Page 32 - Moreno Valley 2025 Annual Financial Report

Some major capital projects under construction at the end of the fiscal year, which are expected to be
completed by the end of the next fiscal year are:

• Flight Deck Pump Track at Morrison Park • Sunnymead Master Drainage Plan Line
• Pavement Rehabilitation for Various Local B-16A
Streets (CDBG FY 23-24) • Park Rehabilitation and Refurbishment -
• Citywide Pavement Rehabilitation Program Restrooms Civic Center Amphitheater &
(FY 24/25) Adrienne Mitchell Park

Other major projects that are in the Design, Environmental and Right of Way Acquisition Phases are:

• SR-60/World Logistics Center Parkway • Moreno MDP Line K & Reche Canyon Debris
Interchange Replacement Basin
• Sunnymead MDP Storm Drain Line H

Additional information on the City’s capital assets can be found in Note 5 of the basic financial statements.

Long-term Liabilities

At year-end, the City’s governmental activities had $133.9 million while business activity had $52.2
million in bonds, certificates of participation, compensated absences, pension and OPEB liability and
self-insurance claims and judgments.

Outstanding Liabilities at Year End
June 30, 2025

Governmental Business-type
Activities Activities
Direct Placements
Notes and Other $ - $ 5,430,777
Other Liabilities
Lease revenue bonds, net 20,136,962 42,838,426
Certificates of participation, net 15,955,000 -
Lease liability 2,396,730 -
SBITA liability 2,976,329 -
Compensated absences 10,337,302 350,023
Net pension and OPEB liability 77,559,047 3,603,622
Self-insurance claims and judgments 4,522,000 -
$ 133,883,370 $ 52,222,848

Additional information on the City’s long-term debt can be found in Note 6, Note 8, Note 9 and Note 11 to
the basic financial statements.

Implementation of New Accounting Pronouncements

During the fiscal year ended June 30, 2025, the City implemented the following GASB standard:

GASB Statement No. 102-Certain risk disclosures. The objective of this Statement is to provide users
of government financial statements with essential information about risks related to a government’s
vulnerabilities due to certain concentrations or constraints.

This Statement defines a concentration as a lack of diversity related to an aspect of a significant inflow
of resource or outflow of resources. A constraint is a limitation imposed on a government by an external
party or by formal action of the government’s highest level of decision-making authority. Concentrations
and constraints may limit a government’s ability to acquire resources or control spending.

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