City of Corona (Calif.)

City of Corona (Calif.)

The City of Corona, California, operates a dedicated pension stabilization trust to manage long-term liabilities and fund municipal infrastructure. City Treasurer Chad Willardson, also founder of Pacific Capital Wealth Advisors, advises the city on investment decisions alongside the City Council, which acts as the trust's board of trustees. The city's investment portfolio covers physical assets such as the Corona Municipal Airport (an industrial asset) and two water reclamation facilities. It also holds commercial property (Corona City Hall), parks, and land for future development. The Corona Utility Authority manages utility-related infrastructure, giving the city exposure to energy and water assets. Confirmed holdings include Santana Park and Heritage Park, both mixed-use recreational properties (public record). The Pension Stabilization Trust was established to buffer pension liabilities, a vehicle more common among California municipalities. The city maintains memberships in the Government Finance Officers Association and the League of California Cities. In recent years, the city has focused on updating its financial reporting, earning GFOA's Certificate of Achievement for Excellence in Financial Reporting. The structural differentiator here is the municipal pension trust model itself — the City of Corona separates its operating funds from a dedicated pension trust, allowing for targeted investment strategies not typically available to general municipal funds. This gives the city flexibility to invest beyond short-term cash management, focusing on long-term infrastructure and real estate.