Pico Rivera council accepts FY2024–25 financial report, authorizes $428,020 transfer

The Pico Rivera City Council on Dec. 9 received and filed the city's audited Annual Comprehensive Financial Report for the fiscal year ending June 30, 2025, and authorized a $428,020 transfer to cover a negative fund balance in the liability-claims fund.

Jing Guo, Director of Administrative Services, told the council the report was audited by CliftonLarsonAllen and received an unqualified (clean) opinion. Guo presented key General Fund figures: operating revenues of $63,660,000, transfers in of $1,750,000, operating expenditures of $56,230,000 and transfers out of $7,720,000 (largely to capital-improvement projects such as street resurfacing and Rio Hondo Park renovation), resulting in a net increase of $1,460,000.

Guo highlighted revenue gains: sales tax rose about $700,000 (roughly 3%), licenses and permits increased approximately $566,000 (about 27%), and business license revenue grew from roughly $1.4 million before Measure AB to about $4.7 million in FY2024–25, which staff said diversified the revenue base.

During questioning council members asked about enterprise fund surpluses and reserve targets; staff said the water/utility fund ending balance was $53,800,000 and that they target reserves around 70% for cushion against energy/rate volatility. Council moved to receive and file the report and to authorize the $428,020 transfer to cover the liability-claims shortfall; the motion passed 5–0.

Council also noted several awards earned by city departments, including a GFOA award for finance and a sustainability recognition with regional partners.