Camarillo City Council
AGENDA REPORT
Date: October 23, 2024
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Mark Uribe, Finance Director
Subject: Revenue & Expenditure Report for the Quarter Ended September 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 (FY) budget that has been adopted and includes adjustments approved by City Council in June 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 the current fiscal year elapsed is 25% at September 2024. Please note 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
•Actual Sales Tax revenue accounts for 8.02% of its budgeted amount due to a normal two-month lag when sales tax is collected by the State compared to when it is paid to the City.
Revenue & Expenditure Report
October 23, 2024
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•Actual revenues for Franchise Taxes (2.53% of budgeted amount) through quarter ended September 2024 include Harrison Franchise taxes, as the other franchise tax revenues are normally received quarterly or annually in April. •Actual revenues for Special Assessments (0% of budgeted amount) for FY 2024/25 will be received in September 2025 and accrued back to the current fiscal year.
•Actual revenues for Subventions and grants (received 3.59% of the budgeted amount) accounts for the first Citizens Option for Public Safety (COPS) distribution for FY 2024/25. Note that other revenues, such as the American Rescue Plan Act (ARPA) funds, will be recorded at the end of the current fiscal year. •Actual expenditures for City Attorney have incurred 1.41% of budgeted amount due to the timing when the City is billed for legal services and when these invoices have been recorded.
•Transfers Out of the General Fund are analyzed and recorded at the end of the fiscal year.
Special Revenue Funds (Maintenance Districts)
•Maintenance Districts revenues are dependent on the timing the County distributes property tax apportionments to the City. The majority of revenue is received annually in December and April.
Special Revenue Funds (Development Fees)
•Actual revenues for Development Fees funds are mainly comprised of investment earnings which are recorded quarterly and have yet to be recorded at the time this report was prepared. Revenue received in the Traffic Mitigation Fund for $726,225 pertains to development fees for the construction of an apartment complex in Camino Ruiz.
Capital Projects Funds
•Actual revenues for Capital Project funds are mainly comprised of investment earnings which are recorded quarterly and have yet to be recorded at the time this report was prepared.
Other Governmental Funds
•Actual revenues for SB125 and CDBG funds are dependent on the timing grant reimbursement requests are submitted and approved. The grant revenues have not been received by the City as of quarter ended September 2024. •Actual revenues pertaining to TDA funds (Articles 3, 8a, & 8c) are normally received by the City throughout the months of October to June.
Revenue & Expenditure Report
October 23, 2024
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•Actual revenues for the Air Quality Fund are comprised of investment earnings, which are recorded quarterly and have yet to be recorded at the time this report was prepared.
•Actual revenues for Cable PEG Fees are earned quarterly and normally received by the City in the months of November, February, May, and August. •Actual revenues for Library Special Revenue fund are 56.88% of its budgeted amount due to the Friends of Library annual donation made to the City in July 2024.
•There are no actual expenditures recorded for all Other Government Funds due to the timing of when the City’s consultants invoice the City for services and when debt service is paid.
Enterprise Funds
•Actual revenues for Transit fund are not received uniformly throughout the year and they are dependent on grant reimbursement payments received. •Actual revenues for the Reclaimed Water fund are 40.39% of budgeted amount which is due to the recent water rate increase (9%) effective July 2024. •Actual expenditures for Camarillo Ranch fund (incurred 41.77% of budgeted amount) are due to the construction phase of the Camarillo Ranch House Improvement project, which pertains to the infill of concrete pads in the area between the Barn and the Ranch offices.
The report for September 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 the Quarter Ended September 2024 REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None