Preliminary Preliminary
March April April Positive Increase
2024 2024 2023 (Negative) (Decrease)
Assets:
Cash and investments 92,042,091$ 90,738,271$ 91,345,455$ (607,184)$ (0.66) % Restricted cash 7,482,835 7,618,293 6,843,804 774,489 11.32 Accounts receivable, net 757,177 944,356 478,632 465,724 (1) 97.30 Due from other funds - 18,184 10,000 8,184 (2) 81.84 Prepaid items 844,798 623,124 513,967 109,157 21.24 Deposits 125,000 125,000 125,000 - - Total Assets 101,251,901$ 100,067,228$ 99,316,858$ 750,370$ 0.76 % Liabilities:
Accounts payable -$ -$ 86,165$ (86,165)$ (3) (100.00) % Wages & payroll taxes payable 12,682 16,607 160,260 (143,653) (3) (89.64) Deposit & deferred revenues 4,621,567 4,620,485 7,019,501 (2,399,016) (4) (34.18) Total Liabilities 4,634,249 4,637,092 7,265,926 (2,628,834) (36.18) Fund Balance:
Nonspendable 969,798 748,124 638,967 109,157 17.08 Restricted 7,661,555 7,797,013 (5) 6,843,804 953,209 13.93 Committed 71,360,064 71,360,064 (6) 48,807,175 22,552,889 46.21 Assigned 4,498,158 3,821,903 2,806,431 1,015,472 36.18 Unassigned 12,128,077 11,703,032 32,798,348 (21,095,316) (64.32) Total Fund Balance 96,617,652 95,430,136 92,050,932 3,379,204 3.67 Total Liabilities and Fund Balance 101,251,901$ 100,067,228$ 99,316,858$ 750,370$ 0.76 % - - -
Fund Balance:
Beginning Balance on July 1 91,561,603$ 91,561,603$ 86,781,040$ 4,780,563$ 5.51 Revenues 34,960,732 39,813,484 38,774,799 1,038,685 (7) 2.68 Interfund Transfers-in 1,315,603 1,315,603 1,376,259 (60,656) (4.41) Total Revenues & Transfers-in 36,276,335 41,129,087 40,151,058 978,029 2.44 Expenditures 30,828,736 36,869,004 34,042,865 (2,826,139) (8) 8.30 Interfund Transfers-out 391,550 391,550 838,301 446,751 (53.29) Total Expenditures & Transfers-out 31,220,286 37,260,554 34,881,166 (2,379,388) 6.82 Total Fund Balance 96,617,652$ 95,430,136$ 92,050,932$ 3,379,204$ 3.67 % (1)
(2)
(3)
(4)
(5)
(6)
(7)
(8) Year-to-date expenditures increased by $2.8m compared to prior fiscal year primarily due to an increase of $3.7m in non-departmental related to fund consolidation from internal service funds to the General Fund and $0.6m in public safety, offset by decreases of $1.0m in cultural art & library services and $0.5m in city council.
Year-to-date revenues increased by $1.0m compared to prior fiscal year, and includes increases of $1.9m in miscellaneous, including charges related to fund consolidation from internal service funds to the General Fund, $1.8m in investment earnings and $0.3m in subventions and grants, offset by a decrease of $3.0m in property taxes due to timing of payments from County of Ventura.
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 increase is due to a loan to the CDBG fund for the purchase of an affordable housing property.
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 $7.0m PARS Trust balance, $0.5m economic development loans, and $0.2m CASp fee.
City of Camarillo
General Fund
Comparative Balance Sheet
March 31 and April 30, 2024, and April 30, 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 and the timing of payroll dates.
Accounts receivable is significantly higher than prior fiscal year due to timing of billing.
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
@4/30/24