Camarillo City Council
AGENDA REPORT
Date: December 11, 2024
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Mark Uribe, Finance Director
Subject: Senate Bill 341 Report for the Fiscal Year Ended June 30, 2024
BACKGROUND
Senate Bill (“SB”) 341 requires that all former redevelopment agency housing assets, regardless of their originating redevelopment agency, must be maintained in a separate fund called the Low and Moderate Income Housing Asset Fund (“Housing Asset Fund” or “LMIHAF”). SB 341 outlined a series of reporting requirements that must be adhered to in an annual report. This annual report is due to be submitted to the California State Department of Housing and Community Development (“HCD”) by April 1st of each year.
The report must be accompanied by an independent financial audit, which is due by December 31st each year.
DISCUSSION
The annual SB 341 report is compiled by Rosenow Spevacek Group, Inc. (RSG) in conjunction with the City’s Community Development and Finance departments for Fiscal Year Ended June 30, 2024.
As required by SB 341, the report includes the following information:
• Funds deposited into the LMIHAF
• Statement of the balance of the LMIHAF
• Description of expenditures by category
• Description of transfers
• Compliance with expenditures in the five-year period beginning with fiscal year 2023/24
Senate Bill 341 Annual Report
December 11, 2024
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• Amount of excess surplus
FISCAL IMPACT
There is no budget impact as a result of this action.
RECOMMENDATION
Receive and file report.
ATTACHMENTS
1. Senate Bill 341 Report for the fiscal year ended June 30, 2024 REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None