Page 4 - Moreno Valley 2019 Popular Annual Financial Report

INTRODUCTIONS

The City of Moreno Valley is pleased to present the Popular Annual Financial Report (PAFR) for the fiscal year ended June
30, 2019. This is a user-friendly annual companion to the Comprehensive Annual Financial Report (CAFR), making the City’s
finances increasingly transparent and accessible to all Moreno Valley Residents.

The City continued to experience increased developmental activity in new retail, commercial and industrial construction and
development. More than 20,000 new jobs have been created in Moreno Valley in the last six years. Following employment
growth within the City, wage growth has also seen a 7% annual growth rate along with average household income increasing
to $78,090 in 2019 or nearly a 25% growth rate since 2015.

As the second largest city in Riverside County, Moreno Valley remains as one of the most desirable places to live in the Inland
Empire. We thank you for taking the time to learn about your City’s finances and your shared commitment to the success
and vibrancy of our growing community.

ABOUT THIS REPORT

Our Popular Annual Financial Report (PAFR) for the year ended June 30, 2019 was prepared to provide readers of interest
an easy to understand summary of our financial activities in an informative, balanced, and objective manner. The PAFR
is a summary of the financial activities of the City of Moreno Valley and is drawn from information found in the 2019
Comprehensive Annual Financial Report (CAFR). Both reports are available online at http://www.moval.org.

It is important to note that the financial data in this report is unaudited, includes information exclusively on primary
government funds and is presented on a non-GAAP (Generally Accepted Accounting Principles) basis. This means that it
excludes discrete component unit and fiduciary fund information, contains condensed financial information and does not
provide all of the necessary financial statements and note disclosures required by GAAP standards. However, we believe that
the information presented in this PAFR is a balanced and fair summary of the audited CAFR, providing our citizens with a
good understanding of the financial health of our city.

We hope you enjoy reading this report and invite you to access our audited financial statements and completed CAFR online
for more detailed information on our City’s finances. We welcome your questions, comments and suggestions regarding the
information on this report. Contact us at the City of Moreno Valley, Finance Department, at 14177 Frederick Street, Moreno
Valley, CA 92552-0805, Tel. 951.413.3021.

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