City of Camarillo
Preliminary Budget
FY 2024/25
March 13, 2024
1 FY 2024/25 Economic Update
• California’s Legislative Analyst’s Office (LAO) declares the economy is in a “downturn”.
• Beacon Economics projects slower growth in 2024, but not a contraction.
• Indicators:
qIncrease in Unemployment
qRising Interest Rates
qDecrease in Consumer Spending
2 • Historical average
unemployment rate
5.7%
• A healthy
unemployment rate is
between 3% and 5%
(Forbes)
3 • 10-year avg 3.0%, 15-
year avg 2.4%
• Federal Reserve target
rate 2.0%
• Next Meeting March
19, and expected to cut
rates by 0.25%
5 FY 2024/25
Preliminary Budget
6 • Most revenues reflect slowing economy
• Building Permit Increase based on projected activity
• Charges for Services decrease due to development project timing
FY 2024/25 Preliminary Budget – Water Demand
• 10-year historical water demand compared to rainfall
• High precipitation = low demand (revenue)
• Rate study update planned for April/May utilities committee 8
FY 2024/25 Preliminary Budget – Action
9 Suggested Action
• Provide feedback on the FY 2024/25 Preliminary Budget and receive and file the report.