Camarillo City Council
AGENDA REPORT
Date: June 26, 2024
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Mark Uribe, Finance Director
Subject: Revenue & Expenditure Report for May 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 92% at May 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.
Notable percentages are as follows:
General Fund
Revenue & Expenditure Report for May 2024
June 26, 2024
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•Actual revenues for Special Assessments (0% of budgeted amount) are Stormwater benefit assessment fees that the City receives annually in September will accrue back to the current fiscal year. Actual revenues for Subventions and grants (received 20.15% of the budgeted amount) is lower than budgeted due to American Rescue Plan Act (ARPA) revenues, which are recorded at the end of the fiscal year. These funds comprise about 73% of the total budget amount. •Budgeted expenditures for Community & Human Services (incurred 18.06% 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 expenditures for CIP Administration (incurred 124.37% of budgeted amount) of CIP City staff time for on-going projects reflects staff time cost recovery from special revenue funding sources.
•Actual expenditures for Non-departmental (incurred 131.67% of budgeted amount) are due to monthly ISF allocation charges.
•Budgeted expenditures for Emergency Operations (incurred 36.04% of budgeted amount) are due to pending acquisition of miscellaneous equipment and technology improvements that have not yet taken place as of May 2024. •Budgeted expenditures for Building & Safety (incurred 53.03% of budgeted amount) are due to timing of payment for Charles Abbott services at the end of May 2024.
•Actual transfers out (incurred 3.49% of budgeted amount) are due to the timing of transfers to the Capital Projects Fund, which is part of the year-end accounting adjustments.
Special Revenue Funds (Development Fees):
•The overall actual revenues are greater than their respective budgeted revenue amounts due to higher-than-expected investment interest earnings received as of May 2024.
Capital Projects Funds
•Budgeted revenues for Capital Improvement Projects (incurred 0.24% of budgeted amount) are due to reimbursement grant revenue that is budgeted but not received since grants are reimbursable according to when expenditures are incurred.
Revenue & Expenditure Report for May 2024
June 26, 2024
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•Actual transfers in (23.97% of budgeted amount) are due to year-end adjustment that roughly accounts for 41% of total budget in addition to the timing of other CIP transfers entries.
Other Governmental Funds:
•Actual revenues for the Air Quality Fund are greater than the budgeted amount (952.57% of budgeted amount) due to higher-than-expected investment interest earnings received as of May 2024.
•Actual expenditures for the CDBG fund are greater than the budgeted amount (125.51% of budgeted amount) due to prior year grant funds being available and expended against current grant expenditures.
•Actual transfers in exceed the budgeted amount (135.25% of total budget) due to the creation of a special revenue fund for Transit Article 8c revenues.
Enterprise Funds
•Actual revenues for Water Conservation Credit and CAMSAN Capital Projects are greater than their budgeted amounts (157.99% and 118.26%, respectively), due to higher-than-expected investment interest earnings received as of May 2024. •Actual revenues for CAMSAN Debt Service are greater than the budgeted amount (117.28%) due primarily to higher-than-expected Current Secured Property Taxes received in December 2023 and May 2024.
•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.
The report for May 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 Reports for May 2024 - Preliminary Revenue & Expenditure Report for May 2024
June 26, 2024
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REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None