Preliminary Preliminary Final
July August August Positive Increase
2024 2024 2023 (Negative) (Decrease)
Assets:
Cash and investments 105,237,950$ 97,029,135$ 82,078,722$ 14,950,412$ 18.21 % Restricted cash 7,720,044 7,861,869 6,825,551 1,036,318 15.18 Accounts receivable, net 3,539,406 4,511,288 897,577 3,613,711 (1) 402.61 Due from other funds 20,780 575,780 10,000 565,780 (2) 5,657.80 Prepaid items 2,690,221 2,579,745 2,264,627 315,118 13.91 Deposits 125,000 125,000 125,000 - - Total Assets 119,333,401$ 112,682,817$ 92,201,477$ 20,481,340$ 22.21 % Liabilities:
Accounts payable 220,907$ 66,986$ 8$ 66,978$ (3) 841,428 % Wages & payroll taxes payable 430,154 1,001,057 8,295 992,762 (3) 11,968.20 Deposit & deferred revenues 5,107,740 2,557,042 4,616,340 (2,059,298) (44.61) Total Liabilities 5,758,801 3,625,085 4,624,643 (999,558) (21.61) Fund Balance:
Nonspendable 2,815,221 2,704,745 2,389,627 315,118 13.19 Restricted 7,898,764 8,040,589 (4) 6,764,395 1,276,194 18.87 Committed 88,036,791 88,036,791 (5) 71,360,064 16,676,727 23.37 Assigned 5,174,008 5,003,710 6,475,916 (1,472,206) (22.73) Unassigned 9,649,816 5,271,897 586,832 4,685,065 798.37 Total Fund Balance 113,574,600 109,057,732 87,576,834 21,480,898 24.53 Total Liabilities and Fund Balance 119,333,401$ 112,682,817$ 92,201,477$ 20,481,340$ 22.21 % - - -
Fund Balance:
Beginning Balance on July 1 111,868,190$ 109,470,172$ 91,561,603$ 17,908,569$ 19.56 Revenues 2,804,083 4,051,563 1,991,215 2,060,347 (6) 103.47 Interfund Transfers-in - - - - - Total Revenues & Transfers-in 2,804,083 4,051,563 1,991,215 2,060,347 103.47 Expenditures 1,097,673 4,464,003 5,975,984 1,511,982 (7) (25.30) Interfund Transfers-out - - - - - Total Expenditures & Transfers-out 1,097,673 4,464,003 5,975,984 1,511,982 (25.30) Total Fund Balance 113,574,600$ 109,057,732$ 87,576,834$ 21,480,898$ 24.53 % (1)
(2)
(3)
(4)
(5)
(6)
(7) Year-to-date expenditures decreased by $1.5m primarily due to the timing of payments at year-end.
Year-to-date revenues increased by $2.0m compared to prior fiscal year due to the timing of year-end accruals and accounting entries.
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 the increase in due from the Transit fund.
Liabilities and Fund Balance:
Accounts payable and wages payable increase/decrease is due to normal fluctuations during the fiscal year along with outstanding adjusting entries at month end.
The restricted fund balance includes $7.2m PARS Trust balance, $0.6m economic development loans, and $0.2m CASp fee.
City of Camarillo
General Fund
Comparative Balance Sheet
July 31 and August 31, 2024, and August 31, 2023 - Preliminary Year over Year
Accounts receivable increase/decrease is due to normal fluctuations during the fiscal year.
Reserve Level Policy - Council Goal 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
Economic Development 5,400,000 5,400,000
Facility Improvement Projects 14,405,000 14,405,000 Loan to Water 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
@ 8/31/24