Preliminary Preliminary
January February February Positive Increase
2024 2024 2023 (Negative) (Decrease)
Assets:
Cash and investments 86,937,023$ 87,173,958$ 88,803,461$ (1,629,503)$ (1.83) % Restricted cash 7,333,375 7,343,871 6,477,564 866,307 13.37 Accounts receivable, net 952,087 753,127 557,113 196,014 35.18 Due from other funds - - 10,000 (10,000) (1) (100.00) Prepaid items 1,215,713 1,042,696 982,288 60,408 6.15 Deposits 125,000 125,000 125,000 - - Total Assets 96,563,198$ 96,438,652$ 96,955,426$ (516,774)$ (0.53) % Liabilities:
Accounts payable -$ -$ 3$ (3)$ (2) (100.00) % Wages & payroll taxes payable 133,472 17,580 167,276 (149,696) (2) (89.49) Deposit & deferred revenues 4,602,079 4,609,732 7,014,586 (2,404,854) (3) (34.28) Total Liabilities 4,735,551 4,627,312 7,181,865 (2,554,553) (35.57) Fund Balance:
Nonspendable 1,340,713 1,167,696 1,107,288 60,408 5.46 Restricted 7,512,095 7,522,591 (4) 6,629,490 893,101 13.47 Committed 71,360,064 71,360,064 (5) 48,807,175 22,552,889 46.21 Assigned 4,994,240 4,819,750 3,161,423 1,658,327 52.46 Unassigned 6,620,535 6,941,239 30,068,185 (23,126,946) (76.92) Total Fund Balance 91,827,647 91,811,340 89,773,561 2,037,779 2.27 Total Liabilities and Fund Balance 96,563,198$ 96,438,652$ 96,955,426$ (516,774)$ (0.53) % - - -
Fund Balance:
Beginning Balance on July 1 91,571,538$ 91,571,538$ 86,781,040$ 4,790,498$ 5.52 Revenues 27,623,865 31,207,107 29,289,516 1,917,591 (6) 6.55 Interfund Transfers-in 1,019,000 1,019,000 1,105,010 (86,010) (7.78) Total Revenues & Transfers-in 28,642,866 32,226,107 30,394,526 1,831,581 6.03 Expenditures 27,995,757 31,595,305 26,711,135 (4,884,170) (7) 18.29 Interfund Transfers-out 391,000 391,000 690,870 299,870 (43.40) Total Expenditures & Transfers-out 28,386,757 31,986,305 27,402,005 (4,584,300) 16.73 Total Fund Balance 91,827,647$ 91,811,340$ 89,773,561$ 2,037,779$ 2.27 % (1)
(2)
(3)
(4)
(5)
(6)
(7) Year-to-date expenditures increased by $4.9m compared to prior fiscal year primarily due to an increase of $6.3m in non-departmental related to fund consolidation from internal service funds to the General Fund and $0.5 in police services, offset by decreases of $0.8m in cultural art & library services, $0.5m in economic development, $0.4m in city council, and $0.2m in community development.
Year-to-date revenues increased by $1.9m compared to prior fiscal year, which includes increases of $1.0m in investment earnings, $0.5m in subventions and grants, and $0.4m in miscellaneous.
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:
Due from other funds decrease is due to repayment of temporary loan to the Successor Agency.
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.
City of Camarillo
General Fund
Comparative Balance Sheet
January 31 and February 29, 2024, and February 28, 2023 - Preliminary Year over Year
Accounts and wages payable decrease is due to normal fluctuations during the fiscal 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
@ 2/29/24