Pico Rivera receives FY 2023–24 comprehensive financial report and approves transfers and allocations

The Pico Rivera City Council voted 5–0 on Jan. 28 to receive and file the city’s Annual Comprehensive Financial Report for the fiscal year ending June 30, 2024, and to approve staff recommendations to address negative fund balances and allocate remaining unassigned general fund balance to near‑term priorities.

Jane (Jing) Guo, director of Administrative Services, presented the audited report, noting that the independent auditor CliftonLarsonAllen issued an unqualified (clean) opinion. Guo told the council that general fund operating revenues for FY 2023–24 were approximately $60,360,000 with transfers in of about $1,680,000; operating expenditures were about $50,130,000 with transfers out of $9,240,000. The year‑end net result was roughly $2,670,000, and after required allocations under government accounting standards and previously authorized appropriations, $1,170,000 remained available for allocation.

Council approved staff recommendations to use the available balance to address emergent priorities. Specific allocations discussed in the presentation included $200,000 to replace aged kitchen and concession equipment in parks, approximately $621,000 to a Section 115 pension trust to hedge future pension costs, and funding for an emergency Washington Boulevard over Rio Hondo Channel repair (amount for that repair was not specified at the meeting). Staff also recommended transfers to cover negative fund balances and to continue funding capital improvement program projects such as street resurfacing and park improvements.

Guo highlighted revenue growth drivers: business‑license revenue increased by roughly $1.2 million in FY 2023–24 (growing to about $4,424,400 since fiscal 2019), sales tax rose by roughly $1,020,000, and property tax increased by about $594,000. The council praised the finance team and approved the report and transfers on a 5–0 roll call.

Clarifying details from the meeting: - FY 2023–24 operating revenues: ~$60,360,000; transfers in: ~$1,680,000; operating expenditures: ~$50,130,000; transfers out: ~$9,240,000; net $2,670,000 (Guo presentation). - Amount available for allocation after required reserves and appropriations: $1,170,000 (staff reconciliation). - Recommended allocations included $200,000 for park kitchen/concession equipment and $621,000 to a Section 115 pension trust; emergency repair for Washington Boulevard over the Rio Hondo Channel was described but not quantified in the presentation.

The council’s vote authorized staff to complete the transfers and allocate the remaining balance as presented, and staff said they will return with any detailed appropriation items as needed.