 30, 2025

71 Special Revenue Funds

Gas Tax Fund - This fund is used to account for the maintenance, rehabilitation, or improvement of public streets of the City. Financing is through the State Highway Users Tax Sections 2103, 2105, 2106, 2107, and 2107.5 of the California Streets and Highways Code and Road Maintenance and Rehabilitation Program Section 2032(h) of the California Streets and Highways Code.

Measure A Fund - This fund is used to account for the voter approved ½ cent sales tax to fund transportation improvements including the alteration, construction and reconstruction maintenance of the streets and roads of the City.

AQMD Trust Fund - This fund is used to account for the City’s portion of motor vehicle registration fees collected pursuant to AB2766 passed during the 1990 State legislative session. This fee was levied to fund programs to reduce air pollution from mobile sources such as cars, trucks, and buses. It also included funds allocated through a competitive process as a result of this legislation.

Lighting and Landscape Maintenance Fund - This fund is used to account for the costs of operation, maintenance, landscaping, and lighting of the City. Funding is provided by assessments specific to parcels in the various maintenance city’s.

Benefit Assessment Fund - This fund is used to account for funds received from assessments from individual property owners and the expenditures for certain costs of operation and street related maintenance.

Road and Bridge Benefit City Fund - This fund is used to account for funds received from developer fees and the expenditures for the maintenance and improvements of roads and bridges.

CDBG Fund - This fund is used to account for the Community Development Block Grant Funds received from U.S. Department of Housing and Urban Development. The funds must be expended to accomplish the elimination of blight or to benefit low and moderate income persons by providing loans or grants for various programs. There was no adopted budget for the current year.

PEG Grant Fund - This fund is used to account for the receipts and expenditures of public education grants related activities.

Area Drainage Plan Fund - This fund is to track the closure and final disbursement of Riverside County’s Eastvale’s Area Drainage Plan. Disbursements from the County for the final balance were paid to Eastvale and deposited into this fund.

Quimby Parkland Fund - This fund is used to account for revenues received under the Quimby Act. These funds are used for developing new or rehabilitating existing neighborhood or community parks.
297
City of Eastvale

Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025

72 Gas Tax Measure A AQMD Trust Lighting and Landscape Maintenance AssetsCash and investments 5,146,735$ 6,425,058$ 312,510$ 5,269,171$ Receivables:Intergovernmental 502,366 612,851 23,977 10,005 Interest 25,889 27,133 1,362 23,881 Total Assets5,674,990$ 7,065,042$ 337,849$ 5,303,057$ Liabilities, Deferred Inflows of Resources, and Fund BalancesLiabilitiesAccounts payable 188,593$ 304,011$ -$ 54,368$ Total Liabilities188,593 304,011 - 54,368 Deferred Inflows of ResourcesUnavailable revenue - - - 4,186 Total Deferred Inflows of Resources- - - 4,186 Funds Balances:Restricted for:Street maintenance/projects 5,486,397 6,761,031 - - Lighting and landscape maintenance - - - 5,244,503 AQMD projects - - 337,849 - Capital projects city facilities - - - - Other purposes - - - - Total Fund Balances5,486,397 6,761,031 337,849 5,244,503 Total Liabilities, Deferred Inflows and Fund Balances5,674,990$ 7,065,042$ 337,849$ 5,303,057$ Special Revenue Funds
298

(Continued)

73 Benefit Assessment Road and Bridge Benefit City CDBG PEG GrantArea Drainage Plan22,623$ 8,422,639$ -$ 5,915$ 987,825$ 117 34,211 - 166 - 98 37,401 - - 4,389 22,838$ 8,494,251$ -$ 6,081$ 992,214$ 846$ 9,832$ -$ -$ -$ 846 9,832 - - - - - - - - - - - - - - 8,484,419 - - 992,214 - - - - - - - - - - - - - - - 21,992 - - 6,081 - 21,992 8,484,419 - 6,081 992,214 22,838$ 8,494,251$ -$ 6,081$ 992,214$ Special Revenue Funds
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City of Eastvale

Combining Balance Sheet
Nonmajor Governmental Funds
June 30, 2025 (Concluded)

74 Quimby ParklandTotal Nonmajor Governmental FundsAssetsCash and investments 28,308$ 26,620,784$ Receivables:Intergovernmental 6,361 1,190,054 Interest 57 120,210 Total A ssets34,726$ 27,931,048$ Liabilities, Deferred Inflows of Resources, and Fund BalancesLiabilitiesAccounts payable -$ 557,650$ Total Liabilities- 557,650 Deferred Inflows of ResourcesUnavailable revenue - 4,186 Total Deferred Inflows of Resources- 4,186 Funds Balances:Restricted for:Street maintenance/projects - 21,724,061 Lighting and landscape maintenance - 5,244,503 AQMD projects - 337,849 Capital projects city facilities 34,726 34,726 Other purposes - 28,073 Total Fund Balances34,726 27,369,212 Total Liabilities, Deferred Inflows and Fund Balances34,726$ 27,931,048$ Special Revenue Funds
301
City of Eastvale

Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the Fiscal Year Ended June 30, 2025

75 GasTax Measure A AQMD Trust Lighting and Landscape Maintenance Revenues Taxes 1,901,641$ -$ -$ -$ Licenses, permits, and fees- - - - Intergovernmental 1,962,604 3,537,338 91,817 - Development impact fees - - - - Assessments- - - 884,432 Investment earnings215,688 257,358 11,282 219,011 Other - - - - Total Revenues4,079,933 3,794,696 103,099 1,103,443 ExpendituresCurrent:General government - - 9,182 - Public safety - - - 21,599 Public works 537,284 49,878 - 644,398 Community development - - - - Capital outlay 1,432,044 2,238,487 - - Total Expenditures1,969,328 2,288,365 9,182 665,997 Excess of Revenues Over (Under) Expenditures 2,110,605 1,506,331 93,917 437,446 Other Financing Sources (Uses)Transfers in - - - 6,139 Transfers out (141,914) (273,410) - (93,880) Total Other Financing Sources (Uses)(141,914) (273,410) - (87,741) Net Change in Fund Balances 1,968,691 1,232,921 93,917 349,705 Fund Balances (deficit)Previously reported 3,517,706 5,528,110 243,932 4,894,798 Adjustment - change from nonmajor to major - - - - Beginning of year, restated 3,517,706 5,528,110 243,932 4,894,798 End of Year5,486,397$ 6,761,031$ 337,849$ 5,244,503$ Special Revenue Funds
302

(Continued)

76 Benefit A ssessment Road and Bridge Benefit City CDBG PEG GrantA rea Drainage Plan-$ -$ -$ -$ -$ - - - - - - - 15,000 - - - 483,646 - - - 4,359 - - - - 980 343,295 - - 40,400 - - - 1,049 - 5,339 826,941 15,000 1,049 40,400 - - - - - - - - - - 9,239 - - - - - - 15,000 - - - 196,635 - - - 9,239 196,635 15,000 - - (3,900) 630,306 - 1,049 40,400 3,287 - 7 - - - - - - - 3,287 - 7 - - (613) 630,306 7 1,049 40,400 22,605 7,854,113 (7) 5,032 951,814 - - - - - 22,605 7,854,113 (7) 5,032 951,814 21,992$ 8,484,419$ -$ 6,081$ 992,214$ Special Revenue Funds
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City of Eastvale

Combining Statement of Revenues, Expenditures and Changes in Fund Balances Nonmajor Governmental Funds
For the Fiscal Year Ended June 30, 2025 (Concluded)

77 Quimby ParklandDevelopment Impact Fees (previously nonmajor) Total Non-major Governmental Funds Revenues Taxes -$ 1,901,641$ Licenses, permits, and fees19,294 19,294 Intergovernmental - 5,606,759 Development impact fees - 483,646 Assessments- 888,791 Investment earnings525 1,088,539 Other - 1,049 Total Revenues19,819 9,989,719 ExpendituresCurrent:General government - 9,182 Public safety - 21,599 Public works - 1,240,799 Community development - 15,000 Capital outlay - 3,867,166 Total Expenditures- 5,153,746 Excess of Revenues Over (Under) Expenditures 19,819 4,835,973 Other Financing Sources (Uses)Transfers in 2,520 11,953 Transfers out - (509,204) Total Other Financing Sources (Uses)2,520 (497,251) Net Change in Fund Balances 22,339 4,338,722 Fund Balances (deficit)Previously reported 12,387 2,675,631$ 25,706,121 Adjustment - change from nonmajor to major - (2,675,631) (2,675,631) Beginning of year, restated 12,387 - 23,030,490 End of Year34,726$ -$ 27,369,212$ Special Revenue Funds
304
City of Eastvale

Budgetary Comparison Schedule
Gas Tax Special Revenue Fund
For the Fiscal Year Ended June 30, 2025

78 Actual Variance withOriginal Final Amounts Final BudgetRevenues Taxes 1,790,000$ 1,790,000$ 1,901,641$ 111,641$ Intergovernmental 1,957,500 1,957,500 1,962,604 5,104 Investment earnings 48,800 48,800 215,688 166,888 Total Revenues3,796,300 3,796,300 4,079,933 283,633 ExpendituresCurrent:Public works 1,194,580 1,194,580 537,284 657,296 Capital outlay 4,047,207 4,949,070 1,432,044 3,517,026 Total Expenditures5,241,787 6,143,650 1,969,328 4,174,322 Excess of Revenues Over (Under) Expenditures (1,445,487) (2,347,350) 2,110,605 4,457,955 Other Financing Sources (Uses)Transfers out (141,914) (141,914) (141,914) - Total Other Financing Sources (Uses)(141,914) (141,914) (141,914) - Net Change in Fund Balance (1,587,401) (2,489,264) 1,968,691 4,457,955 Fund BalanceBeginning of year 3,517,706 3,517,706 3,517,706 - End of year 1,930,305$ 1,028,442$ 5,486,397$ 4,457,955$ Budgeted A mounts
305
City of Eastvale

Budgetary Comparison Schedule
Measure A Special Revenue Fund
For the Fiscal Year Ended June 30, 2025

79 Actual Variance withOriginal Final Amounts Final BudgetRevenues Intergovernmental 3,200,000$ 3,200,000$ 3,537,338$ 337,338$ Investment earnings 38,500 38,500 257,358 218,858 Total Revenues3,238,500 3,238,500 3,794,696 556,196 ExpendituresCurrent:Public works 53,000 53,000 49,878 3,122 Capital outlay 5,006,677 7,747,945 2,238,487 5,509,458 Total Expenditures5,059,677 7,800,945 2,288,365 5,512,580 Revenues Over (Under) Expenditures (1,821,177) (4,562,445) 1,506,331 6,068,776 Other Financing Sources (Uses)Transfers out (273,410) (273,410) (273,410) - Total Other Financing Sources (Uses)(273,410) (273,410) (273,410) - Net Change in Fund Balance (2,094,587) (4,835,855) 1,232,921 6,068,776 Fund BalanceBeginning of year 5,528,110 5,528,110 5,528,110 - End of year 3,433,523$ 692,255$ 6,761,031$ 6,068,776$ Budgeted Amounts
306
City of Eastvale

Budgetary Comparison Schedule
AQMD Trust Special Revenue Fund
For the Fiscal Year Ended June 30, 2025

80 Actual Variance withOriginal Final Amounts Final BudgetRevenues Intergovernmental 116,000$ 116,000$ 91,817$ (24,183)$ Investment earnings 1,100 1,100 11,282 10,182 Total Revenues117,100 117,100 103,099 (14,001) ExpendituresCurrent:General government - - 9,182 (9,182) Total Expenditures- - 9,182 (9,182) Net Change in Fund Balance 117,100 117,100 93,917 (23,183) Fund BalanceBeginning of year 243,932 243,932 243,932 - End of year 361,032$ 361,032$ 337,849$ (23,183)$ Budgeted Amounts 307
City of Eastvale

Budgetary Comparison Schedule
Lighting and Landscape Maintenance Special Revenue Fund For the Fiscal Year Ended June 30, 2025

81 Actual Variance withOriginal Final Amounts Final BudgetRevenues Assessments 1,746,675$ 1,764,726$ 884,432$ (880,294)$ Investment earnings 50,228 50,228 219,011 168,783 Total Revenues1,796,903 1,814,954 1,103,443 (711,511) ExpendituresCurrent:Public safety - 16,930 21,599 (4,669) Public works 631,356 759,581 644,398 115,183 Total Expenditures631,356 776,511 665,997 110,514 Excess of Revenues Over (Under) Expenditures 1,165,547 1,038,443 437,446 (600,997) Other Financing Sources (Uses)Transfers in 5,522 5,522 6,139 617 Transfers out (93,263) (93,263) (93,880) (617) Total Other Financing Sources (Uses)(87,741) (87,741) (87,741) - Net Change in Fund Balance 1,077,806 950,702 349,705 (600,997) Fund BalanceBeginning of year 4,894,798 4,894,798 4,894,798 - End of year 5,972,604$ 5,845,500$ 5,244,503$ (600,997)$ Budgeted Amounts
308
City of Eastvale

Budgetary Comparison Schedule
Benefit Assessment Special Revenue Fund
For the Fiscal Year Ended June 30, 2025

82 Actual Variance withOriginal Final Amounts Final BudgetRevenues Assessments 4,266$ 4,266$ 4,359$ 93$ Investment earnings 150 150 980 830 Total Revenues4,416 4,416 5,339 923 ExpendituresCurrent:Public works 6,938 6,938 9,239 (2,301) Total Expenditures6,938 6,938 9,239 (2,301) Excess of Revenues Over (Under) Expenditures (2,522) (2,522) (3,900) (1,378) Other Financing Sources (Uses)Transfers in 3,287 3,287 3,287 - Total Other Financing Sources (Uses)3,287 3,287 3,287 - Net Change in Fund Balance 765 765 (613) (1,378) Fund BalanceBeginning of year 22,605 22,605 22,605 - End of year 23,370$ 23,370$ 21,992$ (1,378)$ Budgeted Amounts
309
City of Eastvale

Budgetary Comparison Schedule
Road and Bridge Benefit City Special Revenue Fund
For the Fiscal Year Ended June 30, 2025

83 ActualVariance withOriginal Final Amounts Final BudgetRevenues Development impact fees 50,000$ 50,000$ 483,646$ 433,646$ Investment earnings 75,000 75,000 343,295 268,295 Total Revenues125,000 125,000 826,941 701,941 ExpendituresCapital outlay 196,635 196,635 196,635 - Total Expenditures196,635 196,635 196,635 - Net Change in Fund Balance (71,635) (71,635) 630,306 701,941 Fund BalanceBeginning of year 7,854,113 7,854,113 7,854,113 - End of year 7,782,478$ 7,782,478$ 8,484,419$ 701,941$ Budgeted A mounts 310
City of Eastvale

Budgetary Comparison Schedule
CDBG Special Revenue Fund
For the Fiscal Year Ended June 30, 2025

84 Original Final Actual Amounts Variance with Final Budget Revenues Intergovernmental -$ 15,000$ 15,000$ -$ Total Revenues- 15,000 15,000 - ExpendituresCurrent:Community development - 15,000 15,000 - Total Expenditures- 15,000 15,000 - Excess of Revenues Over (Under) Expenditures - - - - Other Financing Sources (Uses)Transfers out - - 7 7 Total Other Financing Sources (Uses)- - 7 7 Net Change in Fund Balances - - 7 7 Fund Balances (deficit)Beginning of year (7) (7) (7) - End of year (7)$ (7)$ -$ 7$ Budgeted Amounts

311
City of Eastvale

Budgetary Comparison Schedule
Area Drainage Plan Special Revenue Fund
For the Fiscal Year Ended June 30, 2025

85 Actual Variance withOriginal Final Amounts Final BudgetRevenues Investment earnings 8,800$ 8,800$ 40,400$ 31,600$ Total Revenues8,800 8,800 40,400 31,600 Net Change in Fund Balance 8,800 8,800 40,400 31,600 Fund BalanceBeginning of year 951,814 951,814 951,814 - End of year 960,614$ 960,614$ 992,214$ 31,600$ Budgeted Amounts

312
City of Eastvale

Budgetary Comparison Schedule
Capital Projects Fund
For the Fiscal Year Ended June 30, 2025

86 Actual Variance withOriginal Final Amounts Final BudgetRevenues Other -$ -$ 25,776$ 25,776$ Total Revenues- - 25,776 25,776 ExpendituresCurrent:Public works - 150,000 53,710 96,290 Capital outlay 10,405,000 23,760,990 5,148,924 18,612,066 Total Expenditures10,405,000 23,910,990 5,202,634 18,708,356 Excess of revenues over(under) expenditures (10,405,000) (23,910,990) (5,176,858) 18,734,132 Other Financing Sources (Uses)Transfers in 12,222,690 12,222,690 12,222,690 - Subscription/lease acquisition - - 234,898 234,898 Total Other Financing Sources (Uses)12,222,690 12,222,690 12,457,588 234,898 Net Change in Fund Balance 1,817,690 (11,688,300) 7,280,730 18,969,030 Fund BalanceBeginning of year 18,783,163 18,783,163 18,783,163 - End of Year 20,600,853$ 7,094,863$ 26,063,893$ 18,969,030$ Budgeted A mounts
313

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87 STATISTICAL SECTION

This part of the City of Eastvale’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 say about the government’s overall financial health.

CONTENTS:

Page(s)
Financial Trends: these schedules contain trend information to help the reader understand how the City’s financial performance and well-being has changed over time ............................................................................................. 88

Revenue Capacity: these schedules contain trend information to help the reader assesses the factors affecting the City’s most significant revenue source, property tax ................................................................................................................................ 92

Debt Capacity: these schedules present information to help the reader assesses the affordability of the City’s current levels of outstanding debt and the City’s ability to issue additional debt in the future .............................. 93

Demographic and Economic Information: these schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place ............................................................................ 98

Operating Information: these schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs .......................... 105 315

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316
City of Eastvale

Net Position by Component
Last Ten Fiscal Years (in thousands of dollars)

88 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Governmental activities Net Investment in Capital Assets 228,474$ 240,849$ 240,610$ 244,370$ 242,422$ 248,213$ 250,346$ 249,480$ 266,254$ 287,127$ Restricted 22,945 23,718 30,842 27,279 33,310 35,396 39,662 55,856 64,124 79,646 Unrestricted 18,624 21,957 31,424 35,577 37,979 61,691 96,368 128,524 162,781 201,461 Total governmental activities net position 270,043$ 286,524$ 302,876$ 307,226$ 313,711$ 345,300$ 386,376$ 433,860$ 493,158$ 568,234$ Notes:Source: City of Eastvale Finance Department
Fiscal Year

317
City of Eastvale

Changes in Net Position
Last Ten Fiscal Years (in thousands of dollars)

89 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025ExpensesGovernmental activities: General government 2,367$ 2,126$ 2,605$ 8,224$ 5,283$ 10,401$ 9,989$ 6,599$ 7,049$ 5,486$ Public Safety 10,669 12,177 13,457 13,429 16,903 16,395 17,843 20,096 21,790 22,989 Public works 7,817 8,373 9,211 10,491 14,014 7,715 9,292 11,049 19,973 14,046 Community development 2,903 3,460 3,867 4,258 4,603 4,117 5,229 5,382 5,631 6,574 Revenue neutrality/Tax abatements 444 456 468 482 498 505 524 545 556 1,210 Interest expense - - - - 433 238 306 4 28 25 Total governmental activities expenses 24,200 26,592 29,608 36,884 41,734 39,371 43,183 43,675 55,026 50,330 Total primary government expenses 24,200$ 26,592$ 29,608$ 36,884$ 41,734$ 39,371$ 43,183$ 43,675$ 55,026$ 50,330$ Program RevenuesGovernmental activities: Charges for services General government - 2 19 42 95 92 100 120 157 163 Public Safety 6,002 6,512 6,899 7,512 7,608 8,022 8,831 8,895 9,732 9,875 Public Works 227 229 229 978 2,533 995 643 948 1,817 3,697 Community development 3,303 3,686 3,638 3,229 3,125 2,839 1,840 1,674 1,950 2,399 Operating contributions and grants 3,436 2,944 5,631 6,676 5,845 5,921 12,021 6,714 4,599 7,179 Capital contributions and grants 11,703 17,145 6,036 3,217 4,529 9,191 4,433 6,074 16,720 28,314 Total primary government program revenues 24,671 30,518 22,452 21,654 23,735 27,060 27,868 24,424 34,975 51,627 Total primary government program revenues 24,671$ 30,518$ 22,452$ 21,654$ 23,735$ 27,060$ 27,868$ 24,424$ 34,975$ 51,627$ Total primary government net expense 471$ 3,926$ (7,156)$ (15,230)$ (17,999)$ (12,311)$ (15,314)$ (19,251)$ (20,051)$ 1,297$ General Revenues and Other Changes in Net PositionGovernmental activities: Taxes Property tax 2,812$ 2,631$ 2,606$ 2,549$ 2,910$ 3,024$ 3,178$ 3,510$ 3,923$ 3,979$ Franchise tax 1,638 1,420 1,552 1,545 1,645 5,938 1,972 6,557 2,701 2,969 Sales tax 7,289 7,693 9,078 9,610 10,349 28,120 44,710 47,356 58,319 48,463 Transient occupancy tax - - - - - - - - - 378 Other taxes 390 451 362 346 313 442 459 495 181 313 Motor Vehicle in Lieu tax 24 28 4,355 4,700 5,006 5,247 5,526 5,902 6,431 6,714 Investment earnings 294 324 580 802 3,015 92 (103) 2,802 7,470 10,758 Other - 8 18 28 1,245 173 701 114 325 201 Total governmental activities 12,447 12,555 18,551 19,580 24,483 43,036 56,442 66,736 79,350 73,775 Total primary governmental activities 12,447$ 12,555$ 18,551$ 19,580$ 24,483$ 43,036$ 56,442$ 66,736$ 79,350$ 73,775$ Total Change in Net Position12,918$ 16,481$ 11,395$ 4,350$ 6,484$ 30,725$ 41,128$ 47,485$ 59,299$ 75,072$ Notes:Source: City of Eastvale Finance Department(1) Beginning in fiscal year 2014-15, property taxes levied for fire services were reclassified from general revenue to program revenue as charges for services within the public safety function.

Fiscal Year

318
City of Eastvale

Fund Balances of Governmental Funds
Last Ten Fiscal Years (in thousands of dollars)

90 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025General fund Nonspendable 49$ 51$ 65$ 19$ 94$ 92$ 260$ -$ -$ -$ Restricted 6,969 5,925 7,070 8,323 10,269 11,445 14,473 16,876 19,544 22,889 Committed 1,000 3,000 3,000 3,000 3,000 30,745 78,955 109,901 93,515 118,610 Assigned - - - - - - - 50,589 66,062 Unassigned 17,749 18,715 27,935 30,929 34,622 32,810 16,869 17,493 22,437 15,708 Total general fund 25,767 27,691 38,070 42,271 47,985 75,092 110,557 144,270 186,085 223,269 All other governmental funds Nonspendable -$ -$ -$ -$ -$ 12$ 18$ -$ -$ -$ Restricted 15,508 17,535 23,772 18,957 22,967 22,163 25,189 38,931 44,489 56,620 Unassigned (383) (190) (1,165) (282) - (456) (760) 561 (4,172) - Total all other governmental funds 15,125 17,345 22,607 18,675 22,967 21,719 24,447 39,492 40,317 56,620 Total fund balances of governmental funds 40,892$ 45,036$ 60,677$ 60,946$ 70,952$ 96,812$ 135,005$ 183,761$ 226,402$ 279,889$ Notes:Source: City of Eastvale Finance Department Fiscal Year

319
City of Eastvale

Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years (in thousands of dollars)

91 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025RevenuesTaxes: Property tax 8,141$ 8,171$ 8,930$ 11,020$ 11,435$ 12,162$ 12,989$ 13,449$ 14,819$ 15,226$ Franchise tax 1,637 1,420 1,552 1,545 1,645 5,938 1,972 6,557 2,701 2,969 Sales tax 7,289 7,693 9,078 9,610 10,349 28,120 44,710 47,356 58,319 48,463 Transient occupancy taxes - - - - - - - - - 378 Other taxes 390 451 379 347 313 442 459 495 181 313 Licenses, permits and fees 3,454 3,801 3,805 3,579 3,390 3,040 2,428 2,425 3,914 6,086 Fines and forfeitures 524 696 743 847 652 595 553 773 775 1,171 Intergovernmental 2,972 3,146 7,664 9,661 11,855 9,915 17,728 12,195 23,215 25,768 Special use fees 999 745 2,830 313 1,129 655 271 619 818 867 Assessments 227 229 229 280 324 423 2,805 1,162 1,523 889 Investment earnings 294 324 580 802 3,015 92 (421) 3,763 7,480 10,768 Other 50 47 53 62 1,984 238 843 392 481 253 Other - - - - - - - - - 12,222 Total revenues 25,977 26,723 35,843 38,066 46,091 61,620 84,337 89,186 114,226 125,373 ExpendituresCurrent: General government 2,077$ 2,048$ 2,545$ 7,520$ 5,249$ 6,552$ 9,602$ 6,013$ 7,119$ 7,972$ Public safety 10,030 11,630 13,148 13,061 16,467 15,907 17,560 19,870 21,568 22,864 Public Works 982 863 875 1,506 3,139 2,240 2,257 2,404 2,411 2,529 Community development 2,903 3,460 3,867 4,258 4,603 4,117 5,269 5,421 5,764 6,615 Revenue neutrality/Tax abatements 444 456 468 482 498 505 524 545 556 1,210 Debt service: - Principal - - - - 56 237 4,680 503 495 738 Interest - - - - 413 239 125 4 28 25 Cost of Issuance - - - 683 - - - - - - Capital outlay 4,074 4,123 4,298 14,777 5,659 6,898 6,127 6,577 34,476 30,569 Total expenditures 20,510 22,580 25,201 42,287 36,084 36,695 46,144 41,338 72,417 72,522 Excess of revenues over expenditures 5,467 4,143 10,642 (4,221) 10,007 24,925 38,193 47,848 41,809 52,851 Other financing sourcesProceeds of long-term debt - - - 4,492 - - - - - - Leases (as lessee) - - - - - - - 909 831 636 Total other financing sources - - - 4,492 - - - 909 831 636 Net change in fund balance 5,467$ 4,143$ 10,642$ 271$ 10,007$ 24,925$ 38,193$ 48,758$ 42,640$ 53,487$ Debt service as a % of noncapital expenditures 0.0% 0.0% 0.0% 0.0% 1.4% 1.7% 12.0% 1.5% 1.4% 2.0%Notes:Source: City of Eastvale Finance Department Fiscal Year

320
City of Eastvale

Assessed Value and Estimated Value of Taxable Property
Last Ten Fiscal Years(in thousands of dollars)

92 Fiscal YearResidential PropertyCommercial PropertyIndustrial Property OtherTotal Assessed valuationLess Tax Exempt PropertyTotal Taxable Assessed ValueDistrict Tax (1) Rate (City)2016 6,866,359$ 261,470$ 440,387$ 489,328$ 8,057,544$ (19,868)$ 8,037,676$ 0.099962017 7,251,789 272,192 465,414 491,561 8,480,956 (24,368) 8,456,588 0.100822018 7,663,784 288,085 642,081 486,943 9,080,893 (26,206) 9,054,687 0.098752019 8,055,727 325,604 896,230 541,404 9,818,965 (28,597) 9,790,368 0.098002020 8,356,245 385,613 1,015,665 662,736 10,420,259 (36,163) 10,384,096 0.098002021 8,731,141 432,684 1,126,015 646,112 10,935,952 (39,047) 10,896,905 0.096942022 9,162,997 478,897 1,253,529 562,394 11,457,817 - 11,457,817 0.096542023 9,677,094 488,326 1,447,137 658,297 12,270,854 - 12,270,854 0.095972024 10,060,619 579,445 2,138,417 576,065 13,354,545 - 13,354,545 0.095352025 10,376,770 627,488 2,219,003 679,025 13,902,287 - 13,902,287 0.09508Notes:(1) - City's Share of 1% Levy Per Prop 13Source: County of Riverside, Auditor-Controller/HdL, Coren & Cone 321
City of Eastvale

Ratio of Outstanding Debt by Type
Last Ten Fiscal Years

93 Fiscal YearGeneral Obligation BondsLease Revenue BondsLoans Payable Leases SubscriptionsTotal Governmental Activities# of Actual Assessed Value of Property Per Capita2016 -$ -$ -$ -$ -$ -$ 0.000% -$ 2017 - - - - - - 0.000% - 2018 - - - - - - 0.000% - 2019 - - 4,491,640 - - 4,491,640 0.000% 68 2020 - - 4,435,892 - - 4,435,892 0.000% 67 2021 - - 4,206,301 - - 4,206,301 0.000% 62 2022 - - - 692,689 - 692,689 0.000% 10 2023 - - - 394,090 705,055 1,099,145 0.000% 16 2024 - - - 740,572 562,139 1,302,711 0.000% 19 2025 - - - 670,670 529,836 1,200,506 0.000% 17 Notes:Details regarding the City's outstanding debt can be found in the notes to the financial statement.Source: City of Eastvale Finance Department 322
City of Eastvale

Ratio of General Bonded Debt
Last Ten Fiscal Years

94 Fiscal YearGeneral Obligation BondsTax Allocation BondsCertificates of ParticipationTotal Governmental ActivitiesPercent of Assessed ValueDebt per Capita2016 -$ -$ -$ -$ 0.00% -$ 2017 - - - - 0.00% - 2018 - - - - 0.00% - 2019 - - - - 0.00% - 2020 - - - - 0.00% - 2021 - - - - 0.00% - 2022 - - - - 0.00% - 2023 - - - - 0.00% - 2024 - - - - 0.00% - 2025 - - - - 0.00% - Notes:Details regarding the City's outstanding debt can be found in the notes to the financial statement.Source: City of Eastvale Finance Department 323
City of Eastvale

Direct and Overlapping Bonded Debt
For the Year Ended June 30, 2025

95 2024-25 Assessed ValuationOverlapping Tax and Assessment DebtOutstanding Debt 6/30/2025Percent Applicable (1)Amount Applicable to City 6/30/2025Metropolitan Water District 17,155,000$ 0.340% 58,327$ Riverside Community College District 478,850,423 8.484% 40,625,670 Corona-Norco Unified School District 465,087,236 22.175% 103,133,095 Jurupa-Unified School District 198,979,150 12.935% 25,737,953 Corona-Norco Unified School District Comm Facilities District 58,411,371 91.622-100% 56,418,664 Jurupa Community Services District Comm Facilities District 224,210,000 100.000% 224,210,000 Total Overlapping Tax and Assessment Debt 450,183,709$ Direct and Overlapping General Fund DebtRiverside County General Fund Obligations 1,134,209,783$ 3.262% 36,997,923$ Riverside County Pension Obligation Bonds 603,055,000 3.262% 19,671,654 Riverside City Community College District Certificates of Participation 23,830,000 8.484% 2,021,737 Corona-Norco Unified School District General Fund Obligations 14,750,989 22.175% 3,271,032 Jurupa Unified School District Certificates of Participation 43,880,748 12.935% 5,675,975 City of Eastvale Lease Liabilities 670,670 100.000% 6,707City of Eastvale Subscription Liabilities 529,836 100.000% 5,298Western Municipal Water District General Fund Obligations 1,377,594 10.289% 141,741 Total Direct and Overlapping General Fund Debt 67,792,067$ Overlapping Tax Increment Debt (Successor Agency)265,459,967 6.338-14.838% 28,298,575 Total City Direct Debt 12,005$ Total Overlapping Debt 546,262,346$ Total Direct and Overlapping Debt 546,274,351$ Ratios to 2024-25 Assessed ValuationTotal Overlapping Tax and Assessment Debt 3.25%Total City Direct Debt 0.00%Combined Total Debt 3.95%Ratios to Redevelopment Successor Agency Incremental Valuation ($1,645,298,416)Total Overlapping Tax Increment Debt 1.72%Notes:Source: Avenu Insights(1) The percentage of overlapping debt applicable to the city is estimated using taxable assessed property value. Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the city divided by the district's total taxable assessed value. 13,843,347,109$
(2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue and non-bonded lease obligations.

324
City of Eastvale

Legal Debt Margin Information
Last Ten Fiscal Years (in thousands of dollars)

96 Fiscal YearAssessed ValuationLegal Debt Limit (15% of Assessed Value)Amount of Debt Applicable to Debt LimitLegal Debt MarginTotal Debt Applicable to the Limit as a Percentage of the Debt Limit2016 8,037,676$ 1,205,651$ -$ 1,205,651$ 0.0%2017 8,577,102 1,286,565 - 1,286,565 0.0%2018 9,085,096 1,362,764 - 1,362,764 0.0%2019 9,818,965 1,472,845 - 1,472,845 0.0%2020 10,420,259 1,563,039 - 1,563,039 0.0%2021 10,935,952 1,640,393 - 1,640,393 0.0%2022 11,457,817 1,718,673 - 1,718,673 0.0%2023 12,270,854 1,840,628 - 1,840,628 0.0%2024 13,354,545 2,003,182 - 2,003,182 0.0%2025 13,902,287 2,085,343 - 2,085,343 0.0%Notes:Source: HdL, Coren & ConeSection 43605 of the Government Code of the State of California limits the amount of general bonded indebtedness for public improvements to 15% of the assessed valuation of all real and personal property of the City. The City has no general obligation bonded debt.

325
City of Eastvale

Pledged Revenue Coverage
Last Ten Fiscal Years

97 Fiscsal Year RevenueLess Operating ExpensesNet Available Revenue Principal Interest Coverage2016 The City has no direct outstanding bonded debt2017 The City has no direct outstanding bonded debt2018 The City has no direct outstanding bonded debt2019 The City has no direct outstanding bonded debt2020 The City has no direct outstanding bonded debt2021 The City has no direct outstanding bonded debt2022 The City has no direct outstanding bonded debt2023 The City has no direct outstanding bonded debt2024 The City has no direct outstanding bonded debt2025 The City has no direct outstanding bonded debt Notes:Details regarding the City's outstanding debt can be found in the notes to the financial statements.Source: City of Eastvale Finance Department Lease Revenue Bonds

326
City of Eastvale

Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years

98 Fiscal Year Basic County, City, and School LevyCommunity College District Water District School District Total (1)2016 1.00000 0.01725 0.00350 0.18908 1.20983 2017 1.00000 0.01649 0.00350 0.19695 1.21694 2018 1.00000 0.01616 0.00350 0.17946 1.19912 2019 1.00000 0.01478 0.00350 0.17751 1.19579 2020 1.00000 0.01476 0.00350 0.19579 1.21405 2021 1.00000 0.01470 0.00350 0.20038 1.21858 2022 1.00000 0.01470 0.00350 0.19988 1.21808 2023 1.00000 0.01470 0.00350 0.18535 1.20355 2024 1.00000 0.01470 0.00350 0.17567 1.19387 2025 1.00000 0.01230 0.00700 0.15000 1.16930 Notes:Source: County of Riverside, Auditor-Controller/HdL, Coren & Cone City Direct Rates
(1) Total direct rate is the weighted average of all individual direct rates applied by the City of Eastvale. This amount includes the city's Share of 1% Levy Per Prop 13 plus community college, water and school districts.

327
City of Eastvale

Principal Property Tax Payers
Current and Nine Years Ago

99 TaxpayerTaxable Assessed ValuePercentage of Total Taxable Assessed ValueTaxable Assessed ValuePercentage of Total Taxable Assessed ValueDPIF3 California 27 Archibald Avenue 482,861,367$ 3.49% - - Tarpon Property Ownership 2 LLC 331,283,167 2.39% 89,643,474 1.12%Amazon Com Services LLC 240,696,748 1.74% - - LRE Eastvale 224,400,000 1.62% - - BPP Pacific Industrial California Reit 173,237,779 1.25% - - Homecoming at Eastvale 155,189,570 1.12% 130,455,648 1.62%Providence Owner LLC 142,014,600 1.03% - - First Industrial LP 114,363,265 0.83% - - Eastvale Gateway 105,258,649 0.76% 89,282,975 1.11%AMB Institutional Alliance Fund 102,287,816 0.74% 63,506,590 0.79%LBA CPT Industrial Company - - 98,685,305 1.23%D R Horton Los Angeles Holding Co - - 60,131,993 0.75%Prologis California - - 43,443,166 0.54%Hamner Park Associates - - 37,345,625 0.46%Teachers Insurance & Annuity Association - - 36,750,000 0.46%Providence Archibald LLC - - 35,291,174 0.44%Total 2,071,592,961$ 14.97% 684,535,950$ 8.52%Notes:Source: HdL, Coren & Cone 2025 2016

328
City of Eastvale

Principal Tax Levies and Collections
Last Ten Fiscal Years

100
Fiscal YearTaxes Levied for the Levy Year AmountPercentage of LevyCollection in Subsequent Years AmountPercentage of Levy2016 7,148,652$ 7,062,635$ 98.80% 19,879$ 7,082,514$ 99.07%2017 7,597,972 7,571,107 99.65% 17,515 7,588,622 99.88%2018 7,873,083 7,848,417 99.69% 76,595 7,925,012 100.66%2019 8,325,698 8,163,736 98.05% 76,585 8,240,321 98.97%2020 8,837,417 8,692,642 98.36% 15,890 8,708,532 98.54%2021 9,617,361 9,212,198 95.79% - 9,212,198 95.79%2022 9,718,427 9,617,922 98.97% 7,026 9,624,947 99.04%2023 10,421,706 10,338,784 99.20% 29,161 10,367,945 99.48%2024 11,247,167 11,123,624 98.90% 15,252 11,138,876 99.04%2025 11,669,910 11,626,289 99.63% 919 11,627,208 99.63%Notes:Source: City of Eastvale Finance Department, Riverside County Auditor-Controller's Office.

Collected within the Levy Year Total Collections to Date

329
City of Eastvale

Demographic and Economic Status
Last Ten Fiscal Years

101
(1) (2) (2) (3) (4)Calendar Year PopulationPersonal Income in ThousandsPer Capita Personal Income Median AgeUnemployment Rate2016 63,162 1,586,340$ 25,115$ 31.8 4.5%2017 64,613 1,592,100 24,641 31.9 4.0%2018 64,855 1,688,799 26,040 32.7 4.4%2019 66,078 1,882,938 28,496 33.2 3.2%2020 66,413 1,984,346 29,879 33.1 2.9%2021 67,626 2,148,484 31,770 33.1 8.6%2022 69,929 2,395,056 34,250 33.0 5.6%2023 69,514 2,719,529 39,122 34.2 2.9%2024 68,884 3,014,186 43,757 34.7 3.5%2025 69,799 3,259,720 46,702 36.1 3.8% Notes:Source: (1) Population - California Department of Finance(2) Personal Income/Population - US Census Bureau(3) Median Age - HdL Coren & Cone(4) Unemployment Rate - HdL Coren & Cone 330
City of Eastvale

Principal Employers
Current Fiscal Year

102
Number of Percent of TotalBusiness Name Employees Employment (%)Amazon Fulfillment Center 4,630 13.27%Walmart Distribution Center* 1,178 3.38%Corona-Norco Unified School District 990 2.84%Costco Wholesale 343 0.98%Grainger Distribution Center 255 0.73%Ingram Micro 248 0.71%The Home Depot 192 0.55%Komar Distribution Services 152 0.44%Albertsons Grocery Store 85 0.24%City of Eastvale** 76 0.22%8,149 23.35%Total Top 10 EmployersTotal City Labor Force (1)34,900 Notes:* Includes Two Distribution Centers, and NFI Industries.** City of Eastvale - FY2024-25 Annual Budget.(1) Total City Labor Force provided by EDD Labor Force Data. Source: Avenu Insights & Analytics 2024-25

331
City of Eastvale

Governmental Activities Tax Revenue by Source
Last Ten Fiscal Years (in thousands of dollars)

103
Fiscal YearProperty TaxSales & Use TaxMotor Vehicle in-lieu TaxVehicle License Fee in-lieu TaxSales Tax in-lieu TaxFranchise TaxTransient Occupancy TaxOther Taxes Total2016 2,812$ 7,289$ 24$ -$ -$ 1,638$ -$ 390$ 12,153$ 2017 2,631 7,693 28 - - 1,420 - 451 12,223 2018 2,606 9,078 4,355 - - 1,552 - 362 17,953 2019 2,549 9,610 4,700 - - 1,545 - 346 18,750 2020 2,910 10,349 5,006 - - 1,645 - 1,245 21,155 2021 3,024 28,120 5,247 - - 5,938 - 442 42,771 2022 3,178 44,710 5,526 - - 1,972 - 459 55,845 2023 3,510 47,356 5,902 - - 6,557 - 495 63,820 2024 3,923 58,319 6,431 - - 2,701 - 181 71,555 2025 3,979 48,463 6,714 - - 2,969 378 313 62,816 Source: City of Eastvale Finance Department

332
City of Eastvale

Taxable Sales by Category (in thousands of dollars)
Last Ten Calendar Years

104
Fiscal YearOther Retail StoresAll Other Outlets Total2016 357,869$ 387,769$ 745,638$ 2017 367,606 398,041 765,647 2018 382,404 463,113 845,517 2019 472,690 442,403 915,093 2020 549,385 445,217 994,602 2021 558,785 511,449 1,070,234 2022 743,978 3,745,567 4,489,545 2023 815,329 3,897,359 4,712,688 2024 816,239 4,170,466 4,986,705 2025 874,785 4,061,685 4,936,470 Notes:Due to confidentiality issues, the names of the ten largest revenue payers are notavailable. The categories presented are intended to provide alternative informationregarding the sources of the City's revenue. alternative information regarding the sourcesof the City's revenue. Sources: State Board of Equalization, California Department of Taxes and Fees Administration, State Controller's Office, The HdL Companies 333
City of Eastvale

Full-time City Employees by Function
Last Ten Fiscal Years

105
Fiscal YearGeneral GovernmentPublic Safety Public WorksCommunity DevelopmentCommunity Safety Total2016 9.50 0.00 0.00 2.25 0.00 11.752017 10.00 0.00 0.00 1.75 0.00 11.752018 13.75 0.00 0.00 4.00 0.00 17.752019 15.00 0.00 0.00 9.25 0.00 24.252020 18.50 0.00 0.00 12.75 0.00 31.252021 16.75 0.00 0.00 20.00 0.00 36.752022 27.75 0.00 1.00 13.50 16.50 58.752023 23.50 0.00 10.00 9.50 15.50 58.502024 24.50 0.00 17.00 10.00 17.50 69.002025 27.00 0.00 19.00 9.50 15.50 71.00Notes:Source: City of Eastvale Finance DepartmentThe City of Eastvale contracted services for Public Works, Planning, Building & Safety through 2018, atwhich point services started to be provided by city employees. The city continues to partially contractengineering, planning, and building services. Police and Fire services are fully contracted. Parks andRecreation is provided by the Jurupa Community Services District.

334
City of Eastvale

Operating Indicators by Function
Last Ten Fiscal Years

106
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025Finance Business registration 1,297 1,632 2,083 1,625 1,124 2,396 2,490 2,846 2,501 2,589 applications / renewalsBuilding and Safety Construction valuation 205,136,969$ 230,282,478$ 75,756,134$ 154,206,189$ 188,393,503$ 434,097,814$ 121,449,018$ 43,352,977$ 347,388,217$ 508,950,592$ Building permits issued 1,677 1,584 1,196 1,488 1,416 4,138 1,968 2,031 1,442 1,111 Public SafetyTotal arrests 571 621 488 532 510 475 547 661 535 500 Calls for service 28,717 31,875 31,204 25,797 24,211 24,171 25,906 26,634 26,868 25,846 Notes:Source: City of Eastvale, Various Departments Fiscal Year

335
City of Eastvale

Capital Asset Statistics by Function
Last Ten Fiscal Years

107
Fiscal Year Street (miles)1Traffic Signalized Intersections2Bridges3Buildings42016 367 47 2 1 2017 368 47 2 1 2018 368 48 2 1 2019 368 50 2 3 2020 368 64 2 4 2021 414 67 2 4 2022 414 67 2 4 2023 414 72 3 4 2024 414 72 3 4 2025 417 76 4 4 Notes:Source: City of Eastvale Public Works Department 336
Tel. 909-889-0871 | www.ramscpa.net | 735 E. Carnegie Dr. Suite 100, San Bernardino, CA 92408

CERTIFIED PUBLIC ACCOUNTANTS

-1-

Independent Accountant’s Report

To the Honorable City Council
Eastvale, California

We have performed the procedures enumerated below to the accompanying Appropriations Limit Worksheet of the City of Eastvale, California (the City) for the year ended June 30, 2025.

The management of the City is responsible for the accompanying Appropriations Limit Worksheet.

The City has agreed to and acknowledged that the procedures performed are appropriate to meet the intended purpose of meeting the requirements of Section 1.5 of Article XIII-B of the California Constitution. These procedures, which were suggested by the League of California Cities and presented in the publication entitled Agreed-upon Procedures Applied to the Appropriations Limitation Prescribed by Article XIII-B of the California Constitution, were performed solely to assist you in meeting the requirements. 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 the associated findings are as follows:

1. We obtained the completed worksheets and compared the limit and annual adjustment factors included in those worksheets to the limit and annual adjustment factors that were adopted by resolution of the City Council. We also compared the population and inflation options included in the aforementioned documents to those that were selected by a recorded vote of the City Council.

Finding: No exceptions were noted as a result of our procedures.

2. For the accompanying Appropriations Limit Worksheet, we added last year’s limit to total adjustments and agreed the resulting amount to this year’s limit.

Finding: No exceptions were noted as a result of our procedures.

3. We agreed the current year information presented in the accompanying Appropriations Limit Worksheet to the other documents referenced in number one above.

Finding: No exceptions were noted as a result of our procedures.

337

-2-

4. We agreed the prior year appropriations limit presented in the accompanying Appropriations Limit Worksheet to the prior year appropriations limit adopted by the City Council during the prior year.

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, the objective of which would be the expression of an opinion or conclusion, respectively, on accompanying Appropriations Limit Worksheet for the year ended June 30, 2025. 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 the City Council and management of the City of Eastvale, California, and is not intended to be and should not be used by anyone other than these specified parties. However, this report is a matter of public record and its distribution is not limited.

San Bernardino, California
December 15, 2025
338

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City of Eastvale

APPROPRIATIONS LIMIT WORKSHEET
2024 – 2025

Per capita personal income change 3.62%
Population change:

County population growth 0.55%
CPI change converted to a ratio 1.0362
Population change converted to a ratio 1.0055
Calculation of growth factor * 1.0419
2023 - 2024 limit 41,135,243 $
2024 - 2025 Limit*
($41,135,243 x 1.0419) 42,858,810
Addition pursuant to California
Government Code 7902.2.2 5,993,346
2024 - 2025 Limit 48,852,156 $
* Factor not rounded.

339

AGENDA STAFF REPORT

City Council/Eastvale Public Financing Authority Meeting

CITY COUNCIL/EASTVALE PUBLIC FINANCING AUTHORITY BUSINESS

Agenda Item No. 13.2
January 28, 2026
Presenta2on of Proposed Center for Entrepreneurship - Norco College @ Eastvale
Prepared By:

Mark Orme, City Manager
Recommended Action(s)
Staﬀ recommends that City Council receive a presentaon from Norco College, in conjuncon with the Riverside County Oﬃce of Economic Development, and give feedback to the concepts and overarching goals of a potenal partnership to enhance and fuel entrepreneurship within the City of Eastvale.

Summary
As the City of Eastvale embarks on the compleon of the Civic Center facilies, ancipated to open in early 2028, staﬀ have been evaluang potenal partners on developing a mul-faceted approach to enhancing Eastvale's residents and businesses ability to access resources to connue creang, nurturing, and growing the entrepreneurial mindset that is already prevalent within the city. This presentaon will showcase the opportunity to ulize the soon to be constructed City Library's second ﬂoor space (innovaon center), to deliver on that goal in partnership with Norco College's School of Business & Management and Riverside County's Office of Economic Development.

Background
The City Council's ongoing eﬀort to align public resources with impac4ul outcomes, to beneﬁt Eastvale residents and businesses, connues to be relessly eﬀectuated as staﬀ researches opportunies to bring the Council's well arculated vision to reality. The establishment of a city that is safe (
public safety
), economically vibrant (
economic development
), ﬁscally prudent (
financial
planning
), an open environment for success to be achieved by all ( inclusion
), and a city that properly
maintains public spaces (
infrastructure
), looks to leverage opportunies outside of government 12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752 951.361.0900 |
eastvaleca.gov
340
norms (
innova2on & technology
), and one that values increasing knowledge and knowhow (
organizational development
) can only be achieved by such a well thought out plan, being driven by effective leadership.

A vital part of the plan is the establishment of a Civic Center to operaonalize city services from, and one which could bring external resources to residents and businesses to help them achieve greater levels of success. One of the HUBs of the Civic Center will be the City of Eastvale's Public Library, which will also serve to facilitate an innovaon center on its second ﬂoor. This innovaon center space is envisioned to leverage external experse to bring ideas to reality, supporng the entrepreneurial mindset so prevalent in Eastvale and the region. In order to hit the ground running for such an iniave, partnerships are necessary where resources exist and experse is willing and able to support such an ecosystem. Upon commencing invesgaons into viable partners, it became readily evident that there were two resource ready and experienced agencies that, if they were willing and able to work together, could facilitate the city's vision. Norco College, a part of the Riverside Community College District (RCCD), and the Riverside County Oﬃce of Economic Development are those two enes and they will be presenng an overview of what this type of collaborative partnership could achieve.

Analysis
Real dialogue commenced with Norco College in late spring/early summer of 2024, and numerous meengs have occurred since then to envision the most opmal collaboraon. The focus of those meengs were to develop a dynamic space of approximately 5,000 square feet that could oﬀer the type of incubaon and accelerator space to support entrepreneurs as well as create a direct link to access educaonal courses, cerﬁcaon programs, and other tools that could enhance entrepreneurs opportunies to succeed. One of the pivotal meengs that occurred was with the City Council's Business & Development Success Ad-Hoc, which met on October 16, 2024, with Norco College leadership, to include Norco College President Monica Green, Vice President of Business Services Michael Collins, Vice President of Planning & Development Tenisha James, Dean of Instrucon, Career Educaon, Schools of Business & Management (B&M), AT&A, and HaPS Ashley Etchison, School of B&M Department Chair PaHy Worsham, SBM Assistant Professor for Business Administration & Entrepreneurship Adam Martin, along with others.

The dialogue focused on how best to meet the needs of every day entrepreneurs, from young to more seasoned; from looking at how to provide access to various tools to considering making available coaching opportunies. This type of space could also lend to developing a makers space and/or potenally even grow into a future small business development center, which would bring even more resources to local entrepreneurs. Since that meeng, numerous other meengs have occurred, to include Norco College meeng with the Eastvale Chamber of Commerce and the Riverside County Oﬃce of Economic Development. The experience and connecons these other organizaons provide are immense, parcularly, the Riverside County Oﬃce of Economic Development already has experience in supporng these types of centers throughout the county.

Addionally, the Oﬃce of Economic Development's Director, Ms. Suzanne Holland and her team, have been wonderful partners on numerous occasions and have proven to be true professionals.

This evening's presentaon will allow for Norco College and the Riverside County Oﬃce of Economic Development to give further insight into what this potenal collaboraon could achieve in making local entrepreneurs even more successful!
12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752
951.361.0900 |
eastvaleca.gov
341
Environmental
Not applicable.

Strategic Plan Action - Priority Level: 1
| Target #: E
| Goal #: A
This request is a vital component of the City Council's Priority Level 1 Goals to include the Development and Construcon of the Civic Center (Target E, Goal A), AHract and Retain Business (Target B, Goal A), and Priority Level 2 Goal of Developing Branding for Eastvale (Target B, Goal C).

Fiscal Impact
The ﬁscal impact in unknown at this me, but staﬀ will return with proposed lease rates and any other ﬁscal impacts ancipated for this project. Norco College has already idenﬁed and secured grant funding to support this potential initiative.

Prior City Council/Commission Action
No prior action.

Attachment(s)
Attachment - Norco College at Eastvale Presentation

12363 Limonite Avenue | Suite 910 | Eastvale, CA 91752
951.361.0900 |
eastvaleca.gov
342
Norco College @ Eastvale
Center for Entrepreneurship Presentation
343
Built in 1990
141 Acres
252,292 GSF
168,086 ASF
College Accreditation 2010
Serves the College & Career
needs of over 18,000
residents annually
Norco College
@ 3rd &Hamner
344
Local Affordable,
Quality Education
The cost of attending California’s public
universities continues torise and isnow morethan
six times that of attending a community college.

Since 1991, Norco College has provided excellent
education to students, families, and veterans at an
affordable price.
99% of NC Students
Graduate Debt-Free
345
2024-25 Statistics
19,556 Students Enrolled
2,340 Degrees &
Certificates awarded
451 Dual Enrollment students from
ERHS (32% of total)
192 Degree and Certificates offered
346
Center for
Entrepreneurship
Norco College @Eastvale
Adam Martin
Associate Professor, BusinessAdministration and Entrepreneurship 347
Executive Summary
Objective
Key Points Initialfunding received of more than $75,000Sustaining funding exists through state and federal grantsPartnership opportunity with the City of EastvaleCollaboration with RCCD’s Office of Workforce and EconomicDevelopment Establisha Center for Entrepreneurship within the Eastvale Civic Center 348
Vision: Empower individuals to become future
business leaders and innovators
Purpose: Provide training, mentorship, support, andeducational resources for aspiring entrepreneurs Rational:

Market Need
Labor Market Data
Changing Societal and Economic Trends
349
350
Programmatic Elements
Noncredit Courses:CTE/CDCP Eligible Noncredit Courses
Workshop Series (Bootcamp): Nine-part workshop focusing on comprehensive businessplan development Pitch Competition: Annual business plan pitch competition Accelerator Services: Business coaching and support services Stackable Certificates & AS Degree: Pathways to greater academic success at NorcoCollege Networking Opportunities: Partnership with industry stakeholders 351
Collaboration with the Riverside County
Office of Economic Development
352
Collaboration with the Riverside County
Office of Economic Development
RivCoED Support forEastvale Entrepreneurs:

Open Office Hours (as needed)
1:1 Business Consultations
Startup, Expansion & Growth Support
Veterans Business Resources
Financing & Incentives (State, Federal, Utility, FTZ, RMDZ, OJT) Workforce Support (Hiring & Training)
Workshops & Technical Assistance
Demographics, Data & Market Insights
International Trade Assistance
MakerSpace Opportunity for Eastvale Library
353
Financial Support
Initial Funding
Sustaining Funding

$50,000 Strong Workforce grant$25,000 NACCE Everyday Entrepreneur Program Acquirelong-term funding from state and federal sources and achieve designation as a Small Business Development Center (SBDC) 354
Conclusion
Impact
Goals

Community Outreach

Strategic investment in students and the community
Cultivate the entrepreneurial mindset and innovation to promote anequitable and prosperous future
Engagement with localbusinesses, Chamber of Commerce, Rotary Club, and other community organizations.
355
Adam Martin
President
O (951) 372-7015
C (951) 235-6888
[email protected]
2001 Third Street, Norco, CA 92860
www.NorcoCollege.edu
Thank you for
your time!
356

Eastvale City CouncilJanuary 28, 2026

Eastvale City Council
January 28, 2026