Camarillo City Council
AGENDA REPORT
Date: May 22, 2024
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Mark Uribe, Finance Director
Subject: Revenue & Expenditure Report for April 2024
BACKGROUND
Pursuant to the City’s Fiscal Management Policy 3.01, a monthly Revenue and Expenditure Report detailing the City’s financial status including revenues, expenditures, transfers in/out, and the projected fund balance/net position by Governmental and Proprietary Funds, will be provided to City Council for review.
DISCUSSION
The “Current Budget” column pertains to the current fiscal year budget that has been adopted and includes mid-year adjustments approved by City Council on February 14, 2024. The “Actual Year-to-Date” column presents the cumulative year to date revenues received and expenditures incurred for the current fiscal year. And lastly, the “Percentage of Budget” column calculates the percentage of Actual Year-to-Date activity compared to the Current Budget.
The percentage of current fiscal year elapsed is 83% at April 2024. Revenues are not received and expenditures are not paid uniformly throughout the fiscal year. Also note, revenues are often billed and reimbursed in arrears. Certain main revenue sources are received in two lump-sums during the fiscal year, such as Property Taxes which are received in April and December, while other revenue is received after grants are approved and funds have been spent. The secured property tax payment usually received in April has not been received from the County due to a implementation of a new property tax system.
Notable percentages are as follows:
General Fund
Revenue & Expenditure Report for April 2024
May 22, 2024
1 8
7 1
•Budgeted expenditure for Community & Human Services (incurred 15.03% of budgeted amount) which is the Homeless Housing, Assistance and Prevention Program grant funding in which the total grant amount of $735,000 was budgeted in the current fiscal year but it will be utilized across several fiscal years. •Budgeted expenditure for CIP Administration (incurred 107.08% of budgeted amount) of CIP City staff time for on-going projects reflects staff time cost recovery from special revenue funding sources.
Enterprise Funds
•Budgeted expenditure for Water Debt Service (incurred 219.89% of budgeted amount), is due to the balance of the deferred amortization costs from the 2019 bond issue being expensed since the Water Bonds were defeased in August 2023.
Capital Projects Funds
•Budgeted expenditure for Capital Improvement Projects (incurred 0.24% of budgeted amount) is due to reimbursement grant revenue that is budgeted but not received since grants are reimbursable according to when expenditures are incurred.
The report for April is preliminary due to the timing of when the report is prepared versus when the reporting month closes.
FISCAL IMPACT
There is no budget impact as a result of this action.
RECOMMENDATION
Receive and file report.
ATTACHMENTS
1. Revenue & Expenditure Report for April 2024 - Preliminary REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None