Preliminary Preliminary Final
June July July Positive Increase
2024 2024 2023 (Negative) (Decrease)
Assets:
Cash and investments 109,313,655 $ 105,237,950 $ 83,261,315 $ 21,976,635 $ 26.39 % Restricted cash 7,620,587 7,720,044 6,932,451 787,593 11.36 Accounts receivable, net 842,131 3,539,406 3,180,822 358,584 11.27 Due from other funds 19,146 20,780 10,000 10,780 (1) 107.80 Prepaid items 124,176 2,690,221 2,430,306 259,915 10.69 Deposits 125,000 125,000 125,000 - - Total Assets 118,044,695 $ 119,333,401 $ 95,939,894 $ 23,393,507 $ 24.38 % Liabilities:
Accounts payable 399,929 $ 220,907 $ 1,047,218 $ (826,311) $ (2) (78.91) % Wages & payroll taxes payable 311,293 430,154 130,214 299,940 (2) 230.34 Deposit & deferred revenues 5,111,639 5,107,740 4,613,718 494,022 10.71 Total Liabilities 5,822,861 5,758,801 5,791,150 (32,349) (0.56) Fund Balance:
Nonspendable 249,176 2,815,221 2,555,306 259,915 10.17 Restricted 7,799,307 7,898,764 (3) 6,764,395 1,134,369 16.77 Committed 71,360,064 88,036,791 (4) 71,360,064 16,676,727 23.37 Assigned 3,821,903 5,174,008 6,475,916 (1,301,908) (20.10) Unassigned 11,703,032 9,649,816 2,993,063 6,656,753 222.41 Total Fund Balance 112,221,834 113,574,600 90,148,744 23,425,856 25.99 Total Liabilities and Fund Balance 118,044,695$ 119,333,401 $ 95,939,894 $ 23,393,507 $ 24.38 % Fund Balance:
Beginning Balance on July 1 91,561,603 $ 111,868,190 $ 91,561,603 $ 20,306,587 $ 22.18 Revenues 53,429,042 2,804,083 853,087 1,950,996 (5) 228.70 Interfund Transfers-in 10,505,039 - - - - Total Revenues & Transfers-in 63,934,081 2,804,083 853,087 1,950,996 228.70 Expenditures 42,818,200 1,097,673 2,265,946 1,168,273 (6) (51.56) Interfund Transfers-out 455,650 - - - - Total Expenditures & Transfers-out 43,273,850 1,097,673 2,265,946 1,168,273 (51.56) Total Fund Balance 112,221,834$ 113,574,600 $ 90,148,744 $ 23,425,856 $ 25.99 % (1)
(2)
(3)
(4)
(5)
(6)
Liabilities and Fund Balance:
Accounts payable and wages payable increase/decrease is due to normal fluctuations during the fiscal year along with processing payables weekly instead of bi-weekly compared to prior year.
The restricted fund balance includes $7.2m PARS Trust balance, $0.5m economic development loans, and $0.2m CASp fee.
City of Camarillo
General Fund
Comparative Balance Sheet
June 30 and July 31, 2024, and July 31, 2023 - Preliminary Year over Year
Year-to-date expenditures decreased by $0.1m primarily due to the timing of payments at year-end.
Year-to-date revenue decreased by $0.2m compared to prior fiscal year due to the timing of year-end accruals.
Pursuant to GASB 54, City Council adopted a Resolution committing $88.0m of the General Fund Balance for the fiscal year ending June 30, 2024 as listed in the table below:
Due from other funds is higher than prior year due to a loan for the purchase of a property.
Reserve Level Policy - Council G oal of 50% $31,231,791 $31,231,791 Camarillo Springs Debris Barrier Remediation Maintenance 200,000 200,000 Continuum of Care 3, 800,000 3,800,000
Econom ic Developm ent 5, 400,000 5,400,000
Facility Improvement Projects 14,405,000 14,405,000 Loan to Wate r Utility 15,000,000 15,000,000
Natural Disaster Recovery 10,000,000 10,000,000 Pleasant Valley Recreation & Park District (Senior Center) 8,000,000 8,000,000 Total Commitment $88,036,791 $88,036,791
GASB 54 Commitment of Fund Balance Authorized
@ 6/30/24
Remaining
@ 7/31/24