Camarillo City Council
AGENDA REPORT
Date: February 14, 2024
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Mark Uribe, Finance Director
Subject: Fiscal Year 2023/24 Mid-Year Budget Report – Approve the FY 2023/24 Mid-Year Budget Report and Authorize the City Manager to Adjust the FY 2023/24 Budget and Make the Necessary
Appropriations
BACKGROUND
The budget is a dynamic document subject to a variety of adjustments and fine-tuning throughout the fiscal year, as changes occur in economic conditions and other factors affecting the budget. Amendments are necessary to keep the document more reflective of anticipated outcomes. The Mid-Year Budget report provides an opportunity for all departments to review their areas of responsibility and present recommended changes to the City Manager for further recommendation to the City Council and the CSD Board.
The Fiscal Year (FY) 2023/24 Mid-Year Budget Report is presented to the City Council and the Camarillo Sanitary District (CSD) Board for discussion and approval.
DISCUSSION
The City of Camarillo Mid-Year Financial Report summarizes the City’s financial information from July 1 through December 31, 2023 compared to budgetary estimates.
Overall, the City’s FY 2023/24 Mid-Year financial outlook remains healthy with the General Fund remaining operationally balanced. General Fund revenues in two of the larger categories –Property Tax and Investment Earnings are expected to be higher than original estimates by approximately $3.0 million. The details of the recommended budget adjustments to revenue and expenditure projections will be summarized in the Mid-Year Financial Report, Exhibit A.
Fiscal Year 2023/24 Mid-Year Budget Report
February 14, 2024
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The following reports are attached:
“Exhibit A”, Mid-Year Financial Report, July 1 through December 31, 2023 outlining the current fiscal condition of the City of Camarillo (City) and the CSD, and a discussion of the major recommended budget adjustments.
“Exhibit B”, Summary by Fund, provides a summary of the City and CSD funds, summarized revenues, expenditures, interfund transfers and adjustments. This schedule reflects the effect of the recommended changes on the estimated fund balance or working capital of each fund.
“Exhibit C”, Recommended Adjustments, is a complete listing of the recommended budget adjustments, including revenues, expenditures and interfund transfers. “Exhibit D”, Reserve Analysis, is a listing of the reserve targets by fund pursuant to City Council Policy 3.05.
FISCAL IMPACT
With the recommended budget adjustments, the FY 2023/24 Budget remains operationally balanced.
CEQA DETERMINATIONS
City staff has determined, in accordance with Section 15061(b)(3) of the California Environmental Quality Act (CEQA) Guidelines, that Fiscal Year 2023/24 Mid-Year Budget Report is not subject to CEQA review because it can be seen with certainty that there is no possibility that the Fiscal Year 2023/24 Mid-Year Budget Report may have a significant effect on the environment.
RECOMMENDATION
Approve the FY 2023/24 Mid-Year Budget Report and authorize the City Manager to adjust the FY 2023/24 Budget and make the necessary appropriations.
ATTACHMENTS
1. Fiscal Year 2023/24 Mid-Year Budget Report – “Exhibit A”
2. Summary by Fund – “Exhibit B”
3. Recommended Adjustments – “Exhibit C”
4. Reserve Analysis – "Exhibit D"
REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None