Preliminary Preliminary
November December December Positive Increase
2023 2023 2022 (Negative) (Decrease)
Assets:
Cash and investments 79,472,082 $ 83,060,085 $ 84,904,452 $ (1,844,367) $ (2.17) % Restricted cash 6,376,870 6,784,787 6,295,656 489,131 7.77 Accounts receivable, net 888,879 778,675 470,610 308,065 (1) 65.46 Due from other funds - - 219,623 (219,623) (100.00) Prepaid items 1,601,076 1,410,990 1,391,925 19,065 1.37 Deposits 125,000 125,000 125,000 - - Total Assets 88,463,907 $ 92,159,537 $ 93,407,266 $ (1,247,729) $ (1.34) % Liabilities:
Accounts payable 1,019 $ 411,932 $ 128,433 $ 283,499 $ (2) 220.74 % Wages & payroll taxes payable 460,883 237,612 208,898 28,714 13.75 Deposit & deferred revenues 4,611,248 4,607,596 7,033,077 (2,425,481) (3) (34.49) Total Liabilities 5,073,150 5,257,140 7,370,408 (2,113,268) (28.67) Fund Balance:
Nonspendable 531,552 1,535,990 1,516,925 19,065 1.26 Restricted 6,560,356 6,957,197 (4) 6,441,372 515,825 8.01 Committed 71,360,064 71,360,064 (5) 48,807,175 22,552,889 46.21 Assigned 4,938,784 4,934,641 3,728,714 1,205,927 32.34 Unassigned - 2,114,505 25,542,672 (23,428,167) (91.72) Total Fund Balance 83,390,757 86,902,397 86,036,858 865,539 1.01 Total Liabilities and Fund Balance 88,463,907$ 92,159,537 $ 93,407,266 $ (1,247,729) $ (1.34) % - - -
Fund Balance:
Beginning Balance on July 1 91,571,538 $ 91,571,538 $ 86,781,040 $ 4,790,498 $ 5.52 Revenues 10,478,660 18,918,294 18,823,948 94,346 (6) 0.50 Interfund Transfers-in 698,729 698,729 799,913 (101,184) (12.65) Total Revenues & Transfers-in 11,177,391 19,617,023 19,623,861 (6,838) (0.03) Expenditures 19,357,172 23,895,164 19,730,114 (4,165,050) (7) 21.11 Interfund Transfers-out 1,000 391,000 637,929 246,929 (38.71) Total Expenditures & Transfers-out 19,358,172 24,286,164 20,368,043 (3,918,121) 19.24 Total Fund Balance 83,390,757$ 86,902,397 $ 86,036,858 $ 865,539 $ 1.01 % (1)
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Year-to-date expenditures increased by $4.2m compared to prior fiscal year primarily due to an increase of $5.3m 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 $0.5m in economic development.
Year-to-date revenues increased by $0.1m compared to prior fiscal year, which includes increases of $0.3m in property taxes, $0.2m in investment earnings, and $0.1m in sales tax, offset by decreases of $0.3m in charges for services and $0.2m in licenses and permits.
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:
Accounts receivable is significantly higher than prior fiscal year due to the timing of billing.
City of Camarillo
General Fund
Comparative Balance Sheet
November 30 and December 31, 2023, and December 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 $6.5m PARS Trust balance, $0.3m economic development loans, and $0.2m CASp fee.
Accounts payable is significantly higher due to the timing of payments.