Riverside City Council
April 21, 2026

4/9/2026
1 ©2025 CliftonLarsonAllen LLP. CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer. Investment advisory services are offered through CliftonLarsonAllen Wealth Advisors, LLC, an SEC-registered investment advisor.April 21, 2026City of Riverside2025 Audit Results1 ©2025 CliftonLarsonAllen LLP
Report from CliftonLarsonAllen, LLPoScope of ServicesoAuditors’ OpinionoReport on Internal Control over Financial ReportingoCommunication with Those Charged with Governance2 1 2
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Scope of Services•Financial Statements of City of Riverside •Single Audit of Federal Grants•Financial Statements of Electric Utility and Water Utility Funds•Financial Statements of Riverside Public Financing Authority•Financial Statements of Successor Agency•Compliance Report on Air Quality Management District•Agreed Upon Procedures – Gann Appropriation Limit 3 ©2025 CliftonLarsonAllen LLP
Auditors’ Opinions•Audit of financial statements for the year ended June 30, 2025•Unmodified opinions for June 30, 2025•Management is responsible for preparation and fair presentation of the financial statements•Auditors’ responsibility is to express opinions on the financial statements•Obtain reasonable assurance that financial statements are free from material misstatement•Perform audit in accordance with GAAS and GAS4 3 4
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Internal Control Over Financial Reporting•We considered the City’s internal control over financial reporting (internal control) to determine the audit procedures that are appropriate for the purpose of expressing our opinions on the financial statements•Material WeaknessoPrior period adjustment related to capital assets and deposits.5 ©2025 CliftonLarsonAllen LLP
Communication with Those Charged with Governance (1 of 3)•The planned scope and timing of the June 30, 2025, audit was communicated to during our planning meeting•Management is responsible for the selection and use of appropriate accounting policies, which are described in note 1 to the financial statements6 5 6
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Communication with Those Charged with Governance (2 of 3)•Significant estimates reported in the financial statements include the following:oRequired contributions, pension expense, net pension liability and deferred outflows/inflows of resources of CalPERS defined benefit pension plan and PARS supplementary retirement planoOPEB expense, net OPEB liability and deferred outflows/inflows of resources of OPEB planoClaims payable liabilitiesoAllowance for uncollectible accountsoLiability for landfill capping (landfill post closure liability)oDecommissioning liability7 ©2025 CliftonLarsonAllen LLP
Communication with Those Charged with Governance (3 of 3)•Difficulties during audit – none•Corrected and Uncorrected Misstatements•No disagreements arose during the course of our audit•Representations related to audit obtained from management in a letter dated December 23, 2025•To our knowledge, the City did not consult with other accountants regarding auditing or accounting matters 8 7 8
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Changes from the Prior Year•No significant changes9
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Questions?10
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