Preliminary Preliminary Final
August September September Positive Increase
2024 2024 2023 (Negative) (Decrease)
Assets:
Cash and investments 97,029,135 $ 97,932,607 $ 81,194,484 $ 16,738,123 $ 20.61 % Restricted cash 7,861,869 7,895,257 6,516,843 1,378,414 21.15 Accounts receivable, net 4,511,288 1,239,545 822,455 417,090 (1) 50.71 Due from other funds 575,780 20,780 - 20,780 (2) 100.00 Prepaid items 2,579,745 2,358,504 2,083,513 274,991 13.20 Deposits 125,000 125,000 125,000 - - Total Assets 112,682,817 $ 109,571,693 $ 90,742,295 $ 18,829,398 $ 20.75 % Liabilities:
Accounts payable 66,986 $ 112,924 $ 104,389 $ 8,535 $ 8.18 % Wages & payroll taxes payable 1,001,057 708,681 - 708,681 (3) 100.00 Deposit & deferred revenues 2,557,042 2,685,705 4,608,778 (1,923,073) (41.73) Total Liabilities 3,625,085 3,507,310 4,713,167 (1,205,857) (25.58) Fund Balance:
Nonspendable 2,704,745 2,483,504 2,208,513 274,991 12.45 Restricted 8,040,589 8,087,968 (4) 6,702,492 1,385,476 20.67 Committed 88,036,791 88,036,791 (5) 71,360,064 16,676,727 23.37 Assigned 5,003,710 7,456,120 5,758,059 1,698,061 29.49 Unassigned 5,271,897 - - - - Total Fund Balance 109,057,732 106,064,383 86,029,128 20,035,255 23.29 Total Liabilities and Fund Balance 112,682,817$ 109,571,693 $ 90,742,295 $ 18,829,398 $ 20.75 % - - -
Fund Balance:
Beginning Balance on July 1 109,470,172 $ 109,522,918 $ 91,571,537 $ 17,951,381 $ 19.60 Revenues 3,864,463 4,696,087 4,446,641 249,447 (6) 5.61 Interfund Transfers-in 187,100 371,268 351,821 19,447 5.53 Total Revenues & Transfers-in 4,051,563 5,067,355 4,798,462 268,894 5.60 Expenditures 4,464,003 8,525,890 10,340,271 1,814,381 (7) (17.55) Interfund Transfers-out - - 600 600 (100.00) Total Expenditures & Transfers-out 4,464,003 8,525,890 10,340,871 1,814,981 (17.55) Total Fund Balance 109,057,732$ 106,064,383 $ 86,029,128 $ 20,035,255 $ 23.29 % (1)
(2)
(3)
(4)
(5)
(6)
(7)
Liabilities and Fund Balance:
Wages & payroll taxes payable is higher due to timing of when payroll is recorded.
The restricted fund balance includes $7.4m PARS Trust balance, $0.4m economic development loans, and $0.2.m CASp fee.
City of Camarillo
General Fund
Comparative Balance Sheet
August 31 and September 30, 2024, and September 30, 2023 - Preliminary Year over Year
Accounts receivable increase is due to normal fluctuations during the fiscal year.
Due from other funds increase is due to a loan to the CDBG fund for the purchase of an affordable housing property.
Year-to-date expenditures decreased by $1.8m primarily due to the ISF consolidation of Facilities to the General Fund.
Year-to-date revenue is comparable to prior year in September.
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:
Reserve Level Policy - Council G oal of 50% $31,231,791 $31,231,791 Cam arillo Springs Debris Barrier Rem ediation 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 Im provem ent 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 V alley 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
@ 9/30/24