Page 18 - Moreno Valley 2025 Annual Financial Report

CERTIFIED PUBLIC ACCOUNTANTS

Independent Auditor’s Report

To the Honorable Mayor and Members of the City Council
City of Moreno Valley, California

Report on the Audit of the Financial Statements

Opinions
We have audited the financial statements of the governmental activities, the business-type activities,
each major fund, and the aggregate remaining fund information of the City of Moreno Valley, California
(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, the business-type 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 and, where applicable, cash flows thereof and the
respective budgetary comparison statements as listed in the table of contents 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. 102, Certain Risk Disclosures. Our opinions are not modified with respect to this matter.

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.

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