CITY OF CAMARILLO
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
FISCAL YEAR ENDED
JUNE 30, 2023
INCLUDES THE
CAMARILLO SANITARY DISTRICT
CITY OF CAMARILLO
CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL
REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2023
PREPARED BY THE DEPARTMENT OF FINANCE
MARK URIBE, DIRECTOR OF FINANCE
CITY OF CAMARILLO, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
JUNE 30, 2023
Prepared by:
Finance Department
Mark Uribe, Director of Finance
CITY OF CAMARILLO, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2023
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Letter of Transmittal ................................................................................................................................ i Governmental Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting ...................................................................................................... xii Directory of City Officials and City Organization Chart .................................................................... xiii Elected Officials and Administrative Officers .................................................................................... xiv Camarillo Districts Map ....................................................................................................................... xv
FINANCIAL SECTION
Independent Auditors’ Report .............................................................................................................. 18 Management’s Discussion and Analysis (Unaudited) .......................................................................... 24
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements
Statement of Net Position .............................................................................................................. 47 Statement of Activities ................................................................................................................... 48 Fund Financial Statements
Governmental Fund Financial Statements
Balance Sheet – Governmental Funds ........................................................................................... 54 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ...................................................................................................................... ................ 57 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds .................................................................................................................. 58 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ............................................... 60 Proprietary Fund Financial Statements
Statement of Net Position – Proprietary Funds .............................................................................. 62 Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Funds .................. 64 Statement of Cash Flows – Proprietary Funds ............................................................................... 66
CITY OF CAMARILLO, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2023
TABLE OF CONTENTS
Page(s)
Fiduciary Fund Financial Statements
Statement of Net Position – Fiduciary Funds ................................................................................ 72 Statement of Changes in Fiduciary Net Position – Fiduciary Funds ............................................. 73 Notes to Basic Financial Statements ....................................................................................................... 77 REQUIRED SUPPLEMENTARY INFORMATION (Unaudited)
Budgetary Comparison Schedule – General Fund ............................................................................. 129 Budgetary Comparison Schedule – Maintenance Districts Special Revenue Fund ........................... 130 Budgetary Comparison Schedule – Development Fees Special Revenue Fund ................................. 132 Schedule of Changes in Net Pension Liability and Related Ratios .................................................... 133 Schedule of Pension Contributions ............................................................................................. ....... 135 Schedule of Changes in Net OPEB Liability and Related Ratios ...................................................... 137 Schedule of OPEB Contributions ....................................................................................................... 138
SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedules – Major Capital Projects Funds:
Capital Improvement Projects Fund ............................................................................................ 142 Nonmajor Governmental Funds:
Combining Balance Sheet ............................................................................................................ 144 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .................... 147 Budgetary Comparison Schedules – Nonmajor Special Revenue Funds:
Article 8 TDA Fund ..................................................................................................................... 150 Article 3 TDA Fund ..................................................................................................................... 151 Gas Tax Fund ............................................................................................................................... 152 SB1 Fund ..................................................................................................................................... 153 Air Quality Management Fund .................................................................................................... 154 Community Development Block Grant Fund .............................................................................. 155 Library Special Revenue Fund ..................................................................................................... 156 Cable PEG Fees Fund .................................................................................................................. 157 Budgetary Comparison Schedule – Nonmajor Capital Projects Fund:
Low-Moderate Income Housing Asset Fund ............................................................................... 158 Camarillo Corridor Projects Area Fund ....................................................................................... 159
CITY OF CAMARILLO, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2023
TABLE OF CONTENTS
Page(s)
Budgetary Comparison Schedule – Debt Service Fund:
Library Debt Service Fund ........................................................................................................... 160 Internal Service Funds:
Combining Statement of Net Position ......................................................................................... 163 Combining Statement of Revenues, Expenses, and Changes in Net Position ............................. 165 Combining Statement of Cash Flows .......................................................................................... 167 Fiduciary Funds:
Combining Statement of Fiduciary Net Position ......................................................................... 171 Combining Statement of Changes in Fiduciary Net Position ...................................................... 173 STATISTICAL SECTION (Unaudited)
Table of Contents ......................................................................................................................... 178 (Table 1) Net Position by Component ......................................................................................... 179 (Table 2) Changes in Net Position ............................................................................................... 181 (Table 3) Fund Balances – Governmental Funds ......................................................................... 185 (Table 4) Changes in Fund Balances – Governmental Funds ...................................................... 187 (Table 5) Tax Revenues by Source – Governmental Funds ........................................................ 189 (Table 6) Assessed Value and Estimated Actual Value of Taxable Property .............................. 190 (Table 7) Direct and Overlapping Property Tax Rates ................................................................ 191 (Table 8) Top 10 Property Taxpayers .......................................................................................... 192 (Table 9) Property Tax Levies and Collections ........................................................................... 193 (Table 10) Ratios of Outstanding Debt by Type .......................................................................... 194 (Table 11) Direct and Overlapping Governmental Activities Debt ............................................. 195 (Table 12) Legal debt Margin Information .................................................................................. 196 (Table 13) Pledged-Revenue Coverage – Sanitary District Fund ................................................ 198 (Table 14) Demographic and Economic Statistics ....................................................................... 199 (Table 15) Full-Time Equivalent City Government Employees by Function/Program ............... 200 (Table 16) Operating Indicators by Function/Program ................................................................ 202 (Table 17) Capital Asset Statistics by Function/Program ............................................................ 204 (Table 18) Top 10 Employers ...................................................................................................... 206
INTRODUCTORY
SECTION
City of Camarillo
Department of Finance
601 Carmen Drive
Camarillo, California 93010
805-388-5320
November 21, 2023
i
Honorable Mayor and Members of the City Council
City of Camarillo, California
State law requires all general-purpose local governments, within seven months of the close of each fiscal year, to publish a complete set of financial statements presented in conformity with generally accepted accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. Pursuant to that requirement, the City of Camarillo (City) is pleased to submit its A nnual Comprehensive Financial Report (A CFR) for the fiscal year ended June 30, 2023.
Responsibility for the accuracy of the data and the fairness of presentation, including all notes and disclosures, rests with the City. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds of the City. All material statements and disclosures necessary for the reader to obtain a reasonable understanding of the City’s financial activities are included. City management has an established comprehensive internal control fra mework designed both to protect the City’s assets from loss, theft, or misuse, and to compile sufficient reliable information for the preparation of the City’s financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh the anticipated benefits, the City’s comprehensive framework of internal controls is de signed to provide reasonable, rather than absolute, assurance that th e financial statements will be free from material misstatements.
CliftonLarsonAllen, LLP, a Certified Public Accountant firm selected by the City Council to perform the audit of the financial statements for the fiscal year e nded June 30, 2023, has audited the City’s financial statements. The goal of the indepe ndent audit was to provide reasona ble assurance that the financial statements of the City are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclo sures in the financial statements, assessing the accounting principles used and significant estima tes made by management, and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there is a reasonable basis for rendering an unmodified opinion that the City of Camarillo’s financial statements for the fiscal year ended June 30, 2023, are fairly presen ted in conformity with GAAP. The independent auditors’ report is presented as the first component of the financial section of this report.
GAAP requires that manageme nt provide a narrative introduction, ove rview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following the report of the independent auditors.
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2023
____________________________________________________________________________________________________
ii
CITY OF CAMARILLO PROFILE
The City of Camarillo was incorporat ed in 1964 under the general laws of the State of California. Since the early 1900s, Camarillo has been an agricultural community that has evolve d into a rural, suburban community on the outskirts of the Los Angeles metr opolitan area with a balanced base of land uses established under the City’s General Plan.
Camarillo is a city of 69,309 residents
located in the center of Ventura County
(estimated population of 825,653, as of
January 1, 2023). It has an area of
approximately 20 squa re miles and is
located in the Pleasant Valley area of the
vast agricultural Oxnard Plain.
Geographically, Camarillo is midway
between the cities of Los Angeles and
Santa Barbara on Highway 101, nine miles
inland from Point Mugu Naval Air Station
and the Pacific Ocean.
The City operates under the Council-Manager form of government. The City Council adopts policies, sets goals and objectives for the operation of the City government, passes ordinances, adopts budgets, appoints committees, and appoints a City Manager and City Attorney. The City Council also conducts the affairs of the City on behalf of the residents, in accordance with the State Constitution and the General Laws of the State of California. It is within this legal framework that the Council makes decisions affecting numerous aspects of community life, from th e provision of municipal services to land use planning and community development.
The City Council consists of five members elected through a district-based electoral system for four-year terms and are subject to term limits. The current District map, based on 2020 Census data, was adopted on April 12, 2022. The Mayor is sele cted from the City Council members and serv es a one-year term. The City Council members serve as the governing body of the following component units of the City:
Camarillo Capital Improvement Corporation
Camarillo Community Development Commission
Camarillo Industrial Development Authority
Camarillo Library Board
Camarillo Public Finance Authority
Camarillo Sanitary District Board
While not a component unit of the City, City Council members serve as a governing body of the Successor Agency to the Camarillo Community Development Commission for Redevelopment Purposes and for Housing Projects.
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2023
____________________________________________________________________________________________________
iii
The City Council members serve on the following Standing Committees:
Citizen Appointment
Economic Development and Land Use
Finance and Investment
Liaison/Intergovernmental
Policy
Public Safety and Emergency Preparedness
Transportation and Infrastructure
Utilities
The City Council appoints resident members to the following local advisory Commissions, Boards and Committees:
Camarillo Council on Aging
Investment Committee
Planning Commission
The City established the Finance and Investment Committees in 1988 and revised and updated all fiscal policies including investments, purchasing, accounts payable, financial reporting, and budgeting. The City reviews its investment policy annually. All other City policies are reviewed as needed.
The City Council has representation on the following Regional Boards and Committees:
Air Pollution Control District Advisory Committee
Area Housing Authority of Ventura County
California Association of Sanitation Agencies (CASA)
California Contract Cities Association (CCCA)
California Joint Powers Insurance Authority (CJPIA)
Citizens’ Transportation Advisory Committee
Clean Power Alliance of Southern California
Economic Development Collaborative (EDC)
League of California Cities
Regional Defense Partnership (RDP-21)
Ventura Council of Governments (VCOG)
Ventura County Airport Authority
Ventura County Animal Services Commission
Ventura County Area Agency on Aging Advisory Board
Ventura County City Selection Committee
Ventura County Transportation Commission (VCTC)
Ventura Regional Sanitation District (VRSD)
The City is considered a “contract” city, which means the city contracts for one or more municipal services with other public and private agencies, while other city services are provided by City employees. The City provides a full range of services, including:
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2023
____________________________________________________________________________________________________
iv
Contractual services City provided services
Building and Safety City Administration
Landscape Maintenance Community Development (planning/zoning) Law Enforcement and Animal Control Public Improvements
Library Operations Recycled Water
Major Capital Projects Street & Landscape Maintenance Solid Waste Traffic Engineering
Street Sweeping Wastewater
T r a n s i t W a t e r
The City is within the Ventura Count y Fire District, the Camarillo Health Care Di strict, and the Pleasant Valley Recreation and Parks District, but exercises no control over them.
In 1965, the director of Water Works District No. 5, after providing the township of Camarillo with water from wells for many years, voluntarily turned over the operation and assets to the newly incorporated City of Camarillo. By December 1966, th e City acquired the Camarillo San itary District, which became a subsidiary district of the City, as some of the boundaries we re outside the existing c ity limits. The City seal was originally based on the sanitary seal on the sanitation workers’ uniforms as designed by Basil Trueblood, a sanitation employee who retired in 1977. The design was modified to include a representation of Don Adolfo Camarillo, the City’s namesake, on his horse, and was adopted by the City. 1 The City Council is required to a dopt an annual balanced budget no late r than June 30 of each year per State legislation and City Council policy. Budgets are adopted annually by the Council by resolution and are prepared for each fund in accordance with its applicable basis of accounting. The annual budget serves as the foundation for the City to ma intain sound and conservative financia l practices to en sure the fiscal sustainability of the City. The C ity Council and staff ho ld various budget workshops to provide an opportunity for public input. The proposed balanced budget is presented to the City Council for adoption prior to June 30th fiscal year end.
The City maintains budgetary controls to ensure compliance with provisions embodied in the annual budget approved by the City Council and the Camarillo San itary District Board. Th e City Council approves operating and capital appropriations at the fund and department levels.
The City Manager has the authority to transfer between expenditure accounts and between funds of the City and the Camarillo Sanitary District, as long as no funding source incompatibility exists, and provided those changes do not increase overall appropriations in either component unit.
The level of budgetary control is established at the fund level and the Council ha s the legal authority to amend the budget throughout the fiscal year as needed.
1Source: ‘Camarillo and other Remembrances’ by The Honorable Stanley J. Daily, Mayor Emeritus, City of Camarillo.
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2023
____________________________________________________________________________________________________
v
FACTORS AFFECTING FINANCIAL CONDITION
The information presented in the financial statements is perhaps best understood when it is considered from the broader perspective of the specific environment within which the City operates.
The City is optimistic that many of the unprecedente d challenges faced due to the COVID -19 Pandemic over the last four years are behind us. Although trends suggest the local economy will continue to recover, the City has recognized that revenues could be impacted in the future as a result of elevated uncertainty, concerns about recession, inflation, real estate mark ets, and the impact of future Fed monetary policy decisions. The City focuses on City Council priorities and will deliver on action strategies that include the following; address homelessness, exploring community health and wellness programs, and taking action on the Sustainability Master Plan which includes projects such as the Climate Action Plan and Zero Emission Bus Plan.
Ventura County continues to be an ideal location for
business interests in Southern California. The area’s mild climate, coastal access, pr oximity to the greater Los
Angeles area, skilled workforce, and the only deep-water port between Los Angeles and San Francisco, all contribute to the county’s business al lure. A wide variety of
companies are located in Camarillo, ranging from the
premium outlets to manufacturing, provide a strong
economic base for sales tax revenue and employment
opportunities.
Of the City’s top three General Fund revenues, sa les tax was the largest General Fund revenue in FY 2022/23. Sales tax revenue of $19.3 million provided 34.2% of the General Fund revenue, and 15.5% of the City’s total revenue. Sales tax revenue increased 5. 5% from prior fiscal year. This revenue has fully recovered from Pandemic impacts and has seen noticeab le growth that has ex ceeded the pre-Pandemic revenue levels. The growth is attributed to econom ic recovery, increased cons umer confidence, pent-up demand, and higher inflation.
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2023
____________________________________________________________________________________________________
vi
Property Tax was the second largest General Fund revenue in FY 2022/23. Property tax revenue of $18.4 million provided 34.5% of the Genera l Fund revenue, and 14.8% of the City’s total revenue. The net assessed valuation was $16.4 billion, which is an increase of 8.6% from the prior fiscal year. This increase is primarily due to a growth in valuation for the residential and industrial categories. Additionally, Camarillo’s median home remains steady at $895,750 compared to $894,000 in the prior fiscal year.
Buoyed by high inflation, home values remain stable.
-15.0%
-10.0%
-5.0%
0.0%
5.0%
10.0%
15.0%
20.0%
25.0%
$-
$2.0
$4.0
$6.0
$8.0
$10.0
$12.0
$14.0
$16.0
$18.0
$20.0
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Percent Change
Sales (in millions)
Fiscal Year
Sales Tax Received by Fiscal Year
Sales Tax Revenue Percent Change
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
$0
$2,000
$4,000
$6,000
$8,000
$10,000
$12,000
$14,000
$16,000
$18,000
2015 2016 2017 2018 2019 2020 2021 2022 2023
Percent Change
Assessed Value (in millions)
Calendar Year
Assessed Property Value Trend
Assessed Value Percent Change
Sources: Ventura County Auditor-Controller
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2023
____________________________________________________________________________________________________
vii
The City issued 929 business licenses for new commercial, industrial, and service companies during the fiscal year. This was a decrease of 8.7% over the prior year.
The City also proudly welcomed the additi on of a variety of new businesses into the community, including:
The City’s unemployment rate decreased from 3.5% in the prior fiscal year to 3.0% in FY 2022/23. During FY 2022/23, Camarillo employers increased their labor force by 558 jobs (34,100 versus 33,542 in prior year). In addition, the unemployment rate for Ventura County at large decreased from 4.4% to 3.8%. These changes can largely be attributed to a strong local economy and the addition of nonfarm jobs over the last fiscal year. During FY 2022/23 Ventura County em ployers increased their labor force by 6,992 jobs (415,450 versus 408,458 in prior year).
Sources: CA Employment Development Department,
UCSB Economic Forecast project
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
-
10 20
30 40
50 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023
Unemployment Rate
Employment (in thousands)
Calendar Year
City Employment Factors
Employment, All Industries Per Capita Income Unemployment Rate
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2023
____________________________________________________________________________________________________
viii
The Camarillo economy benefits fro m several attractions such as the Premium Outlets and Promenade, Old Town Camarillo, Adolfo Camarillo Ranch, Cama rillo Public Library, Commemorative Air Force WWII Aviation Museum, and the Western Foundation of
Vertebrate Zoology Repository fo r Ornithological Specimens.
Annual community events attract thousands of local residents and visitors throughout the year, from the summer Concerts in the Park and Wings over Camarillo airshow to the July 4
th Celebration
and the Camarillo Holiday Parade. All the annual events returned to pre-Pandemic levels and attract ed thousands of local residents and visitors. Camarillo has three golf courses and a 55 acre sports park that provides facilitie s for entertainment and s ports tournaments which ma ke Camarillo one of the best places to live, work, play, educate and innovate.
Since April 2011, the City has be en a member of the Ventura-O xnard-Camarillo Tourism Business Improvement District (VOCTBID) to market and promote tourism and lodging businesses in the member cities. In September 2014, the hotels within the C ity formed the Camarillo Tourism Marketing District (CTMD) to increase tourism in Camarillo by marketin g the area to potential visitors. The Transient Occupancy Tax (TOT) is a General Fund revenue source for the City, with annual revenues of $3.3 million in the current fiscal year, an increase of 4.2% over prior fiscal year. The TOT has moderately increased in FY 2022/23 due to an increase in occupancy room rate s and average daily rates (ADR) for hotel rooms.
The FY 2023/24 TOT revenue projection is relatively flat with 2.0% gr owth anticipated in the upcoming fiscal year.
The City is a contributor to the Economic Developm ent Collaborative (EDC), which was established to promote jobs, economic growth, and maintain economic vitality. The EDC focuses on attraction, retention, and expansion of businesses in the County th rough economic developmen t programs and funding assistance and is a business resource for companies of all sizes doing business in the County.
MAJOR INITIATIVES
General Fund – Projected General Fund budgeted expenditures and transfers out of $61.5 million exceed budgeted revenues and transfers in of $57.2 million for FY 2023/24 primary due to one-time facility improvement projects as well as transfers out to th e Capital Improvement Projec t fund for various City projects. Additionally, the General Fund is expected to continue to provide transfers to the Citywide Lighting & Landscape Maintenance District Funds to support on-going operations and the Library Debt Service fund for outstanding debt service payments. Staff continues to pursue opportunities to minimize General Fund subsidies and departments have worked conscientiously to identify cost reductions while maintaining service levels.
Cash Management Policies and Practices – When monies are deemed investable, they are placed in the State of California Local Agency Investment Fund (LAIF), U.S. Treasury, Federal Agency securities, Certificates of Deposits (CD’s), Supranational securities, Municipal securities, Negotiable Certificates of Deposits (NCD’s), Commercial Paper, Corporate Medium Term Notes (MTNS), or Asset-Backed securities that mature in five years or less. The City’s inve stment portfolio at June 30, 2023, included $155.2 million
invested in LAIF and $84.9 million invested in U.S. Government securities. Funds placed with LAIF can be withdrawn with a same-day notice, providing the City with daily liquidity, while
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2023
____________________________________________________________________________________________________
ix
investment in U.S. Government secu rities provide portfolio diversification. All investment vehicles offer the City outstanding security and are in compliance with the City’s Investment Policy.
The City has an Investment Committee consisting of two City Councilmembers pl us two citizens with financial/investment backgrounds. The City Manager/City Treasurer, Assistant City Manager, Director of Finance, Finance/Accounting Manager, and Accountant provide staff support. The Investment Committee meets monthly to review the cash and investment position of the City. The Investment Policy is reviewed annually by the Investment Committee and the City Council. I nvestment-related policy changes are recommended as necessary.
Long-term Financial Planning – With the continued goal of ensuring that Camarillo remains a safe and enriched environment where people can live, work, and play, special emphasis has been given to evaluate the City’s current facilities and activities, as well as their ability to continually meet current and future needs. The City’s Five-Year General Fund Fiscal Forecast is utilized in long-range budgeting and cash flow projections to ensure that funding for the City’s future needs are being met through prudent investments, conservative expenditu res, and efficient operations. This multi-year strategy towards fiscal sustainability for the General Fund focuses on maintaining a healthy fund balance.
The City participates in the California Public Employees Retirement System (CalPERS) 2% @ 55 Public Agency Miscellaneous Employees’ defi ned benefit pension plan. In an e ffort to address rising pension costs and the unfunded pension liabili ty, the City Council directed sta ff to implement a Pension Rate Stabilization Program (PRSP) Trust. The City of Camarillo PRSP Trust Investment Policy was originally adopted on June 13, 2018. The PRSP Trust provides a mechanism for accumulating funds that may be used to offset pension costs. The goal of the PRSP trust, as stated in the Policy, is to attain and maintain a fully funded pension status by Fiscal Year 2036/37.
The PRSP Trust Investment Policy out lines parameters for the investme nt of funds to maximize return over the long-term horizon, subject to risk and quality constraints set forth in th e Policy. The balance of the trust has grown from the initial contribution of $5.0 million in September 2018 to $6.4 million at the end of FY 2022/23. The Funded Ratio (Actuarial Value of Plan Assets/AAL), at June 30, 2022, was 74.6% based on assets held by CalPERS. When factoring in the PRSP Trust balance at June 30, 2023, the Funded Ratio is 78.1%.
In addition to prudent fiscal management and forward-looking budget projections, the City follows a fund reserve policy set by the C ouncil that is in complia nce with Government Accounting Standards Board (GASB) Statement No. 54. As of June 30, 2023, $30.4 mil lion of the General Fund total fund balance of $91.6 million was commit ted as an operating reserve. This reserve balance me ets the Council’s reserve policy of 50% of the operating budget in the General Fund.
SIGNIFICANT ACCOMPLISHMENTS AND RECOGNITION
The City’s mission is to provide effective and efficient municipal services that promote a high quality of life, economic vitality, and a safe environment for a ll. Education is vital in having a strong and vibrant community. In addition to Adolfo Camarillo High School, a second high school, Rancho Campana High School (RCHS) was opened in 2015 and was built on a 28-acre site in Camarillo near the Camarillo Public Library. RCHS provides high quality public education for the Camarillo and Somis communities.
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2023
____________________________________________________________________________________________________
x
Camarillo continues to plan for a more sustainable future and is currently implementing several resiliency projects throughout the City including the installation of infrastructure that supports zero emission vehicles. The City inst alled 36 new electric vehicle charging stations which included 22 level 2 chargers installed at Camarillo City Hall and Constitution Park and 14 charging stations at the Camarillo Public Library, which are al l available for public use. Currently, there is no other place in Camarillo with this high concentration of electric vehicle charging stations.
The City constructed the North Pleasant Valley
Groundwater Desalter, which w ill treat 4,500 acre-feet per year of brackish groundwater. The Desalter is the largest capital project in Camarillo’s history and will reduce the City’s dependence on imported state water in addition to saving $45 million - $50 million over the next 20 years.
Thus far, the City has receive d $31.0 million in State and Federal grant funding for the project, which consists of a treatment plant, pipeline construction and monitoring wells.
Awards – The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to th e City of Camarillo for its ACFR for the fiscal year ended June 30, 2022. This was the thirty-fifth consecutive year that the City has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government entity must publish an easily readable and efficien tly organized ACFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is va lid for a period of only one year. We believe that the current ACFR continues to meet the Certificate of Achievement Program’s requirements and the City will be submitting it to the GFOA to determine its eligibility for another ce rtificate. A copy of the Certificate for the fiscal year ended June 30, 2022, is included in the Introductory Section of this ACFR.
The GFOA also awarded a Certificate of Achievement for Distinguished Budget Presentation to the City of Camarillo for its Annual Budget for fiscal year beginning July 01, 2022. This award is the highest form of recognition in governmental budgeting and represents a si gnificant achievement by the City of Camarillo, in that it refl ects the commitment of th e governing body and staff to meeting the highest principals of governmental budgeting. To earn recognition, the budget document must meet program criteria and excel as a policy document, financial plan, operation guide, and co mmunication tool. There are over 1,800 participants in the Budget Awards Program.
The City received the American P ublic Works Association of Vent ura County (APWA) Public Works Project of the Year Award for 2022 related to the North Pleasant Valley Groundwater Desalter project.
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2023
____________________________________________________________________________________________________
xi
In April 2023, the City was rated “AAA” in U.S. Municipalities by the Standard and Poor’s (S&P) Global Ratings with a stable outlook. This aligns with th e goal of the City Council to maintain sound and conservative financial practices to ensure the fiscal sustainability of the City.
At present, Camarillo is ranked the 17th Safest City in California (SafeWise.com). Consistently ranked as one of the safest communities in Ventura County, Camarillo is ideal for families who want to take advantage of the region’s amenities while living in an affordable, prospering community. These are just a few of the reasons why Camarillo is the best place to Live, Work, and Play!
Acknowledgements – I wish to acknowledge the excellent participation and professional contributions of the finance staff in the pr eparation of this document, in partic ular Finance/Accounting Manager Kristen Madary, Accountants Bobbie Dame, Monica Hanson, a nd David Rivera, Accounting Specialists Leslie Parr and Jennifer Lopez, and Budget Analyst Rena Ba ssett who are to be commended for their continued high level of performance. I would also like to express my appreciation to all departments within the City who provided assistance and support.
Sincere appreciation is also expressed to City Manager Greg Ramirez, Assistant City Manager Carmen Nichols, and members of the City Council, for their leadership and support in planning and conducting the financial operations of the City in a responsible and forward looking manner.
Sincerely,
Mark Uribe
Director of Finance
xii
ORGANIZATIONAL STRUCTURE AND DIRECTORY OF CITY
OFFICIALS
CITY OF CAMARILLO, CALIFORNIA
ELECTED OFFICIALS AND ADMINISTRATIVE
OFFICERS FOR THE FISCAL YEAR ENDED JUNE 30, 202
3 Elected Officials
City Council Term Expires
Novembe
r2026
November 2024
November 2024
November 2026
Susan Santangelo
Mayor
Resides in District 2
Tony Trembley
Vice Mayor
Resides in District 4
Kevin Kildee
Councilmember
Resides in District 3
David Tennessen
Councilmember
Resides in District 1
Martita Martinez-Bravo
Councilmember
Resides in District 5
Administrative Officers
Name
Greg Ramirez
Carmen Nichols
Mark Uribe
November 2026
Position
City Manager
Assistant City Manager
Director of Finance
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FINANCIAL
SECTION
17 18
INDEP
ENDENT AUDITORS’ REPORT
Honorable Mayor and Members of the City Council
City of Camarillo, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statemen ts of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fu nd information of City of Camarillo, California, (the City) as of and for the year ended June 30, 2023, a nd the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Camarillo, California, as of June 30, 2023, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing st andards generally accepted in the United States of America (GAAS) and the standards applicab le to financial audits contained in Government Auditing Standards , issued by the Comptroller General of the United Stat es. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.
Change in Accounting Principle
As described in Note 1 to the fina ncial statements, effective July 1, 2022, the City adopted new accounting guidance, Government Accounting Standa rds Board (GASB) Statement No. 96, Subscription-Based Information Technology Arrangements. Our opinions are not modified with respect to this matter.
Restatement for Correction of Errors
As discussed in Note 19 to the financial statements, the City made a r estatement to beginning net position to correct a prior period misstatement. Our opinions are not modified with respect to this matter.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for the design, implementation, and maintenance of internal control relevant to the prepara tion and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.
CliftonLarsonAllen LLP
CLAconnect.com
Honorable Mayor and Members of the City Council
City of Camarillo, California
19 In preparing the financial statements, management is requi red to evaluate whether there are conditions or events, considered in the aggregate, that rai se substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial st atement date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, a nd to issue an auditors’ report that includes our opinions.
Reasonable assurance is a hi gh level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstate ment resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the a ggregate, they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of materi al misstatement of the financial statements, whether due to fraud or error, and d
esign and perform audit procedures res ponsive to those risks. Such procedures includ e examining, o
n a test basis, evidence regarding the amounts and disclosures in the financial statements. Obtain an understanding
of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expre ssing an opinion on the effectiveness of
the City’s internal control. Accordingly, no such opinion is expressed. Evaluate the
appropriateness of accounting policies used and the reasonableness of significant accounting estimates
made by management, as well as evaluate the overall presentation of the financial statements. Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability
to continue as a going concern for a reasonable period of time.
We are required to communicate with those charged with governa nce regarding, among other matters, the planned
scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Honorable Mayor and Members of the City Council
City of Camarillo, California
20 Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, the budgetary comparison schedul es for the general fund, the maintenance districts special revenue fund and development fees special revenue fund, the schedule of changes in net pension liability and related ratios, the schedule of pension contributions, the schedule of changes in net OPEB liability and related ratios, and the schedule of OPEB contributions be presen ted to supplement the basic financial statements. Such information is the responsibility of mana gement and, although not a part of the basic financial statements, is required by the Governmental Accounti ng Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context.
We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and compari ng the information for consis tency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opini ons on the financial statements that collectively comprise the City’s basic financial statements. The combining financial statements and individual fund budgetary schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of mana gement and was derived from and relates directly to the underlying accounting and other records used to prepare th e basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic fina ncial statements or to the basic fina ncial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the a nnual report. The other information comprises the introductory and statistical sections but do es not include the basic financial statements and our auditors’ report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our responsibilit y is to read the other information and consider whether a material inc onsistency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.
Honorable Mayor and Members of the City Council
City of Camarillo, California
21 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards , we have also issued our report dated November 21, 2023, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testi ng of internal control over financial reporting and compliance and the results of that testing, and not to provide an opin ion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
CliftonLarsonAllen LLP
Irvine, California
November 21, 2023
22 MANAGEMENT’S DISCUSSION
AND ANALYSIS
23 City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
24 As management of the City of Camarillo we offer readers of the City’s financial statements this narrative overview and analysis of the financ ial activities of the C ity for the fiscal year ended June 30, 2023. We encourage readers to consider this information presented here in conjunction with the accompanying Letter of Transmittal, located in the Introductory Section of this report, and the basic financial statements.
A. FINANCIAL HIGHLIGHTS
At June 30, 2023, the City’s net position (excess of assets and deferred outflows over liabilities and deferred inflows) was $618.9 million. Of this amount, $166.5 million is unrestricted and may be used to meet the City’s ongoing obligations to citizens and creditors in accordance with the City’s fund designation and fiscal policies. The City also repor ted positive balances in every category of net position for governmental and business type activities (as outlined on page 47).
During the fiscal year ended June 30, 2023, the City’s total net position increased by $18.5 million.
Governmental activities net position increased by $10.5 million while business-type activities net position increased by $8.0 million, when compared to prior fiscal year. Detailed explanations are provided later in this discussion.
The City’s governmental funds reported a combined ending fund balance of $145.1 million, which is an increase of $9.8 million compared to prior fiscal year. The ending fund balance includes the following: $48.8 million is restri cted by specific legal requi rements (33.6%), $71.4 million (49.19%) is committed for specific purposes determined by a formal adopted resolution of the City Council, $12.6 million (8.68%) is a ssigned to specific types of ex penditures that are neither restricted or committed, $11.8 m illion (8.16%) is unassigned and can be used for any lawful purpose, and the remaining $530,000 (0.37%) is nonspendable.
At the end of FY 2022/23, unrestricted fund balance (which includes committed, assigned, and unassigned components of fund balance) in the Gene ral Fund totaled $83.9 million, or 190%, of total general fund expenditures. When adjusted for the committed and assigned components of fund balance, the amount available for ongoing operations at the discretion of the City is reduced to $11.8 million, or 12.93% of total general fund balance.
The City’s total outstanding debt decreased by $1.6 million during FY 2022/23, due to scheduled principal payments on outstandi ng bonds. See Long-Term Debt Note 7 in the basic financial statements for additional information.
B. OVERVIEW OF FINANCIAL STATEMENTS
Management’s discussion and analysis is intended to serve as an introduction to the City’s basic financial statements, which are comprised of three components: 1) governme nt-wide financial statements, 2) fund financial statements, and 3) notes to basic financial statements. This report also contains other required supplementary information in addition to the basic financial statements.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
25 The basic financial statements include the City (pri mary government) and all legally separate entities (component units) for which the gover nment is financially accountable . The City’s blended component units consist of the following: Camarillo Cap ital Improvement Corporation, Camarillo Community Development Commission, Camarillo Industrial Deve lopment Authority, Camarillo Library Board, Camarillo Public Finance Authority, and the Camarillo Sanitary District Board.
These component units have been included in the basic financial statements as an integral part of the primary government using the blended method of reporting.
Government-Wide Financial Statements
Government-wide financial statements are designed to provide readers with a broad overview of the City’s financial condition using the accrual basis of accounting, which is similar to the accounting method used by the majority of private-sector business, and to provide information about the City as a whole, presenting an aggregate current view of the City's finances.
The Statement of Net Position presents financial information on all of the City’s assets (including infrastructure) and deferred outflows, as well as all liabilities (incl uding long-term debt) and deferred inflows, with the difference reported as net position. Certain interfund activities have been eliminated as required by GASB Statement No. 34. Ov er time, increases or decreases in net position may serve as a useful indicator of whether the fina ncial position of the Ci ty is improving or dete riorating. In order to assess the overall health or financial condition of the City, other non-financial factors should also be taken into consideration which include changes in the City ’s property tax base and the condition of the City’s infrastructure (roads, improvements, drainage, storm and sewer lines, etc.).
The Statement of Activities presents financial information showing how the City’s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of timing of related cash flows. Thus, current fiscal year’s revenues and expenses are reported in this statement for items that will only result in cash flows in future fiscal periods (uncollected taxes, pension contributions, and earned but not used accrued leave).
Government-wide financial statements distinguish governmental activities from business-type activities.
Governmental activities of the C ity include general government, public safety, economic development, cultural arts and library services , and highways and street s, which are primaril y supported by property taxes, sales taxes, franchise fees, and intergovernm ental revenues. Business-type activities of the City include Water Utility, Sanitary District, Solid Waste , Transit, and Camarillo Ranch events, which are intended to recover all or a majority of their costs through charges for services.
The government-wide financial statements can be found on pages 47-49 of this report.
Fund Financial Statements
Fund financial statements provide readers with deta iled financial information about the City’s major funds. The City, like other state and local government s, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements and to maintain control over resources that have been City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
26 segregated for specific activities or objectives. The fund financial statements include statements for each of the three categories of activities: governmental, proprietary, and fiduciary.
Governmental Funds - The governmental funds are used to account for essentially the same functions reported as governmental activities in the government -wide financial statemen ts. However, unlike the government-wide financial statements, governmental funds financial statements focus on current financial resources, which emphasize near-term inflows and outfl ows of spendable resources, as well as balances of spendable resources at the end of the fiscal year. This information is essential in evaluating the City’s near-term financial requirements.
To better understand the City’s long-term and short-term requirements, it is useful to compare the City’s governmental fund statements with the government al activities in the gove rnment-wide financial statements. Reconciliations are provided for both the governmental fund balance sheet and the statement of revenues, expenditures, and changes in fund balances, in order to facilitate this comparison.
The major governmental funds incl ude the General Fund, Maintenance Districts Special Revenue Fund, Development Fees Special Revenue Fund, and Capital Improvement Projects Fund, which are reported in detail in the governmental fund financial statemen ts. Data from the remaining governmental funds are shown in the aggregate as other non-major governmental funds. Individual fund data for other non-major governmental funds is provided in the form of supplementary information in the report.
The governmental fund financial statements can be found on pages 54-60 of this report.
Proprietary Funds - The proprietary funds are used to account for services for which the City charges external customers or internal departments of the City. The City maintains two types of proprietary funds:
enterprise funds and internal service funds.
Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements in greater detail. The City uses enterprise funds to account for its Water Utility, Sanitary District, Solid Waste, Transit, and Camarillo Ranch Events funds.
Internal service funds are used to report activities that provide internal services for the City. The City uses internal service funds to account for its Risk Management Fund, Information Services Fund, Vehicles & Equipment Fund, City Hall Faci lity Fund, Corporation Yard Facility Fund, Police Facility Fund, Library Facility Fund, a nd Chamber of Commerce Facility Fund. Since internal service funds predomin antly benefit governmental rather than business -type activities, they have been included within governmental activities in the government-wide financial statements but combined into a single aggregated presentation in the pr oprietary fund financial statements. Individual f und data for the internal service funds is prov ided in the form of supplementary information in the report.
The proprietary fund financial statements can be found on pages 62-69 of this report.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
27 Fiduciary Funds - Fiduciary funds are used to account for resources held for the benefit of parties outside the government where the City is the trustee or fiduciary. The City’s fiduciary activities are reported in separate financial statements. Th ese activities are excluded from the City’s other financial statements because the resources of these funds are not available to su pport the operations of the City . The City is responsible for ensuring that the assets reported in these funds are used for their intended purposes.
The fiduciary fund financial statements can be found on pages 72-73 of this report.
Notes to Basic Financial Statements
The notes provide additional information essential to a f ull understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found on pages 77-126 of this report.
Required Supplementary Information
In addition to the basic financial statements, this report also pr esents certain Required Supplementary Information (RSI), including th e City’s budgetary co mparison schedules for the General Fund, Maintenance Districts Special Revenue Fund, and Development Fees Special Revenue Fund, schedule of changes in net pension liability and related ratios, schedule of pension contributions, schedule of changes in net Other Post-Emplo yment Benefits (OPEB) liability and related ratios, and schedule of OPEB contributions. RSI can be found on pages 129-138 of this report.
Supplementary Information
Budgetary comparison schedules fo r C apital Impro vements Pro jects Fund, combining statements and budgetary comparison sched ules fo r non-major governmental funds, a nd combining statements for internal service funds an d custodial funds are presented immediately following the R SI. Supplementary information can be found on pages 142-174 of this report.
Statistical Section
Statistical tables regarding financial trends, revenue capacity, debt capacity, demographic and economic information, and operating information can be found on pages 179-206 of this report.
C. GOVERNMENT-WIDE FINANCIAL ANALYSIS
Statement of Net Position
Changes in net position is a useful indicator of the City’s financial position over time. For the fiscal year ended June 30, 2023, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $618.9 million. The following is the condensed Statement of Net Position fo r the fiscal years ended June 30, 2023, and 2022.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
28 City of Camarillo’s Net Position
As of June 30, 2023 and 2022
At June 30, 2023, the largest portion of net position consisted of the City’s net investment of $382.1 million (61.7%) in cap ital assets (land, infrastru cture, buildings, machiner y, and equipment). This component represents the total am ount of funds required to acquire those assets, less any outstanding related debt and accumulated depreciation. The City us es these capital assets to provide services to citizens. The capital assets of the City are not sources of income for repayment of debt as most assets are not revenue generating and generally are not liquidated to repay outstanding debt. Debt service payments are funded from other sources available to the City.
An additional portion of the City's net position in the amount of $70.2 million (11.4%) represents resources that are subject to external restrict ions on how the funds may be used.
The remaining net position of $166.5 million (26.9%) is unrestricted and may be used at the City’s discretion to meet the government’s ongoing obligations to citizens and creditors in accordance with the City’s fund designation and fiscal policies.
For the fiscal years ended June 30, 2023, and 2022, the City reported positive balances in every category of net position for governmental an d business-type activities. Change s in net position are due to the following:
Decrease of $2.7 million in restricted net position was primarily due to $2.3 million increase in capital projects in governmental activiti es and business-type activities, offset by $6.3 mi llion decrease in special projects and programs, as well as $0.4 million increase from investment earnings in the pension rate stabilization trust fund.
2023 2022 2023 2022 2023 2022
174,313,837$ 164,677,198 $ 104,145,789 $ 100,377,232 $ 278,459,626 $ 265,054,430 $ Capital assets (net of depreciation) 260,427,195 262,302,009 153,089,122 152,259,941 413,516,317 414,561,950 Total Assets 434,741,032 426,979,207 257,234,911 252,637,173 691,975,943 679,616,380 Deferred Outflows of Resources 7,789,757 2,994,943 5,869,199 2,475,808 13,658,956 5,470,751 Current and other liabilities 11,339,056 15,507,604 8,039,373 10,003,679 19,378,429 25,511,283 Long-term liabilities 27,435,883 15,484,235 38,056,739 32,009,449 65,492,622 47,493,684 Total Liabilities 38,774,939 30,991,839 46,096,112 42,013,128 84,871,051 73,004,967 Deferred Inflows of Resources 956,264 6,723,918 932,064 4,973,633 1,888,328 11,697,551 255,561,413 255,644,859 126,533,722 122,379,228 382,095,135 378,024,087 Restricted 48,757,773 55,059,230 21,486,969 17,911,891 70,244,742 72,971,121 Unrestricted 98,480,400 81,554,304 68,055,243 67,835,101 166,535,643 149,389,405 Total Net Position 402,799,586 $ 392,258,393 $ 216,075,934 $ 208,126,220 $ 618,875,520 $ 600,384,613 $ Net investment in capital assets
Current and other assets
Net Position:
TotalActi vi ti es
Business-Type
Activities
Governmental
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
29 The City's Deferred Outflows of Resources increased by $8.2 million, which was primarily related to an increase in the recognition of pension changes. The recognition of changes drives most of the volatility in pension expenses from year to year.
The City’s Deferred Inflows of Resources decreased by $9.8 million. This was primarily due to pension-related investment losses recognized in fiscal year 2023. In addition, as part of the fiscal year 2022 implementation of GASB Statement No. 87, L eases, both a lease receivable and offsetting deferred inflow of resources are reported for leases in which the City is the lessor.
Unrestricted net position increased by $17.1 million and is the balance of net position remaining after calculating the activities listed above.
The following chart represents the comparison of th e three components of net position for fiscal years 2022/23 and 2021/22:
Statement of Activities
The Statement of Activities shows the summary of the City’s activities and the components that caused the net position to change during the fiscal year. Overall, the City’s net position increased by $18.5 million (3.1%) during the fiscal year. These increases are summ arized in the following pages by governmental and business-type activities. A condensed Statement of Activities for the fiscal years ended June 30, 2023, and 2022 is presented below.
$-
$100
$200
$300
$400
$500
$600
$700
Net investment in
Capital Assets
Restricted Unrestricted Total Net Position
City of Camarillo's Net Position
As of June 30, 2023 and 2022
6/30/2023 6/30/2022
Millions
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
30 Governmental Activities
Total revenues and expenses for government al activities were $69.3 million and $58.7 million, respectively. Governmental activities increased the City’s net position by $10.5 million compared to an increase of $4.2 million in the prior fiscal year.
Total revenues increased $9.6 million compared to prior fiscal year primarily due to the factors below:
Charges for services revenue increased $2.8 milli on, or 58.2% due to increases of the following revenue: $1.3 million in development service engineering insp ection fees, and development service revenue for Springville Interchange Benefit Area (SIBA) of $0.8 million, a $0.4 million increase in traffic mitigation fees and $0.3 million in bridge policy fees due to the timing of planned development projects.
2023 2022 2023 2022 2023 2022
Revenues:
Program Revenues:
Charges for services 7,622,236 $ 4,818,453 $ 38,060,277 $ 38,133,586 $ 45,682,513 $ 42,952,039 $ 8,668,901 8,399,767 3,377,023 2,439,822 12,045,924 10,839,589 204,146 120,171 9,518,081 7,038,800 9,722,227 7,158,971 General Revenues:
Taxes 49,523,989 46,242,310 1,639,394 1,470,995 51,163,383 47,713,305 Investment earnings (loss) 3,181,920 (3,224,312) 1,839,429 (1,667,072) 5,021,349 (4,891,384) Other 114,348 250,377 396,232 206,873 510,580 457,250 Total Revenues 69,315,540 56,606,766 54,830,436 47,623,004 124,145,976 104,229,770 Expenses:
General government 9,729,902 5,593,406 - - 9,729,902 5,593,406 Public safety 19,166,034 19,016,312 - - 19,166,034 19,016,312 Economic development 4,277,348 947,418 - - 4,277,348 947,418 Cultural arts and library services 4,127,446 4,856,435 - - 4,127,446 4,856,435 Highways and streets 21,237,431 21,820,150 - - 21,237,431 21,820,150 Interest on long-term debt (unallocated) 177,593 175,557 - - 177,593 175,557 Water utility - - 18,807,657 17,780,064 18,807,657 17,780,064 Sanitary district - - 16,364,258 12,337,235 16,364,258 12,337,235 Solid waste - - 8,092,945 8,073,628 8,092,945 8,073,628 Transit - - 3,217,504 2,900,560 3,217,504 2,900,560 Camarillo ranch events - - 456,950 441,822 456,950 441,822 Total Expenses 58,715,754 52,409,278 46,939,314 41,533,309 105,655,068 93,942,587 Increase in Net Position before Transfers 10,599,786 4,197,488 7,891,122 6,089,695 18,490,908 10,287,183 Transfers (58,592) - 58,592 - - - Increase (Decrease) in Net Position 10,541,194 4,197,488 7,949,714 6,089,695 18,490,908 10,287,183 Net Position - Beginning of Year 392,258,393 388,060,905 208,126,220 202,036,525 600,384,613 590,097,430 Net Position - End of Year 402,799,587 $ 392,258,393 $ 216,075,934 $ 208,126,220 $ 618,875,521 $ 600,384,613 $ Operating contributions and grants
Capital contributions and grants
Total
Statement of Activities
G ov ernm ental Business-T yp e
As of June 30, 2023 and 2022
Activities Activities
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
31 Taxes increased $3.3 million, or 7.1% , primarily due to sales and pr operty tax growth. The City recognized robust sales tax revenues due to the economic recovery, increased consumer confidence, pent-up demand, and higher inflation in the current year. In addition, the City saw an increase in property tax revenue of $2.1 million compared to prior fiscal year due to a strong housing market and an increase in the average median home sale price. The average median home sale price in Camarillo increased 26.5% from pre-Pandemic to current fiscal year.
Investment earnings increased $6.4 million primarily due to higher average annual yield, increase in securities invested, and an increase in the fair mark et value of investments he ld by the City at fiscal year end.
Governmental Activities - Revenues by Source
For the Fiscal Year Ended June 30, 2023
(Total Revenue: $69.3 million)
Total expenses for governmental activities were $58.7 million, $6.3 million more than the prior fiscal year. This increase includes the following fluctuations compared to prior fiscal year:
General government costs increased $4.1 million primar ily from an increase in administration costs and internal service fund allocated charges for City Hall that were not allocated in prior fiscal year due to sufficient fund balance for planned operations a nd projects. These costs were offset by a slight decrease in expenses for both cultural arts and library services and highways and streets.
Economic development costs increased $3.3 million primarily due to a $3.3 loss from the transfer of City-owned land of the former Stock Lumber site to the Area Housing Authority of the County of Ventura and Many Mansions for the purposes of providing affordable housing.
Charges for services
11.0%
Operating contributions
and grants
12.5%
Capital contributions
and grants
0.3%
Taxes
71.4%
Investment earnings
4.6%
Other
0.2%
Charges for services Operating contributions and grants Capital contributions and grants Taxes
Investment earnings Other
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
32 Program revenues for governmental activities totaling $16.5 million offset total expenses as follows:
Users benefiting directly from programs contributed $7.6 million in charges for services.
Operating contributions and grants from outside sources or other governments totaled $8.7 million including $2.0 million in Transportation Development Act (TDA) Article 8 funding, $1.8 million in Gas Tax, and $1.6 million in SB1 funding used primaril y for maintenance of City streets and roads.
The City also recognized $2.4 million in ARPA funds this fiscal year. This funding was intended to replace revenues impacted by the Pandemic, which were General Fund revenues necessary to pay for essential City services such as public safety. As a resu lt, total expenses funded by general revenues totaled $52.8 million.
Governmental Activities
Revenues and Expenses by Function/Program
For the Fiscal Year Ended June 30, 2023
(Excluding Interest on Long-term Debt)
$-
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
$22
$24
General
Government
Public
Safety
Economic
Development
Cultural Arts and
Library Services
Highways &
Streets
M illions
Program Revenue Expenses
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
33 Functional expenses for the fiscal years ended June 30, 2023 and 2022 were as follows (amount in millions):
Changes in total net expenses increased $3.2 million, or 8.2%, compared to prior fiscal year. Net expense is the calculated result of subtracting revenues from expenses. Highlights of the changes are as follows:
General government net expense increased $4.1 million primarily due to City Hall administrative costs and internal service fund allocated charges that were not allocated in prior fiscal year due to a change in accounting method.
Public safety net expenses decreased $0.3 million primarily due to $2.4 million in ARPA funds used to offset public safety costs compared to $2.0 million used in prior year. Economic development net expense increased $3.5 million as a result of the transfer of City owned property to the County of Ventura for construction of low-income housing.
Cultural arts and library services net expense decreased $0.8 million primarily due to the transfer of the former library property to a local nonprofit or ganization for the oper ation of a children’s museum focusing on science, technology, reading, engineering, the arts, and math.
Highways and streets net expense decreased $3.3 million primarily due to an increase in development services revenue including engineering inspection fees, SIBA, traffic mitigation and bridge policy fees in the amount of $2.8 million due to the timing of pl anned projects, and a decrease in highway and streets expenses in the amount of $0.5 million due to normal operating fluctuations, and a slight decrease in operating contributions and grants.
Business-type Activities
Total revenues and expenses for business-ty pe activities were $54.8 million and $46.9 million, respectively. Business-type activities increased the City’s net position by $7.9 million, compared to an increase of $6.1 million in the prior fiscal year.
Percent Change Percent Change
2023 2022 2022-2023 2023 2022 2022-2023
General Government 9.7 $ 5.6 $ 73.2% (9.0) $ (4.9) $ 83.7% Public Safety 19.2 19.0 1.1% (14.0) (14.3) -2.1%
4.3 0.9 377.8% (4.0) (0.5) 700.0% Cultural Arts and Library Services 4.1 4.9 -16.3% (3.7) (4.5) -17.8% Highways and Streets 21.2 21.8 -2.8% (11.4) (14.7) -22.4% Interest on long-term debt 0.2 0.2 0.0% (0.2) (0.2) 0.0% Total 58.7 $ 52.4 $ 12.0% (42.3) $ (39.1) $ 8.2% Economic Development
Net (Expenses) RevenuesTotal Expenses
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
34 Total business-type revenues increased $7.2 million from prior fiscal year primarily due to the following:
Capital contributions and grants increased $2.5 million primarily due to the United States Bureau of Reclamation (USBR) grant received in the amount of $4.6 million for the construction of the North Pleasant Valley Groundwater Desalter project.
Operating contributions and gran ts revenue had a net increase of $0.9 million due to additional Federal Transit Administration (FTA) grant funding for transit operations and maintenance in the amount of $1.3 million. There was $1.4 million in new funding from TDA Article 8c from the Ventura County Transportation Commission (VCTC) dur ing the current fiscal year. In addition, grant funding for the Coronavirus Aid, Relief, and Economic Security Act (CARES) and ARPA funds in the amount of $1.9 million were exhausted in prior year.
Charges for services remained consistent with the prior fiscal year.
Net program revenue (excluding general revenues) in Water Utility and Sanitary District activities were $2.2 million and $1.6 million respectively along with Transit and Camarillo Ranch events of $0.2 million and less than $0.1 million respectively. Net program expense in Solid Waste activities were less than $0.1 million.
Business-type Activities - Revenues by Source
For the Fiscal Year Ended June 30, 2023
Charges for
services
69.4%
Operating
contributions and
grants
6.2%
Capital
contributions and
grants
17.4%
Taxes
3.0%
Investment
earnings
3.4%
Other
0.7%
Charges for services Operating contributions and grants Capital contributions and grants Taxes
Investment earnings Other
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
35 Total business-type expenses increas ed $5.4 million from prior fiscal year , with the largest increase in Sanitary District activities of $4.0 million primarily due to the following as compared to prior year:
Increase in GASB 68 pension expense of $1.1 million from investment earning returns for the measurement year of GASB 68.
Increase in allocated charges fo r various services along with allo cating charges for the City Hall facility this fiscal year.
Increase of $0.5 million in professional services related to development of the Wastewater Master Plan.
Increase of $0.4 million in salaries and benefits due to department vacancies that were filled during the current fiscal year.
Water Utility activities increased $1.0 million primarily due to an incr ease in professional services and materials related to the operation of the North Pleasant Valley Desalter plant during the current fiscal year.
Solid Waste expenses of $8.1 million and Camarillo Ranch Events expenses of $0.5 million were both in line with prior fiscal year while Transit expenses increased by $0.3 million reflecting a nominal increase in standard operating and maintenance expenses.
Business-type activities are reported under the full accrual method of accounting; therefore, the following chart of program revenues and expenses does not include capital projects and purchases.
Business-type Activities
Program Revenues and Expenses
For the Fiscal Year Ended June 30, 2023
$‐
$2
$4
$6
$8
$10
$12
$14
$16
$18
$20
$22
$24
Water Utility Sanitary District Solid Waste Transit Camarillo Ranch Millions
Program Revenue Expenses
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
36 D. FUND FINANCIAL STATEMENT ANALYSIS
A fund is a grouping of relate d accounts that is used to maintain control ove r resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.
Governmental Funds
The focus of the City’s governmental funds is to provide information on short-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financing requirements.
In particular, unrestricted fund bala nces (unassigned, assigned and co mmitted) may serve as a useful measure of a government’s net resources available for spending in the next fiscal year.
At the end of FY 2022/23, the City’s governmental funds reported a combined ending fund balance of $145.1 million, an increase of $9.8 million from the prior fiscal year. The majority of this increase pertains to the general fund whic h increased by $4.8 million compared to th e prior fiscal year. The ending fund balance includes: $48.8 million in restricted, $71.3 million in committed, $12.6 million in assigned, $0.5 million in nonspendable, and the remaining $11.8 million in unassigned. S ee Fund Balances for Governmental Funds Note 9 for additional information.
The General Fund is the chief operating fund of the City. At the end of FY 2022/23, the unassigned fund balance of the General Fund was $11.8 million, while the total General Fund balance was $91.6 million.
As a measure of the General Fund’s liquidity, it may be us eful to compare unassigned fund balance and total fund balance to total expenditures.
At June 30, 2023, unassigned fund balance was 23.0% of total General Fund expenditures and net transfers, while total fund balance was 177.8% of total expenditures and net transfers. Unassigned fund balance allows the City to address financial uncertainties with flexible fiscal resources.
The City’s General Fund balance incr eased $4.8 million (5.5%) compared to the pr ior fiscal year. This increase was due to a $1.7 million (1 0.0%) increase in property taxes due to the City’s net taxable value increase in FY 2022/23, $1.0 million (5.5%) increase in sales tax due to higher inflation in the current year, and investment earnings increased $3.1 million primarily due to increa sed cash invested, higher average annual yield, and unrealized net gain on fair value adjustment.
The Maintenance Districts Specia l Revenue Fund met the GASB 34 crite ria which continued to require this fund to be presented as a major fund in FY 2022/23. Fund balan ce increased less than $0.1 million (0.8%), compared to a decrease of $0.2 million in the prior fiscal year. This $0.2 million net increase was primarily driven by an increase in tax revenues of $0.3 million ($3.9 million versus $3.4 million in the prior fiscal year).
The Development Fees Special Revenue Fund met the GASB 34 criteria which required this fund to be presented as a major fu nd in FY 2022/23. Fund balance increased $1.3 million (6.6%), compared to a decrease of $0.6 million in the prior fiscal year.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
37 This $1.9 million net increase was primarily driven by increased revenue from engineering inspection fees ($1.5 million versus $0.2 mi llion prior year) and SIBA fees ($0.8 million versus none received in prior year) due to the timing of planned projects occurring during the fiscal year.
The Capital Improvement Projects Fund was elect ed as a major fund in FY 2022/23. Fund balance increased $5.0 million (73.8%) compared with a decrease of less than $0.1 million in the prior fiscal year.
This $5.0 million net increase was driven mainly by large transfers in for planned future capital improvement projects.
Proprietary Funds
The City’s proprietary funds provide the same type of information found in the government-wide financial statements, but in additional detail. Factors concerning these funds have been addressed in the discussion of government-wide financial analysis of business-type activities.
E. GENERAL FUND BUDGETARY HIGHLIGHTS
The City budget is revised over the course of the fiscal year through two types of budget amendments:
Amendments and appropriations approved by the City Manager consiste nt with City Council Policy after the beginning of the fiscal year to reflect capital, grant, and encumbrance carryovers for unspent appropriations of projects and purchases that have not yet been completed.
New appropriations approved by the City Council.
Amendments between the original budget and final budget in FY 2022/23 resulted in increased budgeted revenues of $6.0 million with no changes to transf ers in and increased budge ted expenditures of $0.8 million and transfers out of $1.3 million for a total budgeted increase of $2.1 million.
The General Fund experienced a ne t total favorable budge t variance of $4.5 million when comparing actual amounts to the final budget for the current fis cal year. The budget reflected a positive variance in revenues of $1.9 million, primarily from net investment earnings in the amount of $1.7 million. The budget also reflected a positive variance in total expenditures of $2.6 milli on primarily due to lower than anticipated police services cost of $1.7 million, public works admini stration savings of $0.4 million, community development savings of $0.3 million and a decrease in tr ansfers out of $0.6 million due to lower than projected expenditures in the Lighting and Landscape Maintenance District Fund.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
38 F. CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets Including Infrastructure
Capital assets including infrastructure of the City are those assets that are used in the operation of the City’s functions. At June 30, 2023, capital assets net of accumulated depreciation totaled $260.4 million for governmental activities and $153.1 million for business- type activities are recognized in the government-wide financial statements.
This investment in capital assets includes land, bu ildings, utility systems, improvements other than buildings, infrastructure (roads, side walks, streetlights, etc.), machin ery and equipment, construction in progress, and subscription-based information technology arrangements (SBITA). The total decrease in the citywide investment in capital assets fo r FY 2022/23 was $1.1 million (0.25%), which included a decrease of $1.9 million (0.72%), for governmental ac tivities and an increase of $0.8 million (0.54%), for business-type activities.
Major capital asset events included the following:
Governmental activities increased $1.7 million in SBITA’s was due to the required implementation of GASB Statement No. 96 which established that a SBITA results in a ri ght-to-use subscription asset (an intangible asset) and a corresponding subscription liability.
Infrastructure for governmental activities had a ne t decrease of $7.7 million over the prior fiscal year, primarily due to $ 8.8 million in depreciation during the cu rrent fiscal year, and an addition of $1.1 million from annual street resurfacing, pave ment, curbs and gutters, sidewalks, storm drains, and right of way projects that were either completed or donated by developers. Governmental activities net increase of $4.4 million in Construction in Progress was primarily due to capital outlay on street and landscaping projects beginning during the current fiscal year, such as the Conference Center Drain, several annual resurfacing projec ts, and the Energy Efficiency Improvements at the Library.
Business-type utility systems decreased $1.3 million, and Construc tion in Progress increased $1.6 million over the prior fiscal year primarily due to depreciation during the current fiscal year and project costs pertaining to the North Pl easant Valley Desalter Facility and Sewer Improvements on Daily Drive.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
39 The following is a summary of the City’s capital assets as of June 30, 2023 and 2022:
See Capital Assets Note 5 in the Basic Financial Statements for additional information.
Long-Term Debt
At the end of FY 2022/23, the City had total outstanding revenue debt issues of $29.5 million. The City has no general obligation debt and non-city obligations are not included in the following table. All City’s bonds are backed by a pledge of certain revenues. Long-term debt had a net decrease of $1.6 million in principal reductions as the result of scheduled debt service payments and annual amortization.
Additional information on the City ’s long-term debt can be foun d in Long-Term Debt Note 7 of the Basic Financial Statements.
The City’s long-term obligations as of June 30, 2023 and 2022 were as follows:
2023 2022 2023 2022 2023 2022
Land 34,550,040 $ 33,877,596 $ 1,456,219 $ 1,456,219 $ 36,006,259 $ 35,333,815 $ Construction in progress 19,169,956 14,728,107 71,397,478 69,834,265 90,567,434 84,562,372 Buildings and improvements 28,312,681 29,971,276 1,307,827 957,793 29,620,508 30,929,069 Machinery and equipment 3,540,930 2,891,936 3,206,009 2,963,914 6,746,939 5,855,850 Utility Systems - - 75,721,589 77,047,750 75,721,589 77,047,750 Right to use asset (SBITA) 1,671,742 - - - 1,671,742 - Infrastructure 173,181,846 180,833,094 - - 173,181,846 180,833,094 Total Capital Assets 260,427,195$ 262,302,009 $ 153,089,122 $ 152,259,941 $ 413,516,317 $ 414,561,950 $ City of Camarillo
Capital Assets
(net of accumulated depreciation)
Governme ntal Busine ss-Type
Activities Activities Total
2023 2022 2023 2022 2023 2022
Revenue Bonds 4,360,000$ 4,685,000 $ 25,174,876 $ 26,496,032 $ 29,534,876 $ 31,181,032 $ City of Camarillo's Outstand ing Deb t
Revenue Bonds
G ov ernm ental Business-T yp e
Activities Activities Total
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
40 G. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
On June 28, 2023, the City Council adopted an ope rationally balanced $134.7 million annual budget for FY 2023/24, focusing on City Council priorities, including maintaining high service levels for Camarillo residents, focus on climate action a nd sustainability, process improveme nts, and continuum of care. In establishing annual goals and objectives, the City Counc il affirmed the City’s commitment to maintain sound and conservative financial practices, with the obj ective of ensuring the City ’s ability to provide a safe and enriched environment, increase effective communication with the community, provide cost- effective efficient services to the public, and to maintain a positive environment for new businesses and business retention.
The budget for employee services in FY 2023/24 increased 9.7% to reflect increased employee healthcare costs and retirement benefi ts offset by anticipated staffing vacanci es. The City continues to meet its actuarially required contribution towards its pension plan with the CalPERS.
General Fund revenues and transfers in are projected at $57.2 million, an increase of $0.9 million, or 1.6% from FY 2022/23. The City is projecting a 3.0% increase in property tax revenue as a result of an increase in assessed values of taxable propert ies. In addition, as a result of an increase in anticipated levels of development activity, license s and permit revenue is also projec ted to increase by 26.7% compared to prior year’s budget.
General Fund expenditures and transfers out are projected at $61.5 million in FY 2023/24, an increase of $3.2 million, or 5.5% compared to the FY 2022/23 budget. The increase is primarily due to one-time facility improvement capital costs. The majority of the remaining increases in expenditure budgets reflect process improvement efficiencies.
The City plans and pre-funds certain capital projects over five fiscal years, ensuring that when a project is scheduled to begin, funding is available to move the project forward through completion. Several major capital projects are planned in FY 2023/24, totali ng $28.4 million. General Fund projects include transportation improvements such as the Annual Pa vement Maintenance progr am, the Camarillo Train Station Undercrossing Project, the Pleasant Valley Road Bike Lane Project, and the Central Avenue Bike Lane Project for a total of $6.4 million. Water Ut ility projects include the Advanced Metering Infrastructure, Wells E and F, and the Water System Generator Replacements project for a total of $4.7 million. L a s t l y , Sanitary projects include Daily Drive/101 Freeway Sewer Improvements, Dawson Drive to Metrolink Stations Sewer, Lewis Road to Flynn Road Sewer, and planned Wastewater treatment plant upgrades resulting from the Wastewater Master Plan Update for a to tal of $10.5 million. Other projects include Camarillo Hills Drain Replacement, Dizdar Park Re novation and Expansion, Standby Power City and Camarillo Sanitary District (CSD) Facilities, and City Hall HVAC Equipment Replacement for a total of $6.8 million.
In summary, despite the record inflation and international instabilities, several of the City's major revenues remain stronger than expected. As part of the annual strategic planni ng session, staff intends to continue providing residents the vital services, through technology upgrades and streamlining internal and public- facing City operations.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2023
41 The City Council goals and objectives include:
maintain sound and conservative financial practices to ensure the fiscal sustainability of the City provide a safe and enriched environment where people can live, work, and play develop and implementing strategies to address homelessness and mental health issues explore opportunities to foster an inclusive and accessible environment for all continue to seek improvements on local traffic issues that impact our City improve public transit operations
provide cost-effective, efficient services to the public while minimizing impacts on the environment
maintain a positive environment for new business, expansion, and retention of existing businesses through staff assistance and provision of efficient processing of proposals and develop a workforce training and development pr ogram in an effort to maintain an effective workforce
Due to more than two decades of prudent fiscal stewardship, the City’s financial position remains strong, and reaffirms its commitment to sound and conservative financial practices into the future.
H. REQUEST FOR INFORMATION
This financial report is designed to provide citizens, taxpayers, customers, investors and creditors with a general overview of the City’s finances and to dem onstrate the City’s accountability for the resources it receives. Questions about this repo rt or requests for addi tional financial information should be directed to the City of Camarillo Finance Department, 601 Carmen Drive, Camarillo, California 93010, or call (805) 388-5320. This report is also available online at the City’s website at https://www.cityofcamarillo.org/.
42 43
BASIC FINANCIAL
STATEMENTS
44 45
GOVERNMENT-WIDE
FINANCIAL STATEMENTS
46 CITY OF CAMARILLO
STATEMENT OF NET POSITION
JUNE 30, 2023
See Notes to Financial Statements
47 Governmental Business-T ype
Activities Activities Total
Assets:
Cash and investments 154,277,555$ 94,609,155 $ 248,886,710 $ Receivables:
Accounts 5,918,572 5,550,859 11,469,431 Notes and loans 1,100,556 10,531 1,111,087 Accrued interest 978,690 665,374 1,644,064 Leases - 282,640 282,640 Grants 256,742 2,432,005 2,688,747 Internal balances 257,000 (257,000) - Prepaid costs 27,420 6,302 33,722 Deposits 127,000 18,000 145,000 Due from Successor Agency 10,000 - 10,000 Land held for resale 4,057,785 - 4,057,785 Restricted assets:
Cash and investments 6,436,706 - 6,436,706 Cash with fiscal agent 865,811 827,923 1,693,734 Capital assets, non-depreciable 53,719,996 72,853,697 126,573,693 Capital assets, net of depreciation 206,707,199 80,235,425 286,942,624 Total Assets 434,741,032 257,234,911 691,975,943 Deferred Outflows of Resources:
Deferred charge on refunding - 404,210 404,210 Deferred amount from pension plan 7,158,307 4,886,632 12,044,939 Deferred amount from OPEB plan 631,450 578,357 1,209,807 Total Deferred Outflows of Resources 7,789,757 5,869,199 13,658,956 Liabilities:
Accounts payable 4,357,659 4,036,772 8,394,431 Accrued liabilities 482,281 181,982 664,263 Accrued interest 13,517 68,210 81,727 Unearned revenue 4,576,796 442,372 5,019,168 Retentions payable 63,078 1,197,402 1,260,480 Deposits payable 317,160 270,978 588,138 Subscriptions payable 353,979 - 353,979 Bonds due within one year 330,000 1,255,000 1,585,000 Compensated absences due within one year 844,586 586,657 1,431,243 Noncurrent liabilities:
Subscriptions payable due in more than one year 1,114,955 - 1,114,955 Bonds due in more than one year 4,030,000 23,919,876 27,949,876 Compensated absences due in more than one year 1,135,154 541,878 1,677,032 Net pension liability due in more than one year 20,674,196 13,274,170 33,948,366 Net OPEB liability due in more than one year 481,578 320,815 802,393 Total Liabilities 38,774,939 46,096,112 84,871,051 Deferred Inflows of Resources:
Deferred amount from leases - 282,623 282,623 Deferred amount from pension plan 512,330 349,743 862,073 Deferred amount from OPEB plan 443,934 299,698 743,632 Total Deferred Inflows of Resources 956,264 932,064 1,888,328 Net Position:
Net investment in capital assets 255,561,413 126,533,722 382,095,135 Restricted for:
Debt service 496,199 827,923 1,324,122 Special projects and programs 7,130,249 1,077,030 8,207,279 Capital projects 35,186,884 19,582,016 54,768,900 Pension 6,436,706 - 6,436,706 Unrestricted 97,988,135 68,055,243 166,043,378 Total Net Position 402,799,586$ 216,075,934 $ 618,875,520 $ Primary Government
CITY OF CAMARILLO
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2023
See Notes to Financial Statements
48 Program Revenues
Operating Capital
Charges for Contributions Contributions
Expenses Services and Grants and Grants
Functions/Programs
Primary Government:
Governmental Activities:
General government 9,729,902$ 734,086 $ - $ -$ Public safety 19,166,034 2,475,055 2,726,502 - Economic development 4,277,348 - 272,546 - Cultural arts and library services 4,127,446 - 433,234 - Highways and streets 21,237,431 4,413,095 5,236,619 204,146 Interest on long-term debt 177,593 - - - Total Governmental Activities 58,715,754 7,622,236 8,668,901 204,146 Business-type Activities:
Water utility 18,807,657 13,715,468 - 7,247,725 Sanitary district 16,364,258 15,699,493 - 2,270,356 Solid waste 8,092,945 8,044,744 36,777 - Transit 3,217,504 124,434 3,340,246 - Camarillo ranch events 456,950 476,138 - - Total Business-Type Activities 46,939,314 38,060,277 3 ,377,023 9 ,518,081 Total Primary Government 105,655,068$ 45,682,513 $ 12,045,924 $ 9,722,227 $ General Revenues:
Taxes:
Property taxes, levied for general purpose
Transient occupancy taxes
Sales taxes
Franchise taxes
Business license taxes
Other taxes
Investment earnin
gs
Other
Transfers
Total General Revenues
Change in Net Position
Net Position at Beginning of Year
Net Position at End of Year
CITY OF CAMARILLO
STATEMENT OF ACTIVITIES (CONTINUED)
YEAR ENDED JUNE 30, 2023
See Notes to Financial Statements
49 Net (Expenses) Revenues and
Change in Net Position
Primary Government
Governmental Business-T ype
Activities Activities Total
(8,995,816)$ - $ (8,995,816)$ (13,964,477) - (13,964,477) (4,004,802) - (4,004,802) (3,694,212) - (3,694,212) (11,383,571) - (11,383,571) (177,593) - (177,593) (42,220,471) - (42,220,471) - 2,155,536 2,155,536 - 1,605,591 1,605,591 - (11,424) (11,424) - 247,176 247,176 - 19,188 19,188 - 4 ,016,067 4 ,016,067 (42,220,471) 4,016,067 (38,204,404) 22,016,872 1,639,394 23,656,266
3,306,038 - 3,306,038
19,252,211 - 19,252,211
3,176,049 - 3,176,049
1,619,684 - 1,619,684
153,135 - 153,135
3,181,920 1,839,429 5,021,349 114,347 396,232 510,579
(58,592) 58,592 - 52,761,664 3 ,933,647 56 ,695,311 10,541,193 7,949,714 18,490,907 392,258,393 208,126,220 600,384,613 402,799,586$ 216,075,934 $ 618,875,520 $
50 51
FUND FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
52 GOVERNMENTAL FUND FINANCIAL STATEMENTS
53 General Fund -
This fund is used to account for resources which are not required legally or by sound financial management to be accounted for in a separate fund.
Maintenance Districts Special Revenue Fund - This fund accounts for restricted pr operty tax and/or assessments to be used for maintenance within the eleven districts below:
Lighting and Landscape Maintenance - This is used to account for property tax revenues that ar e restricted to citywide st reet lighting and landscape maintenance expenditures.
Mission Oaks MD1A - This is used to account for revenues from property taxes and assessments levied on the property within the Mission Oaks district that are specifically restricted to the district's median, parkway, slopes, and tree maintenance.
Wittenberg Maintenance District 2A - This is used to account for revenues from assessm ents levied on properties within the Wittenberg subdivision that are specifically restricted to the maintenan ce of landscape and open space areas within and immediately adjacent to the tract.
Armitos Storm Basins Maintenance District - This is used to maintain three storm drain desilting basins which serve the Armitos Tract.
Mission Oaks Industrial - This is used to account for revenues from assessments that are to be used to maintain landscaping within the district.
Presley Maintenance District - This is used to account for revenues from assessments that are to be used for maintenance of landscaping in the flood control areas located off Sierra Mesa.
Spanish Hills Maintenance District - This is used to account for revenues from assessments that are to be used for maintenance of landscaping within this district.
Sares/Regis Maintenance District - This is used for maintenance of a drainage basin which serves the Sares/Regis Tract.
Vista Las Posas Maintenance District - This is used for the maintenance of entrance street landscaping and a stor m water detention basin in the Vista Las Posas development.
Adolfo Glen II Maintenance District - This is used to account for revenues from assessments that are to be used to maintain landscaping within this district.
Adolfo Glen III Maintenance District - This is used to account for revenues from assessments that are to be used to maintain landscaping within this district.
Development Fees Special Revenue Fund - These funds are used to account for specific fee revenues that are legally restricted to expenditures for particular purposes:
SIBA Fees - This fund is used to account for fees received from property owners within the Springville Interchange Benefit Area (SIBA) to defray the area's construction cost.
Traffic Mitigation Fees - This fund is used to account for fees received from develope rs to accommodate and mitigate the adverse traffic impacts caused by new development and fund the cost of maintaining regional and local roads.
Bridge Policy Fees - This fund is used to account for fees received from developers based on land acreage for propert y to be developed to fund the cost of bridge construction or addition.
Storm Drain Fees - This fund is used to account for fees received from new development to fund storm drainage related costs.
Signals Fees - This fund is used to account for signal fees received from new development to fund signal maintenance related costs.
Underground Utilities Fees - This fund is used to account for fees received from new development to fund underground utility related costs.
Street Improvements Fees - This fund is used to account for fees received from new development for street maintenance related costs.
Parking In-lieu Fees - This fund is used to account for fees received from business owners in the Old Town area to fund off-street parking facilities.
Capital Improvement Projects Fund - This fund is used to account for capital asset acquisition, construction and improve ment of capital facilities, including infrastructure, from genera l government resources, developer fees, and intergovernmental grants.
Other Governmental Funds - These funds are the aggregate of all the nonmajor governmental funds.
CITY OF CAMARILLO
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2023
See Notes to Financial Statements
54 Maintenance Develo pment
Districts Special Fees Special
General Revenue Revenue
Assets:
Cash and investments 85,533,311$ 2,189,267 $ 21,070,311 $ Receivables:
Accounts 5,453,838 134,880 1,141
Notes and loans 378,918 - -
Accrued interest 636,120 12,345 137,394
Grants - - - Prepaid costs 26,401 - -
Deposits 125,000 - -
Due from other funds 257,000 - - Due from Successor Agency 10,000 - - Land held for resale - - - Restricted assets:
Cash and investments 6,436,706 - - Cash and investments with fiscal agents 356,151 - - Total Assets 99,213,445$ 2,336,492 $ 21,208,846 $ Liabilities and Fund Balances:
Liabilities:
Accounts payable 2,627,158$ 464,885 $ - $ Accrued liabilities 415,960 24,656 -
Unearned revenues 4,576,796 - - Retentions payable - - - Deposits payable 31,928 - -
Total Liabilities 7,651,842 489,541 - Fund Balances:
Nonspendable 530,319 - - Restricted 7,119,419 1,846,951 21,208,846 Committed 71,360,064 - - Assigned 708,079 - - Unassigned 11,843,722 - - Total Fund Balances 91,561,603 1,846,951 21,208,846 Total Liabilities and Fund Balances 99,213,445$ 2,336,492 $ 21,208,846 $ Special Revenue Funds
CITY OF CAMARILLO
BALANCE SHEET (CONTINUED)
GOVERNMENTAL FUNDS
JUNE 30, 2023
See Notes to Financial Statements
55 Capital
Projects Fund
Capital Other Total
Improvement Governmental Governmental
Projects Funds Funds
Assets:
Cash and investments 12,784,183$ 12,890,862 $ 134,467,934 $ Receivables:
Accounts - 311,144 5,901,003 Notes and loans - 721,638 1,100,556 Accrued interest - 79,535 865,394 Grants 85,377 171,365 256,742 Prepaid costs - - 26,401 Deposits - - 125,000 Due from other funds - - 257,000 Due from Successor Agency - - 10,000 Land held for resale - 4,057,785 4,057,785 Restricted assets:
Cash and investments - - 6,436,706 Cash and investments with fiscal agents - 509,660 865,811 Total Assets 12,869,560$ 18,741,989 $ 154,370,332 $ Liabilities and Fund Balances:
Liabilities:
Accounts payable 665,001$ 136,770 $ 3,893,814 $ Accrued liabilities - - 440,616 Unearned revenues - - 4,576,796 Retentions payable 40,416 22,662 63,078 Deposits payable 282,480 - 314,408 Total Liabilities 987,897 159,432 9,288,712 Fund Balances:
Nonspendable - - 530,319 Restricted - 18,582,557 48,757,773 Committed - - 71,360,064 Assigned 11,881,663 - 12,589,742 Unassigned - - 11,843,722 Total Fund Balances 11,881,663 18,582,557 145,081,620 Total Liabilities and Fund Balances 12,869,560$ 18,741,989 $ 154,370,332 $
56 CITY OF CAMARILLO
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
JUNE 30, 2023
See Notes to Financial Statements
57 Fund balances of governmental funds 145,081,620$
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets net of depreciation have not been included as financial resources in governmental fund activity. 235,500,215
Long-term debt and compensated absences that have not been included in the governmental fund activity:
Bonds payable (4,360,000)$
Net pension liability (16,775,048)
Net OPEB liability (410,895)
Compensated absences (1,445,171) (22,991,114)
Accrued interest payable for the current portion of interest due on bonds has not been reported in the governmental funds. (13,517) Deferred inflows related to pension items that are not included in the governmental fund activity. (417,932)
Deferred outflows related to pension items that are not included in the governmental fund activity.
5,839,384
Deferred inflows related to OPEB items that are not included in the governmental fund activity. (374,671)
Deferred outflows related to OPEB items that are not included in the governmental fund activity. 501,764
Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The assets and liabilities of the internal service funds must be added to the statement of net position.
39,673,837
Net Position of Governmental Activities 402,799,586$
CITY OF CAMARILLO
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2023
See Notes to Financial Statements
58 Maintenance Develo pment
Districts Special Fees Special
General Revenue Revenue
Revenues:
Taxes 45,723,512$ 3,625,110 $ - $
Licenses and permits 1,278,609 - - Subventions and grants 2,726,502 - - Charges for services 3,753,152 236,777 -
Investment earnings 2,215,824 39,355 378,091 Fines and forfeitures 465,179 6,989 -
Contributions and developer fees 93,234 - 1,838,243 Miscellaneous 30,427 - -
Total Revenues 56,286,439 3,908,231 2,216,334 Expenditures:
Current:
General government 9,860,782 - - Public safety 19,958,604 - -
Economic development 602,716 - - Cultural arts and library services 5,746,248 - - Highways and streets 7,954,062 6,563,834 -
Capital outlay - - - Debt service:
Principal - - - Interest - - - Total Expenditures 44,122,412 6,563,834 - Excess (Deficiency) of Revenues Over
(Under) Expenditures 12,164,027 (2,655,603) 2,216,334 Other Financing Sources (Uses):
Transfers in 1,804,016 2,670,430 -
Transfers out (9,187,482) - (905,455) Total Other Financing Sources (Uses) (7, 383,466) 2,670,430 (905,455) Net Change in Fund Balances 4,780,561 14,827 1,310,879 Fund Balances, Beginning of Year 86,781,042 1,832,124 19,897,967 Fund Balances, End of Year 91, 561,603$ 1,846,951 $ 21,208,846 $ Special Revenue Funds
CITY OF CAMARILLO
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2023
See Notes to Financial Statements
59 Capital
Projects Funds
Capital Other Total
Improvement Governmental Governmental
Projects Funds Funds
Revenues:
Taxes -$ 175,367$ 49,523,989 $ Licenses and permits - - 1,278,609 Subventions and grants 204,146 5,615,172 8,545,820 Charges for services - - 3,989,929 Investment earnings - 236,434 2,869,704 Fines and forfeitures - - 472,168 Contributions and developer fees - 340,000 2,271,477 Miscellaneous - - 30,427 Total Revenues 204,146 6,366,973 68,982,123 Expenditures:
Current:
General government - - 9,860,782 Public safety - - 19,958,604 Economic development - 3,749,370 4,352,086 Cultural arts and library services - 225,677 5,971,925 Highways and streets - - 14,517,896 Capital outlay 3,805,299 16,804 3,822,103 Debt service:
Principal - 325,000 325,000 Interest - 166,872 166,872 Total Expenditures 3,805,299 4,483,723 58,975,268 Excess (Deficiency) of Revenues Over
(Under) Expenditures (3,601,153) 1,883,250 10,006,855 Other Financing Sources (Uses):
Transfers in 8,646,404 854,720 13,975,570 Transfers out - (4,078,555) (14,171,492) Total Other Financing Sources (Uses) 8, 646,404 (3,223,835) (195,922) Net Change in Fund Balances 5,045,251 (1,340,585) 9,810,933 Fund Balances, Beginning of Year 6,836,412 19,923,142 135,270,687 Fund Balances, End of Year 11, 881,663$ 18,582,557 $ 145,081,620 $
CITY OF CAMARILLO
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES YEAR ENDED JUNE 30, 2023
See Notes to Financial Statements
60 Net change in fund balances - total governmental funds 9,810,933$ Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities, the costs of those assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which capital outlays exceeded depreciation in the current period.
Capital outlay
3,822,103$
Depreciation (9,512,093)
Contributed capital assets 2,315,545
Disposals (370,168) (3,744,613)
Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position.
Principal repayments
325,000
Accrued interest for long-term liabilities. This is the net change in accrued interest for the current period. 778
Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds.
Compensated absences
(124,142)
Pension 221,288
OPEB (148,398)
Certain revenues in the governmental funds are deferred because they are not collected within the prescribed time period after year-end. However, the revenues are included on the accrual basis used in the government-wide statements. This amount represents the change during the fiscal year.
(106,008)
Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The net revenues (expenses) of the internal service funds is reported with governmental activities. 4,306,356 Change in Net Position of Governmental Activities 10,541,194$
PROPRIETARY FUND FINANCIAL STATEMENTS
61 Water Utility Fund - This fund is used to account for the activ ities associated with the transmission and distribution of potable and recycled water by the City to its users.
Sanitary District Fund - This fund is used to account for the activities of the Sanitary District (a component unit of the City of Camarillo) which includes the transmi ssion, pumping, and treatment of the City's sewage.
Solid Waste Fund - This fund is used to account for the activit ies associated with collection and disposal of rubbish and recycle materials.
Transit Fund - This fund is used to account for the operations of the City's bus system which includes both leased bus activities and the City-owned bus system.
Internal Service Funds - These funds are used to account for interd epartmental operations where it is the stated intent that costs of providing services to the depa rtments of the City on a continuing basis be recovered primarily by charges to the user departments.
Other Proprietary Funds - These funds are the aggregate of all the nonmajor proprietary funds, which includes the funds noted below:
Camarillo Ranch Events Fund - This fund is used to account for the activities associated with the Camarillo Ranch property events such as wedding catering, venue revenues, and operating expenses.
CITY OF CAMARILLO
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2023
See Notes to Financial Statements
62 Sanitary
Water Utility District Solid Waste Transit
Assets:
Current:
Cash and investments 30,151,805$ 64,048,374 $ 1,749 $ 27 $ Receivables:
Accounts 2,137,239 2,102,047 1,274,412 12,193 Notes and loans - 10,531 - - Accrued interest 225,195 436,829 - - Leases 5,701 81,187 - - Grants 1,491,000 - - 941,005 Prepaid costs - 6,302 - - Deposits - 18,000 - - Restricted:
Cash with fiscal agent 824,100 3,823 - - Total Current Assets 34,835,040 66,707,093 1,276,161 953,225 Noncurrent:
Lease receivable 12,273 183,479 - - Capital assets, net of accumulated depreciation 89,974,527 61,881,992 - 194,221 Total Noncurrent Assets 89,986,800 62,065,471 - 194,221 Total Assets 124,821,840 128,772,564 1,276,161 1,147,446 Deferred Outflows of Resources:
Deferred charge on refunding - 404,210 - - Deferred amount from pension plan 1,981,392 2,677,591 105,995 71,064 Deferred amount from OPEB plan 236,738 318,130 7,678 9,773 Total Deferred Outflows of Resources 2,218,130 3,399,931 113,673 80,837 Liabilities:
Current:
Accounts payable 1,858,753 1,229,903 678,724 238,452 Accrued liabilities 74,477 100,821 545 4,364 Accrued interest 28,117 40,093 - - Unearned revenue 143,266 - 109,639 189,467 Retentions payable 1,115,279 81,361 - - Deposits payable 112,159 52,527 106,292 - Due to other funds - - 117,000 140,000 Subscriptions payable - - - - Compensated absences 214,825 339,819 13,648 12,763 Bonds and notes 455,000 800,000 - - Total Current Liabilities 4,001,876 2,644,524 1,025,848 585,046 Noncurrent liabilities:
Subscriptions payable - - - - Compensated absences 346,195 172,865 - 5,591 Net pension liability 5,726,943 6,809,522 322,806 321,052 Net OPEB liability 147,884 160,119 2,750 9,380 Bonds and notes 10,610,869 13,309,007 - - Total Noncurrent Liabilities 16,831,891 20,451,513 325,556 336,023 Total Liabilities 20,833,767 23,096,037 1,351,404 921,069 Deferred Inflows of Resources:
Deferred amount from leases 37,842 244,781 - - Deferred amount from pension plan 141,811 191,639 7,586 5,086 Deferred amount from OPEB plan 122,273 165,206 4,459 4,627 Total Deferred Inflows of Resources 301,926 601,626 12,045 9,713 Net Position:
Net investment in capital assets 77,435,592 47,880,776 - 194,221 Restricted for debt service 824,100 3,823 - - Restricted for capital and other special projects 6,845,120 13,813,926 - - Unrestricted 20,799,465 46,776,307 26,385 103,280 Total Net Position 105,904,277$ 108,474,832 $ 26,385 $ 297,501 $ Business-Type Activities - Enterprise Funds
CITY OF CAMARILLO
STATEMENT OF NET POSITION
PROPRIETARY FUNDS (CONTINUED)
JUNE 30, 2023
See Notes to Financial Statements
63 Governmental
Nonmajor Activities
Camarillo Internal
Ranch Totals Service Funds
Assets:
Current:
Cash and investments 407,200$
94,609,155$ 19,809,621$
Receivables:
Accounts 24,968
5,550,859
17,569
Not
es and loans -
10,531
-
A
ccrued interest 3,350 665,374 113,296
L
eases -
86,888
-
Gr
ants -
2,432,005
-
P
repaid costs -
6,302
1,019
Depos
its -
18,000
2,000
Rest
ricted:
Cash with fiscal agent - 827,923 -
To
tal Current Assets 435,518
104,207,037 19,943,505
Noncurrent:
Lease receivable -
195,752
-
Capi
tal assets, net of accumulated depreciation 1,038,382
153,089,122
24,926,980
Total Noncurrent Assets 1,038,382
153,284,874 24,926,980
Total Assets 1,473,900
257,491,911 44,870,485
Deferred Outflows of Resources:
Deferred charge on refunding -
404,210
-
Def
erred amount from pension plan 50,590
4,886,632
1,318,923
Def
erred amount from OPEB plan 6,038 578,357
129,686
To
tal Deferred Outflows of Resources 56,628
5,869,199
1,448,609
L
iabilities:
Current:
Accounts payable 30,940
4,036,772
463,845
Ac
crued liabilities 1,775 181,982
41,665
A
ccrued interest - 68,210 -
U
nearned revenue -
442,372
-
R
etentions payable 762 1,197,402
-
Depos
its payable -
270,978
2,752
D
ue to other funds -
257,000
-
Su
bscriptions payable -
- 353,979
Com
pensated absences 5,602 586,657
146,770
Bo
nds and notes -
1,255,000
-
To
tal Current Liabilities 39,079
8,296,373
1,009,011
N
oncurrent liabilities:
Subscriptions payable - -
1,114,955
Com
pensated absences 17,227 541,878
387,799
N
et pension liability 93,847
13,274,170 3,899,148
N
et OPEB liability 682 320,815 70,683
Bo
nds and notes -
23,919,876
-
To
tal Noncurrent Liabilities 111,756
38,056,739 5,472,585
T
otal Liabilities 150,835
46,353,112 6,481,596
Def
erred Inflows of Resources:
Deferred amount from leases -
282,623
-
Def
erred amount from pension plan 3,621 349,743
94,398
Def
erred amount from OPEB plan 3,133 299,698
69,263
To
tal Deferred Inflows of Resources 6,754 932,064
163,661
N
et Position:
Net investment in capital assets 1,023,133
126,533,722 24,856,399
Restricted for debt service -
827,923
-
Rest
ricted for capital and other special projects - 20,659,046 - U
nrestricted 349,806
68,055,243
14,817,438
Total Net Position 1,372,939$ 216,075,934$ 39,673,837$ Business-Type Activities -
Enterprise Funds (Continued)
CITY OF CAMARILLO
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2023
See Notes to Financial Statements
64 Sanitary
Water Utility District Solid Waste Transit
Operating Revenues:
Charges for services 13,715,468$ 15,699,493 $ 8,044,744 $ 124,434 $ Total Operating Revenues 13,715,468 15 ,699,493 8 ,044,744 124 ,434 Operating Expenses:
Administration and general 6,614,389 4,162,194 396,582 708,871 Cost of sales and services 10,726,319 9,134,490 7,696,363 2,412,213 Depreciation expense 1,153,689 2,554,237 - 96,420 Total Operating Expenses 18,494,397 15 ,850,921 8 ,092,945 3 ,217,504 Operating Income (Loss) (4,778,929) (151,428) (48,201) (3,093,070) Nonoperating Revenues (Expenses):
Taxes - 1,639,394 - - Intergovernmental - - 36,777 3,340,246 Investment earnings 634,712 1,195,498 - - Interest expense (313,260) (513,337) - - Other 289,872 85,875 - 6,454 Gain (loss) on disposal of capital assets - - - - Total Nonoperating
Revenues (Expenses) 611,324 2 ,407,430 36 ,777 3 ,346,700 Income (Loss) Before Contributions,
Grants, and Transfers (4,167,605) 2,256,002 (11,424) 253,630 Capital contributions and grants 7,247,725 2,270,356 - - Contribution from others - 14,031 - - Transfers in - - 58,592 - Changes in Net Position 3,080,120 4,540,389 47,168 253,630 Net Position - Beginning of Year (Deficit) 102,824,157 103,934,443 (20,783) 43,871 Net Position - End of Year 105,904,277 $ 108,474,832 $ 26,385 $ 297,501 $ Business-Type Activities - Enterprise Funds
CITY OF CAMARILLO
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2023
See Notes to Financial Statements
65 Governmental
Nonmajor Activities
Camarillo Internal
Ranch Totals Service Funds
Operating Revenues:
Charges for services 476,138$ 38,060,277 $ 13,465,211 $ Total Operating Revenues 476,138 38 ,060,277 13 ,465,211 Operating Expenses:
Administration and general 272,926 12,154,962 2,802,737 Cost of sales and services 110,225 30,079,610 4,694,741 Depreciation expense 73,799 3,878,145 1,904,282 Total Operating Expenses 456,950 46 ,112,717 9 ,401,760 Operating Income (Loss) 19,188 (8,052,440) 4,063,451 Nonoperating Revenues (Expenses):
Taxes - 1,639,394 - Intergovernmental - 3,377,023 - Investment earnings 9,219 1,839,429 312,216 Interest expense - (826,597) (11,499) Other - 382,201 127,208 Gain (loss) on disposal of capital assets - - (322,350) Total Nonoperating
Revenues (Expenses) 9,219 6 ,411,450 105 ,575 Income (Loss) Before Contributions,
Grants, and Transfers 28,407 (1,640,990) 4,169,026 Capital contributions and grants - 9,518,081 - Contribution from others - 14,031 - Transfers in - 58,592 137,330 Changes in Net Position 28,407 7,949,714 4,306,356 Net Position - Beginning of Year 1,344,532 208,126,220 35,367,481 Net Position - End of Year (Deficit) 1,372,939$ 216,075,934 $ 39,673,837 $ Business-Type Activities -
Enterprise Funds (Continued)
CITY OF CAMARILLO
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2023
See Notes to Financial Statements
66 Sanitary
Water Utility District Solid Waste Transit
Cash Flows From Operating Activities:
Cash received from customers and users 13,836,284$ 15,314,638 $ 7,910,218 $ 92,698 $ Cash received from interfund service provided - - - - Cash paid to suppliers for goods and services (12,161,953) (9,471,578) (7,656,018) (2,385,638) Cash paid to employees for services (6,674,516) (4,264,758) (404,803) (716,614) Net Cash Provided (Used) by
Operating Activities (5,000,185) 1 ,578,302 (150,603) (3,009,554) Cash Flows From Noncapital Financing Activities:
Cash transfers in - - 58,592 - Reimbursements - - - - Short-term loans from other funds - - 117,000 140,000 Repayments on short-term loans from other funds - - (61,000) (615,000) Funds property taxes - 1,639,394 - - Grants received from other governments - - 36,777 3,553,418 Net Cash Provided (Used) by
Noncapital Financing Activities - 1 ,639,394 151 ,369 3 ,078,418 Cash Flows From Capital and
Related Financing Activities:
Capital contributions 7,247,725 2,284,387 - - Acquisition and construction of capital assets (2,456,888) (2,197,976) - (71,975) Lease income received 34,615 78,983 - - Principal paid on capital debt (435,000) (770,000) - - Interest paid on capital debt (376,600) (536,794) - - Proceeds from sales of capital assets 254,016 - - - Net Cash Provided (Used) by Capital
and Related Financing Activities 4,267,868 (1,141,400) - (71,975) Cash Flows From Investing Activities:
Interest received 481,004 899,619 - - Net Cash Provided (Used) by Investing Activities 481,004 899,619 - - Net Increase (Decrease) in Cash and
Cash Equivalents (251,313) 2,975,915 766 (3,111) Cash and Cash Equivalents - Beginning of Year 31,227,218 61,076,282 983 3,138 Cash and Cash Equivalents - End of Year 30,975,905$ 64,052,197 $ 1,749 $ 27 $ Business-Type Activities - Enterprise Funds
CITY OF CAMARILLO
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2023
See Notes to Financial Statements
67 Governmental
Nonmajor Activities
Camarillo Internal
Ranch Totals Service Funds
Cash Flows From Operating Activities:
Cash received from customers and users 492,085$ 37,645,923 $ - $ Cash received from interfund service provided - - 13,449,117 Cash paid to suppliers for goods and services (109,306) (31,784,493) (4,676,595) Cash paid to employees for services (272,549) (12,333,240) (2,842,346) Net Cash Provided (Used) by
Operating Activities 110 ,230 (6,471,810) 5 ,930,176 Cash Flows From Noncapital Financing Activities:
Cash transfers in - 58,592 137,330 Reimbursements - - 127,208 Short-term loans from other funds - 257,000 - Repayments on short-term loans from other funds - (676,000) - Funds property taxes - 1,639,394 - Grants received from other governments - 3,590,195 - Net Cash Provided (Used) by
Noncapital Financing Activities - 4 ,869,181 264 ,538 Cash Flows From Capital and
Related Financing Activities:
Capital contributions - 9,532,112 - Acquisition and construction of capital assets (234,501) (4,961,340) (2,629,936) Lease income received - 113,598 - Principal paid on capital debt - (1,205,000) - Interest paid on capital debt - (913,394) (11,499) Proceeds from sales of capital assets - 254,016 2,438 Net Cash Provided (Used) by Capital
and Related Financing Activities (234,501) 2,819,992 (2,638,997) Cash Flows From Investing Activities:
Interest received 6,900 1,387,523 231,122 Net Cash Provided (Used) by Investing Activities 6,900 1,387,523 231 ,122 Net Increase (Decrease) in Cash and
Cash Equivalents (117,371) 2,604,886 3 ,786,839 Cash and Cash Equivalents - Beginning of Year 524,571 92,832,192 16,022,782 Cash and Cash Equivalents - End of Year 407,200$ 95,437,078$ 19,809,621 $ Business-Type Activities -
Enterprise Funds (Continued)
CITY OF CAMARILLO
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2023
See Notes to Financial Statements
68 Sanitary
Water Utility District Solid Waste Transit
Reconciliation of Operating Income
to Net Cash Provided (Used) by
Operating Activities:
Operating income (loss) (4,778,929)$ (151,428) $ (48,201) $ (3,093,070) $ Adjustments to Reconcile Operating Income
(Loss) Net Cash Provided (Used) by
Operating Activities:
Depreciation 1,153,689 2,554,237 - 96,420 Other non-operating revenue 266,031 - - 6,454 Changes in pension related items (75,086) (101,470) (4,017) (2,693) Changes in OPEB related items (21,955) (29,166) (524) (1,068) (Increase) decrease in accounts receivable (99,869) (385,367) (143,168) (7,131) (Increase) decrease in prepaid expense (1,454) 4,117 - - Increase (decrease) in accounts payable (209,735) (187,235) 47,998 26,708 Increase (decrease) in accrued liabilities (103,907) (142,884) (7,653) (133) Increase (decrease) in unearned revenue (38,051) - (8,067) (31,059) Increase (decrease) in non-capital retentions
payable (1,120,538) (11,086) - - Increase (decrease) in deposits payable (7,295) 512 16,709 - Increase (decrease) in compensated
absences 36,914 28,072 (3,680) (3,982) Total Adjustments (221,256) 1,729,730 (102,402) 83,516 Net Cash Provided (Used) by
Operating Activities (5,000,185)$ 1,578,302 $ (150,603) $ (3,009,554) $ Noncash Investing, Capital, and
Financing Activities:
Amortization of bond premium (61,617)$ (54,539) $ - $ - $ Amortization of deferred charge on refunding - 33,523 - - Change in retentions payable related to capital
acquisition costs (1,120,538) (11,086) - - Business-Type Activities - Enterprise Funds
CITY OF CAMARILLO
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2023
See Notes to Financial Statements
69 Governmental
Nonmajor Activities
Camarillo Internal
Ranch Totals Service Funds
Reconciliation of Operating Income
to Net Cash Provided (Used) by
Operating Activities:
Operating income (loss) 19,188$ (8,052,440)$ 4,063,451 $ Adjustments to Reconcile Operating Income
(Loss) Net Cash Provided (Used) by
Operating Activities:
Depreciation 73,799 3,878,145 1,904,282 Other non-operating revenue - 272,485 - Changes in pension related items (1,918) (185,184) (49,984) Changes in OPEB related items (1,035) (53,748) (11,165) (Increase) decrease in accounts receivable 15,947 (619,588) (16,094) (Increase) decrease in prepaid expense - 2,663 88 Increase (decrease) in accounts payable 2,328 (319,936) 91,851 Increase (decrease) in accrued liabilities (2,171) (256,748) (74,459) Increase (decrease) in unearned revenue - (77,177) - Increase (decrease) in non-capital retentions
payable 762 (1,130,862) - Increase (decrease) in deposits payable - 9,926 670 Increase (decrease) in compensated
absences 3,330 60,654 21,536 Total Adjustments 91,042 1,580,630 1 ,866,725 Net Cash Provided (Used) by
Operating Activities 110,230$ (6,471,810)$ 5,930,176 $ Noncash Investing, Capital, and
Financing Activities:
Amortization of bond premium -$ (116,156)$ -$ Amortization of deferred charge on refunding - 33,523 - Change in retentions payable related to capital
acquisition costs - (1,131,624) - Business-Type Activities -
Enterprise Funds (Continued)
70 FIDUCIARY FUND FINANCIAL STATEMENTS
71 Successor Agency Private-Purpose Trust Fund - accounts for the Redevelopment Property Tax Trust Fund distributions for the dissolution of the former Camarillo Community Development Commission.
Custodial Funds - account for assets held in fiduciary capacity for others and therefore cannot be used to support the City’s program.
CITY OF CAMARILLO
STATEMENT OF NET POSITION
FIDUCIARY FUNDS
JUNE 30, 2023
See Notes to Financial Statements.
72 Private Purpose
Trust Fund
Successor
Agency Private
Purpose Trust
Fund Custodial Funds
Assets:
Cash and cash equivalents 43,382$ 789,463 $ Receivables:
Accounts - 6,188
Accrued interest - 4,915
Restricted assets:
Cash and investments with fiscal agents 6,297,049 493,046 Total Assets 6,340,431 1 ,293,612
Deferred Outflows of Resources:
Deferred charge on refunding 1,985,615 -
Total Deferred Outflows of Resources 1,985,615 - Liabilities:
Accounts payable 897 164,058
Interest payable 682,329 -
Due to the City 10,000 -
Deposits payable - 18,973
Long-term liabilities:
Bonds due in one year 1,585,000 -
Bonds due in more than one year 47,225,790 -
Total Liabilities 49,504,016 183 ,031
Net Position:
Held in trust for other purposes (41,177,970) -
Held for individuals, organizations, and other governments - 1,110,581 Total Net (Deficit) (41,177,970)$ 1 ,110,581$
CITY OF CAMARILLO
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2023
See Notes to Financial Statements.
73 Private Purpose
Trust Fund
Successor
Agency Private
Purpose Trust
Fund Custodial Funds
Additions:
Taxes 3,662,467$ -$
In
tergovernmental - 2,241,748
I
nvestment earnings 37,191 15,617
Total Additions 3,699,658 2 ,257,365
Deductions:
Administrative ex
penses 24,234 249,251
Program expenses - 423
C
ontractual services - 1,605,649
In
terest expense 2,034,010 437,612
To
tal Deductions 2,058,244 2 ,292,935
Changes in Net Position 1,641,414 (35,570)
Net Position - Beginning of the Year, As Restated (42,819,384) 1,146,151 Net Position - End of the Year (41,177,970)$ 1,110,581$
74 75
NOTES TO BASIC
FINANCIAL STATEMENTS
76 CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2023
77 Note 1: Summary of Significant Accounting Policies
The basic financial statements of the City of Ca marillo have been prepared in conformity with Generally Accepted Accounting Principles (GAA P) applicable to government units. The Governmental Accounting Standards Board (GAS B) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. More significant accounting policies of the City are described below.
a. Financial Reporting Entity
The City of Camarillo (City) is a general law city governed by an el ected five-member City Council. As required by GAAP, these basic fina ncial statements present the City and its component units, entities for which the City is c onsidered to be financially accountable. Blended component units, although legally separate entities are, in substance, part of the City’s operations and data from these units are combined with data of the City. Each blended component unit has a June 30 year-end. The City had no discretely presented component units. The following entities are reported as blended component units:
Camarillo Community Development Commission - The Camarillo Co mmunity Development Commission (CDC) was created on June 12, 1996. The City Council Members also serve as the Commissioners of the CDC. Therefore, the CDC is considered a blended component unit and is included in the accompanying financial statements of the City of Camarillo since the City has operational responsibility for the CDC.
Camarillo Sanitary District Board - The Camarillo Sanitary District Board (District) was formed in 1955 to provide wastewater treatment to most of what is now the City of Camarillo.
The City Council also acts as the Camarillo Sanita ry District’s governing board and as such is able to impose its will with regard to the District. Therefore, the District is considered a blended component unit and is included in the accompanying financial statements of the City. Rates for user charges and bond issuance authorizations ar e approved by the District’s governing board, and the legal liability for the general obligation por tion of the District’s debt remains with the District. The District is reported as an enterprise fund in the City ’s financial statements since the City has operational responsibility for the District. Separate financial statements are not prepared.
Camarillo Capital Improvement Corporation - The Camarillo Capital Improvement Corporation (Corporation) was formed on December 23, 1987, pursuant to the laws of the state of California. The governing body is the City Counc il, which can impose its will on the Corporation and the City can receive financial benefit or burden of the Corpora tion. Thus, it is considered a blended component unit. The Corporation has the power to acquire sites, construct, maintain, operate and lease public buildings and related facilities; to provide for the development of the City and the District; to make and enter into cont racts; to acquire, construct, manage, maintain or operate any buildings, works or improvements; to acquire property or dispose of property by lease or sale. The Corporation’s activities may co nsist of providing financial assistance to the City through the issuance of bonds and the leasing of assets to the City and the District. At the end of the lease term, all assets revert to th e City and the District. Any activities of the Corporation related to the District plant expansion are included in the Sanitary District Enterprise Fund. The last meeting occurred in January 2023. Separate financial statements are not prepared.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
78 Note 1:
Summary of Significant Accounting Policies (Continued)
a. Financial Reporting Entity (Continued)
Camarillo Public Finance Authority - The Camarillo Public Finance Au thority (PFA ) was
established in 1998 for the purpose of provi ding a mechanism for the 1999 combining and refunding of three bonds to take advantage of favorable interest rates. The PFA was formed under the Joint Exercise of Powers Law between the City and the Camarillo Sanitary District. The PFA currently has two bonds outstanding, one recorded in the governmental activities and the other in the proprietary fund statements under the Water
Utility Fund. The last meeting occurred in
January 2023
. Separate financial statements are not prepared.
Camarillo Industrial Development Authority - The Camarillo Industrial Development Authority (I
DA) was established in 1996 for the sole purpose of providing a mechanism for the issuance of Industrial Development Revenue Bonds , and the governing body is the City Council.
The IDA is a
public, corporate instrumentality of the state and was organized under the California Industrial Development Financi ng Act (being Title 10 of the California Government Code, commencing with Section 9150
0, as amended). The IDA currently has no bonds outstanding. The last meeting occurred in January 202
3. Separate financial statements are not prepared.
Camarillo Li
brary Board - The Camarillo Library Board was established in 2010 to manage the Camarillo Public Library as required by the California Education Code. The City assumed operation of t
he Camarillo Library from the Ventura County Library system in January 2011, and the City Council was
appointed as the board. The Camarillo Library Board’s last meeting occurred in June 2023. The activity is recorded in the library special revenue fund. Sepa rate financial state
ments are not prepared.
b.
Financial Reporting Fiduciary Entity
City of Camarillo as
Successor Agency to the Camarillo Community Development Commission - The Successor Agency was created to ser ve as a custodian for the assets and to wind down the affairs of the former Redevelopmen t Agency of the City of Camarillo. As of July
1, 2018, the Ventura County Consolidated Oversight Board (V CCOB) was established. The VCCOB is charged with
overseeing the activities of the eleven successor agencies throughout the County, as agencies discharge their obligations, di spose of assets, and wind do wn redevelopment activities. Ba
sed upon the nature of the Successor Ag ency’s custodial role, it is reported in a fiduciary fund (private-purpose trust fund).
c. Budgets and Budgetary Accounting
Budgets are legally adopte
d annually by the Council by resolution and are prepared for each fund in accordanc
e with its basis of accounting consistent with GAAP. The City Manager is responsible for preparing the budget and for its implementation after adoption.
Annual appropriations lapse at fiscal year-end; however, the City Manager has the authority to approve appropriation carryovers for unexpended appropriations fo r incomplete capital projects, and unexpen
ded appropriations for the grant programs.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
79 Note 1: Summary of Significant Accounting Policies (Continued) c. Budgets and Budgetary Accounting (Continued)
The City maintains budgetary controls to ensu re compliance with provisions embodied in the annual budget approved by the City Council and the Camarillo Sanitary District Board. The City Council approves operating and capital appropriations at the fund and department levels. The City Manager has the authority to transfer between expenditure accounts and between funds of the City and the Camarillo Sanitary District, as l ong as there is no funding source incompatibility, and provided those changes do not increase overall appropriations in either component unit. The level of budgetary control is established at the f und level. The Council has the legal authority to amend the budget at any time during the fiscal year.
d. Basis of Accounting and Measurement Focus
The accounts of the City are organized on the ba sis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its asset s, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Governme ntal resources are allocated to and accounted for in individual funds based upon the purposes for which they are to be spent and the means by which spending activities are controlled.
Government-Wide Financial Statements
The City’s government-wide financial statemen ts include a Statement of Net Position and a Statement of Activities. These statements presen t summaries of governmental and business-type activities for the City accompanied by a total co lumn. Fiduciary activities of the City are not included in these statements.
These basic financial statements are presented on an “economic resources” measurement focus and the accrual basis of accounting. Accordingly, all of the City’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources, including capital assets, as well as infrastructure assets and long-term liabilities, ar e included in the accompanying Statement of Net Position. The Statement of Activities presents cha nges in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred.
Certain types of transactions are reported as program revenues for the City in three categories:
Charges for services
Operating grants and contributions
Capital grants and contributions
Certain eliminations have been made in regard to interfund activities, payables, and receivables.
All internal balances in the Statement of Ne t Position have been eliminated except those representing balances between the governmental act ivities and the business-type activities, which are presented as internal balances and eliminated in the total pr imary government column. In the Statement of Activities, internal service fund transactions have been eliminated; however, transactions between governmental and business-type activities were not eliminated.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
80 Note 1: Summary of Significant
Accounting Policies (Continued)
d. Basis of Accounting and Measurement Focus (Continued) Governmental fund financial statements in clude a Balance Sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balances fo r all major governmental funds and nonmajor funds aggregated. An accompanying sched ule is presented to reconcile and explain the differences in net po sition as presented in these statements to the net position presen ted in the government-wide financial statements. The City has p resented all major governmental funds th at met the applicable criteria. The following is a list of these major governmental funds:
General Fund - This fund is used to account for resources which are not required legally or by sound financial management to be accounted for in another fund.
Maintenance Districts Special Rev enue Fund - This fund accou nts for restricted pro perty tax and/or assessments to be used for main tenance within the eleven districts.
Development Fees Special Revenue Fund - This fund is used to account for specific fee revenues that are legally restricted to expenditures for particular purposes.
Capital Improvement Pro jects Fund - This fund is used to accou nt for capital asset acquisition, construction and improvement o f capital facilities, including infrastructure, from general government resources, developer fees, and intergovernmental g rants.
Additionally, the government reports the following fund types:
Debt Service Funds - These funds are u sed to account for the accumulation of resources an d payment of long -term debt principal and interest for bonds issued by the City to finance various projects.
All gov ernmental funds are accounted for on a spen ding or " current financia l resources ” measurement focus and the modified accrual ba sis of accounting. Accordingly, on ly assets, liabilities, and deferred inflows of resources are included on the Balance Sheet. The Statement of Revenues, Expenditures, and Changes in Fund Balances presents increases (revenues and o ther financing so urces) and decreases (expenditures and other financing uses) in net current assets.
Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and av ailable to finance expenditures of the current period.
Revenues are recorded when received in cash, except for those revenues subject to accru al, generally 60 d ays after year-end for property tax revenues, 9 0 days for general reven ues, subventions, and grants, which are recognized when due. The primary revenue sources, which have been treated as susceptible to accrual by the City, are property tax, sales tax, franchise taxes, special assessments, intergovernmental revenues and other taxes. Expenditures are reco rded in the accounting period in which the related liability is incurred.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
81 Note 1: Summary of Significant Accounting Policies (Continued) d. Basis of Accounting and Measurement Focus (Continued) Unavailable revenues arise when potential reve nues do not meet both the “measurable” and “available” criteria for recognition in the current period. Unavailable revenues are reported as deferred inflows of resources until they meet th e “available” criteria. Unearned revenues arise when the government receives resources before it has a legal claim to them, as when grant monies are received prior to incurring qualifying expenditu res. In subsequent periods, when both revenue recognition criteria are met or when the governme nt has a legal claim to the resources, the unearned revenues are removed, and revenue is recognized.
The Reconciliation of the Fund Financial Stat ements to the Government-Wide Financial Statements is provided to explain the differenc es created by the integrated approach of GASB Statement No. 34.
Proprietary Fund Financial Statements
Proprietary fund financial statements include a Statement of Net Position, a Statement of Revenues, Expenses, and Changes in Fund Net Posi tion, and a Statement of Cash Flows for each proprietary fund.
A separate column representing internal service funds is also presented in these statements.
However, internal service balances and activiti es have been combined with the governmental activities in the government-wide financial statemen ts. The following is a list of the City’s major proprietary funds:
Water Utility Fund - This fund is used to account fo r the activities associated with the transmission and distribution of potable and recycled water by the City to its users.
Sanitary District Fund - This fund is used to account for the ac tivities of the Sanitary District (a component unit of the City of Camarillo) which includes the transmission, pumping and treatment of the City's sewage.
Solid Waste Fund - This fund is used to account for the activities associated with collection and disposal of rubbish and recycled materials.
Transit Fund - This fund is used to account for the ope rations of the City's bus system which includes both leased bus activities and the City-owned bus system.
Proprietary funds are accounted for using the " economic resources" measurement focus and the accrual basis of accounting. Accordingly, all asset s and liabilities (whether current or noncurrent) are included on the Statement of Net Position. The Statement of Revenues, Expenses, and Changes in Net Position presents increases (rev enues) and decreases (expenses) in total net position. Under the accrual basis of accounting, re venues are recognized in the period in which they are earned, while expenses are recognized in the period in which the liability is incurred. In these funds, receivables have been recorded as revenue and provisions have been made for uncollectible amounts.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
82 Note 1: Summary of Significant Accounting Policies (Continued) d. Basis of Accounting and Measurement Focus (Continued) Operating revenues in the proprietary funds ar e those revenues that are generated from the primary operations of the fund. All other revenues are reported as nonoperating revenues.
Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as nonoperating expenses.
Internal Service Fund Financial Statements
The City reports eight internal service funds. Th ese proprietary funds are used to account for the financing of services provided by one department to another on a cost-reimbursement basis. The services provided by these funds are Risk Mana gement, Information Services, Vehicles & Equipment, City Hall Facility, Corporation Yard Facility, Police Facility, Library Facility, and the Chamber of Commerce Facility.
Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a Statement of Net Position and a Statement of Changes in Net Position. The Successor Agency Private-Purpose Trust Fund is reported using the “economic resources” measurement focus and the accrual ba sis of accounting. This fund is being used to account for the Redevelopment Property Tax Trust Fund distributions made by the County of Ventura for the dissolution activity related to the former Camarillo Community Development Commission. The Custodial Funds account for moni es held for other govern ments and/or entities to which the City provides accounting and investing services, which none are held in trust.
e. Cash, Cash Equivalents, and Investments
Cash Management - The City pools cash resources of its various funds to facilitate cash management. Cash in excess of current requirements is invested and reported as investments. It is the City’s intent to hold investments until maturity. However, the City may, in response to market conditions, sell investments prior to maturity in or der to improve the quality, liquidity or yield of the portfolio. Interest earnings are apportione d among funds based on average daily cash and investment balances.
The City’s cash and cash equivalents are cons idered to be cash on hand, demand deposits, and highly liquid investments with original matur ities of three months or less at the time of acquisition.
Investments Valuation - Highly liquid market investments with maturities of one year or less at time of purchase, are stated at amortized cost. A ll other investments are stated at fair market value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
State Investment Pool - The City voluntarily participates in the Local Agency Investment Fund (LAIF), an investment pool, regulated by Calif ornia Government Code Section 16429 under the oversight of the Treasurer of the State of California. The fair value of the City’s investment in this pool is reported at an amount based upon the City’s pro-rate share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio).
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
83 Note 1:
Summary of Significant Accounting Policies (Continued)
f. Interfund Transactions
Activity between funds that are repr
esentative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as e ither “due to/from other funds” (i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the noncurrent portion of interfund loans). Any residual ba lances outstanding between the governmental activities and
business-type activities ar
e reported in the govern ment-wide financial statements as “int ernal balances.”
g.
Assets Held for Resale
Assets held for resale are recorded at the lower of cost or market, but not greater than the net realizable value.
h. Capital Assets
Capital assets, which i
nclude land, buildings, improvements, equipment, furniture, and infrastructure assets (
e.g., roads, sidewalks, and similar items), are reported in the applicable governmental or business-type activities in the government-wide financial statements. All purchased ca
pital assets are recorded at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated (contributed) capital assets are valued at acquisition value on the date received.
City policy has set the capitalization threshold for reporting capital assets at the following:
General capital assets 5,000$
Infrastructure capital assets 50,000$
For all capital assets, depr
eciation is recorded on a straight-line basis over the useful lives of the assets as follows:
Building and Improvements 30 to 40 Years
Furniture and Fixtures 8 to 15 Years
Machinery and Equipment 5 to 40 Years
Water and Sewer Transmission,
Collection, and Distribution Lines 40 to 50 Years
Infrastructure 5 to 75 Years
The City has included the value of all infrastructures into its Basic Financial Statements and it defines infrastructure as the basi c physical assets that allow the City to function. The assets include:
Storm drain system
Streets syste
m
Site amenities such as parking and landscaped areas used by the City to conduct business
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
84 Note 1: Summary of Significant Accounting Policies (Continued) h. Capital Assets (Continued)
Each major infrastructure system can be divided in to subsystems. For example, the street system can be subdivided into pavement, curb and gutte rs, sidewalks, medians, streetlights, traffic control devices (signs, signals and pavement ma rkings), landscaping and land. These subsystems were not delineated in the Basic Financial St atements. The appropriate operating department maintains information regarding the subsystems.
The accumulated depreciation, defined as the total depreciation from the date of construction/acquisition to the current date, was calculated on a straight-line method using industry accepted life expectancies for each infr astructure subsystem. The book value was then computed by deducting the accumulated depreciation from the original cost.
Subscription-Based Information Technology Arrangements (SBITA) assets are initially measured as the sum of the present value of payments exp ected to be made during the subscription term, payments associated with the SBITA contract made to the SBITA vendor at the commencement of the subscription term, when applicable, a nd capitalizable implementation costs, less any SBITA vendor incentives received form the SBITA vendor at the commencement of the SBITA term. SBITA assets are amortized in a systematic and rational manner over the shorter of the subscription term or the useful life of the underlying IT assets.
i. Interest Payable
Interest payable of long-term debt is r ecognized when the liab ility is incurred for governmental activities, business-type activities, proprietary fund types, and fiduciary fund types.
j. Deferred Outflows/Inflows of Resources
In addition to assets, the statements of net position reports a separate section for deferred outflows of resources. This financial statement element, deferred outflows of resources , represents a consumption of net assets that applies to future periods and so will not be recognized as an outflow of resources (expense/expenditure) until that time. The City has the following items that qualify for reporting in this category:
Deferred loss on refunding, net of accumulate d amortization reported in the government- wide Statement of Net Position and the propr ietary funds Statement of Net Position. A deferred loss on refunding results from the di fference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.
Deferred outflows related to pensions and OPEB equal to employer contributions made after the measurement date of the net pe nsion liability and the net OPEB liability, respectively.
Deferred outflows related to pension and OPEB resulting from changes in assumptions.
These amounts are amortized over a closed period equal to the average expected remaining service lives of all employees that are provided benefits through the plans.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
85 Note 1: Summary of Significant Accounting Policies (Continued) j. Deferred Outflows/Inflows of Resources (Continued)
Deferred outflows related to OPEB and pens ions for differences between expected and actual experience. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with OPEB and pensions through the plans.
Deferred outflows related to pensions a nd OPEB resulting from the net differences in projected and actual earnings on investments of the pension and OPEB plans fiduciary net position. These amounts are amortized over five years.
In addition to liabilities, the statement of net position and the governmental funds balance sheet report a separate section for deferred inflows of resources. This financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to future periods and will not be recognized as an inflow of res ources (revenue) until that time. The City has the following items that qualify for reporting in this category:
Deferred inflow related to leases, this amount is deferred and recognized as an inflow of resources in based on the payment provisions in the contract.
Deferred inflows related to OPEB and pensions for differences between expected and actual experience. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of al l employees that are provided with benefits through the plans.
Deferred inflows related to OPEB resulti ng from changes in assumptions. These amounts are amortized over a closed period equal to the average expected remaining service lives of all employees that are provided benefits through the plan.
k. Leases
The City is a lessor for a noncancellable lease of a building, land, and water tower. The City recognizes a lease receivable and a deferred inflow of resources in the business-type activities in the government‐wide and in the proprietary fund financial statements.
At the commencement of a lease, the City initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease comm encement date. Subsequen tly, the deferred inflow of resources is recognized as revenue over the life of the lease term.
Key estimates and judgments include how the C ity determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts.
The City uses its estimated incremental borrowing rate as the discount rate for leases. The lease term includes the noncancellable period of the lease.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
86 Note 1: Summary of Significant Accounting Policies (Continued) k. Leases (Continued)
Lease receipts included in the measurement of the lease receivable are composed of fixed payments from the lessee.
The City monitors changes in ci rcumstances that would require a remeasurement of its lease and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable.
l. Compensated Absences
The City accrues for compensat ed absences in the government-wide and proprietary fund statements of net position. Amounts of vested or accumulated compensated absences, that are not expected to be liquidated with expendable av ailable financial resources, are reported in the governmental activities of the government-wide fi nancial statements. Vested or accumulated compensated absences of proprietary funds are recorded as an expense and liability of those funds as the benefits accrue to employees.
m. Long-Term Obligations
Government-Wide Financial Statements - Long-term debt and othe r long-term obligations are reported as liabilities in the appropriate activities. The effect of premiums, discounts and similar items when debt is issued are deferred and amor tized over the life of the underlying debt in the Statement of Activities.
Fund Financial Statements - The fund financial statements do not present long-term debt but are shown in the Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position. Bond premiums and discounts, as well as issuance costs, are recognized during the current period. Bond pro ceeds are reported as other financing sources net of the applicable premium or discount. Issuance costs, whether or not withheld from the actual net proceeds received, are reported as debt service expenditures.
n. Net Position
In the government-wide financial statements, net position is classified in the following categories:
Net Investment in Capital Assets – This amount consists of capital assets net of accumulated depreciation and is reduced by out standing debt that attributed to the acquisition, construction, or improvement of the assets.
Restricted Net Position – This amount is restricted by external creditors, grantors, contributors, laws enabling legislation or regulations of other governments.
Unrestricted Net Position – This amount is the net position that does not meet the definition of “net investment in capital assets” or “restricted net position.”
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
87 Note 1: Summary of Significant
Accounting Policies (Continued)
o. Use of Restricted/Unrestricted Net Positions
When an expense is incurred for purpos es for which both restricted and unrestricted net position are available, the City’s policy is to apply restricted net position first. p.
Fund Balances
In the fund fi nancial statements, governmental f
unds report fund balance in classifications based
primarily on the extent to which the City is bound to honor constraints on the specific purpo ses for which amounts in the funds can be spent. S ee Fund Balance for Governmental Funds Note 9 in the Notes to Basic Financial Statements for more information. q.
Property Tax Calendar
The State of California Cons titution Article XIIIA provides that the combined maximum property tax rate on any given property may not exceed 1% of its assessed value, unless an additional amount for debt has been approved by voters. Assessed value is calculated at 100% of market value
as defined by Article XIIIA and may be increased by no more than 2% per year unless the property is sold, transferred, or improved.
The County of Ventura assesses properties, bills
for, collects, and distributes property taxes on
the basis of the taxing jurisdiction’s tax rate pe rcentage, subject to individual tax jurisdictio n’s adjustments as may be allowed for voter-approved debt, as follows:
Secured Unsecured
Lien dates January 1 January 1
Levy dates July 1J uly 1
Due dates 50% on November 1 and Jul y 1
50% on February 1
Delinquent as of December 10 (for November) August 31
April 10 (for February)
The term “unsecured” refers to taxes on personal property other than real estate, land, and buildings.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
88 Note 1: Summary of Significant Accounting Policies (Continued) r. Use of Estimates
The preparation of the basic financial stat ements, in conformity with GAAP, requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the di sclosure of contingent assets and liabilities. In addition, estimates affect the reported amount of expenses. Actual results could differ from these estimates and assumptions.
s. Adoption of New Accounting Standards
In May 2020, the GASB issued GASB Statement No. 96, Subscription-Based Information Technology Arrangements. This standard defines a subscr iption-based information technology arrangement (SBITA); establishes that a SBITA results in a right-to-use subscription asset (an intangible asset) and a corresponding subscription liability; provides the capitalization criteria for outlays other than subscription payments, incl uding implementation costs of a SBITA; and requires note disclosures regarding a SBITA.
The City adopted the requirements of the guidan ce effective July 1, 2022 and has applied the provisions of this standard to the beginning of the period of adoption.
t. Pensions
For purposes of measuring the net pension liability and deferred outflows /inflows of resources related to pensions, and pensi on expense, information about the fiduciary net position of the District’s California Public Employees’ Retirement System (CalPERS) plans (Plans) and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this pu rpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
u. Other Postemployment Healthcare Benefits (OPEB)
For purposes of measuring the net OPEB liability , deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s plan (OPEB Plan), th e assets of which are held by Public Agency Retirement Services (PARS), and additions to/de ductions from the OPEB Plan’s fiduciary net position have been determined by an independent actuary. For this purpose, benefit payments are recognized when currently due and payable in acco rdance with the benefit terms. Investments are reported at fair value.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
89 Note 1: Summary of Significant Accounting Policies (Continued) u. Other Postemployment Healthcare Benefits (OPEB) (Continued) Generally accepted accounting principles require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used:
Valuation Date June 30, 2022
Measurement Date June 30, 2022
Measurement Period July 1, 2021 to June 30, 2022
Note 2: Cash and Investments
The City had the following cash and investments at June 30, 2023:
Fair Value
City treasury deposits:
Deposits (638,334) $
Petty cash 3,850
Total City treasury deposits (634,484)
Certificates of deposit 711,289
Corporate notes 7,594,710
Commercial paper 1,964,282
City treasury investments:
Securities of U.S. government sponsored entities:
FFCB 14,383,485
FHLB 5,734,240
FHLMC 7,591,800
FNMA 5,821,940
Total City securities of U.S. government
sponsored entities 33,531,465
Local agency investment fund 155,208,971
Tax-exempt money market 60,307
U.S. Treasury securities 51,283,015
Total City treasury investments 206,552,293
Total funds in City treasury 249,719,555 $
Restricted cash and investments 6,436,706 $
Cash and investments with fiscal agents 8,483,829 $
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
90 Note 2: Cash and Investments (Continued)
a. Cash Deposits
The City’s deposits and certificates of depos it are entirely covered by Federal Depository Insurance Corporation (FDIC), or by collateral held in a multiple financial institution collateral pool. The FDIC insures the first $250,000 of the Ci ty’s deposits at each financial institution. At June 30, 2023, the reported amount of the City's deposits was ($638,334) and the bank balances totaled $1,701,369. The difference was related to outstanding checks, deposits in transit and other reconciling items.
Custodial credit risk for deposits is the risk that , in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the fa ilure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to re cover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to custodial credit risk for deposits or investments, other than the following provision for deposits: The California Government Code requir es that a financial institution secure deposits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law ( unless so waived by the governmental unit). The market value of the pledged securities in the colla teral pool must equal at least 110% of the total amount deposited by the public agencies. Californi a law also allows financial institutions to secure City deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. The City’s deposits are in sured by FDIC or collateralized as required by California Law. The City has not waived the fi nancial institution requirement on securing City’s deposits.
For investments identified herein as held by fiscal agents, the trustee selects the investment under the terms of the applicable trust agreement, ac quires the investment, and holds the investment on behalf of the City.
b. Investments
The City is authorized by state statutes, and in accordance with the City’s Investment Policy (Policy), to invest in the following:
State Local Agency Investment Fund (LAIF)
United States Treasury notes, bonds, bills or certificates of indebtedness Insured demand deposits
Certificates of deposit
Commercial paper
Federal agency or United States government sponsored enterprises Government or U.S. Treasury money market funds
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
91 Note 2: Cash and Investments (Continued)
b. Investments (Continued)
Municipal Securities that are obligations of the City, the state of California, and any local agency within the state of California
Negotiable Certificates of Deposit (NCDs), issued by a nationally or state-chartered bank, a savings association or federal association, a state of federal credit union, or a federally- licensed or state-licenses branch of a foreign bank
Supranationals
Corporate medium term notes
Asset-backed Securities
The Policy, in addition to state statutes, estab lishes that funds on deposit in banks must be federally insured or collateralized, and investme nts shall: (1) have maximum maturity not to exceed five years, (2) be laddered and based on cash flow forecasts, and (3) be subject to limitations to a certain percent of the portfolio fo r each of the authorized investments. The City’s investments comply with the established policy.
Investments of debt proceeds held by fiscal agents are governed by provisions of the debt covenants, rather than the general provisions of the California Government Code or the City’s investment policy. These provisions allow for the investments in the following:
U.S. Treasury obligations, U.S. Agency secu rities, nonnegotiable certificates of deposit, commercial paper, negotiable certificates of deposit, investment agreements, repurchase agreements, forward purchase agreements, money market mutual funds, LAIF, supranationals, corporate medium term notes, and asset-backed securities.
The City portfolio value fluctuates in an inve rse relationship to changes in interest rate.
Accordingly, if interest rates have risen, the por tfolio value will have declined. If interest rates have fallen, the portfolio value will have risen.
The portfolio for year-end reporting purposes is tr eated as if it were all sold. Therefore, fund balance must reflect the portfolio’s change in value. These portfolio value changes are unrealized unless sold.
c. Fair Value Measurements and Application
GASB Statement No. 72 Fair Value Measurement and Application generally requires investments to be measured at fair value. An investment is defined as a security or other asset that (a) a government holds primarily for the purpose of income or profit and (b) has a present service capacity based solely on its ability to generate cash or to be sold to generate cash.
The City categorizes its fair value measurement within the fair value hierarchy established by generally accepted accounting principles. The hier archy is based on the relative inputs used to measure the fair value of the investments. Leve l 1 inputs are quoted prices in active markets for identical assets. Level 2 inputs are valued usi ng a matrix pricing model. Level 3 inputs are significant unobservable inputs.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
92 Note 2: Cash and Investments (Continued)
c. Fair Value Measurements and Application (Continued)
The asset’s level within the
hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
When available, quoted prices are used to dete rmine fair value. When quoted prices in active markets are available, investments are classified within Level 1 of the fair value hierarchy. When quoted prices in active markets are not available, fair values are based on evaluated prices received by City from third-party service provider.
The City has the following fair value measurements for its investments as of June 30, 2023:
Investment Type Level 1 Level 2 Level 3 Total
Federal agency securities -$ 33,531,465$ -$ 33,531,465$ Certificates of deposit - 711,289 - 711,289
Corporate notes - 7,594,710 - 7,594,710
Commercial paper - 1,964,282 - 1,964,282
U.S. Treasury securities - 51,283,015 - 51,283,015
Total Leveled Investments -$ 95,084,761$ -$ 95,084,761 Tax-exempt money market* 60,307
State investment pool (LAIF)* 155,208,971
Held by Trustee:
PARS Trust* 6,436,706
Money market mutual funds* 8,483,829
Total Investment Portfolio 265,274,574$
*Not subject to fair market value measurement
d. Summary of Cash and Investments
The following is a summary of cash and investments as of June 30, 2023:
Fiduciary
Funds
Governmental Business-T ype Statement of
Activities Activities Total Net Position Total
Cash and investments 154,277,555$ 94,609,155$ 248,886,710$ 832,845$ 249,719,555$ Restricted cash and
investments 6,436,706 - 6,436,706 - 6,436,706 Restricted cash with
fiscal agent 865,811 827,923 1,693,734 6,790,095 8,483,829 Total 161,580,072$ 95,437,078$ 257,017,150$ 7,622,940$ 264,640,090$ Government-Wide
Statement of Net Position
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
93 Note 2: Cash and Investments (Continued)
e. Risk Disclosures
Interest Rate Risk - Interest rate risk is the possibility th at changes in market interest rate will adversely affect the fair value of an investment. As a means of limiting its exposure to fair value losses arising from rising interest rates, the City’s investment policy requires that the average maturity of the investme nt portfolio will not exceed three years, and no investment will have a maturity of more than five years from its date of purchase. At June 30, 2023, the City Treasury had the following investment maturities:
Less than 6 6 Months to
Investment Type Fair Value Months a Year 1 to 3 Years 3 to 5 Years FFCB 14,383,485 $ 1,457,790 $ 4,769,606 $ 6,166,109 $ 1,989,980 $ FHLB 5,734,240 - - 5,734,240 - FHLMC 7,591,800 3,932,440 - 1,887,640 1,771,720 FNMA 5,821,940 1,997,280 - 3,824,660 - U.S. Treasury securities 51,283,015 19,783,560 11,649,300 17,988,275 1,861,880 Money market funds 60,307 60,307 - - - Certificates of deposit 711,289 - - 468,771 242,518 Corporate notes 7,594,710 - - 5,741,460 1,853,250 Commercial paper 1,964,282 1,964,282 - - - LAIF 155,208,971 155,208,971 - - - Held by Trustee:
PARS Trust 6,436,706 6,436,706 - - - Money market mutual funds 8,483,829 8,483,829 - - - Total 265,274,574 $ 199,325,165 $ 16,418,906 $ 41,811,155 $ 7,719,348 $ Investment Maturities
Credit Risk - Credit risk is the possibility that an issu er of an investment will not fulfill its obligation to the holder of the investment. Stat e law limits investments in commercial paper and corporate bonds to the top two ratings issued by nationally recognized statistical rating organizations (NRSROs). The City’s policy does not allow these types of investments.
At June 30, 2023, the City Treasury investment credit risks, expressed on a percentage basis, were as follows:
Moody's Credit S & P's % of
Investment Type Rating Rating Investments
FFCB Aaa AA 5.42
FHLB Aaa AA 2.16
FHLMC Aaa AA 2.86
FNMA Aaa AA 2.19
U.S. Treasury securities Aaa AA 19.34
Money market funds Not Rated Not Rated 0.02
CD's Not Rated Not Rated 0.27
Corporate Notes Not Rated Not Rated 2.86
Commercial Paper Not Rated Not Rated 0.74
LAIF Not Rated Not Rated 58.51
PARS Trust Not Rated Not Rated 2.43
Money market mutual funds Aaa AAA 3.20
Total 100.00
Credit Quality Distribution for Securities with Credit Exposure City Treasury Investments
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
94 Note 2: Cash and Investments (Continued)
e. Risk Disclosures (Continued)
At June 30, 2023, the City Fiscal Agent investme nt credit risks, expressed on a percentage basis, were as follows:
Moody's Credit S & P's % of
Investment Type Rating Rating Investments
Money market mutual funds Aaa AAA 100.00
Total 100.00
Credit Quality Distribution for Securities with Credit Exposure Fiscal Agent Investments
f. Concentrations of Credit Risk
The investment policy of the City states Federa l agency or United States government sponsored total issues will not exceed 75%, nor will one issuer exceed 20% of the total portfolio. The City did not have any investments in any one issuer (other than U. S. Tr easury securities, mutual funds, and external investment pools) that represen t 5% or more of total entity investments as of June 30, 2023.
Note 3: Receivables
a. Government-Wide Financial Statements
The following is a summary of receivables, includi ng restricted receivables, net of allowances for uncollectible amounts at June 30, 2023:
Fiduciary Funds
Governmental Business-Type Statement of
Activities Activities Total Net Position Total
Current assets:
Accounts 5,918,572 $ 5,550,859 $ 11,469,431 $ 6,188$ 11,475,619$ Interest 978,690 665,374 1,644,064 4,915 1,648,979 Leases - 86,888 86,888 - 86,888 Grants 256,742 2,432,005 2,688,747 - 2,688,747 Noncurrent assets:
Leases - 195,752 195,752 - 195,752 Notes 1,100,556 10,531 1,111,087 - 1,111,087 Total 8,254,560 $ 8,941,409 $ 17,195,969 $ 11,103$ 17,207,072 $ Government-Wide
Statement of Net Position
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
95 Note 3:
Receivables (Continued)
b. Notes
Receivable
Promissory notes receivable of $1,111,087 at J
une 30, 2023, consisted of the following
outstanding balances:
Governmental Activities
Major Fund
General fund
Note Receivable from Economic Development
Collaborative, Note due and payable on July 1, 2025 378,918 $ Nonmajor Fund
Low-Moderate Income Housing Asset Fund
Note Receivable from KDF Park Glenn Seniors,
L
.P., Note due and payable on October 30, 2037 275,000
Community development
Community Development Block Grant Fund (CDBG)
Notes used for affordable housing down payment,
closing assistance, and silent second trust deeds
Notes due at the time of property sale 446,638
Total governmental activities notes receivable 1,100,556 Business-Type Activities
Sanitary district fund
Various notes used for purchase and installation
of FOG Devices 10,531
Total Notes Receivable 1,111,087$
Note 4:
Interfund Transactions
The City had the following transfers for the fiscal year ended June 30, 2023:
Maintenance Ca pital Other Internal
General District S pecial Im provement Governmental Service Solid Transfers Out Fund Revenue Pro jects Funds Funds Waste Totals General fund -$ 2,658,473$ 5,615,697$ 854,720$ -$ 58,592$
9,187,482$
Development fees special
revenue - - 905,455 - - - 905,455
Other governmental funds 1,804,016 11,957 2,125,252 - 137,330 - 4,078,555 Total 1,804,016$ 2,670,430$ 8,646,404$ 854,720$ 137,330$ 58,592$ 14,171,492$ Transfers In
The General Fund provided transfers to the Main tenance District Special Revenue Fund, Capital Improvements Project Fund, and to Other Governme ntal Funds to support on-going operations and debt service payments. The Development Fees Speci al Revenue Fund provided transfers to the Capital Improvement Projects Fund to supplement capital improvement projects scheduled in the City’s Five-Year Capital Improvement Program. Other Governmental Funds provided transfers to the General Fund, Maintenance Districts Special Revenue Fund, Capital Improvement Projects Fund, and to the Internal Service Funds to supplement capital improvement projects.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
96 Note 4: Interfund Transactions (Continued)
The City had the following interfund payables for the fiscal year ended June 30, 2023:
Due from Other
Funds
Due to Other Funds General Fund Totals
Transit fund 140,000 $ 140,000 $
Solid waste fund 117,000 117,000
Total 257,000 $ 257,000 $
The General Fund provided a short-term loan to the Transit Fund and Solid Waste Fund to cover negative cash balances.
Note 5: Capital Assets
a. Government-Wide Financial Statements
At June 30, 2023, the City’s capital assets consisted of the following:
Governmental Business-type
Activities Activities Total
Nondepreciable assets:
Land 34,550,040 $ 1,456,219 $ 36,006,259 $ Construction in progress 19,169,956 71,397,478 90,567,434 Total nondepreciable
assets 53,719,996 72,853,697 126,573,693 Depreciable assets:
Buildings and improvements 57,051,403 3,158,480 60,209,883 Machinery and equipment 14,890,295 10,828,953 25,719,248 Right to use asset (SBITA) 1,950,676 - 1,950,676 Infrastructure 331,827,948 155,916,927 487,744,875 Total depreciable assets 405,720,322 169,904,360 575,624,682 Less accumulated depreciation/amortization for:
Buildings and improvements (28,738,722) (1,850,653) (30,589,375) Machinery and equipment (11,349,365) (7,622,944) (18,972,309) Right to use asset (SBITA) (278,934) - (278,934) Infrastructure (158,646,102) (80,195,338) (238,841,440) Total accumulated
depreciation (199,013,123) (89,668,935) (288,682,058) Total capital assets being
depreciated, net 206,707,199 80,235,425 286,942,624 Total capital assets, net 260,427,195 $ 153,089,122 $ 413,516,317 $
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
97 Note 5: Capital Assets
b. Governmental Activities
The following is a summary of capital assets for governmental activ ities for the fiscal year ended June 30, 2023:
June 30, 2022 Balance at
As Restated Additions Deletions June 30, 2023
Nondepreciable assets:
Land 33,877,596 $ 994,794 $ (322,350)$ 34,550,040 $ Construction in progress 14,728,107 6,073,410 (1,631,561) 19,169,956 Total nondepreciable
assets 48,605,703 7,068,204 (1,953,911) 53,719,996 Depreciable assets:
Buildings and improvements 57,071,484 87,369 (107,450) 57,051,403 Machinery and equipment 13,868,526 1,295,277 (273,508) 14,890,295 Right to use asset (SBITA) 176,638 1,774,038 - 1,950,676 Infrastructure 330,719,128 1,108,820 - 331,827,948 Total depreciable assets 401,835,776 4,265,504 (380,958) 405,720,322 Less accumulated
depreciation/amortization for:
Buildings and improvements (27,100,208) (1,745,964) 107,450 (28,738,722) Machinery and equipment (10,976,590) (628,371) 255,596 (11,349,365) Right to use asset (SBITA) - (278,934) - (278,934) Infrastructure (149,886,034) (8,760,068) - (158,646,102) Total accumulated
de
preciation (187,962,832) (11,413,337) 363,046 (199,013,123) Total capital assets being
depreciated/amortized, net 213,872,944 (7,147,833) (17,912) 206,707,199 Governmental activities
Total capital assets, net 262,478,647 $ (79,629) $ (1,971,823)$ 260,427,195 $
Depreciation expense, including depreciation to in ternal service funds, for the fiscal year ended June 30, 2023, was charged to functions/programs of the governmental activities as follows:
Governmental activities
General government 133,189 $
Highway and streets, including depreciation of
general infrastructure assets 9,900,547
Public safety 403,431
Economic Development 38,042
Cultural Arts and Library Services 938,128
Total depreciation/amortization expense -
governmental activities 11,413,337 $
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
98 Note 5: Capital Assets (Continued)
c. Business-Type Activities
The following is a summary of capital assets for business-type activ ities for the fiscal year ended June 30, 2023:
Balance at Balance at
June 30, 2022 Additions Deletions June 30, 2023
Nondepreciable assets:
Land 1,456,219 $ - $ - $ 1,456,219$ Construction in progress 69,834,265 4,734,980 (3,171,767) 71,397,478 Total nondepreciable
assets 71,290,484 4,734,980 (3,171,767) 72,853,697 Depreciable assets:
Buildings and improvements 2,709,000 449,480 - 3,158,480 Machinery and equipment 10,365,215 702,324 (238,586) 10,828,953 Infrastructure 154,018,387 1,992,309 (93,769) 155,916,927 Total depreciable assets 167,092,602 3,144,113 (332,355) 169,904,360 Less accumulated
depreciation for:
Buildings and improvements (1,751,207) (99,446) - (1,850,653) Machinery and equipment (7,401,301) (460,229) 238,586 (7,622,944) Infrastructure (76,970,637) (3,318,470) 93,769 (80,195,338) Total accumulated
depreciation (86,123,145) (3,878,145) 332,355 (89,668,935) Total capital assets
being depreciated, net 80,969,457 (734,032) - 80,235,425 Business-type activities
Total capital assets, net 152,259,941 $ 4,000,948 $ (3,171,767) $ 153,089,122 $
Depreciation expense, for business-type activities for the fiscal year ended June 30, 2023, was charged as follows:
Business-type activities
Water Utility 1, 153,689$
Sanitary District 2,554,237
Transit 96,420
Camarillo ranch events 73,799
Total depreciation expense - business-type
activities 3,878,145 $
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
99 Note 6: Compensated Absences
The City’s policy relating to compensated absences is described in Note 1, section K. As shown in the table below, the long-term portion of this debt is expected to be paid in future years from future resources. No fixed payment schedule is established for compensated absences. In prior fiscal years, liability for compensated absence s has been liquidated primarily by the General Fund and the proprietary funds. Detail of compensated absences recorded in the governmental activities and business-type activities at June 30, 2023, was as follows:
Balance at Balance at Amount Due
June 30, 2022 Additions Deletions June 30, 2023 Within One Year Governmental activities 1,834,062$ 990,264 $ (844,586)$ 1,979,740 $ 844,586 $ Business-type activities 1,067,881 647,314 (586,657) 1,128,538 586,657 Total compensated
absences 2,901,943 $ 1,637,578 $ (1,431,243) $ 3,108,278 $ 1,431,243 $
Note 7: Long-Term Debt
Following is a summary of long-term debt transactions for the fiscal year ended June 30, 2023:
Balance at Amounts Due Amounts Due
June 30, 2022 Balance at Within One in More Than
Public Offerings Restated Additions Deletions June 30, 2023 Year One Year Governmental Activities:
2012 Lease Revenue
Bonds-library 4,685,000$ - $ (325,000)$ 4,360,000 $ 330,000 $ 4,030,000 $ Subscriptions Payable 176,638 1,656,422 (364,126) 1,468,934 353,979 1,114,955 Total Governmental
Activities 4,861,638 $ 1,656,422 $ (689,126) $ 5,828,934 $ 683,979 $ 5,144,955 $ Business-type activities:
2015 Wastewater Bonds 14,170,000$ - $ (770,000)$ 13,400,000 $ 800,000 $ 12,600,000 $ Premium on 2015 Bonds 763,546 - (54,539) 709,007 - 709,007 2019 Water Revenue
Bonds 10,515,000 - (435,000) 10,080,000 455,000 9,625,000 Premium on 2019 Bonds 1,047,486 - (61,617) 985,869 - 985,869 Total Business-type
Activities 26,496,032 $ - $ (1,321,156)$ 25,174,876 $ 1,255,000 $ 23,919,876 $ Classification
a. Governmental Activities
2012 Lease Revenue Bonds – Original Issue $7,630,000
On April 26, 2012, the City issued, through the Ca marillo Public Finance Authority (a nonprofit benefit corporation), $7,630,000 in Lease Revenue Bonds (Library Refunding Project), 2012 Series, with interest rates ranging from 1.00% to 4.25% and a maturity date of December 1, 2033.
The proceeds of the 2012 bonds were used to redeem and defease the 2003 Library Bonds and fund the costs of issuance relating to the 2012 bonds. The outstanding balance from this public offering contains a provision that in the occurren ce or continuation of any event of default, the trustee may compel the City to perform and carry out its duties under law and the agreements and covenants required to be performed by it contained in the indenture, however the trustee will have no right to declare the principal of or interest in the Bonds to be due and payable immediately.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
100
Note 7: Long-Term Debt (Continued)
a. Governmental Activities (Continued)
The annual debt service requirements at June 30 , 2023, on the 2012 Library Bonds were as follows:
Year Ending June 30, Principal Interest Total
2024 330,000 $ 156,838 $ 486,838 $ 2025 345 ,000 145 ,869 490 ,869 2026 355,000 134,050 489,050 2027 365 ,000 121 ,450 486 ,450 2028 380,000 108,413 488,413 2029-2033 2,110,000 320,213 2,430,213 2034 475 ,000 10 ,094 485 ,094 Totals 4,360,000 $ 996,927 $ 5,356,927 $ 2012 Lease Revenue Bonds
Subscription-Based Information Technology Arrangements
The City has entered into subscription based-i nformation technology arrangements (SBITAs) for various software applications. The SBITA arrangements expire at various dates through 2033 and provide for renewal options.
As of June 30, 2023, SBITA assets and the re lated accumulated amortization totaled $1,950,676 and $278,934, respectively.
The future subscription payments under SBITA agreements are as follows:
Year Ending June 30, Principal Interest Total
2024 353 ,979$ 44 ,923$ 398 ,902$ 2025 322,017 40,157 362,174 2026 269 ,428 29 ,402 298 ,830 2027 239,483 19,969 259,452 2028 186,207 11,163 197,370 2029-2033 97 ,820 9 ,971 107 ,791 Totals 1,468,934 $ 155,585 $ 1,624,519 $
b. Business-type Activities
2015 Wastewater Refunding Revenue Bonds – Original Issue $18,900,000
On July 21, 2015, the Camarillo Sanitary Dist rict issued $18,900,000 in Refunding Revenue Bonds Series 2015, bearing interest rates ranging between 2% and 5% and maturing on June 1, 2036. The proceeds of the 2015 Bonds were used to redeem the 2005 Bonds and pay the cost of issuance relating to the 2015 Bonds.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
101
Note 7:
Long-Term Debt (Continued)
b. Business-type Activities (Continued)
The District
will pay all future bond obligations from the net revenues of the wastewater enterprise, de
rived primarily from charges and revenues receive d by the District. Principal and interest paid for the current fiscal year
and total customer net revenues (operating income add
depreciation) were $1,306,794 and $2,402,809, r espectively. The outstanding balance from this public offerin
g contains a provision that in the occurrence or continuation of any event of default, the trustee must declare the principal of the bonds , together with the accrued in terest, to be due and payable immediately and may exercise any othe r
remedies available to the trustee and bond
owners in law or at equity to enforce the rights of the bond owners.
As of June 30, 2023, the
annual debt service requi rements for the Camarillo Sanitary District’s 2015
Wastewater Refunding Revenue Bonds were as follows:
Year Ending June 30, Principal Interest Total
2024 800,000$ 505,994$ 1,305,994$ 2025 840,000 465,994 1 ,305,994
2026 880,000 423,994 1,303,994
2027 925,000 379,994 1 ,304,994
2028 975,000 333,744 1,308,744
2029-2033 5,330,000 1,199,556 6 ,529,556
2034-2036 3,650,000 266,238 3,916,238
Totals 13,400,000$ 3 ,575,514$ 16 ,975,514$ 2015 Wastewater Refunding Revenue Bonds
2019
Water Revenue Bonds – Original Issue $11,800,000
On August 1, 2019, the Camarillo Public Finance Authority (a nonprofit benefit corporation), $11,800,000 in Revenue Bonds Series 2019, bearing interest rates ranging between 2% and 5% and maturing on June 1, 2039. The proceeds of the 2019 bonds were used to finance a portion of the costs of a groundwater desalter facility that will be owned and operated by the City of Camarillo. The City has pledged revenue to pay for future bond obligations from the net revenues of the water enterprise, derived primarily from charges and revenues received by the City.
Principal and interest paid for the current fiscal year and total customer net revenues (gross revenues less maintenance and operation costs) were $811,600 and ($3,625,240), respectively.
The outstanding balance from this public offering contains a provision that in the occurrence or continuation of any event of default, the trustee may (1) compel the City to perform and carry out its duties under law and the agreements and covenants required to be performed by it contained in the indenture, (2) bring suit upon the bonds, (3) require the City to account as if it were the trustee of an express trust for the owners of bonds, or (4) enjoin any actus or things which may be unlawful or in violation of the rights of bonds under the indenture.
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Note 7: Long-Term Debt (Continued)
b. Business-type Activities (Continued)
As of June 30, 2023, the annual debt service requi rements for the City of Camarillo’s 2019 Water Revenue Bonds were as follows:
Year Ending June 30, Principal Interest Total
2024 455,000 $ 354,850 $ 809,850 $ 2025 475,000 332,100 807,100 2026 500,000 308,350 808,350 2027 525 ,000 283 ,350 808 ,350 2028 555,000 257,100 812,100 2029-2033 3,160,000 887,650 4,047,650 2034-2038 3,620,000 425,563 4,045,563 2039 790 ,000 19 ,750 809 ,750 Totals 10,080,000 $ 2,868,713 $ 12,948,713 $ 2019 Water Revenue Bonds
Note 8: Developer Deposits
The City accepts deposits from developers in the form of cash and noncash securities related to developments within the City. Noncash securities ar e issued by a U.S. Bank and are pledged to the City to guarantee completion of projects. Upon project completion, outstanding cash balances are refunded to the developers and any noncash securities are released to the devel oper. As of June 30, 2023, noncash deposits totaled $1,413,473.
Note 9: Fund balances for Governmental Funds
Governmental funds report fund balance in classificat ions based primarily on the extent to which the City is bound to honor constraints on the speci fic purposes for which amounts in the funds can be spent. As of June 30, 2023, fund balance for governmental funds were made up of the following:
Nonspendable
Amounts that are (a) not in spendable form, or (b) le gally or contractually required to be maintained intact. The “not in spendable form” criterion includes items that are not expected to be converted to cash, for example: inventories and prepaid amounts.
Restricted
Amounts that are restricted for specific purposes by external resource providers, constitutionally, through enabling legislation, or restrictions may effectively be changed or lifted only with the consent of resource providers.
Committed
Amounts that can only be used for the specific purposes determined by a formal adopted resolution of the City Council. Commitments may be changed or lifted only by a formal adopted resolution of the City. The City Council has adopt ed a financial policy to maintain a minimum reserve level of 50% of the operating budget in the General Fund. This policy is developed to consider the minimum level necessary to maintain the City’s credit worthiness and to adequately provide for: 1) Economic uncertainties and other financial hardships or downturns in the local or national economy, 2) Local disasters or catastrophic events, 3) Future debt or capital obligations, 4) Cash flow requirements, and 5) Legal requirements.
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Note 9: Fund balances for Governmental Funds (Continued) Additional commitments of the General Fu nd fund balance are annually identified and authorized by resolution for: 1) Economic development, 2) Natural disaster recovery, 3) Camarillo Springs Debris Barrier Remediation Maintenance, 4) Pleasant Valley Recreation & Park District - senior center, 5) Capital Improv ement Projects, 6) Buildings and Grounds Capital Projects and 7) Continuum of Care to resolution items. The Finance Department will perform a reserve analysis to be submitted to the City Co uncil upon occurrence of the following events: 1) City Council deliberation of the annual budget, 2) Presentation of the annual financial report, 3) Mid-year budget review, or 4) When a major change in conditions threatens the reserve levels established within this policy. If the analysis indi cates projected or actual reserve levels that fall either 10% below or 10% above the levels outlined in this policy, at least one of the following actions will be included with the analysis: 1) An explanation of why the reserve levels are not at the targeted level, or 2) An identified course of action to bring reserve levels to the minimum prescribed.
Assigned
Amounts intended to be used by the City for sp ecific purposes that are neither restricted nor committed. Intent is expressed by the City Council to which the assigned amounts are to be used for specific purposes; such as, continued capital projects, capital improvement plan, and budget. The City Council did not delegate another body to assign fund balances. Assigned amounts also include all residual amounts in governmental funds (except ne gative amounts) other than the General Fund that are not classified as nonspendable, restricted or committed.
Unassigned
Residual classification for the General Fund and includes all amounts not contained in the other classifications. Unassigned amounts also include a ny residual negative amounts in governmental funds.
When restricted and unrestricted resources are av ailable for expenditure for the same purpose, the City expends restricted resources before unrestricted resources. Within unrestricted resources, the fund balance is depleted in the order of committed, assigned, and unassigned.
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Note 9: Fund balances for Governmental Funds (Continued) Fund balances as of June 30, 2023 , for the governmental funds we re categorized as nonspendable, restricted, committed, assigned, or unassigned for the following purposes:
Maintenance
Districts Development Capital Total Other Total
Special Fee Special Improvement Governmental Governmental General Fund Revenue Revenue Projects Funds Funds
Fund balances:
Nonspendable:
Prepaid items 26,401 $ - $ - $ - $ - $ 26,401$ Deposits 125,000 - - - - 125,000 Notes and loans 378,918 - - - - 378,918 Subtotal 530,319 - - - - 530,319 Restricted for:
Air quality management - - - - 161,753 161,753 ARPA fund 160,611 - - - - 160,611 Cable fees - - - - 2,214,661 2,214,661 Capital projects - - 21,208,846 13,472,256 34,681,102 CASP fee 165,952 - - - - 165,952 Community development - - - - 494,424 494,424 Economic development 356,150 - - - - 356,150 Library operations - - - - 636,349 636,349 Low/Mod housing - - - - 861,572 861,572 Maintenance - 1,846,951 - - 231,826 2,078,777 Debt service - - - - 509,716 509,716 Pension 6,436,706 - - - - 6,436,706 Subtotal 7,119,419 1,846,951 21,208,846 - 18,582,557 48,757,773 Committed for:
Council reserve goal 30,375,064 - - - - 30,375,064 Capital improvement projects 9,021,000 - - - - 9,021,000 Building & grounds capital projects 4,550,000 - - - - 4,550,000 Continuum of care 3, 814,000 - - - - 3,814,000 Natural disaster recovery 10,000,000 - - - - 10,000,000 PVRP district 8,000,000 - - - - 8,000,000 Economic development 5,400,000 - - - - 5,400,000 Camarillo Springs debris barrier 200,000 - - - - 200,000 Subtotal 71,360,064 - - - - 71,360,064 Assigned for:
Contract services 708,079 - - - - 708,079 Capital projects - - - 11,881,663 - 11,881,663 Subtotal 708,079 - - 11,881,663 - 12,589,742 Unassigned: 11,843,722 - - - - 11,843,722 Total fund balances 91,561,603 $ 1,846,951 $ 21,208,846 $ 11,881,663 $ 18,582,557 $ 145,081,620 $ Major Funds
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Note 10: Non-City Obligations
West Camarillo Community Facilities District No.1 Mello Roos Bonds The City issued $8,200,000 of Mello Roos bonds dated September 1, 2004, for the West Camarillo Community Facilities District No. 1. The facilities aut horized to be acquired or constructed with the proceeds of this debt issue included a portion of certa in drainage and bridge facilities of benefit to the district. The Mello Roos bonds are not a general oblig ation of the City, and neither the faith nor the taxing power of the City, the state of California, or any political subdivision thereof is pledged to the payment of these bonds. The source of debt service is from property assessments within the district.
These Mello Roos bonds had an interest rate ch ange with the issuance of the $4,476,690 West Camarillo Community Facilities District No. 1 Special Tax Refunding Bond Series 2017 on March 16, 2022, which decreased the interest rate from 3.15% to 2.45%. At June 30, 2023, $4,146,100 was outstanding on these Mello Roos bonds.
Note 11: Leases
The City, acting as lessor, leases for the u se of land under long-term, non-cancelable lease agreements, which expire at various dates through 20 27 with an interest rate of 5%. During the fiscal year ended June 30, 2023, the C ity recognized $109,716 and $15,952 in lease revenue and interest revenue, respectively, pursuant to these agreements.
Note 12: Jointly Governed Organizations
The City classifies the following jointly governed or ganizations as Custodial funds in the Fiduciary Fund Financial Statements.
Wastewater Treatment Joint Powers Agreement (JPA)
The City participates in a joint powers agreement (JPA) with the cities/agencies of Simi Valley, Thousand Oaks, the Camrosa Water District, and Calleguas Municipal Water District known as the Wastewater Treatment JPA. This JPA was formed in an effort opposing National Pollutant Discharge Elimination Systems (NPDES) permit regulations. The City acts as Treasurer for this JPA; recording deposits and the cost of legal expenses, perform ing technical research, and providing testimony in support of wastewater agencies discharging treated wastewater in Calleguas Creek Watershed area.
The City’s annual financial responsibility to the JP A is budgeted annually and represents the City’s share of dues or common project expenses.
Ventura County Regional Defense Partnership for the 21st Century (RDP-21)
The City participates in a jointly governed organiza tion with the County of Ventura and the cities of Simi Valley, Oxnard, Port Hueneme, San Buen aventura, and Thousand Oaks, known as the Ventura County Regional Defense Partnershi p for the 21st Century (RDP-21). The purpose of RDP-21 is to promote and ensure economic growth of the area through collaborative efforts to enhance military facilities located in the County area. The City h as acted as Treasurer of RDP-21 and maintains a separate custodial fund to account for all deposits and expenses. The City’s annual financial responsibility to the RDP-21 is bud geted annually and represents the City’s share of dues or common project expenses.
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Note 12: Jointly Governed Organizations (Continued)
The City is also a member of the jointly governed organizations below:
Ventura Council of Governments (VCOG)
The Ventura Council of Governments (VCOG) is a voluntary joint powers authority representing the ten cities of Ventura County as well as the County. The goal of VCOG is to facilitate cooperative subregional and regional planning, coordination, and technical assistance on issues of mutual concern, and provide a platform for the review of federal an d state projects which involve the use of federal and/or state funds. The governing body consists of a member and an alternate appointed by each City and the County of Ventura Board of Supervisors. Financial information for VCOG can be found at https://www.venturacog.org.
Ventura County Area Housing Authority (AHA)
The Area Housing Authority of the County of Vent ura is an independent, nonprofit agency serving the unincorporated areas of Ventura County and the cities of Camarillo, Fillmore, Moorpark, Ojai, Simi Valley, and Thousand Oaks. The goal of AHA is to provide opportunities and assistance to people in need of affordable housing through develo pment, acquisitions, and partnerships. Financial information for AHA can be found at https://www.ahacv.org.
Western Riverside Council of Governments JPA (WRCOG) PACE Programs
The Western Riverside Council of Governments is a public entity with the purpose of unifying Western Riverside County to speak with a coll ective voice on important issues that affect its members. WRCOG administers multiple PACE (Property Assessed Clean Energy) programs in collaboration with its private sector partners, which provide financing for energy efficiency, renewable energy, and water conservation retrofits on residential and commercial properties. The City is an associate member of the WRCOG for participation in PACE. Financial information for WRCOG can be found at https://www.wrcog.us.
Note 13: Risk Management
Description of Self-Insurance Pool Pursuant to Joint Powers Agreement
The City of Camarillo is a member of the Califor nia Joint Powers Insurance Authority (Authority).
The Authority is composed of 124 California pub lic entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purch ased insurance for property and other lines of coverage. The California JPIA began covering claims of its members in 1978. Each member government has an elected official as its repres entative on the Board of Directors. The Board operates through a nine-member Executive Committee.
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Note 13: Risk Management (Continued)
Primary Self-Insurance Programs of the Authority
Each member pays an annual contribution at the be ginning of the coverage period. A retrospective adjustment is then conducted annually thereafter, for coverage years 2012-13 and prior. Coverage years 2013-14 and forward are not subject to rou tine annual retrospective adjustment. The total funding requirement for primary self-insurance program s is based on an actuarial analysis. Costs are allocated to individual agencies b ased on payroll and claims history, relative to other members of the risk-sharing pool.
Primary Liability Program – Claims are pooled separately be tween police and general government exposures. (1) The payroll of each member is evalua ted relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within th e formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) Th e second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred cost s from $500,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers.
The overall coverage limit for each member, includi ng all layers of cove rage, is $50 million per occurrence. Subsidence losses also have a $50 million per occurrence limit. The coverage structure is composed of a combination of pooled self-insuran ce, reinsurance, and excess insurance. Additional information concerning the coverage structur e is available on the Authority’s website:
http://cjpia.org/coverage/risk-sharing-pools.
Primary Workers’ Compensation Program – Claims are pooled separately between public safety (police and fire) and general gove rnment exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is de termined for each member, which establishes the weight applied to payroll and the weight applied to lo sses within the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $75,000 to $200,00 0 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on the ou tcome of cost allocation within the first and second loss layers.
For 2022-23 the Authority’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Comp ensation Law. Employer’s Liability losses are pooled among members to $1 million. Coverage fro m $1 million to $5 million is purchased through reinsurance policies, and Employer’s Liability losses from $5 million to $10 million are pooled among members.
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Note 13: Risk Management (Continued)
Purchased Insurance
Property Insurance – The City of Camarillo participates in the all-risk property protection program of the Authority. This insurance protection is unde rwritten by several insurance companies. City of Camarillo property is currently in sured according to a schedule of covered property submitted by the City of Camarillo to the Authority. City of Ca marillo property currently has all-risk property insurance protection in the amount of $193,859,700 . There is a $10,000 deductible per occurrence except for nonemergency vehicle insurance which has a $2,500 deductible.
Earthquake and Flood Insurance – The City of Camarillo purchases earthquake and flood insurance on a portion of its property. The earthqua ke insurance is part of the property protection insurance program of the Authority. City of Camarillo property currently has earthquake protection in the amount of $187,110,157. There is a deductible of 5% per unit of value with a minimum deductible of $100,000.
Pollution Legal Liability Insurance – The City of Camarillo participates in the pollution legal liability insurance program which is available thr ough the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, a nd storm drains owned by the City of Camarillo.
Coverage is on a claims-made basis. There is a $250,000 deductible. The Authority has an aggregate limit of $20 million.
Crime Insurance – The City of Camarillo purchases crime insurance coverage in the amount of $1,000,000 with a $2,500 deductible. The fidelity coverage is provided through the Authority.
Special Event Tenant User Liability Insurance – The City of Camarillo further protects against liability damages by requiring tenant users of certa in property to purchase low-cost tenant user liability insurance for certain ac tivities on agency property. The in surance premium is paid by the tenant user and is paid to the City of Camarillo according to a schedule. Th e City of Camarillo then pays for the insurance. The insurance is facilitated by the Authority.
Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured cove rage. There were also no significant reductions in pooled or insured liability coverage in FY 2022/23.
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Note 14: Employee Retirement Plans
General Information about the Pension Plan
a. Plan Descriptions
All qualified permanent and probationary employees ar e eligible to participate in the City of Camarillo Miscellaneous Plan, an agent multip le-employer defined benefit pension plan administered by the California Public Employees’ Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating memb er employers. Benefit provisions under the plan are established by stat e statute and City resolution. CalPERS issues publicly available reports which include a full de scription of the pension plans regarding benefit provisions, assumptions and membership informa tion that can be found on the CalPERS website.
Copies of PERS’ annual financial report may be obtained from their Executive Office located at 400 Q Street, Sacramento, California 95811, or online at https://www.calpers.ca.gov.
b. Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for nonduty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1959 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of li ving adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.
The Plan’s provisions and benefits in effect at June 30, 2023, are summarized as follows:
Miscellaneous
Major Benefit Options Miscellaneous* PEPRA
Hire date Prior to On or after
January 1, 2013 January 1, 2013
Benefit provision
Benefit formula 2.0% at 55 2.0% at 62
Benefit vesting schedule 5 Years Service 5 Years Service Benefit payments Monthly for Life Monthly for Life
Retirement age 50 to 63 52 to 67
Monthly benefits, as a percent of
eligible compensation 1.426% to 2.418% 1.000% to 2.500% Required employee contribution rates 7.110% 7.500%
Required normal employer contribution rates 11.050% 11.050% Required employer payment of unfunded liabilit
y 2,781,413$ - $
*Closed to new entrants
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Note 14: Employee Retirement Plans (Continued)
Employee Covered
As of the measurement date, the City h as 135 active employees, 184 inactive employees or beneficiaries currently receiving benefits, a nd 64 inactive employees entitled to but not yet receiving benefits that are covered by the benefit terms for the Miscellaneous Plan.
Contributions
Section 20814(c) of the California Public Empl oyees’ Retirement Law (PERL) requires that the employer contribution rates for all public employe rs are determined on an annual basis by the actuary and shall be effective on the July 1 followi ng notice of a change in the rate. The total plan contributions are determined through CalPER S’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an a dditional amount to finance any unfunded accrued liability. The employer is required to contribute th e difference between the actuarially determined rate and the contribution rate of employees. Em ployer contribution rates may change if plan contracts are amended. Payments made by the em ployer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions.
For the fiscal year ended June 30, 2023, the employer contributions were $4,400,607.
Net Pension Liability
The City of Camarillo’s net pension liability for the Miscellaneous Plan is measured as the total pension liability, less the pension plan’s fiducia ry net position. The net pension liability of the Miscellaneous Plan is measured as of June 30, 2 022, using an annual actuarial valuation as of June 30, 2021, rolled forward to June 30, 2022, using st andard update procedures. In prior fiscal years, the net pension liability has been li quidated primarily by the General Fund and the proprietary funds. A summary of principal assump tions and methods used to determine the net pension liability are described in the following pages.
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Note 14:
Employee Retirement Plans (Continued)
Actuarial Methods and Assumptions Used to Determine Total Pension Liability For the measurement period ended June 30,
2022, the total pension liability was determined by
rolling forward the June 30, 2021 total pension lia bility. The June 30, 2021 and the June 30, 2022 total pension liabilities were based on the following actuarial methods and assumptions:
Actuarial cost method: Entry age normal in accordance with the requirements of GASB statement No. 68
Actuarial assumptions:
Discount rate 6.90%
Inflation 2.30%
Projected salary increases Varies by entry age and service Mortality rate table (1) Derived using CalPERS' membership data for all Funds
Post retirement benefit increase The lesser of contract COLA up to 2.30% until Purchasing Power Protection
Allowance Floor on Purchasing Power
applies. 2.30% thereafter
(1) T
he mortality table used was developed based on CalPERS-specific data.
T
he probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and Post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to th e
CalP
ERS Experience Study and Review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.
Discount Ra
te
The discount rate used to measure the total pe nsion liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.
Long-Term Expected Rate of Return
The long-term expected rate of return on pens ion plan investments was determined using a building-block method in which expected future r eal rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.
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Note 14: Employee Retirement Plans (Continued)
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calc ulated over 20 years using a building-block approach. The expected rate of return was th en adjusted to account for assumed administrative expense of 10 basis points. The expected real rates of return by asset class are as follows:
Assumed
Asset Real Return
Asset Class (a) Allocation (a) (b)
Global Equity - Cap-weighted 30.0 % 4.54 %
Global Equity - Non-Cap-weighted 12.0 3.84
Private Equity 13.0 7.28
Treasury 5.0 0.27
Mortgage-backed Securities 5.0 0.50
Investment Grade Corporates 10.0 1.56
High Yield 5.0 2.27
Emerging Market Debt 5.0 2.48
Private Debt 5.0 3.57
Real Assets 15.0 3.21
Leverage (5.0) (0.59)
100.0 %
(a) An expected inflation of 2.30% used for this period. (b) Figures are based on the 2021 Asset Liability Management study.
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Note 14: Employee Retirement Plans (Continued)
Changes in the Net Pension Liability
The changes in the net pension liability for the Miscellaneous Plan were as follows:
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
Balance - June 30, 2021 126,439,839 $ 109,777,476 $ 16,662,363 $ Changes in the Year:
Service cost 2,465,161 - 2,465,161 Interest on total pension liability 8,759,389 - 8,759,389 Changes of assumptions 3,578,567 - 3,578,567 Differences between expected
and actual experience (929,787) - (929,787) Contributions - employer - 3,999,695 (3,999,695) Contributions - employees - 908,710 (908,710) Net investment income (loss) - (8,252,693) 8,252,693 Benefit payments, including
Refunds of employee
Contributions (6,747,059) (6,747,059) - Administrative expense - (68,385) 68,385 Net Changes During
FY 2021/22 7,126,271 (10,159,732) 17,286,003 Balance - June 30, 2022 133,566,110 $ 99,617,744 $ 33,948,366 $
Sensitivity of the Net Pension Liability to Changes in the Discount Rate
The following presents the net pension liability of the Plan, calculated using a discount rate that is 1 percentage-point lower (5.90%) or 1 percentage-point higher (7.90%) than the current rate:
1% Decrease to Current 1% Increase to
Discount Rate Discount Rate Discount Rate
(5.90%) (6.90%) (7.90%)
Plan's Net Pension Liability 50,871,637 $ 33,948,366 $ 19,867,873 $
Pension Plan Fiduciary Net Position – Detailed information about the pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.
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Note 14: Employee Retirement Plans (Continued)
Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions
For the fiscal year ended June 30, 2023, the C ity recognized pension expense of $3,911,715. At June 30, 2023, the City reported net deferred out flows and deferred inflows of resources related to pensions as follows:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Pension contributions subsequent to measurement
date 4,400,607 $ - $
Changes in assumptions 2,611,387 -
Difference between expected and actual experiences 29,068 (862,073) Net differences between projected and actual
earnings on plan investments 5,003,877 -
Total 12,044,939 $ (862,073) $
Contributions subsequent to the measurement da te in the amount of $4,400,607 are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2024. Other amounts repor ted as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Deferred
Fiscal Outflows/Inflows
Year Ending June 30, of Resources
2024 1,352,943 $
2025 1,438,066
2026 839,684
2027 3,151,566
Total 6,782,259 $
Defined Contribution Plan
Plan Description - The City established with the Missi onSquare Retirement (formerly ICMA) an additional pension plan for all its empl oyees (149 employees at June 30, 2023) through a 401(a) Defined Contribution Plan (Plan). In a defined contribution plan, benefits depend solely on amounts contributed to the Plan plus investme nt earnings. Employees are participants from the date of employment. Benefit provisions and all other requirements are established by the Plan and City ordinance. Information regarding this 4 01(a) Defined Contribution Plan may be obtained from MissionSquare Retirement at 777 North Capital Street NE, Washington, DC 20002 or at https://www.missionsq.org.
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Note 14:
Employee Retirement Plans (Continued)
Funding Policy - For regular full-time and part-time employees, the Plan is contributory on the part of the City in an amount equal to 7% of the employee’s base pay each payroll period. The City’s total payroll for the FY 2022/23 was $18,865,038. The City’s contributions were calculated using the base salary amount of $14,932,325 at 7%, amounting to $1,045,263.
Effective January 1, 2018 all employees not eligible for PERS contribute 0.5% of salary to the 457 PTS Plan. Employees hired after 1986 also contribute to Medicare.
The assets of the Plan are held for the exclusive benefit of th e Plan participants and their beneficiaries, and the assets shall not be diverted for any other purpose. Each participant directs the investments in the participant’s separate accounts. The City has no liability for any losses that may be incurred by the Plan. Accordingly, these assets are not included in the basic financial statements.
Other Postemployment Healthcare Benefits (OPEB)
Plan Description - The City participates in the CalPERS medical program, an agent multiple employer defined benefit healthcare plan administered by CalPERS. CalPERS established the plan und er the Public Employee’s Medical and Hospital Care Act (PEMHCA) as of July 1, 1988 . Health insurance premiums of the plan are established and amended by the CalPERS Board. Emplo yees who retire from the City and receiv e a CalPERS pension are eligible to participate in the PEMHCA health insu rance plans for postemployment medical b enefits. As a condition to the City’s contract for health insurance for its active employees, CalPERS requires a minimum contribution for retirees who participate in a health insurance plan. Retirees can enroll in any o f the available CalPERS medical plans. This benefit con tinues for the life of the retiree and surviving spouse. Benefit provisions for CalPERS are estab lished by the Public Employees Retirement Law (Part 3 of the California Government Code, Sectio n 20000 et seq.). In order to fund the retirees benefit, the City established an irrevocable trust with Public Agency Retirement Services (PARS).
PARS issues a separate annual financial report, an d copies of the report may be obtained by writing to PARS at 4 350 Von Karman Ave., Suite 100, Newport Beach, Califo rnia 92660, or by calling (800) 540-6369, or at https://www.pars.org.
Employees Covered
As of th e June 30, 2022 actu arial valuation, the following curren t and former employees were covered by the benefit terms under the Health Care Plan:
Active employees 139
Inactive employees or beneficiaries currently
receiving benefits 65
Inactive employees entitled to but not yet
receiving benefits 75
Totals 279
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Note 14: Employee Retirement Plans (Continued)
Contributions
The Health Care Plan and its contribution requirements are established by Memoranda of Understanding with the applicable employ ee bargaining units and may be amended by agreements between the City a nd the bargaining units. The annual contribution is based on the actuarially determined contributio n. For the measurement date ended June 30, 2022, the City’s cash contributions were $123,866 w ith an implicit subsidy of $ 227,728 for total payments of $351,594.
Net OPEB Liability
The City’s net OPEB liability was measured as of June 30, 2022 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuati on dated June 30, 2022.
In prior fiscal years, the net OPEB liability has been liquidated primarily by the General Fund and the proprietary funds. A summary of principal assumption and methods used to determine the net OPEB liability are described below and in the following pages.
Measurement date: June 30, 2022
Actuarial funding method: Entry age normal cost
Asset valuation method: Market value of assets
Actuarial assumptions:
Discount rate 5.20%
Inflation 2.50%
Salary increases 3.00% per year, used only to allocated to cost of benefits between service years
Mortality: CalPERS 2017 Experience Study
Mortality Improvement: Watts Scale 2020.
Healthcare trend rate: 6.8% in Jan. 2024 and grade down to 3.9% for years 2075 and later
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Note 14: Employee Retirement Plans (Continued)
The long-term expected rate of return on O PEB plan investments was determined using a building-block method in which expected future r eal rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of re turn by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:
Expected
Asset Class Wei ght Return
Equity:
Large-cap core 26.50 % 6.80 %
Mid-cap core 5.00 7.10
Small-cap core 7.50 7.90
Real estate 1.75 6.60
International 6.00 7.30
Emerging markets 3.25 7.30
Fixed Income:
Short term Bond 10.00 3.30
Intermediate term bond 33.50 3.90
High yield 1.50 6.10
Cash 5.00 2.40
Total 100.00 %
Discount Rate
The discount rate used to measure the total OPEB liability was 5.20%. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribu tion rates. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and benefi ciaries. Therefore, the long-term expected rate of return on OPEB plan inv estments was applied to all periods of projected benefit payments to determine the total OPEB liability.
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Note 14: Employee Retirement Plans (Continued)
Changes in the Net OPEB Liability
The changes in the net OPEB liability for the Health Care Plan are as follows:
Total OPEB Plan Fiduciar y Net OPEB
Liability Net Position Liabilit y
Balance - June 30, 2021 6,277,773 $ 5,741,922 $ 535,851 $ Changes in the Year:
Service cost 302,237 - 302,237 Interest 308,014 - 308,014 Changes of assumptions (392,073) - (392,073) Differences between expected and
actual experience (446,639) (446,639)
Contribution - employer - 282,970 (282,970) Net investment income - (748,790) 748,790 Administrative expenses - (29,183) 29,183 Benefit payments, including
Refunds of employee
Contributions (326,092) (326,092) - Net chan
ges (554,553) (821,095) 266,542 Balance - June 30, 2022 5,723,220 $ 4,920,827 $ 802,393 $
Sensitivity of the Net OPEB Liability to Changes in the Discount Rate
The following presents the net OPEB liability of the City if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2022:
Current
1% Decrease Discount Rate 1% Increase
(4.2%) (5.2%) (6.2%)
Net OPEB Liability 1,512,556 $ 802,393 $ 213,809 $
Sensitivity of the Net OPEB Liability to Changes in the Health Care Cost Trend Rates
The following presents the net OPEB liability of th e City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2022:
Current
Healthcare Cost
1% Decrease Trend Rates 1% Increase
Net OPEB Liability 131,304 $ 802,393 $ 1,631,184 $
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Note 14:
Employee Retirement Plans (Continued)
OPEB Plan Fiduciary Net Position
PARS issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained from the Public Agency Retirement Services, 4350 Von Karman Ave, Newport Beach, California 92660 or at https://www.pars.org.
OPEB E
xpense and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2023, the C ity recognized OPEB expense of $435,079. As of fiscal year ended June 30, 2023, the City reported deferred outflows of resources related to OPEB from the following sources:
Deferred Deferred
Ou
tflows of Inflows of
Resources Resources
OPEB contributions subsequent to measurement
date 351,594 $ - $
C
hanges in assumptions 470,819 (340,280)
Difference between expected and actual experience 23,096 (403,352) Net differences between projected and actual
earnings on OPEB plan investments 364,298 - Total 1,209,807$ (743,632)$
The $351,594 reported as deferred out flows of resources related to contributions subsequent to the June 30, 2022 measurement date will be rec ognized as a reduction of the net OPEB liability during the fiscal year ending June 30, 2024. Other amounts reported as deferred outflows of resources related to OPEB will be recognized as expense as follows:
Deferred
Fiscal Outflows of
Year Ending June 30, Resources
2024 103,469 $
2025 31,220
2026 21,153
2027 186,322
2028 (54,743)
Thereafter (172,840)
Total 114,581$
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Note 14:
Employee Retirement Plans (Continued)
Section 457 Part-Time, Temporary, and Seasonal (PTS) Deferred Compensation Plan Plan Description - The City participates in the 457 PTS plan administered by MissionSquare Retirement (formerly ICMA. The primary purpose of th is plan is to provide retirement income and other deferred benefits to City employees in acco rdance with the provisions of Section 457 of the Internal Revenue Code of 1986. Pursuant to the IRC 457 subsection (g); all amounts of compensation deferred under the deferred compensation plan, all property, or rights are solely the property and rights of the employee and beneficiaries of the plan . Deferred compensation funds are not subject to the claims of the City’s general creditors; consequently, the assets and related liabilities of the plan are not included within the City’s financial statements. Employees not eligible for PERS after January 1, 2018 contribute 0.5% of salary to the plan, in addition to the 7% City contribution. All employees are fully vested upon enrollment. As of June 30, 2023, 33 employees participate in the plan and the ending investment balance was $85,445.
Note 15: Commitments and Contingencies
Lawsuits in the Normal Course of Business
The City is presently involved in certain matters of litigation that have arisen in the normal course of conducting City business. City management believes, based upon consultation with the City Attorney, that these cases, in the aggregate, ar e not expected to result in a material adverse financial impact on the City. Additionally, City management believes that the City’s insurance programs are sufficient to cover any potential losses should an unfavorable outcome materialize.
Federal and State Grant Programs
The City participates in several federal and state grant programs. These programs are subject to further examination by the grantors, and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time. The City expects such amounts, if any, to be immaterial.
Construction Commitments
The City had several outstanding or planned cons truction projects as of June 30, 2023. These projects are committed by contractual agreements with contractors, and include the following major project:
Commitment Name of Funds Source of
Project Description Spent to Date Remainin g Committed Funds 290,152 986,196$ Camsan Capital Projects (1)
797,795 3,480,984 Ca pital Improvement Projects (2) Chemical System Improvement Phase I $
Annual Overlay
Pleasant Valley Desalter Project 63,903,654 822,815 Water Capital Projects (3) 64,991,601$ 5,289,995 $
(1) The Chemical System Improvement Phase I project is funded by Sanitation Capital Project F873 and AB1600 funds. (2) The Annual Overlay project is funded by SB1 F211, TDA Article 8a F208, Traffic Mitigation F251 monies received fr
om the State of California and Camarillo Ranch events F815. (3) The North Pleasant Valley Groundwater Desalter project is funded by bond proceeds and Water Capital Projects F
und from capital improvement fees and State grants.
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JUNE 30, 2023
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Note 16: Springville Interchange Benefit Area Credit Agreement In 2009, the City of Camarillo initiated proceedings to form the Springville Interchange Benefit Area (SIBA). SIBA was formed in order to provide a funding mechanism to establish a new supplemental bridge fee. These fees would help fund improveme nts that provide access to Route 101 as well as convenient and necessary access to both the residentia l developments that lie to the north of the freeway and the predominantly commercial and industrial developments located south of the freeway.
On December 10, 2009 the City entered into the third amendment to agreement regarding consideration for the dedication of real property. The agreement was between the City and Rancho Associates (Rancho), a limited partnership and Ran Associates (Ran), a limited partnership.
Pursuant to the agreement Rancho a nd Ran transferred title to certain Real Property Interests to the City for the purpose of constructing the Springville Interchange and Springville Drive. Additionally, Real Property Interests necessary for the extensi on of Springville Drive, Ponderosa Drive, and the development of the respective Ran and Rancho Remainder Property was dedicated to the City.
The Real Property Interest dedicated to the City by Ran and Rancho for the Springville Interchange Benefit Area were assigned a combined value of $5 million. The value included $1 million in cash paid to Ran and Rancho in October 2012 with th e remaining $4 million deemed as a credit towards the bridge fee that the Ran and Rancho Remainder Pr operty were subject to upon development. As of June 30, 2023, the remaining SIBA fee credit balance is $9,194 out of the original $4 million credit.
Note 17: American Rescue Plan Act
On March 11, 2021, the American Rescue Plan Act (ARPA) was signed into law by Congress in response to the economic fallout of the Coronavirus pandemic in the United States. The ARPA provided $350 billion in emergency funding for state, local, territorial, and Tribal governments to meet pandemic response needs and rebuild a str onger, and more equitable economy as the country recovers. The State of California received a $16 billion allocation to counties and cities with populations of 50,000 or more. The City was allocat ed and received a total of $8,962,170 from the Department of Treasury in two equal installments. At June 30, 2023, $4,562,170 has not be expended and is therefore recorded as unearned revenue.
Note 18: Successor Agency Trust for A ssets of Former Redevelopment Agency Summary of Creation of Successor Agency Private-Purpose Trust Fund
In 1996, the City established the Camarillo Community Deve lopment Commission (CDC) to implement the Camarillo Corridor Project Redevelopment Program.
On June 27, 2012, as part of the FY 2012/13 state budget package, the Legislature passed and the governor signed AB 1484, which made technical a nd substantive amendments to the Dissolution Act Assembly Bill X1 26 that was enacted on June 29, 2011, as part of the FY 2011/12 State Budget Passage.
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Note 18: Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) Under the Dissolution Act, each California redeve lopment agency (each a “Dissolved RDA”) was dissolved as of February 1, 2012, and the sponsor ing community that formed the Dissolved RDA, together with other designated entities, have initiated the process under the Dissolution Act to unwind the affairs of the Dissolved RDA. On January 11 , 2012, the City elected to serve as the Successor Agency to the Camarillo Community Developm ent Commission for the purpose of unwinding the affairs of the Dissolved RDA. Activities of the Successor Agency are reported in fiduciary fund (private-purpose trust fund) in the financial statements of the City.
The Dissolution Act created oversight boards whic h monitor the activities of the successor agencies.
The roles of the successor agencies and oversight boards is to administer the wind down of each Dissolved RDA which includes making payments du e on enforceable obligations, disposing of the assets (other than housing assets) and remitting the unencumbered balances of the Dissolved RDAs to the County Auditor-Controller for distribution to the affected taxing entities.
The Dissolution Act also allowed the sponsoring comm unity that formed the Dissolved RDA to elect to assume the housing functions and take over certain housing assets of the Dissolved RDA.
City of Camarillo as Successor Agency
The City, as Successor Agency, received approval of a long-range property management plan (PMP) from the State Department of Fina nce (DOF) on June 2, 2014, to guide the future development of properties held by the former RDA. To implement and manage the PMP projects, the City and the Successor Agency executed a DOF approved agreem ent regarding expenditures of excess bond proceeds of $12.1 million to fund the following infrastructure:
Capital Project: Entertainment Center/Bowling Alley Site Improvements Capital Project: Conference Center Drain Improvements Capital Project: Dizdar Park Improvements
Capital Project: Fire Station Reuse
The Dissolution Act and AB 1484 also establish roles for the County Auditor-Controller, the California Department of Finance (DOF) and th e California State Controller’s office in the dissolution process for the satisfaction of enforceable obligations of the Dissolved RDAs.
Recognized Obligation Payment Schedule
The County Auditor-Controller is charged with establishing a Redevelopm ent Property Tax Trust Fund (RPTTF) for each Successor Agency and depositi ng into the RPTTF for each six-month period, the amount of property taxes that would have b een redevelopment propert y tax increment had the Dissolved RDA not been dissolved. The deposits in the RPTTF fund are to be used to pay the Successor Agency’s enforceable obligations for the upcoming six-month period.
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Note 18:
Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) The Successor Agency is required to prepare a r ecognized obligation payment schedule (the ROPS) approved by the countywide oversight board set ting forth the amounts due for each six-month enforceable obligation period. The ROPS is submitte d to the DOF for approval. The County Auditor- Controller will make payments to the Successor Agency from the RPTTF fund based on the ROPS amount approved by the DOF. The ROPS was prepared in advance for the enforceable obligations due over the next twelve months through ROPS 22/23, and subsequen tly over the next twelve-month period effective ROPS 23/24. The Successor Agency received the following amount from the County Auditor-Controller in FY 2022/23: $3,662,467 on Ma y 26, 2023 for ROPS 23/24A (for the payment of January 1, 2023 through December 31, 2023 enforceable obligations).
Long-Term Debt
The following is a summary of long-term debt transactions for the fiscal year ended June 30, 2023:
Amounts Due Amounts Due
Balance at Balance at Within One in More Than
Public Offerings June 30, 2022 Deletions June 30, 2023 Year One Year 2014 Successor Agency (SA)
Refunding Bonds 12,390,000$ (580,000)$ 11,810,000$ 605,000$ 11,205,000$ Premium on 2014 SA Bonds 1,571,656 (108,390) 1,463,266 - 1,463,266
2016A Senior Lien Tax Allocation
Refunding Bonds 4,560,000 - 4,560,000 - 4,560,000 2016A-T Taxable Senior Lien Tax
Allocation
Refunding Bonds 3,515,000 (285,000) 3,230,000 290,000 2,940,000 Discount on 2016 A & A-T Bonds (74,255) 4,014 (70,241) - (70,241) 2016B
Tax Allocation Refunding
Bonds 27,825,000 (650,000) 27,175,000 690,000 26,485,000 Premium on 2016B Bonds 679,494 (36,729) 642,765 - 642,765
Total Fiduciary Activities 50,466,895$ (1,656,105)$ 48,810,790$ 1,585,000$ 47,225,790$ Classification
2014 CDC Tax Allocation Refunding Bonds – Original Issue $15,915,000 On November 5, 2014, the City of Camarillo in its capacity as Successor Agency to the Former Camarillo Community Development Commission (CDC), issued $15,915,000 Tax Allocation Refunding Bonds (2014 Bonds), with interest rate s ranging from 3.50% to 5.25%, with a maturity date of September 1, 2036. The proceeds of the 2014 Bonds were used to refund the 2004 CDC Bonds, purchase a reserve fund surety bond and fund the cost of issuance relating to the 2014 Bonds.
The outstanding balance from this public offering contains a provision that in the occurrence or continuation of any event of default, the trustee must declare the principal of the bonds, together with the accrued interest, to be due and payable immediately and may exercise any other remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners.
Total principal and interest remaining on the bo nd totals $16, 462,600 and is payable through fiscal year 2036/37.
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NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
124
Note 18:
Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) The annual debt service requirements at June 30, 2023, were as follows:
Year Ending June 30, Principal Interest Total
2024 605,000$ 574,300$ 1,179,300$ 2025 640,000 543,175 1,183,175 2026 670,000 510,425 1,180,425 2027 705,000 476,050 1,181,050 2028 735,000 440,050 1,175,050 2029-2033 4,235,000 1,651,063 5,886,063 2034-2037 4,220,000 457,537 4,677,537 Totals 11,810,000$ 4,652,600$ 16,462,600$ 2016A Senior Lien Tax Allocation Refunding Bonds – Original Issue $4,985,000 On December 22, 2016, t
he City of Camarillo in its capacity as Successor Agency to the Former Camarillo Community Development Commission (C DC), issued $4,985,000 Senior Lien Tax Allocation Refunding Bonds (2016A Bonds), with interest rates ranging from 2.00% to 5.00%, with a maturity date of September 1, 2041. The proceed s of the 2016A Bonds were used to refund the 2006 CDC Bonds, purchase a reserve fund surety bond and fund the cost of issuance relating to the 2016A Bonds. The City, as Successor Agency to the CDC, will pay all future bond obligations with RPTTF distributions to service enforceable obligations. The outstanding balance from this public offering contains a provision that in the occurrence or contin uation of any event of default, the trustee must declare the principal of the bonds, together with the accrued interest, to be due and payable immediately and may exercise any other remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners . Total principal and interest remaining on the bond totals $7,279,550 and is payable through fiscal year 2041/42.
The annual debt service requirements at June 30, 2023, were as follows:
Year Ending June 30, Principal Interest Total
2024 -$
188,000$ 188,000$
2025 - 188,000
188,000
2026 - 188,000
188,000
2027 - 188,000
188,000
2028 - 188,000
188,000
2029-2033 145,000 936,375
1,081,375
2034-2038 2,260,000 666,475
2,926,475
2039-2042 2,155,000 176,700
2,331,700
Totals 4,560,000$ 2,719,550$ 7,279,550$
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NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
125
Note 18: Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) 2016A-T Taxable Senior Lien Tax Allo cation Refunding Bonds – Original Issue $4,570,000
On December 22, 2016 the City of Camarillo in its capacity as Successor Agency to the Former Camarillo Community Development Commission (CDC ), issued $4,310,000 Taxable Senior Lien Tax Allocation Refunding Bonds (2016A-T Bonds) , with interest rates ranging from 1.625% to
4.00%, with a maturity date of September 1, 2032. The proceeds of the 2016A-T Bonds were used to refund the 2006 CDC Bonds, purchase a reserve fund su rety bond and fund the cost of issuance relating to the 2016A-T Bonds. The outstanding ba lance from this public offering contains a provision that in the occurrence or continuation of a ny event of default, the trustee must declare the principal of the bonds, together with the accrued inte rest, to be due and payable immediately and may exercise any other remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners. Total principal and interest remaining on the bond totals $3,872,269 and is payable through fiscal year 2032/33.
The annual debt service requirements at June 30, 2023, were as follows:
Year Ending June 30, Principal Interest Total
2024 290,000 $ 115,112 $ 405,112 $ 2025 295,000 106,153 401,153 2026 305,000 96,588 401,588 2027 315,000 86,316 401,316 2028 330,000 74,400 404,400 2029-2033 1,695,000 163,700 1,858,700 Totals 3,230,000 $ 642,269 $ 3,872,269 $
2016B Tax Allocation Refunding Bonds – Original Issue $31,295,000
On December 22, 2016, the City of Camarillo in its capacity as Successor Agency to the Former Camarillo Community Development Commission (CDC), issued $31,295,000 Tax Allocation Refunding Bonds (2016B Bonds), with interest ra tes ranging from 2.00% to 5.00%, with a maturity date of September 1, 2041. The proceeds of the 2016 B Bonds were used to refund the 2006 and 2009 CDC Bonds, purchase a reserve fund surety bond and f und the cost of issuance relating to the 2016B Bonds. The outstanding balance from this public offe ring contains a provision that in the occurrence or continuation of any event of default, the trust ee must declare the principal of the bonds, together with the accrued interest, to be due and payabl e immediately and may exercise any other remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners.
Total principal and interest remaining on the bo nd totals $41, 028,150 and is payable through fiscal year 2041/42.
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NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2023
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Note 18: Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) The annual debt service requirements at June 30, 2023, were as follows:
Year Ending June 30, Principal Interest Total
2024 690,000 $ 1,132,850 $ 1,822,850 $ 2025 720,000 1,097,600 1,817,600 2026 755,000 1,064,500 1,819,500 2027 785,000 1,033,700 1,818,700 2028 820,000 1,005,700 1,825,700 2029-2033 4,645,000 4,408,625 9,053,625 2034-2038 7,210,000 3,163,175 10,373,175 2039-2042 11,550,000 947,000 12,497,000 Totals 27,175,000 $ 13,853,150 $ 41,028,150 $
Pledged Revenue
Health and Safety Code Section 34177 requires the City of Camarillo in the Capacity of Successor Agency to the CDC to continue to make payments due for enforceable obligations (i.e., debt service).
RPTTF distributions will continue to repay the tax allocation bonds and tax refunding bonds of the City of Camarillo as the Successor Ag ency to the former CDC. Total principal and interest remaining on the allocation bonds totals $68,6 42,569. Current fiscal year bond principal and interest paid with RPTTF were as follows:
Principal and
Bond Series Interest
2014 Successor Agency Tax Allocation Refunding Bonds 1,183,925 $ 2016A Senior Lien Tax Allocation Refunding Bonds,
Series 2016A 188,000
2016A-T Taxable Senior Lien Tax Allocation Refunding
Bonds, Series A-T 408,381
2016B Tax Allocation Refunding Bonds, Series 2016B 1,816,350 Total 3,596,656 $
Tax Increment
Revenue
RPTTF Distribution Paid to Successor Agency
(Including Distribution to Pay Administrative Expenses) 3,662,467 $
Note 19: Restatement
Beginning Net
Position Beginning Net
as Previously Position
Reported Restatement As Restated
Custodial Funds (3,330,539) $ 4,476,690 $ (a) 1,146,151 $ West Camarillo Community
Facilities District #1 (3,976,829) 4,476,690 (a) 499,861
(a) The restatement is for the removal of custodial debt.
127
128
REQUIRED SUPPLEMENTARY
INFORMATION
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
YEAR ENDED JUNE 30, 2023
129
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Negative)
Budgetary Fund Balance - July 1 86,781,042$ 86,781,042$ 86,781,042$ -$ Resources (Inflows):
Taxes 41,177,670 45,688,970 45,723,512 34,542
Licenses and permits 1,500,000 1,500,000 1,278,609 (221,391) Subventions and grants 2,571,000 2,589,427 2,726,502 137,075 Charges for services 2,560,000 3,346,200 3,753,152 406,952 Investment earnings 372,000 600,000 2,339,348 1,739,348 Fines and forfeitures 343,000 343,000 465,179 122,179 Contributions and developer fees 41,476 41,476 93,234 51,758 Miscellaneous 12,153 123,253 30,427 (92,826) Transfers in 2,051,249 2,051,249 1,804,016 (247,233) Amounts Available for Appropriations 137,409,590 143,064,617 144,995,021 1,930,404 Charges to Appropriation (Outflow):
General government
City council 1,226,988 1,326,988 1,095,524 231,464
City clerk 1,106,165 1,106,165 785,789 320,376
City attorney 495,675 527,815 527,815 -
City manager 2,430,086 2,693,520 2,446,498 247,022
Finance 1,923,119 1,930,697 1,849,769 80,928
Human resources 577,315 696,890 539,589 157,301
Community development 2,605,917 2,844,680 2,568,810 275,870 Non-departmental 15,000 15,000 46,988 (31,988) Public safety -
Emergency operations 224,276 229,762 158,298 71,464
Code compliance 876,789 876,789 822,411 54,378
Police services 19,532,237 19,532,237 17,814,421 1,717,816 Dart 35,686 35,686 11,242 24,444
Building and safety 1,275,457 1,243,317 1,152,232 91,085 Highways and streets 8,888,628 8,921,688 7,954,062 967,626 Economic development 634,437 645,166 602,716 42,450
Cultural arts and library services 5,911,984 5,944,151 5,746,248 197,903 Transfers out 8,479,331 9,752,776 9,187,482 565,294
Total Charges to Appropriations 56,239,090 58,323,327 53,309,894 5,013,433 Budgetary Fund Balance, June 30 81,170,500$ 84,741,290 $ 91,685,127 6,943,837 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are
recognized under GAAP basis but are not
recognized on a budgetary basis (123,524)
Budgetary Fund Balance GAAP Basis, June 30 91,561,603$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
MAINTENANCE DISTRICTS SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
130
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Negative)
Budgetary Fund Balance, July 1 1,832,124 $ 1,832,124 $ 1,832,124 $ - $ Resources (Inflows):
Taxes 3,316,669 3,316,669 3,625,110 308,441
Charges for services 232,946 232,946 236,777 3,831 Investment earnings 25,295 25,295 41,792 16,497 Fines and forfeitures 7,200 7,200 6,989 (211) Transfers in 2,984,171 3,144,619 2,670,430 (474,189) Amounts Available for Appropriations 8,398,405 8,558,853 8,413,222 (145,631) Charges to Appropriation (Outflow):
Highways and streets 7,114,999 7,241,898 6,563,834 678,064 Total Charges to Appropriations 7,114,999 7,241,898 6,563,834 678,064 Budgetary Fund Balance, June 30 1,283,406$ 1,316,955 $ 1,849,388 532,433 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are
recognized under GAAP basis but are not
recognized on a budgetary basis (2,437)
Bud
getary Fund Balance GAAP Basis, June 30 1,846,951$
Budget Amounts
131
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
DEVELOPMENT FEES SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
132
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Negative)
Budgetary Fund Balance, July 1 19,897,967$ 19,897,967 $ 19,897,967 $ - $ Resources (Inflows):
Investment earnings 208,731 208,731 405,221 196,490 Contributions and developer fees 1,553,332 1,370,920 1,838,243 467,323 Amount Available for Appropriations 21 ,660,030 21 ,477,618 22 ,141,431 663 ,813 Charges to Appropriation (Outflow):
Transfers out 4,965,000 10,747,391 905,455 9,841,936 Total Charges to Appropriations 4 ,965,000 10 ,747,391 905 ,455 9 ,841,936 Budgetary Fund Balance, June 30 16,695,030$ 10 ,730,227$ 21 ,235,976 10 ,505,749$ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are
recognized under GAAP basis but are not
recognized on a budgetary basis
(27,130)
Budgetary Fund Balance GAAP Basis, June 30 21,208,846$
Budget Amounts
CITY OF CAMARILLO
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
MISCELLANEOUS PLAN
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS(1)
133
2015 2016 2017 2018
TOTAL PENSION LIABILITY
Service cost 1,817,552$ 1,747,346 $ 1,732,866 $ 1,924,079 $ Interest 6,745,014 7,042,345 7,292,073 7,521,568 Difference between expected and actual experience - (844,309) (1,348,199) (883,123) Changes in assumptions - (1,722,631) - 6,160,594 Benefit payments, including refunds of employee
Contributions (3,763,635) (3,910,848) (4,428,840) (4,616,105) Net Change in Total Pension Liability 4,798,931 2 ,311,903 3 ,247,900 10 ,107,013 Total Pension Liability - Beginning 90,906,565 95 ,705,496 98 ,017,399 101 ,265,299 Total Pension Liability - Ending (a) 95,705,496$ 98,017,399 $ 101,265,299 $ 111,372,312 $
PLAN FIDUCIARY NET POSITION
Contributions - employer 2,271,139$ 2,325,428 $ 2,468,910 $ 2,616,351 $ Contributions - employee 956,903 796,966 787,685 846,878 Net investment income 10,874,712 1,557,525 410,059 8,217,658 Benefit payments, including refunds of employee
Contributions (3,763,635) (3,910,848) (4,428,840) (4,616,105) Other changes in fiduciary net position - - - - Administrative expense - - (44,384) (106,332) Net Change in Fiduciary Net Position 10,339,119 769 ,071 (806,570) 6 ,958,450 Plan Fiduciary Net Position - Beginning 61,717,771 72 ,056,890 72 ,825,961 72 ,019,391 Plan Fiduciary Net Position - Ending (b) 72,056,890$ 72,825,961 $ 72,019,391 $ 78,977,841 $ Plan Net Pension Liability - Ending (a) - (b) 23,648,606$ 25,191,438 $ 29,245,908 $ 32,394,471 $ Plan Fiduciary Net Position as a Percentage of the
Total Pension 75.29% 74.30% 71.12% 70.91%
Covered Payroll 10,883,613$ 11 ,104,864$ 11 ,057,800$ 11 ,487,379$ Plan Net Pension Liability as a Percentage of
Covered Payroll 217.29% 226.85% 264.85% 282.00%
(1) Historical information is required only for the measurement periods for which GASB 68 is applicable. Fiscal Year 2015 was the first year of implementation, therefore only nine years are shown.
Notes to Schedule:
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes which occurred after June 30, 2019. This applies to voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. retirement incentive).
Changes in Assumptions: In 2022, the discount rate was reduced from 7.15 percent to 6.90 percent and the inflation rate decreased from
2.5 percent to 2.30 percent. None in 2019, 2020, or in 2021. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Actuarial Assumptions December 2017, there were no changes in the discount rate. In 2017, the discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate.
CITY OF CAMARILLO
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
MISCELLANEOUS PLAN (CONTINUED)
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS(1)
134
2019 2020 2021 2022 2023
2,108,797$ 2,185,951 $ 2,300,799 $ 2,200,843 $ 2,465,161 $ 7,664,664 7,974,373 8,239,535 8,569,796 8,759,389 (2,146,171) (214,609) (872,004) 63,265 (929,787) (606,874) - - - 3,578,567 (4,951,123) (5,580,565) (5,693,817) (6,175,333) (6,747,059) 2,069,293 4 ,365,150 3 ,974,513 4 ,658,571 7 ,126,271 111,372,312 113 ,441,605 117 ,806,755 121 ,781,268 126 ,439,839 113,441,605$ 117,806,755 $ 121,781,268 $ 126,439,839 $ 133,566,110 $ 2,813,118$ 3,119,429 $ 3,544,235 $ 3,848,110 $ 3,999,695 $ 817,377 846,701 877,180 882,870 908,710 6,743,383 5,474,226 4,366,400 20,498,754 (8,252,693) (4,951,123) (5,580,565) (5,693,817) (6,175,333) (6,747,059) (233,906) 195 - - - (123,069) (59,975) (123,838) (90,717) (68,385) 5,065,780 3 ,800,011 2 ,970,160 18 ,963,684 (10,159,732) 78,977,841 84 ,043,621 87 ,843,632 90 ,813,792 109 ,777,476 84,043,621$ 87,843,632 $ 90,813,792 $ 109,777,476 $ 99,617,744 $ 29,397,984$ 29,963,123 $ 30,967,476 $ 16,662,363 $ 33,948,366 $
84.09% 74.57% 74.57% 86.82% 74.58%
11,917,898$ 12 ,131,043$ 12 ,567,063$ 12 ,400,404$ 12 ,696,333$ 246.67% 247.00% 246.42% 134.37% 267.39%
CITY OF CAMARILLO
SCHEDULE OF PENSION CONTRIBUTIONS
MISCELLANEOUS PLAN
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS(1)
135
2015 2016 2017 2018
Actuarially determined contribution 2,325,428$ 2,468,910$ 2,616,351$ 2,813,118$ Contribution in relation to the actuarially
Determined contribution (2,325,428) (2,533,480) (2,703,270) (2,813,118) Contr
ibution deficiency (excess) -$ (64,570)$ (86,919)$ -$
Covered payroll 11,104,864$ 11,057,800$ 11,487,379$ 11,917,898$ Contributions as a percentage of covered payroll 20.94% 22.91% 23.53% 23.60% (1) Historical information is required only for measurement for which GASB 68 is applicable. FY 2014/15 was the first year of implementation, therefore only nine years are shown.
Notes to Schedule:
Valuation date June 30, 2020
Methods and assumptions used to determine contribution rates:
Actuarial cost method Entry age normal cost method
Amortization method/period Level percentage of pay, a summary of the current policy is provided in the table below:
Investment Non-investment
Amortization Period 30 Years 30 Years 20 Years
Escalation Rate
- Active plans 2.750% 2.750% 2.750% 2.750% 2.750%
- Inactive plans 0% 0% 0% 0% 0%
Ramp up 5 5 5 0 0
Ramp down 5 5 5 0 0
20 Years 5 Years
Date
Source
(Gain)/Loss
Assumption/
Method Change
Benefit
Change
Golden
Handshake
Assets valuation method Market value
Inflation 2.500%
Payroll growth Depends on age, service, and type of employment Investment rate of return 7.00%
Retirement age All other actuarial assumptions used in the June 30, 2020 valuation were based on the results of an actuarial experience study for the period from 1997 to 2015, including updates to salary increase, mortality, and retirement rates. The Experience Study report may be assessed on the CalPERS website at www.calpers.ca.gov under Forms and Publications.
Mortality The mortality table used was developed based on CalPERS-specific data.
The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and Post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.
CITY OF CAMARILLO
SCHEDULE OF PENSION CONTRIBUTIONS
MISCELLANEOUS PLAN (CONTINUED)
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS(1)
136
2019 2020 2021 2022 2023
3,119,429$ 3,544,235 $ 3,848,110 $ 3,999,695 $ 4,400,607 $ (3,119,397) (3,656,877) (3,890,617) (3,999,695) (4,400,607) 32$ (112,642)$ (42,507) $ - $ - $ 12,131,043$ 12,567,063 $ 12,400,404 $ 12,696,333 $ 14,536,271 $
25.71% 29.10% 31.37% 31.50% 30.27%
CITY OF CAMARILLO
SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS(1)
137
2018 2019 2020 2021 2022 2023
Total OPEB Liability
Service cost 85,228$ 87,998 $ 176,040 $ 181,321 $ 264,896 $ 302,237 $ Interest on total OPEB liability 249,258 260,390 297,069 310,611 305,626 308,014 Difference between expected and actual
experience (78,605) - (10,603) 40,334 - (446,639) Changes in assumptions - 549,173 - 176,386 389,153 (392,073) Benefit payments (79,229) (83,470) (241,174) (253,593) (259,290) (326,092) Net Change in Total OPEB Liability 176,652 814 ,091 221 ,332 455 ,059 700 ,385 (554,553) Total OPEB Liability - Beginning 3,910,254 4 ,086,906 4 ,900,997 5 ,122,329 5 ,577,388 6 ,277,773 Total OPEB Liability - Ending (a) 4,086,906$ 4,900,997 $ 5,122,329 $ 5,577,388 $ 6,277,773 $ 5,723,220 $ Plan Fiduciary Net Position
Contributions - employer 98,470 $ 73,696 $ 232,101 $ 233,395 $ 164,618 $ 282,970 $ Net investment income 386,435 259,098 236,207 211,145 1,078,607 (748,790) Difference between expected and actual
investment income - 12,827 46,576 - - - Benefit payments (79,229) (83,470) (241,174) (253,593) (259,290) (326,092) Administrative expense (10,119) (24,171) (21,165) (25,266) (27,863) (29,183) Net Change in Plan Fiduciary Net Position 395,557 237 ,980 252 ,545 165 ,681 956 ,072 (821,095) Plan Fiduciary Net Position - Beginning 3,734,087 4 ,129,644 4 ,367,624 4 ,620,169 4 ,785,850 5 ,741,922 Plan Fiduciary Net Position - Ending (b) 4,129,644$ 4,367,624 $ 4,620,169 $ 4,785,850 $ 5,741,922 $ 4,920,827 $ Net OPEB Liability (Asset) - Ending (a) - (b) (42,738)$ 533,373 $ 502,160 $ 791,538 $ 535,851 $ 802,393 $ Plan Fiduciary Net Position as a Percentage of the
Total OPEB Liability 101.05% 89.12% 90.20% 85.81% 91.46% 85.98% Covered-employee Payroll 14,948,682$ 15 ,529,727$ 15 ,115,317$ 15 ,865,846$ 14 ,108,055$ 16 ,917,466$ Net OPEB Liability (Assets) as a Percentage of
Covered-employee Payroll -0.29% 3.43% 3.32% 4.99% 3.80% 4.74% (1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation. Future years information will be displayed up to 10 years as information becomes available. (2) A new actuary was contracted for fiscal year 2020-2021. As a result, the net investment income in 2020 was changed from $261,150 to $236,207 on the 2021 valuation report. This resulted in a $24,943 change in the ending 2020 Net OPEB Liability.
CITY OF CAMARILLO
SCHEDULE OF OPEB CONTRIBUTIONS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS(1)
138
2018 2019 2020 2021 2022 2023
Actuarially determined contribution* 73,696$ 232,101$ 233,395$ 164,618$ 282,970$ 355,268$ Contribution in relation to the actuarially
Determined contribution (101,958) (238,456) (233,395) (164,618) (282,970) (351,594) Contribution deficiency (excess) (28,262)$ (6,355) $ - $ - $ - $ 3,674$ Covered-employee payroll 15,529,727$ 15,115,317$ 15,865,846$ 14,108,055$ 16,917,466$ 14,932,325$ Contributions as a percentage of covered-employee payroll
0.66% 1.58% 1.47% 1.17% 1.67% 2.35%
(1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal year 2018 was the first year of implementation. Future years' information will be displayed up to 10 years as information becomes available.
Notes to Schedule:
*Actuarial methods and assumptions used to set the actuarially determined contribution for Fiscal Year 2023 were from the June 30, 2022 actuarial valuation
Methods and assumptions used to determine contributions:
Actuarial cost method Entry age normal
Asset valuation method Market value of assets
Discount rate 5.20%
Inflation 2.50%
Salary increases 3.00% annuall
y
Mortality rate* CalPERS 2017 Experience Study
Pre-retirement turnover Watts Scale 2020.
Healthcare trend rate 6.8% in Jan. 2024 and grade down to 3.9% for years 2075 and late r
139
140
SUPPLEMENTARY
INFORMATION
141
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
CAPITAL IMPROVEMENT PROJECTS FUND
YEAR ENDED JUNE 30, 2023
142
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 6,836,412$ 6,836,412$ 6,836,412$ -$ Resources (Inflows):
Subventions and grants - 5,654,498 204,146 (5,450,352) Transfers in 13,487,988 22,802,992 8,646,404 (14,156,588) Amount Available for Appropriations 20,324,400 35 ,293,902 15 ,686,962 (19,606,940) Charges to Appropriation (Outflow):
Capital outlay 12,490,000 26,663,832 3,805,299 22,858,533 Total Charges to Appropriations 12,490,000 26 ,663,832 3 ,805,299 22 ,858,533 Budgetary Fund Balance, June 30 7,834,400$ 8,630,070 $ 11,881,663 3,251,593 $ Budgetary Fund Balance GAAP basis, June 30 11,881,663$
Budget Amounts
NON-MAJOR GOVERNMENTAL FUNDS
143
The City has established the following governmental funds in order to account for the proceeds from revenue sources that are restricted to expenditures for specif ied purposes, debt service, and capital projects. Budgets are prepared using the modified accrual basis of accoun ting consistent with U.S. generally accepted accounting principles.
Special Revenue Funds:
Article 8 TDA Fund - This fund is used to account for special state subventions under the Transportation Development Act (TDA) that are legally restricted to th e maintenance of highways within the City's boundaries.
Article 3 TDA Fund - This fund is used to account for special state subventions under the TDA that are legally restricted to the maintenance of bikeways and handicapped ramps within the City's boundaries.
Gas Tax Fund - This fund is used to account for motor fuel ta x revenues that are legally restricted to the maintenance and construction of streets.
SB1 Fund - This fund is used to account for revenues re ceived for road maintenance and rehabilitation apportionments from the state of California and expenditures for projects.
Air Quality Management Fund - This fund is used to account for revenu es from air quality impact fees that are required to be used for transportation mitigation.
Community Development Block Grant Fund - This fund is used to account fo r Federal Entitlements and related expenditures restricted for the purpose of providing resources primarily for home rehabilitation projects for low- i n c o m e applicants, first-time home buyers, senio r housing projects, and the Fair Housing Counseling Program.
Library Special Revenue Fund - This fund is used to account for public contributions that are legally restricted to the operations of the Library.
Cable PEG Fees Fund - This fund is used to account for revenues dedicated to capital improvements of cable Public Access facilities.
Capital Projects Funds:
Low-Moderate Income Housing Asset Fund - This fund is used to account for the housing activities of the former Redevelopment Agency.
Camarillo Corridor Projects Area Fund - This fund is used to account for la nd held for resale and bond proceeds as detailed in an Agreement between City of Camarillo and City of Ca marillo as Successor Agency to the Camarillo Community Development Commission.
Debt Service Fund:
Library Debt Service Fund - This fund is used to account for th e accumulation of resources and payment of long-term debt principal and interest for bonds issued by the City to finance the construction of the Library.
CITY OF CAMARILLO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2023
144
Article 8 TDA Article 3 TDA Gas Tax SB1
Assets:
Cash and investments 3,838,966$ -$
229,543$ 729,392$
Receivables:
Accounts -
-
-
276,701
Notes and loans -
-
-
-
A
ccrued interest 20,397 -
2,283 5,233
Grants -
-
-
-
L
and held for resale -
-
-
-
Rest
ricted assets:
Cash and investments with fiscal agents -
-
-
-
T
otal Assets 3,859,363$ -$
231,826$ 1,011,326$
Liabilities and Fund Balances:
Liabilities:
Accounts payable -$
-$
-$
-$
R
etentions payable -
-
-
-
U
nearned revenue -
-
-
-
D
ue to other funds -
-
-
-
To
tal Liabilities -
-
-
-
F
und Balances:
Restricted 3,859,363 -
231,826 1,011,326
Total Fund Balances 3,859,363 -
231,826 1,011,326
Total Liabilities and Fund Balances 3,859,363$ -$ 231,826$ 1,011,326$
Special Revenue Funds
CITY OF CAMARILLO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2023
145
Community
Air Quality Development Cable
Management Block Grant Librar y PEG Fees
Assets:
Cash and investments 160,689 $ 3,302 $ 642,764 $ 2,165,958 $ Receivables:
Accounts - - - 34,443 Notes and loans - 446,638 - - Accrued interest 1,064 - 2,175 14,260 Grants - 171,365 - - Land held for resale - - - - Restricted assets:
Cash and investments with fiscal agents - - - - Total Assets 161,753 $ 621,305 $ 644,939 $ 2,214,661 $ Liabilities and Fund Balances:
Liabilities:
Accounts payable - $ 126,881$ 8,590 $ - $ Retentions payable - - - - Unearned revenue - - - - Due to other funds - - - - Total Liabilities - 126,881 8,590 - Fund Balances:
Restricted 161,753 494,424 636,349 2,214,661 Total Fund Balances 161,753 494,424 636,349 2,214,661 Total Liabilities and Fund Balances 161,753$ 621,305 $ 644,939 $ 2,214,661 $ Special Revenue Funds (Continued)
CITY OF CAMARILLO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2023
146
Debt Service
Fund
Low-Moderate Camarillo Total
Income Housing Corridor Librar y Debt Governmental
Asset Pro jects Area Service Funds
Assets:
Cash and investments 582,687 $ 4,537,505 $ 56 $ 12,890,862$ Receivables:
Accounts - - - 311,144 Notes and loans 275,000 - - 721,638 Accrued interest 3,885 30,238 - 79,535 Grants - - - 171,365 Land held for resale 4,057,785 - 4,057,785 Restricted assets:
Cash and investments with fiscal agents - - 509,660 509,660 Total Assets 861,572 $ 8,625,528 $ 509,716 $ 18,741,989 $ Liabilities and Fund Balances:
Liabilities:
Accounts payable - $ 1,299$ - $ 136,770$ Retentions payable - 22,662 - 22,662 Unearned revenue - - - - Due to other funds - - - - Total Liabilities - 23,961 - 159,432 Fund Balances:
Restricted 861,572 8,601,567 509,716 18,582,557 Total Fund Balances 861,572 8,601,567 509,716 18,582,557 Total Liabilities and Fund Balances 861,572$ 8,625,528 $ 509,716 $ 18,741,989 $ Capital
Projects Funds
CITY OF CAMARILLO
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2023
147
Article 8 TDA Article 3 TDA Gas Tax SB1
Revenues:
Taxes - $ - $ - $ - $ Subventions and grants 1,954,811 11,957 1,796,784 1,579,074 Investment earnings 56,130 - 6,734 14,401 Contributions and developer fees - - - - Total Revenues 2,010,941 11,957 1,803,518 1,593,475 Expenditures:
Current:
Economic development - - - - Cultural arts and library services - - - - Capital Outlay - - - - Debt service:
Principal - - - - Interest - - - - Total Expenditures - - - - Excess (deficiency) of revenues over
(under) expenditures 2,010,941 11,957 1,803,518 1,593,475 Other Financing Sources (Uses):
Transfers in - - - - Transfers out (1,295,824) (11,957) (1,804,016) (829,428) Total Other Financing Sources
(Uses) (1,295,824) (11,957) (1,804,016) (829,428) Net change In fund balances 715,117 - (498) 764,047 Fund Balances - Beginning of Year 3,144,246 - 232,324 247,279 Fund Balances - End of Year 3,859,363 $ - $ 231,826$ 1,011,326 $ Special Revenue Funds
CITY OF CAMARILLO
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2023
148
Community
Air Quality Development Cable
Management Block Grant Library PEG Fees
Revenues:
Taxes - $ - $ - $ 175,367$ Subventions and grants - 272,546 - - Investment earnings 2,928 - 5,986 39,240 Contributions and developer fees - - 340,000 - Total Revenues 2,928 272,546 345,986 214,607 Expenditures:
Current:
Economic development - 445,202 - - Cultural arts and library services - - 222,605 - Capital Outlay - - - - Debt service:
Principal - - - - Interest - - - - Total Expenditures - 445,202 222,605 - Excess (Deficiency) of Revenues Over
(Under) Expenditures 2,928 (172,656) 123,381 214,607 Other Financing Sources (Uses):
Transfers in - - 362,848 - Transfers out - - - (137,330) Total Other Financing Sources
(Uses) - - 362,848 (137,330) Net Change In Fund Balances 2,928 (172,656) 486,229 77,277 Fund Balances - Beginning of Year 158,825 667,080 150,120 2,137,384 Fund Balances - End of Year 161,753 $ 494,424 $ 636,349 $ 2,214,661 $ Special Revenue Funds (Continued)
CITY OF CAMARILLO
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2023
149
Debt Service
Fund
Low-Moderate Camarillo Total
Income Housing Corridor Library Debt Governmental
Asset Projects Area Service Funds
Revenues:
Taxes - $ - $ - $ 175,367$ Subventions and grants - - - 5,615,172 Investment earnings 10,690 84,450 15,875 236,434 Contributions and developer fees - - - 340,000 Total Revenues 10,690 84,450 15,875 6,366,973 Expenditures:
Current:
Economic development 7,743 3,296,425 - 3,749,370 Cultural arts and library services - - 3,072 225,677 Capital Outlay - 16,804 - 16,804 Debt service:
Principal - - 325,000 325,000 Interest - - 166,872 166,872 Total Expenditures 7,743 3,313,229 494,944 4,483,723 Excess (Deficiency) of Revenues Over
(Under) Expenditures 2,947 (3,228,779) (479,069) 1,883,250 Other Financing Sources (Uses):
Transfers in - - 491,872 854,720 Transfers out - - - (4,078,555) Total Other Financing Sources
(Uses) - - 491,872 (3,223,835) Net Change In Fund Balances 2,947 (3,228,779) 12,803 (1,340,585) Fund Balances - Beginning of Year 858,625 11,830,346 496,913 19,923,142 Fund Balances - End of Year 861,572 $ 8,601,567 $ 509,716 $ 18,582,557 $ Capital
Projects Funds
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
ARTICLE 8 TDA FUND
YEAR ENDED JUNE 30, 2023
150
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 3,144,246 $ 3,144,246 $ 3,144,246 $ - $ Resources (Inflows):
Subventions and grants 3,251,076 1,954,811 1,954,811 - Investment earnings 31,896 31,896 60,157 28,261
Amount Available for Appropriations 6,427,218 5,130,953 5,159,214 28,261 Charges to Appropriation (Outflow):
Transfers out 3,544,455 4,712,521 1,295,824 3,416,697 Total Charges to Appropriations 3,544,455 4,712,521 1,295,824 3,416,697 Budgetary Fund Balance, June 30 2,882,763$ 418,432 $ 3,863,390 3,444,958 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis (4,027) Budgetary Fund Balance GAAP Basis, June 30 3,859,363$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
ARTICLE 3 TDA FUND
YEAR ENDED JUNE 30, 2023
151
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 - $ - $ - $ - $ Resources (Inflows):
Subventions and grants 9,700 11,957 11,957 - Amount Available for Appropriations 9,700 11,957 11,957 - Charges to Appropriation (Outflow):
Transfers out 9,700 11,957 11,957 - Total Charges to Appropriations 9,700 11,957 11,957 - Budgetary Fund Balance, June 30 -$ - $ - - $ Budgetary Fund Balance GAAP Basis, June 30 -$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
GAS TAX FUND
YEAR ENDED JUNE 30, 2023
152
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 232,324 $ 232,324 $ 232,324 $ - $ Resources (Inflows):
Subventions and grants 2,041,300 2,041,300 1,796,784 (244,516) Investment earnings 602 602 6,734 6,132 Amount Available for Appropriations 2,274,226 2,274,226 2,035,842 (238,384) Charges to Appropriation (Outflow):
Transfers out 2,051,249 2,274,226 1,804,016 470,210 Total Charges to Appropriations 2,051,249 2,274,226 1,804,016 470,210 Budgetary Fund Balance, June 30 222,977$ - $ 231,826 231,826 $ Budgetary Fund Balance GAAP Basis, June 30 231,826$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
SB1 FUND
YEAR ENDED JUNE 30, 2023
153
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 247,279 $ 247,279 $ 247,279 $ - $ Resources (Inflows):
Subventions and grants 1,588,972 1,588,972 1,579,074 (9,898) Investment earnings 11,438 11,438 15,435 3,997
Amount Available for Appropriations 1,847,689 1,847,689 1,841,788 (5,901) Charges to Appropriation (Outflow):
Transfers out 1,500,000 1,593,615 829,428 764,187 Total Charges to Appropriations 1,500,000 1,593,615 829,428 764,187 Budgetary Fund Balance, June 30 347,689$ 254,074 $ 1,012,360 758,286 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis (1,034) Budgetary Fund Balance GAAP Basis, June 30 1,011,326$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
AIR QUALITY MANAGEMENT FUND
YEAR ENDED JUNE 30, 2023
154
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 158,825 $ 158,825 $ 158,825 $ - $ Resources (Inflows):
Investment earnings 428 428 3,139 2,711
Amount Available for Appropriations 159,253 159,253 161,964 2,711 Charges to Appropriation (Outflow):
Transfers out - 1,092 - 1,092 Total Charges to Appropriations - 1,092 - 1,092 Budgetary Fund Balance, June 30 159,253$ 158,161 $ 161,964 3,803 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis (211) Budgetary Fund Balance GAAP Basis, June 30 161,753$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
YEAR ENDED JUNE 30, 2023
155
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 667,080 $ 667,080 $ 667,080 $ - $ Resources (Inflows):
Subventions and Grants 402,147 723,195 272,546 (450,649) Amount Available for Appropriations 1,069,227 1,390,275 939,626 (450,649) Charges to Appropriation (Outflow):
Economic Development 427,146 427,505 445,202 (17,697) Total Charges to Appropriations 427,146 427,505 445,202 (17,697) Budgetary Fund Balance, June 30 642,081$ 962,770 $ 494,424 (468,346) $ Budgetary Fund Balance GAAP Basis, June 30 494,424$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
LIBRARY SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2023
156
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 150,120 $ 150,120 $ 150,120 $ - $ Resources (Inflows):
Investment earnings 5,513 5,513 6,416 903 Contributions and developer fees 290,300 290,300 340,000 49,700 Transfers in - 362,848 362,848 - Amount Available for Appropriations 445,933 808,781 859,384 50,603 Charges to Appropriation (Outflow):
Cultural arts and library services 232,895 232,895 222,605 10,290 Total Charges to Appropriations 232,895 232,895 222,605 10,290 Budgetary Fund Balance, June 30 213,038$ 575,886 $ 636,779 60,893 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis (430) Budgetary Fund Balance GAAP Basis, June 30 636,349$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
CABLE PEG FEES FUND
YEAR ENDED JUNE 30, 2023
157
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 2,137,384 $ 2,137,384 $ 2,137,384 $ - $ Resources (Inflows):
Taxes 206,000 206,000 175,367 (30,633) Investment earnings 16,297 16,297 42,057 25,760
Amount Available for Appropriations 2,359,681 2,359,681 2,354,808 (4,873) Charges to Appropriation (Outflow):
Transfers out 340,000 2,226,978 137,330 2,089,648 Total Charges to Appropriations 340,000 2,226,978 137,330 2,089,648 Budgetary Fund Balance, June 30 2,019,681$ 132,703 $ 2,217,478 2,084,775 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis (2,817) Budgetary Fund Balance GAAP Basis, June 30 2,214,661$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
LOW-MODERATE HOUSING ASSET FUND
YEAR ENDED JUNE 30, 2023
158
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 858,625 $ 858,625 $ 858,625 $ - $ Resources (Inflows):
Investment earnings 5,459 5,459 11,457 5,998 Amount Available for Appropriations 864,084 864,084 870,082 5,998 Charges to Appropriation (Outflow):
Economic development 50,826 63,986 7,743 56,243 Total Charges to Appropriations 50,826 63,986 7,743 56,243 Budgetary Fund Balance, June 30 813,258$ 800,098 $ 862,339 62,241 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis (767) Budgetary Fund Balance GAAP Basis, June 30 861,572$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
CAMARILLO CORRIDOR PROJECTS AREA FUND
YEAR ENDED JUNE 30, 2023
159
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 11,830,346 $ 11,830,346 $ 11,830,346 $ - $ Resources (Inflows):
Investment earnings 50,337 50,337 90,421 40,084
Amount Available for Appropriations 11,880,683 11,880,683 11,920,767 40,084 Charges to Appropriation (Outflow):
Economic development - - 3,296,425 (3,296,425) Capital Outlay 50,000 50,000 16,804 33,196 Transfers out - 2 - 2 Total Charges to Appropriations 50,000 50,002 3,313,229 (3,263,227) Budgetary Fund Balance, June 30 11,830,683$ 11,830,681 $ 8,607,538 (3,223,143) $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis (5,971) Budgetary Fund Balance GAAP Basis, June 30 8,601,567$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
LIBRARY DEBT SERVICE FUND
YEAR ENDED JUNE 30, 2023
160
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 496,913 $ 496,913 $ 496,913 $ - $ Resources (Inflows):
Investment earnings - - 15,875 15,875 Transfers in 491,872 491,872 491,872 - Amount Available for Appropriations 988,785 988,785 1,004,660 15,875 Charges to Appropriation (Outflow):
Cultural arts and library services 3,050 3,050 3,072 (22) Debt Service:
Principal retirement 325,000 325,000 325,000 - Interest and fiscal charges 166,872 166,872 166,872 - Total Charges to Appropriations 494,922 494,922 494,944 (22) Budgetary Fund Balance, June 30 493,863$ 493,863 $ 509,716 15,853 $ Budgetary Fund Balance GAAP Basis, June 30 509,716$
Budget Amounts
161
INTERNAL SERVICE FUNDS
162
Risk Management Fund – This fund is used to finance and account for the City’s risk management program.
Information Services Fund – This fund is used to finance and account for the City’s computer-related operations.
Vehicles & Equipment Fund – This fund is used to fund the operation, maintenance, and timely replacement of the City’s fleet of vehicles and related equipment.
City Hall Facility Fund – This fund is used to provide maintenance and repairs to the City Hall facility.
Corporation Yard Facility Fund – This fund is used to provide maintena nce and repairs to the Corporation Yard facility.
Police Facility Fund – This fund is used to provide maintenance and repairs to the Police facility.
Library Facility Fund – This fund is used to provide maintenance and repairs to the Library facility.
Chamber of Commerce Facility Fund – This fund is used to provide main tenance and repairs to the Chamber of Commerce facility.
CITY OF CAMARILLO
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2023
163
Risk Information Vehicles & Cit y Hall Cor poration
Management Services E quipment Facilit y Yard Facility
Assets:
Current:
Cash and investments 1,214,679 $ 2,945,996 $ 6,516,042 $ 3,705,534 $ 2,075,612 $ Receivables:
Accounts 10,695 63 - 1,637 2,037 Accrued interest 2,200 17,357 41,221 18,526 11,018 Prepaid costs 1,019 - - - - Deposits 2,000 - - - - Total Current Assets 1 ,230,593 2 ,963,416 6 ,557,263 3 ,725,697 2 ,088,667 Noncurrent:
Capital assets, net of
accumulated depreciation - 1,926,706 1,131,059 2,759,257 1,360,568 Total Noncurrent Assets - 1 ,926,706 1 ,131,059 2 ,759,257 1 ,360,568 Total Assets 1 ,230,593 4 ,890,122 7 ,688,322 6 ,484,954 3 ,449,235 Deferred Outflows of Resources:
Deferred amount from pension plan 143,335 729,925 199,946 125,267 21,681 Deferred amount from OPEB plan 12,063 60,463 26,630 14,290 3,574 Total Deferred Outflows of Resources 155 ,398 790 ,388 226 ,576 139 ,557 25 ,255 Liabilities:
Current:
Accounts payable 2,970 5,301 175,495 128,295 13,214 Accrued liabilities 3,793 19,980 7,417 4,816 1,950 Deposits payable 2,237 - - - - Subscriptions payable - 353,979 - - - Compensated absences 19,397 78,814 21,162 11,483 4,241 Total Current Liabilities 28 ,397 458 ,074 204 ,074 144 ,594 19 ,405 Noncurrent:
Subscriptions payable - 1,114,955 - - - Compensated absences 28,066 177,045 95,139 38,421 8,169 Net pension liability 482,084 2,019,293 571,663 330,910 60,317 Net OPEB liability 6,237 30,512 13,165 8,311 2,413 Total Noncurrent Liabilities 516 ,387 3 ,341,805 679 ,967 377 ,642 70 ,899 Total Liabilities 544 ,784 3 ,799,879 884 ,041 522 ,236 90 ,304 Deferred Inflows of Resources:
Deferred amount from pension plan 10,259 52,242 14,310 8,966 1,552 Deferred amount from OPEB plan 6,817 33,381 14,078 7,170 1,309 Total Deferred inflows of Resources 17 ,076 85 ,623 28 ,388 16 ,136 2 ,861 Net Position:
Investment in capital assets - 1,926,706 1,131,059 2,734,842 1,359,675 Unrestricted 824,131 (131,698) 5,871,410 3,351,297 2,021,650 Total Net Position 824,131 $ 1,795,008 $ 7,002,469 $ 6,086,139 $ 3,381,325 $
CITY OF CAMARILLO
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS (CONTINUED)
JUNE 30, 2023
164
Chamber of
Commerce
Police Facility Library Facility Facility Total
Assets:
Current:
Cash and investments 1,231,417 $ 1,979,584 $ 140,757 $ 19,809,621 $ Receivables:
Accounts - 995 2,142 17,569 Accrued interest 7,763 14,298 913 113,296 Prepaid costs - - - 1,019 Deposits - - - 2,000 Total Current Assets 1 ,239,180 1 ,994,877 143 ,812 19 ,943,505 Noncurrent:
Capital assets, net of
accumulated depreciation 2,894,692 14,571,546 283,152 24,926,980 Total Noncurrent Assets 2 ,894,692 14 ,571,546 283 ,152 24 ,926,980 Total Assets 4 ,133,872 16 ,566,423 426 ,964 44 ,870,485 Deferred Outflows of Resources:
Deferred amount from pension plan 39,749 59,020 - 1,318,923 Deferred amount from OPEB plan 5,320 7,346 - 129,686 Total Deferred Outflows of Resources 45 ,069 66 ,366 - 1,448,609 Liabilities:
Current:
Accounts payable 3,107 135,412 51 463,845 Accrued liabilities 1,852 1,857 - 41,665 Deposits payable - 515 - 2,752 Subscriptions payable - - - 353,979 Compensated absences 5,950 5,723 - 146,770 Total Current Liabilities 10 ,909 143 ,507 51 1,009,011 Noncurrent:
Subscriptions payable - - - 1,114,955 Compensated absences 13,947 27,012 - 387,799 Net pension liability 97,808 337,073 - 3,899,148 Net OPEB liability 3,006 7,039 - 70,683 Total Noncurrent Liabilities 114 ,761 371 ,124 - 5 ,472,585 Total Liabilities 125 ,670 514 ,631 51 6 ,481,596 Deferred Inflows of Resources:
Deferred amount from pension plan 2,845 4,224 - 94,398 Deferred amount from OPEB plan 2,593 3,915 - 69,263 Total Deferred inflows of Resources 5 ,438 8 ,139 - 163 ,661 Net Position:
Investment in capital assets 2,893,799 14,527,166 283,152 24,856,399 Unrestricted 1,154,034 1,582,853 143,761 14,817,438 Total Net Position 4,047,833 $ 16,110,019 $ 426,913 $ 39,673,837 $
CITY OF CAMARILLO
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2023
165
Risk Information Vehicles & Cit y Hall Cor poration
Management Services E quipment Facilit y Yard Facility
Operating Revenues:
Charges for services 2,458,135 $ 3,105,859 $ 1,401,045 $ 3,000,168 $ 1,250,004 $ Total Operating Revenues 2 ,458,135 3 ,105,859 1 ,401,045 3 ,000,168 1 ,250,004 Operating Expenses:
Administration and general 89,868 918,412 114,513 573,134 221,374 Cost of sales and services 2,223,705 1,183,023 664,156 291,253 110,730 Depreciation expense - 329,415 340,646 100,955 83,988 Total Operating Expenses 2 ,313,573 2 ,430,850 1 ,119,315 965 ,342 416 ,092 Operating income (Loss) 144,562 675,009 281,730 2,034,826 833,912 Nonoperating Revenues (Expenses):
Investment earnings 6,489 47,765 113,435 50,982 30,320 Interest expense - (11,499) - - - Other 114,348 - - - 146 Loss on disposal of capital assets - - - - - Total Nonoperating Revenues 120 ,837 36 ,266 113 ,435 50 ,982 30 ,466 Income (Loss) Before
Contributions and Transfers 265,399 711,275 395,165 2,085,808 864,378 Transfers in - - - 137,330 - Changes In Net Position 265,399 711,275 395,165 2,223,138 864,378 Net Position - Beginning of Year 558,732 1,083,733 6,607,304 3,863,001 2,516,947 Net Position - End of Year 824,131$ 1,795,008 $ 7,002,469 $ 6,086,139 $ 3,381,325 $
CITY OF CAMARILLO
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2023
166
Chamber of
Commerce
Police Facility Library Facility Facility Total
Operating Revenues:
Charges for services 350,004 $ 1,899,996 $ - $ 13,465,211$ Total Operating Revenues 350 ,004 1 ,899,996 - 13 ,465,211 Operating Expenses:
Administration and general 117,676 767,347 413 2,802,737 Cost of sales and services 108,002 113,872 - 4,694,741 Depreciation expense 128,530 906,495 14,253 1,904,282 Total Operating Expenses 354 ,208 1 ,787,714 14 ,666 9 ,401,760 Operating income (Loss) (4,204) 112,282 (14,666) 4,063,451 Nonoperating Revenues (Expenses):
Investment earnings 21,364 39,347 2,514 312,216 - - - (11,499) Other - 7,393 5,321 127,208 Loss on disposal of capital assets - (322,350) - (322,350) Total Nonoperating Revenues 21 ,364 (275,610) 7 ,835 105 ,575 Income (Loss) Before
Contributions and Transfers 17,160 (163,328) (6,831) 4,169,026 Transfers in - - - 137,330 Changes In Net Position 17,160 (163,328) (6,831) 4,306,356 Net Position - Beginning of Year 4,030,673 16,273,347 433,744 35,367,481 Net Position - End of Year 4,047,833$ 16,110,019 $ 426,913 $ 39,673,837$
CITY OF CAMARILLO
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2023
167
Risk Information Vehicles & Cit y Hall Cor poration
Management Services E quipment Facilit y Yard Facility
Cash Flows From Operating
Activities
Cash received interfund service provided 2,448,524 $ 3,105,859 $ 1,401,045 $ 2,998,531 $ 1,247,967 $ Cash paid to suppliers for goods and
services (2,235,259) (1,265,632) (542,303) (238,954) (119,543) Cash paid to employees for services (91,343) (954,423) (114,023) (572,789) (222,231) Net Cash Provided (Used) by
Operating Activities 121,922 885,804 744,719 2,186,788 906,193 Cash Flows From Noncapital
Financing Activities
Cash transfers in - - - 137,330 - Reimbursements 114,348 - - - 146 Net Cash Provided by Noncapital
Financing Activities 114,348 - - 137,330 146 Cash Flows From Capital and
Related Financing Activities
Acquisition and construction of capital assets - (632,625) (213,535) (433,762) (185,910) Interest paid on capital debt - (11,499) - - - Proceeds from sales of capital assets - 2,438 - - - Net Cash Used by Capital and
Related Financing Activities - (641,686) (213,535) (433,762) (185,910) Cash Flows From Investing Activities
Interest received 4,814 35,380 83,589 37,731 22,636 Net Cash Provided by Investing
Activities 4,814 35,380 83,589 37,731 22,636 Net Increase (Decrease) in Cash
and Cash Equivalents 241,084 279,498 614,773 1,928,087 743,065 Cash and Cash Equivalents - Beginning of Year 973,595 2,666,498 5,901,269 1,777,447 1,332,547 Cash and Cash Equivalents -
End of Year 1,214,679 $ 2,945,996 $ 6,516,042 $ 3,705,534 $ 2,075,612 $ Reconciliation of Operating Income (Loss) to Net
Cash Provided (Used) by Operating Activities
Operating income (loss) 144,562$ 675,009 $ 281,730 $ 2,034,826 $ 833,912 $ Adjustments to Reconcile Operating Income
(Loss) to Net Cash Provided (Used) by
Operating Activities:
Depreciation - 329,415 340,646 100,955 83,988 Changes in pension related items (5,432) (27,661) (7,578) (4,747) (822) Changes in OPEB related items (896) (4,790) (2,347) (1,406) (537) (Increase) decrease in accounts receivable (9,611) - - (1,637) (2,037) (Increase) decrease in prepaid expense (249) 337 - - - Increase (decrease) in accounts payable (2,881) (43,658) 132,313 58,690 (8,262) Increase (decrease) in accrued liabilities (8,579) (39,288) (10,460) (6,391) (551) Increase (decrease) in deposits payable 155 - - - - Increase (decrease) in compensated
absences 4,853 (3,560) 10,415 6,498 502 Total Adjustments (22,640) 210,795 462,989 151,962 72,281 Net Cash Provided (Used) by
Operating Activities 121,922 $ 885,804 $ 744,719 $ 2,186,788 $ 906,193 $
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Subscription assets -$ 1,671,742$ - $ - $ - $
CITY OF CAMARILLO
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2023
168
Chamber of
Commerce
Police Facility Library Facility Facility Total
Cash Flows From Operating
Activities
Cash received interfund service provided 350,004 $ 1,899,329 $ (2,142)$ 13,449,117$ Cash paid to suppliers for goods and
services (207,917) (66,987) - (4,676,595) Cash paid to employees for services (117,909) (769,219) (409) (2,842,346) Net Cash Provided (Used) by
Operating Activities 24,178 1,063,123 (2,551) 5,930,176 Cash Flows From Noncapital
Financing Activities
Cash transfers in - - - 137,330 Reimbursements - 7,393 5,321 127,208 Net Cash Provided by Noncapital
Financing Activities - 7,393 5,321 264,538 Cash Flows From Capital and
Related Financing Activities
Acquisition and construction of capital assets (11,273) (1,152,831) - (2,629,936) Interest paid on capital debt - - - (11,499) Proceeds from sales of capital assets - - - 2,438 Net Cash Used by Capital and
Related Financing Activities (11,273) (1,152,831) - (2,638,997) Cash Flows From Investing Activities
Interest received 15,886 29,194 1,892 231,122 Net Cash Provided by Investing
Activities 15,886 29,194 1,892 231,122 Net Increase (Decrease) in Cash
and Cash Equivalents 28,791 (53,121) 4,662 3,786,839 Cash and Cash Equivalents - Beginning of Year 1,202,626 2,032,705 136,095 16,022,782 Cash and Cash Equivalents -
End of Year 1,231,417 $ 1,979,584 $ 140,757 $ 19,809,621$ Reconciliation of Operating Income (Loss) to Net
Cash Provided (Used) by Operating Activities
Operating income (loss) (4,204)$ 112,282 $ (14,666)$ 4,063,451 $ Adjustments to Reconcile Operating Income
(Loss) to Net Cash Provided (Used) by
Operating Activities:
Depreciation 128,530 906,495 14,253 1,904,282 Changes in pension related items (1,507) (2,237) - (49,984) Changes in OPEB related items (552) (637) - (11,165) (Increase) decrease in accounts receivable - (667) (2,142) (16,094) (Increase) decrease in prepaid expense - - - 88 Increase (decrease) in accounts payable (93,843) 49,488 4 91,851 Increase (decrease) in accrued liabilities (6,072) (3,118) - (74,459) Increase (decrease) in deposits payable - 515 - 670 Increase (decrease) in compensated
absences 1,826 1,002 - 21,536 Total Adjustments 28,382 950,841 12,115 1,866,725 Net Cash Provided (Used) by
Operating Activities 24,178 $ 1,063,123$ (2,551)$ 5,930,176$
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Subscription assets -$ - $ - $ - $
169
FIDUCIARY FUNDS
170
Custodial Funds:
General Custodial Fund – This fund is used to account for assets held on behalf of outside parties, including other governments, in an custodial capacity.
Ventura County Regional Defense Partnership for the 21 st Century Fund (RDP-21) – To account for the funds held by the City, acting as Treasurer since July 2006, for the Ventura C ounty Regional Defense Partnership for the 21st Century (RDP-21). The RDP-21 is a joint ventur e of the County of Ventura and the cities of Camarillo, Oxnard, Port Hueneme, San Buenaventura, Simi Valley, and Thousand Oaks.
Project HOPE Program Custodial Fund – This fund was created to account for funds to be used for homeless outreach and programs.
Wastewater Treatment JPA Custodial Fund – This JPA was formed by several public wastewater treatment agencies to share in the effort of opposing overly stringent National Pollutant Discharge Elimination Systems (NPDES) permit regulations. This fund is used to account for the deposits from the various agencies and to record the costs of legal expenses, technical research, and testimony in support of its position.
West Camarillo Community Facilities District #1 Custodial Fund – This fund was created to account for debt service payments collected from proper ty owners and remitted to bondholde rs for payment on Mello Roos bonds, which were issued for the acquisition and construction of infrastructure for this district.
CITY OF CAMARILLO
COMBINING STATEMENT OF FIDUCIARY NET POSITION
CUSTODIAL FUNDS
JUNE 30, 2023
171
General Pro ject HOPE
Custodial RDP-21 Pro gram
Assets:
Cash and investments 163,081 $ 592,623 $ 1,525 $ Receivables:
Accounts - - - Accrued interest - 4,370 10 Restricted assets:
Cash and investments with fiscal agents - - - Total Assets 163,081 596,993 1,535 Liabilities:
Accounts payable 144,729 18,907 422 Deposits payable 18,973 - - Total Liabilities 163,702 18,907 422 Net Position:
Held for individuals, organizations, and other
governments (621) 578,086 1,113 Total Net Position (621) $ 578,086 $ 1,113 $
CITY OF CAMARILLO
COMBINING STATEMENT OF FIDUCIARY NET POSITION
CUSTODIAL FUNDS (CONTINUED)
JUNE 30, 2023
172
West
Wastewater Camarillo
Treatment Communit y
Joint Powers Facilities
Authority District #1 Totals
Assets:
Cash and investments - $ 32,234$ 789,463 $ Receivables:
Accounts - 6,188 6,188 Accrued interest - 535 4,915 Restricted assets:
Cash and investments with fiscal agents - 493,046 493,046 Total Assets - 532,003 1,293,612 Liabilities:
Accounts payable - - 164,058 Deposits payable - - 18,973 Total Liabilities - - 183,031 Net Position:
Held for individuals, organizations, and other
governments - 532,003 1,110,581 Total Net Position - $ 532,003$ 1,110,581 $
CITY OF CAMARILLO
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUNDS
YEAR ENDED JUNE 30, 2023
173
General Pro ject HOPE
Custodial RDP-21 Pro gram
Additions:
Intergovernmental 1,599,616 $ 155,100 $ - $ Investment earnings - 13,340 28 Total Additions 1,599,616 168,440 28
Deductions:
Administrative expenses - 187,631 - Program expenses - - 423 Contractual services 1,605,649 - - Interest expense - - - Total Deductions 1,605,649 187,631 423 Changes in Net Position (6,033) (19,191) (395) Net Position - Beginning of the Year, As Restated 5,412 597,277 1,508 Net Position - End of the Year (621) $ 578,086 $ 1,113 $
CITY OF CAMARILLO
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2023
174
West
Wastewater Camarillo
Treatment Communit y
Joint Powers Facilities
Authority District #1 Totals
Additions:
Intergovernmental -$ 487,032$ 2,241,748$ Investment earnings - 2,249 15,617 Total Additions - 489,281 2,257,365 Deductions:
Administrative expenses 42,093 19,527 249,251 Program expenses - - 423 Contractual services - - 1,605,649 Interest expense - 437,612 437,612 Total Deductions 42,093 457,139 2,292,935 Changes in Net Position (42,093) 32,142 (35,570) Net Position - Beginning of the Year, As Restated 42,093 499,861 1,146,151 Net Position - End of the Year - $ 532,003$ 1,110,581 $
175
176
STATISTICAL SECTION
177
City of Camarillo
Statistical Section
Table of Contents
For the Fiscal Year Ended June 30, 2023
____________________________________________________________________________________________________ 178
This part of the City of Camarillo's ACFR presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information reveals about the City's overall financial health.
Contents Page
Financial Trends 179-188
These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time.
Revenue Capacity 189-193
These schedules contain information to help the reader assess the factors affecting the City's ability to generate its property and sales taxes.
Debt Capacity 194-198
These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future.
Demo
graphic and Economic Information 199-201
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place and to help make comparisons over time and with other governments.
Operating Information 202-206
These schedules contain information about the city's operations and resources to help the reader understand how the City's financial information relates to the services the City provides and the activities it performs.
Table 1
City of Camarillo
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________
179
2014 2015 2016 2017 2018
Governmental activities:
Net investment in capital assets 267,837,593$ 264,612,956$ 260,120,182$ 260,799,336$ 254,859,084$ Restricted 47,068,093 59,298,341 59,805,256 55,260,240 49,904,125 Unrestricted 67,936,441 58,333,276 64,437,697 68,154,924 68,801,406 Total governmental activities
net position 382,842,127$ 382,244,573$ 384,363,135$ 384,214,500$ 373,564,615$ Business-type activities:
Net investment in capital assets 69,067,779$ 72,327,793$ 72,884,406$ 75,859,145$ 77,742,690$ Restricted 11,049,993 10,738,528 13,083,412 14,929,506 14,203,390 Unrestricted 48,025,609 41,681,707 48,909,290 55,616,396 63,751,168 Total business-type activities
net position 128,143,381 $ 124,748,028 $ 134,877,108 $ 146,405,047 $ 155,697,248 $ Primary government:
Net investment in capital assets 336,905,372$ 336,940,749$ 333,004,588$ 336,658,481$ 332,601,774$ Restricted 58,118,086 70,036,869 72,888,668 70,189,746 64,107,515 Unrestricted 115,962,050 100,014,983 113,346,987 123,771,320 132,552,574 Total primary government
net position 510,985,508 $ 506,992,601 $ 519,240,243 $ 530,619,547 $ 529,261,863 $ Source: City of Camarillo financial data
Fiscal Year
Table 1 (Continued)
City of Camarillo
Net Position by Component (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________
180
2019 2020 2021 2022 2023
Governmental activities:
Net investment in capital assets 265,475,397 $ 264,281,355 $ 264,138,211 $ 255,644,859 $ 255,561,413 $ Restricted 50,227,531 50,927,159 50,346,869 55,059,230 49,250,038 Unrestricted 69,425,167 70,819,838 73,575,825 81,554,304 97,988,135 Total governmental activities
net position 385,128,095 $ 386,028,352 $ 388,060,905 $ 392,258,393 $ 402,799,586 $ Business-type activities:
Net investment in capital assets 83,485,675 $ 87,343,164 $ 115,969,748 $ 122,379,228 $ 126,533,722 $ Restricted 10,848,811 25,931,084 24,271,542 17,911,891 21,486,969 Unrestricted 73,488,065 68,155,844 61,795,235 67,835,101 68,055,243 Total business-type activities
net position 167,822,551 $ 181,430,092 $ 202,036,525 $ 208,126,220 $ 216,075,934 $ Primary government:
Net investment in capital assets 348,961,072 $ 351,624,519 $ 380,107,959 $ 378,024,087 $ 382,095,135 $ Restricted 61,076,342 76,858,243 74,618,411 72,971,121 70,737,007 Unrestricted 142,913,232 138,975,682 135,371,060 149,389,405 166,043,378 Total primary government
net position 552,950,646 $ 567,458,444 $ 590,097,430 $ 600,384,613 $ 618,875,520 $ Source: City of Camarillo financial data
Fiscal Year
Table 2
City of Camarillo
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 181
2014 2015 2016 2017 2018
Expenses
Governmental activities:
General government 5,441,510 $ 6,327,562 $ 5,114,356 $ 7,109,659 $ 7,702,944 $ Public safety 16,692,337 17,029,186 17,108,233 18,231,069 19,190,794 Economic development 668,766 661,390 777,968 563,673 906,942 Cultural arts and library
Services 5,270,325 5,089,748 5,312,804 5,250,618 3,923,701 Highways and streets 18,465,755 19,425,410 19,836,949 23,192,629 23,805,001 Interest on long-term debt 227,362 220,969 215,510 209,102 204,320 Total governmental
activities expenses 46,766,055 48,754,265 48,365,820 54,556,750 55,733,702 Business-type activities:
Water utility 13,244,937 12,858,698 12,793,232 13,486,961 15,031,630 Sanitary district 10,521,057 10,374,619 10,664,025 10,769,483 11,653,295 Solid waste 6,178,466 6,139,790 6,345,936 6,602,085 6,704,503 Transit 1,772,128 1,920,837 2,057,766 2,290,412 2,494,729 Camarillo ranch - - - - - Total business-type
Activities expenses 31,716,588 31,293,944 31,860,959 33,148,941 35,884,157 Total primary government
expenses 78,482,643 80,048,209 80,226,779 87,705,691 91,617,859 Program revenues
Governmental activities:
Charges for services:
General government 1,823,785 2,177,348 2,045,943 2,683,108 2,521,911 Public safety 686,795 700,453 968,231 978,441 1,009,211 Economic development 882,264 902,059 683,740 1,158,289 608,652 Cultural arts and library
Services 95,823 95,969 87,604 81,624 77,407 Highways and streets 2,351,632 3,720,598 4,361,291 4,748,956 4,624,950 Operating grants and
contributions 2,853,781 3,625,229 2,662,678 4,870,010 5,303,078 Capital grants and contributions 7,589,460 4,600,406 3,939,339 780,804 217,681 Total governmental activities
program revenues 16,283,540 15,822,062 14,748,826 15,301,232 14,362,890 Business-type activities:
Charges for services:
Water utility 15,247,231 13,640,075 13,681,246 14,372,963 15,903,517 Sanitary district 11,096,593 12,125,996 12,691,523 13,307,078 13,643,880 Solid waste 6,012,992 6,006,181 6,236,906 6,495,545 6,675,146 Transit 139,804 230,146 183,159 195,170 203,934 Camarillo ranch - - - - - Operating grants and
contributions 1,429,785 880,409 1,139,148 2,738,953 1,307,688 Capital grants and contributions 1,741,568 2,977,376 4,948,563 - 2,174,438 Total business-type activities
Program revenues 35,667,973 35,860,183 38,880,545 37,109,709 39,908,603 Total primary government
Program revenues 51,951,513 51,682,245 53,629,371 52,410,941 54,271,493 Fiscal Year
Table 2 (Continued)
City of Camarillo
Changes in net position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 182
2019 2020 2021 2022 2023
Expenses
Governmental activities:
General government 7,273,382 $ 8,168,336 $ 6,991,700 $ 5,593,406 $ 9,729,902 $ Public safety 19,407,941 19,819,852 18,206,609 19,016,312 19,166,034 Economic development 1,447,570 1,241,886 2,082,347 947,418 4,277,348 Cultural arts and library
Services 3,913,166 3,642,486 4,629,309 4,856,435 4,127,446 Highways and streets 21,407,999 21,833,053 21,304,632 21,820,150 21,237,431 Interest on long-term debt 197,647 190,199 182,627 175,557 177,593 Total governmental
activities expenses 53,647,705 54,895,812 53,397,224 52,409,278 58,715,754 Business-type activities:
Water utility 14,237,093 15,593,666 16,182,788 17,780,064 18,807,657 Sanitary district 11,225,898 11,861,952 12,095,823 12,337,235 16,364,258 Solid waste 7,421,778 7,653,122 7,910,910 8,073,628 8,092,945 Transit 2,643,638 2,565,713 2,748,656 2,900,560 3,217,504 Camarillo ranch - 217,257 399,444 441,822 456,950 Total business-type
Activities expenses 35,528,407 37,891,710 39,337,621 41,533,309 46,939,314 Total primary government
expenses 89,176,112 92,787,522 92,734,845 93,942,587 105,655,068 Program revenues
Governmental activities:
Charges for services:
General government 979,326 1,107,336 573,547 735,638 734,086 Public safety 2,511,601 1,985,869 1,936,967 2,638,686 2,475,055 Economic development - - - - - Cultural arts and library
Services 76,653 51,223 - - - Highways and streets 4,462,849 2,188,597 1,115,375 1,444,129 4,413,095 Operating grants and
contributions 5,962,340 6,622,799 7,495,808 8,399,767 8,668,901 Capital grants and contributions 8,044,164 3,549,129 2,180,113 120,171 204,146 Total governmental activities
program revenues 22,036,933 15,504,953 13,301,810 13,338,391 16,495,283 Business-type activities:
Charges for services:
Water utility 14,673,770 15,164,538 16,774,180 15,147,895 13,715,468 Sanitary district 14,005,034 14,283,071 14,592,657 14,505,969 15,699,493 Solid waste 7,264,338 7,663,399 7,817,874 7,925,045 8,044,744 Transit 182,350 158,230 64,779 130,287 124,434 Camarillo ranch - 87,611 33,336 424,390 476,138 Operating grants and
contributions 1,351,913 1,358,855 2,467,382 2,439,822 3,377,023 Capital grants and contributions 5,469,803 6,379,548 16,299,444 7,038,800 9,518,081 Total business-type activities
Program revenues 42,947,208 45,095,252 58,049,652 47,612,208 50,955,381 Total primary government
Program revenues 64,984,141 60,600,205 71,351,462 60,950,599 67,450,664 Fiscal Year
Table 2 (Continued)
City of Camarillo
Changes in net position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 183
2014 2015 2016 2017 2018
Net revenue (expense)
Governmental activities (30,482,515)$ (32,932,203)$ (33,616,994)$ (39,255,518)$ (41,370,812)$ Business-type activities 3,951,385 4,566,239 7,019,586 3,960,768 4,024,446 Total primary government
Net expense (26,531,130) (28,365,964) (26,597,408) (35,294,750) (37,346,366) General revenues and other
changes in net position
Governmental activities:
Taxes:
Property taxes 13,608,326 14,491,806 15,344,600 16,165,826 16,509,090 Transient occupancy taxes 2,034,121 2,266,171 2,542,335 2,418,114 2,510,027 Sales taxes 14,078,170 14,296,711 13,886,357 14,147,855 13,980,438 Franchise taxes 2,587,347 2,763,700 2,770,967 2,773,583 2,778,808 Business license taxes 1,336,944 1,290,792 1,332,550 1,378,823 1,387,616 Unrestricted grants and
contributions 65,740 312,567 72,856 2,034,212 - Investment earnings 530,436 496,756 946,526 488,052 1,176,701 Gain (loss) on sale of assets 64,367 - - - - Miscellaneous 432,719 198,354 150,686 124,136 136,807 Transfers (605,493) (984,746) (749,364) (595,524) (1,160,000) Special item (1) 42,049,500 12,141,648 (561,957) - - Total governmental activities 76,182,177 47,273,759 35,735,556 38,935,077 37,319,487 Business-type activities:
Property taxes 980,657 1,053,636 1,081,995 1,129,366 1,191,206 Investment earnings 285,967 274,488 503,891 292,679 756,218 Gain (loss) on sale of assets/
extraordinary loss 1,290 - - 18,301 (11,763) Miscellaneous 246,163 277,260 774,244 5,571,301 1,988,256 Transfers 605,493 984,746 749,364 595,524 1,160,000 Total business-type
activities 2,119,570 2,590,130 3,109,494 7,607,171 5,083,917 Total primary government 78,301,747 49,863,889 38,845,050 46,542,248 42,403,404 Change in net position
Governmental activities 45,699,662 14,341,556 2,118,562 (320,441) (4,051,325) Business-type activities 6,070,955 7,156,369 10,129,080 11,567,939 9,108,363 Total primary government 51, 770,617$ 21,497,925 $ 12,247,642 $ 11,247,498 $ 5,057,038 $ Notes:
(1) Camarillo Community Development Commission was dissolved as of February 1, 2012, through the Supreme Court decision.
The City elected to serve as the Successor Agency. During FYs 2011/12 through 2014/15, dissolution related asset transfer transactions were recorded as Special Items. During FY 2015/16, adjustment to the lower of cost or market value on the Cedar Oaks property in the Low-Mod Income Housing Asset Fund was recorded as a Special Item.
Source: City of Camarillo financial data
Fiscal Year
Table 2 (Continued)
City of Camarillo
Changes in net position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 184
2019 2020 2021 2022 2023
Net revenue (expense)
Governmental activities (31,610,772)$ (39,390,859)$ (40,095,414)$ (39,070,887)$ (42,220,471)$ Business-type activities 7,418,801 7,203,542 18,712,031 6,078,899 4,016,067 Total primary government
Net expense (24,191,971) (32,187,317) (21,383,383) (32,991,988) (38,204,404) General revenues and other
changes in net position
Governmental activities:
Taxes:
Property taxes 17,159,172 19,280,410 19,463,119 20,057,278 22,016,872 Transient occupancy taxes 2,655,564 2,227,001 2,149,677 3,172,970 3,306,038 Sales taxes 15,283,516 13,331,297 14,841,167 18,245,729 19,252,211 Franchise taxes 2,888,269 2,944,821 2,995,923 3,138,244 3,176,049 Business license taxes 1,409,557 1,372,952 1,438,552 1,474,693 1,619,684 Unrestricted grants and
contributions -
-
-
-
-
In
vestment earnings 4,178,236 3,301,408 1,326,931 (3,224,312) 3,181,920 Gain (loss) on sale of assets - - - - -
Mis
cellaneous 337,988 285,590
273,448 403,773
267,482
Tr
ansfers (596,050) (2,452,363) (360,850) - (58,592) Special item (1) - - - - -
To
tal governmental activities 43,316,252 40,291,116 42,127,967 43,268,375 52,761,664 Business-type activities:
Property taxes 1,254,508 1,274,488 1,408,135 1,470,995 1,639,394 Investment earnings 2,730,408 2,548,097 2,211 (1,667,072) 1,839,429 Gain (loss) on sale of assets/
extraordinary loss - - - - -
Mis
cellaneous 125,536 129,051
123,206 206,873
396,232
T
ransfers 596,050 2,452,363 360,850 - 58,592
T
otal business-type
activities 4,706,502 6,403,999 1,894,402 10,796 3,933,647
Total primary government 48,022,754 46,695,115 44,022,369 43,279,171 56,695,311 Change in net position
Governmental activities 11,705,480 900,257
2,032,553 4,197,488 10,541,193
Business-type activities 12,125,303 13,607,541 20,606,433 6,089,695 7,949,714 Total primary government 23,830,783$ 14,507,798$ 22,638,986$ 10,287,183$ 18,490,907$ Notes:
(1) Camarillo Community Development Commission was dissolved as of February 1, 2012, through the Supreme Court decision.
The City elected to serve as the Successor Agency. During FYs 2011/12 through 2014/15, dissolution related asset transfer transactions were recorded as Special Items. During FY 2015/16, adjustment to the lower of cost or market value on the Cedar Oaks property in the Low-Mod Income Housing Asset Fund was recorded as a Special Item.
Source: City of Camarillo financial data
Fiscal Year
Table 3
City of Camarillo
Fund balances – Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
____________________________________________________________________________________________________
185
2014 2015 2016 2017 2018
General fund:
Nonspendable 158,874 $ 206,808 $ 232,956 $ 222,608 $ 217,238 $ Restricted - - - - - Committed 41,500,000 48,100,000 49,700,000 46,850,000 47,484,000 Assigned 1,724,288 116,075 297,372 203,763 92,592 Unassigned 7,512,481 7,855,867 9,061,427 11,052,990 14,535,452 Total general fund 50,895,643 $ 56,278,750 $ 59,291,755 $ 58,329,361 $ 62,329,282 $ All other governmental funds:
Nonspendable - $ - $ - $ - $ - $ Restricted 30,360,036 41,642,200 42,146,370 53,508,777 49,878,594 Assigned 14,365,847 15,246,749 16,027,942 6,518,057 6,529,623 Total all other governmental
Funds 44,725,883 $ 56,888,949 $ 58,174,312 $ 60,026,834 $ 56,408,217 $ Source: City of Camarillo financial data
Fiscal Year
Table 3 (Continued)
City of Camarillo
Fund balances – Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
____________________________________________________________________________________________________
186
2019 2020 2021 2022 2023
General fund:
Nonspendable 240,531 $ 131,490 $ 219,455 $ 434,747 $ 530,319 $ Restricted 5,455,177 5,673,226 6,939,867 13,405,997 7,119,419 Committed 51,178,734 49,508,201 50,951,800 48,807,175 71,360,064 Assigned 143,016 179,208 86,081 376,217 708,079 Unassigned 10,921,126 16,354,815 20,872,706 23,756,906 11,843,722 Total general fund 67,938,584 $ 71,846,940 $ 79,069,909 $ 86,781,042 $ 91,561,603 $ All other governmental funds:
Nonspendable 42,500 $ 2,500 $ 2,620 $ - $ - $ Restricted 44,772,354 45,253,933 41,336,741 41,653,233 41,638,354 Assigned 6,986,330 6,728,563 6,927,670 6,836,412 11,881,663 Total all other governmental
Funds 51,801,184 $ 51,984,996 $ 48,267,031 $ 48,489,645 $ 53,520,017 $ Source: City of Camarillo financial data
Fiscal Year
Table 4
City of Camarillo
Changes in Fund Balances – Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
____________________________________________________________________________________________________ 187
2014 2015 2016 2017 2018
Revenues
Taxes 31,057,561 $ 32,345,480 $ 33,105,842 $ 36,884,201 $ 37,165,979 $ Licenses and permits 1,165,401 1,628,672 1,256,693 1,847,213 2,110,041 Subventions and grants 7,091,788 7,708,062 5,828,315 6,426,076 5,160,734 Charges for services 3,042,455 3,440,009 5,018,324 3,723,151 3,623,048 Investment earnings 449,022 418,616 810,179 410,039 1,008,223 Fines and forfeitures 344,387 370,291 436,301 350,882 366,304 Contributions and developer fees 1,571,018 2,574,427 1,892,855 3,373,182 3,204,853 Franchises (1) 2,736,842 2,917,727 2,930,156 - - Miscellaneous 413,228 278,734 334,841 786,984 16,219 Total revenues 47,871,702 51,682,018 51,613,506 53,801,728 52,655,401 Expenditures
General government 5, 443,646 5,798,173 6,163,201 6,135,609 6,154,177 Public safety 16,671,242 16,961,637 16,962,009 18,150,594 18,863,717 Economic development 737,928 665,670 786,214 564,644 3,994,886 Cultural arts and library services 4,693,922 3,637,902 5,017,579 5,136,791 11,808,473 Highways and streets 9,991,015 10,965,515 12,327,888 14,689,649 909,559 Pass through payments to other
agencies - - - - - Ab1484 true up payment - - - - - Capital outlay 4,493,642 6,638,771 4,197,047 8,020,164 4,407,831 Debt service:
Principal 265,000 270,000 275,000 280,000 285,000 Interest 226,769 221,419 215,969 210,419 204,769 Cost of issuance - - - - - Total expenditures 42,523,164 45,159,087 45,944,907 53,187,870 46,628,412 Excess of revenues over
(under) ex
penditures 5,348,538 6,522,931 5,668,599 613,858 6,026,989 Other financing sources (uses)
Transfers in 7,881,170 6,574,047 5,654,446 30,644,981 5,380,673 Transfers out (8,545,195) (7,692,453) (6,462,720) (31,209,563) (6,518,356) Issuance of refunding bonds - - - - - Premium on refunding bonds - - - - - Payment to refunding bonds
escrow agent - - - - - Total other financing
sources (uses) (664,025) (1,118,406) (808,274) (564,582) (1,137,683) Special item (2) 16,041,696 12,141,648 (561,957) - (5,298,224) Net chan
ge in fund balances 20,726,209$ 17,546,173 $ 4,298,368 $ 49,276 $ (408,918) $ Debt service as a percentage of
noncapital expenditures 1.3% 1.2% 1.2% 1.1% 1.1%
Notes:
(1) Effective FY 2016/17, revenues from Franchises are reported as Taxes. (2) Camarillo Community Development Commission was dissolved as of February 1, 2012, through the Supreme Court decision.
The City elected to serve as the Successor Agency. During FYs 2011/12 through 2014/15, dissolution related asset transfer transactions were recorded as Special Items. During FY 2015/16, adjustment to the lower of cost or market value on the Cedar Oaks property in the Low-Mod Income Housing Asset Fund was recorded as Special Items.
Source: City of Camarillo financial data
Fiscal Year
Table 4 (Continued)
City of Camarillo
Changes in Fund Balances – Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
____________________________________________________________________________________________________ 188
2019 2020 2021 2022 2023
Revenues
Taxes 39,547,817 $ 39,304,811 $ 41,041,589 $ 46,242,310 $ 49,523,989 $ Licenses and permits 1,459,176 1,130,799 1,440,413 1,477,050 1,278,609 Subventions and grants 5,502,690 6,204,983 8,003,209 8,080,745 8,545,820 Charges for services 2,953,758 2,693,009 1,499,047 2,469,398 3,989,929 Investment earnings 3,650,642 2,891,795 1,326,845 (2,954,854) 2,869,704 Fines and forfeitures 382,099 373,974 397,112 413,973 472,168 Contributions and developer fees 3,681,467 1,563,063 353,002 749,047 2,271,477 Franchises (1) - - - - - Miscellaneous 20,844 23,693 142,291 48,947 30,427 Total revenues 57,198,493 54,186,127 54,203,508 56,526,616 68,982,123 Expenditures
General government 7, 196,639 7,314,931 6,522,033 7,016,349 9,860,782 Public safety 19,086,438 19,365,660 17,848,055 18,880,211 19,958,604 Economic development 1,445,593 1,237,591 2,081,401 934,977 4,352,086 Cultural arts and library services 3,894,009 3,588,818 3,879,085 4,589,548 5,971,925 Highways and streets 11,558,060 11,109,744 11,705,242 12,728,178 14,517,896 Pass through payments to other
agencies - - - - - Ab1484 true up payment - - - - - Capital outlay 12,707,853 6,026,813 7,773,057 3,901,434 3,822,103 Debt service:
Principal 295,000 300,000 305,000 315,000 325,000 Interest 198,231 190,794 183,231 175,481 166,872 Cost of issuance - - - Total expenditures 56,381,823 49,134,351 50,297,104 48,541,178 58,975,268 Excess of revenues over
(under) ex
penditures 816,670 5,051,776 3,906,404 7,985,438 10,006,855 Other financing sources (uses)
Transfers in 10,229,418 9,974,223 10,488,483 8,322,907 13,975,570 Transfers out (10,860,468) (10,935,831) (10,889,883) (8,374,598) (14,171,492) Issuance of refunding bonds - - - - - Premium on refunding bonds - - - - - Payment to refunding bonds
escrow agent - - - - - Total other financing
sources (uses) (631,050) (961,608) (401,400) (51,691) (195,922) Special item (2) - - - - - Net chan
ge in fund balances 185,620$ 4,090,168 $ 3,505,004 $ 7,933,747 $ 9,810,933 $ Debt service as a percentage of
noncapital expenditures 1.1% 1.1% 1.1% 1.1% 0.9%
Notes:
(1) Effective FY 2016/17, revenues from Franchises are reported as Taxes. (2) Camarillo Community Development Commission was dissolved as of February 1, 2012, through the Supreme Court decision.
The City elected to serve as the Successor Agency. During FYs 2011/12 through 2014/15, dissolution related asset transfer transactions were recorded as Special Items. During FY 2015/16, adjustment to the lower of cost or market value on the Cedar Oaks property in the Low-Mod Income Housing Asset Fund was recorded as Special Items.
Source: City of Camarillo financial data
Fiscal Year
Table 5
City of Camarillo
Tax Revenues by Source – Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
____________________________________________________________________________________________________
189
Business Transient
Fiscal Pro perty Sales License Occu pancy Franchise
Year Tax (1) T a xT a xT a xT a x T o t a l
2014 13,608,326$ 14,078,170 $ 1,336,944 $ 2,034,121 $ 2,587,347 $ 33,644,908 $ 2015 14,491,806 14,296,711 1,290,792 2,266,171 2,763,700 35,109,180 2016 15,344,600 13,886,357 1,332,550 2,542,335 2,770,967 35,876,809 2017 16,165,826 14,147,855 1,378,823 2,418,114 2,773,583 36,884,201 2018 16,509,090 13,980,438 1,387,616 2,510,027 2,778,808 37,165,979 2019 17,159,172 15,283,516 1,409,557 2,655,564 2,888,269 39,396,078 2020 19,280,410 13,331,297 1,372,952 2,227,001 2,944,821 39,156,481 2021 19,463,119 14,841,167 1,438,552 2,149,677 2,995,923 40,888,438 2022 20,057,278 18,245,729 1,474,693 3,172,970 3,138,244 46,088,914 2023 22,016,872 19,252,211 1,619,684 3,306,038 3,176,049 49,370,854 Change
2014-2023 61.79% 36.75% 21.15% 62.53% 22.75% 46.74%
Notes:
Includes all governmental fund types (General, Special Revenues, Capital Projects, and Debt Service Funds).
Source: City of Camarillo financial data
Table 6
City of Camarillo
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
(in thousands of dollars)
____________________________________________________________________________________________________
190
Taxable
Assessed
Total Estimated Value as a
Less: Taxable Total Actual Percenta ge of
Fiscal Personal Tax-Exem pt Assessed Direct Tax Taxable Estimated Actual Year Land Improvements Property Property Value Rate (1) Value Taxable Value 2014 4,383,279$ 5,603,987 $ 27,350 $ 319,242 $ 9,695,374 $ - 9,735,170 $ 99.59 % 2015 4,668,986 5,894,031 25,119 330,169 10,257,967 - 10,014,616 102.43 2016 5,006,154 6,140,082 31,856 348,574 10,829,518 - 10,608,137 102.09 2017 5,327,073 6,321,871 31,508 345,874 11,334,578 - 11,178,092 101.40 2018 5,725,452 6,541,729 34,696 391,350 11,910,527 - 11,680,451 101.97 2019 (2) 6,085,927 6,790,022 38,608 431,698 12,482,859 - 12,914,557 96.66 2020 6,428,158 7,125,253 42,905 482,977 13,113,339 - 13,596,316 96.45 2021 6,802,950 7,384,813 46,919 499,613 13,735,069 - 14,234,682 96.49 2022 7,168,622 7,626,304 47,635 508,960 14,333,601 - 14,842,561 96.57 2023 7,734,083 8,205,431 47,204 498,490 15,488,228 - 15,986,718 0.97 Note:
In 1978, the voters of the State of California passed Proposition 13, which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an inflation factor (limited to a maximum increase of 2%). With few exceptions, property is only reassessed at a time that it is sold to a new owner. At that point, the assessed value is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above. The County does not provide breakout of residential, commercial and industrial assessed values to the cities.
(1) The City of Camarillo has not had a Direct Property Tax Rate since 1997. (2) Revised data.
Source: County of Ventura, Auditor - Controller
Table 7
City of Camarillo
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
____________________________________________________________________________________________________
191
Direct Rates
Camarillo Total Direct
Fiscal Sanitary Basic School Water and Overlapping
Year District (1) County (2) Districts Districts Tax Rates 2014 - 1.0000 0.1542 0.0425 1.1967 2015 - 1.0000 0.1308 0.0217 1.1525 2016 - 1.0000 0.1704 0.0040 1.1744 2017 - 1.0000 0.1578 0.0306 1.1884 2018 - 1.0000 0.1631 0.0299 1.1930 2019 - 1.0000 0.2051 0.0284 1.2335 2020 - 1.0000 0.2021 0.0207 1.2228 2021 - 1.0000 0.1799 0.0113 1.1912 2022 - 1.0000 0.1721 0.0257 1.1978 2023 - 1.0000 0.1871 0.0220 1.2091 Note:
(1) The City of Camarillo has not had a Direct Property Tax Rate since 1997. (2) In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1% fixed amount.
This 1% is shared by all taxing agencies for which the subject property resides within. In addition to the 1% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of school and water district bonds.
Source: County of Ventura, Auditor - Controller
Overlapping Rates
Table 8
City of Camarillo
Top 10 Property Taxpayers
Current Year and Nine Years Ago
____________________________________________________________________________________________________
192
PercentageP e r c e n t a ge
of Total of Total
Taxable Cit y Taxable Taxable Cit y Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value (1) Value Rank Value (2)
MG Andorra Apartments LLC 239,293,500 $ 1 1.54 % - $ - - % Chelsea GCA Realty Partners 217,153,056 2 1.39 186,875,465 1 1.93 Mission Oaks DC Property Owner LLC 157,079,998 3 1.01 - - - PPF AMLI Ponderosa Drive LP 127,724,252 4 0.82 - - - Las Positas Apartments Owner LLC 98,152,480 5 0.63 - - - CPG Partners LP 97,895,479 6 0.63 83,700,448 2 - Trea Allure Camarillo LLC 63,958,892 7 0.41 - - - Camarillo Village Square LLC 54,569,884 8 0.35 - - - Avalon Mission Oaks LP 53,825,772 9 0.35 - - - Essex Camarillo 48,904,158 10 0.31 37,075,498 6 0.38 PEGH Investments LLC - - - 45,052,309 3 0.46 Blank Pursuant - California - - - 42,623,368 4 0.44 WNG Camarillo 165 LLC - - - 39,603,374 5 0.41 Las Posas Plaza LP - - - 33,840,000 7 0.35 Essex Camino Ruiz Apart LP - - - 32,985,600 8 0.34 ESJ Centers LLC - 31,671,749 9 0.33
Centro NP Holdings 1 SPE LLC - - - 31,654,414 10 0.33 Total 1,158,557,471 $ 7.74 % 565,082,225 $ 5.83 % (1) 2022/23 Local secured assessed valuation: $15,488,228,253 (2) 2013/14 Local secured assessed valuation: $9,695,374,000 Sources: HdL Coren & Cone
County of Ventura, Auditor - Controller
20142023
Table 9
City of Camarillo
Property Tax Levies and Collections
Last Ten Fiscal Years
____________________________________________________________________________________________________ 193
Taxes Levied Collections in
Fiscal for the Percentage Subsequent Percentage
Year Fiscal Year Amount of Lev y Years Amount of Lev y
2014 (1) 3,098,007$ 3,007,489 $ 97.08 % 39,923 $ 3,047,412 $ 98.37 % 2015 (1) 3,262,046 3,216,197 98.59 33,087 3,249,285 99.61 2016 (1) 3,391,018 3,285,138 96.88 28,806 3,313,944 97.73 2017 (1) 3,541,040 3,453,447 97.53 41,971 3,495,418 98.71 2018 3,699,276 3,599,478 97.30 28,234 3,627,712 98.07 2019 3,856,656 3,771,906 97.80 28,548 3,800,454 98.54 2020 4,027,788 3,838,001 95.29 26,580 3,864,581 95.95 2021 4,181,748 4,102,050 98.09 57,096 4,159,146 99.46 2022 4,351,663 4,246,070 97.57 32,800 4,278,870 98.33 2023 4,665,855 4,566,094 0.98 34,620 4,600,714 0.99 Notes:
Data on property tax levies and collections is only for the following agencies:
Camarillo Sanitary District, Camarillo Lighting and Landscape Maintenance District, Camarillo Maintenance District 1-A and Camarillo Comm. Dev. Commission (Redevelopment) (FYs 2004-2012). The City of Camarillo is a 'no/low property tax' city and receives a majority of its property tax through AB8 funding and T.E.A. funding.
(1) T
axes collected have been restated to reflect available data from County of Ventura Auditor-Controller.
Sources: City of Camarillo financial data
County of Ventura, Auditor - Controller
Collected Within the
Fiscal Year of the Levy Total Collections to Date
Table 10
City of Camarillo
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(dollars in thousands, except per capita)
____________________________________________________________________________________________________ 194
Governmental
Activities
2005 2015
2012 Wastewate r Wastewater 2019
Lease Revenue Revenue Water Total Percenta ge
Fiscal Revenue Refundin g Refunding Revenue Primar y of Personal Per Year Bonds (1) Bonds (6) Bonds (7) Bonds (8) Government Income (a) Capita (a) 2014 7,010$ 19,409$ -$ -$ 26,419$ 1.03 % 396 2015
6,740 18,867 - - 25,607 0.98 381 2016
6,465 - 19,261
- 25,726
0.87 368
2017
6,185 - 18,601
- 24,786
0.85 356
2018
5,900 - 17,927
- 23,827
0.73 344
2019
5,605 - 17,227
- 22,832
0.71 327
2020
5,305 - 16,493
12,496 34,294
0.99 488
2021
5,000 - 15,728
12,039 32,767
0.96 470
2022
4,685 - 14,934
11,562 31,181
0.86 444
2023
5,829 - 14,109
- 19,938
0.52 288
Not
es:
(a) See Table 14 Demographic and Economic Statistics for personal income and population data. (1) 2012 Lease Revenue Bonds issued in April to defease the 2003 Bonds. (2) 2014 Successor Agency to the Camarillo Community Development Commission (CDC) Tax Allocation Refunding Bonds in the amount of $15,915,000 were issued in November to refund the 2004 CDC Bonds. (3) 2016A Senior Lien Tax Allocation Refunding Bonds in the amount of $4,985,000 & Series 2016A-T Taxable Senior Lien Tax Allocation Refunding Bonds in the amount of $4,570,000 were issued in December to refund the 2006A and 2006A-T CDC Bonds.
(4) 2016B Tax Allocation Refunding Bonds in the amount of $31,295,000 were issued in December to refund the 2006 and 2009 CDC Bonds.
(5) Due to Assembly Bill X1 26, effective 2012, Redevelopment Bonds are held by successor agency and no longer a City obligation. See Successor Agency Note in the Basic Financial Statements. (6) 2005 Wastewater Revenue Refunding Bonds were issued to finance certain improvements in the Sanitary District Fund and refunded with the 2015 Wastewater Bonds. See (8) below. (7) 2015 Wastewater Revenue Refunding Bonds proceeds were issued in November to defease the 2005 Bonds.
S
ee (7) above.
(8) 2019 Water Revenue Bonds in the amount of $11,800,000 were issued in August to finance a portion of the costs of a groundwater desalter facility which will be a part of the City's municipal water system.
Sources: State of California, Department of Finance, UCSB Economic Forecast Project, and City of Camarillo financial data
Sanitary District
Business-Type Activities
Table 11
City of Camarillo
Direct and Overlapping Governmental Activities Debt
As of June 30, 2023
____________________________________________________________________________________________________ 195
2022/23 Assessed Valuation: $16,442,106,909
City's Share
Total Debt Percent of Debt
June 30, 2023 Applicable (1) June 30, 2023
OVERLAPPING TAX AND ASSESSMENT DEBT
Metropolitan Water District 19,215,000$ 0.450 % 86,468$ Ventura County Community College District 244,336,692 10.080 24,629,139 Oxnard Union High School District 436,477,016 30.869 134,736,090 Mesa Union School District 14,138,216 36.138 5,109,268 Pleasant Valley School District 89,520,000 83.150 74,435,880 Rio School District 99,552,895 0.725 724,745 Somis Union School District 9,000,000 8.239 741,510 West Camarillo Community Facilities District No. 1 4,146,100 100.000 4,146,100 Total Overlapping Tax and Assessment Debt 244,609,200$
DIRECT AND OVERLAPPING GENERAL FUND DEBT
Ventura County General Fund Obligations 389,520,000$ 10.077 % 29,174,930$ Ventura County Superintendent of Schools
Certificates of Participation 7,350,000 10.077 740,660 Oxnard Union High School District Certificates
of Participation 58,308,222 30.869 17,999,165 Rio School District Certificates of Participation 970,000 0.728 7,062 Pleasant Valley Recreation and Park District
Certificates of Participation 11,425,000 90.289 10,315,518 City of Camarillo Lease Revenue Bonds 4,360,000 100.000 4,360,000 Total Direct and Overlapping General Fund Debt 62,597,335$ OVERLAPPING TAX INCREMENT DEBT (Successor Agency) 46,775,000$ 100.000 % 46,775,000 $ TOAL DIRECT DEBT 4,360,000$
TOTAL OVERLAPPING DEBT 349,621,535$
COMBINED TOTAL DEBT 353,981,535$ (2)
Notes:
(1) The percentage of overlapping debt applicable to the City is estimated using taxable assessed property value.
Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the City divided by the district's total taxable assessed value. (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue, and nonbonded capital lease obligations.
Ratios to 2022/23 Assessed Valuation:
Total Overlapping Tax and Assessment Debt 1.49%
Total Direct Debt ($4,685,000) 0.03%
Combined Total Debt 2.15%
Ratios to Redevelopment Successor Agency Incremental
Valuation ($1,427,846,978):
Total Overlapping Tax Increment Debt 3.28%
Table 12
City of Camarillo
Legal Debt Margin Information
Last Ten Fiscal Years
(dollars in thousands)
____________________________________________________________________________________________________ 196
2023 2022 2021 2020 2019
Debt limit 2,398,008$ 2,226,384$ 2,135,202$ 2,039,447$ 1,937,184$ Total net debt applicable to limit - - - - -
L
egal debt margin 2,398,008$ 2,226,384$ 2,135,202$ 2,039,447$ 1,937,184$ Total net debt applicable to the
limit as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00% Legal Debt Margin Calculation for
Fiscal Year 2023:
Assessed valuations:
Net assessed value 15,488,228 $
Add back: Exempt real property 498,490
Gross assessed value 15,986,718$
Debt limitation - 15% of total
assessed value 2,398,008$
Less: debt applicable to limitation -
L
egal debt margin 2,398,008$
Notes:
Under State finance law, the City's outstanding general obligation debt should not exceed 15% of total assessed property value. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.
Sources: County of Ventura, Auditor - Controller
City of Camarillo financial data
Fiscal Year
Table 12 (Continued)
City of Camarillo
Legal Debt Margin Information
Last Ten Fiscal Years
(dollars in thousands)
____________________________________________________________________________________________________ 197
2018 2017 2016 2015 2014
Debt limit 1,845,281$ 1,752,068$ 1,676,714$ 1,588,220$ 1,502,192$ Total net debt applicable to limit - - - - -
L
egal debt margin 1,845,281$ 1,752,068$ 1,676,714$ 1,588,220$ 1,502,192$ Total net debt applicable to the
limit as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00% Notes:
Under State finance law, the City's outstanding general obligation debt should not exceed 15% of total assessed property value. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.
Sources: County of Ventura, Auditor - Controller
City of Camarillo financial data
Fiscal Year
Table 13
City of Camarillo
Pledged-Revenue Coverage – Sanitary District Fund
Last Ten Fiscal Years
____________________________________________________________________________________________________ 198
Less: Net
Fiscal Gross Gross Available
Year Revenues Expenses (1) Revenue Principal Interest Total Coverage (2) 2014 12,420,334$ 7,467,159$ 4,953,175$ 520,000$ 918,654$ 1,438,654$ 3.44 2015 13,526,951 7,110,397 6,416,554 540,000 897,854 1,437,854 4.46 2016 14,477,426 7,192,817 7,284,609 560,000 876,254 1,436,254 5.07 2017 17,723,211 7,620,983 10,102,228 605,000 703,994 1,308,994 7.72 2018 15,269,575 8,423,413 6,846,162 620,000 685,844 1,305,844 5.24 2019 16,724,589 7,958,414 8,766,175 645,000 661,044 1,306,044 6.71 2020 16,976,174 8,627,002 8,349,172 680,000 628,794 1,308,794 6.38 2021 16,090,104 8,935,548 7,154,556 710,000 594,794 1,304,794 5.48 2022 14,996,536 9,217,162 5,779,374 740,000 566,394 1,306,394 4.42 2023 18,620,260 13,296,684 5,323,576 770,000 536,794 1,306,794 4.07 Notes:
(1) Ope ratin g expenses exclude depreciation and interest, per bond official statement. (2) Debt service coverage of 1.25 is required per bond covenants.
Sour
ce: City of Camarillo financial data
Debt Service Requirements
Table 14
City of Camarillo
Demographic and Economic Statistics
Last Ten Calendar Years
____________________________________________________________________________________________________ 199
Personal Per Capita City
Calendar Income Personal School Unemployment
Year Population (in Thousands) Income Enrollment Rate
2014 66,752
2,572,222$ 38,534$ 11,269 4.4 %
2015 67,154
2,586,638 38,518 11,720 4.4
2016 69,924
2,963,379 42,380 12,209 4.6
2017 69,623
2,933,008 42,127 12,187 3.7
2018 68,741
3,271,440 47,591 11,977 3.5
2019 69,880
3,231,171 46,625 11,667 3.3
2020 70,261
3,461,602 50,186 12,261 5.3
2021 69,708
3,407,642 49,833 12,020 6.5
2022 70,171
3,613,257 52,439 11,852 3.5
2023 69,309
3,818,377 53,852 11,971 3.0
Sources: State of California, Department of Finance
UCSB Economic Forecast Project
State of California, Employment Development Department, Labor Market Information Division Local elementary, junior, and senior high schools
Table 15
City of Camarillo
Full-time Equivalent City Government
Employees by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________ 200
Function/Program 2014 2015 2016 2017 2018
General government:
Administrative 40
40 39
39 39
F
inance 8
8 8 8
8 P
lanning 10 10 10 9 9
Ot
her 4
4 4 4
4 P
ublic safety:
Police services -
-
- -
-
C
ode enforcement 5
5 5 4
4 Highways and streets:
Maintenance 26
26 27
28 28
Engineering 7 7 5 5 5
St
ormwater 3
3 3 3
3 Sol
id waste 1
1 1 1
1 Tr
ansit 1
1 1 2
2 C
amarillo ranch events -
-
- -
-
Wa
ter 14
14 14
14 14
Re
claimed water 1 1 1 1 1
W
astewater 19
19 18
18 18
Tot
al full-time equivalent
employees 139
139 136
136
136
Police 75
65 65
65 65
Li
brary 26 26 28 27 25
Buil
ding and safety 4 10 8 7 9
T
otal contracted services
employees 105
101 101
99 99
Not
es:
A full-time employee is scheduled to work 2,080 hours per year (including vacation and sick leave).
Equivalent employment is calculated by dividing total labor hours by 2,080.
Sources: City of Camarillo financial information
LSSI (Library Systems & Services)
Ventura County Sheriff Department
Charles Abbott & Associates
Fiscal Year
Contracted Services Employees
Table 15 (Continued)
City of Camarillo
Full-time Equivalent City Government
Employees by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________ 201
Function/Program 2019 2020 2021 2022 2023
General government:
Administrative 42
44 40
49 50
F
inance 8
8 8 8
8 P
lanning 8 8 10 10 10
Ot
her 6
7 7 7
7 P
ublic safety:
Police services -
-
- -
C
ode enforcement 4
4 4 4
4 Highways and streets:
Maintenance 28
29 26
26 26
Engineering 6 7 13 9 10
St
ormwater 2
1 1 1
1 Sol
id waste 1
1 1 1
1 Tr
ansit 2
2 1 1
1 C
amarillo ranch events -
-
1 1
1 Wa
ter 13
13 13
14 14
Re
claimed water 1 1 1 1 1
W
astewater 18
19 16
17 20
Tot
al full-time equivalent
employees 139
144 142
149
154
Police 65
65 68
67 70
Li
brary 24 24 21 21 27
Buil
ding and safety 10 8 7 9 9
T
otal contracted services
employees 99
97 96
97 106
Notes:
A full-time employee is scheduled to work 2,080 hours per year (including vacation and sick leave).
Equivalent employment is calculated by dividing total labor hours by 2,080.
Sources: City of Camarillo financial information
LSSI (Library Systems & Services)
Ventura County Sheriff Department
Charles Abbott & Associates
Fiscal Year
Contracted Services Employees
Table 16
City of Camarillo
Operating Indicators by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________ 202
Function/Program 2014 2015 2016 2017 2018
General government:
Building permits issued 729$ 653$ 707$ 752$ 769$ Buil
ding permit valuation
(in thousands) 63,913 87,535 53,490 81,390 129,018 Buil
ding inspections 4,632 7,728 4,911 5,497 8,205
Pol
ice:
Physical arrest 1,993 2,022 2,227 2,348 2,966
Pa
rking violations 639 771 1,533 1,679 1,497
T
raffic violations 4,525 4,683
5,160
4,666
5,889
Poli
ce officers (sworn) 75 75 75 75 77
P
atrol units 39 45
45 45
47 R
efuse collection:
Refuse collected (tons per day) 137 134 141 149 175 Re
cyclables collected (tons per day) 148 145 148 141 123 Ot
her public works:
Annual street overlay:
Asphalt laid (in tons) - 17,166 25,737 37,707 1,274
Sl
urry seal (in tons) - - - 9,192 3,860
St
riping (in linear feet) - 30,807 43,563 475,022 52,244
Wa
ter:
New connections 9
130
86 135
187
Av
erage daily consumption
(thousands of gallons) 8,819 7,224 6,629 6,397 7,004 Pe
ak daily production (thousands
of gallons) 12,282 11,785 11,338 10,443 10,457
St
orage capacity (thousands of
gallons) 13,375 13,375 13,375 13,375 13,375
W
astewater:
Average daily swage treatment
(thousands of gallons) 3,700 3,500 3,455 3,449 3,426 M
aximum daily capacity of plant
(thousands of gallons) 7,250 7,250 7,250 7,250 7,250 T
ransit:
Total fixed rout revenue miles 33,653 54,578
75,826
82,749
75,120
Passe
ngers (fixed route) 13,793 63,633 84,876 82,501 77,752 T
otal revenue hours N/A N/A N/A N/A N/A
Total revenue miles N/A N/A N/A N/A N/A
Total rides served N/A N/A N/A N/A N/A
* In FY 2016/17 Asphalt overlay and striping were done on all arterial streets leading to a significant increase in both. ** In FY 2020/21, the Transit data category was expanded to include Total Revenue Hours, Total Revenue Miles and Total Rides Served.
Source: City of Camarillo
Fiscal Year
Table 16
City of Camarillo
Operating Indicators by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________ 203
Function/Program 2019 2020 2021 2022 2023
General government:
Building permits issued 737$ 559$ 754$ 676$ 554$ Buil
ding permit valuation
(in thousands) 77,217 48,533 84,062 70,523 62,027 Buil
ding inspections 8,383 6,188 5,874 6,432 6,543
Pol
ice:
Physical arrest 3,088 3,200 3,375 2,661 2,587
Pa
rking violations 2,056 1,488 1,608 1,591 2,468
T
raffic violations 5,626 5,458
6,348
4,368
4,970
Poli
ce officers (sworn) 77 77 78 78 77
P
atrol units 47 47
48 47
52 R
efuse collection:
Refuse collected (tons per day) 211 233 189 197 167 Re
cyclables collected (tons per day) 109 122 114 121 115 Ot
her public works:
Annual street overlay:
Asphalt laid (in tons) 9,882 19,813 1,486 561 1,579 Sl
urry seal (in tons) 7,474 - 5,563 4,392 4,795
St
riping (in linear feet) 248,049 70,103 50,118 45,170 43,083 Wa
ter:
New connections 188 108
49 2
12 Av
erage daily consumption
(thousands of gallons) 6,275 6,397 7,243 6,582 5,858 Pe
ak daily production (thousands
of gallons) 11,157 10,251 10,672 11,881 12,382
St
orage capacity (thousands of
gallons) 13,375 13,375 13,375 13,375 13,375
W
astewater:
Average daily swage treatment
(thousands of gallons) 3,500 3,522 3,391 3,396 3,380 M
aximum daily capacity of plant
(thousands of gallons) 7,250 7,250 7,250 7,250 7,250 T
ransit:
Total fixed rout revenue miles 74,800 6,000
N/A N/A N/A
Passengers (fixed route) 77,029 56,136 N/A N/A N/A Total revenue hours N/A N/A 18,644
19,701
20,666
T
otal revenue miles N/A N/A 348,872 404,056
374,625
T
otal rides served N/A N/A 71,057
67,482
67,392
* In FY 2016/17 Asphalt overlay and striping were done on all arterial streets leading to a significant increase in both. ** In FY 2020/21, the Transit data category was expanded to include Total Revenue Hours, Total Revenue Miles and Total Rides Served.
Source: City of Camarillo
F
iscal Year
Table 17
City of Camarillo
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________ 204
Function/Program 2014 2015 2016 2017 2018
Police:
Stations 1
1 1 1
1 Ot
her public works:
Miles of streets 201
201
201 201
201
N
umber of streets 721
721
725 726
725
T
raffic signals 22 22 56 57 57
Wa
ter:
Water mains (miles) 185 187 187 191 195
Fi
re hydrants 1,621 1,621 1,624 1,643 1,703
R
eservoirs 6
6 6 6
6 W
ells 4
4 4 4
4 W
astewater:
Treatment plants 1 1 1 1 1
N
umber of service connections 14,137
14,207 14,331
14,451
14,564
Sanitary sewers (miles) 158 158 158 158 152
St
orm sewers (miles)(36" or greater) 34 34 34 33 34
St
orm drains (miles) 74 75 75 75 75
T
ransit:
Buses 12
13 10 9
11 Mini v
ans -
-
5 7
8 Sou
rce: City of Camarillo
Fiscal Year
Table 17 (Continued)
City of Camarillo
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________ 205
Function/Program 2019 2020 2021 2022 2023
Police:
Stations 1
1 1 1
1 Ot
her public works:
Miles of streets 201
202
202 202
202
N
umber of streets 732
732
734 734
712
T
raffic signals 57 57 60 60 61
Wa
ter:
Water mains (miles) 195 195 195 196 198
Fi
re hydrants 1,703 1,710 1,718 1,725 1,725
R
eservoirs 6
6 6 6
6 W
ells 4
4 4 4
4 W
astewater:
Treatment plants 1 1 1 1 1
N
umber of service connections 14,737
14,864 14,911
14,903
14,916
Sanitary sewers (miles) 158 158 151 158 151
St
orm sewers (miles)(36" or greater) 35 35 34 34 34
St
orm drains (miles) 76 76 77 77 77
T
ransit:
Buses 11
11 11 11
10 Mini v
ans 8
8 8 8
8 Sou
rce: City of Camarillo
Fiscal Year
Table 18
City of Camarillo
Top 10 Employers
Current Year and Nine Years Ago
____________________________________________________________________________________________________ 206
Percentage of Percentage of
Total City Total City
Company or Organization Employees Employment (1) Employees Employment (2) Hi-Temp Insulation Inc. 1,860 6.21 % 543 1.70 %
Pleasant Valley School District 628 2.10 691 2.16
St. John's Pleasant Valley Hospital 611 2.04 487 1.52
Lucix Corporation 560 1.87 151 -
Meissner Filtration Products 470
1.57 n/a -
Teledyne Scientific & Imaging LLC 299 1.00 169 0.53
Golden State Medical Supply 335 1.12 n/a -
Hygiena LLC 213 0.71 n/a -
Cal Coast Construction 215
0.72 n/a -
Identity Management Services Org LLC 224 0.75 n/a -
Ventura County Star n/a - 223 0.70
Technicolor Video Services n/a - 201
0.63 Data Exchange Corp. n/a - n/a -
Semtech n/a - 193
0.60 Harbor Freight Tools n/a - 222 0.69
Vitesse Semiconductor Corp n/a - 132 0.41
Total 5,415
18.09 % 3,012
8.94 %
Notes:
(1) Total city employment in fiscal year 2023: 29,959
(2) Total city employment in fiscal year 2014: 32,000
Sources: HdL Companies
City of Camarillo Finance Dept.
State of California, Employment Development Dept. Labor Market Information Division 2023 2014
Fiscal Year