Preliminary Preliminary
December January January Positive Increase
2023 2024 2023 (Negative) (Decrease)
Assets:
Cash and investments 83,060,085$ 86,937,023$ 88,635,038$ (1,698,015)$ (1.92) % Restricted cash 6,784,788 7,333,375 6,619,936 713,439 10.78 Accounts receivable, net 778,675 952,087 605,680 346,407 (1) 57.19 Prepaid items 1,410,990 1,215,713 1,167,488 48,225 4.13 Deposits 125,000 125,000 125,000 - - Total Assets 92,159,538$ 96,563,198$ 97,153,142$ (589,944)$ (0.61) % Liabilities:
Accounts payable 411,931$ -$ 3$ (3)$ (2) (100.00) % Wages & payroll taxes payable 237,611 133,472 9,290 124,182 1,336.73 Deposit & deferred revenues 4,607,596 4,602,079 7,029,039 (2,426,960) (3) (34.53) Total Liabilities 5,257,138 4,735,551 7,038,332 (2,302,781) (32.72) Fund Balance:
Nonspendable 531,552 1,340,713 1,292,488 48,225 3.73 Restricted 6,957,198 7,512,095 (4) 6,771,862 740,233 10.93 Committed 71,360,064 71,360,064 (5) 48,807,175 22,552,889 46.21 Assigned 4,938,784 4,994,240 3,269,378 1,724,862 52.76 Unassigned - 6,620,535 29,973,907 (23,353,372) (77.91) Total Fund Balance 86,902,400 91,827,647 90,114,810 1,712,837 1.90 Total Liabilities and Fund Balance 92,159,538$ 96,563,198$ 97,153,142$ (589,944)$ (0.61) % - - -
Fund Balance:
Beginning Balance on July 1 91,571,538$ 91,571,538$ 86,781,040$ 4,790,498$ 5.52 Revenues 18,918,295 27,623,866 26,263,889 1,359,977 (6) 5.18 Interfund Transfers-in 698,729 1,019,000 1,105,010 (86,010) (7.78) Total Revenues & Transfers-in 19,617,026 28,642,866 27,368,899 1,273,967 4.65 Expenditures 23,895,164 27,995,757 23,377,800 (4,617,957) (7) 19.75 Interfund Transfers-out 391,000 391,000 657,329 266,329 (40.52) Total Expenditures & Transfers-out 24,286,164 28,386,757 24,035,129 (4,351,628) 18.11 Total Fund Balance 86,902,400$ 91,827,647$ 90,114,810$ 1,712,837$ 1.90 % (1)
(2)
(3)
(4)
(5)
(6)
(7) Year-to-date expenditures increased by $4.6m compared to prior fiscal year primarily due to an increase of $6.1m in non-departmental related to fund consolidation from internal service funds to the General Fund, offset by decreases of $0.8m in cultural arts and library services, $0.5m in economic development and $0.2m in highways and streets.
Year-to-date revenues increased by $1.4m compared to prior fiscal year, which includes increases of $0.9m in investment earnings, $0.5m in subventions and grants, $0.3m in miscellaneous, $0.2m in property taxes and $0.1m in sales tax, offset by decreases of $0.4m 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.
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 $6.8m PARS Trust balance, $0.5m economic development loans, and $0.2m CASp fee.
Accounts payable decrease is due to normal fluctuations during the fiscal year.
City of Camarillo
General Fund
Comparative Balance Sheet
December 31 and January 31, 2024, and January 31, 2023 - Preliminary Year over Year
Reserve Level Policy - Council Goal of 50% $30,375,064 $30,375,064 Building & 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 $71,360,064
GASB 54 Commitment of Fund Balance Authorized
@ 6/30/23
Remaining
@ 1/31/24