Annual Comprehensive Financial Report
The City’s Administrative Services Department recently presented the Annual Comprehensive Financial Report (ACFR) for the fiscal year ending June 30, 2024, to the City Council.
The ACFR serves as the City’s official, audited “full financial disclosure” reporting on the financial health of the City. The ACFR provides financial summaries for the City’s various funds, including the General Fund, Housing Agency, Water Authority and Successor Agency, ensuring transparency and accountability in the City’s financial operations.
The ACFR is a valuable resource for members of the City Council, citizens, current and future employees, grant agencies, creditors, bond investors, rating agencies, and other interested parties seeking insight into the City’s fiscal position.
Over the past fiscal year, the City can be proud of numerous significant accomplishments such as:
» Enhanced Financial Reserves: The City adopted a revised “risk-based” General Fund and Proprietary Fund Reserve Policies that increased the General Fund’s Emergencies/Economic Stabilization Reserve to ensure ongoing economic stability.
» Honoring Veterans: The City partnered with Point Man Antelope Valley to bring the Mobile Vietnam Memorial Wall to our community, creating an impactful and meaningful tribute to those who served and sacrificed during the Vietnam War.
» Supporting Small Businesses: The City successfully collaborated with Asociacion de Emprendedor@s to host the first graduating class of Emprendedor@s, an 8-week Spanish-language program designed to support small business owners and entrepreneurs.
» Improving Water Quality: The City’s Water Authority introduced advanced treatment systems relating to PFOA/PFAS contaminants at three City-owned water facilities, taking a major step forward in providing cleaner, safer drinking water.
These achievements, along with numerous others, demonstrate the City’s ongoing dedication to strategic initiatives that enhance economic stability, improve quality of life, and foster a thriving community.
The ACFR was prepared by using the guidelines set forth by the Government Accounting Standards Board (GASB) and audited by CliftonLarsonAllen, LLP (CLA), Certified Public Accountants and Consultants. The City received a “clean” opinion which is the best type of audit opinion a city can receive.
The full ACFR, along with prior years’ financial statements, is available on the Administrative Services page of the City’s website at www.pico-rivera.org,
reinforcing the City’s commitment to financial transparency.
Working hand in hand with this year’s ACFR, last month, the City’s Administration Team proudly presented the City Council and residents with the Fiscal Year 2023–2024 Accomplishments Report.
The report was inclusive of all of the fiscal year’s accomplishments that signify the City’s commitment to working together in a collaborative manner for the betterment of the greater community. These accomplishments include the numerous awards, grants, and recognitions the City received during this reporting period, which demonstrate our fiscal and financial responsibility, and our many infrastructure projects that were completed last year. Along with several other accomplishments, this demonstrates the City’s diligence and commitment to implementing its strategic priorities ensuring the City’s economic prosperity, and bettering the lives of the City’s residents and businesses. The City’s performance goals, priorities, and strategies focus on the following areas:
» Fiscal and Organization Sustainability
» Economic Development and Land Use
» Infrastructure
» Health, Wellness and Safety
» Community Engagement
The overall report shows that the City is exceptionally well positioned to meet current and future challenges facing local government and our community. The report also includes the City’s Guiding Plan, Awards, and Recognition categorized by strategic priority, as well as the initiatives and visions for FY 2023-24.
The City’s FY 2022-24 Accomplishments Report brochure is available to read in its entirety on the City’s website at pico-rivera.org. For additional information regarding the Accomplishments Report, you may call City Hall at 562.942.2000.
