Camarillo City Council
AGENDA REPORT
Date: August 28, 2024
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Mark Uribe, Finance Director
Subject: Revenue & Expenditure Report for June 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 adjustments approved by City Council on or before June 30, 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 100% at June 2024, but the month of June had not been finalized at the time this report was prepared. Not all revenues have been received or recorded and not all expenditures have been paid at the time of this report. Please note that due to the timing of this report transfers in/out have not yet been recorded. Also note, revenues are often billed and reimbursed in arrears. Certain main revenue sources are received while other revenue is received after grants are approved and funds have been spent.
Notable percentages are as follows:
General Fund
•Actual revenues for Special Assessments (0% of budgeted amount) are Stormwater benefit assessment fees that the City receives annually in September and will accrue back to fiscal year 2023/24. Actual revenues for Subventions and grants (received 23.62% 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 approximately 73% of the total budget amount.
Revenue & Expenditure Report for June 2024
August 28, 2024
5 5
9 4
•Budgeted expenditures for Community & Human Services (incurred 24.33% 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 139.72% of budgeted amount) of CIP City staff time for on-going projects reflects staff time cost recovery from special revenue funding sources.
•Budgeted expenditures for Emergency Operations (incurred 40.39% of budgeted amount) are due to invoices that have not been received for acquisition of miscellaneous equipment and technology improvements.
•Budgeted expenditures for Building & Safety (incurred 69.80% of budgeted amount) are due to timing of payment for Charles Abbott services. •Please note that due to the timing of this report all transfers in have not yet been recorded. Actual transfers in (incurred 527.30% of budgeted amount) are due to the Internal Service Fund (ISF) fund consolidation to the general fund. •Due to the timing of this report all transfers out have not yet been recorded. Actual transfers out (incurred 4.05% 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 and developer fees received as of June 2024.
•Due to the timing of this report all transfers in or out have not yet been recorded.
Capital Projects Funds
•Budgeted revenues for Capital Improvement Projects (incurred 0.77% of budgeted amount) are due to reimbursement grant revenue that is budgeted but not received. Grants are reimbursed according to when expenditures are incurred. •Due to the timing of this report all transfers in or out have not yet been recorded.
Actual transfers in (28.39% 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
Revenue & Expenditure Report for June 2024
August 28, 2024
5 5
9 4
•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 June 2024.
•Actual expenditures for the CDBG fund are greater than the budgeted amount (138.36% of budgeted amount) due to prior year grant funds being available and expended against current grant expenditures.
•Please note that due to the timing of this report all transfers in or out have not yet been recorded. Actual transfers in exceed the budgeted amount (148.10% of total budget) due to the creation of a special revenue fund for Transit Article 8c revenue.
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 June 2024. •Actual revenues for CAMSAN Debt Service are greater than the budgeted amount (125.85%) due primarily to higher than expected Current Secured Property Taxes received in December 2023 and May 2024.
•Budgeted expenditures for Water Debt Service (incurred 218.69% of budgeted amount), is due to the balance of the deferred amortization costs from the 2019 bond issue being expensed due to the Water Bonds being defeased in August 2023.
The report for June 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 June 2024 - Preliminary REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None