City of Camarillo
Mid-Year Budget Overview
February 14, 2024
Mid-Year Budget Overview
2 Agenda
1. The Budgeting Process
2. Mid-Year Review/Recommended Adjustment
1. General Fund
2. Special Revenue Funds
3. Internal Service Funds
4. Enterprise Funds
FY 2024/25 Annual Budget Timeline
January 19
1st Budget
Submittal
March 13
Preliminary Budget
Workshop
June 26
City Council
FY 2024/25 Budget Adoption
May TBD
Budget
Workshop
November 28
Annual Budget Kickoff
Meeting
March 15
2nd Budget
SubmittalFebruary 14
City Council Mid-
Year Budget
Review
January 9
Mid-Year Budget
Submittals
General Fund
4 Recommended
adjustments
net positive $3.0
million
Planned use of
fund balance
reduced from $5.0
million to $2.0
million
OPERATIONALLY
BALANCED
BUDGET
General Fund
5 Revenue Adjustments in the General Fund
6 Property Tax:
$0.5 million increase
• 6% growth of Vehicle License Fee (VLF)
Charges for Services:
$0.7 million increase
• Subdivision Fees and Engineering Inspection Fees
• Fluctuation due to the timing of planned development projects Other Revenue Sources: Investment Earnings
$1.6 million increase
• Higher interest rates earnings from the City’s investments portfolio General Fund: Revenues
7 • Revenue adjustments reflect current YTD trends
General Fund: Expenditures
8 • Expenditure adjustment
is an accounting
reclassification from an
expenditure account to
a transfer-out
• No net change to
General Fund
appropriations
Special Revenue Funds
9 Revenue decreases are recommended in the following Special Revenue Funds due to the timing of fees collected for development-related activity:
SIBA Fund (240)
Revenue decrease of $0.2 million
Traffic Mitigation Fund (251)
Revenue decrease of $0.8 million
Bridge Policy Fund (252)
Revenue decrease of $0.1 million
Internal Service Funds
10 Risk Management Fund (510)
Net Expense increase of $0.1 million
• Actual insurance premiums
Vehicle and Equipment Fund (540) Expense
decrease of $0.5 million
• Supply chain restrictions
City Hall Facility Fund (550)
Expense decrease of $0.4 million
• Timing of capital improvement projects
Corp Yard Facility Fund (551)
Expense decrease of $0.6 million
• Timing of capital improvement
projects
Police Facility Fund (552)
Expense decrease of $47,000
• Timing of capital improvement
projects
Enterprise Funds
11 Solid Waste Fund (805)
Net revenue increase $17,996
• Used Oil Payment Program Cycle 13
• SB 1383 OWR1
• Beverage Container Recycling grant
Net expense increase $23,373
• Additional grant revenue
• Program related costs.
Transit Fund (810)
Adjustment $1.8 million
• Accounting adjustment
• TDA Article 8(c) funding in separate Special
Revenue Fund.
Sanitary District Funds (871-873)
Net expense decrease $1.0 million
• Timing of capital improvement projects
Water Funds (860-864)
Revenue decrease $1.8 million
• Actual demand through Dec 2023
Net decrease in expenses $0.8 million
• Timing of capital improvement projects
Council Action
12 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.