Preliminary Preliminary
February March March Positive Increase
2024 2024 2023 (Negative) (Decrease)
Assets:
Cash and investments 87,173,958 $ 92,042,091$ 88,876,880$ 3,165,211 $ 3.56 % Restricted cash 7,343,871 7,482,835 6,803,730 679,105 9.98 Accounts receivable, net 753,127 757,177 485,636 271,541 55.91 Due from other funds - - 10,000 (10,000) (1) (100.00) Prepaid items 1,042,696 844,798 737,927 106,871 14.48 Deposits 125,000 125,000 125,000 - - Total Assets 96,438,652 $ 101,251,901$ 97,039,173 $ 4,212,728 $ 4.34 % Liabilities:
Accounts payable - $ -$ 577,305$ (577,305)$ (2) (100.00) % Wages & payroll taxes payable 17,580 12,682 167,043 (154,361) (2) (92.41) Deposit & deferred revenues 4,609,732 4,621,567 7,017,554 (2,395,987) (3) (34.14) Total Liabilities 4,627,312 4,634,249 7,761,902 (3,127,653) (40.29) Fund Balance:
Nonspendable 1,167,696 969,798 862,927 106,871 12.38 Restricted 7,522,591 7,661,555 (4) 6,854,490 807,065 11.77 Committed 71,360,064 71,360,064 (5) 48,807,175 22,552,889 46.21 Assigned 4,819,750 4,498,158 2,746,367 1,751,791 63.79 Unassigned 6,941,239 12,128,077 30,006,312 (17,878,235) (59.58) Total Fund Balance 91,811,340 96,617,652 89,277,271 7,340,381 8.22 Total Liabilities and Fund Balance 96,438,652$ 101,251,901$ 97,039,173 $ 4,212,728 $ 4.34 % - - -
Fund Balance:
Beginning Balance on July 1 91,571,538$ 91,561,603$ 86,781,041$ 4,780,562 $ 5.51 Revenues 31,207,106 34,960,732 32,393,366 2,567,366 (6) 7.93 Interfund Transfers-in 1,019,000 1,315,603 1,251,548 64,055 5.12 Total Revenues & Transfers-in 32,226,107 36,276,335 33,644,914 2,631,421 7.82 Expenditures 31,595,305 30,828,736 30,436,543 (392,193) (7) 1.29 Interfund Transfers-out 391,000 391,550 712,141 320,591 (45.02) Total Expenditures & Transfers-out 31,986,305 31,220,286 31,148,684 (71,602) 0.23 Total Fund Balance 91,811,340$ 96,617,652$ 89,277,271$ 7,340,381 $ 8.22 % (1)
(2)
(3)
(4)
(5)
(6)
(7)
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 $6.9m PARS Trust balance, $0.5m economic development loans, and $0.2m CASp fee.
City of Camarillo
General Fund
Comparative Balance Sheet
February 29 and March 31, 2024, and March 31, 2023 - Preliminary Year over Year
Accounts and wages payable decrease is due to normal fluctuations during the fiscal year along with processing payables weekly instead of bi- weekly.
Year-to-date expenditures decreased by $0.4m compared to prior fiscal year primarily due to an increase of $3.0m in non-departmental related to fund consolidation from internal service funds to the General Fund and offset by decreases of $1.0m in cultural art & library services, $0.9 in public safety, $0.5m in economic development, and $0.2m in highways and streets.
Year-to-date revenues increased by $2.5m compared to prior fiscal year, and includes increases of $1.8m in miscellaneous, including charges related to fund consolidation from internal service funds to the General Fund and $0.7m in investment earnings.
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.
Reserve Level Policy - Council Goal of 50%$30,375,064 $30,375,064Building & 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 $71,360,064GASB 54 Commitment of Fund BalanceAuthorized @ 6/30/23Remaining @3/31/24