Preliminary Preliminary
September October October Positive Increase
2023 2023 2022 (Negative) (Decrease)
Assets:
Cash and investments 82,718,621 $ 81,983,545$ 81,501,748$ 481,797 $ 0.59 % Restricted cash 6,825,551 6,608,828 6,191,542 417,286 6.74 Accounts receivable, net 607,649 669,717 482,257 187,460 38.87 Due from other funds - - 219,623 (219,623) (100.00) Prepaid items 2,084,746 1,886,993 1,948,207 (61,214) (3.14) Deposits 125,000 125,000 125,000 - - Total Assets 92,361,567 $ 91,274,083$ 90,468,377$ 805,706 $ 0.89 % Liabilities:
Accounts payable 104,390 $ 919 $ 26,980$ (26,061)$ (1) (96.59) % Wages & payroll taxes payable (8,782) - - - - Deposit & deferred revenues 4,609,970 4,603,664 7,025,251 (2,421,587) (2) (34.47) Total Liabilities 4,705,578 4,604,583 7,052,231 (2,447,648) (34.71) Fund Balance:
Nonspendable 2,209,746 2,011,993 2,073,207 (61,214) (2.95) Restricted 7,011,200 6,781,238 (3) 6,337,258 443,980 7.01 Committed 71,360,064 71,360,064 (4) 48,807,175 22,552,889 46.21 Assigned 6,342,652 6,088,890 4,634,847 1,454,043 31.37 Unassigned 732,327 427,315 21,563,659 (21,136,344) (98.02) Total Fund Balance 87,655,989 86,669,500 83,416,146 3,253,354 3.90 Total Liabilities and Fund Balance 92,361,567$ 91,274,083$ 90,468,377$ 805,706 $ 0.89 % - - -
Fund Balance:
Beginning Balance on July 1 91,648,189$ 91,571,538$ 86,781,041$ 4,790,497 $ 5.52 Revenues 3,888,306 6,119,645 7,651,453 (1,531,808) (5) (20.02) Interfund Transfers-in 351,821 698,729 492,060 206,669 42.00 Total Revenues & Transfers-in 4,240,127 6,818,374 8,143,512 (1,325,139) (16.27) Expenditures 8,232,327 11,720,412 11,474,461 (245,951) (6) 2.14 Interfund Transfers-out - - 33,946 33,946 (100.00) Total Expenditures & Transfers-out 8,232,327 11,720,412 11,508,407 (212,005) 1.84 Total Fund Balance 87,655,989$ 86,669,500$ 83,416,146$ 3,253,354 $ 3.90 % (1)
(2)
(3)
(4)
(5)
(6)
Accounts payable is significantly lower than prior fiscal year due to timing of payments.
Year-to-date expenditures increased by $0.2m compared to prior fiscal year primarily due to increases of $1.4m in non-departmental related to fund consolidation from internal service funds to the General Fund, offset by decreases of $0.6m in Cultural Arts and Library Services and $0.3m in Highways and Streets.
City of Camarillo
General Fund
Comparative Balance Sheet
September 30 and October 31, 2023, and October 31, 2022 - Preliminary Year over Year
Liabilities and Fund Balance:
The deposit and deferred revenues has a net decrease of $2.4m due to ARPA funds being spent in prior fiscal year.
The restricted fund balance includes $6.6m PARS Trust balance, $0.4m economic development loans, and $0.2m CASp fee.
Year-to-date revenues decreased by $1.5m compared to prior fiscal year, which includes decreases of $0.9m in charges for services and $0.4m in licenses and permits along with the timing of when recurring accounting entries are recorded.
Pursuant to GASB 54, City Council adopted a Resolution committing $71.4m of the General Fund Balance for the fiscal year ending June 30, 2023 as listed in the table below:Reserve Level Policy - Council Goal of 50%$30,375,064 $30,375,064Building & Grounds Capital Projects 4,550,000 4,550,000 Camarillo Springs Debris Barrier Remediation Maintenance 200,000 200,000 Capital Improvement Projects 9,021,000 9,021,000 Continuum of Care 3,814,000 3,814,000 Economic Development 5,400,000 5,400,000 Natural Disaster Recovery 10,000,000 10,000,000 Pleasant Valley Recreation & Park District(Senior Center) 8,000,000 8,000,000 Total Commitment $71,360,064 $71,360,064GASB 54 Commitment of Fund BalanceAuthorized @ 6/30/23Remaining @ 10/31/23