City of Camarillo - Mid-Year Budget Report Fiscal Year 2023/24 Page 1 City of Camarillo
Mid-Year Budget Report
Fiscal Year 2023/24
July 1 through December 31, 2023
To: Greg Ramirez, City Manager
From: Mark Uribe, Director of Finance
OVERVIEW
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 position remains healthy with the General Fund remaining operationally balanced. General Fund re venues in two of the larger categories – Property Tax and Investment Earnings, are expected to be higher than original estimates by approximately $3.0 million. This Report di scusses the recommended budget adjustments to revenue and expenditure projections based on tr ends and anticipated program activity for the remainder of FY 2023/24.
The General, Citywide Lighting and Landscape, Capital Improvement Projects (CIP), Solid Waste, Transit, Water, and Sanitary District Funds are considered “ major funds” and are our primary focus since their budgets represent the majority of the City’s total budget.
EXECUTIVE SUMMARY
During the FY 2023/24 Budget devel opment, the future course of the National Fiscal Policy and the Russia-Ukraine war impacted the world’s econom y resulting in considerable uncertainty in domestic economic forecasts. The City’s budget at the mid-point of the Fiscal Year is experiencing trends that were not anticipated at the time of adoption, primarily related to the City’s investment portfolio. The City’s investment portfolio average annual yields have incr eased from 1.75% in 2022 to 3.50% in December 2023, resulting in higher interest earnings from the City’s investment in the Local Agency Investment Fund (LAIF).
No further impacts are expected for the remainder of FY 2023/24; however, we recognize and will continue monitoring the risks and the impacts of national Fiscal Policy and the geopolitical events in Europe and the Middle East.
City of Camarillo - Mid-Year Budget Report Fiscal Year 2023/24 Page 2 GENERAL FUND (101)
The General Fund is where the majority of discretionary funds are recorded, and where the majority of general municipal services are provided. Operating transfers are made to the Citywide Lighting & Landscape, Library Debt Service, and Solid Waste Funds. Staf f maintains a 5-year General Fund Forecast for fiscal sustainability planning that is updated annually with each budget cycle.
As of December 31, the General Fund has re corded 44.7% of the projected revenues and transfers-in, and 40.5% of budgeted expenditures and transfers-out. These percentages are similar when compared with the prior year trend of 47.3% and 43.0% respectively, over the same measurement period.
The amended budget column reflects any additional budget appropriations approved by City Council through December 31, 2023, and any prior year encumbrance rollovers. An example of an encumbrance rollover is an open Purchase Order for work that is still in progress at the end of the fiscal year.
After the recommended adjustments, the project ed fund balance for the General Fund at June 30, 2024 is projected at $83.1 million, a decrease of $2.0 million compared to the beginning fund balance of $85.1 million at July 1, 2023. The primary reason for the decrease in fund balance is due to Capital Improvement Projects reflected in the first two years of the 2023/2028 Five-Year Capital Improvement Plan (CIP).
General Fund Revenues. In the Recommended Budget, the se ven primary revenue sources account for approximately 85.1% of the total projected General Fund revenues. Performance for these key revenues for the first half of the fiscal year are summarized in the schedule below. The total recommended budget revenues and transfers-in for FY 2023/24 are $60.4 million, after $3.0 million in recommended Mid-Year adjustments which are highlighted below.
Adopted
Budget
Amended
Budget
YTD
Actual
YTD
Percent
Revenues 55,139,699$ 55,378,949 $ 24,767,470 $ 44.7% 2,979,100$ 58,358,049 $ Transfers In 2,025,810 2,025,810 875,310 43.2% - 2,025,810 Revenues & Transfers In 57,165,509 57,404,759 25,642,780 44.7% 2,979,100 60,383,859 Expenditures 56,744,694 57,603,874 24,849,962 43.1% (6,477,267) 51,126,607 Transfers Out 4,763,614 4,763,614 391,050 8.2% 6,477,267 11,240,881 Expenditures & Transfers Out 61,508,308 62,367,488 25,241,012 40.5% - 62,367,488 Revenues Over/(Under) Expenditures (4,342,799) (4,962,729) 401,768 2,979,100 (1,983,629) Fund Balance, July 1 85,124,897 85,124,897 85,124,897 Fund Balance, End of Period 80,782,098$ 80,162,168 $ 83,141,268$ General Fund Summary (December 31, 2023)
Recommended
Mid-Year
Adjustments
Recommended
Budget
City of Camarillo - Mid-Year Budget Report Fiscal Year 2023/24 Page 3
The following anticipated impacts are factored into the revenue projections put forth in the FY 2023/24 Recommended Revised Budget.
Property Tax – Property tax is expected to be the largest revenue source for the General Fund in FY 2023/24. As of the end of December, the City has realized 55.2% of the $19.0 million adopted budget, which is comparable to 59.0% of t he revenues realized through the same period last year. The housing market levelled off in FY 2023/24, with value growth slowing down as it compared to FY 2022/23. This is primar ily due to a reduction in the number of homes sold. The re commended adjustment of $499,000 is primarily attributed to the 6% growth of Vehicle License Fee (VLF).
Sales Tax – Sales Tax is expected to be the second largest revenue source for the General Fund in FY 2023/24. As of the end of December, the City has realized 33.6% of the $19.0 million adopted budgeted sales tax, which is comparable to 36.8% of the revenue realized through the same period last y ear. As the federal government continues to analyze the economy and any adjustments to the monetary fiscal policy, consumers remain concerned about the immediate future and have put non-essential purchases on hold. No adjustments are being recommended.
Franchise Fees – Gas and Electric Franchise Fees are received in April, Refuse Fees are received monthly, and Cable Franchise Fees are received quarterly. Based on current year-to-date receipts, this revenue source has been tracking consistent with budget assumptions.
Business Tax - As of December 2023, 56.4% of the annual budgeted revenue has been received, which is comparable to 56.6% of the revenues realized during the same period last fiscal year. The City has 8,056 active bus inesses as of December 2023. An upward adjustment of $137,000 reflects current year trends.
Charges for Services - An adjustment is recommended in the amount of $743,100 based on current year receipts to date. This reve nue is primarily from Subdivision Fees, and Engineering Inspection Fees received early in the development proc ess. This revenue fluctuates due to the timing of planned development projects. Other Revenue Sources - Investment Earnings – An adjustment is being recommended in the amount of $1.6 million as a result of higher interest rates earnings from the City’s investments portfolio.
Revenue Sources Adopted
Budget
Property Tax 18,999,684 18,999,684 10,492,664 55.2% 499,000 19,498,684 Sales Tax 19,000,000 $ 19,000,000 $ 6,391,591 $ 33.6% 19,000,000$ Franchise Fees 3,060,000 3,060,000 630,152 20.6% 3,060,000 Transient Occupancy Tax 3,366,000 3,366,000 1,533,713 45.6% 3,366,000 Building Permits 1,900,000 1,900,000 704,310 37.1% 1,900,000 Business Tax 1,480,000 1,480,000 834,109 56.4% 137,000 1,617,000 Charges for Services 2,194,716 2,194,716 1,986,854 90.5% 743,100 2,937,816 Total 50,000,400 50,000,400 22,573,393 45.2% 1,379,100 51,379,500 Other Revenue Sources 5,139,299 5,378,549 2,194,077 40.8% 1,600,000 6,978,549 Transfers In 2,025,810 2,025,810 875,310 43.2% - 2,025,810 Total F und Revenue 57,165,509$ 57,404,759 $ 25,642,780 $ 44.7% 2,979,100$ 60,383,859 $ Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustments
Recommended
Budget
City of Camarillo - Mid-Year Budget Report Fiscal Year 2023/24 Page 4 General Fund Expenditures and Transfers. As illustrated in the table below, the General Fund divisional expenditures and transf ers-out are averaging 40.5% of the annual budget which is similar to the same period last fiscal year. Details on the $0.4 mill ion recommended Mid-Year adjustments are highlighted below.
Non Departmental – A decrease of $6.5 milli on is an accounting adjustment to reflect funding for facility projects in the Capital Improvement Project Fund (410) instead of General Fund (101).
Transfers Out – An increase of $6.5 million is an accounting adjustment to reflect funding for facility projects in the Capital Improvement Project Fund (410) instead of General Fund (101).
Divisions Adopted
Budget
City Council 614,626 $ 675,674 $ 257,585 $ 38.1% -$ 675,674$ City Clerk 882,458 1,035,256 376,060 36.3% - 1,035,256 City Attorney 459,881 459,881 171,424 37.3% - 459,881 City Manager 2,469,234 2,600,604 833,855 32.1% - 2,600,604 Community Relations 595,326 603,480 237,716 39.4% - 603,480 Finance 1,909,703 2,002,998 907,180 45.3% - 2,002,998 Human Resources 688,051 803,751 261,794 32.6% - 803,751 Community Development 2,552,194 2,692,065 1,160,172 43.1% - 2,692,065 Code Compliance 941,119 941,208 433,484 46.1% - 941,208 Police 19,729,916 19,732,918 9,011,154 45.7% - 19,732,918 DART 35,686 35,686 16,107 45.1% - 35,686 Building & Safety 1,771,066 1,771,066 571,156 32.3% - 1,771,066 Public Works Admin 2,812,156 2,821,406 1,381,270 49.0% - 2,821,406 Traffic/Signal Maintenance 1,417,952 1,450,806 590,485 40.7% - 1,450,806 Storm Water Management 1,394,064 1,492,749 393,358 26.4% - 1,492,749 Street Maintenance 3,145,999 3,145,999 1,480,737 47.1% - 3,145,999 Community and Human Services - 735,000 57,539 7.8% - 735,000 Cultural Arts Services 1,007,237 1,007,237 248,810 24.7% - 1,007,237 Library Operations 3,328,606 3,328,606 1,599,234 48.1% - 3,328,606 Economic Development 668,333 681,397 324,699 47.7% - 681,397 Non Departmental 10,321,087 9,586,087 4,536,143 47.3% (6,477,267) 3,108,820 Total 56,744,694 57,603,874 24,849,962 43.1% (6,477,267) 51,126,607 Operating Transfers Out 4,005,393 3,965,433 391,050 9.9% 3,965,433 CIP Transfers Out 758,221 798,181 - 0.0% 6,477,267 7,275,448 Total Fund Expenditures 61,508,308$ 62,367,488 $ 25,241,012 $ 40.5% -$ 62,367,488$ Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustments
Recommended
Budget
City of Camarillo - Mid-Year Budget Report Fiscal Year 2023/24 Page 5 At June 30, 2023, the total General Fund fund balance was $85.1 million. Of that total, $8.4 million was restricted, assigned and nonspendable and $71.4 million was committed as follows:
Council Reserve Policy Goal $30,375,064
Economic Development 5,400,000
Natural Disaster Recovery 10,000,000
Camarillo Springs Debris Remediat ion 200,000 Pleasant Valley Rec & Park District
o Community and Senior Center 8,000,000
Capital Improvement Projects 9,021,000
Building and Grounds Capital Pr ojects 4,550,000 Continuum of Care 3,814,000
Total Committed Fund Balance $71,360,064
The General Fund Unassigned Fund Balance was approximately $5.3 million at June 30, 2023.
This balance in General Fund “available reserves ” may be necessary to fund several one-time planned facility improvement projects and planned capital improvement projects over the next five years for which there is no other identified funding source. Staff is actively searching for other possible sources, including grant opportunities.
Citywide Lighting & Landscape District Fund (220)
The Citywide Lighting and Landscape Maintenance Dis trict supports maintenance requirements throughout the City. The Cit y’s share of the 1% ad valorem pr operty tax is designated for this purpose. These property tax revenues are proj ected to be $2.6 million with a General Fund transfer of approximately $3.4 million funding the remainder of the operating costs.
The Citywide Lighting & Landscape District Fund has recognized 44.2% of the total expenditures, including encumbrances, through December 2023.
No adjustments are being recommended.
CAPITAL IMPROVEMENT PROJECTS FUND (410)
The Capital Improvement Projects (CIP) Fund a ccounts for the City’s general capital projects, primarily the Annual Pavement Program. Revenues and expenditures are budgeted in the fiscal year corresponding with the various stages of the projects.
Adopted
Budget
Amended
Budget YTD Actual
Percent
Realized
Recommended
Mid-Year
Amendments
Recommended
Budget
Total Revenues & Transfers In 6,063,003$ 6,063,003 $ 1,489,938 $ 24.6% - 6,063,003$ Total Expenditures & Transfers Out 6,063,003 6,063,003 2,677,104 44.2% - 6,063,003 Revenues Over/(Under) Expenditures - - - - - Fund Balance, July 1 - - - Fund Balance, June 30 - $ - $ -$ Citywide Lighting and Landscape Maintenance Fund Summary (December 31, 2023)
City of Camarillo - Mid-Year Budget Report Fiscal Year 2023/24 Page 6 On June 14, 2023, the City Council approved the City’s 2023- 2028 Five-Year Capital Improvement Program. The Adopted Citywide CIP Plan includes a total expenditure budget of $28.5 million for FY 2023/24, of which $0.7 milli on was budgeted in the CIP Fund (410). The current budget of $15.4 million includes carry-over funding for ongoing projec ts from prior fiscal years and any budget changes approved by the City Council in the current fiscal year.
Funding for the CIP projects comes from a variety of sources, including federal, state, and county agencies, as well as capital fees collected from developers.
The timing of capital projects fluctuates throughout the year. Through December 31, 2023, $3.6 million or 23.2% of total budgeted expenditures have been disbursed and encumbered primarily for the City’s annual pavement program.
A transfer in increase of $5.9 mill ion is primarily related to an ac counting adjustment to reflect funding for facility projects in the Capital Improvement Project Fund (410) instead of General Fund (101).
An expenditure decrease of $3.4 million is related to the timing of Capital Improvement Projects.
SOLID WASTE FUND (805)
The City provides refuse and recycling programs for residential and commercial customers and a green waste program for residential customers. The City contracts with a local hauler through an exclusive franchise agreement.
Through December 31, 2023, the Solid Wa ste Fund has recognized 45.7% of annual projected
revenues and 42.1% of annual budgeted expenses, compared to 42.1% and 43.4% respectively Adopted
Budget
Recommended
Mid-Year
Adjustment
Recommended
Budget
Total Revenue and Transfers In 1,128,181$ 16,342,505 $ 2,929,987 $ 17.9% 5,878,683 22,221,188 $ Total Expenditures and Transfers Out 650,000 15,432,345 3,579,859 23.2% (3,399,668) 12,032,677 Revenues Over/(Under) Expenditures 478,181 910,160 (649,872) 9,278,351 10,188,511 Fund Balance, July 1 11,881,663 11,881,663 11,881,663 Fund Balance, End of Period 12,359,844$ 12,791,823 $ 22,070,174$ Capital Improvement Projects Fund Summary (December 31, 2023) Amended
Budget
YTD
Actual
YTD
Percent
Adopted
Budget
Revenues 8,139,993 $ 8,149,125 $ 3,725,135 $ 45.7% 17,996$ 8,167,121$ Transfers In 105,000 105,000 - 0.0% - 105,000 Total Revenues & Transfers In 8,244,993$ 8,254,125 $ 3,725,135 $ 45.7% 17,996$ 8,272,121$ Operating Expenses 8,245,399 8,249,181 3,471,460 42.1% 23,373 8,272,554 Revenues Over/(Under) Expenses (406) 4,944 253,675 3.6% (5,377) (433) Working Capital, July 1 250,313 250,313 250,313 Working Capital, End of Period 249,907$ 255,257 $ 249,880$ Solid Waste Summary (December 31, 2023)
Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustment
Recommended
Budget
City of Camarillo - Mid-Year Budget Report Fiscal Year 2023/24 Page 7 during the same period last fiscal year.
A net revenue increase of $17,996 is recommended to reflect an increase of Used Oil Payment Program Cycle 13 and SB 1383 OWR1 approved gr ant awards, and a decrease to reflect the approved Beverage Container Recycling grant award.
A net expenditure increase of $23,373 is related to expenses associated with the additional grant revenue referenced above and other program related costs.
TRANSIT FUND (810)
Costs associated with operating the City’s transit system are recorded in the Transit Fund. The transit operation is funded through Federal Tr ansit Administration (FTA) Grants and Transportation Development Act (TDA) Article 8.
Through December 31, 2023, the Transit Fund has expended 33.6% of annual budgeted expenses.
The $1.8 million adjustment to re venues and expenses is an accounting adjustment to record Transportation Development Act (TDA) Article 8 (c) funding in a separate Special Revenue Fund.
There is no change to the budgeted revenues or expens es for transit services. These funds can be used for public transit programs along with developer fees.
WATER FUNDS (860 thru 864)
The Water Utility Fund is where revenue and expenses associated with the City’s water service, including Reclaimed Water, Water Conservation Credit, Water Capital Projects, and Water Debt Service are recorded. This fund is fully self -supporting and derives the majority of its revenue from user charges. Other revenue sources include investment earnings and capital fees collected from developers. The City provides water and associated maintenance to approximately 14,000 Adopted
Budget
Revenues
Transit Services 95,500 $ 95,500 $ 64,867 $ 67.9% 95,500$ Grants 5,206,881 5,206,881 590,588 0.0% (1,800,000) 3,406,881 Total Revenues 5,302,381 5,302,381 655,455 12.4% (1,800,000) 3,502,381 Transfers In - - - 0.0% 1,800,000 1,800,000 Total Transit Fund Revenue 5,302,381 5,302,381 655,455 12.4% - 5,302,381 Expenses
Operating Expenses 3,446,398 3,446,398 1,596,014 46.3% 3,446,398 Capital Purchases 1,850,000 1,991,197 143,957 7.2% - 1,991,197 Grants/Allocations/Depreciation 41,982 41,982 51,715 123.2% - 41,982 Total Transit Fund Expenses 5,338,380 5,479,577 1,791,686 32.7% - 5,479,577 Revenues Over/(Under) Expenses (35,999) (177,196) (1,136,231) - (177,196) Working Capital Balance, July 1 368,179 368,179 368,179 Working Capital, End of Period 332,180$ 190,983 $ 190,983$ Transit Fund Summary (December 31, 2023)
Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustment
Recommended
Budget
City of Camarillo - Mid-Year Budget Report Fiscal Year 2023/24 Page 8 customers. Four other water districts service portions of the City, with the largest of these districts being the Camrosa Water District, which serves customers east of Lewis Road. The Water Utility Fund has been divided into five separate f unds for budgeting and accounting purposes. For the purposes of this report, the funds have been combined.
Through December 31, 2023, in total, the Wa ter Funds have recognized 64.8% of annual projected revenues, compared to 66.8% last fiscal year.
Approximately 52.4% of annual
budgeted expenses and transfers-out have been disbursed, when compared to 42.0% of annual budget ed expenses and transfers-out at the same time last year.
The primary reason for the increase is due to the payment for defeasance of the Series 2019 Water Revenue Bonds earlier this Fiscal Year.
A recommended revenue decrease of $1.8 million is included to reflect actual demand through December 2023. Current water usage trends sugges t that wet weather conditions coupled with continued conservation have reduced water sales below what was initially projected in the 2022/23 Water and Sewer Rate Study which became the basis for the 2023/24 budget.
A net recommended decrease in expens es of $0.8 million is reco mmended, primarily related to the timing of capital improvement projects.
All Water Funds Adopted
Budget
Revenues
Water Service Charges 16,161,800 $ 16,161,800 $ 6,784,171 $ 42.0% (1,750,000)$ 14,411,800 $ Other Water Services Revenue Sources 238,045 238,045 562,135 236.2% 238,045 Investment Income 431,068 431,068 345,915 80.3% 431,068 Grants - - - 100.0% - Other Revenue Sources 581,018 913,518 506,404 55.4% 913,518 Capital Improvement Fees 346,362 346,362 142,170 0.0% 346,362 Total 17,758,293 18,090,793 8,340,795 46.1% (1,750,000) 16,340,793 Transfers-In - 10,000,000 9,865,999 98.7% 10,000,000 Total Revenue and Transfers-In 17,758,293 28,090,793 18,206,794 64.8% (1,750,000) 26,340,793 Expenses
General & Administrative 5,161,662 5,327,835 2,305,454 43.3% - 5,327,835 Maintenance & Operations 15,492,219 17,119,181 6,939,452 40.5% 400,000 17,519,181 Water Conservation Credit 7,000 762,394 40,924 5.4% - 762,394 Capital Purchases & Projects 330,000 4,342,766 448,251 10.3% (1,193,672) 3,149,094 Debt Service 182,425 182,425 (401,137) 0.0% - 182,425 Depreciation - - 570,566 0.0% - - Total 21,173,306 27,734,601 9,903,510 35.7% (793,672) 26,940,929 Transfers-Out - 10,000,000 9,865,999 98.7% 10,000,000 Total Expenses and Transfers-Out 21,173,306 37,734,601 19,769,509 52.4% (793,672) 36,940,929 Revenues Over/(Under) Expenses (3,415,013) (9,643,808) (1,562,715) (956,328) (10,600,136) Working Capital, July 1 30,833,162 30,833,162 30,833,162 Working Capital, End of Period 27,418,149$ 21,189,354 $ 20,233,026$ Water Funds Summary (December 31, 2023)
Amended
Budget
YTD
Actual
YTD
Percent
Recomme nded
Mid-Year
Adjustme nt
Recommended
Budget
City of Camarillo - Mid-Year Budget Report Fiscal Year 2023/24 Page 9 SANITARY DISTRICT FUNDS (871 thru 873)
The Camarillo Sanitary District (CSD) is a separate governmental entity, formed in 1955 to provide wastewater treatment servic es for approximately 15,000 residential and commercial customers within its boundaries. The CSD is fully self-supporting and derives the majority of its revenue from user charges for services rendered. Other f unding sources include property taxes and capital fees collected from developers. The CSD has been divided into three separate funds for budgeting and accounting purposes. For purposes of this report, the funds have been combined.
Through December 31, 2023, the Sanitary Distr ict Funds have recognized 54.1% of annual projected revenues, compared to 61.2% last fiscal year. Year to date expenses and transfers out are 39.3% of the total annual budget, compared to 32.3% last fiscal year, primarily due to timing of debt service payments and capital project activity.
A net expenditure decrease of $1.0 million is re commended, primarily due to timing of capital improvement projects.
Special Revenue Funds
Recommended budget adjustments to the Special Revenue Funds include:
SIBA Fund (240) – A revenue decrease of $0.2 million is due to timing of fees related to development activity.
Traffic Mitigation Fund (251) – A revenue decrease of $0.8 million is due to timing of fees related to development activity.
Adopted
Budget
Revenues
Sewer Service Charges 13,420,000 $ 13,420,000 $ 7,113,546 $ 53.0% -$ 13,420,000$ Property Taxes 1,361,164 1,361,164 961,555 70.6% - 1,361,164 Other Revenue Sources 1,612,660 1,612,660 220,082 13.6% - 1,612,660 Capital Improvement Fees 333,520 333,520 29,617 0.0% - 333,520 Investment Income 498,893 498,893 986,557 197.7% - 498,893 Total Revenue 17,226,237 17,226,237 9,311,357 54.1% - 17,226,237 Expenses
General & Administrative 7,438,561 9,938,118 3,441,415 34.6% - 9,938,118 Maintenance & Operations 8,377,807 8,566,121 3,988,098 46.6% 350,000 8,916,121 Debt Service 510,600 510,600 258,077 50.5% - 510,600 Capital Projects & Purchases 1,060,000 7,242,464 1,345,063 18.6% (1,041,901) 6,200,563 Grants/Allocations/Depreciation - - 1,290,679 0.0% - - Total Expenses 17,386,968 26,257,303 10,323,332 39.3% (691,901) 25,565,402 Revenues Over/(Under) Expenses (160,731) (9,031,066) (1,011,975) 691,901 (8,339,165) Working Capital, July 1 64,062,570 64,062,570 64,062,570 64,062,570 Working Capital, End of Period 63,901,839$ 55,031,504 $ 63,050,595 $ 55,723,405$ Sanitary District Summary (December 31, 2023)
Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustment
Recommended
Budget
City of Camarillo - Mid-Year Budget Report Fiscal Year 2023/24 Page 10
Bridge Policy Fund (252) – A revenue decrease of $0.1 million is due to timing of fees related to development activity.
Internal Service Funds
Recommended budget adjustment to the Internal Service Funds:
Risk Management Fund (510) – An expenditure increase of $0.1 million is to reflect actual insurance premiums paid for the Fiscal Year.
Vehicle and Equipment Fund (540) – An expenditure decrease of $0.5 million is due to the lack of available vehicles for purchase and supply chain restrictions.
City Hall Facility Fund (550) – An expenditure decrease of $0.4 million is due to the timing of various facility capital improvement projects.
Corp Yard Facility Fund (551) – An expenditure decrease of $0.6 million is due to the timing of various facility capital improvement projects.
Police Facility Fund (552) – An expenditure decrease of $47, 000 is due to the timing of capital improvement projects.
Enterprise Funds
Recommended budget adjustment to the Enterprise Funds:
Camarillo Ranch Events Fund (815)
A revenue decrease of $0. 4 million is recommended to reflect trends based on actual receipts and planned events through June 30, 2024.
An expenditure decrease of $0.2 milli on is due to the timing of planned maintenance projects.
Summary
The recommended budget adjustments contained in this report are the result of our analysis of economic and financial data as of this time. Staff will continue to monitor economic conditions and the impacts on the City’s revenues and expenditures closely.
This summary is based on information produced by the City’s Finance Department. If you would like additional information or have any questions about the report, please contact Rena Bassett, at (805) 383-5654.