Camarillo City Council
December 11, 2024

ANNUAL COMPREHENSIVE

FINANCIAL REPORT

FISCAL YEAR ENDED
JUNE 30, 2024

CITY OF CAMARILLO

INCLUDES THE CAMARILLO

SANITARY DISTRICT

CITY OF CAMARILLO

CALIFORNIA

ANNUAL COMPREHENSIVE

FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2024

PREPARED BY THE DEPARTMENT OF FINANCE

MARK URIBE, DIRECTOR OF FINANCE

CITY OF CAMARILLO, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FOR THE FISCAL YEAR ENDED
JUNE 30, 2024

Prepared by:

Finance Department
Mark Uribe, Director of Finance

CITY OF CAMARILLO, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FOR THE YEAR ENDED JUNE 30, 2024

TABLE OF CONTENTS

Page(s)

INTRODUCTORY SECTION
Letter of Transmittal ................................................................................................................................ i Governmental Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting ....................................................................................................... xii Directory of City Officials and City Organization Chart .....................................................................xiii Elected Officials and Administrative Officers ..................................................................................... xiv Camarillo Districts Map........................................................................................................ ................ xv

FINANCIAL SECTION
Independent Auditors’ Report .............................................................................................................. 18 Management’s Discussion and Analysis (Unaudited) .......................................................................... 24

BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements
Statement of Net Position ............................................................................................................... 47 Statement of Activities ................................................................................................................... 48 Fund Financial Statements
Governmental Fund Financial Statements
Balance Sheet – Governmental Funds............................................................................................ 54 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ....................................................................................................................................... 57 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds ............................................................................................................ ...... 58 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ............................................... 60 Proprietary Fund Financial Statements
Statement of Net Position – Proprietary Funds .............................................................................. 62 Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Funds .................. 64 Statement of Cash Flows – Proprietary Funds ............................................................................... 66

CITY OF CAMARILLO, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FOR THE YEAR ENDED JUNE 30, 2024

TABLE OF CONTENTS

Page(s)
Fiduciary Fund Financial Statements
Statement of Net Position – Fiduciary Funds ................................................................................. 72 Statement of Changes in Fiduciary Net Position – Fiduciary Funds .............................................. 73 Notes to Basic Financial Statements ........................................................................................... ............ 77 REQUIRED SUPPLEMENTARY INFORMATION (Unaudited)
Budgetary Comparison Schedule – General Fund .............................................................................. 130 Budgetary Comparison Schedule – Maintenance Districts Special Revenue Fund ............................ 131 Budgetary Comparison Schedule – Development Fees Special Revenue Fund ................................. 133 Schedule of Changes in Net Pension Liability and Related Ratios .................................................... 134 Schedule of Pension Contributions ..................................................................................................... 136 Schedule of Changes in Net OPEB Liability and Related Ratios ....................................................... 138 Schedule of OPEB Contributions ................................................................................................ ....... 139

SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedules – Major Capital Projects Funds:

Capital Improvement Projects Fund ............................................................................................. 143 Nonmajor Governmental Funds:

Combining Balance Sheet ....................................................................................................... ..... 145 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .................... 148 Budgetary Comparison Schedules – Nonmajor Special Revenue Funds:

Article 8 TDA Fund ............................................................................................................ ......... 151 Article 8c TDA Fund .................................................................................................................... 152 Article 3 TDA Fund ............................................................................................................ ......... 153 Gas Tax Fund .................................................................................................................. ............. 154 SB1 Fund ...................................................................................................................................... 155 Air Quality Management Fund ................................................................................................... . 156 Community Development Block Grant Fund .............................................................................. 157 Library Special Revenue Fund ..................................................................................................... 158 Cable PEG Fees Fund ........................................................................................................... ....... 159 Budgetary Comparison Schedule – Nonmajor Capital Projects Fund:

Low-Moderate Income Housing Asset Fund ............................................................................... 160 Camarillo Corridor Projects Area Fund ....................................................................................... 161

CITY OF CAMARILLO, CALIFORNIA

ANNUAL COMPREHENSIVE FINANCIAL REPORT

FOR THE YEAR ENDED JUNE 30, 2024

TABLE OF CONTENTS

Page(s)
Budgetary Comparison Schedule – Debt Service Fund:

Library Debt Service Fund ........................................................................................................... 162 Internal Service Funds:

Combining Statement of Net Position .......................................................................................... 165 Combining Statement of Revenues, Expenses, and Changes in Net Position .............................. 167 Combining Statement of Cash Flows ........................................................................................... 169 Fiduciary Funds:

Combining Statement of Fiduciary Net Position ......................................................................... 173 Combining Statement of Changes in Fiduciary Net Position ....................................................... 175 STATISTICAL SECTION (Unaudited)
Table of Contents ............................................................................................................. ............ 180 (Table 1) Net Position by Component .......................................................................................... 181 (Table 2) Changes in Net Position ............................................................................................. .. 183 (Table 3) Fund Balances – Governmental Funds ......................................................................... 187 (Table 4) Changes in Fund Balances – Governmental Funds ...................................................... 189 (Table 5) Tax Revenues by Source – Governmental Funds ......................................................... 191 (Table 6) Assessed Value and Estimated Actual Value of Taxable Property .............................. 192 (Table 7) Direct and Overlapping Property Tax Rates ................................................................. 193 (Table 8) Top 10 Property Taxpayers .......................................................................................... 194 (Table 9) Property Tax Levies and Collections ............................................................................ 196 (Table 10) Ratios of Outstanding Debt by Type .......................................................................... 197 (Table 11) Direct and Overlapping Governmental Activities Debt ............................................. 199 (Table 12) Legal debt Margin Information .................................................................................. 200 (Table 13) Pledged-Revenue Coverage – Sanitary District Fund ................................................ 202 (Table 14) Demographic and Economic Statistics ....................................................................... 203 (Table 15) Full-Time Equivalent City Government Employees by Function/Program ............... 204 (Table 16) Operating Indicators by Function/Program ................................................................ 206 (Table 17) Capital Asset Statistics by Function/Program ............................................................ 208 (Table 18) Top 10 Employers ................................................................................................... ... 210

INTRODUCTORY

SECTION

i
City of Camarillo
Department of Finance
601 Carmen Drive
Camarillo, California 93010
805-388-5320
November 19, 2024

Honorable Mayor and Members of the City Council
City of Camarillo, California

State law requires all general-purpose local governments, within seven months of the close of each fiscal year, to publish a complete set of financial statemen ts presented in conformity with Generally Accepted Accounting Principles (GAAP) and audited in accord ance with generally accepted auditing standards by a firm of licensed certified public accountants. Purs uant to that requirement , the City of Camarillo (City) is pleased to submit its Annual Comprehensive Fi nancial Report (ACFR) for the fiscal year ended June 30, 2024.

Responsibility for the accuracy of the data and the fairness of presentation, including all notes and disclosures, rests with the City. To the best of our knowledge and belie f, the enclosed data is accurate in all material respects and is reported in a manner de signed to present fairly the financial position and results of operations of the various funds of the City . All material statements and disclosures necessary for the reader to obtain a reasonable understanding of the City’s financial activ ities are included. City management has an established co mprehensive internal control fram ework designed both to protect the City’s assets from loss, theft, or misuse, and to compile sufficient reliable information for the preparation of the City’s financial statements in c onformity with GAAP. Becau se the cost of internal controls should not outweigh the anticipated benefits , the City’s comprehensive framework of internal controls is designed to provide reasonable, rather than absolute, assurance that the financial statements will be free from material misstatements.

CliftonLarsonAllen, LLP, a Certified Public Accountan t firm selected by the City Council to perform the audit of the financial statemen ts for the fiscal year ended June 30, 2024, has audited the City’s financial statements. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and signifi cant estimates made by management, and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there is a reasonable basis for rendering an unmodified opinion that the City of Camarillo’s financial statements for the fiscal year e nded June 30, 2024, are fairly presen ted in conformity with GAAP. The independent auditors’ report is presented as the first component of the financial section of this report.

GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Ma nagement’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement th e MD&A and should be read in conjunction with it.

The City’s MD&A can be found immediately following the report of the independent auditors.

City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ ii

CITY OF CAMARILLO PROFILE

The City of Camarillo was incorporated in 1964 under the general laws of the State of California. Since the early 1900s, Camarillo has been an agricultural community that has evolve d into a rural, suburban community on the outskirts of the Los Angeles metr opolitan area with a balanced base of land uses established under the Ci ty’s General Plan.

Camarillo is a city of 69,014 residents
located in the cente r of Ventura County
(estimated population of 823,863, as of
January 1, 2024). It has an area of
approximately 20 square miles and is
located in the Pleasant Valley area of the
vast agricultural Oxnard Plain.

Geographically, Camarillo is midway
between the cities of Los Angeles and
Santa Barbara on Highway 101, nine miles
inland from Point Mugu Naval Air Station
and the Pacific Ocean.

The City operates under the Council-Manager form of government. The City Council adopts policies, sets goals and objectives for the operation of the City government, passes ordinances, adopts budgets, appoints committees, and a ppoints a City Manager a nd City Attorney. The C ity Council also conducts the affairs of the City on behalf of the resident s, in accordance with the State Constitution and the General Laws of the State of California. It is within this lega l framework that the Council makes decisions affecting numerous aspects of community li fe, from the provision of municipal services to land use planning and community development.

The City Council consists of five members elected th rough a district-based el ectoral system for four- year terms and are subject to term limits. The cu rrent District map, based on 2020 Census data, was adopted on April 12, 2022. The Mayor is selected fro m the City Council members and serves a one-year term. The City Council members se rve as the governing body of the following component units of the City:

 Camarillo Capital Improvement Corporation
 Camarillo Community Development Commission
 Camarillo Industrial Development Authority
 Camarillo Library Board
 Camarillo Public Finance Authority
 Camarillo Sanitary District Board

While not a component unit of the City, City Council members serve as a governing body of the Successor Agency to the Camarillo Community Development Commission for Redevelopment Purposes and for Housing Projects.

City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ iii
The City Council members serve on the following Standing Committees:

 Local Appointments
 Economic Development and Land Use
 Finance and Investment
 Liaison/Intergovernmental
 Policy
 Public Safety and Emergency Preparedness
 Transportation and Infrastructure
 Utilities

The City Council appoints resident members to the following local advisory Commissions, Boards and Committees:

 Camarillo Council on Aging
 Investment Committee
 Planning Commission
 Area Agency on Aging Advisory Council
 Area Housing Authority
 Air Pollution Control District Advisory Committee
 Citizens Transportation Advisory Committee

The City established the Finance and Investment Co mmittees in 1988 and revise d and updated all fiscal policies including investments, purchasing, account s payable, financial reporting, and budgeting. The City reviews its investment policy annually. All other City policies are reviewed as needed.

The City Council has representation on the following Regional Boards and Committees:

 Association of Water Agencies of Ventura County (AWA)  California Association of Sanitation Agencies (CASA)
 California Joint Powers Insurance Authority (CJPIA)
 California State University Channel Islands (CSUCI) Site Authority  Citizens’ Transportation Advisory Committee
 Clean Power Alliance of Southern California (CPA)
 Economic Development Collaborative (EDC)
 Fox Canyon Groundwater Management Agency
 League of California Cities
 Regional Defense Partnership (RDP)
 Southern California Association of Governments (SCAG)  Southern California Regional Rail Authority
 Ventura Council of Governments (VCOG)
 Ventura County Airport Authority
 Ventura County Animal Services Commission
 Ventura County City Selection Committee
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ iv
 Ventura County Transportation Commission (VCTC)
 Ventura County Local Agency Formation Commission (LAFCo)  Ventura Regional Sanitation District (VRSD)

The City is considered a “contract” city, which m eans the city contracts for one or more municipal services with other public and private agencies , while other city servic es are provided by City employees. The City provides a full range of services, including:

Contractual services City provided services

Building and Safety City Administration
Landscape Maintenance Community Development (planning/zoning) Law Enforcement and Animal Control Public Improvements
Library Operations Recycled Water
Major Capital Projects Street & Landscape Maintenance Street Sweeping Traffic Engineering
Solid Waste Wastewater
T r a n s i t W a t e r

The City is within the Ventura County Fire District , the Camarillo Health Care District, and the Pleasant Valley Recreation and Parks District, but exercises no control over them.

In 1965, the director of Wa ter Works District No. 5, after providing the town ship of Cama rillo with water from wells for many years, voluntarily turn ed over the operation and assets to the newly incorporated City of Camarillo. By December 1966, the City acquired the Camarillo Sanitary District, which became a subsidiary district of the City, as some of the boundaries were outside the existing city limits. The City seal was originally based on the sanitary seal on the sanitation workers’ uniforms as designed by Basil Trueblood, a sanitation employee w ho retired in 1977. The design was modified to include a representation of Don A dolfo Camarillo, the City’s namesake, on his horse, and was adopted by the City.
1 The City Council is required to adopt an annual bala nced budget no later than Ju ne 30 of each year per State legislation and City Council policy. Budgets are adopted annually by the Council by resolution and are prepared for each fund in accordance with its ap plicable basis of accounting. The annual budget serves as the foundation for the City to maintain sound and conservative financial practices to ensure the fiscal sustainability of the City. The City Council and staff hold various budget workshops to provide an opportunity for public input. The proposed balanced budget is presented to the City Council for adoption prior to June 30th fiscal year end.

The City maintains budgetary contro ls to ensure compliance with pr ovisions embodied in the annual budget approved by the City Council and the Camarillo Sanitary District Board. The City Council approves operating and capital appropriations at the fund and department levels.

The City Manager has the authority to transfer between expenditure accounts and between funds of the City and the Camarillo Sanitary District, as long as no funding s ource incompatibil ity exists, and provided those changes do not increase overall appropriations in either component unit.

City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ v
The level of budgetary control is es tablished at the fund level and the Council has the lega l authority to amend the budget throughout the fiscal year as needed.

FACTORS AFFECTING FINANCIAL CONDITION

The information presented in the financial statements is perhaps best underst ood when it is considered from the broader perspective of the specific environment within which the City operates.

While the City is optimistic, there is a recognition that the risk of geopolitical conflict in the Middle East and Russia/Ukraine, election uncertainty, supply chain interruptions, real estate markets and the impact of future Federal monetary policy decisions could im pact revenues in the future. The City focuses on City Council priorities and will deliver on action strategies that include the following: address homelessness, exploring communi ty health and wellness progr ams, and taking action on the Sustainability Master Plan which include projects such as the Climate Action Plan and Zero Emission Bus Plan.

Ventura County continues to be an ideal location for
business interests in Southern California. The area’s mild climate, coastal access, pr oximity to the greater Los
Angeles area, skilled workforce, and the only deep-water port between Los Angeles and San Francisco, all
contribute to the county’s business allure. A wide variety of companies are located in Camarillo, ranging from the premium outlets to manufac turing, provide a strong
economic base for sales tax revenue and employment
opportunities.

Of the City’s top three General Fu nd revenues, sales tax was the la rgest General Fund revenue in FY 2023/24. Sales tax revenue of $19.7 mi llion provided 32.2% of the General Fund revenue, and 10.5% of the City’s total revenue. Sales tax revenue increas ed 2.1% from prior fiscal year. The growth is attributed to economic recovery, increased consumer confidence, pent-up demand, and higher inflation.

City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ vi

Property Tax was the second larges t General Fund revenue in FY 2023/ 24. Property tax revenue of $19.1 million provided 31.3% of the General Fund reve nue, and 10.2% of the City ’s total revenue. The net assessed valuation was $17.4 bill ion, which is an increase of 6.0% from the prior fiscal year. This increase is primarily due to a growth in valu ation for the residential and unsecured categories.

Additionally, Camarillo’s median home remains steady at $895,000 compared to $895,750 in the prior fiscal year. Buoyed by high inflation, home values remain stable.

Sources: Ventura County Auditor-Controller

City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ vii
The City issued 972 business licenses for new commercial, industrial, and serv ice companies during the fiscal year.

This was an increase of 4.6% over the prior year. The City also proudly welcomed the addition of a variety of new
businesses into the community, including:

The City’s unemployment rate increased from 3.0% in the prior fiscal year to 3.9% in FY 2023/24.

During FY 2023/24, Camarillo employers decreased th eir labor force by 200 jobs (33,900 versus 34,100 in prior year). In addition, the unemployment rate for Ventura County at large increase d from 3.8% to

4.5%. These changes can largely be attributed to a decrease in the information sectors over the last fiscal year. During FY 2023/24 Ventura County employers decreased their labor force by 4,750 jobs (410,700 versus 415,450 in prior year).

City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ viii
The Camarillo economy benefits from several attracti ons such as the Premium Outlets and Promenade, Old Town Camarillo, Adolfo Camarillo Ranch, Ca marillo Public Library, Commemorative Air Force WWII Aviation Museum, and the Western Foundation of
Vertebrate Zoology Repository for Ornithological Specimens.

Annual community events attract thousands of local residents and visitors throughout the year, from the summer Concerts in the Park and Wings over Camarillo airshow to the July 4 th Celebration and the Camarillo Holiday Parade. All the annual events returned to pre-Pandemic levels and attracted
thousands of local residents and visitors. Camarillo has three golf courses and a 55 acre sports park th at provides facilities for entertainment and sports tournaments which make
Camarillo one of the best places to live, work, play, educate and innovate.

Since April 2011, the City has been a member of the Ventura-Oxnard-Camarillo Tourism Business Improvement District (VOCTBID) to market and promote tourism and lodging businesses in the member cities. In September 2014, the hotels within the City formed the Camarillo Tourism Marketing District (CTMD) to increase tourism in Camarillo by marketing the area to potential visitors. The Transient Occupancy Tax (TOT) is a General Fund revenue source for the City, with annual revenues of $3.2 million in the current fiscal year, a decrease of 1.7% over prior fiscal year. The TOT has moderately decreased in FY 2023/24 due to a decrease in occupancy room rates and average daily rates (ADR) for hotel rooms.

The FY 2024/25 TOT revenue projection is relatively flat with 2.0% growth anticipated in the upcoming fiscal year.

The City is a contributor to the Economic Devel opment Collaborative (EDC), which was established to promote jobs, economic growth, and maintain ec onomic vitality. The EDC focuses on attraction, retention, and expansion of bus inesses in the County through eco nomic development programs and funding assistance and is a business resource for companies of all sizes doing business in the County.

MAJOR INITIATIVES

General Fund – Projected General Fund budgeted expend itures and transfers out of $62.5 million exceed budgeted revenues and transfers in of $52. 4 million for FY 2024/25 primary due to one-time facility improvement projects as well as transfers out to the Cap ital Improvement Project fund for various City projects. Additionally, th e General Fund is expected to continue to provide transfers to the Citywide Lighting & Landscape Maintenance Distri ct Funds to support on-going operations and the Library Debt Service fund for outstanding debt service payments. Staff continues to pursue opportunities to minimize General Fund subsidies and department s have worked conscientiously to identify cost reductions while maintaining service levels.

Cash Management Policies and Practices – When monies are deemed investable, they are placed in the State of California Local Agency Investment Fund (LAIF), U.S. Treasury, Federal Agency securities, Certificates of Deposit s (CD’s), Supranational securities , Municipal securities, Negotiable Certificates of Deposits (NCD’s), Commercial Pa per, Corporate Medium Term Notes (MTNS), or Asset-Backed securities that mature in five years or less. The City’s investment portfo lio at June 30, 2024, included $147.5 million invested in LAIF and $88.0 millio n invested in U.S. Government securities. Funds placed with LAIF can be withdrawn with a same-day notice, providing the City with City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ ix
daily liquidity, while investment in U.S. Government securities provide portfo lio diversification. All investment vehicles offer the City outstanding security and are in compliance with the City’s Investment Policy.

The City has an Investment Comm ittee consisting of two City Councilm embers plus two citizens with financial/investment backgrounds. Th e City Manager/City Treasurer, A ssistant City Manager, Director of Finance, Finance & Accounting Manager, and Accountant provide staff support. The Investment Committee meets monthly to review the cash and inve stment position of the City. The Investment Policy is reviewed annually by the Investment Co mmittee and the City Council. Investment-related policy changes are recommended as necessary.

Long-term Financial Planning – With the continued goal of ensuring that Camarillo remains a safe and enriched environment where people can live, work , and play, special emphas is has been given to evaluate the City’s current facilities and activities, as well as their ability to continually meet current and future needs. The City’s Five-Year General Fund Fiscal Forecast is utilized in long-range budgeting and cash flow projections to ensure th at funding for the City’s future n eeds are being met through prudent investments, conservative expenditures, and efficient operations. This multi-year strategy towards fiscal sustainability for the General Fund focuses on maintaining a healthy fund balance.

The City participates in the California Public Employees Retirement Sy stem (CalPERS) 2% @ 55 Public Agency Miscellaneous Employ ees’ defined benefit pension plan. In an effort to address rising pension costs and the unfunded pension liability, the City Council directed staff to implement a Pension Rate Stabilization Program (PRSP) Trust. The City of Camarillo PRSP Trust Investment Policy was originally adopted on June 13, 2018. The PRSP Trust provides a mechanism for accumulating funds that may be used to offset pension costs. The goal of the PR SP trust, as stated in the Policy, is to attain and maintain a fully funded pension status by Fiscal Year 2036/37.

The PRSP Trust Investment Policy outlines parameters for the investment of funds to maximize return over the long-term horizon, subject to risk and quality constraints set forth in the Policy. The balance of the trust has grown from the initial contribution of $5.0 million in September 2018 to $7.2 million at the end of FY 2023/24. The Funded Ratio (Actuarial Valu e of Plan Assets/AAL), at June 30, 2023, was

73.2% based on assets held by CalPERS. When fact oring in the PRSP Trust balance at June 30, 2023, the Funded Ratio is 77.7%.

In addition to prudent fi scal management and forward-looking budget projections, th e City follows a fund reserve policy set by the Council that is in compliance with Government Accounting Standards Board (GASB) Statement No. 54. As of June 30, 2024, $31.2 million of the General Fund total fund balance of $109.5 million was committed as an ope rating reserve. This re serve balance meets the Council’s reserve policy of 50% of the operating budget in the General Fund.

City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ x

SIGNIFICANT ACCOMPLISHMENTS AND RECOGNITION

The City’s mission is to provide effective and efficient municipal services that promote a high quality of life, economic vitality, and a safe and enriched environment where people can live, work and play.

Incorporated on October 22, 1964, the City of Camarill o celebrates its 60th anniversary this year. Over the past six decades, the community has grown and evol ved with an enduring strength and vibrant spirit.

In celebrating the City’s 60th milestone, we acknow ledge the contributions of the people, “las personas,” who share a commitment to making Camarillo a place we are proud to call home. As our City motto states, las personas son la ciudad – the people are the city. As the City reflects on the past with appreciation, we look towards the future with optim ism. Together, we will continue to build a bright future for generations to come.

Camarillo completed a Sustai nability Master Plan for
Municipal Operations which is the City’s goal of resource management when providing cost-effective, efficient services to the public while minimizing impacts on the environment.

The City continues to plan for a more sustainable future and has implemented several resili ency projects throughout the City including the installation of infrastructure that supports zero emission vehicles. The City installed 36 new electric vehicle charging stations whic h included 22 level 2 chargers installed at Camarillo City Hall and Constitution Park and 14 charging stations at the Camari llo Public Library, which are all available for public use. Currently, there is no other place in Camarillo with this high c oncentration of electric vehicle charging stations.

The City constructed and co mpleted the North Pleasant
Valley Groundwater Desalter, which transforms unusable
brackish groundwater into a local source of high-quality and affordable drinking water while also removing damaging
salts from the regional waters hed. The treated groundwater delivers 3,800 acre feet of trea ted water to residential and commercial customers. The Desalter is the largest capital project in Camarillo’s histor y and will reduce the City’s dependence on imported state wa ter in addition to saving approximately $50 million over th e next 20 years. The City has received $31.0 million in State and Federal gran t funding for the project, which consists of a treatment plant, pipeline construction and monitoring wells.

Awards – The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Camarillo for its ACFR for the fiscal year ended June 30, 2023. This was the thirty-sixth consecutive year that the City has achieved this prestigious award. In order to be awarde d a Certificate of Achievement, a government entity must publish an easily readable and efficiently or ganized ACFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements.

City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ xi
A Certif
icate of Achievement is va lid for a period of only one year. We believe that the current ACFR continues to meet the Certificate of Achievement Program’s requirements and the City will be submitting it to the GFOA to determine its eligibility for another certificate. A copy of the Certificate for the fiscal year ended June 30, 2023, is included in the Introductory Section of this ACFR.

The GFOA also awarded a Certificate of Achievement for Distinguished Budget Presentation to the City of Cama rillo for its Annual Budget for fiscal year beginning July 01, 2023. This award is the highest form of recognition in governmental budgeting and represents a significant achievement by the City of Camarillo, in that it reflects the commitment of the governing body and staff to meeting the highest principals of governmental budgeting. To earn recognition, the budget document must meet program criteria and excel as a policy document, financial plan, oper ation guide, and co mmunication tool.

There are over 1,800 participants in the Budget Awards Program.

The City received the Award of Merit for the Sustai nability Master Plan fo r municipal operations from the Central Coast Chapter of the American Planni ng Association along with an Economic Development Programs & Promotions Award for the City’s C hoose Camarillo website and marketing from the California Association for Local Economic Development (CALED).

The City maintains a “AAA” in U. S. Municipalities by the Standard and Poor’s (S&P) Global Ratings with a stable outlook. This aligns with the goal of the City Council to maintain sound and conservative financial practices to ensure the fiscal sustainability of the City.

Acknowledgements – I wish to acknowledge the excellent part icipation and professional contributions of the finance staff in the preparation of this doc ument, in particular Finance & Accounting Manager Kristen Madary, Accountant David Rivera, Accoun ting Specialists Julieanne Lane and Judith Masooman, and Budget & Purchasing Manager Rena Bassett who are to be commended for their continued high level of performance. I would also like to express my appreciation to all departments within the City who provided assistance and support.

Sincere appreciation is also expressed to City Manager Greg Ramirez, Assistant City Manager Carmen Nichols, and members of the City Council, for their leadership and support in planning and conducting the financial operations of the City in a responsible and forward looking manner.

Sincerely,
Mark Uribe
Director of Finance

Government Finance Officers Association
Certificate of

Achievement
for Excellence
in Financial
Reporting
Presented to
City of Camarillo
California
For its Annual
Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2023
Executive Director/CEO
xii
David Tennessen
Councilmember
Organizational Structure
& Directory of City Officials
ii
Camarillo Community
Kevin Kildee
Vice Mayor
Tony Trembley
Mayor
ii
Martita Martinez-Bravo
Councilmember
Susan Santangelo
Council member
Planning
Commission (5 FTE)
Greg Ramirez
City Manager (16 FTE)
Rachel Richman
City Attorney (Contract)
David Sanchez
Director of
Community Development
(18 )
Current Planning
Economic Development
& Revitalization
Environmental Review
General Plan
Code Compliance
Comprehensive Planning
Community
Development Block
Grant
Building & Safety
Carmen Nichols
Assistant City Manager
Mark Uribe Dave Klotzle
Director of Director of
Finance Public Works
(18) (90)
Accounting Private Project Development
Operating Budget
Payroll
Capital Project Development
Financial Reporting
Business Tax
Utility Billing
Cash Management
Purchasing
Debt Services
Community Service
Grants
Mapping & Records
Public Works Inspection
Transit/Transportation
Engineering
Water
Wastewater
Street/Landscape
Maintenance
Storm Water System
Maintenance
Economic Development
Refuse/Recycling
Sustainability and Resiliency
Emergency Operations Center
Crossing Guards
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Camarillo Ranch Events
Risk Management
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Homelessness
Kristy
Buxkemper
City Clerk
(4)
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Elections
Records Management
Nonprofit Solicitor
Permits
Bingo Licenses
Mitchell Cameron
Director of Administrative
Services / Chief
Innovation Officer (19)
Information Systems
Graphic Information
Systems
Facility Maintenance
Fleet Maintenance
Telecommunications
Audio-Visual
Library Operations
Dog Licenses
Eric Tennessen
Police Commander
Contract - Vemura County
Patrol
Crime Prevention
Accident Prevention
Investigations
School Resources
Youth Services
Citizen Patrol
Disaster Assistance
Response Team
(DART)
xiii

CITY OF CAMARILLO, CALIFORNIA

ELECTED OFFICIALS AND ADMINISTRATIVE OFFICERS
FOR THE FISCAL YEAR ENDED JUNE 30, 2024
Elected Officials
City Council Te
rm Expires
Tony Trembley November 2024
Mayor
Resides in
District 4
Kevin Kildee November 2024
Vice Mayor
Resides in District 3
David Tennessen November 2026
Councilmember
Resides in District 1
Martita Martinez-Bravo November 2026
Councilmember
Resides in District 5
Susan Santangelo November 2026
Councilmember
Resides in District 2
Administrative Officers
N a m e Po s i t i o n
G r e g R a m i r e z C i t y M a n a g e r
Carme
n Nichols Assistant City Manager
Mark Uribe Director of Finance
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xv

FINANCIAL

SECTION

17 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.

CliftonLarsonAllen LLP
CLAconnect.com
18 INDEP
ENDENT AUDITORS’ REPORT
Honorable Mayor and Members of the City Council
City of Camarillo, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fu nd information of City of Camarillo, California, (the City) as of and for the year ended June 30, 2024, a nd the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

In our opinion, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the busin ess-type activities, each major fund, and the aggregate remaining fund information of the City of Camarillo, California, as of June 30, 2024, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.

Basis for Opinions
We conducted our audit in accordance with auditing st andards generally accepted in the United States of America (GAAS) and the standards applicab le to financial audits contained in Government Auditing Standards , issued by the Comptroller General of the United Stat es. Our responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for the design, implementation, and maintenance of internal control relevant to the preparati on and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, management is requi red to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for twelve months beyond the financial statement date, incl uding any currently known information that may raise substantial doubt shortly thereafter.

Honorable Mayor and Members of the City Council
City of Camarillo, California
19 Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whet her the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinions.

Reasonable assurance is a hi gh level of assurance but is not absolute assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstateme nt resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material if there is a substantial likelihood that, individually or in the a ggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS and Government Auditing Standards, we:

 Exercise professional judgment and maintain professional skepticism throughout the audit.

 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures res ponsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.

 Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, no such opinion is expressed.

 Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.

 Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.

We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.

Honorable Mayor and Members of the City Council
City of Camarillo, California
20 Required Supplementary Information
Accounting principles generally accepted in the Unite d States of America require that the management’s discussion and analysis, the budgetary comparison schedul es for the general fund, the maintenance districts special revenue fund and development fees special revenue fund, the schedule of changes in net pension liability and related ratios, the schedule of pension contributions, the schedule of changes in net OPEB liability and related ratios, and the schedule of OPEB contributions be presen ted to supplement the basic financial statements. Such information is the responsibility of management and, altho ugh not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an a ppropriate operational, economic, or historical context.

We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of A merica, which consisted of inquiries of management about the methods of preparing the information and compari ng the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Supplementary Information
Our audit was conducted for the purpose of forming opini ons on the financial statements that collectively comprise the City’s basic financial statements. The combining financial statements and individual fund budgetary schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was deri ved from and relates directly to the underlying accounting and other records used to prepare th e basic financial statements . The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such info rmation directly to the underlying accounting and other records used to prepare the basic fina ncial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinio n, the supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information
Management is responsible for the ot her information included in the annual report. The other information comprises the introductory and statistical sections but do es not include the basic financial statements and our auditors’ report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.

In connection with our audit of the b asic financial statements, our responsibilit y is to read the other information and consider whether a material inc onsistency exists between the other information and the basic financial statements, or the other information otherwise appear s to be materially misstat ed. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

Honorable Mayor and Members of the City Council
City of Camarillo, California
21 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards , we have also issued our report dated November 19, 2024, on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testi ng of internal control over financial reporting and compliance and the results of that testing, and not to provide an opin ion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.

CliftonLarsonAllen LLP
Irvine, California
November 19, 2024

22 MANAGEMENT’S DISCUSSION

AND ANALYSIS

23 City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 24 As management of the City of Camarillo we offer readers of the City’s financial statements this narrative overview and analysis of th e financial activities of the City for the fiscal year ended June 30, 2024. We encourage readers to cons ider this information presente d here in conjunction with the accompanying Letter of Transmittal, lo cated in the Introductory Section of this report, and the basic financial statements.

A. FINANCIAL HIGHLIGHTS

 At June 30, 2024, the City’s net position (excess of assets and deferred outflows over liabilities and deferred inflows) was $635.6 million. Of this amount, $169.1 million is unrestricted and may be used to meet the City’s ongoing obligations to citizens and creditors in accordance with the City’s fund designation and fiscal policies. The City also repor ted positive balances in every category of net position for governmental and business type activities (as outlined on page 47).

 During the fiscal year ended June 30, 2024, the City’s tota l net position increased by $16.7 million. Governmental activit ies net position increased by $16.3 million while business-type activities net position increased by $0.4 million, when compared to prior fiscal year. Detailed explanations are provided later in this discussion.

 The City’s governmental funds reported a comb ined ending fund balance of $168.7 million, which is an increase of $23.7 million compared to prior fiscal year. The ending fund balance includes the following: $50.0 million is restricted by specific legal requirements (29.62%), $88.0 million (52.17%) is committed fo r specific purposes determined by a formal adopted resolution of the City Council, $18.7 million (11.06%) is assigned to specific types of expenditures that are neither restricted or committed, $11.5 million (6.83% ) is unassigned and can be used for any lawful purpose, and the remaining $540,000 (0.32%) is nonspendable.

 At the end of FY 2023/24, unrestricted fund balance (which includes committed, assigned, and unassigned components of fund balance) in the General Fund totaled $100.7 million, or 217%, of total general fund expenditures. When adjusted for the committed and assigned components of fund balance, the amount available for ongoing operations at the discretion of the City is reduced to $11.5 million, or 10.52% of total general fund balance.

 The City’s total outstanding debt decrea sed by $12.2 million during FY 2023/24, due to scheduled principal payments on outstanding bonds and the Water Revenue Bond defeasance.

See Long-Term Debt Note 7 in the basic financial statements for additional information.

B. OVERVIEW OF FINANCIAL STATEMENTS

Management’s discussion and analysis is intended to serve as an introduction to the City’s basic financial statements, which are comprised of three components: 1) government-wide financial statements, 2) fund financia l statements, and 3) notes to basic fi nancial statements. This report also contains other required supplementary information in addition to the basic financial statements.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 25 The basic financial statements include the City (pri mary government) and all legally separate entities (component units) for which the gover nment is financially accountable . The City’s blended component units consist of the following: Camarillo Capital Improvement Corporation, Camarillo Community Development Commission, Camarill o Industrial Development Authority, Camarillo Library Board, Camarillo Public Finance Authority, and the Camarillo Sanitary District Board.

These component units have been included in the basic financial statements as an integral part of the primary government using the blended method of reporting.

Government-Wide Financial Statements

Government-wide financial statements are designed to provide readers with a broad overview of the City’s financial condition using the accrual basis of accounting, which is similar to the accounting method used by the majority of private-sector busine ss, and to provide information about the City as a whole, presenting an aggregate current view of the City's finances.

The Statement of Net Position presents financial information on all of the City’s assets (including infrastructure) and deferred outflows, as well as all liabilities (including long- term debt) and deferred inflows, with the difference reported as net position. Certain interfund activities have been eliminated as required by GASB Statement No. 34. Over time, increas es or decreases in ne t position may serve as a useful indicator of whether the financial position of the City is improving or de teriorating. In order to assess the overall health or financial condition of the City, other non-financia l factors should also be taken into consideration which include changes in th e City’s property tax base and the condition of the City’s infrastructure (roads, improvements, drainage, storm and sewer lines, etc.).

The Statement of Activities presents financial information showing how the City’s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of timi ng of related cash flows. Thus, current fiscal year’s revenues and expenses are reported in this statement for items that wi ll only result in cash flows in future fiscal periods (uncollected taxes, pension contributions, and earned but not used accrued leave).

Government-wide financial statements distinguish governmental activities from business-type activities.

Governmental activities of the C ity include general government, public safety, economic development, cultural arts and library services , and highways and streets, which are primarily supported by property taxes, sales taxes, franchise fees, and intergovernmental revenues. Business-type activities of the City include Water Utility, Sanitary District, Solid Wast e, Transit, and Camarillo Ranch Events, which are intended to recover all or a majority of their costs through charges for services

The government-wide financial statements can be found on pages 47-49 of this report.

Fund Financial Statements

Fund financial statements provide readers with deta iled financial information about the City’s major funds. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related le gal requirements and to maintain control over resources that have been segregated for specific activities or objectives. The fund financial statements include statements for each of the three categories of activities: governmental, proprietary, and fiduciary.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 26 Governmental Funds - The governmental funds are used to account for essentially the same functions reported as governmental activities in the government -wide financial statemen ts. However, unlike the government-wide financial statements, governmental funds financial statements focus on current financial resources, which emphasize near-term inflow s and outflows of spendable resources, as well as balances of spendable resources at the end of the fisc al year. This information is essential in evaluating the City’s near-term financial requirements.

To better understand the City’s long-term and short-term requirements, it is useful to compare the City’s governmental fund statements with the government al activities in the gove rnment-wide financial statements. Reconciliations are provided for both the governmental fund balance sheet and the statement of revenues, expenditures, and changes in fund balances, in order to facilitate this comparison.

The major governmental funds include the General Fund, Maintenance Districts Special Revenue Fund, Development Fees Special Revenue Fund, and Cap ital Improvement Projects Fund, which are reported in detail in the governmental fund financial statements. Data from the remaining governmental funds are shown in the aggregate as other non-major gove rnmental funds. Individua l fund data for other non- major governmental funds is provided in the form of supplementary information in the report.

The governmental fund financial statements can be found on pages 54-60 of this report.

Proprietary Funds - The proprietary funds are used to account for services for which the City charges external customers or internal de partments of the City. The City maintains two types of proprietary funds: enterprise funds and internal service funds.

 Enterprise funds are used to report the same functions presented as business -type activities in the government-wide financial statements in greater detail. The City uses enterprise funds to account for its Water Utility, Sanitary District , Solid Waste, Transit, and Camarillo Ranch Events funds.

 Internal service funds are used to report activities that provi de internal services for the City.

The City uses internal service funds to accoun t for its Risk Manageme nt Fund, Information Services Fund, and the Vehicles & Equipment Fund. The City Ha ll Facility, Corporation Yard Facility, Police Facility, Library Facility, and the Chamber of Commerce Facility internal service funds were consolidated into th e General Fund during the fiscal year. Since in ternal service funds predominantly benefit govern mental rather than business-type activities, they have been included within governmental activities in the government-wide financ ial statements but combined into a single aggregated presentation in the proprietary fund financial statements.

Individual fund data for the internal servic e funds is provided in th e form of supplementary information in the report.

The proprietary fund financial statements can be found on pages 62-69 of this report.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 27 Fiduciary Funds - Fiduciary funds are used to account for resources held for the benefit of parties outside the government where the City is the trustee or fiduciary. Th e City’s fiduciar y activities are reported in separate financial statements. These ac tivities are excluded from th e City’s other financial statements because the resources of these funds are not available to support the operations of the City.

The City is responsible fo r ensuring that the assets reported in these funds are used for their intended purposes.

The fiduciary fund financial statements can be found on pages 72-73 of this report.

Notes to Basic Financial Statements

The notes provide additional information essential to a full understanding of th e data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found on pages 77-127 of this report.

Required Supplementary Information

In addition to the basic financial statements, this report also presen ts certain Required Supplementary Information (RSI), including the City’s budgetar y comparison schedules for the General Fund, Maintenance Districts Special Revenue Fund, and Development Fees Special Revenue Fund, schedule of changes in net pension liability and related ratios, schedule of pension contributions, schedule of changes in net Other Post-Employment Benefits (OPE B) liability and related ratios, and schedule of OPEB contributions. RSI can be found on pages 130-139 of this report.

Supplementary Information

Budgetary comparison schedules fo r Capital Improvements Projects Fund, combining statements and budgetary comparison schedules fo r non-major governmental funds, and combining st atements for internal service funds an d custodial funds are presented immediat ely following the RSI. Supplementary information can be found on pages 143-176 of this report.

Statistical Section

Statistical tables regarding financial trends, revenue capacity, debt capacity, demographic and economic information, and operating information can be found on pages 181-210 of this report.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 28 C. GOVERNMENT-WIDE FINANCIAL ANALYSIS

Statement of Net Position

Changes in net position is a useful indicator of the C ity’s financial position over time. For the fiscal year ended June 30, 2024, assets and defe rred outflows of resources exceeded liabilities and deferred inflows of resources by $635.6 million. The fo llowing is the condensed Statemen t of Net Position for the fiscal years ended June 30, 2024, and 2023

City of Camarillo’s Net Position
As of June 30, 2024 and 2023

2024 2023 2024 2023 2024 2023
194,827,646$ 174,313,837 $ 90,105,598 $ 104,145,789 $ 284,933,244 $ 278,459,626 $ Capital assets (net of depreciation) 259,173,104 260,427,195 154,979,025 153,089,122 414,152,129 413,516,317 Total Assets 454,000,750 434,741,032 245,084,623 257,234,911 699,085,373 691,975,943 Deferred Outflows of Resources 7,249,417 7,789,757 5,628,789 5,869,199 12,878,206 13,658,956 Current and other liabilities 13,976,199 11,339,056 6,455,917 8,039,373 20,432,116 19,378,429 Long-term liabilities 27,486,563 27,435,883 27,109,448 38,056,739 54,596,011 65,492,622 Total Liabilities 41,462,762 38,774,939 33,565,365 46,096,112 75,028,127 84,871,051 Deferred Inflows of Resources 627,213 956,264 712,920 932,064 1,340,133 1,888,328 250,765,154 255,561,413 141,132,887 126,533,722 391,898,041 382,095,135 Restricted 54,193,422 49,250,038 20,377,316 21,486,969 74,570,738 70,737,007 Unrestricted 114,201,616 97,988,135 54,924,924 68,055,243 169,126,540 166,043,378 Total Net Position 419,160,192$ 402,799,586 $ 216,435,127 $ 216,075,934 $ 635,595,319 $ 618,875,520 $ Net investment in capital assets
Current and other assets
Net Position:

TotalActi vi ti es
Business-Type
Activities
Governmental

At June 30, 2024, the largest portion of net position consisted of the City’s net investment of $391.9 million (61.7%) in capital assets (land, infrastruc ture, buildings, machinery, and equipment). This component represents the total amount of funds required to acquire t hose assets, less any outstanding related debt, subscription-base d information technology arrangem ents (SBITA), and accumulated depreciation. The City uses these cap ital assets to provide services to citizens. The capita l assets of the City are not sources of income for repayment of de bt as most assets are not revenue generating and generally are not liquidated to repay outstanding debt. Debt service payments are funded from other sources available to the City.

An additional portion of the City's net position in the amount of $74.6 million (11.7%) represents resources that are subject to external restrictions on how the funds may be used.

The remaining net position of $169.1 million (26.6%) is unrestricted and may be used at the City’s discretion to meet the government’s ongoing obligations to citizens and creditors in accordance with the City’s fund designation and fiscal policies.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 29 For the fiscal years ended June 30, 2024, and 2023, the City reported positive balances in every category of net position for governmental an d business-type activities. Change s in net position are due to the following:

 Increase of $3.8 million in rest ricted net position was primarily due to $4.3 million increase in capital projects in governmental activities and business-type activ ities, offset by $0.8 million decrease in debt service and $0. 4 million decrease in special pr ojects and programs, as well as $0.7 million increase from investment earnings in the pension rate stabilization trust fund.

 Net investment in capital assets increased by $9.8 million. This was primarily due to the defeasance of the 2019 Water Revenue Bonds payable during the current fiscal year compared to a balance of $10.6 million in the prior fiscal year.

 Unrestricted net position increased by $3.1 milli on and is the balance of net position remaining after calculating the activities listed above.

The following chart represents the comparison of th e three components of net position for fiscal years 2023/24 and 2022/23

Statement of Activities

The Statement of Activities shows the summary of the City’s activities and the components that caused the net position to ch ange during the fiscal year. Overall, th e City’s net position increased by $16.7 million (2.7%) during the fiscal year. These in creases are summarized in the following pages by governmental and business-type activities. A condens ed Statement of Activities for the fiscal years ended June 30, 2024, and 2023 is presented below.

Millions
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 30 2024 2023 2024 2023 2024 2023
Revenues:

Program Revenues:

Charges for services 8,964,941 $ 7,622,236 $ 39,901,946 $ 38,060,277 $ 48,866,887 $ 45,682,513 $ 12,049,388 8,668,901 2,588,845 3,377,023 14,638,233 12,045,924 359,554 204,146 400,878 9,518,081 760,432 9,722,227 General Revenues:

Taxes 50,773,983 49,523,989 1,710,204 1,639,394 52,484,187 51,163,383 Investment earnings 8,672,357 3,181,920 5,409,807 1,839,429 14,082,164 5,021,349 Other 497,110 114,347 862,327 396,232 1,359,437 510,579 Total Revenues 81,317,333 69,315,539 50,874,007 54,830,436 132,191,340 124,145,975 Expenses:

General government 11,383,254 9,729,902 - - 11,383,254 9,729,902 Public safety 22,046,568 19,166,034 - - 22,046,568 19,166,034 Economic development 1,970,459 4,277,348 - - 1,970,459 4,277,348 Cultural arts and library services 2,899,739 4,127,446 - - 2,899,739 4,127,446 Highways and streets 25,329,690 21,237,431 - - 25,329,690 21,237,431 Interest on long-term debt (unallocated) 200,867 177,593 - - 200,867 177,593 Water utility - - 21,286,059 18,807,657 21,286,059 18,807,657 Sanitary district - - 18,271,350 16,364,258 18,271,350 16,364,258 Solid waste - - 8,148,652 8,092,945 8,148,652 8,092,945 Transit - - 3,433,964 3,217,504 3,433,964 3,217,504 Camarillo ranch events - - 500,939 456,950 500,939 456,950 Total Expenses 63,830,577 58,715,754 51,640,964 46,939,314 115,471,541 105,655,068 Increase in Net Position before Transfers 17,486,756 10,599,785 (766,957) 7,891,122 16,719,799 18,490,907 Transfers (1,126,150) (58,592) 1,126,150 58,592 - - Increase (Decrease) in Net Position 16,360,606 10,541,193 359,193 7,949,714 16,719,799 18,490,907 Net Position - Beginning of Year 402,799,586 392,258,393 216,075,934 208,126,220 618,875,520 600,384,613 Net Position - End of Year 419,160,192 $ 402,799,586 $ 216,435,127 $ 216,075,934 $ 635,595,319 $ 618,875,520 $ Operating contributions and grants
Capital contributions and g rants
Total
Statement of Activities
Governmental Business-Type
As of June 30, 2024 and 2023
Activities Activities

Governmental Activities

Total revenues and expenses for governmental activities were $81.3 mil lion and $63.8 million, respectively. Governmental activities increased the C ity’s net position by $16.4 million compared to an increase of $10.5 million in the prior fiscal year.

Total revenues increased $12.0 million compared to prior fiscal year primarily due to the factors below:

 Charges for services revenue increased $1.3 million, or 17.6% due to an increase of $2.0 million in Internal Service Fund (ISF) allocated charges, which is new in the current fiscal year, offset primarily by a decrease in development service revenue for Springville Interchange Benefit Area (SIBA) of $0.8 million when compared to prior fiscal year.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 31  Total contributions & grants incr eased $3.5 million, or 39.8% due to increases of the following revenues: Ventura County Service Authorities for Freeway Emergencies (SAFE) Grant of $0.5 million, Transportation Developm ent Act (TDA) Article 8c Transi t funding of $1.1 million that was recorded in the governmental fund as opposed to enterprise fund in prior fiscal year, $0.5 million in Community Development Block Gran t (CDBG) Program grant, along with $0.8 million federal funding for the Road Rehabilitation project.

 Taxes increased $1.2 million, or 2.5%, primarily due to sale s and property tax growth. The City’s sales tax revenue has slightly increased in growth and remains flat primarily in the General Consumer Goods, Autos and Transportati on, and Fuel and Service Stations categories.

In addition, the City saw an increase in propert y tax revenue of $0.8 million compared to prior fiscal year due to a growth in valuation for the residential and unsecured categories.

 Investment earnings increased $5.5 million primarily due to higher average annual yield, increase in securities invested, and an increase in the fair market value of investments held by the City at fiscal year end.

Governmental Activities - Revenues by Source
For the Fiscal Year Ended June 30, 2024
(Total Revenue: $81.3 million)

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 32 Total expenses for governmental activities were $63. 8 million, $5.1 million more than the prior fiscal year. This increase includes the following fluctuations compared to prior fiscal year:

 General governmental costs increased $1.7 million primarily from an increase in administration costs and internal service fund al located charges for City Hall and City Corp Yard facilties that were not allocated in prior fiscal year due to sufficient fund balance fo r planned operations and projects. These costs were offset by a slight d ecrease in expenses for both cultural arts and library services and highways and streets.

 Economic development costs decreased $2.3 million primarily due to $3.3 million related to the transfer of City-owned land of the former Stock Lumber site to the Area Housing Authority of the County of Ventura and Many Mansions for the purposes of providing affordable housing in the prior fiscal year.

 Highways and streets costs incr eased $4.1 million primarily due to the development and construction of various City projects that are underway during the current fiscal year.

Program revenues for governmental activities totaling $21.4 million offset total expenses as follows:

 Users benefiting directly from programs contributed $9.0 million in charges for services.

 Operating contributions and gr ants from outside sources or other governments totaled $12.0 million including $1.1 million in Transportation Development ACT (TDA) Article 8c Transit funding, $1.7 million in TDA Article 8a streets a nd roads funding, $1.9 million in Gas Tax, and $1.8 million in SB1 funding used primarily for main tenance of City streets and roads. The City also recognized $2.4 million in ARPA funds th is fiscal year. This funding was intended to replace revenues impacted by th e Pandemic, which were General Fund revenues necessary to pay for essential City services such as public safety. As a result, total expenses funded by general revenues totaled $58.8 million.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 33 Governmental Activities
Revenues and Expenses by Function/Program
For the Fiscal Year Ended June 30, 2024
(Excluding Interest on Long-term Debt)

Functional expenses for the fiscal years ended June 30, 2024 and 2023 were as follows (amount in millions):

Percent Change Percent Change
2024 2023 2023-2024 2024 2023 2023-2024
General Government 11.4 $ 9.7 $ 17.4% (8.6) $ (9.0) $ -4.4% Public Safety 22.0 19.2 14.8% (16.2) (14.0) 15.7%

2.0 4.3 -54.2% (1.2) (4.0) -70.0% Cultural Arts and Library Services 2.9 4.1 -29.3% (2.6) (3.7) -29.7% Highways and Streets 25.3 21.2 19.5% (13.7) (11.4) 20.2% Interest on long-term debt 0.2 0.2 0.4% (0.2) (0.2) 0.0% Total 63.8 $ 58.7 $ 8.7% (42.5) $ (42.3) $ 0.5% Economic Development
Net (Expenses) RevenuesTotal Expenses

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 34 Changes in total net expenses incr eased $0.2 million, or 0.5%, comp ared to prior fiscal year. Net expense is the calculated result of subtracting revenues from expenses. Highlights of the changes are as follows:

 General government net expense de creased $0.4 million primarily due to internal service fund allocated charges for City Hall Facility that were no longer charged in the current fiscal year due to the ISF fund consolidation to the General Fund.

 Public safety net expenses increased $2.2 millio n primarily due to $0.9 million increase in police services and $0.5 million expense due to the purchase of Opticom police devices and transmitters.

 Economic development net expense decreased $2.8 m illion primarily from the transfer of City- owned land of the former Stock Lumber site to the Area Housing Authority of the County of Ventura and Many Mansions for the purposes of pr oviding affordable housing in the prior fiscal year.

 Cultural arts and library services net expense decreased $1.1 milli on primarily due to the former library facility allocated charges no longer needed in the current fiscal year as the property was transferred to a local nonprofit organization in the prior fiscal year.

 Highways and streets net expense increased $2.3 mi llion primarily due to the ISF consolidation of the Corp Yard facility operations and impr ovements to the General Fund in the amount of $0.5 million along with an overall increase in personnel costs of $0.9 million due to employee retirement payouts, decrease in a llocated staff costs to projects, and increase of personnel costs for salaries and benefits in this fiscal year.

Business-type Activities

Total revenues and expenses for business-type activities were $50.9 million and $51.6 million, respectively. Business-type activities increased the C ity’s net position by $0.4 million, compared to an increase of $7.9 million in the prior fiscal year.

Total business-type revenues decr eased $4.0 million from prior fiscal year pr imarily due to the following:

 Capital contributions and grants decreased $9.1 million primarily due to the United States Bureau of Reclamation (USBR) grant received in the amount of $4.6 million for the construction of the North Pleasant Valley Groundwater Desalter pr oject received in the prior fiscal year. In addition, capital improvement fees decreased $4.5 million due to housing development in the prior fiscal year.

 Operating contributions and grants revenue had a net decrease of $0.8 million due to a decrease of $1.1 million TDA Article 8c funding from the Ventura County Tran sportation Commission (VCTC) that was transferred to governmental f und from the enterprise fund during the current fiscal year.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 35  Net program expense (excluding general revenue s) in Water Utility and Sanitary District activities were $6.0 million and $1.7 million respectively. The net program expense included a decrease in Capital Improvement Fees revenue in the amount of $2.3 mi llion compared to prior fiscal year due to development projects occurring in FY 2022/23.

Business-type Activities - Revenues by Source
For the Fiscal Year Ended June 30, 2024

Total business-type expenses increas ed $4.7 million from prio r fiscal year, with the largest increase in Water Utility activities of $2.5 million primarily due to an increases of $0.7 million in professional services, $0.5 million in materials, and $0.7 million in elec trical costs related to the operation of the North Pleasant Valley Desalter facility during the cu rrent fiscal year. Solid Waste expenses of $8.1 million and Camarillo Ranch Events expenses of $0.5 million were both in line with prior fiscal year while Transit expenses increased by $0.2 million refl ecting a nominal increase in standard operating and maintenance expenses.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 36 Sanitary District activities increased $1.9 million primarily due the following as compared to prior year:

 Increase of $1.3 million in salaries and benefits due to department vacancies that were filled during the current fiscal year al ong with normal fluctu ations in personnel co sts, and an increase in GASB 68 pension expense due to investment earning returns and investment losses for the measurement period of FY 2022/23.

 Increase in allocated charges for vehicles a nd equipment usage and City Hall facility of $0.6 million and $0.4 million respectively.

Business-type activities are reported under the fu ll accrual method of accounting; therefore, the following chart of program revenues and expenses does not include capital projects and purchases.

Business-type Activities
Program Revenues and Expenses
For the Fiscal Year Ended June 30, 2024

D. FUND FINANCIAL STATEMENT ANALYSIS

A fund is a grouping of relate d accounts that is used to maintain control ove r resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.

Governmental Funds

The focus of the City’s governmental funds is to provide information on short-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financing requirements.

In particular, unrestricted fund bala nces (unassigned, assigned and co mmitted) may serve as a useful measure of a government’s net resources available for spending in the next fiscal year.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 37 At the end of FY 2023/24, the City’s governmental funds reported a combined ending fund balance of $168.7 million, an increase of $23.7 million from the prior fiscal year. The ma jority of this increase pertains to the general fund which increased by $18.0 million compared to the prior fiscal year. The ending fund balance includes: $50.0 million in restri cted, $88.0 million in comm itted, $18.7 million in assigned, $0.5 million in nonspendable, and the remaining $11.5 million in unassigned. See Fund Balances for Governmental Funds Note 9 for additional information.

The General Fund is the chief operating fund of the City. At the end of FY 2023/24, the unassigned fund balance of the General Fund was $11.5 million, while the total General Fund balance was $109.5 million. As a measure of the Ge neral Fund’s liquidity, it may be us eful to compare unassigned fund balance and total fund balance to total expenditures.

At June 30, 2024, unassigned fund balance was 24. 9% of total General Fund expenditures and net transfers, while total fund balance was 236.2% of total expenditures and net transfers. Unassigned fund balance allows the City to address financial uncertainties with flexible fiscal resources.

The City’s General Fund balance increased $18.0 million (19.6%) compared to the prior fiscal year. This increase was due to a $8.9 million (502.0%) increase in transfers in from the I SF consolidation of five ISF funds. In addition, there was a $0.7 million (3.8%) increase in prop erty taxes due to the City’s net taxable value increase in FY 2023/24, $0.4 million (2.1%) increase in sales tax due to higher inflation in the current year, and investment earnings increas ed $3.9 million primarily due to increased cash invested, higher average annual yield, and unrealized net gain on fair value adjustment.

The Maintenance Districts Specia l Revenue Fund met the GASB 34 crite ria which continued to require this fund to be presented as a major fund in FY 2023/24. Fund balance decreased less than $0.1 million (2.3%), compared with an increase of less than $0.1 million in the prior fiscal year. There was minimal fiscal impact year over year within this Fund.

The Development Fees Special Revenue Fund met the GASB 34 criteria which continued to require this fund to be presented as a major fund in FY 2023/24. Fund balance increased $0.9 million (4.2%), compared to an increase of $1.3 million in the pr ior fiscal year. This $0.4 million net increase was primarily driven by increased revenue from investment earnings ($1.1 million versus $0.4 million prior year).

The Capital Improvement Projects Fund was elect ed as a major fund in FY 2023/24. Fund balance increased $5.6 million (47.2%), compared to an incr ease of $5.0 million in the prior fiscal year. This $0.6 million net increase was driven mainly by larg e transfers in for current and planned capital improvement projects.

Proprietary Funds

The City’s proprietary funds pr ovide the same type of inform ation found in th e government-wide financial statements, but in additi onal detail. Factors concerning these funds have been addressed in the discussion of government-wide financial analysis of business-type activities.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 38 E. GENERAL FUND BUDGETARY HIGHLIGHTS

The City budget is revised over the course of the fiscal year through two types of budget amendments:

 Amendments and appropriations approved by the City Manager consistent with City Council Policy after the beginning of the fiscal year to reflect capital, grant, and encumbrance carryovers for unspent appropriations of projects and purchases that have not yet been completed.

 New appropriations approved by the City Council.

Amendments between the original budget and fina l budget in FY 2023/24 re sulted in increased budgeted revenues of $5.3 million w ith no changes to transfers in and decreased budgeted expenditures of $3.5 million offset by increased tr ansfers out of $6.5 million for a total budgeted increase of $3.0 million.

The General Fund experienced a net total favorable budget variance of $18.1 million when comparing actual amounts to the final budget for the current fi scal year. The budget reflected a positive variance in revenues of $10.8 million, primar ily from transfers in of $8.9 mil lion due to the Internal Service Fund consolidation in addition to an increase in inve stment earnings in the amount of $1.7 million.

The budget also reflected a positive variance in total expenditures of $7.3 million primarily due to lower than anticipated Non-depart mental expenditures of $1.2 mill ion, Cultural arts and library savings of $1.2 million, Highways and streets sa vings of $930,000 and Police services savings of $691,000.

F. CAPITAL ASSETS AND DEBT ADMINISTRATION

Capital Assets Including Infrastructure

Capital assets including infrastructure of the City are those assets that are used in the operation of the City’s functions. At June 30, 2024, capital assets net of depreciation to taled $259.2 million for governmental activities and $155.0 million for business-type activ ities are recognized in the government-wide financial statements.

This investment in capital assets includes land, buildings, utility systems, improvements other than buildings, infrastructure (roads, side walks, streetlights, etc.), machin ery and equipment, construction in progress, and subscription-based information technology arrangements (SBITA). The total increase in the citywide investment in capital assets for FY 2023/24 was $0.7 million (0.15%), which included a decrease of $1.3 million (0.48%), for governmental act ivities and an increase of $1.9 million (1.22%), for business-type activities.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 39 Major capital asset events included the following:

 Infrastructure for governmental activities had a net decrease of $4.5 million over the prior fiscal year, primarily due to $8.8 million in depreciati on during the current fiscal year offset by an addition of $4.3 million from annual street resu rfacing and storm drains projects that were completed.

 Governmental activities increase of $3.9 million in Construction in Progress over the prior fiscal year primarily due to capital outlay on annual overlay and road rehabilitation projects, along with traffic signal improvements project, as well as the City Hall Chamber remodeling project.

 Business-type buildings increase of $64.0 million and Construction in Progress decrease of $59.3 million were primarily due to the completion of the North Pleasant Valley Desalter Facility.

Utility systems decreased $3.3 million due to depreciation during the current fiscal year.

The following is a summary of the City’s capital assets as of June 30, 2024 and 2023:

2024 2023 2024 2023 2024 2023
Land 34,462,645 $ 34,550,040 $ 1,456,219 $ 1,456,219 $ 35,918,864 $ 36,006,259 $ Construction in progress 23,076,494 19,169,956 12,107,514 71,397,478 35,184,008 90,567,434 Buildings and improvements 27,672,465 28,312,681 65,305,224 1,307,827 92,977,689 29,620,508 Machinery and equipment 4,025,970 3,540,930 3,723,821 3,206,009 7,749,791 6,746,939 Utility Systems - - 72,386,247 75,721,589 72,386,247 75,721,589 Right to use asset (SBITA) 1,290,812 1,671,742 - - 1,290,812 1,671,742 Infrastructure 168,644,718 173,181,846 - - 168,644,718 173,181,846 Total Capital Assets 259,173,104$ 260,427,195 $ 154,979,025 $ 153,089,122 $ 414,152,129 $ 413,516,317 $ City of Camarillo
Capital Assets
(net of accumulated depreciation)
G over nmental Business-Type
Activities Activities Total

See Capital Assets Note 5 in the Basic Financial Statements for additional information.

Long-Term Debt

At the end of FY 2023/24, the City had total outstanding revenue debt issues of $18.4 million. The City has no general obligation de bt and non-city obligations are not in cluded in the following table. All City’s bonds are backed by a pledge of certain re venues. Long-term debt ha d a net decrease of $12.6 million in principal reductions as the result of the defeasance of the 2019 Water Revenue bonds, scheduled debt service payments, and annual amortization. Additiona l information on the City’s long- term debt can be found in Long-Term Debt Note 7 of the Basic Financial Statements.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 40 The City’s long-term obligations as of June 30, 2024 and 2023 were as follows:

2024 2023 2024 2023 2024 2023
Revenue Bonds 4,030,000$ 4,360,000 $ 13,254,468 $ 25,174,876 $ 17,284,468 $ 29,534,876 $ City of Camarillo's Outstanding Debt
Revenue Bonds
Governmental Business-Type
Activities Activities Total

G. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET

On June 26, 2024, the City Council adopted an operationally balanced $161.6 million operating and capital budget for FY 2024/25, focusing on City Counc il priorities, including ma intaining high service levels for Camarillo residents, accelerating clim ate action and sustainabili ty, implementing technology advancements, and ensuring public safety. In estab lishing annual goals and obj ectives, the City Council affirmed the City’s co mmitment to maintain sound and conser vative financial practices, with the objective of ensuring the City’s ability to provide a safe and enriched environment, increase effective communication with the comm unity, provide cost-eff ective efficient services to the public, and to maintain a positive environment for new businesses and business retention.

The budget for personnel costs in FY 2024/25 incr eased 15.7% from FY 2023/24 to continue City Council’s goal of maintaining an effective workforce through competitive salaries and benefits and also including additional positions. The City continues to meet its actuarially required contribution towards its pension plan with the CalPERS.

General Fund revenues and transfers in are projected at $62.8 million, an increase of $0.4 million, or

0.6% from FY 2023/24. The City is projecting a 2.3% in crease in property tax revenue as a result of an increase in the assessed values of taxable properties. In addition, as a result of an increase in anticipated levels of development activity, licenses and permit revenue is also projected to increase by 21.1% compared to prior year’s budget.

General Fund expenditures and transfers out are projec ted at $62.5 million in FY 2024/25, a decrease of $2.0 million, or 3.1% compared to the FY 2023/24 budget. The decrease is primarily due to one-time facility improvement capital costs in FY 2023/24. The majority of the remaining increases in expenditure budgets reflect process improvement efficiencies.

The City plans certain capital projects over five fisc al years. With the planne d transfers in from the General Fund and transportation related funds, th e fund balance at the beginning of FY 2024/25 provides funding for 100% of the costs related to all first year projects included in the Five-Year Capital Improvement Plan. Several major capital projects are pl anned in FY 2024/25, totaling $27.3 million.

General Fund projects include Dizdar Park Renova tion and expansion, Stormw ater trash compliance, and city facility renovations and up grades for a total of $9.3 million. Transportation projects include annual resurfacing and various road and bike lane projects for a total of $6.3 million. Water Utility projects include the Advanced Metering Infrast ructure and the North Pleasant Valley Groundwater Desalter facility for a total of $5.4 million. Las tly, Sanitary projects include planned Wastewater treatment plant upgrades resulting from the Wastewater Master Plan Update for a total of $5.1 million.

City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________ 41 In summary, despite the record inflation and international instabilities, several of the City's major revenues remain stronger than expected. As part of the annual strategic planning session, staff intends to continue providing residents the vital services, th rough technology upgrades and streamlining internal and public-facing City operations.

The City Council goals and objectives include:

 maintain sound and conservative fi nancial practices to ensure the fiscal sustainability of the City.
 provide a safe and enriched environment where people can live, work, and play.  maintain a close working relationship and communication with the University.  plan appropriate land uses, streets, bikeways, infrastructure, and transit system.  develop and implementing strategies to address homelessness and mental health issues.  explore opportunities to foster an inclusive and accessible environment for all.  continue to seek improvements on local traffic issues that impact our City.  improve public transit operations.
 provide cost-effective, efficient services to the public while mini mizing impacts on the environment.
 maintain a positive environment for new business, expansion, and retention of existing businesses through staff assistance and provision of efficient processing of proposals.  increase community engagement and effective communication with the community.  maintain an optimum work environment through competitive salaries, benefits, training, and inclusivity.

Due to more than two decades of prudent fiscal stewardship, the City’s financial position remains strong, and reaffirms its commitment to sound and conservative financial practices into the future.

H. REQUEST FOR INFORMATION

This financial report is designed to provide citizens, taxpayers, customers, investors and creditors with a general overview of the City’s finances and to dem onstrate the City’s accountability for the resources it receives. Questions about this repo rt or requests for additional financ ial information should be directed to the City of Camarillo Finance Department, 601 Carmen Drive, Camarillo, California 93010, or call (805) 388-5320. This report is also available online at the City ’s website at https://www.cityofcamarillo.org/.

42 43

BASIC FINANCIAL

STATEMENTS

44 45

GOVERNMENT-WIDE

FINANCIAL STATEMENTS

46 CITY OF CAMARILLO

STATEMENT OF NET POSITION
JUNE 30, 2024
See Notes to Financial Statements
47 Governmental Business-Type
Activities Activities Total
Assets:

Cash and investments 165,956,245$ 79,899,385 $ 245,855,630 $ Receivables:

Accounts 6,357,916 6,935,923 13,293,839 Notes and loans 5,962,283 10,531 5,972,814 Accrued interest 1,482,402 826,459 2,308,861 Leases - 316,105 316,105 Grants 1,454,388 2,626,451 4,080,839 Internal balances 541,000 (541,000) - Prepaid costs 24,954 3,750 28,704 Deposits 127,000 18,000 145,000 Land held for resale 4,700,310 - 4,700,310 Restricted assets:

Cash and investments 7,158,156 - 7,158,156 Cash with fiscal agent 1,062,992 9,994 1,072,986 Capital assets, non-depreciable 57,539,139 13,563,733 71,102,872 Capital assets, net of depreciation 201,633,965 141,415,292 343,049,257 Total Assets 454,000,750 245,084,623 699,085,373 Deferred Outflows of Resources:

Deferred charge on refunding - 370,686 370,686 Deferred amount from pension plan 6,789,411 4,634,801 11,424,212 Deferred amount from OPEB plan 460,006 623,302 1,083,308 Total Deferred Outflows of Resources 7,249,417 5,628,789 12,878,206 Liabilities:

Accounts payable 8,185,100 3,773,270 11,958,370 Accrued liabilities 587,834 214,384 802,218 Accrued interest 12,623 34,757 47,380 Unearned revenue 3,196,382 532,975 3,729,357 Retentions payable 189,425 119,599 309,024 Deposits payable 414,269 255,118 669,387 Subscriptions payable 322,017 - 322,017 Bonds due within one year 345,000 840,000 1,185,000 Compensated absences due within one year 723,549 685,814 1,409,363 Noncurrent liabilities:

Subscriptions payable due in more than one year 792,939 - 792,939 Bonds due in more than one year 3,685,000 12,414,468 16,099,468 Compensated absences due in more than one year 1,344,797 753,987 2,098,784 Net pension liability due in more than one year 21,237,345 13,658,602 34,895,947 Net OPEB liability due in more than one year 426,482 282,391 708,873 Total Liabilities 41,462,762 33,565,365 75,028,127 Deferred Inflows of Resources:

Deferred amount from leases - 292,934 292,934 Deferred amount from pension plan 253,886 173,313 427,199 Deferred amount from OPEB plan 373,327 246,673 620,000 Total Deferred Inflows of Resources 627,213 712,920 1,340,133 Net Position:

Net investment in capital assets 250,765,154 141,132,887 391,898,041 Restricted for:

Debt service 489,215 9,994 499,209 Special projects and programs 6,770,440 1,052,982 7,823,422 Capital projects 39,775,611 19,314,340 59,089,951 Pension 7,158,156 - 7,158,156 Unrestricted 114,201,616 54,924,924 169,126,540 Total Net Position 419,160,192$ 216,435,127 $ 635,595,319 $ Primary Government

CITY OF CAMARILLO

STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2024
See Notes to Financial Statements
48 Program Revenues
Operating Capital
Charges for Contributions Contributions
Expenses Services and Grants and Grants
Functions/Programs
Primary Government:

Governmental Activities:

General government 11,383,254$ 2,804,500 $ - $ -$ Public safety 22,046,568 2,444,853 3,427,251 - Economic development 1,970,459 - 792,636 - Cultural arts and library services 2,899,739 - 268,534 - Highways and streets 25,329,690 3,715,588 7,560,967 359,554 Interest on long-term debt 200,867 - - - Total Governmental Activities 63,830,577 8,964,941 12,049,388 359,554 Business-type Activities:

Water utility 21,286,059 14,787,198 157,324 296,931 Sanitary district 18,271,350 16,405,108 60,648 103,947 Solid waste 8,148,652 8,202,793 28,806 - Transit 3,433,964 142,966 2,342,067 - Camarillo ranch events 500,939 363,881 - - Total Business-Type Activities 51,640,964 39,901,946 2,588,845 400,878 Total Primary Government 115,471,541$ 48,866,887 $ 14,638,233 $ 760,432 $ General Revenues:

Taxes:

Property taxes, levied for general purpose
Transient occupancy taxes
Sales taxes
Franchise taxes
Business license taxes
Other taxes
Investment earnings
Other
Transfers
Total General Revenues
Change in Net Position
Net Position at Beginning of Year
Net Position at End of Year

CITY OF CAMARILLO

STATEMENT OF ACTIVITIES (CONTINUED)
YEAR ENDED JUNE 30, 2024
See Notes to Financial Statements
49 Net (Expenses) Revenues and
Change in Net Position
Primary Government
Governmental Business-Type
Activities Activities Total
(8,578,754)$ - $ (8,578,754)$ (16,174,464) - (16,174,464) (1,177,823) - (1,177,823) (2,631,205) - (2,631,205) (13,693,581) - (13,693,581) (200,867) - (200,867) (42,456,694) - (42,456,694) - (6,044,606) (6,044,606) - (1,701,647) (1,701,647) - 82,947 82,947 - (948,931) (948,931) - (137,058) (137,058) - (8,749,295) (8,749,295) (42,456,694) (8,749,295) (51,205,989) 22,850,292 1,710,204 24,560,496
3,249,031 - 3,249,031
19,656,570 - 19,656,570
3,264,802 - 3,264,802
1,601,569 - 1,601,569
151,719 - 151,719
8,672,357 5,409,807 14,082,164 497,110 862,327 1,359,437
(1,126,150) 1,126,150 -
58,817,300 9,108,488 67,925,788 16,360,606 359,193 16,719,799 402,799,586 216,075,934 618,875,520 419,160,192$ 216,435,127 $ 635,595,319 $

50 51

FUND FINANCIAL STATEMENTS

Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements

52 GOVERNMENTAL FUND FINANCIAL STATEMENTS

53 General Fund - This fund is used to account for resources which are not required legally or by sound financial management to be accounted for in a separate fund.

Maintenance Districts Special Revenue Fund - This fund accounts for restricted pr operty tax and/or assessments to be used for maintenance within the eleven districts below:

Lighting and Landscape Maintenance - This is used to account for property tax revenues that ar e restricted to citywide st reet lighting and landscape maintenance expenditures.

Mission Oaks MD1A - This is used to account for revenues from property taxes and assessments levied on th e property within the Mission Oaks district that are specifically restricted to the district's median, parkway, slopes, and tree maintenance.

Wittenberg Maintenance District 2A - This is used to account for revenues from assessm ents levied on properties within the Wittenberg subdivision that are specifically restricted to the maintenance of landscape and open space areas within and immediately adjacent to the tract.

Armitos Storm Basins Maintenance District - This is used to maintain three storm drain desilting basins which serve the Armitos Tract.

Mission Oaks Industrial - This is used to account for revenues from assessments that are to be used to maintain landscaping within the district.

Presley Maintenance District - This is used to account for revenues from assessments that are to be used for maintenance of landscaping in the flood control areas located off Sierra Mesa.

Spanish Hills Maintenance District - This is used to account for revenues from assessments that are to be used for maintenance of landscaping within this district.

Sares/Regis Maintenance District - This is used for maintenance of a drainage basin which serves the Sares/Regis Tract.

Vista Las Posas Maintenance District - This is used for the maintenance of entrance street landscaping and a stor m water detention basin in the Vista Las Posas development.

Adolfo Glen II Maintenance District - This is used to account for revenues from assessments that are to be used to maintain landscaping within this district.

Adolfo Glen III Maintenance District - This is used to account for revenues from assessments that are to be used to maintain landscaping within this district.

Development Fees Special Revenue Fund - These funds are used to account for specific fee revenues that are legally restricted to expenditures for particular purposes:

SIBA Fees - This fund is used to account for fees received from property owners within the Springville Inte rchange Benefit Area (SIBA) to defray the area's construction cost.

Traffic Mitigation Fees - This fund is used to account for fees received from devel opers to accommodate and mitigate the adverse traffic impacts caused by new development and fund the cost of maintaining regional and local roads.

Bridge Policy Fees - This fund is used to account for fees received from developers based on land acreage for property to be developed to fund the cost of bridge construction or addition.

Storm Drain Fees - This fund is used to account for fees received from new development to fund storm drainage related costs.

Signals Fees - This fund is used to account for signal fees received from new development to fund signal maintenance related costs.

Underground Utilities Fees - This fund is used to account for fees received from new development to fund underground utility related costs.

Street Improvements Fees - This fund is used to account for fees received from new development for street maintenance related costs.

Parking In-lieu Fees - This fund is used to account for fees received from business owners in the Old Town area to fund off-street parking facilities.

Capital Improvement Projects Fund - This fund is used to account for capital asset acquisiti on, construction a nd improvement of capital facilities, including infrastructure, from genera l government resources, developer fees, and intergovernmental grants.

Other Governmental Funds - These funds are the aggregate of all the nonmajor governmental funds.

CITY OF CAMARILLO

BALANCE SHEET

GOVERNMENTAL FUNDS
JUNE 30, 2024
See Notes to Financial Statements
54 Maintenance Development
Districts Special Fees Special
General Revenue Revenue
Assets:

Cash and investments 100,542,995$ 2,368,915 $ 21,892,303 $ Receivables:

Accounts 5,827,322 161,955 323
Notes and loans 390,645 - -
Accrued interest 1,076,299 17,304 205,547
Grants 130,294 - - Prepaid costs 24,229 - -
Deposits 125,000 - -
Due from other funds 575,780 - - Land held for resale - - - Restricted assets:

Cash and investments 7,158,156 - - Cash and investments with fiscal agents 561,888 - - Total Assets 116,412,608$ 2,548,174 $ 22,098,173 $ Liabilities and Fund Balances:

Liabilities:

Accounts payable 3,686,529$ 716,849 $ - $ Accrued liabilities 524,663 27,631 -
Unearned revenues 2,522,532 - - Retentions payable - - - Deposits payable 25,671 - -
Due to other funds - - - Total Liabilities 6,759,395 744,480 - Deferred Inflow of Resources:

Unavailable revenue 130,294 - - Total Deferred Inflows of Resources 130,294 - - Fund Balances:

Nonspendable 539,874 - - Restricted 8,240,511 1,803,694 22,098,173 Committed 88,036,791 - - Assigned 1,174,855 - - Unassigned 11,530,888 - - Total Fund Balances 109,522,919 1,803,694 22,098,173 Total Liabilities and Fund Balances 116,412,608$ 2,548,174 $ 22,098,173 $ Special Revenue Funds

CITY OF CAMARILLO

BALANCE SHEET (CONTINUED)

GOVERNMENTAL FUNDS
JUNE 30, 2024
See Notes to Financial Statements
55 Capital
Projects Fund
Capital Other Total
Improvement Governmental Governmental
Projects Funds Funds
Assets:

Cash and investments 20,887,099$ 7,290,748 $ 152,982,060 $ Receivables:

Accounts - 366,931 6,356,531 Notes and loans - 5,571,638 5,962,283 Accrued interest - 78,886 1,378,036 Grants 1,189,407 134,687 1,454,388 Prepaid costs - - 24,229 Deposits - - 125,000 Due from other funds - - 575,780 Land held for resale - 4,700,310 4,700,310 Restricted assets:

Cash and investments - - 7,158,156 Cash and investments with fiscal agents - 501,104 1,062,992 Total Assets 22,076,506$ 18,644,304 $ 181,779,765 $ Liabilities and Fund Balances:

Liabilities:

Accounts payable 3,189,395$ 87,633 $ 7,680,406 $ Accrued liabilities - - 552,294 Unearned revenues - 673,850 3,196,382 Retentions payable 166,763 22,662 189,425 Deposits payable 388,598 - 414,269 Due to other funds - 34,780 34,780 Total Liabilities 3,744,756 818,925 12,067,556 Deferred Inflow of Resources:

Unavailable revenue 845,000 - 975,294 Total Deferred Inflows of Resources 845,000 - 975,294 Fund Balances:

Nonspendable - - 539,874 Restricted - 17,825,379 49,967,757 Committed - - 88,036,791 Assigned 17,486,750 - 18,661,605 Unassigned - - 11,530,888 Total Fund Balances 17,486,750 17,825,379 168,736,915 Total Liabilities and Fund Balances 22,076,506$ 18,644,304 $ 181,779,765 $

56 CITY OF CAMARILLO

RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS

TO THE STATEMENT OF NET POSITION
JUNE 30, 2024
See Notes to Financial Statements
57 Fund balances of governmental funds 168,736,915$
Amounts reported for governmental activities in the statement of net position are different because:

Capital assets net of depreciation have not been included as financial resources in governmental fund activity. 255,652,179
Long-term debt and compensated absences that have not been included in the governmental fund activity:

Bonds payable (4,030,000)$
Net pension liability (18,079,875)
Net OPEB liability (382,409)
Compensated absences (1,585,302) (24,077,586)
Accrued interest payable for the current portion of interest due on bonds has not been reported in the governmental funds.
(12,623)
Deferred inflows related to pension items that are not included in the governmental fund activity. (215,822)
Deferred outflows related to pension items that are not included in the governmental fund activity. 5,771,510
Deferred inflows related to OPEB items that are not included in the governmental fund activity. (326,854)
Deferred outflows related to OPEB items that are not included in the governmental fund activity. 354,426
Receivables that are measurable but not available are recorded as deferred inflows of resources under the modified accrual basis of accounting. 975,294 Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The assets and liabilities of the internal service funds must be added to the statement of net position. 12,302,753 Net Position of Governmental Activities 419,160,192$

CITY OF CAMARILLO

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2024
See Notes to Financial Statements
58 Maintenance Development
Districts Special Fees Special
General Revenue Revenue
Revenues:

Taxes 46,829,036$ 3,764,886 $ - $
Licenses and permits 1,226,454 - - Subventions and grants 3,437,251 - - Charges for services 5,315,680 237,168 -
Investment earnings 6,459,614 92,305 1,096,477 Fines and forfeitures 494,717 6,254 -
Contributions and developer fees 93,055 - 1,462,609 Miscellaneous 476,079 - -
Total Revenues 64,331,886 4,100,613 2,559,086 Expenditures:

Current:

General government 10,672,313 - - Public safety 21,400,164 - -
Economic development 1,734,945 - - Cultural arts and library services 3,911,172 - - Highways and streets 8,673,057 7,224,440 -
Capital outlay 34,997 - - Debt service:

Principal - - - Interest - - - Total Expenditures 46,426,648 7,224,440 - Excess (Deficiency) of Revenues Over
(Under) Expenditures 17,905,238 (3,123,827) 2,559,086 Other Financing Sources (Uses):

Transfers in 10,853,567 3,080,570 -
Transfers out (10,797,489) - (1,669,759) Total Other Financing Sources (Uses) 56,078 3,080,570 (1,669,759) Net Change in Fund Balances 17,961,316 (43,257) 889,327 Fund Balances, Beginning of Year 91,561,603 1,846,951 21,208,846 Fund Balances, End of Year 109,522,919 $ 1,803,694 $ 22,098,173 $ Special Revenue Funds

CITY OF CAMARILLO

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2024
See Notes to Financial Statements
59 Capital
Projects Funds
Capital Other Total
Improvement Governmental Governmental
Projects Funds Funds
Revenues:

Taxes -$ 180,061$ 50,773,983 $ Licenses and permits - - 1,226,454 Subventions and grants 359,555 7,378,310 11,175,116 Charges for services - - 5,552,848 Investment earnings - 470,170 8,118,566 Fines and forfeitures - - 500,971 Contributions and developer fees 33,479 142,000 1,731,143 Miscellaneous - - 476,079 Total Revenues 393,034 8,170,541 79,555,160 Expenditures:

Current:

General government - - 10,672,313 Public safety - - 21,400,164 Economic development - 288,601 2,023,546 Cultural arts and library services - 272,851 4,184,023 Highways and streets - - 15,897,497 Capital outlay 8,975,439 65 9,010,501 Debt service:

Principal - 330,000 330,000 Interest - 156,838 156,838 Total Expenditures 8,975,439 1,048,355 63,674,882 Excess (Deficiency) of Revenues Over
(Under) Expenditures (8,582,405) 7,122,186 15,880,278 Other Financing Sources (Uses):

Transfers in 14,187,492 1,132,940 29,254,569 Transfers out - (9,012,304) (21,479,552) Total Other Financing Sources (Uses) 14,187,492 (7,879,364) 7,775,017 Net Change in Fund Balances 5,605,087 (757,178) 23,655,295 Fund Balances, Beginning of Year 11,881,663 18,582,557 145,081,620 Fund Balances, End of Year 17,486,750 $ 17,825,379 $ 168,736,915 $

CITY OF CAMARILLO

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN

FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES YEAR ENDED JUNE 30, 2024
See Notes to Financial Statements
60 Net change in fund balances - total governmental funds 23,655,295$ Amounts reported for governmental activities in the statement of activities are different because:

Governmental funds report capital outlays as expenditures. However, in the statement of activities, the costs of those assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which capital outlays exceeded depreciation in the current period.

Capital outlay 9,010,501$
Depreciation (10,727,046)
Contributed capital assets 21,869,215
Disposals (706) 20,151,964
Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position.

Principal repayments 330,000
Accrued interest for long-term liabilities. This is the net change in accrued interest for the current period. 894
Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds.

Compensated absences (140,131)
Pension (1,170,591)
OPEB (71,035)
Certain revenues in the governmental funds are deferred because they are not collected within the prescribed time period after year-end. However, the revenues are included on the accrual basis used in the government-wide statements. This amount represents the change during the fiscal year.
975,294
Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The net revenues (expenses) of the internal service funds is reported with governmental activities.
(27,371,084)
Change in Net Position of Governmental Activities 16,360,606$

PROPRIETARY FUND FINANCIAL STATEMENTS

61 Water Utility Fund - This fund is used to account for the activ ities associated with the transmission and distribution of potable and recycled water by the City to its users.

Sanitary District Fund - This fund is used to account for the activities of the Sanitary District (a component unit of the City of Camarillo) which includes the transmissi on, pumping, and treatment of the City's sewage.

Solid Waste Fund - This fund is used to account for the activit ies associated with collection and disposal of rubbish and recycle materials.

Transit Fund - This fund is used to account for the operations of the City's bus system which includes both leased bus activities and the City-owned bus system.

Internal Service Funds - These funds are used to account for interd epartmental operations where it is the stated intent that costs of providing services to the depa rtments of the City on a continuing basis be recovered primarily by charges to the user departments.

Other Proprietary Funds - These funds are the aggregate of all the nonmajor proprietary funds, which includes the funds noted below:

Camarillo Ranch Events Fund - This fund is used to account for th e activities associated with the Camarillo Ranch property events such as wedding catering, venue revenues, and operating expenses.

CITY OF CAMARILLO

STATEMENT OF NET POSITION

PROPRIETARY FUNDS
JUNE 30, 2024
See Notes to Financial Statements
62 Sanitary
Water Utility District Solid Waste Transit
Assets:

Current:

Cash and investments 14,236,666$ 65,396,759 $ 618 $ 122 $ Receivables:

Accounts 2,879,430 2,637,936 1,375,893 14,553 Notes and loans - 10,531 - - Accrued interest 185,143 637,911 347 - Leases 32,478 88,079 - - Grants 1,491,000 - - 1,135,451 Prepaid costs - 3,750 - - Deposits - 18,000 - - Restricted:

Cash with fiscal agent 7,577 2,417 - - Total Current Assets 18,832,294 68,795,383 1,376,858 1,150,126 Noncurrent:

Lease receivable 100,148 95,400 - - Capital assets, net of accumulated depreciation 90,764,696 62,525,117 - 648,115 Total Noncurrent Assets 90,864,844 62,620,517 - 648,115 Total Assets 109,697,138 131,415,900 1,376,858 1,798,241 Deferred Outflows of Resources:

Deferred charge on refunding - 370,686 - - Deferred amount from pension plan 1,879,283 2,539,602 100,533 67,401 Deferred amount from OPEB plan 256,287 342,074 7,555 10,854 Total Deferred Outflows of Resources 2,135,570 3,252,362 108,088 78,255 Liabilities:

Current:

Accounts payable 1,755,873 999,447 588,565 423,491 Accrued liabilities 87,184 117,778 1,822 5,946 Accrued interest - 34,757 - - Unearned revenue 129,438 - 278,268 125,269 Retentions payable 37,490 82,109 - - Deposits payable 108,848 47,446 98,824 - Due to other funds - - 59,000 482,000 Subscriptions payable - - - - Compensated absences 270,966 391,759 3,187 13,265 Bonds and notes - 840,000 - - Total Current Liabilities 2,389,799 2,513,296 1,029,666 1,049,971 Noncurrent liabilities:

Subscriptions payable - - - - Compensated absences 479,993 238,402 3,257 9,187 Net pension liability 5,882,821 7,020,168 331,145 326,642 Net OPEB liability 132,184 138,991 2,295 8,635 Bonds and notes - 12,414,468 - - Total Noncurrent Liabilities 6,494,998 19,812,029 336,697 344,464 Total Liabilities 8,884,797 22,325,325 1,366,363 1,394,435 Deferred Inflows of Resources:

Deferred amount from leases 129,747 163,187 - - Deferred amount from pension plan 70,274 94,966 3,759 2,520 Deferred amount from OPEB plan 99,851 136,540 4,249 3,466 Total Deferred Inflows of Resources 299,872 394,693 8,008 5,986 Net Position:

Net investment in capital assets 90,257,149 49,186,526 - 648,115 Restricted for debt service 7,577 2,417 - - Restricted for capital and other special projects 5,971,894 14,395,428 - - Unrestricted 6,411,419 48,363,873 110,575 (172,040) Total Net Position 102,648,039$ 111,948,244 $ 110,575 $ 476,075 $ Business-Type Activities - Enterprise Funds

CITY OF CAMARILLO

STATEMENT OF NET POSITION

PROPRIETARY FUNDS (CONTINUED)
JUNE 30, 2024
See Notes to Financial Statements
63 Governmental
Nonmajor Activities
Camarillo Internal
Ranch Totals Service Funds
Assets:

Current:

Cash and investments 265,220$ 79,899,385 $ 12,974,185 $ Receivables:

Accounts 28,111 6,935,923 1,385 Notes and loans - 10,531 - Accrued interest 3,058 826,459 104,366 Leases - 120,557 - Grants - 2,626,451 - Prepaid costs - 3,750 725 Deposits - 18,000 2,000 Restricted:

Cash with fiscal agent - 9,994 - Total Current Assets 296,389 90,451,050 13,082,661 Noncurrent:

Lease receivable - 195,548 - Capital assets, net of accumulated depreciation 1,041,097 154,979,025 3,520,925 Total Noncurrent Assets 1,041,097 155,174,573 3,520,925 Total Assets 1,337,486 245,625,623 16,603,586 Deferred Outflows of Resources:

Deferred charge on refunding - 370,686 - Deferred amount from pension plan 47,982 4,634,801 1,017,901 Deferred amount from OPEB plan 6,532 623,302 105,580 Total Deferred Outflows of Resources 54,514 5,628,789 1,123,481 Liabilities:

Current:

Accounts payable 5,894 3,773,270 504,694 Accrued liabilities 1,654 214,384 35,540 Accrued interest - 34,757 - Unearned revenue - 532,975 - Retentions payable - 119,599 - Deposits payable - 255,118 - Due to other funds - 541,000 - Subscriptions payable - - 322,017 Compensated absences 6,637 685,814 152,500 Bonds and notes - 840,000 - Total Current Liabilities 14,185 6,996,917 1,014,751 Noncurrent liabilities:

Subscriptions payable - - 792,939 Compensated absences 23,148 753,987 330,544 Net pension liability 97,826 13,658,602 3,157,470 Net OPEB liability 286 282,391 44,073 Bonds and notes - 12,414,468 - Total Noncurrent Liabilities 121,260 27,109,448 4,325,026 Total Liabilities 135,445 34,106,365 5,339,777 Deferred Inflows of Resources:

Deferred amount from leases - 292,934 - Deferred amount from pension plan 1,794 173,313 38,064 Deferred amount from OPEB plan 2,567 246,673 46,473 Total Deferred Inflows of Resources 4,361 712,920 84,537 Net Position:

Net investment in capital assets 1,041,097 141,132,887 2,405,969 Restricted for debt service - 9,994 - Restricted for capital and other special projects - 20,367,322 - Unrestricted 211,097 54,924,924 9,896,784 Total Net Position 1,252,194$ 216,435,127 $ 12,302,753 $ Business-Type Activities -
Enterprise Funds (Continued)

CITY OF CAMARILLO

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2024
See Notes to Financial Statements
64 Sanitary
Water Utility District Solid Waste Transit
Operating Revenues:

Charges for services 14,787,198$ 16,405,108 $ 8,202,793 $ 142,966 $ Total Operating Revenues 14,787,198 16,405,108 8,202,793 142,966 Operating Expenses:

Administration and general 10,109,736 5,013,815 416,324 674,547 Cost of sales and services 9,454,087 10,167,868 7,732,328 2,672,679 Depreciation expense 1,140,254 2,610,025 - 86,738 Total Operating Expenses 20,704,077 17,791,708 8,148,652 3,433,964 Operating Income (Loss) (5,916,879) (1,386,600) 54,141 (3,290,998) Nonoperating Revenues (Expenses):

Taxes - 1,710,204 - - Intergovernmental 157,324 60,648 28,806 2,342,067 Investment earnings 2,012,843 3,379,408 1,243 - Interest expense (581,982) (479,642) - - Other 775,525 85,447 - 1,355 Contribution of capital assets - - - - Total Nonoperating
Revenues (Expenses) 2,363,710 4,756,065 30,049 2,343,422 Income (Loss) Before Contributions,
Grants, and Transfers (3,553,169) 3,369,465 84,190 (947,576) Capital contributions and grants 296,931 103,947 - - Transfers in - - - 1,397,771 Transfers Out - - - (271,621) Changes in Net Position (3,256,238) 3,473,412 84,190 178,574 Net Position - Beginning of Year 105,904,277 108,474,832 26,385 297,501 Net Position - End of Year 102,648,039 $ 111,948,244 $ 110,575 $ 476,075 $ Business-Type Activities - Enterprise Funds

CITY OF CAMARILLO

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

PROPRIETARY FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2024
See Notes to Financial Statements
65 Governmental
Nonmajor Activities
Camarillo Internal
Ranch Totals Service Funds
Operating Revenues:

Charges for services 363,881$ 39,901,946 $ 9,011,959 $ Total Operating Revenues 363,881 39,901,946 9,011,959 Operating Expenses:

Administration and general 286,342 16,500,764 1,804,045 Cost of sales and services 130,853 30,157,815 4,496,137 Depreciation expense 83,744 3,920,761 790,771 Total Operating Expenses 500,939 50,579,340 7,090,953 Operating Income (Loss) (137,058) (10,677,394) 1,921,006 Nonoperating Revenues (Expenses):

Taxes - 1,710,204 - Intergovernmental - 2,588,845 - Investment earnings 16,313 5,409,807 553,792 Interest expense - (1,061,624) (44,923) Other - 862,327 969,423 Contribution of capital assets - - (21,869,215) Total Nonoperating
Revenues (Expenses) 16,313 9,509,559 (20,390,923) Income (Loss) Before Contributions,
Grants, and Transfers (120,745) (1,167,835) (18,469,917) Capital contributions and grants - 400,878 - Transfers in - 1,397,771 - Transfers Out - (271,621) (8,901,167) Changes in Net Position (120,745) 359,193 (27,371,084) Net Position - Beginning of Year 1,372,939 216,075,934 39,673,837 Net Position - End of Year 1,252,194 $ 216,435,127 $ 12,302,753 $ Business-Type Activities -
Enterprise Funds (Continued)

CITY OF CAMARILLO

STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2024
See Notes to Financial Statements
66 Sanitary
Water Utility District S olid Waste Transit
Cash Flows From Operating Activities:

Cash received from customers and users 14,727,868$ 15,867,584 $ 8,262,473 $ 77,763 $ Cash received from interfund service provided - - - - Cash paid to suppliers for goods and services (10,622,049) (10,378,067) (7,821,210) (2,486,058) Cash paid to employees for services (9,791,018) (4,718,114) (414,096) (666,749) Net Cash Provided (Used) by
Operating Activities (5,685,199) 771,403 27,167 (3,075,044) Cash Flows From Noncapital Financing Activities:

Cash transfers in - - - 1,126,150 Cash transfers out - - - - Reimbursements - - - - Short-term loans from other funds - - 59,000 482,000 Repayments on short-term loans from other funds - - (117,000) (140,000) Funds property taxes - 1,710,204 - - Grants received from other governments 157,324 60,648 28,806 2,147,621 Net Cash Provided (Used) by
Noncapital Financing Activities 157,324 1,770,852 (29,194) 3,615,771 Cash Flows From Capital and
Related Financing Activities:

Capital contributions 296,931 103,947 - - Acquisition and construction of capital assets (1,930,423) (3,253,150) - (540,632) Lease income received 52,778 81,595 - - Principal paid on capital debt (10,080,000) (800,000) - - Interest paid on capital debt (610,099) (505,994) - - Proceeds from sales of capital assets - - - - Net Cash Provided (Used) by Capital
and Related Financing Activities (12,270,813) (4,373,602) - (540,632) Cash Flows From Investing Activities:

Interest received 1,067,026 3,178,326 896 - Net Cash Provided (Used) by Investing Activities 1,067,026 3,178,326 896 - Net Increase (Decrease) in Cash and
Cash Equivalents (16,731,662) 1,346,979 (1,131) 95 Cash and Cash Equivalents - Beginning of Year 30,975,905 64,052,197 1,749 27 Cash and Cash Equivalents - End of Year 14,244,243$ 65,399,176 $ 618 $ 122 $ Business-Type Activities - Enterprise Funds

CITY OF CAMARILLO

STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2024
See Notes to Financial Statements
67 Governmental
Nonmajor Activities
Camarillo Internal
Ranch Totals Service Funds
Cash Flows From Operating Activities:

Cash received from customers and users 360,738$ 39,296,426 $ - $ Cash received from interfund service provided - - 9,028,143 Cash paid to suppliers for goods and services (156,782) (31,464,166) (4,817,849) Cash paid to employees for services (276,082) (15,866,059) (2,377,854) Net Cash Provided (Used) by
Operating Activities (72,126) (8,033,799) 1,832,440 Cash Flows From Noncapital Financing Activities:

Cash transfers in - 1,126,150 - Cash transfers out - - (8,901,167) Reimbursements - - 969,424 Short-term loans from other funds - 541,000 - Repayments on short-term loans from other funds - (257,000) - Funds property taxes - 1,710,204 - Grants received from other governments - 2,394,399 - Net Cash Provided (Used) by
Noncapital Financing Activities - 5,514,753 (7,931,743) Cash Flows From Capital and
Related Financing Activities:

Capital contributions - 400,878 - Acquisition and construction of capital assets (86,459) (5,810,664) (1,253,931) Lease income received - 134,373 - Principal paid on capital debt - (10,880,000) - Interest paid on capital debt - (1,116,093) (44,923) Proceeds from sales of capital assets - - - Net Cash Provided (Used) by Capital
and Related Financing Activities (86,459) (17,271,506) (1,298,854) Cash Flows From Investing Activities:

Interest received 16,605 4,262,853 562,721 Net Cash Provided (Used) by Investing Activities 16,605 4,262,853 562,721 Net Increase (Decrease) in Cash and
Cash Equivalents (141,980) (15,527,699) (6,835,436) Cash and Cash Equivalents - Beginning of Year 407,200 95,437,078 19,809,621 Cash and Cash Equivalents - End of Year 265,220$ 79,909,379$ 12,974,185 $ Business-Type Activities -
Enterprise Funds (Continued)

CITY OF CAMARILLO

STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2024
See Notes to Financial Statements
68 Sanitary
Water Utility District S olid Waste Transit
Reconciliation of Operating Income
to Net Cash Provided (Used) by
Operating Activities:

Operating income (loss) (5,916,879)$ (1,386,600) $ 54,141 $ (3,290,998)$ Adjustments to Reconcile Operating Income
(Loss) Net Cash Provided (Used) by
Operating Activities:

Depreciation 1,140,254 2,610,025 - 86,738 Other non-operating revenue 722,747 3,853 - 1,355 Changes in pension related items 186,450 251,962 9,974 6,687 Changes in OPEB related items (57,671) (73,738) (542) (2,987) Changes in lease related items (22,747) (407) - - (Increase) decrease in accounts receivable (742,191) (535,889) (101,481) (2,360) (Increase) decrease in prepaid expense - 2,552 - - Increase (decrease) in accounts payable (102,880) (230,456) (90,159) 185,039 Increase (decrease) in accrued liabilities 12,707 16,957 1,277 1,582 Increase (decrease) in unearned revenue (13,828) - 168,629 (64,198) Increase (decrease) in non-capital retentions
payable (1,077,789) 748 - - Increase (decrease) in deposits payable (3,311) (5,081) (7,468) - Increase (decrease) in compensated
absences 189,939 117,477 (7,204) 4,098 Increase (decrease) in SBITA liability - - - - Total Adjustments 231,680 2,158,003 (26,974) 215,954 Net Cash Provided (Used) by
Operating Activities (5,685,199)$ 771,403 $ 27,167 $ (3,075,044)$ Noncash Investing, Capital, and
Financing Activities:

Amortization of bond premium (985,869)$ (54,539) $ - $ - $ Amortization of deferred charge on refunding - 33,523 - - Change in retentions payable related to capital
acquisition costs (1,077,789) 748 - - Subscription assets - - - - Contribution of capital assets - - - - Business-Type Activities - Enterprise Funds

CITY OF CAMARILLO

STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2024
See Notes to Financial Statements
69 Governmental
Nonmajor Activities
Camarillo Internal
Ranch Totals Service Funds
Reconciliation of Operating Income
to Net Cash Provided (Used) by
Operating Activities:

Operating income (loss) (137,058)$ (10,677,394) $ 1,921,006 $ Adjustments to Reconcile Operating Income
(Loss) Net Cash Provided (Used) by
Operating Activities:

Depreciation 83,744 3,920,761 790,771 Other non-operating revenue - 727,955 - Changes in pension related items 4,760 459,833 (496,990) Changes in OPEB related items (1,456) (136,394) (25,294) - (23,154)
(Increase) decrease in accounts receivable (3,143) (1,385,064) 16,184 (Increase) decrease in prepaid expense - 2,552 294 Increase (decrease) in accounts payable (25,046) (263,502) 40,849 Increase (decrease) in accrued liabilities (121) 32,402 (6,125) Increase (decrease) in unearned revenue - 90,603 - Increase (decrease) in non-capital retentions
payable (762) (1,077,803) - Increase (decrease) in deposits payable - (15,860) (2,752) Increase (decrease) in compensated
absences 6,956 311,266 (51,525) Increase (decrease) in SBITA liability - - (353,978) Total Adjustments 64,932 2,643,595
(88,566)
Net Cash Provided (Used) by
Operating Activities (72,126)$ (8,033,799)$ 1,832,440 $ Noncash Investing, Capital, and
Financing Activities:

Amortization of bond premium -$ (1,040,408)$ - $ Amortization of deferred charge on refunding - 33,523 - Change in retentions payable related to capital
acquisition costs (762) (1,077,803) - Subscription assets - - 1,290,812 Contribution of capital assets - - 21,869,215 Business-Type Activities -
Enterprise Funds (Continued)

70 FIDUCIARY FUND FINANCIAL STATEMENTS

71 Successor Agency Private-Purpose Trust Fund - accounts for the Redevelopment Property Tax Trust Fund distributions for the dissolution of the former Camarillo Community Development Commission.

Custodial Funds - account for assets held in fiduciary capacity for others and therefore cannot be used to support the City’s program.

CITY OF CAMARILLO

STATEMENT OF NET POSITION

FIDUCIARY FUNDS
JUNE 30, 2024
See Notes to Financial Statements.
72 Private Purpose
Trust Fund
Successor
Agency Private
Purpose Trust
Fund Custodial Funds
Assets:

Cash and cash equivalents 46,535$ 820,688 $ Receivables:

Accounts - 11,595
Accrued interest - 7,081
Restricted assets:

Cash and investments with fiscal agents 6,398,109 494,190 Total Assets 6,444,644 1,333,554
Deferred Outflows of Resources:

Deferred charge on refunding 1,869,045 -
Total Deferred Outflows of Resources 1,869,045 - Liabilities:

Accounts payable 2,171 174,735
Interest payable 657,846 -
Deposits payable - 18,973
Long-term liabilities:

Bonds due in one year 1,655,000 -
Bonds due in more than one year 45,429,685 -
Total Liabilities 47,744,702 193,708
Net Position:

Held in trust for other purposes (39,431,013) -
Held for individuals, organizations, and other governments - 1,139,846 Total Net (Deficit) (39,431,013)$ 1,139,846 $

CITY OF CAMARILLO

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2024
See Notes to Financial Statements.
73 Private Purpose
Trust Fund
Successor
Agency Private
Purpose Trust
Fund Custodial Funds
Additions:

Taxes 3,660,949$ - $
Intergovernmental - 2,181,071
Investment earnings 70,688 37,787
Total Additions 3,731,637 2,218,858
Deductions:

Administrative expenses 23,434 195,038
Program expenses - 490
Contractual services - 1,525,196 Interest expense 1,961,246 468,869
Total Deductions 1,984,680 2,189,593
Changes in Net Position 1,746,957 29,265
Net Position - Beginning of the Year (41,177,970) 1,110,581 Net Position - End of the Year (39,431,013)$ 1,139,846 $

74 75

NOTES TO BASIC

FINANCIAL STATEMENTS

76 CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2024
77 Note 1: Summary of Significant Accounting Policies
The basic financial statements of the City of Ca marillo have been prepared in conformity with Generally Accepted Accounting Principles (GAA P) applicable to government units. The Governmental Accounting Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. More significant accounting policies of the City are described below.

a. Financial Reporting Entity
The City of Camarillo (City) is a general law city governed by an elected five-member City Council. As required by GAAP, these basic fina ncial statements present the City and its component units, entities for which the City is c onsidered to be financially accountable. Blended component units, although legally separate entities are, in substance, part of the City’s operations and data from these units are combined with data of the City. Each blended component unit has a June 30 year-end. The City had no discretely presented component units. The following entities are reported as blended component units:

Camarillo Community Development Commission - The Camarillo Co mmunity Development Commission (CDC) was created on June 12, 1996. The City Council Members also serve as the Commissioners of the CDC. Therefore, the CDC is considered a blended component unit and is included in the accompanying financial statements of the City of Camarillo since the City has operational responsibility for the CDC.

Camarillo Sanitary District Board - The Camarillo Sanitary District Board (District) was formed in 1955 to provide wastewater treatment to most of what is now the City of Camarillo.

The City Council also acts as the Camarillo Sanita ry District’s governing board and as such is able to impose its will with regard to the District. Therefore, the District is considered a blended component unit and is included in the accompanying financial statements of the City. Rates for user charges and bond issuance authorizations ar e approved by the District’s governing board, and the legal liability for the general obligation por tion of the District’s debt remains with the District. The District is reported as an enterprise fund in the City’s financial statements since the City has operational responsibility for the District. Separate financial statements are not prepared.

Camarillo Capital Improvement Corporation - The Camarillo Capital Improvement Corporation (Corporation) was formed on December 23, 1987, pursuant to the laws of the state of California. The governing body is the City Counc il, which can impose its will on the Corporation and the City can receive financial benefit or burden of the Corpora tion. Thus, it is considered a blended component unit. The Corporation has the power to acquire sites, construct, maintain, operate and lease public buildings and related facilities; to provide for the development of the City and the District; to make and enter into cont racts; to acquire, construct, manage, maintain or operate any buildings, works or improvements; to acquire prope rty or dispose of property by lease or sale. The Corporation’s activities may co nsist of providing financial assistance to the City through the issuance of bonds and the leasing of assets to the City and the District. At the end of the lease term, all assets revert to th e City and the District. Any activities of the Corporation related to the District plant expansion are included in the Sanitary District Enterprise Fund. The most recent meeting occurred in January 2024. Separate financial statements are not prepared.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
78 Note 1: Summary of Significant Accounting Policies (Continued) a. Financial Reporting Entity (Continued)
Camarillo Public Finance Authority - The Camarillo Public Finance Authority (PFA) was established in 1998 for the purpose of provi ding a mechanism for the 1999 combining and refunding of three bonds to take advantage of favorable interest rates. The PFA was formed under the Joint Exercise of Powers Law between the City and the Camarillo San itary District. The PFA currently has one bond outstanding, recorded in the governmental activ ities. The most recent meeting occurred in January 2024. Separate financial statements are not prepared.

Camarillo Industrial Development Authority - The Camarillo Industrial Development Authority (IDA) was established in 1996 for th e sole purpose of providing a mechanism for the issuance of Industrial Development Revenue Bonds , and the governing body is the City Council.

The IDA is a public, corporate instrumentality of the state and was organized under the California Industrial Development Financing Act (being Title 10 of the California Government Code, commencing with Section 91500, as amended). Th e IDA currently has no bonds outstanding. The most recent meeting occurred in January 2024. Separate financial statements are not prepared.

Camarillo Library Board - The Camarillo Library Board was established in 2010 to manage the Camarillo Public Library as required by the California Education Code. The City assumed operation of the Camarillo Library from the Vent ura County Library system in January 2011, and the City Council was appointed as the board. The Camarillo Library Board’s most recent meeting occurred in June 2024. The activity is recorded in the library special revenue fund. Separate financial statements are not prepared.

b. Financial Reporting Fiduciary Entity
City of Camarillo as Successor Agency to the Camarillo Community Development Commission - The Successor Agency was created to ser ve as a custodian for the assets and to wind down the affairs of the former Redevelopmen t Agency of the City of Camarillo. As of July 1, 2018, the Ventura County Consolidated Oversight Board (VCCOB) was established. The VCCOB is charged with overseeing the activities of the eleven successor agencies throughout the County, as agencies discharge their obligations, di spose of assets, and wind down redevelopment activities. Based upon the nature of the Successor Ag ency’s custodial role, it is reported in a fiduciary fund (private-purpose trust fund).

c. Budgets and Budgetary Accounting
Budgets are legally adopted annua lly by the Council by resolution and are prepared for each fund in accordance with its basis of accounting consistent with GAAP. The City Manager is responsible for preparing the budget and for its implementation after adoption.

Annual appropriations lapse at fiscal year-end; however, the City Manager has the authority to approve appropriation carryovers for unexpended appropriations for incomplete capital projects, and unexpended appropriations for the grant programs.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
79 Note 1: Summary of Significant Accounting Policies (Continued) c. Budgets and Budgetary Accounting (Continued)
The City maintains budgetary controls to ensure compliance with provisions embodied in the annual budget approved by the City Council and the Camarillo Sanitary District Board. The City Council approves operating and capital appropriations at the fund and department levels. The City Manager has the authority to transfer between expenditure accounts and between funds of the City and the Camarillo Sanitary District, as l ong as there is no funding source incompatibility, and provided those changes do not increase overall appropriations in either component unit. The level of budgetary control is established at the f und level. The Council has the legal authority to amend the budget at any time during the fiscal year.

d. Basis of Accounting and Measurement Focus
The accounts of the City are organized on the ba sis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its asset s, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Governme ntal resources are allocated to and accounted for in individual funds based upon the purposes fo r which they are to be spent and the means by which spending activities are controlled.

Government-Wide Financial Statements

The City’s government-wide financial statemen ts include a Statement of Net Position and a Statement of Activities. These st atements present summaries of governmental and business-type activities for the City accompanied by a total column. Fiduciary activities of the City are not included in these statements.

These basic financial statements are presente d on an “economic resour ces” measurement focus and the accrual basis of accounting. Accordingly, all of the City’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources, including capital assets, as well as infrastructure assets and long-term liabilities, ar e included in the accompanying Statement of Net Position. The Statement of Activities presents cha nges in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred.

Certain types of transactions are reported as program revenues for the City in three categories:

 Charges for services
 Operating grants and contributions
 Capital grants and contributions

Certain eliminations have been made in regard to interfund activities, payables, and receivables.

All internal balances in the Statement of Net Position have been eliminated except those representing balances between the governmental act ivities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. In the Statement of Activities, internal service fund transactions have been eliminated; however, transactions between governmental and business-type activities were not eliminated.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
80 Note 1: Summary of Significant Accounting Policies (Continued) d. Basis of Accounting and Measurement Focus (Continued) Governmental fund financial statements include a Balance Sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balances for all major governmental funds and nonmajor funds aggregated. An accompanying schedule is presented to reconcile and explain the differences in net position as presented in these statements to the net position presented in the government-wide financial statements. The City has presented all major governmental funds that met the applicable criteria. The following is a list of these major governmental funds:

General Fund - This fund is used to account for res ources which are not required legally or by sound financial management to be accounted for in another fund.

Maintenance Districts Special Revenue Fund - This fund accounts for re stricted property tax and/or assessments to be used for maintenan ce within the eleven districts.

Development Fees Special Revenue Fund - This fund is used to account for specific fee revenues that are legally restricted to expenditures for particular purposes.

Capital Improvement Projects Fund - This fund is used to ac count for capital asset acquisition, construction and im provement of capital faciliti es, including infrastructure, from general government resources, developer fees, and intergovernmental grants.

Additionally, the government reports the following fund types:

Debt Service Funds - These funds are used to account for the accumulation of resources and payment of long-term debt principal and interest for bonds issued by the City to finance various projects.

All governmental funds are accounted for on a spending or " current financial resources ” measurement focus and the modified accrual ba sis of accounting. Accordingly, only assets, liabilities, and deferred inflows of resources are included on the Balance Sheet. The Statement of Revenues, Expenditures, and Changes in Fund Balances presents increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets.

Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and ava ilable to finance expend itures of the current period.

Revenues are recorded when received in cash, except for those revenues subject to accrual, generally 60 days after yea r-end for property tax revenues, 90 days for general revenues, subventions, and grants, which are recognized when due. The primary revenue sources, which have been treated as susceptible to accrual by the City, are property tax, sales tax, franchise taxes, special assessments, inter governmental revenues and other taxes. Expenditures are recorded in the accounting period in which the related liability is incurred.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
81 Note 1: Summary of Significant Accounting Policies (Continued) d. Basis of Accounting and Measurement Focus (Continued) Unavailable revenues arise when potential re venues do not meet both the “measurable” and “available” criteria for recognition in the current period. Unavailable revenues are reported as deferred inflows of resources until they meet th e “available” criteria. Unearned revenues arise when the government receives resources before it has a legal claim to them, as when grant monies are received prior to incurring qualifying expenditu res. In subsequent periods, when both revenue recognition criteria are met or when the governmen t has a legal claim to the resources, the unearned revenues are removed, and revenue is recognized.

The Reconciliation of the Fund Financial St atements to the Government-Wide Financial Statements is provided to explain the differenc es created by the integrated approach of GASB Statement No. 34.

Proprietary Fund Financial Statements

Proprietary fund financial statements include a Statement of Net Position, a Statement of Revenues, Expenses, and Changes in Fund Net Po sition, and a Statement of Cash Flows for each proprietary fund.

A separate column representing internal service funds is also presented in these statements.

However, internal service balances and activiti es have been combined with the governmental activities in the government-wide financial statemen ts. The following is a list of the City’s major proprietary funds:

Water Utility Fund - This fund is used to account fo r the activities associated with the transmission and distribution of potable and recycled water by the City to its users.

Sanitary District Fund - This fund is used to account for the ac tivities of the Sanitary District (a component unit of the City of Camarillo) which includes the transmission, pumping and treatment of the City's sewage.

Solid Waste Fund - This fund is used to account for the activities associated with collection and disposal of rubbish and recycled materials.

Transit Fund - This fund is used to account for the operations of the City's bus system which includes both leased bus activities and the City-owned bus system.

Proprietary funds are accounted for using the "economic resources" mea surement focus and the accrual basis of accounting. Accordingly, all asset s and liabilities (whether current or noncurrent) are included on the Statement of Net Position. The Statement of Revenues, Expenses, and Changes in Net Position presents increases (rev enues) and decreases (expenses) in total net position. Under the accrual basis of accounting, re venues are recognized in the period in which they are earned, while expenses ar e recognized in the period in which the liability is incurred. In these funds, receivables have been recorded as revenue and provisions have been made for uncollectible amounts.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
82 Note 1: Summary of Significant Accounting Policies (Continued) d. Basis of Accounting and Measurement Focus (Continued) Operating revenues in the proprietary funds ar e those revenues that are generated from the primary operations of the fund. All other revenues are reported as nonoperating revenues.

Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as nonoperating expenses.

Internal Service Fund Financial Statements

The City reports three internal service funds as of the end of the fiscal year, Risk Management, Information Services, Vehicles & Equipment. These proprietary funds are used to account for the financing of services provided by one department to another on a cost-reimbursement basis. The City Hall Facility, Corporation Yard Facility, Po lice Facility, Library Facility, and the Chamber of Commerce Facility internal service funds were c onsolidated into to the General Fund during the fiscal year.

Fiduciary Fund Financial Statements

Fiduciary fund financial statements include a Statement of Net Position and a Statement of Changes in Net Position. The Successor Agency Private-Purpose Trust Fund is reported using the “economic resources” measurement focus and the accrual ba sis of accounting. This fund is being used to account for the Redevelopment Property Tax Trust Fund distributions made by the County of Ventura for the dissolution activity related to the former Camarillo Community Development Commission. The Custodial Funds account for moni es held for other governments and/or entities to which the City provides accounting and investing services, which none are held in trust.

e. Cash, Cash Equivalents, and Investments
Cash Management - The City pools cash resources of its various funds to facilitate cash management. Cash in excess of curre nt requirements is invested and reported as investments. It is the City’s intent to hold investments until maturity. However, the City may, in response to market conditions, sell investments prior to maturity in or der to improve the quality, liquidity or yield of the portfolio. Interest earnings are apportione d among funds based on average daily cash and investment balances.

The City’s cash and cash equivalents are cons idered to be cash on hand, demand deposits, and highly liquid investments with original maturitie s of three months or less at the time of acquisition.

Investments Valuation - Highly liquid market investments with maturities of one year or less at time of purchase, are stated at amortized cost. All other investments are stated at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.

State Investment Pool - The City voluntarily participates in the Local Agency Investment Fund (LAIF), an investment pool, regulated by California Government Code Section 16429 under the oversight of the Treasurer of the State of California. The fair value of the City’s investment in this pool is reported at an amount based upon the City’s pro-rate share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio).

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
83 Note 1: Summary of Significant Accounting Policies (Continued) f. Interfund Transactions
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as e ither “due to/from other funds” (i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the noncurrent portion of interfund loans). Any residual balances outstanding between the governmental activities and business-type activities are reported in the govern ment-wide financial statements as “internal balances.”

g. Assets Held for Resale
Assets held for resale are recorded at the lower of cost or market, but not greater than the net realizable value.

h. Capital Assets
Capital assets, which include land, buildin gs, improvements, equipment, furniture, and infrastructure assets (e.g., roads, sidewalks, and similar items), are reported in the applicable governmental or business-type activities in the government-wide financial statements. All purchased capital assets are recorded at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated (contributed) capital assets are valued at acquisition value on the date received.

City policy has set the capitalization threshold for reporting capital assets at the following:

General capital assets 5,000 $
Infrastructure capital assets 50,000 $

For all capital assets, depreciation is recorded on a straight-line basis over the useful lives of the assets as follows:

Building and Improvements 30 to 40 Years
Furniture and Fixtures 8 to 15 Years
Machinery and Equipment 5 to 40 Years
Water and Sewer Transmission,
Collection, and Distribution Lines 40 to 50 Years
Infrastructure 5 to 75 Years

The City has included the value of all infrastruct ures into its Basic Financial Statements and it defines infrastructure as the basic physical assets that allow the City to function. The assets include:

 Storm drain system
 Streets system
 Site amenities such as parking and landscaped areas used by the City to conduct business

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
84 Note 1: Summary of Significant Accounting Policies (Continued) h. Capital Assets (Continued)
Each major infrastructure system can be divided in to subsystems. For example, the street system can be subdivided into pavement, curb and gutte rs, sidewalks, medians, streetlights, traffic control devices (signs, signals and pavement ma rkings), landscaping and land. These subsystems were not delineated in the Basic Financial St atements. The appropriate operating department maintains information regarding the subsystems.

The accumulated depreciation, defined as the total depreciation from the date of construction/acquisition to the current date, was calculated on a straight-line method using industry accepted life expectancies for each infr astructure subsystem. The book value was then computed by deducting the accumulated depreciation from the original cost.

Subscription-Based Information Technology Arra ngements (SBITA) assets are initially measured as the sum of the present value of payments exp ected to be made during the subscription term, payments associated with the SBITA contract made to the SBITA vendor at the commencement of the subscription term, when applicable, a nd capitalizable implementation costs, less any SBITA vendor incentives received form the SBIT A vendor at the commencement of the SBITA term. SBITA assets are amortized in a systematic and rational manner over the shorter of the subscription term or the useful life of the underlying IT assets.

i. Interest Payable
Interest payable of long-term debt is r ecognized when the liab ility is incurred for governmental activities, business-type activities, proprietary fund types, and fiduciary fund types.

j. Deferred Outflows/Inflows of Resources
In addition to assets, the statements of net position reports a separate section for deferred outflows of resources. This financial statement element, deferred outflows of resources , represents a consumption of net assets that applies to future periods and so will not be recognized as an outflow of resources (expense/expenditure) until th at time. The City has the following items that qualify for reporting in this category:

 Deferred loss on refunding, net of accumula ted amortization reported in the government- wide Statement of Net Position and the propr ietary funds Statement of Net Position. A deferred loss on refunding results from the di fference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.

 Deferred outflows related to pensions and OPEB equal to employer contributions made after the measurement date of the net pe nsion liability and the net OPEB liability, respectively.

 Deferred outflows related to pension and OPEB resulting from changes in assumptions.

These amounts are amortized over a closed period equal to the average expected remaining service lives of all employees that are provided benefits through the plans.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
85 Note 1: Summary of Significant Accounting Policies (Continued) j. Deferred Outflows/Inflows of Resources (Continued)
 Deferred outflows related to OPEB and pens ions for differences between expected and actual experience. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with OPEB and pensions through the plans.

 Deferred outflows related to pensions a nd OPEB resulting from the net differences in projected and actual earnings on investments of the pension and OPEB plans fiduciary net position. These amounts are amortized over five years.

In addition to liabilities, the statement of net position and the governmental funds balance sheet report a separate section for deferred inflows of resources. This financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to future periods and will not be recognized as an inflow of resources (revenue) until that time. The City has the following items that qualify for reporting in this category:

 Deferred inflow related to leases, this amount is deferred and recognized as an inflow of resources in based on the payment provisions in the contract.

 Deferred inflows related to OPEB and pensions for differences between expected and actual experience. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with benefits through the plans.

 Deferred inflows related to OPEB resulti ng from changes in assumptions. These amounts are amortized over a closed period equal to the average expected remaining service lives of all employees that are provided benefits through the plan.

k. Leases
The City is a lessor for a noncancellable lease of a building, land, and water tower. The City recognizes a lease receivable and a deferred inflow of resources in the business-type activities in the government‐wide and in the proprietary fund financial statements.

At the commencement of a lease, the City initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease com mencement date. Subsequen tly, the deferred inflow of resources is recognized as revenue over the life of the lease term.

Key estimates and judgments include how the C ity determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts.

 The City uses its estimated incremental borrowing rate as the discount rate for leases.  The lease term includes the noncancellable period of the lease.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
86 Note 1: Summary of Significant Accounting Policies (Continued) k. Leases (Continued)
 Lease receipts included in the measurement of the lease receivable are composed of fixed payments from the lessee.

The City monitors changes in ci rcumstances that would require a remeasurement of its lease and will remeasure the lease receivable and deferred infl ows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable.

l. Compensated Absences
The City accrues for compensat ed absences in the government-wide and proprietary fund statements of net position. Amounts of vested or accumulated compensated absences, that are not expected to be liquidated with expendable av ailable financial resources, are reported in the governmental activities of the government-wide fi nancial statements. Vested or accumulated compensated absences of proprietary funds are recorded as an expense and liability of those funds as the benefits accrue to employees.

m. Long-Term Obligations
Government-Wide Financial Statements - Long-term debt and othe r long-term obligations are reported as liabilities in the appropriate activities. The effect of premiums, discounts and similar items when debt is issued are deferred and amortiz ed over the life of the underlying debt in the Statement of Activities.

Fund Financial Statements - The fund financial statements do not present long-term debt but are shown in the Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position. Bond premiums a nd discounts, as well as issuance costs, are recognized during the current period. Bond pro ceeds are reported as other financing sources net of the applicable premium or discount. Issuance costs, whether or not withheld from the actual net proceeds received, are reported as debt service expenditures.

n. Net Position
In the government-wide financial statements, net position is classified in the following categories:

 Net Investment in Capital Assets – This amount consists of capital assets net of accumulated depreciation and is reduced by out standing debt that attributed to the acquisition, construction, or improvement of the assets.

 Restricted Net Position – This amount is restricted by external creditors, grantors, contributors, laws enabling legislation or regulations of other governments.

 Unrestricted Net Position – This amount is the net position that does not meet the definition of “net investment in capital assets” or “restricted net position.”

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
87 Note 1: Summary of Significant Accounting Policies (Continued) o. Use of Restricted/Unrestricted Net Positions
When an expense is incurred for purposes for which both restricted and unrestricted net position are available, the City’s policy is to apply restricted net position first.

p. Fund Balances
In the fund financial statements, governmental f unds report fund balance in classifications based primarily on the extent to which the City is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. S ee Fund Balance for Governmental Funds Note 9 in the Notes to Basic Financial Statements for more information.

q. Property Tax Calendar
The State of California Cons titution Article XIIIA provides that the combined maximum property tax rate on any given property may not exceed 1% of its assessed value, unless an additional amount for debt has been approved by voters. Assessed value is calculated at 100% of market value
as defined by Article XIIIA and may be increased by no more than 2% per year unless the property is sold, transferred, or improved.

The County of Ventura assesses properties, bills for, collects, and distributes property taxes on the basis of the taxing jurisdiction’s tax rate pe rcentage, subject to individual tax jurisdiction’s adjustments as may be allowed for voter-approved debt, as follows:

Secured Unsecured
Lien dates January 1 January 1
Levy dates July 1 July 1
Due dates 50% on November 1 and July 1
50% on February 1
Delinquent as of December 10 (for November) August 31
April 10 (for February)

The term “unsecured” refers to taxes on persona l property other than real estate, land, and buildings.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
88 Note 1: Summary of Significant Accounting Policies (Continued) r. Use of Estimates
The preparation of the basic financial stat ements, in conformity with GAAP, requires management to make estimates and assumptions . These estimates and assumptions affect the reported amounts of assets and liabilities and the di sclosure of contingent assets and liabilities. In addition, estimates affect the reported amount of expenses. Actual results could differ from these estimates and assumptions.

s. Pensions
For purposes of measuring the net pension liability and deferred outflows/in flows of resources related to pensions, a nd pension expense, information about the fiduciary net position of the District’s California Public Employees’ Retirement System (CalPERS) plans (Plans) and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this pu rpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.

t. Implementation of New Accounting Standards
During the year ended June 30, 2024, th e City implemented GASB Statement No. 100 Accounting Changes and Error Corrections – An Amendment to GASB Statement No. 62, which defines accounting changes as changes in accounti ng principles, changes in accounting estimates, and changes to or within the financial reporting entity and describes the transactions or other events that constitute those changes. The Statement prescribes the accounting and financial reporting for each type of accounting change and for error corrections. Implementation of GASB Statement No. 100 did not have any direct imp act on the presentation of the City’s financial statements.

u. Other Postemployment Healthcare Benefits (OPEB)
For purposes of measuring the net OPEB liability , deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s plan (OPEB Plan), th e assets of which are held by Public Agency Retirement Services (PARS), and additions to/de ductions from the OPEB Plan’s fiduciary net position have been determined by an independent actuary. For this purpose, benefit payments are recognized when currently due and payable in acco rdance with the benefit terms. Investments are reported at fair value.

Generally accepted accounting principles require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used:

Valuation Date June 30, 2022

Measurement Date June 30, 2023

Measurement Period July 1, 2022 to June 30, 2023

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
89 Note 2: Cash and Investments
The City had the following cash and investments at June 30, 2024:

Fair Value
City treasury deposits:

Deposits 912,758 $
Petty cash 3,395
Total City treasury deposits 916,153
Certificates of deposit 722,789
Corporate notes 7,696,580
Commercial paper 1,956,902
City treasury investments:

Securities of U.S. government sponsored entities:

FFCB 10,157,833
FHLB 5,850,780
FHLMC 3,778,860
FNMA 3,962,460
Total City securities of U.S. government
sponsored entities 23,749,933
Local agency investment fund 147,454,774
Tax-exempt money market 72
U.S. Treasury securities 64,225,650
Total City treasury investments 211,680,496
Total funds in City treasury 246,722,853 $
Restricted cash and investments 7,158,156 $
Cash and investments with fiscal agents 7,965,285 $

a. Cash Deposits
The City’s deposits and certificates of depos it are entirely covered by Federal Depository Insurance Corporation (FDIC), or by collateral held in a multiple financial institution collateral pool. The FDIC insures the first $250,000 of the Ci ty’s deposits at each financial institution. At June 30, 2024, the reported amount of the City 's deposits was $912,758 and the bank balances totaled $2,085,277. The difference was related to outstanding checks, deposits in transit and other reconciling items.

Custodial credit risk for deposits is the risk that , in the event of the fa ilure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collateral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the fa ilure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to re cover the value of its investment or collateral securities that are in the possession of another party.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
90 Note 2: Cash and Investments (Continued)
a. Cash Deposits (Continued)
The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to cu stodial credit risk for deposits or investments, other than the following provision for deposits: The California Government Code requires that a financial institution secure de posits made by state or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The market valu e of the pledged securities in the collateral pool must equal at least 110% of the total am ount deposited by the public agencies. California law also allows financial institutions to secure C ity deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. The City’s deposits are insured by FDIC or collateralized as required by California Law. The City has not waived the financial institution requirement on securing City’s deposits.

For investments identified herein as held by fiscal agents, the trustee selects the investment under the terms of the applicable trust agreement, acqui res the investment, and holds the investment on behalf of the City.

b. Investments
The City is authorized by state statutes, a nd in accordance with the City’s Investment Policy (Policy), to invest in the following:

 State Local Agency Investment Fund (LAIF)
 United States Treasury notes, bonds, bills or certificates of indebtedness  Insured demand deposits
 Certificates of deposit
 Commercial paper
 Federal agency or United States government sponsored enterprises  Government or U.S. Treasury money market funds
 Municipal Securities that are obligations of th e City, the state of California, and any local agency within the state of California
 Negotiable Certificates of Deposit (NCDs), issued by a nationally or state-chartered bank, a savings association or federal association, a state of federal credit union, or a federally- licensed or state-licenses branch of a foreign bank
 Supranationals
 Corporate medium term notes
 Asset-backed Securities

The Policy, in addition to state statutes, estab lishes that funds on depos it in banks must be federally insured or collateralized, and investmen ts shall: (1) have maximum maturity not to exceed five years, (2) be laddered and based on cash flow forecasts, and (3) be subject to limitations to a certain percent of the portfolio fo r each of the authorized investments. The City’s investments comply with the established policy.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
91 Note 2: Cash and Investments (Continued)
b. Investments (Continued)

Investments of debt proceeds held by fiscal agents are governed by provisions of the debt covenants, rather than the general provisions of the California Government Code or the City’s investment policy. These provisions allow for the investments in the following:

U.S. Treasury obligations, U.S. Agency secu rities, nonnegotiable certificates of deposit, commercial paper, negotiable certificates of deposit, investment agreements, repurchase agreements, forward purchase agreements , money market mutual funds, LAIF, supranationals, corporate medium term notes, and asset-backed securities.

The City portfolio value fluctuates in an inve rse relationship to changes in interest rate.

Accordingly, if interest rates have risen, the por tfolio value will have declined. If interest rates have fallen, the portfolio value will have risen.

The portfolio for year-end reporting purposes is tr eated as if it were all sold. Therefore, fund balance must reflect the portfolio’s change in value. These portfolio value changes are unrealized unless sold.

c. Fair Value Measurements and Application
GASB Statement No. 72 Fair Value Measurement and Application generally requires investments to be measured at fair value. An inv estment is defined as a security or other asset that (a) a government holds primarily for the purpose of income or profit and (b) has a present service capacity based solely on its ability to generate cash or to be sold to generate cash.

The City categorizes its fair value measurement within the fair value hierarchy established by generally accepted accounting principles. The hier archy is based on the relative inputs used to measure the fair value of the investments. Leve l 1 inputs are quoted prices in active markets for identical assets. Level 2 inputs are valued us ing a matrix pricing model. Level 3 inputs are significant unobservable inputs.

The asset’s level within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.

When available, quoted prices are used to dete rmine fair value. When quoted prices in active markets are available, investments are classified w ithin Level 1 of the fair value hierarchy. When quoted prices in active markets are not available, fair values are based on evaluated prices received by City from third-party service provider.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
92 Note 2: Cash and Investments (Continued)
c. Fair Value Measurements and Application (Continued)
The City has the following fair value measurements for its investments as of June 30, 2024:

Investment Type Level 1 Level 2 Level 3 Total
Federal agency securities - $ 23,749,933$ - $ 23,749,933$ Certificates of deposit - 722,789 - 722,789 Corporate notes - 7,696,580 - 7,696,580 Commercial paper - 1,956,902 - 1,956,902 U.S. Treasury securities - 64,225,650 - 64,225,650 Total Leveled Investments - $ 98,351,854$ - $ 98,351,854 Tax-exempt money market* 72
State investment pool (LAIF)* 147,454,774
Held by Trustee:

PARS Trust* 7,158,156
Money market mutual funds* 7,965,285
Total Investment Portfolio 260,930,141$
*Not subject to fair market value measurement

d. Summary of Cash and Investments
The following is a summary of cash and investments as of June 30, 2024:

Fiduciary
Funds
Governmental Business-Type Statement of
Activities Activities Total Net Position Total
Cash and investments 165,956,245 $ 79,899,385 $ 245,855,630 $ 867,223 $ 246,722,853$ Restricted cash and
investments 7,158,156 - 7,158,156 - 7,158,156 Restricted cash with
fiscal agent 1,062,992 9,994 1,072,986 6,892,299 7,965,285 Total 174,177,393 $ 79,909,379 $ 254,086,772 $ 7,759,522 $ 261,846,294 $ Government-Wide
Statement of Net Position

e. Risk Disclosures
Interest Rate Risk - Interest rate risk is the possibility th at changes in market interest rate will adversely affect the fair value of an investment. As a means of limiting its exposure to fair value losses arising from rising interest rates, the City’s investment policy requires that the average maturity of the investme nt portfolio will not exceed three years, and no investment will have a maturity of more than five years from its date of purchase. At June 30, 2024, the City Treasury had the following investment maturities:

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
93 Note 2: Cash and Investments (Continued)
e. Risk Disclosures (Continued)
Less than 6 6 Months to
Investment Type Fair Value Months a Year 1 to 3 Years 3 to 5 Years FFCB 10,157,833 $ 997,140 $ - $ 7,185,673$ 1,975,020 $ FHLB 5,850,780 1,989,620 - 3,861,160 - FHLMC 3,778,860 - 1,953,980 1,824,880 - FNMA 3,962,460 1,999,780 1,962,680 - - U.S. Treasury securities 64,225,650 29,752,020 8,725,870 9,772,840 15,974,920 Money market funds 72 72 - - - Certificates of deposit 722,789 240,102 - 482,687 - Corporate notes 7,696,580 - 1,963,160 4,785,950 947,470 Commercial paper 1,956,902 1,956,902 - - - LAIF 147,454,774 147,454,774 - - - Held by Trustee:

PARS Trust 7,158,156 7,158,156 - - - Money market mutual funds 7,965,285 7,965,285 - - - Total 260,930,141 $ 199,513,851 $ 14,605,690 $ 27,913,190 $ 18,897,410 $ Investment Maturities

Credit Risk - Credit risk is the possibility that an i ssuer of an investment will not fulfill its obligation to the holder of the investment. Stat e law limits investments in commercial paper and corporate bonds to the top two ratings issued by nationally recognized statistical rating organizations (NRSROs). The City’s policy does not allow these types of investments.

At June 30, 2024, the City Treasury investment credit risks, expressed on a percentage basis, were as follows:

Moody's Credit S & P's % of
Investment Type Rating Rating Investments
FFCB Aaa AA 3.89
FHLB Aaa AA 2.24
FHLMC Aaa AA 1.45
FNMA Aaa AA 1.52
U.S. Treasury securities Aaa AA 24.62
Money market funds Not Rated Not Rated -
CD's Not Rated Not Rated 0.28
Corporate Notes Not Rated Not Rated 2.95
Commercial Paper Not Rated Not Rated 0.75
LAIF Not Rated Not Rated 56.51
PARS Trust Not Rated Not Rated 2.74
Money market mutual funds Aaa AAA 3.05
Total 100.00
Credit Quality Distribution for Securities with Credit Exposure City Treasury Investments

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
94 Note 2: Cash and Investments (Continued)
e. Risk Disclosures (Continued)
At June 30, 2024, the City Fiscal Agent investmen t credit risks, expressed on a percentage basis, were as follows:

Moody's Credit S & P's % of
Investment Type Rating Rating Investments
Money market mutual funds Aaa AAA 100.00
Total 100.00
Credit Quality Distribution for Securities with Credit Exposure Fiscal Agent Investments

f. Concentrations of Credit Risk
The investment policy of the City states Federa l agency or United States government sponsored total issues will not exceed 75%, nor will one issuer exceed 20% of the tota l portfolio. The City did not have any investments in any one issuer (other than U. S. Tr easury securities, mutual funds, and external investment pools) that represent 5% or more of total entity investments as of June 30, 2024.

Note 3: Receivables
a. Government-Wide Financial Statements
The following is a summary of receivables, including restricted receivables, net of allowances for uncollectible amounts at June 30, 2024:

Fiduciary Funds
Governmental Business-Type Statement of
Activities Activities Total Net Position Total
Current assets:

Accounts 6,357,916 $ 6,935,923 $ 13,293,839 $ 11,595$ 13,305,434 $ Interest 1,482,402 826,459 2,308,861 7,081 2,315,942 Leases - 120,557 120,557 - 120,557 Grants 1,454,388 2,626,451 4,080,839 - 4,080,839 Noncurrent assets:

Leases - 195,548 195,548 - 195,548 Notes 5,962,283 10,531 5,972,814 - 5,972,814 Total 15,256,989 $ 10,715,469 $ 25,972,458 $ 18,676$ 25,991,134 $ Government-Wide
Statement of Net Position

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
95 Note 3: Receivables (Continued)
b. Notes Receivable
Promissory notes receivable of $5,972,814 at June 30, 2024, consisted of the following outstanding balances:

Governmental Activities
Major Fund
General fund
Note Receivable from Economic Development
Collaborative, Note due and payable on July 1, 2025 390,645 $ Nonmajor Fund
Low-Moderate Income Housing Asset Fund
Note Receivable from KDF Park Glenn Seniors,
L.P., Note due and payable on October 30, 2037 275,000
Community development
Community Development Block Grant Fund (CDBG)
Notes used for affordable housing down payment,
closing assistance, and silent second trust deeds
Notes due at the time of property sale 396,638
Camarillo Corridor Project Area Fund
Note Receivable from Area Housing Authority of
the County of Ventura, Note due and payable in June 2088 4,900,000 Total governmental activities notes receivable 5,962,283 Business-Type Activities
Sanitary district fund
Various notes used for purchase and installation
of FOG Devices 10,531
Total Notes Receivable 5,972,814 $

Note 4: Interfund Transactions
The City had the following transfers for the fiscal year ended June 30, 2024:

Maintenance Capital Othe r
General District Special Improvement Governmental
Transfers Out Fund Revenue Projects Funds Transit Totals General Fund -$ 3,068,041$ 7,275,448 $ 454,000 $ -$ 10,797,489$ Development Fees Special
Revenue Fund - - 1,669,759 - - 1,669,759 Other Governmental Funds 1,952,400 12,529 5,242,285 407,319 1,397,771 9,012,304 Transit Fund - - - 271,621 - 271,621 Internal Service Funds 8,901,167 - - - - 8,901,167 Total 10,853,567 $ 3,080,570 $ 14,187,492 $ 1,132,940 $ 1,397,771 $ 30,652,340 $ Transfers In

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
96 Note 4: Interfund Transactions (Continued)
The General Fund provided transfers to the Main tenance District Special Revenue Fund, Capital Improvements Project Fund, and to Other Governme ntal Funds to support on-going operations and debt service payments. The Development Fees Speci al Revenue Fund provided transfers to the Capital Improvement Projects Fund to supplement capital improvement projects scheduled in the City’s Five-Year Capital Improvement Program. Other Governmental Funds provided transfers to the General Fund, Maintenance Districts Special Re venue Fund, Capital Improvement Projects Fund, Other Governmental Funds to the Transit Fund to supplement capital improvement projects. The Transit Fund provided transfers to the Other Governmental Funds to pay for ongoing transit operations. The closing of five Internal Service F unds resulted in transferring the remaining balances and activities of the five Internal Service Funds to the General Fund.

The City had the following interfund payables for the fiscal year ended June 30, 2024:

Due from Other
Funds
Due to Other Funds General Fund
Community Development Block Grant fund 34,780 $
Transit fund 59,000
Solid waste fund 482,000
Total 575,780 $

The General Fund provided a short-term loan to the Community Development Block Grant Fund, Transit Fund and Solid Waste Fund to cover ne gative cash balances and due to timing of grant reimbursements.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
97 Note 5: Capital Assets
a. Government-Wide Financial Statements
At June 30, 2024, the City’s capital assets consisted of the following:

Governmental Business-type
Activities Activities Total
Nondepreciable assets:

Land 34,462,645 $ 1,456,219 $ 35,918,864 $ Construction in progress 23,076,494 12,107,514 35,184,008 Total nondepreciable
assets 57,539,139 13,563,733 71,102,872 Depreciable assets:

Buildings and improvements 57,871,608 67,270,222 125,141,830 Machinery and equipment 15,479,079 11,644,028 27,123,107 Right to use asset (SBITA) 1,950,676 - 1,950,676 Infrastructure 329,616,358 155,949,814 485,566,172 Total depreciable assets 404,917,721 234,864,064 639,781,785 Less accumulated depreciation/amortization for:

Buildings and improvements (30,199,143) (1,964,998) (32,164,141) Machinery and equipment (11,453,109) (7,920,207) (19,373,316) Right to use asset (SBITA) (659,864) - (659,864) Infrastructure (160,971,640) (83,563,567) (244,535,207) Total accumulated
depreciation (203,283,756) (93,448,772) (296,732,528) Total capital assets being
depreciated, net 201,633,965 141,415,292 343,049,257 Total capital assets, net 259,173,104 $ 154,979,025 $ 414,152,129 $

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
98 Note 5: Capital Assets
b. Governmental Activities
The following is a summary of capital assets for governmental activ ities for the fiscal year ended June 30, 2024:

Balance at Balance at
June 30, 2023 Additions Deletions June 30, 2024
Nondepreciable assets:

Land 34,550,040 $ - $ (87,395)$ 34,462,645$ Construction in progress 19,169,956 10,409,850 (6,503,312) 23,076,494 Total nondepreciable
assets 53,719,996 10,409,850 (6,590,707) 57,539,139 Depreciable assets:

Buildings and improvements 57,051,403 1,126,358 (306,153) 57,871,608 Machinery and equipment 14,890,295 1,146,361 (557,577) 15,479,079 Right to use asset (SBITA) 1,950,676 - - 1,950,676 Infrastructure 331,827,948 4,272,294 (6,483,884) 329,616,358 Total depreciable assets 405,720,322 6,545,013 (7,347,614) 404,917,721 Less accumulated
depreciation/amortization for:

Buildings and improvements (28,738,722) (1,712,055) 251,634 (30,199,143) Machinery and equipment (11,349,365) (653,830) 550,086 (11,453,109) Right to use asset (SBITA) (278,934) (380,930) - (659,864) Infrastructure (158,646,102) (8,771,003) 6,445,465 (160,971,640) Total accumulated
depreciation (199,013,123) (11,517,818) 7,247,185 (203,283,756) Total capital assets being
depreciated/amortized, net 206,707,199 (4,972,805) (100,429) 201,633,965 Governmental activities
Total capital assets, net 260,427,195 $ 5,437,045 $ (6,691,136) $ 259,173,104 $

Depreciation expense, including depreciation to internal service funds, for the fiscal year ended June 30, 2024, was charged to functions/programs of the governmental activities as follows:

Governmental activities
General government 814,095 $
Highway and streets, including depreciation of
general infrastructure assets 9,494,349
Public safety 1,209,374
Total depreciation/amortization expense -
governmental activities 11,517,818 $

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
99 Note 5: Capital Assets (Continued)
c. Business-Type Activities
The following is a summary of capital assets for business-type activ ities for the fiscal year ended June 30, 2024:

Balance at Balance at
June 30, 2023 Additions Deletions June 30, 2024
Nondepreciable assets:

Land 1,456,219 $ - $ - $ 1,456,219$ Construction in progress 71,397,478 5,297,637 (64,587,601) 12,107,514 Total nondepreciable
assets 72,853,697 5,297,637 (64,587,601) 13,563,733 Depreciable assets:

Buildings and improvements 3,158,480 64,111,742 - 67,270,222 Machinery and equipment 10,828,953 955,999 (140,924) 11,644,028 Infrastructure 155,916,927 32,887 - 155,949,814 Total depreciable assets 169,904,360 65,100,628 (140,924) 234,864,064 Less accumulated
depreciation for:

Buildings and improvements (1,850,653) (114,345) - (1,964,998) Machinery and equipment (7,622,944) (438,187) 140,924 (7,920,207) Infrastructure (80,195,338) (3,368,229) - (83,563,567) Total accumulated
depreciation (89,668,935) (3,920,761) 140,924 (93,448,772) Total capital assets
being depreciated, net 80,235,425 61,179,867 - 141,415,292 Business-type activities
Total capital assets, net 153,089,122 $ 66,477,504 $ (64,587,601) $ 154,979,025 $

Depreciation expense, for business-type activities for the fiscal year ended June 30, 2024, was charged as follows:

Business-type activities
Water Utility 1,140,254 $
Sanitary District 2,610,025
Transit 86,738
Camarillo ranch events 83,744
Total depreciation expense - business-type
activities 3,920,761 $

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
100

Note 6: Compensated Absences
The City’s policy relating to compensated absences is described in Note 1, section K. As shown in the table below, the long-term portion of this debt is expected to be paid in future years from future resources. No fixed payment schedule is established for compensated absences. In prior fiscal years, liability for compensated absences has been liquidated pri marily by the General Fund and the proprietary funds. Detail of compensated absen ces recorded in the governmental activities and business-type activities at June 30, 2024, was as follows:

Balance at Balance at Amount Due
June 30, 2023 Additions Deletions June 30, 2024 Within One Year Governmental activities 1,979,740$ 812,155 $ (723,549) $ 2,068,346 $ 723,549 $ Business-type activities 1,128,538 1,149,578 (838,315) 1,439,801 685,814 Total compensated
absences 3,108,278 $ 1,961,733 $ (1,561,864) $ 3,508,147 $ 1,409,363 $

Note 7: Long-Term Debt
Following is a summary of long-term debt transactions for the fiscal year ended June 30, 2024:

Amounts Due Amounts Due
Balance at Balance at Within One in More Than
Public Offerings June 30, 2023 Additions Deletions June 30, 2024 Year One Year Governmental Activities:
2012 Lease Revenue
Bonds-library 4,360,000 $ - $ (330,000)$ 4,030,000 $ 345,000 $ 3,685,000 $ Subscriptions Payable 1,468,934 - (353,978) 1,114,956 322,017 792,939 Total Governmental
Activities 5,828,934 $ - $ (683,978)$ 5,144,956 $ 667,017 $ 4,477,939 $ Business-type activities:
2015 Wastewater Bonds 13,400,000$ - $ (800,000)$ 12,600,000 $ 840,000 $ 11,760,000$ Premium on 2015 Bonds 709,007 - (54,539) 654,468 - 654,468 2019 Water Revenue
Bonds 10,080,000 - (10,080,000) - - - Premium on 2019 Bonds 985,869 - (985,869) - - - Total Business-type
Activities 25,174,876 $ - $ (11,920,408)$ 13,254,468 $ 840,000 $ 12,414,468$ Classification

a. Governmental Activities
2012 Lease Revenue Bonds – Original Issue $7,630,000

On April 26, 2012, the City issued, through the Camarillo Public Finance Authority (a nonprofit benefit corporation), $7,630,000 in Lease Revenue Bonds (Library Refunding Project), 2012 Series, with interest rates ranging from 1.00% to 4.25% and a maturity date of December 1, 2033.

The proceeds of the 2012 bonds were used to redeem and defease the 2003 Library Bonds and fund the costs of issuance relating to the 2012 bonds. The outstanding balance from this public offering contains a provision that in the occurren ce or continuation of any event of default, the trustee may compel the City to perform and carry out its duties under law and the agreements and covenants required to be performed by it contained in the indenture, however the trustee will have no right to declare the principal of or interest in the Bonds to be due and payable immediately.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
101

Note 7: Long-Term Debt (Continued)
a. Governmental Activities (Continued)
The annual debt service requirements at June 30 , 2024, on the 2012 Li brary Bonds were as follows:

Year Ending June 30, Principal Interest Total
2025 345,000 $ 145,869 $ 490,869 $ 2026 355,000 134,050 489,050 2027 365,000 121,450 486,450 2028 380,000 108,413 488,413 2029 395,000 94,850 489,850 2030-2034 2,190,000 235,457 2,425,457 Totals 4,030,000 $ 840,089 $ 4,870,089 $ 2012 Lease Revenue Bonds

Subscription-Based Information Technology Arrangements

The City has entered into subscription based-i nformation technology arrangements (SBITAs) for various software applications. The SBITA arrangemen ts expire at various dates through 2033 and provide for renewal options.

As of June 30, 2024, SBITA assets and the re lated accumulated amortization totaled $1,950,676 and $659,864, respectively.

The future subscription payments under SBITA agreements are as follows:

Year Ending June 30, Principal Interest Total
2025 322,017 $ 40,157 $ 362,174 $ 2026 269,428 29,402 298,830 2027 239,483 19,969 259,452 2028 186,207 11,163 197,370 2029 23,036 3,912 26,948 2030-2033 74,785 6,059 80,844 Totals 1,114,956 $ 110,662 $ 1,225,618 $ Governmental Activities

b. Business-type Activities
2015 Wastewater Refunding Revenue Bonds – Original Issue $18,900,000

On July 21, 2015, the Camarillo Sanitary Distri ct issued $18,900,000 in Refunding Revenue Bonds Series 2015, bearing interest rates ranging between 2% and 5% and maturing on June 1, 2036. The proceeds of the 2015 Bonds were used to redeem the 2005 Bonds and pay the cost of issuance relating to the 2015 Bonds.

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
102

Note 7: Long-Term Debt (Continued)
b. Business-type Activities (Continued)
The District will pay all future bond obliga tions from the net revenues of the wastewater enterprise, derived primarily from charges and revenues received by the District. Principal and interest paid for the current fiscal year and total customer net revenues (operating income add depreciation) were $1,305,994 and $1,223,425, r espectively. The outstanding balance from this public offering contains a provision that in the o ccurrence or continuation of any event of default, the trustee must declare the principal of the bonds , together with the accrued interest, to be due and payable immediately and may exercise any ot her remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners.

As of June 30, 2024, the annual debt service re quirements for the Camarillo Sanitary District’s 2015 Wastewater Refunding Revenue Bonds were as follows:

Year Ending June 30, Principal Interest Total
2025 840,000 $ 465,994 $ 1,305,994 $ 2026 880,000 423,994 1,303,994 2027 925,000 379,994 1,304,994 2028 975,000 333,744 1,308,744 2029 1,000,000 304,494 1,304,494 2030-2034 5,505,000 1,025,906 6,530,906 2035-2036 2,475,000 135,394 2,610,394 Totals 12,600,000 $ 3,069,520 $ 15,669,520 $ 2015 Wastewater Refunding Revenue Bonds

2019 Water Revenue Bonds – Original Issue $11,800,000

On August 1, 2019, the Camarillo Public Finan ce Authority (a nonprofit benefit corporation), $11,800,000 in Revenue Bonds Series 2019, bearing interest rates ranging between 2% and 5% and maturing on June 1, 2039. The proceeds of th e 2019 bonds were used to finance a portion of the costs of a groundwater desalter facility that will be owned and operated by the City of Camarillo. The City has pledged revenue to pay for future bond obligations from the net revenues of the water enterprise, derived primarily fro m charges and revenues received by the City. The outstanding balance from this public offering c ontains a provision that in the occurrence or continuation of any event of default, the trustee may (1) compel the City to perform and carry out its duties under law and the agreements and covenants required to be performed by it contained in the indenture, (2) bring suit upon the bonds, (3) require the City to account as if it were the trustee of an express trust for the owners of bonds, or (4) enjoin any actus or things which may be unlawful or in violation of the rights of bonds un der the indenture. These bonds were defeased in August 2023. The defeasance of the 2019 Bonds will allow the City to consider lower water rates increases by eliminating the requirement in the 20 19 Bonds that the City maintain water rates sufficient to provide 125% debt service coverage in each fiscal year. At the time of defeasance, the bonds had a principal balance of $10,080,000 and a present value bond payoff of $10,644,039 with escrow cost of $46,059 which was paid with reserve funds of $824,100 and a wire transfer from the water system reserves for $9,865,999. Ther e is a risk of substitution of essentially risk- free monetary assets with monetary assets that are not essentially risk free.

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Note 8: Developer Deposits
The City accepts deposits from developers in the form of cash and noncash securities related to developments within the City. No ncash securities are issued by a U.S. Bank and are pledged to the City to guarantee completion of projects. Upon pr oject completion, outstanding cash balances are refunded to the developers and any noncash securities are released to the developer. As of June 30, 2024, noncash deposits totaled $1,413,473.

Note 9: Fund balances for Governmental Funds
Governmental funds report fund balance in classificati ons based primarily on the extent to which the City is bound to honor constraints on the speci fic purposes for which amounts in the funds can be spent. As of June 30, 2024, fund balance for governmental funds were made up of the following:

Nonspendable
Amounts that are (a) not in spendable form, or (b) legally or contractually required to be maintained intact. The “not in spendable form” criterion include s items that are not expected to be converted to cash, for example: inventories and prepaid amounts.

Restricted
Amounts that are restricted for specific purposes by external resource providers, constitutionally, through enabling legislation, or restrictions may e ffectively be changed or lifted only with the consent of resource providers.

Committed
Amounts that can only be used for the specific purposes determined by a formal adopted resolution of the City Council. Commitments may be changed or lifted only by a formal adopted resolution of the City. The City Council has adopt ed a financial policy to maintain a minimum reserve level of 50% of the operating budget in the General Fund. This policy is developed to consider the minimum level necessary to maintain the City’s credit worthiness and to adequately provide for: 1) Economic uncertainties and other financial hardships or downturns in the local or national economy, 2) Local disasters or catastrophic events, 3) Future debt or capital obligations, 4) Cash flow requirements, and 5) Legal requirements.

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Note 9: Fund balances for Governmental Funds (Continued) Additional commitments of the General Fu nd fund balance are annually identified and authorized by resolution for: 1) Facility improv ement projects, 2) Natural disaster recovery, 3) Pleasant Valley Recreation & Park District – community and senior center, 4) Economic development, 5) Continuum of Care, 6) Camarillo Springs Debris Barrier Remediation Maintenance 7) and Loan to the Water Utility Fund. The Finance Department will perform a reserve analysis to be submitted to the City Co uncil upon occurrence of the following events: 1) City Council deliberation of the annual budget, 2) Presentation of the annual financial report, 3) Mid-year budget review, or 4) When a major change in conditions threatens the reserve levels established within this policy. If the analysis indi cates projected or actual reserve levels that fall either 10% below or 10% above the levels outlined in this policy, at least one of the following actions will be included with the analysis: 1) An explanation of why the reserve levels are not at the targeted level, or 2) An identified course of action to bring reserve levels to the minimum prescribed.

Assigned
Amounts intended to be used by the City for sp ecific purposes that are neither restricted nor committed. Intent is expressed by the City Council to which the assigned amounts are to be used for specific purposes; such as, continued capital project s, capital improvement plan, and budget. The City Council did not delegate another body to assign fund balances. Assigned amounts also include all residual amounts in governmental funds (except nega tive amounts) other than the General Fund that are not classified as nonspendable, restricted or committed.

Unassigned
Residual classification for the General Fund and includes all amounts not contained in the other classifications. Unassigned amounts also include any residual negative amounts in governmental funds.

When restricted and unrestricted resources are av ailable for expenditure for the same purpose, the City expends restricted resources before unrestrict ed resources. Within unrestricted resources, the fund balance is depleted in the order of committed, assigned, and unassigned.

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Note 9: Fund balances for Governmental Funds (Continued) Fund balances as of June 30, 2024, for the gove rnmental funds were categorized as nonspendable, restricted, committed, assigned, or unassigned for the following purposes:

Maintenance
Districts Develo pment Ca pital Total Other Total
Special Fee Special Improvement Governmental Governmental General Fund Revenue Revenue Pro jects Funds Funds
Fund balances:

Nonspendable:

Prepaid items 24,229 $ - $ - $ - $ - $ 24,229$ Deposits 125,000 - - - - 125,000 Notes and loans 390,645 - - - - 390,645 Subtotal 539,874 - - - - 539,874 Restricted for:

Air quality management - - - - 170,290 170,290 ARPA fund 327,756 - - - - 327,756 Cable fees - - - - 1,479,497 1,479,497 Capital projects - - 22,098,173 13,439,150 35,537,323 CASP fee 192,711 - - - - 192,711 Community development - - - - 1,017,202 1,017,202 Economic development 561,888 - - - - 561,888 Library operations - - - - 536,423 536,423 Low/Mod housing - - - - 449,153 449,153 Maintenance - 1,803,694 - - 231,826 2,035,520 Debt service - - - - 501,838 501,838 Pension 7,158,156 - - - - 7,158,156 Subtotal 8,240,511 1,803,694 22,098,173 - 17,825,379 49,967,757 Committed for:

Council reserve goal 31,231,791 - - - - 31,231,791 Capital improvement projects 14,405,000 - - - - 14,405,000 Loan to Water Utility 15,000,000 - - - - 15,000,000 Continuum of care 3,800,000 - - - - 3,800,000 Natural disaster recovery 10,000,000 - - - - 10,000,000 PVRP district 8,000,000 - - - - 8,000,000 Economic development 5,400,000 - - - - 5,400,000 Camarillo Springs debris barrier 200,000 - - - - 200,000 Subtotal 88,036,791 - - - - 88,036,791 Assigned for:

Contract services 1,174,855 - - - - 1,174,855 Capital projects - - - 17,486,750 - 17,486,750 Subtotal 1,174,855 - - 17,486,750 - 18,661,605 Unassigned: 11,530,888 - - - - 11,530,888 Total fund balances 109,522,919 $ 1,803,694 $ 22,098,173 $ 17,486,750 $ 17,825,379 $ 168,736,915 $ Major Funds

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Note 10: Non-City Obligations
West Camarillo Community Facilities District No.1 Mello Roos Bonds The City issued $8,200,000 of Mello Roos bonds dated September 1, 2004, for the West Camarillo Community Facilities District No. 1. The facilities aut horized to be acquired or constructed with the proceeds of this debt issue included a portion of certa in drainage and bridge facilities of benefit to the district. The Mello Roos bonds are not a general oblig ation of the City, and neither the faith nor the taxing power of the City, the state of California, or any political subdivision thereof is pledged to the payment of these bonds. The source of debt service is from property assessments within the district.

These Mello Roos bonds had an interest rate ch ange with the issuance of the $4,476,690 West Camarillo Community Facilities District No. 1 Special Tax Refunding Bond Series 2017 on March 16, 2022, which decreased the interest rate from 3.15% to 2.45%. At June 30, 2024, $3,774,415 was outstanding on these Mello Roos bonds.

Note 11: Leases
The City, acting as lessor, leases for the u se of land under long-term, non-cancelable lease agreements, which expire at various dates through 20 27 with an interest rate of 5%. During the fiscal year ended June 30, 2024, the C ity recognized $119,003 and $40,386 in lease revenue and interest revenue, respectively, pursuant to these agreements.

Note 12: Jointly Governed Organizations
The City classifies the following jo intly governed organizations as Cu stodial funds in the Fiduciary Fund Financial Statements.

Ventura County Regional Defense Partnership (RDP)

The City participates in a jointly governed organiza tion with the County of Ventura and the cities of Simi Valley, Oxnard, Port Hueneme, San Buenav entura, and Thousand Oaks, known as the Ventura County Regional Defense Partnership (RDP). Th e purpose of RDP is to promote and ensure economic growth of the area through collaborative effo rts to enhance military facilities located in the County area. The City has acted as Treasurer of RDP and maintains a separate custodial fund to account for all deposits and expenses. The City’s annual financial responsibility to the RDP is budgeted annually and represents the City’s share of dues or common project expenses.

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Note 12: Jointly Governed Organizations (Continued)
The City is also a member of the jointly governed organizations below:

Ventura Council of Governments (VCOG)

The Ventura Council of Governments (VCOG) is a voluntary joint powers authority representing the ten cities of Ventura County as well as the County. The goal of VCOG is to facilitate cooperative subregional and regional planning, coordination, and technical assistance on issues of mutual concern, and provide a platform for the review of federal an d state projects which involve the use of federal and/or state funds. The governing body consists of a member and an alternate appointed by each City and the County of Ventura Board of Supervisors. Financial information for VCOG can be found at https://www.venturacog.org.

Ventura County Area Housing Authority (AHA)

The Area Housing Authority of the County of Vent ura is an independent, nonprofit agency serving the unincorporated areas of Ventura County and the cities of Camarillo, Fillmore, Moorpark, Ojai, Simi Valley, and Thousand Oaks. The goal of AHA is to provide opportunities and assistance to people in need of affordable hous ing through development, acquisiti ons, and partners hips. Financial information for AHA can be found at https://www.ahacv.org.

Western Riverside Council of Governments JPA (WRCOG) PACE Programs

The Western Riverside Council of Governments is a public entity with the purpose of unifying Western Riverside County to speak with a coll ective voice on important issues that affect its members. WRCOG administers multiple PACE (Property Assessed Clean Energy) programs in collaboration with its private sector partners, which provide financing for energy efficiency, renewable energy, and water conservation retrofits on residential and commercial properties. The City is an associate member of the WRCOG for participation in PACE. Financial information for WRCOG can be found at https://www.wrcog.us.

Note 13: Risk Management
Description of Self-Insurance Pool Pursuant to Joint Powers Agreement

The City of Camarillo is a member of the Califor nia Joint Powers Insurance Authority (Authority).

The Authority is composed of 126 California pub lic entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purch ased insurance for property and other lines of coverage. The California JPIA began covering claims of its members in 1978. Each member government has an elected official as its repres entative on the Board of Directors. The Board operates through a nine-member Executive Committee.

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Note 13: Risk Management (Continued)
Primary Self-Insurance Programs of the Authority

Each member pays an annual contribution at the be ginning of the coverage period. The total funding requirement for primary self-insurance programs is based on an actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk- sharing pool.

Primary Liability Program – Claims are pooled separately be tween police and general government exposures. (1) The payroll of each member is eval uated relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within th e formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) Th e second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred cost s from $500,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers.

The overall coverage limit for each member, includi ng all layers of cove rage, is $50 million per occurrence. Subsidence losses also have a $50 million per occurren ce limit. The coverage structure is composed of a combination of pooled self-insuran ce, reinsurance, and excess insurance. Additional information concerning the coverage structur e is available on the Authority’s website:
http://cjpia.org/coverage/risk-sharing-pools.

Primary Workers’ Compensation Program – Claims are pooled separately between public safety (police and fire) and general government exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is de termined for each member, which establishes the weight applied to payroll and the weight applied to lo sses within the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated as a percentage of the pool’s tota l incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $75,000 to $200,00 0 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on the ou tcome of cost allocation within the first and second loss layers.

For 2023-24 the Authority’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Comp ensation Law. Employer’s Liability losses are pooled among members to $1 million. Coverage fro m $1 million to $5 million is purchased through reinsurance policies, and Employer’s Liability losses from $5 million to $10 million are pooled among members.

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Note 13: Risk Management (Continued)
Purchased Insurance

Property Insurance – The City of Camarillo participates in the all-risk property protection program of the Authority. This insurance protection is unde rwritten by several insurance companies. City of Camarillo property is currently in sured according to a schedule of covered property submitted by the City of Camarillo to the Authority. City of Ca marillo property currently has all-risk property insurance protection in the amount of $208,445,320 . There is a $10,000 deductible per occurrence except for nonemergency vehicle insurance which has a $2,500 deductible.

Earthquake and Flood Insurance – The City of Camarillo purchases earthquake and flood insurance on a portion of its property. The earthqua ke insurance is part of the property protection insurance program of the Authority. City of Camarillo property currently has earthquake protection in the amount of $200,848,309. There is a deductible of 5% per unit of value with a minimum deductible of $100,000.

Pollution Legal Liability Insurance – The City of Camarillo participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, and storm drains owned by the City of Camarillo.

Coverage is on a claims-made basis. There is a $250, 000 deductible. The Authority has an aggregate limit of $20 million.

Crime Insurance – The City of Camarillo purchases crime insurance coverage in the amount of $1,000,000 with a $2,500 deductible. The fidelity coverage is provided through the Authority.

Special Event Tenant User Liability Insurance – The City of Camarillo further protects against liability damages by requiring tenant users of certa in property to purchase low-cost tenant user liability insurance for certain ac tivities on agency property. The insurance premium is paid by the tenant user and is paid to the City of Camarillo ac cording to a schedule. The City of Camarillo then pays for the insurance. The insurance is facilitated by the Authority.

Adequacy of Protection

During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured cove rage. There were also no significant reductions in pooled or insured liability coverage in FY 2023/24.

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Note 14: Employee Retirement Plans
General Information about the Pension Plan
a. Plan Descriptions

All qualified permanent and probationary employees ar e eligible to participate in the City of Camarillo Miscellaneous Plan, an agent multip le-employer defined benefit pension plan administered by the California Public Employ ees’ Retirement System (CalPERS), which acts as a common investment and administrative agent fo r its participating member employers. Benefit provisions under the plan are established by stat e statute and City resolution. CalPERS issues publicly available reports which include a full de scription of the pension plans regarding benefit provisions, assumptions and membership informa tion that can be found on the CalPERS website.

Copies of PERS’ annual financial report may be obtained from their Executive Office located at 400 Q Street, Sacramento, California 95811, or online at https://www.calpers.ca.gov.

b. Benefits Provided

CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for nonduty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1959 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of livi ng adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

The Plan’s provisions and benefits in effect at June 30, 2024, are summarized as follows:

Miscellaneous
Major Benefit Options Miscellaneous* PEPRA
Hire date Prior to On or after
January 1, 2013 January 1, 2013
Benefit provision
Benefit formula 2.0% at 55 2.0% at 62
Benefit vesting schedule 5 Years Service 5 Years Service Benefit payments Monthly for Life Monthly for Life
Retirement age 50 to 63 52 to 67
Monthly benefits, as a percent of
eligible compensation 1.426% to 2.418% 1.000% to 2.500% Required employee contribution rates 7.280% 8.250%
Required normal employer contribution rates 12.590% 12.590% Required employer payment of unfunded liability 2,524,851 $ - $ *Closed to new entrants

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Note 14: Employee Retirement Plans (Continued)
Employee Covered

As of the measurement date, the City has 137 active employees, 193 inactive employees or beneficiaries currently receiving benefits, a nd 71 inactive employees entitled to but not yet receiving benefits that are covered by the benefit terms for the Miscellaneous Plan.

Contributions

Section 20814(c) of the California Public Em ployees’ Retirement Law (PERL) requires that the employer contribution rates for all public employe rs are determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPER S’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an a dditional amount to finance any unfunded accrued liability. The employer is required to contribute th e difference between the actuarially determined rate and the contribution rate of employees. Em ployer contribution rates may change if plan contracts are amended. Payments made by the empl oyer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions.

For the fiscal year ended June 30, 2024, the employer contributions were $4,553,247.

Net Pension Liability

The City of Camarillo’s net pension liability fo r the Miscellaneous Plan is measured as the total pension liability, less the pension plan’s fiducia ry net position. The net pension liability of the Miscellaneous Plan is measured as of June 30, 2 023, using an annual actuarial valuation as of June 30, 2022, rolled forward to June 30, 2023, using st andard update proce dures. In prior fiscal years, the net pension liability has been li quidated primarily by the General Fund and the proprietary funds. A summary of principal assu mptions and methods used to determine the net pension liability are described in the following pages.

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Note 14: Employee Retirement Plans (Continued)
Actuarial Methods and Assumptions Used to Determine Total Pension Liability

For the measurement period ended June 30, 2023, th e total pension liabilit y was determined by rolling forward the June 30, 2021 total pension lia bility. The June 30, 2022 and the June 30, 2023 total pension liabilities were based on the following actuarial methods and assumptions:

Actuarial cost method: Entry ag e normal in accordance with the requirements of GASB statement No. 68
Actuarial assumptions:

Discount rate 6.90%
Inflation 2.30%
Projected salary increases Vari es by entry age and service Mortality rate table (1) Derived using CalPERS' membership data for all Funds
Post retirement benefit increase The lesser of contract COLA up to 2.30% until Purchasing Power Protection
Allowance Floor on Purchasing Power
applies. 2.30% thereafter
(1) The mortality table used was developed based on CalPERS-specific data.

The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and Post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.

Discount Rate

The discount rate used to measure the total pe nsion liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially de termined. Based on those assumptions, the Plan’s fiduciary net position was projected to be availabl e to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.

Long-Term Expected Rate of Return

The long-term expected rate of return on pens ion plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.

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Note 14: Employee Retirement Plans (Continued)
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations. Using hi storical returns of all the funds’ asset classes, expected compound (geometric) returns were calc ulated over 20 years using a building-block approach. The expected rate of return was th en adjusted to account for assumed administrative expense of 10 basis points. The expected real rates of return by asset class are as follows:

Assumed
Asset Real Return
Asset Class (a) Allocation (a) (b)
Global Equity - Cap-weighted 30.0 % 4.54 %
Global Equity - Non-Cap-weighted 12.0 3.84
Private Equity 13.0 7.28
Treasury 5.0 0.27
Mortgage-backed Securities 5.0 0.50
Investment Grade Corporates 10.0 1.56
High Yield 5.0 2.27
Emerging Market Debt 5.0 2.48
Private Debt 5.0 3.57
Real Assets 15.0 3.21
Leverage (5.0) (0.59)
100.0 %

(a) An expected inflation of 2.30% used for this period. (b) Figures are based on the 2021 Asset Liability Management study.

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Note 14: Employee Retirement Plans (Continued)
Changes in the Net Pension Liability

The changes in the net pension liability for the Miscellaneous Plan were as follows:

Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
Balance - June 30, 2022 133,566,110 $ 99,617,744 $ 33,948,366 $ Changes in the Year:

Service cost 2,545,787 - 2,545,787 Interest on total pension liability 9,112,740 - 9,112,740 Changes of benefit terms 125,433 - 125,433 Differences between expected
and actual experience 666,391 - 666,391 Contributions - employer - 4,388,347 (4,388,347) Contributions - employees - 1,044,415 (1,044,415) Net investment income (loss) - 6,143,262 (6,143,262) Benefit payments, including
Refunds of employee
Contributions (7,124,294) (7,124,294) - Administrative expense - (73,254) 73,254 Net Changes During
FY 2022/23 5,326,057 4,378,476 947,581 Balance - June 30, 2023 138,892,167 $ 103,996,220 $ 34,895,947 $

Sensitivity of the Net Pension Liability to Changes in the Discount Rate

The following presents the net pension liability of the Plan, calculated using a discount rate that is 1 percentage-point lower (5.90%) or 1 percentage-point higher (7.90%) than the current rate:

1% Decrease to Current 1% Increase to
Discount Rate Discount Rate Discount Rate
(5.90%) (6.90%) (7.90%)
Plan's Net Pension Liability 52,266,229 $ 34,895,947 $ 20,437,985 $

Pension Plan Fiduciary Net Position – Detailed information about the pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.

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Note 14: Employee Retirement Plans (Continued)
Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions

For the fiscal year ended June 30, 2024, the C ity recognized pension expense of $5,674,421. At June 30, 2024, the City reported net deferred out flows and deferred inflows of resources related to pensions as follows:

Deferred Deferred
Outflows of Inflows of
Resources Resources
Pension contributions subsequent to measurement
date 4,553,247 $ - $
Changes in assumptions 493,250 -
Difference between expected and actual experiences 1,644,207 (427,199) Net differences between projected and actual
earnings on plan investments 4,733,508 -
Total 11,424,212 $ (427,199) $
Contributions subsequent to the measurement date in the amount of $4,553,247 are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2025. Other amounts repor ted as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Deferred
Fiscal Outflows/Inflows
Year Ending June 30, of Resources
2025 1,756,466 $
2026 1,158,085
2027 3,395,922
2028 133,293
Total 6,443,766 $

Defined Contribution Plan
Plan Description - The City established with the Missi onSquare Retirement (formerly ICMA) an additional pension plan for all its empl oyees (153 employees at June 30, 2024) through a 401(a) Defined Contribution Plan (Plan). In a defined contribution plan, benefits depend solely on amounts contributed to the Plan plus investmen t earnings. Employees are participants from the date of employment. Benefit provisions and all other requirements are established by the Plan and City ordinance. Information regarding this 4 01(a) Defined Contribution Plan may be obtained from MissionSquare Retirement at 777 North Capital Street NE, Washington, DC 20002 or at https://www.missionsq.org.

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Note 14: Employee Retirement Plans (Continued)
Funding Policy - For regular full-time and part-time employees, the Plan is contributory on the part of the City in an amount equal to 7% of the employee’s base pay each payroll period. The City’s total payroll for the FY 2023/24 was $21,712,079. The City’s contributions were calculated using the base salary amount of $16,720,300 at 7%, amounting to $1,170,421.

Effective January 1, 2018 all employees not elig ible for PERS contribute 0.5% of salary to the 457 PTS Plan. Employees hired after 1986 also contribute to Medicare.

The assets of the Plan are held for the exclusive benefit of th e Plan participants and their beneficiaries, and the assets shall not be diverted for any other purpose. Each participant directs the investments in the participant’s separate accounts. The City has no liability for any losses that may be incurred by the Plan. Accordingly, these assets are not included in the basic financial statements.

Other Postemployment Healthcare Benefits (OPEB)
Plan Description- The City participates in the CalPER S medical program, an agent multiple employer defined benefit healthcare plan admi nistered by CalPERS. CalPERS established the plan under the Public Employee’s Medical a nd Hospital Care Act (PEMHCA) as of July 1, 1988. Health insura nce premiums of the plan are established and amended by the CalPERS Board. Employees who retire from the City and receive a CalPERS pension are eligible to participate in the PEMHCA h ealth insurance plans for postemp loyment medical benefits. As a condition to the City’s contract for health insurance for its active employees, CalPERS requires a minimum contribution for retirees who participate in a health insurance plan. Retirees can enroll in any of the available CalPERS medical plans. Th is benefit continues for the life of the retiree and surviving spouse. Benefit provisions for Ca lPERS are established by the Public Employees Retirement Law (Part 3 of the California Government Code, Section 20000 et seq.). In order to fund the retirees benefit, the City established an irrevocable trust with Public Agency Retirement Services (PARS).

PARS issues a separate annual financial report, and copies of the report may be obtained by writing to PARS at 4350 Von Karman Ave., Suite 100, Newport Beach, California 92660, or by calling (800) 540-6369, or at https://www.pars.org.

Employees Covered

As of the June 30, 2022 actuarial valuation, the following current and former employees were covered by the benefit terms under the Health Care Plan:

Active employees 139
Inactive employees or beneficiaries currently
receiving benefits 65
Inactive employees entitled to but not yet
receiving benefits 40
Totals 244

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JUNE 30, 2024
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Note 14: Employee Retirement Plans (Continued)
Contributions

The Health Care Plan and its contribution requirements are established by Memoranda of Understanding with the applicable employ ee bargaining units and may be amended by agreements between the City a nd the bargaining units. The annual contribution is based on the actuarially determined contribution. For the measu rement date ended June 30, 2023, the City’s cash contributions were $283,645 with an implic it subsidy of $234,243 for total payments of $517,888.

Net OPEB Liability

The City’s net OPEB liability was measured as of June 30, 2023 and the total OPEB liability used to calculate the net OPEB liability was determined by an actuarial valuati on dated June 30, 2022, that was rolled forward to determine the June 30, 2023 total OPEB liability. In prior fiscal years, the net OPEB liability has been liquidated pri marily by the General Fund and the proprietary funds. A summary of principal assumption and methods used to determine the net OPEB liability are described below and in the following pages.

Measurement date: June 30, 2023
Actuarial funding method: Entry age normal cost
Asset valuation method: Market value of assets
Actuarial assumptions:

Discount rate 5.25%
Inflation 2.50%
Salary increases 3.00% per year , used only to allocated to cost of benefits between service years
Mortality: CalPERS 2021 Experience Study
Mortality Improvement: Watts Scale 2022.

Healthcare trend rate: 6.8% effective January 2024, fluctuating down to

3.9% by 2075

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Note 14: Employee Retirement Plans (Continued)
The long-term expected rate of return on O PEB plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of re turn by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:

Expected
Asset Class Wei ght Return
Equity:

Large-cap core 26.50 % 6.80 %
Mid-cap core 5.00 7.10
Small-cap core 7.50 7.90
Real estate 1.75 6.60
International 6.00 7.30
Emerging markets 3.25 7.30
Fixed Income:

Short term Bond 10.00 3.30
Intermediate term bond 33.50 3.90
High yield 1.50 6.10
Cash 5.00 2.40
Total 100.00 %
Discount Rate

The discount rate used to measure the total O PEB liability was 5.25%. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribu tion rates. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and benefi ciaries. Therefore, the long-term expected rate of return on OPEB plan investments was app lied to all periods of projected benefit payments to determine the total OPEB liability.

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Note 14: Employee Retirement Plans (Continued)
Changes in the Net OPEB Liability

The changes in the net OPEB liability for the Health Care Plan are as follows:

Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability
Balance - June 30, 2022 5,723,220 $ 4,920,827 $ 802,393 $ Changes in the Year:

Service cost 300,501 - 300,501 Interest 304,340 - 304,340 Changes of assumptions 13,352 - 13,352 Differences between expected and
actual experience - -
Contribution - employer - 351,594 (351,594) Net investment income - 360,119 (360,119) Administrative expenses - - - Benefit payments, including
Refunds of employee
Contributions (342,076) (342,076) - Net changes 276,117 369,637 (93,520) Balance - June 30, 2023 5,999,337 $ 5,290,464 $ 708,873 $

Sensitivity of the Net OPEB Liability to Changes in the Discount Rate

The following presents the net OPEB liability of the City if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2023:

Current
1% Decrease Discount Rate 1% Increase
(4.25%) (5.25%) (6.25%)
Net OPEB Liability 1,452,332 $ 708,873 $ 92,497 $

Sensitivity of the Net OPEB Liability to Changes in the Health Care Cost Trend Rates

The following presents the net OPEB liability of the City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2023:

Current
Healthcare Cost
1% Decrease Trend Rates 1% Increase
Net OPEB Liability 5,407 $ 708,873 $ 1,577,649 $

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JUNE 30, 2024
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Note 14: Employee Retirement Plans (Continued)
OPEB Plan Fiduciary Net Position

PARS issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained from the Public Agency Retirement Services, 4350 Von Karman Ave, Newport Beach, California 92660 or at https://www.pars.org.

OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB

For the fiscal year ended June 30, 2024, the C ity recognized OPEB expense of $427,235. As of fiscal year ended June 30, 2024, the City reporte d deferred outflows of resources related to OPEB from the following sources:

Deferred Deferred
Outflows of Inflows of
Resources Resources
OPEB contributions subsequent to measurement date 517,888 $ - $ Changes in assumptions 310,318 (288,487)
Difference between expected and actual experience 17,350 (331,513) Net differences between projected and actual
earnings on OPEB plan investments 237,752 - Total 1,083,308 $ (620,000) $
The $517,888 reported as deferred out flows of resources related to contributions subsequent to the June 30, 2023 measurement date will be recogni zed as a reduction of the net OPEB liability during the fiscal year ending June 30, 2025. Other amounts reported as deferred outflows of resources related to OPEB will be recognized as expense as follows:

Deferred
Fiscal Outflows of
Year Ending June 30, Resources
2025 13,664 $
2026 3,597
2027 168,766
2028 (72,299)
2029 (107,922)
Thereafter (60,386)
Total (54,580) $

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JUNE 30, 2024
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Note 14: Employee Retirement Plans (Continued)
Section 457 Part-Time, Temporary, and Seasonal (PTS) Deferred Compensation Plan Plan Description - The City participates in the 457 PTS plan administered by MissionSquare Retirement (formerly ICMA). The primary purpose of this plan is to prov ide retirement income and other deferred benefits to City employees in acco rdance with the provisions of Section 457 of the Internal Revenue Code of 1986. Pursuant to the IRC 457 subsection (g); all amounts of compensation deferred under the deferred compensation plan, all pr operty, or rights are solely the property and rights of the employee and beneficiaries of the plan . Deferred compensation funds are not subject to the claims of the City’s general creditors; conse quently, the assets and related liabilities of the plan are not included within the City’s financial statements. Employees not eligible for PERS after January 1, 2018 contribute 0.5% of salary to the plan, in addition to the 7% City contribution. All employees are fully vested upon enrollment. As of June 30, 2024, 37 employees participate in the plan and the ending investment balance was $134,327.

Note 15: Commitments and Contingencies
Lawsuits in the Normal Course of Business
The City is presently involved in certain matters of litigation that have arisen in the normal course of conducting City business. City management believes, based upon consultation with the City Attorney, that these cases, in the aggr egate, are not expected to result in a material adverse financial impact on the City. Additionally, City manage ment believes that the City’s insurance programs are sufficient to cover any potential losses should an unfavorable outcome materialize.

Federal and State Grant Programs
The City participates in several federal and state grant programs. These programs are subject to further examination by the grantors, and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time. The City expects such amounts, if any, to be immaterial.

Construction Commitments
The City had several outstanding or planned cons truction projects as of June 30, 2024. These projects are committed by contractual agreements with contractors, and include the following major project:

Commitment Name of Funds Source of
Project Description Spent to Date Remaining Committed Funds Dizdar/Frmr Fire House Renovation 1,257,500 $ 1,792,225 $ Capital Improvement Projects (1) Chemical System Improvement Phase I 926,025 347,575 Camsan Capital Projects (2) Annual Overlay 3,267,247 4,085 Capital Improvement Projects (3) Pleasant Valley Desaler Project 65,539,413 272,684 Water Capital Projects (4) 70,990,185$ 2,416,569 $
(1) The Dizdar Park/Fire House renovation project is funded by Camarillo Corridor Projects Fund F429, General Fund F101, and Pa rking in-lieu Fees F264. (2) The Chemical System Improvement Phase I project is funded by Sanitation Capital Project F873 and AB1600 funds. (3) The Annual Overlay project is funded by SB1 F211, TDA Article 8a F208, Traffic Mitigation F251 monies received from the State of California and Camarillo Ranch events F815. (4) The North Pleasant Valley Groundwater Desalter project is funded by bond proceeds and Water Capital Projects Fund from capital improvement fees and State grants.

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JUNE 30, 2024
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Note 16: Springville Interchange Benefit Area Credit Agreement In 2009, the City of Camarillo initiated proceedings to form the Springville Interchange Benefit Area (SIBA). SIBA was formed in order to provide a funding mechanism to est ablish a new supplemental bridge fee. These fees would help fund improvemen ts that provide access to Route 101 as well as convenient and necessary access to both the residentia l developments that lie to the north of the freeway and the predominantly commercial and industrial developments located south of the freeway.

On December 10, 2009 the City entered into the third amendment to agreement regarding consideration for the dedication of real property. The agreement was between the City and Rancho Associates (Rancho), a limited partnership and Ran Associates (Ran), a limited partnership.

Pursuant to the agreement Rancho and Ran transferre d title to certain Real Property Interests to the City for the purpose of constructing the Springville Interchange and Springville Drive. Additionally, Real Property Interests necessary for the extensi on of Springville Drive, Ponderosa Drive, and the development of the respective Ran and Rancho Remainder Property was dedicated to the City.

The Real Property Interest dedicated to the City by Ran and Rancho for the Springville Interchange Benefit Area were assigned a combined value of $5 million. The value included $1 million in cash paid to Ran and Rancho in Oct ober 2012 with the remaining $4 million deemed as a credit towards the bridge fee that the Ran and Rancho Remainder Pr operty were subject to upon development. As of June 30, 2024, the remaining SIBA fee credit balance is $9,194 out of the original $4 million credit.

Note 17: American Rescue Plan Act
On March 11, 2021, the American Rescue Plan Act (ARPA) was signed into law by Congress in response to the economic fallout of the Coronavirus pandemic in the United States. The ARPA provided $350 billion in emergency funding for state, local, territorial, and Tribal governments to meet pandemic response needs and rebuild a strong er, and more equitable economy as the country recovers. The State of California received a $16 billion allocation to counties and cities with populations of 50,000 or more. The City was allocat ed and received a total of $8,962,170 from the Department of Treasury in two equal installments. At June 30, 2024, $2,162,170 has not be expended and is therefore recorded as unearned revenue.

Note 18: Successor Agency Trust for A ssets of Former Redevelopment Agency Summary of Creation of Successor Agency Private-Purpose Trust Fund

In 1996, the City established the Camarillo Community Deve lopment Commission (CDC) to implement the Camarillo Corridor Project Redevelopment Program.

On June 27, 2012, as part of the FY 2012/13 stat e budget package, the Legislature passed and the governor signed AB 1484, which made technical and substantive amendments to the Dissolution Act Assembly Bill X1 26 that was enacted on June 29, 2011, as part of the FY 2011/12 State Budget Passage.

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JUNE 30, 2024
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Note 18: Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) Under the Dissolution Act, each California redeve lopment agency (each a “Dissolved RDA”) was dissolved as of February 1, 2012, and the sponsor ing community that for med the Dissolved RDA, together with other designated entities, have initia ted the process under the Dissolution Act to unwind the affairs of the Dissolved RDA. On January 11 , 2012, the City elected to serve as the Successor Agency to the Camarillo Community Develop ment Commission for the purpose of unwinding the affairs of the Dissolved RDA. Activities of the Successor Agency are reported in fiduciary fund (private-purpose trust fund) in the financial statements of the City.

The Dissolution Act created oversight boards whic h monitor the activities of the successor agencies.

The roles of the successor agencies and oversight boards is to administer the wind down of each Dissolved RDA which includes maki ng payments due on enforceable obligations, disposing of the assets (other than housing assets) and remitting the unencumbered balances of the Dissolved RDAs to the County Auditor-Controller for distribution to the affected taxing entities.

The Dissolution Act also allowed the sponsoring comm unity that formed the Dissolved RDA to elect to assume the housing functions and take over certain housing assets of the Dissolved RDA.

City of Camarillo as Successor Agency

The City, as Successor Agency, recei ved approval of a long-range property management plan (PMP) from the State Department of Finance (DOF) on June 2, 2014, to guide the future development of properties held by the former RDA. To implement and manage the PMP projects, the City and the Successor Agency executed a DOF approved agre ement regarding expenditures of excess bond proceeds of $12.1 million to fund the following infrastructure:

 Capital Project: Entertainment Center/Bowling Alley Site Improvements  Capital Project: Conference Center Drain Improvements  Capital Project: Dizdar Park Improvements
 Capital Project: Fire Station Reuse

The Dissolution Act and AB 1484 also establish roles for the County Auditor-Controller, the California Department of Finance (DOF) and the California State Controller’s office in the dissolution process for the satisfaction of enforceable obligations of the Dissolved RDAs.

Recognized Obligation Payment Schedule

The County Auditor-Controller is charged with establishing a Redevelopm ent Property Tax Trust Fund (RPTTF) for each Successor Agency and depositi ng into the RPTTF for each six-month period, the amount of property taxes that would have b een redevelopment property tax increment had the Dissolved RDA not been dissolved . The deposits in the RPTTF fund are to be used to pay the Successor Agency’s enforceable obligations for the upcoming six-month period.

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JUNE 30, 2024
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Note 18: Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) The Successor Agency is required to prepare a r ecognized obligation payment schedule (the ROPS) approved by the countywide oversight board set ting forth the amounts due for each six-month enforceable obligation period. The ROPS is submitte d to the DOF for approval. The County Auditor- Controller will make payments to the Successor Agency from the RPTTF fund based on the ROPS amount approved by the DOF. The ROPS was prepared in advance for the enforceable obligations due over the next twelve months through ROPS 23/24, and subsequen tly over the next twelve-month period effective ROPS 24/25.

Long-Term Debt

The following is a summary of long-term debt transactions for the fiscal year ended June 30, 2024:

Amounts Due Amounts Due
Balance at Balance at Within One in More Than
Public Offerings June 30, 2023 Deletions June 30, 2024 Yea r One Year 2014 Successor Agency (SA)
Refunding Bonds 11,810,000 $ (605,000) $ 11,205,000 $ 640,000 $ 10,565,000 $ Premium on 2014 SA Bonds 1,463,266 (108,390) 1,354,876 - 1,354,876 2016A Senior Lien Tax Allocation
Refunding Bonds 4,560,000 - 4,560,000 - 4,560,000 2016A-T Taxable Senior Lien Tax
Allocation
Refunding Bonds 3,230,000 (290,000) 2,940,000 295,000 2,645,000 Discount on 2016 A & A-T Bonds (70,241) 4,014 (66,227) - (66,227) 2016B Tax Allocation Refunding
Bonds 27,175,000 (690,000) 26,485,000 720,000 25,765,000 Premium on 2016B Bonds 642,765 (36,729) 606,036 - 606,036 Total Fiduciary Activities 48,810,790 $ (1,726,105) $ 47,084,685 $ 1,655,000 $ 45,429,685 $ Classification

2014 CDC Tax Allocation Refunding Bonds – Original Issue $15,915,000

On November 5, 2014, the City of Camarillo in its capacity as Successor Agency to the Former Camarillo Community Development Commission (CDC), issued $15,915,000 Tax Allocation Refunding Bonds (2014 Bonds), with interest rate s ranging from 3.50% to 5.25%, with a maturity date of September 1, 2036. The proceeds of the 2014 Bonds were used to refund the 2004 CDC Bonds, purchase a reserve fund surety bond and fund th e cost of issuance relating to the 2014 Bonds.

The outstanding balance from this public offering c ontains a provision that in the occurrence or continuation of any event of default, the trustee mu st declare the principal of the bonds, together with the accrued interest, to be due and payable im mediately and may exercise any other remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners.

Total principal and interest remaining on the bond totals $15,283,300 and is payable through fiscal year 2036/37.

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NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
125

Note 18: Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) The annual debt service requirements at June 30, 2024, were as follows:

Year Ending June 30, Principal Interest Total
2025 640,000 $ 543,175 $ 1,183,175 $ 2026 670,000 510,425 1,180,425 2027 705,000 476,050 1,181,050 2028 735,000 440,050 1,175,050 2029 775,000 408,113 1,183,113 2030-2034 4,435,000 1,438,906 5,873,906 2035-2037 3,245,000 261,581 3,506,581 Totals 11,205,000 $ 4,078,300 $ 15,283,300 $

2016A Senior Lien Tax Allocation Refunding Bonds – Original Issue $4,985,000

On December 22, 2016, the City of Camarillo in its capacity as Successor Agency to the Former Camarillo Community Development Commission (C DC), issued $4,985,000 Senior Lien Tax Allocation Refunding Bonds (2016A Bonds), with in terest rates ranging from 2.00% to 5.00%, with a maturity date of September 1, 2041. The proceeds of the 2016A Bonds were used to refund the 2006 CDC Bonds, purchase a reserve fund surety bond and f und the cost of issuance relating to the 2016A Bonds. The City, as Successor Agency to the CDC, will pay all future bond obligations with RPTTF distributions to service enforceable obligations. The outstanding balance from this public offering contains a provision that in the occurrence or contin uation of any event of default, the trustee must declare the principal of the bonds, together with the accrued interest, to be due and payable immediately and may exercise any ot her remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners . Total principal and interest remaining on the bond totals $7,091,550 and is payable through fiscal year 2041/42.

The annual debt service requirements at June 30, 2024, were as follows:

Year Ending June 30, Principal Interest Total
2025 - $ 188,000$ 188,000 $ 2026 - 188,000 188,000 2027 - 188,000 188,000 2028 - 188,000 188,000 2029 - 188,000 188,000 2030-2034 560,000 918,750 1,478,750 2035-2039 2,350,000 572,200 2,922,200 2040-2042 1,650,000 100,600 1,750,600 Totals 4,560,000 $ 2,531,550 $ 7,091,550 $

CITY OF CAMARILLO

NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2024
126

Note 18: Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) 2016A-T Taxable Senior Lien Tax Allo cation Refunding Bonds – Original Issue $4,570,000

On December 22, 2016 the City of Camarillo in its capacity as Successor Ag ency to the Former Camarillo Community Development Commission (CDC ), issued $4,310,000 Taxable Senior Lien Tax Allocation Refunding Bonds (2016A-T Bonds) , with interest rates ranging from 1.625% to

4.00%, with a maturity date of September 1, 2032. The proceeds of the 2016A-T Bonds were used to refund the 2006 CDC Bonds, purchase a reserve fund su rety bond and fund the cost of issuance relating to the 2016A-T Bonds. The outstanding ba lance from this public offering contains a provision that in the occurrence or continuation of a ny event of default, the trustee must declare the principal of the bonds, together with the accrued inte rest, to be due and payable immediately and may exercise any other remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners. Total principal and inter est remaining on the bond totals $3,467,157 and is payable through fiscal year 2032/33.

The annual debt service requirements at June 30, 2024, were as follows:

Year Ending June 30, Principal Interest Total
2025 295,000 $ 106,153 $ 401,153 $ 2026 305,000 96,588 401,588 2027 315,000 86,316 401,316 2028 330,000 74,400 404,400 2029 340,000 61,000 401,000 2030-2033 1,355,000 102,700 1,457,700 Totals 2,940,000 $ 527,157 $ 3,467,157 $

2016B Tax Allocation Refunding Bonds – Original Issue $31,295,000

On December 22, 2016, the City of Camarillo in its capacity as Successor Agency to the Former Camarillo Community Development Commission (CDC), issued $31,295,000 Tax Allocation Refunding Bonds (2016B Bonds), with interest ra tes ranging from 2.00% to 5.00%, with a maturity date of September 1, 2041. The proceeds of the 2016 B Bonds were used to refund the 2006 and 2009 CDC Bonds, purchase a reserve fund surety bond and f und the cost of issuance relating to the 2016B Bonds. The outstanding balance from this public offe ring contains a provision that in the occurrence or continuation of any event of default, the trust ee must declare the principal of the bonds, together with the accrued interest, to be due and payabl e immediately and may exercise any other remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners.

Total principal and interest remaining on the bond totals $39,205,300 and is payable through fiscal year 2041/42.

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JUNE 30, 2024
127

Note 18: Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) The annual debt service requirements at June 30, 2024, were as follows:

Year Ending June 30, Principal Interest Total
2025 720,000 $ 1,097,600 $ 1,817,600 $ 2026 755,000 1,064,500 1,819,500 2027 785,000 1,033,700 1,818,700 2028 820,000 1,005,700 1,825,700 2029 840,000 972,400 1,812,400 2030-2034 4,880,000 4,170,500 9,050,500 2035-2039 8,850,000 2,836,600 11,686,600 2040-2042 8,835,000 539,300 9,374,300 Totals 26,485,000 $ 12,720,300 $ 39,205,300 $

Pledged Revenue

Health and Safety Code Section 34177 requires the City of Camarillo in the Capacity of Successor Agency to the CDC to continue to make payments due for enforceable obligations (i.e., debt service).

RPTTF distributions will continue to repay the tax allocation bonds and tax refunding bonds of the City of Camarillo as the Successor Agen cy to the former CDC. Total principal and interest remaining on the allocation bonds totals $65,0 47,306. Current fiscal year bond principal and interest paid with RPTTF were as follows:

Principal and
Bond Series Interest
2014 Successor Agency Tax Allocation Refunding Bonds 1,179,300 $ 2016A Senior Lien Tax Allocation Refunding Bonds,
Series 2016A 188,000
2016A-T Taxable Senior Lien Tax Allocation Refunding
Bonds, Series A-T 405,113
2016B Tax Allocation Refunding Bonds, Series 2016B 1,822,850 Total 3,595,263 $
Tax Increment
Revenue
RPTTF Distribution Paid to Successor Agency
(Including Distribution to Pay Administrative Expenses) 3,660,949 $

128

129

REQUIRED SUPPLEMENTARY

INFORMATION

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

GENERAL FUND
YEAR ENDED JUNE 30, 2024
130

Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance - July 1 91,561,603 $ 91,561,603 $ 91,561,603 $ - $ Resources (Inflows):

Taxes 46,062,354 46,698,354 46,829,036 130,682 Licenses and permits 1,900,000 1,900,000 1,226,454 (673,546) Subventions and grants 3,306,000 3,306,000 3,437,251 131,251 Charges for services 2,274,716 4,996,740 5,315,680 318,940 Investment earnings 1,200,000 2,890,389 4,570,980 1,680,591 Fines and forfeitures 343,000 343,000 494,717 151,717 Contributions and developer fees 41,476 41,476 93,055 51,579 Miscellaneous 12,153 254,403 476,079 221,676 Transfers in 2,025,810 2,025,810 10,853,567 8,827,757 Amounts Available for Appropriations 148,727,112 154,017,775 164,858,422 10,840,647 Charges to Appropriation (Outflow):

General government
City council 614,626 675,674 476,203 199,471
City clerk 882,458 1,035,256 759,733 275,523
City attorney 459,881 459,881 470,389 (10,508)
City manager 2,755,537 2,876,770 2,313,390 563,380
Finance 1,909,703 2,002,998 1,801,120 201,878
Human resources 688,051 816,751 596,955 219,796
Community development 2,552,194 2,892,065 2,473,372 418,693 Non-departmental 10,321,087 2,945,941 1,781,151 1,164,790 Public safety
Emergency operations 309,023 314,314 127,004 187,310
Code compliance 941,119 941,208 877,585 63,623
Police services 19,729,916 19,732,918 19,042,296 690,622 Dart 35,686 35,686 37,083 (1,397)
Building and safety 1,771,066 1,885,730 1,316,196 569,534 Highways and streets 8,735,171 9,603,156 8,673,057 930,099 Economic development 668,333 1,958,965 1,734,945 224,020 Cultural arts and library services 4,335,843 5,070,843 3,911,172 1,159,671 Capital outlay 35,000 35,000 34,997 3
Transfers out 4,723,614 11,240,881 10,797,489 443,392
Total Charges to Appropriations 61,468,308 64,524,037 57,224,137 7,299,900 Budgetary Fund Balance, June 30 87,258,804$ 89,493,738 $ 107,634,285 18,140,547 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:

Unrealized gain or loss on investments are
recognized under GAAP basis but are not
recognized on a budgetary basis 1,888,634
Budgetary Fund Balance GAAP Basis, June 30 109,522,919$ Budget Amounts

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

MAINTENANCE DISTRICTS SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2024
131

Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 1,846,951 $ 1,846,951 $ 1,846,951 $ - $ Resources (Inflows):

Taxes 3,712,025 3,712,025 3,764,886 52,861
Charges for services 253,549 253,549 237,168 (16,381) Investment earnings 25,295 25,295 61,894 36,599 Fines and forfeitures 6,506 6,506 6,254 (252) Transfers in 3,382,495 3,382,495 3,080,570 (301,925) Amounts Available for Appropriations 9,226,821 9,226,821 8,997,723 (229,098) Charges to Appropriation (Outflow):

Highways and streets 7 ,683,655 7,685,289 7,224,440 460,849 Total Charges to Appropriations 7,683,655 7,685,289 7,224,440 460,849 Budgetary Fund Balance, June 30 1,543,166$ 1,541,532 $ 1,773,283 231,751 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:

Unrealized gain or loss on investments are
recognized under GAAP basis but are not
recognized on a budgetary basis 30,411
Budgetary Fund Balance GAAP Basis, June 30 1,803,694$
Budget Amounts

132

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

DEVELOPMENT FEES SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2024
133

Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 21,208,846$ 21,208,846 $ 21,208,846 $ - $ Resources (Inflows):

Investment earnings 208,731 208,731 735,235 526,504 Contributions and developer fees 1,544,016 465,432 1,462,609 997,177 Amount Available for Appropriations 22 ,961,593 21 ,883,009 23 ,406,690 1 ,523,681 Charges to Appropriation (Outflow):

Transfers out 130,000 3,831,095 1,669,759 2,161,336 Total Charges to Appropriations 130 ,000 3 ,831,095 1 ,669,759 2 ,161,336 Budgetary Fund Balance, June 30 22,831,593$ 18 ,051,914$ 21 ,736,931 3 ,685,017$ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:

Unrealized gain or loss on investments are
recognized under GAAP basis but are not
recognized on a budgetary basis 361,242
Budgetary Fund Balance GAAP Basis, June 30 22,098,173$
Budget Amounts

CITY OF CAMARILLO

SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS

MISCELLANEOUS PLAN
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS
134

2015 2016 2017 2018

TOTAL PENSION LIABILITY
Service cost 1,817,552$ 1,747,346 $ 1,732,866 $ 1,924,079 $ Interest 6,745,014 7,042,345 7,292,073 7,521,568 Difference between expected and actual experience - (844,309) (1,348,199) (883,123) Changes in assumptions - (1,722,631) - 6,160,594 Benefit payments, including refunds of employee
Contributions (3,763,635) (3,910,848) (4,428,840) (4,616,105) Net Change in Total Pension Liability 4,798,931 2,311,903 3,247,900 10,107,013 Total Pension Liability - Beginning 90,906,565 95,705,496 98,017,399 101,265,299 Total Pension Liability - Ending (a) 95,705,496$ 98,017,399 $ 101,265,299 $ 111,372,312 $

PLAN FIDUCIARY NET POSITION
Contributions - employer 2,271,139 $ 2,325,428 $ 2,468,910 $ 2,616,351 $ Contributions - employee 956,903 796,966 787,685 846,878 Net investment income 10,874,712 1,557,525 410,059 8,217,658 Benefit payments, including refunds of employee
Contributions (3,763,635) (3,910,848) (4,428,840) (4,616,105) Other changes in fiduciary net position - - - - Administrative expense - - (44,384) (106,332) Net Change in Fiduciary Net Position 10,339,119 769,071 (806,570) 6,958,450 Plan Fiduciary Net Position - Beginning 61,717,771 72,056,890 72,825,961 72,019,391 Plan Fiduciary Net Position - Ending (b) 72,056,890$ 72,825,961 $ 72,019,391 $ 78,977,841 $ Plan Net Pension Liability - Ending (a) - (b) 23,648,606$ 25,191,438 $ 29,245,908 $ 32,394,471 $ Plan Fiduciary Net Position as a Percentage of the
Total Pension 75.29% 74.30% 71.12% 70.91%
Covered Payroll 10,883,613$ 11,104,864 $ 11,057,800 $ 11,487,379 $ Plan Net Pension Liability as a Percentage of
Covered Payroll 217.29% 226.85% 264.85% 282.00%
Notes to Schedule:

Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes which occurred after June 30, 2019. This applies to voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. retirement incentive).

Changes in Assumptions: In 2022, the discount rate was reduced from 7.15 percent to 6.90 percent and the inflation rate decreased from

2.5 percent to 2.30 percent. None in 2019, 2020, or in 2021. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Actuarial Assumptions December 2017, there were no changes in the discount rate. In 2017, the discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate.

CITY OF CAMARILLO

SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS

MISCELLANEOUS PLAN (CONTINUED)
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS
135

2019 2020 2021 2022 2023 2024
2,108,797$ 2,185,951 $ 2,300,799 $ 2,200,843 $ 2,465,161 $ 2,545,787 $ 7,664,664 7,974,373 8,239,535 8,569,796 8,759,389 9,112,740 (2,146,171) (214,609) (872,004) 63,265 (929,787) 666,391 (606,874) - - - 3,578,567 125,433 (4,951,123) (5,580,565) (5,693,817) (6,175,333) (6,747,059) (7,124,294) 2,069,293 4,365,150 3,974,513 4,658,571 7,126,271 5,326,057 111,372,312 113,441,605 117,806,755 121,781,268 126,439,839 133,566,110 113,441,605$ 117,806,755 $ 121,781,268 $ 126,439,839 $ 133,566,110 $ 138,892,167 $ 2,813,118$ 3,119,429 $ 3,544,235 $ 3,848,110 $ 3,999,695 $ 4,388,347 $ 817,377 846,701 877,180 882,870 908,710 1,044,415 6,743,383 5,474,226 4,366,400 20,498,754 (8,252,693) 6,143,262 (4,951,123) (5,580,565) (5,693,817) (6,175,333) (6,747,059) (7,124,294) (233,906) 195 - - - - (123,069) (59,975) (123,838) (90,717) (68,385) (73,254) 5,065,780 3,800,011 2,970,160 18,963,684 (10,159,732) 4,378,476 78,977,841 84,043,621 87,843,632 90,813,792 109,777,476 99,617,744 84,043,621$ 87,843,632 $ 90,813,792 $ 109,777,476 $ 99,617,744 $ 103,996,220 $ 29,397,984$ 29,963,123 $ 30,967,476 $ 16,662,363 $ 33,948,366 $ 34,895,947 $

84.09% 74.57% 74.57% 86.82% 74.58% 74.88%
11,917,898$ 12,131,043 $ 12,567,063 $ 12,400,404 $ 12,696,333 $ 14,536,271 $ 246.67% 247.00% 246.42% 134.37% 267.39% 240.06%

CITY OF CAMARILLO

SCHEDULE OF PENSION CONTRIBUTIONS

MISCELLANEOUS PLAN
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS
136

2015 2016 2017 2018
Actuarially determined contribution 2,325,428 $ 2,468,910 $ 2,616,351 $ 2,813,118 $ Contribution in relation to the actuarially
Determined contribution (2,325,428) (2,533,480) (2,703,270) (2,813,118) Contribution deficiency (excess) - $ (64,570)$ (86,919) $ - $ Covered payroll 11,104,864 $ 11,057,800 $ 11,487,379 $ 11,917,898 $ Contributions as a percentage of covered payroll 20.94% 22.91% 23.53% 23.60% Notes to Schedule:

Valuation date June 30, 2022
Methods and assumptions used to determine contribution rates:

Actuarial cost method Entry age normal cost method
Amortization method/period Level percentage of pa y, a summary of the current policy is provided in the table below:

Investment Non-investment
Amortization Period 30 Years 30 Years 20 Years
Escalation Rate
- Active plans 2.750% 2.750% 2.750% 2.750% 2.750%
- Inactive plans 0% 0% 0% 0% 0%
Ramp up 5 5 5 0 0
Ramp down 5 5 5 0 0
20 Years 5 Years
Date
Source
(Gain)/Loss
Assumption/
Method Change
Benefit
Change
Golden
Handshake
Payroll growth Depends on age, service, and type of employment Investment rate of return 6.90%
Retirement age All other actuarial assumpti ons used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period from 1997 to 2015, including updates to salary increase, mortality, and retirement rates. The Experience Study report may be assessed on the CalPERS website at www.calpers.ca.gov under Forms and Publications.

Mortality Mortality assumptions are based on mo rtality rates resulting from the most recent CalPERS Experience Study

CITY OF CAMARILLO

SCHEDULE OF PENSION CONTRIBUTIONS

MISCELLANEOUS PLAN (CONTINUED)
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS
137

2019 2020 2021 2022 2023 2024
3,119,429$ 3,544,235 $ 3,848,110 $ 3,999,695 $ 4,388,347 $ 4,553,247 $ (3,119,397) (3,656,877) (3,890,617) (3,999,695) (4,388,347) (4,553,247) 32$ (112,642)$ (42,507) $ - $ - $ - $ 12,131,043$ 12,567,063 $ 12,400,404 $ 12,696,333 $ 14,536,271 $ 15,981,053 $

25.71% 29.10% 31.37% 31.50% 30.19% 28.49%

CITY OF CAMARILLO

SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS(1)
138

2018 2019 2020 2021 2022 2023 2024
Total OPEB Liability
Service cost 85,228$ 87,998 $ 176,040 $ 181,321 $ 264,896 $ 302,237 $ 300,501 $ Interest on total OPEB liability 249,258 260,390 297,069 310,611 305,626 308,014 304,340 Difference between expected and actual
experience (78,605) - (10,603) 40,334 - (446,639) - Changes in assumptions - 549,173 - 176,386 389,153 (392,073) 13,352 Benefit payments (79,229) (83,470) (241,174) (253,593) (259,290) (326,092) (342,076) Net Change in Total OPEB Liability 176,652 814,091 221,332 455,059 700,385 (554,553) 276,117 Total OPEB Liability - Beginning 3,910,254 4,086,906 4,900,997 5,122,329 5,577,388 6,277,773 5,723,220 Total OPEB Liability - Ending (a) 4,086,906$ 4,900,997 $ 5,122,329 $ 5,577,388 $ 6,277,773 $ 5,723,220 $ 5,999,337 $ Plan Fiduciary Net Position
Contributions - employer 98,470 $ 73,696 $ 232,101 $ 233,395 $ 164,618 $ 282,970 $ 351,594 $ Net investment income 386,435 259,098 236,207 211,145 1,078,607 (748,790) 360,119 Difference between expected and actual
investment income - 12,827 46,576 - - - - Benefit payments (79,229) (83,470) (241,174) (253,593) (259,290) (326,092) (342,076) Administrative expense (10,119) (24,171) (21,165) (25,266) (27,863) (29,183) - Net Change in Plan Fiduciary Net Position 395,557 237,980 252,545 165,681 956,072 (821,095) 369,637 Plan Fiduciary Net Position - Beginning 3,734,087 4,129,644 4,367,624 4,620,169 4,785,850 5,741,922 4,920,827 Plan Fiduciary Net Position - Ending (b) 4,129,644$ 4,367,624 $ 4,620,169 $ 4,785,850 $ 5,741,922 $ 4,920,827 $ 5,290,464 $ Net OPEB Liability (Asset) - Ending (a) - (b) (42,738)$ 533,373 $ 502,160 $ 791,538 $ 535,851 $ 802,393 $ 708,873 $ Plan Fiduciary Net Position as a Percentage of
the Total OPEB Liability 101.05% 89.12% 90.20% 85.81% 91.46% 85.98% 88.18% Covered-employee Payroll 14,948,682$ 15,529,727 $ 15,115,317 $ 15,865,846 $ 14,108,055 $ 16,917,466 $ 14,932,325 $ Net OPEB Liability (Assets) as a Percentage of
Covered-employee Payroll -0.29% 3.43% 3.32% 4.99% 3.80% 4.74% 4.75% (1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation. Future years information will be displayed up to 10 years as information becomes available. (2) A new actuary was contracted for fiscal year 2020-2021. As a result, the net investment income in 2020 was changed from $261,150 to $236,207 on the 2021 valuation report. This resulted in a $24,943 change in the ending 2020 Net OPEB Liability.

CITY OF CAMARILLO

SCHEDULE OF OPEB CONTRIBUTIONS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS(1)
139

2018 2019 2020 2021 2022 2023 2024
Actuarially determined contribution* 73,696 $ 232,101 $ 233,395 $ 164,618 $ 282,970 $ 355,268 $ 357,656 $ Contribution in relation to the actuarially
Determined contribution (73,696) (232,101) (233,395) (164,618) (282,970) (351,594) (517,888) Contribution deficiency (excess) - $ - $ - $ - $ - $ 3,674$ (160,232)$ Covered-employee payroll 15,529,727 $ 15,115,317 $ 15,865,846 $ 14,108,055 $ 16,917,466 $ 14,932,325 $ 20,671,266 $ Contributions as a percentage of covered-employee payroll

0.66% 1.58% 1.47% 1.17% 1.67% 2.35% 2.51%
(1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal year 2018 was the first year of implementation. Future years' information will be displayed up to 10 years as information becomes available.

Notes to Schedule:
*Actuarial methods and assumptions used to set the actuarially determined contribution for Fiscal Year 2024 were from the June 30, 2022 actuarial valuation
Methods and assumptions used to determine contributions:

Actuarial cost method Entry age normal
Asset valuation method Market value of assets
Discount rate 5.25%
Inflation 2.50%
Salary increases 3.00% annually
Mortality rate* CalPERS 2021 Experience Study
Pre-retirement turnover Watts Scale 2022.

Healthcare trend rate 6.8% in Jan. 2024 and grade down to 3.9% for years 2075 and later

140

141

SUPPLEMENTARY

INFORMATION

142

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

CAPITAL IMPROVEMENT PROJECTS FUND
YEAR ENDED JUNE 30, 2024
143

Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 11,881,663 $ 11,881,663 $ 11,881,663 $ - $ Resources (Inflows):

Subventions and grants - 6,285,352 359,555 (5,925,797) Contributions and developer fees - - 33,479 33,479 Transfers in 1,128,181 17,403,426 14,187,492 (3,215,934) Amount Available for Appropriations 13,009,844 35,570,441 26,462,189 (9,108,252) Charges to Appropriation (Outflow):

Capital outlay 650,000 15,567,767 8,975,439 6,592,328 Total Charges to Appropriations 650,000 15,567,767 8,975,439 6,592,328 Budgetary Fund Balance, June 30 12,359,844$ 20,002,674 $ 17,486,750 (2,515,924) $ Budgetary Fund Balance GAAP basis, June 30 17,486,750$
Budget Amounts

NON-MAJOR GOVERNMENTAL FUNDS

144

The City has established the followi ng governmental funds in order to account for the proceeds from revenue sources that are restricted to expenditures for specif ied purposes, debt service, and capital projects. Budgets are prepared using the modified accrual basis of accoun ting consistent with U.S. generally accepted accounting principles.

Special Revenue Funds:

Article 8a TDA Fund - This fund is used to account for special state subventions under the Transportation Development Act (TDA) that are legally restricted to the maintenance of highways within the City's boundaries.

Article 8c TDA Fund - This fund is used to acco unt for special state subventions under the Transportation Development Act (TDA) that are legally restricted to th e planning, acquisition of real property, construction of facilities and buildings, purchase and re placement of vehicles, and system ope ration, maintenance, and repair for transportation services.

Article 3 TDA Fund - This fund is used to account for special state subventions under the TDA that are legally restricted to the maintenance of bikeways and handicapped ramps within the City's boundaries.

Gas Tax Fund - This fund is used to account for motor fuel ta x revenues that are legally restricted to the maintenance and construction of streets.

SB1 Fund - This fund is used to account for revenues received for road maintenance and rehabilitation apportionments from the state of California and expenditures for projects.

Air Quality Management Fund - This fund is used to account for revenu es from air quality impact fees that are required to be used for transportation mitigation.

Community Development Block Grant Fund - This fund is used to account fo r Federal Entitlements and related expenditures restricted for the purpose of providing resources primarily for home rehabilitation projects for low- i n c o m e applicants, first-time home buyers, senior housing projects, and the Fair Housing Counseling Program.

Library Special Revenue Fund - This fund is used to account for public co ntributions that are legally restricted to the operations of the Library.

Cable PEG Fees Fund - This fund is used to account for reve nues dedicated to capital improvements of cable Public Access facilities.

Capital Projects Funds:

Low-Moderate Income Housing Asset Fund - This fund is used to account for the housing activities of the former Redevelopment Agency.

Camarillo Corridor Projects Area Fund - This fund is used to account for la nd held for resale and bond proceeds as detailed in an Agreement between City of Camarillo and City of Camarillo as Successor Agency to the Camarillo Community Development Commission.

Debt Service Fund:

Library Debt Service Fund - This fund is used to account for the accumulation of resources and payment of long-term debt principal and interest for bonds issued by the City to finance the construction of the Library.

CITY OF CAMARILLO

COMBINING BALANCE SHEET

NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2024
145

Article 8a TDA Article 8c TDA Article 3 TDA Gas Tax SB1 Assets:

Cash and investments 2,177,334 $ 693,786 $ - $ 228,368$ 1,847,307 $ Receivables:

Accounts - 7,736 - - 318,216 Notes and loans - - - - - Accrued interest 30,411 - - 3,458 10,079 Grants - - - - - Land held for resale - - - - - Restricted assets:

Cash and investments with fiscal agents - - - - - Total Assets 2,207,745 $ 701,522 $ - $ 231,826$ 2,175,602 $ Liabilities and Fund Balances:

Liabilities:

Accounts payable - $ - $ - $ - $ - $ Retentions payable - - - - - Unearned revenue - 673,850 - - - Due to other funds - - - - - Total Liabilities - 673,850 - - - Fund Balances:

Restricted 2,207,745 27,672 - 231,826 2,175,602 Total Fund Balances 2,207,745 27,672 - 231,826 2,175,602 Total Liabilities and Fund Balances 2,207,745$ 701,522 $ - $ 231,826$ 2,175,602 $ Special Revenue Funds

CITY OF CAMARILLO

COMBINING BALANCE SHEET

NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2024
146

Community
Air Quality Development Cable
Management Block Grant Library PEG Fees
Assets:

Cash and investments 168,690 $ 557 $ 544,624 $ 1,416,630 $ Receivables:

Accounts - - - 40,979 Notes and loans - 396,638 - - Accrued interest 1,600 - 5,595 21,888 Grants - 134,687 - - Land held for resale - 593,754 - - Restricted assets:

Cash and investments with fiscal agents - - - - Total Assets 170,290 $ 1,125,636 $ 550,219 $ 1,479,497 $ Liabilities and Fund Balances:

Liabilities:

Accounts payable - $ 73,654$ 13,796 $ - $ Retentions payable - - - - Unearned revenue - - - - Due to other funds - 34,780 - - Total Liabilities - 108,434 13,796 - Fund Balances:

Restricted 170,290 1,017,202 536,423 1,479,497 Total Fund Balances 170,290 1,017,202 536,423 1,479,497 Total Liabilities and Fund Balances 170,290$ 1,125,636 $ 550,219 $ 1,479,497 $ Special Revenue Funds (Continued)

CITY OF CAMARILLO

COMBINING BALANCE SHEET

NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2024
147

Debt Service
Fund
Low-Moderate Camarillo Total
Income Housing Corridor Library Debt Governmental
Asset Projects Area Service Funds
Assets:

Cash and investments 172,327 $ 40,391 $ 734 $ 7,290,748$ Receivables:

Accounts - - - 366,931 Notes and loans 275,000 4,900,000 - 5,571,638 Accrued interest 1,826 4,029 - 78,886 Grants - - - 134,687 Land held for resale 4,106,556 - 4,700,310 Restricted assets:

Cash and investments with fiscal agents - - 501,104 501,104 Total Assets 449,153 $ 9,050,976 $ 501,838 $ 18,644,304 $ Liabilities and Fund Balances:

Liabilities:

Accounts payable - $ 183 $ - $ 87,633$ Retentions payable - 22,662 - 22,662 Unearned revenue - - - 673,850 Due to other funds - - - 34,780 Total Liabilities - 22,845 - 818,925 Fund Balances:

Restricted 449,153 9,028,131 501,838 17,825,379 Total Fund Balances 449,153 9,028,131 501,838 17,825,379 Total Liabilities and Fund Balances 449,153$ 9,050,976 $ 501,838 $ 18,644,304 $ Capital
Projects Funds

CITY OF CAMARILLO

COMBINING STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES

NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2024
148

Article 8a TDA Article 8c TD A Article 3 TDA Gas Tax SB1 Revenues:

Taxes - $ - $ - $ - $ - $ Subventions and grants 1,681,058 1,126,150 12,529 1,940,029 1,825,908 Investment earnings 162,224 27,672 - 12,371 53,767 Contributions and developer fees - - - - - Total Revenues 1,843,282 1,153,822 12,529 1,952,400 1,879,675 Expenditures:

Current:

Economic development - - - - - Cultural arts and library services - - - - - Capital Outlay - - - - - Debt service:

Principal - - - - - Interest - - - - - Total Expenditures - - - - - Excess (deficiency) of revenues over
(under) expenditures 1,843,282 1,153,822 12,529 1,952,400 1,879,675 Other Financing Sources (Uses):

Transfers in - 271,621 - - - Transfers out (3,494,900) (1,397,771) (12,529) (1,952,400) (715,399) Total Other Financing Sources
(Uses) (3,494,900) (1,126,150) (12,529) (1,952,400) (715,399) Net change In fund balances (1,651,618) 27,672 - - 1,164,276 Fund Balances - Beginning of Year 3,859,363 - - 231,826 1,011,326 Fund Balances - End of Year 2,207,745 $ 27,672 $ - $ 231,826$ 2,175,602 $ Special Revenue Funds

CITY OF CAMARILLO

COMBINING STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES

NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2024
149

Community
Air Quality Development Cable
Management Block Grant Library PEG Fees
Revenues:

Taxes - $ - $ - $ 180,061$ Subventions and grants - 792,636 - - Investment earnings 8,537 - 29,846 116,761 Contributions and developer fees - - 142,000 - Total Revenues 8,537 792,636 171,846 296,822 Expenditures:

Current:

Economic development - 269,858 - - Cultural arts and library services - - 271,772 - Capital Outlay - - - - Debt service:

Principal - - - - Interest - - - - Total Expenditures - 269,858 271,772 - Excess (Deficiency) of Revenues Over
(Under) Expenditures 8,537 522,778 (99,926) 296,822 Other Financing Sources (Uses):

Transfers in - - - - Transfers out - - - (1,031,986) Total Other Financing Sources
(Uses) - - - (1,031,986) Net Change In Fund Balances 8,537 522,778 (99,926) (735,164) Fund Balances - Beginning of Year 161,753 494,424 636,349 2,214,661 Fund Balances - End of Year 170,290 $ 1,017,202 $ 536,423 $ 1,479,497 $ Special Revenue Funds (Continued)

CITY OF CAMARILLO

COMBINING STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES

NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2024
150

Debt Service
Fund
Low-Moderate Camarillo Total
Income Housing Corridor Library Debt Governmental
Asset Projects Area Service Funds
Revenues:

Taxes - $ - $ - $ 180,061$ Subventions and grants - - - 7,378,310 Investment earnings 9,739 23,214 26,039 470,170 Contributions and developer fees - - - 142,000 Total Revenues 9,739 23,214 26,039 8,170,541 Expenditures:

Current:

Economic development 14,839 3,904 - 288,601 Cultural arts and library services - - 1,079 272,851 Capital Outlay - 65 - 65 Debt service:

Principal - - 330,000 330,000 Interest - - 156,838 156,838 Total Expenditures 14,839 3,969 487,917 1,048,355 Excess (Deficiency) of Revenues Over
(Under) Expenditures (5,100) 19,245 (461,878) 7,122,186 Other Financing Sources (Uses):

Transfers in - 407,319 454,000 1,132,940 Transfers out (407,319) - - (9,012,304) Total Other Financing Sources
(Uses) (407,319) 407,319 454,000 (7,879,364) Net Change In Fund Balances (412,419) 426,564 (7,878) (757,178) Fund Balances - Beginning of Year 861,572 8,601,567 509,716 18,582,557 Fund Balances - End of Year 449,153 $ 9,028,131 $ 501,838 $ 17,825,379 $ Capital
Projects Funds

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE
ARTICLE 8 TDA FUND
YEAR ENDED JUNE 30, 2024
151

Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 3,859,363 $ 3,859,363 $ 3,859,363 $ - $ Resources (Inflows):

Subventions and grants 1,681,237 1,681,237 1,681,058 (179) Investment earnings 31,896 31,896 108,778 76,882
Transfers in - - - - Amount Available for Appropriations 5,572,496 5,572,496 5,649,199 76,703 Charges to Appropriation (Outflow):

Transfers out 140,000 3,588,890 3,494,900 93,990 Total Charges to Appropriations 140,000 3,588,890 3,494,900 93,990 Budgetary Fund Balance, June 30 5,432,496$ 1,983,606 $ 2,154,299 170,693 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:

Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 53,446 Budgetary Fund Balance GAAP Basis, June 30 2,207,745$
Budget Amounts

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE
ARTICLE 8C TDA FUND
YEAR ENDED JUNE 30, 2024
152

Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 - $ - $ - $ - $ Resources (Inflows):

Subventions and grants - 1,800,000 1,126,150 (673,850) Investment earnings - - 27,672 27,672 Transfers in - - 271,621 271,621 Amount Available for Appropriations - 1,800,000 1,425,443 (374,557) Charges to Appropriation (Outflow):

Transfers out - 1,800,000 1,397,771 402,229 Total Charges to Appropriations - 1,800,000 1,397,771 402,229 Budgetary Fund Balance, June 30 -$ - $ 27,672 27,672 $ Budgetary Fund Balance GAAP Basis, June 30 27,672$
Budget Amounts

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE
ARTICLE 3 TDA FUND
YEAR ENDED JUNE 30, 2024
153

Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 - $ - $ - $ - $ Resources (Inflows):

Subventions and grants 12,000 12,000 12,529 529 Amount Available for Appropriations 12,000 12,000 12,529 529 Charges to Appropriation (Outflow):

Transfers out 12,000 12,000 12,529 (529) Total Charges to Appropriations 12,000 12,000 12,529 (529) Budgetary Fund Balance, June 30 -$ - $ - - $ Budgetary Fund Balance GAAP Basis, June 30 -$
Budget Amounts

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

GAS TAX FUND
YEAR ENDED JUNE 30, 2024
154

Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 231,826 $ 231,826 $ 231,826 $ - $ Resources (Inflows):

Subventions and grants 2,025,810 2,025,810 1,940,029 (85,781) Investment earnings 602 602 12,371 11,769 Amount Available for Appropriations 2,258,238 2,258,238 2,184,226 (74,012) Charges to Appropriation (Outflow):

Transfers out 2,025,810 2,025,810 1,952,400 73,410 Total Charges to Appropriations 2,025,810 2,025,810 1,952,400 73,410 Budgetary Fund Balance, June 30 232,428$ 232,428 $ 231,826 (602) $ Budgetary Fund Balance GAAP Basis, June 30 231,826$
Budget Amounts

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE
SB1 FUND
YEAR ENDED JUNE 30, 2024
155

Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 1,011,326 $ 1,011,326 $ 1,011,326 $ - $ Resources (Inflows):

Subventions and grants 1,749,082 1,749,082 1,825,908 76,826 Investment earnings 11,438 11,438 36,053 24,615
Amount Available for Appropriations 2,771,846 2,771,846 2,873,287 101,441 Charges to Appropriation (Outflow):

Transfers out 100,000 815,399 715,399 100,000 Total Charges to Appropriations 100,000 815,399 715,399 100,000 Budgetary Fund Balance, June 30 2,671,846$ 1,956,447 $ 2,157,888 201,441 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:

Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 17,714 Budgetary Fund Balance GAAP Basis, June 30 2,175,602$
Budget Amounts

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

AIR QUALITY MANAGEMENT FUND
YEAR ENDED JUNE 30, 2024
156

Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 161,753 $ 161,753 $ 161,753 $ - $ Resources (Inflows):

Investment earnings 428 428 5,724 5,296
Amount Available for Appropriations 162,181 162,181 167,477 5,296 Budgetary Fund Balance, June 30 162,181$ 162,181 $ 167,477 5,296 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:

Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 2,813 Budgetary Fund Balance GAAP Basis, June 30 170,290$
Budget Amounts

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

COMMUNITY DEVELOPMENT BLOCK GRANT FUND
YEAR ENDED JUNE 30, 2024
157

Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 494,424 $ 494,424 $ 494,424 $ - $ Resources (Inflows):

Subventions and Grants 500,876 677,153 792,636 115,483 Amount Available for Appropriations 995,300 1,171,577 1,287,060 115,483 Charges to Appropriation (Outflow):

Economic Development 500,876 612,895 269,858 343,037 Total Charges to Appropriations 500,876 612,895 269,858 343,037 Budgetary Fund Balance, June 30 494,424$ 558,682 $ 1,017,202 458,520 $ Budgetary Fund Balance GAAP Basis, June 30 1,017,202$
Budget Amounts

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

LIBRARY SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2024
158

Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 636,349 $ 636,349 $ 636,349 $ - $ Resources (Inflows):

Investment earnings 5,513 5,513 20,013 14,500 Contributions and developer fees 146,800 146,800 142,000 (4,800) Amount Available for Appropriations 788,662 788,662 798,362 9,700 Charges to Appropriation (Outflow):

Cultural arts and library services 299,055 299,055 271,772 27,283 Total Charges to Appropriations 299,055 299,055 271,772 27,283 Budgetary Fund Balance, June 30 489,607$ 489,607 $ 526,590 36,983 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:

Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 9,833 Budgetary Fund Balance GAAP Basis, June 30 536,423$
Budget Amounts

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

CABLE PEG FEES FUND
YEAR ENDED JUNE 30, 2024
159

Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 2,214,661 $ 2,214,661 $ 2,214,661 $ - $ Resources (Inflows):

Taxes 206,000 206,000 180,061 (25,939) Investment earnings 16,297 16,297 78,293 61,996
Amount Available for Appropriations 2,436,958 2,436,958 2,473,015 36,057 Charges to Appropriation (Outflow):

Transfers out 340,000 1,892,594 1,031,986 860,608 Total Charges to Appropriations 340,000 1,892,594 1,031,986 860,608 Budgetary Fund Balance, June 30 2,096,958$ 544,364 $ 1,441,029 896,665 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:

Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 38,468 Budgetary Fund Balance GAAP Basis, June 30 1,479,497$
Budget Amounts

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

LOW-MODERATE HOUSING ASSET FUND
YEAR ENDED JUNE 30, 2024
160

Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 861,572 $ 861,572 $ 861,572 $ - $ Resources (Inflows):

Investment earnings 5,459 5,459 6,530 1,071 Amount Available for Appropriations 867,031 867,031 868,102 1,071 Charges to Appropriation (Outflow):

Economic development 50,826 61,450 14,839 46,611 Transfers out - 407,319 407,319 - Total Charges to Appropriations 50,826 468,769 422,158 46,611 Budgetary Fund Balance, June 30 816,205$ 398,262 $ 445,944 47,682 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:

Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 3,209 Budgetary Fund Balance GAAP Basis, June 30 449,153$
Budget Amounts

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

CAMARILLO CORRIDOR PROJECTS AREA FUND
YEAR ENDED JUNE 30, 2024
161

Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 8,601,567 $ 8,601,567 $ 8,601,567 $ - $ Resources (Inflows):

Investment earnings 50,337 50,337 16,133 (34,204)
Transfers In - 407,319 407,319 - Amount Available for Appropriations 8,651,904 9,059,223 9,025,019 (34,204) Charges to Appropriation (Outflow):

Economic development - 51,100 3,904 47,196 Capital Outlay 50,000 51,196 65 51,131 Total Charges to Appropriations 50,000 102,296 3,969 98,327 Budgetary Fund Balance, June 30 8,601,904$ 8,956,927 $ 9,021,050 64,123 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:

Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 7,081 Budgetary Fund Balance GAAP Basis, June 30 9,028,131$
Budget Amounts

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

LIBRARY DEBT SERVICE FUND
YEAR ENDED JUNE 30, 2024
162

Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 509,716 $ 509,716 $ 509,716 $ - $ Resources (Inflows):

Investment earnings - - 26,039 26,039 Transfers in 489,938 489,938 454,000 (35,938) Amount Available for Appropriations 999,654 999,654 989,755 (9,899) Charges to Appropriation (Outflow):

Cultural arts and library services 3,100 3,100 1,079 2,021 Debt Service:

Principal retirement 330,000 330,000 330,000 - Interest and fiscal charges 156,838 156,838 156,838 - Total Charges to Appropriations 489,938 489,938 487,917 2,021 Budgetary Fund Balance, June 30 509,716$ 509,716 $ 501,838 (7,878) $ Budgetary Fund Balance GAAP Basis, June 30 501,838$
Budget Amounts

163

INTERNAL SERVICE FUNDS

164

Risk Management Fund – This fund is used to finance and account for the City’s risk management program.

Information Services Fund – This fund is used to finance and account for the City’s computer-related operations.

Vehicles & Equipment Fund – This fund is used to fund the operati on, maintenance, and timely replacement of the City’s fleet of vehicles and related equipment.

City Hall Facility Fund – This fund is used to provide maintenance and repairs to the City Hall facility.

Corporation Yard Facility Fund – This fund is used to provide maintenance and repairs to the Corporation Yard facility.

Police Facility Fund – This fund is used to provide maintenance and repairs to the Police facility.

Library Facility Fund – This fund is used to provide maintenance and repairs to the Library facility.

Chamber of Commerce Facility Fund – This fund is used to provide maint enance and repairs to the Chamber of Commerce facility.

CITY OF CAMARILLO

COMBINING STATEMENT OF NET POSITION

INTERNAL SERVICE FUNDS
JUNE 30, 2024
165

Risk Information Vehicles & City Hall Corporation
Management Services Equipment Facility Yard Facility
Assets:

Current:

Cash and investments 1,085,250 $ 4,100,982 $ 7,787,953 $ - $ - $ Receivables:

Accounts 1,282 103 - - - Accrued interest 1,675 32,849 69,842 - - Prepaid costs 725 - - - - Deposits 2,000 - - - - Total Current Assets 1,090,932 4,133,934 7,857,795 - - Noncurrent:

Capital assets, net of
accumulated depreciation - 1,612,999 1,907,926 - - Total Noncurrent Assets - 1,612,999 1,907,926 - - Total Assets 1,090,932 5,746,933 9,765,721 - - Deferred Outflows of Resources:

Deferred amount from pension plan 135,950 692,308 189,643 - - Deferred amount from OPEB plan 12,472 64,567 28,541 - - Total Deferred Outflows of Resources 148,422 756,875 218,184 - - Liabilities:

Current:

Accounts payable 6,636 170,190 327,868 - - Accrued liabilities 1,948 24,183 9,409 - - Subscriptions payable - 322,017 - - - Compensated absences 35,820 92,506 24,174 - - Total Current Liabilities 44,404 608,896 361,451 - - Noncurrent:

Subscriptions payable - 792,939 - - - Compensated absences - 221,245 109,299 - - Net pension liability 493,361 2,076,716 587,393 - - Net OPEB liability 5,544 27,066 11,463 - - Total Noncurrent Liabilities 498,905 3,117,966 708,155 - - Total Liabilities 543,309 3,726,862 1,069,606 - - Deferred Inflows of Resources:

Deferred amount from pension plan 5,084 25,888 7,092 - - Deferred amount from OPEB plan 6,115 28,579 11,779 - - Total Deferred inflows of Resources 11,199 54,467 18,871 - - Net Position:

Investment in capital assets - 498,043 1,907,926 - - Unrestricted 684,846 2,224,436 6,987,502 - - Total Net Position 684,846 $ 2,722,479 $ 8,895,428 $ - $ - $

CITY OF CAMARILLO

COMBINING STATEMENT OF NET POSITION

INTERNAL SERVICE FUNDS (CONTINUED)
JUNE 30, 2024
166

Chamber of
Commerce
Police Facility Library Facility Facility Total
Assets:

Current:

Cash and investments - $ - $ - $ 12,974,185$ Receivables:

Accounts - - - 1,385 Accrued interest - - - 104,366 Prepaid costs - - - 725 Deposits - - - 2,000 Total Current Assets - - - 13,082,661 Noncurrent:

Capital assets, net of
accumulated depreciation - - - 3,520,925 Total Noncurrent Assets - - - 3,520,925 Total Assets - - - 16,603,586 Deferred Outflows of Resources:

Deferred amount from pension plan - - - 1,017,901 Deferred amount from OPEB plan - - - 105,580 Total Deferred Outflows of Resources - - - 1,123,481 Liabilities:

Current:

Accounts payable - - - 504,694 Accrued liabilities - - - 35,540 Subscriptions payable - - - 322,017 Compensated absences - - - 152,500 Total Current Liabilities - - - 1,014,751 Noncurrent:

Subscriptions payable - - - 792,939 Compensated absences - - - 330,544 Net pension liability - - - 3,157,470 Net OPEB liability - - - 44,073 Total Noncurrent Liabilities - - - 4,325,026 Total Liabilities - - - 5,339,777 Deferred Inflows of Resources:

Deferred amount from pension plan - - - 38,064 Deferred amount from OPEB plan - - - 46,473 Total Deferred inflows of Resources - - - 84,537 Net Position:

Investment in capital assets - - - 2,405,969 Unrestricted - - - 9,896,784 Total Net Position - $ - $ - $ 12,302,753$

CITY OF CAMARILLO

COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2024
167

Risk Information Vehicles & City Hall Corporation
Management Services Equipment Facility Yard Facility
Operating Revenues:

Charges for services 2,221,215 $ 4,019,381 $ 2,771,363 $ - $ - $ Total Operating Revenues 2,221,215 4,019,381 2,771,363 - - Operating Expenses:

Administration and general 148,007 1,353,983 168,927 69,344 12,059 Cost of sales and services 2,336,597 1,428,557 730,983 - - Depreciation expense - 439,680 351,091 - - Total Operating Expenses 2,484,604 3,222,220 1,251,001 69,344 12,059 Operating income (Loss) (263,389) 797,161 1,520,362 (69,344) (12,059) Nonoperating Revenues (Expenses):

Investment earnings 5,990 175,233 372,569 - - Interest expense - (44,923) - - - Other 118,114 - 28 335,048 64,806 Contribution of capital assets - - - (2,759,257) (1,360,568) Total Nonoperating Revenues 124,104 130,310 372,597 (2,424,209) (1,295,762) Income (Loss) Before
Contributions and Transfers (139,285) 927,471 1,892,959 (2,493,553) (1,307,821) Transfers out - - - (3,592,586) (2,073,504) Changes In Net Position (139,285) 927,471 1,892,959 (6,086,139) (3,381,325) Net Position - Beginning of Year 824,131 1,795,008 7,002,469 6,086,139 3,381,325 Net Position - End of Year 684,846$ 2,722,479 $ 8,895,428 $ - $ - $

CITY OF CAMARILLO

COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

INTERNAL SERVICE FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2024
168

Chamber of
Commerce
Police Facility Library Facility Facility Total
Operating Revenues:

Charges for services - $ - $ - $ 9,011,959$ Total Operating Revenues - - - 9,011,959 Operating Expenses:

Administration and general 22,101 29,624 - 1,804,045 Cost of sales and services - - - 4,496,137 Depreciation expense - - - 790,771 Total Operating Expenses 22,101 29,624 - 7,090,953 Operating income (Loss) (22,101) (29,624) - 1,921,006 Nonoperating Revenues (Expenses):

Investment earnings - - - 553,792 Interest expense - - - (44,923) Other 103,183 348,244 - 969,423 Contribution of capital assets (2,894,693) (14,571,545) (283,152) (21,869,215) Total Nonoperating Revenues (2,791,510) (14,223,301) (283,152) (20,390,923) Income (Loss) Before
Contributions and Transfers (2,813,611) (14,252,925) (283,152) (18,469,917) Transfers out (1,234,222) (1,857,094) (143,761) (8,901,167) Changes In Net Position (4,047,833) (16,110,019) (426,913) (27,371,084) Net Position - Beginning of Year 4,047,833 16,110,019 426,913 39,673,837 Net Position - End of Year -$ - $ - $ 12,302,753$

CITY OF CAMARILLO

COMBINING STATEMENT OF CASH FLOWS

INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2024
169

Risk Information Vehicles & Cit y Hall Cor poration
Management Services E quipment Facilit y Yard Facility
Cash Flows From Operating
Activities
Cash received interfund service provided 2,230,628 $ 4,019,341 $ 2,771,363 $ 1,637 $ 2,037 $ Cash paid to suppliers for goods and
services (2,336,719) (1,613,443) (576,618) (133,111) (15,164) Cash paid to employees for services (147,967) (1,239,757) (138,852) (335,048) (64,805) Net Cash Provided (Used) by
Operating Activities (254,058) 1,166,141 2,055,893 (466,522) (77,932) Cash Flows From Noncapital
Financing Activities
Cash transfers out - - - (3,592,586) (2,073,504) Reimbursements 118,114 - 28 335,048 64,806 Net Cash Provided by Noncapital
Financing Activities 118,114 - 28 (3,257,538) (2,008,698) Cash Flows From Capital and
Related Financing Activities
Acquisition and construction of capital assets - (125,973) (1,127,958) - - Interest paid on capital debt - (44,923) - - - Net Cash Used by Capital and
Related Financing Activities - (170,896) (1,127,958) - - Cash Flows From Investing Activities
Interest received 6,515 159,741 343,948 18,526 11,018 Net Cash Provided by Investing
Activities 6,515 159,741 343,948 18,526 11,018 Net Increase (Decrease) in Cash
and Cash Equivalents (129,429) 1,154,986 1,271,911 (3,705,534) (2,075,612) Cash and Cash Equivalents - Beginning of Year 1,214,679 2,945,996 6,516,042 3,705,534 2,075,612 Cash and Cash Equivalents -
End of Year 1,085,250 $ 4,100,982 $ 7,787,953 $ - $ - $ Reconciliation of Operating Income (Loss) to Net
Cash Provided (Used) by Operating Activities
Operating income (loss) (263,389) $ 797,161 $ 1,520,362 $ (69,344) $ (12,059) $ Adjustments to Reconcile Operating Income
(Loss) to Net Cash Provided (Used) by
Operating Activities:

Depreciation - 439,680 351,091 - - Changes in pension related items 13,487 68,686 18,815 (214,609) (40,188) Changes in OPEB related items (1,804) (12,352) (5,912) (1,191) (148) (Increase) decrease in accounts receivable 9,413 (40) - 1,637 2,037 (Increase) decrease in prepaid expense 294 - - - - Increase (decrease) in accounts payable 3,666 164,889 152,373 (128,295) (13,214) Increase (decrease) in accrued liabilities (1,845) 4,203 1,992 (4,816) (1,950) Increase (decrease) in deposits payable (2,237) - - - - Increase (decrease) in compensated
absences (11,643) 57,892 17,172 (49,904) (12,410) Increase (decrease) in SBITA liability - (353,978) - - - Total Adjustments 9,331 368,980 535,531 (397,178) (65,873) Net Cash Provided (Used) by
Operating Activities (254,058) $ 1,166,141 $ 2,055,893 $ (466,522) $ (77,932) $

NONCASH INVESTING, CAPITAL, AND

FINANCING ACTIVITIES
Subscription assets -$ 1,290,812$ - $ - $ - $

CITY OF CAMARILLO

COMBINING STATEMENT OF CASH FLOWS

INTERNAL SERVICE FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2024
170

Chamber of
Commerce
Police Facility Library Facility Facility Total
Cash Flows From Operating
Activities
Cash received interfund service provided - $ 995$ 2,142 $ 9,028,143$ Cash paid to suppliers for goods and
services (4,959) (137,784) (51) (4,817,849) Cash paid to employees for services (103,181) (348,244) - (2,377,854) Net Cash Provided (Used) by
Operating Activities (108,140) (485,033) 2,091 1,832,440 Cash Flows From Noncapital
Financing Activities
Cash transfers in (1,234,222) (1,857,094) (143,761) (8,901,167) Reimbursements 103,183 348,245 - 969,424 Net Cash Provided by Noncapital
Financing Activities (1,131,039) (1,508,849) (143,761) (7,931,743) Cash Flows From Capital and
Related Financing Activities
Acquisition and construction of capital assets - - - (1,253,931) Interest paid on capital debt - - - (44,923) Net Cash Used by Capital and
Related Financing Activities - - - (1,298,854) Cash Flows From Investing Activities
Interest received 7,762 14,298 913 562,721 Net Cash Provided by Investing
Activities 7,762 14,298 913 562,721 Net Increase (Decrease) in Cash
and Cash Equivalents (1,231,417) (1,979,584) (140,757) (6,835,436) Cash and Cash Equivalents - Beginning of Year 1,231,417 1,979,584 140,757 19,809,621 Cash and Cash Equivalents -
End of Year -$ - $ - $ 12,974,185$ Reconciliation of Operating Income (Loss) to Net
Cash Provided (Used) by Operating Activities
Operating income (loss) (22,101) $ (29,624) $ - $ 1,921,006$ Adjustments to Reconcile Operating Income
(Loss) to Net Cash Provided (Used) by
Operating Activities:

Depreciation - - - 790,771 Changes in pension related items (60,904) (282,277) - (496,990) Changes in OPEB related items (279) (3,608) - (25,294) (Increase) decrease in accounts receivable - 995 2,142 16,184 (Increase) decrease in prepaid expense - - - 294 Increase (decrease) in accounts payable (3,107) (135,412) (51) 40,849 Increase (decrease) in accrued liabilities (1,852) (1,857) - (6,125) Increase (decrease) in deposits payable - (515) - (2,752) Increase (decrease) in compensated
absences (19,897) (32,735) - (51,525) Increase (decrease) in SBITA liability - - - (353,978) Total Adjustments (86,039) (455,409) 2,091 (88,566) Net Cash Provided (Used) by
Operating Activities (108,140) $ (485,033) $ 2,091 $ 1,832,440$

NONCASH INVESTING, CAPITAL, AND

FINANCING ACTIVITIES
Subscription assets -$ - $ - $ 1,290,812$

171

FIDUCIARY FUNDS

172

Custodial Funds:

General Custodial Fund – This fund is used to account for assets held on behalf of outside parties, including other governments, in an custodial capacity.

Ventura County Regional Defense Partnership Fund (RDP) – To account for the funds held by the City, acting as Treasurer since July 2006, for the Ventura County Regi onal Defense Partnership (RDP). The RDP is a joint venture of the County of Ventura and the cities of Ca marillo, Oxnard, Port Hueneme, San Buenaventura, Simi Valley, and Thousand Oaks.

Project HOPE Program Custodial Fund – This fund was created to account for funds to be used for homeless outreach and programs.

Wastewater Treatment JPA Custodial Fund – This JPA was formed by several public wastewater treatment agencies to share in the effort of opposing overly stringent National Poll utant Discharge Elimination Systems (NPDES) permit regulations. This fund is used to account for the deposits fro m the various agencies and to record the costs of legal expenses, technical research, and testimony in support of its position.

West Camarillo Community Facilities District #1 Custodial Fund – This fund was created to account for debt service payments collected from proper ty owners and remitted to bondholde rs for payment on Mello Roos bonds, which were issued for the acquisition and construction of infrastructure for this district.

CITY OF CAMARILLO

COMBINING STATEMENT OF FIDUCIARY NET POSITION

CUSTODIAL FUNDS
JUNE 30, 2024
173

General Pro ject HOPE
Custodial RDP Pro gram
Assets:

Cash and investments 174,657 $ 606,024 $ 765 $ Receivables:

Accounts - - - Accrued interest - 6,404 9 Restricted assets:

Cash and investments with fiscal agents - - - Total Assets 174,657 612,428 774 Liabilities:

Accounts payable 152,278 22,457 - Deposits payable 18,973 - - Total Liabilities 171,251 22,457 - Net Position:

Held for individuals, organizations, and other
governments 3,406 589,971 774 Total Net Position 3,406 $ 589,971 $ 774 $

CITY OF CAMARILLO

COMBINING STATEMENT OF FIDUCIARY NET POSITION

CUSTODIAL FUNDS (CONTINUED)
JUNE 30, 2024
174

West
Camarillo
Community
Facilities
District #1 Totals
Assets:

Cash and investments 39,242 $ 820,688 $
Receivables:

Accounts 11,595 11,595
Accrued interest 668 7,081
Restricted assets:

Cash and investments with fiscal agents 494,190 494,190 Total Assets 545,695 1,333,554
Liabilities:

Accounts payable - 174,735
Deposits payable - 18,973
Total Liabilities - 193,708
Net Position:

Held for individuals, organizations, and other
governments 545,695 1,139,846
Total Net Position 545,695 $ 1,139,846 $

CITY OF CAMARILLO

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

CUSTODIAL FUNDS
YEAR ENDED JUNE 30, 2024
175

General Pro ject HOPE
Custodial RDP Pro gram
Additions:

Intergovernmental 1,529,223 $ 155,100 $ 100 $ Investment earnings - 34,159 51 Total Additions 1,529,223 189,259 151 Deductions:

Administrative expenses - 177,374 - Program expenses - - 490 Contractual services 1,525,196 - - Interest expense - - - Total Deductions 1,525,196 177,374 490 Changes in Net Position 4,027 11,885 (339) Net Position - Beginning of the Year (621) 578,086 1,113 Net Position - End of the Year 3,406 $ 589,971 $ 774 $

CITY OF CAMARILLO

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

CUSTODIAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2024
176

West
Camarillo
Community
Facilities
District #1 Totals
Additions:

Intergovernmental 496,648 $ 2,181,071 $
Investment earnings 3,577 37,787
Total Additions 500,225 2,218,858
Deductions:

Administrative expenses 17,664 195,038
Program expenses - 490
Contractual services - 1,525,196 Interest expense 468,869 468,869
Total Deductions 486,533 2,189,593
Changes in Net Position 13,692 29,265
Net Position - Beginning of the Year 532,003 1,110,581 Net Position - End of the Year 545,695 $ 1,139,846 $

177

178

STATISTICAL SECTION

179

City of Camarillo
Statistical Section
Table of Contents
For the Fiscal Year Ended June 30, 2024
____________________________________________________________________________________________________

180

This part of the City of Camarillo's ACFR presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information reveals about the City's overall financial health.

Contents Page
Financial Trends 181-190
These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time.

Revenue Capacity 191-194
These schedules contain information to help the reader assess the factors affecting the City's ability to generate its property and sales taxes.

Debt Capacity 195-202
These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future.

Demo
graphic and Economic Information 203-205
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place and to help make comparisons over time and with other governments.

O
perating Information 206-210
These schedules contain information about the city's operations and resources to help the reader understand how the City's financial information relates to the services the City provides and the activities it performs.

Table 1

City of Camarillo
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________

181

2015 2016 2017 2018 2019
Governmental activities:

Net investment in capital assets 264,612,956 $ 260,120,182 $ 260,799,336 $ 254,859,084 $ 265,475,397 $ Restricted 59,298,341 59,805,256 55,260,240 49,904,125 50,227,531 Unrestricted 58,333,276 64,437,697 68,154,924 68,801,406 69,425,167 Total governmental activities
net position 382,244,573 $ 384,363,135 $ 384,214,500 $ 373,564,615 $ 385,128,095 $ Business-type activities:

Net investment in capital assets 72,327,793 $ 72,884,406 $ 75,859,145 $ 77,742,690 $ 83,485,675 $ Restricted 10,738,528 13,083,412 14,929,506 14,203,390 10,848,811 Unrestricted 41,681,707 48,909,290 55,616,396 63,751,168 73,488,065 Total business-type activities
net position 124,748,028 $ 134,877,108 $ 146,405,047 $ 155,697,248 $ 167,822,551 $ Primary government:

Net investment in capital assets 336,940,749 $ 333,004,588 $ 336,658,481 $ 332,601,774 $ 348,961,072 $ Restricted 70,036,869 72,888,668 70,189,746 64,107,515 61,076,342 Unrestricted 100,014,983 113,346,987 123,771,320 132,552,574 142,913,232 Total primary government
net position 506,992,601 $ 519,240,243 $ 530,619,547 $ 529,261,863 $ 552,950,646 $ Source: City of Camarillo financial data
Fiscal Year

Table 1 (Continued)

City of Camarillo
Net Position by Component (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________

182

2020 2021 2022 2023 2024
Governmental activities:

Net investment in capital assets 264,281,355 $ 264,138,211 $ 255,644,859 $ 255,561,413 $ 250,765,154 $ Restricted 50,927,159 50,346,869 55,059,230 49,250,038 54,193,422 Unrestricted 70,819,838 73,575,825 81,554,304 97,988,135 114,201,616 Total governmental activities
net position 386,028,352 $ 388,060,905 $ 392,258,393 $ 402,799,586 $ 419,160,192 $ Business-type activities:

Net investment in capital assets 87,343,164 $ 115,969,748 $ 122,379,228 $ 126,533,722 $ 141,132,887 $ Restricted 25,931,084 24,271,542 17,911,891 21,486,969 20,377,316 Unrestricted 68,155,844 61,795,235 67,835,101 68,055,243 54,924,924 Total business-type activities
net position 181,430,092 $ 202,036,525 $ 208,126,220 $ 216,075,934 $ 216,435,127 $ Primary government:

Net investment in capital assets 351,624,519 $ 380,107,959 $ 378,024,087 $ 382,095,135 $ 391,898,041 $ Restricted 76,858,243 74,618,411 72,971,121 70,737,007 74,570,738 Unrestricted 138,975,682 135,371,060 149,389,405 166,043,378 169,126,540 Total primary government
net position 567,458,444 $ 590,097,430 $ 600,384,613 $ 618,875,520 $ 635,595,319 $ Source: City of Camarillo financial data
Fiscal Year

Table 2

City of Camarillo
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 183

2015 2016 2017 2018 2019
Expenses
Governmental activities:

General government 6,327,562 $ 5,114,356 $ 7,109,659 $ 7,702,944 $ 7,273,382 $ Public safety 17,029,186 17,108,233 18,231,069 19,190,794 19,407,941 Economic development 661,390 777,968 563,673 906,942 1,447,570 Cultural arts and library
Services 5,089,748 5,312,804 5,250,618 3,923,701 3,913,166 Highways and streets 19,425,410 19,836,949 23,192,629 23,805,001 21,407,999 Interest on long-term debt 220,969 215,510 209,102 204,320 197,647 Total governmental
activities expenses 48,754,265 48,365,820 54,556,750 55,733,702 53,647,705 Business-type activities:

Water utility 12,858,698 12,793,232 13,486,961 15,031,630 14,237,093 Sanitary district 10,374,619 10,664,025 10,769,483 11,653,295 11,225,898 Solid waste 6,139,790 6,345,936 6,602,085 6,704,503 7,421,778 Transit 1,920,837 2,057,766 2,290,412 2,494,729 2,643,638 Camarillo ranch - - - - - Total business-type
Activities expenses 31,293,944 31,860,959 33,148,941 35,884,157 35,528,407 Total primary government
expenses 80,048,209 80,226,779 87,705,691 91,617,859 89,176,112 Program revenues
Governmental activities:

Charges for services:

General government 2,177,348 2,045,943 2,683,108 2,521,911 979,326 Public safety 700,453 968,231 978,441 1,009,211 2,511,601
Economic development 902,059 683,740 1,158,289 608,652 - Cultural arts and library
Services 95,969 87,604 81,624 77,407 76,653 Highways and streets 3,720,598 4,361,291 4,748,956 4,624,950 4,462,849 Operating grants and
contributions 3,625,229 2,662,678 4,870,010 5,303,078 5,962,340 Capital grants and contributions 4,600,406 3,939,339 780,804 217,681 8,044,164 Total governmental activities
program revenues 15,822,062 14,748,826 15,301,232 14,362,890 22,036,933 Business-type activities:

Charges for services:

Water utility 13,640,075 13,681,246 14,372,963 15,903,517 14,673,770 Sanitary district 12,125,996 12,691,523 13,307,078 13,643,880 14,005,034 Solid waste 6,006,181 6,236,906 6,495,545 6,675,146 7,264,338 Transit 230,146 183,159 195,170 203,934 182,350 Camarillo ranch - - - - - Operating grants and
contributions 880,409 1,139,148 2,738,953 1,307,688 1,351,913 Capital grants and contributions 2,977,376 4,948,563 - 2,174,438 5,469,803 Total business-type activities
Program revenues 35,860,183 38,880,545 37,109,709 39,908,603 42,947,208 Total primary government
Program revenues 51,682,245 53,629,371 52,410,941 54,271,493 64,984,141 Fiscal Year

Table 2 (Continued)

City of Camarillo
Changes in net position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 184

2020 2021 2022 2023 2024
Expenses
Governmental activities:

General government 8,168,336 $ 6,991,700 $ 5,593,406 $ 9,729,902 $ 11,383,254 $ Public safety 19,819,852 18,206,609 19,016,312 19,166,034 22,046,568 Economic development 1,241,886 2,082,347 947,418 4,277,348 1,970,459 Cultural arts and library
Services 3,642,486 4,629,309 4,856,435 4,127,446 2,899,739 Highways and streets 21,833,053 21,304,632 21,820,150 21,237,431 25,329,690 Interest on long-term debt 190,199 182,627 175,557 177,593 200,867 Total governmental
activities expenses 54,895,812 53,397,224 52,409,278 58,715,754 63,830,577 Business-type activities:

Water utility 15,593,666 16,182,788 17,780,064 18,807,657 21,286,059 Sanitary district 11,861,952 12,095,823 12,337,235 16,364,258 18,271,350 Solid waste 7,653,122 7,910,910 8,073,628 8,092,945 8,148,652 Transit 2,565,713 2,748,656 2,900,560 3,217,504 3,433,964 Camarillo ranch 217,257 399,444 441,822 456,950 500,939 Total business-type
Activities expenses 37,891,710 39,337,621 41,533,309 46,939,314 51,640,964 Total primary government
expenses 92,787,522 92,734,845 93,942,587 105,655,068 115,471,541 Program revenues
Governmental activities:

Charges for services:

General government 1,107,336 573,547 735,638 734,086 2,804,500 Public safety 1,985,869 1,936,967 2,638,686 2,475,055 2,444,853
Economic development - - - - - Cultural arts and library
Services 51,223 - - - - Highways and streets 2,188,597 1,115,375 1,444,129 4,413,095 3,715,588 Operating grants and
contributions 6,622,799 7,495,808 8,399,767 8,668,901 12,049,388 Capital grants and contributions 3,549,129 2,180,113 120,171 204,146 359,554 Total governmental activities
program revenues 15,504,953 13,301,810 13,338,391 16,495,283 21,373,883 Business-type activities:

Charges for services:

Water utility 15,164,538 16,774,180 15,147,895 13,715,468 14,787,198 Sanitary district 14,283,071 14,592,657 14,505,969 15,699,493 16,405,108 Solid waste 7,663,399 7,817,874 7,925,045 8,044,744 8,202,793 Transit 158,230 64,779 130,287 124,434 142,966 Camarillo ranch 87,611 33,336 424,390 476,138 363,881 Operating grants and
contributions 1,358,855 2,467,382 2,439,822 3,377,023 2,588,845 Capital grants and contributions 6,379,548 16,299,444 7,038,800 9,518,081 400,878 Total business-type activities
Program revenues 45,095,252 58,049,652 47,612,208 50,955,381 42,891,669 Total primary government
Program revenues 60,600,205 71,351,462 60,950,599 67,450,664 64,265,552 Fiscal Year
Table 2 (Continued)

City of Camarillo
Changes in net position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 185

2015 2016 2017 2018 2019
Net revenue (expense)
Governmental activities (32,932,203) $ (33,616,994) $ (39,255,518) $ (41,370,812) $ (31,610,772) $ Business-type activities 4,566,239 7,019,586 3,960,768 4,024,446 7,418,801 Total primary government
Net expense (28,365,964) (26,597,408) (35,294,750) (37,346,366) (24,191,971) General revenues and other
changes in net position
Governmental activities:

Taxes:

Property taxes 14,491,806 15,344,600 16,165,826 16,509,090 17,159,172 Transient occupancy taxes 2,266,171 2,542,335 2,418,114 2,510,027 2,655,564 Sales taxes 14,296,711 13,886,357 14,147,855 13,980,438 15,283,516 Franchise taxes 2,763,700 2,770,967 2,773,583 2,778,808 2,888,269 Business license taxes 1,290,792 1,332,550 1,378,823 1,387,616 1,409,557 Unrestricted grants and
contributions 312,567 72,856 2,034,212 - - Investment earnings 496,756 946,526 488,052 1,176,701 4,178,236 Gain (loss) on sale of assets - - - - - Miscellaneous 198,354 150,686 124,136 136,807 337,988 Transfers (984,746) (749,364) (595,524) (1,160,000) (596,050) Special item (1) 12,141,648 (561,957) - - - Total governmental activities 47,273,759 35,735,556 38,935,077 37,319,487 43,316,252 Business-type activities:

Property taxes 1,053,636 1,081,995 1,129,366 1,191,206 1,254,508 Investment earnings 274,488 503,891 292,679 756,218 2,730,408 Gain (loss) on sale of assets/
extraordinary loss - - 18,301 (11,763) - Miscellaneous 277,260 774,244 5,571,301 1,988,256 125,536 Transfers 984,746 749,364 595,524 1,160,000 596,050 Total business-type
activities 2,590,130 3,109,494 7,607,171 5,083,917 4,706,502 Total primary government 49,863,889 38,845,050 46,542,248 42,403,404 48,022,754 Change in net position
Governmental activities 14,341,556 2,118,562 (320,441) (4,051,325) 11,705,480 Business-type activities 7,156,369 10,129,080 11,567,939 9,108,363 12,125,303 Total primary government 21,497,925 $ 12,247,642 $ 11,247,498 $ 5,057,038 $ 23,830,783 $ Notes:
(1) Camarillo Community Development Commission was dissolved as of February 1, 2012, through the Supreme Court decision.

The City elected to serve as the Successor Agency. During FYs 2011/12 through 2014/15, dissolution related asset transfer transactions were recorded as Special Items. During FY 2015/16, adjustment to the lower of cost or market value on the Cedar Oaks property in the Low-Mod Income Housing Asset Fund was recorded as a Special Item.

Source: City of Camarillo financial data
Fiscal Year

Table 2 (Continued)

City of Camarillo
Changes in net position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 186

2020 2021 2022 2023 2024
Net revenue (expense)
Governmental activities (39,390,859) $ (40,095,414) $ (39,070,887) $ (42,220,471) $ (42,456,694) $ Business-type activities 7,203,542 18,712,031 6,078,899 4,016,067 (8,749,295) Total primary government
Net expense (32,187,317) (21,383,383) (32,991,988) (38,204,404) (51,205,989) General revenues and other
changes in net position
Governmental activities:

Taxes:

Property taxes 19,280,410 19,463,119 20,057,278 22,016,872 22,850,292 Transient occupancy taxes 2,227,001 2,149,677 3,172,970 3,306,038 3,249,031 Sales taxes 13,331,297 14,841,167 18,245,729 19,252,211 19,656,570 Franchise taxes 2,944,821 2,995,923 3,138,244 3,176,049 3,264,802 Business license taxes 1,372,952 1,438,552 1,474,693 1,619,684 1,601,569 Unrestricted grants and
contributions - - - - - Investment earnings 3,301,408 1,326,931 (3,224,312) 3,181,920 8,672,357 Gain (loss) on sale of assets - - - - - Miscellaneous 285,590 273,448 403,773 267,482 648,829 Transfers (2,452,363) (360,850) - (58,592) (1,126,150) Special item (1) - - - - - Total governmental activities 40,291,116 42,127,967 43,268,375 52,761,664 58,817,300 Business-type activities:

Property taxes 1,274,488 1,408,135 1,470,995 1,639,394 1,710,204 Investment earnings 2,548,097 2,211 (1,667,072) 1,839,429 5,409,807 Gain (loss) on sale of assets/
extraordinary loss - - - - - Miscellaneous 129,051 123,206 206,873 396,232 862,327 Transfers 2,452,363 360,850 - 58,592 1,126,150 Total business-type
activities 6,403,999 1,894,402 10,796 3,933,647 9,108,488 Total primary government 46,695,115 44,022,369 43,279,171 56,695,311 67,925,788 Change in net position
Governmental activities 900,257 2,032,553 4,197,488 10,541,193 16,360,606 Business-type activities 13,607,541 20,606,433 6,089,695 7,949,714 359,193 Total primary government 14,507,798 $ 22,638,986 $ 10,287,183 $ 18,490,907 $ 16,719,799 $ Notes:
(1) Camarillo Community Development Commission was dissolved as of February 1, 2012, through the Supreme Court decision.

The City elected to serve as the Successor Agency. During FYs 2011/12 through 2014/15, dissolution related asset transfer transactions were recorded as Special Items. During FY 2015/16, adjustment to the lower of cost or market value on the Cedar Oaks property in the Low-Mod Income Housing Asset Fund was recorded as a Special Item.

Source: City of Camarillo financial data
Fiscal Year

Table 3

City of Camarillo
Fund balances – Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
____________________________________________________________________________________________________

187

2015 2016 2017 2018 2019
General fund:

Nonspendable 206,808 $ 232,956 $ 222,608 $ 217,238 $ 240,531 $ Restricted - - - - 5,455,177 Committed 48,100,000 49,700,000 46,850,000 47,484,000 51,178,734 Assigned 116,075 297,372 203,763 92,592 143,016 Unassigned 7,855,867 9,061,427 11,052,990 14,535,452 10,921,126 Total general fund 56,278,750 $ 59,291,755 $ 58,329,361 $ 62,329,282 $ 67,938,584 $ All other governmental funds:

Nonspendable - $ - $ - $ - $ 42,500$ Restricted 41,642,200 42,146,370 53,508,777 49,878,594 44,772,354 Assigned 15,246,749 16,027,942 6,518,057 6,529,623 6,986,330 Total all other governmental
Funds 56,888,949 $ 58,174,312 $ 60,026,834 $ 56,408,217 $ 51,801,184 $ Source: City of Camarillo financial data
Fiscal Year

Table 3 (Continued)

City of Camarillo
Fund balances – Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
____________________________________________________________________________________________________

188

2020 2021 2022 2023 2024
General fund:

Nonspendable 131,490 $ 219,455 $ 434,747 $ 530,319 $ 539,874 $ Restricted 5,673,226 6,939,867 13,405,997 7,119,419 8,240,511 Committed 49,508,201 50,951,800 48,807,175 71,360,064 88,036,791 Assigned 179,208 86,081 376,217 708,079 1,174,855 Unassigned 16,354,815 20,872,706 23,756,906 11,843,722 11,530,888 Total general fund 71,846,940 $ 79,069,909 $ 86,781,042 $ 91,561,603 $ 109,522,919 $ All other governmental funds:

Nonspendable 2,500 $ 2,620 $ - $ - $ - $ Restricted 45,253,933 41,336,741 41,653,233 41,638,354 41,727,246 Assigned 6,728,563 6,927,670 6,836,412 11,881,663 17,486,750 Total all other governmental
Funds 51,984,996 $ 48,267,031 $ 48,489,645 $ 53,520,017 $ 59,213,996 $ Source: City of Camarillo financial data
Fiscal Year

Table 4

City of Camarillo
Changes in Fund Balances – Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
____________________________________________________________________________________________________ 189

2015 2016 2017 2018 2019
Revenues
Taxes 32,345,480 $ 33,105,842 $ 36,884,201 $ 37,165,979 $ 39,547,817 $ Licenses and permits 1,628,672 1,256,693 1,847,213 2,110,041 1,459,176 Subventions and grants 7,708,062 5,828,315 6,426,076 5,160,734 5,502,690 Charges for services 3,440,009 5,018,324 3,723,151 3,623,048 2,953,758 Investment earnings 418,616 810,179 410,039 1,008,223 3,650,642 Fines and forfeitures 370,291 436,301 350,882 366,304 382,099 Contributions and developer fees 2,574,427 1,892,855 3,373,182 3,204,853 3,681,467 Franchises (1) 2,917,727 2,930,156 - - - Miscellaneous 278,734 334,841 786,984 16,219 20,844 Total revenues 51,682,018 51,613,506 53,801,728 52,655,401 57,198,493 Expenditures
General government 5,798,173 6,163,201 6,135,609 6,154,177 7,196,639 Public safety 16,961,637 16,962,009 18,150,594 18,863,717 19,086,438 Economic development 665,670 786,214 564,644 3,994,886 1,445,593 Cultural arts and library services 3,637,902 5,017,579 5,136,791 11,808,473 3,894,009 Highways and streets 10,965,515 12,327,888 14,689,649 909,559 11,558,060 Pass through payments to other
agencies - - - - - Ab1484 true up payment - - - - - Capital outlay 6,638,771 4,197,047 8,020,164 4,407,831 12,707,853 Debt service:

Principal 270,000 275,000 280,000 285,000 295,000 Interest 221,419 215,969 210,419 204,769 198,231 Cost of issuance - - - - - Total expenditures 45,159,087 45,944,907 53,187,870 46,628,412 56,381,823 Excess of revenues over
(under) expenditures 6,522,931 5,668,599 613,858 6,026,989 816,670 Other financing sources (uses)
Transfers in 6,574,047 5,654,446 30,644,981 5,380,673 10,229,418 Transfers out (7,692,453) (6,462,720) (31,209,563) (6,518,356) (10,860,468) Issuance of refunding bonds - - - - - Premium on refunding bonds - - - - - Payment to refunding bonds
escrow agent - - - - - Total other financing
sources (uses) (1,118,406) (808,274) (564,582) (1,137,683) (631,050) Special item (2) 12,141,648 (561,957) - (5,298,224) - Net change in fund balances 17,546,173$ 4,298,368 $ 49,276 $ (408,918) $ 185,620 $ Debt service as a percentage of
noncapital expenditures 1.2% 1.2% 1.1% 1.1% 1.1%
Notes:
(1) Effective FY 2016/17, revenues from Franchises are reported as Taxes. (2) Camarillo Community Development Commission was dissolved as of February 1, 2012, through the Supreme Court decision.

The City elected to serve as the Successor Agency. During FYs 2011/12 through 2014/15, dissolution related asset transfer transactions were recorded as Special Items. During FY 2015/16, adjustment to the lower of cost or market value on the Cedar Oaks property in the Low-Mod Income Housing Asset Fund was recorded as Special Items.

Source: City of Camarillo financial data
Fiscal Year

Table 4 (Continued)

City of Camarillo
Changes in Fund Balances – Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
____________________________________________________________________________________________________ 190

2020 2021 2022 2023 2024
Revenues
Taxes 39,304,811 $ 41,041,589 $ 46,242,310 $ 49,523,989 $ 50,773,983 $ Licenses and permits 1,130,799 1,440,413 1,477,050 1,278,609 1,226,454 Subventions and grants 6,204,983 8,003,209 8,080,745 8,545,820 11,175,116 Charges for services 2,693,009 1,499,047 2,469,398 3,989,929 5,552,848 Investment earnings 2,891,795 1,326,845 (2,954,854) 2,869,704 8,118,566 Fines and forfeitures 373,974 397,112 413,973 472,168 500,971 Contributions and developer fees 1,563,063 353,002 749,047 2,271,477 1,731,143 Franchises (1) - - - - - Miscellaneous 23,693 142,291 48,947 30,427 476,079 Total revenues 54,186,127 54,203,508 56,526,616 68,982,123 79,555,160 Expenditures
General government 7,314,931 6,522,033 7,016,349 9,860,782 10,672,313 Public safety 19,365,660 17,848,055 18,880,211 19,958,604 21,400,164 Economic development 1,237,591 2,081,401 934,977 4,352,086 2,023,546 Cultural arts and library services 3,588,818 3,879,085 4,589,548 5,971,925 4,184,023 Highways and streets 11,109,744 11,705,242 12,728,178 14,517,896 15,897,497 Pass through payments to other
agencies - - - - - Ab1484 true up payment - - - - - Capital outlay 6,026,813 7,773,057 3,901,434 3,822,103 9,010,501 Debt service:

Principal 300,000 305,000 315,000 325,000 330,000 Interest 190,794 183,231 175,481 166,872 156,838 Cost of issuance - -
Total expenditures 49,134,351 50,297,104 48,541,178 58,975,268 63,674,882 Excess of revenues over
(under) expenditures 5,051,776 3,906,404 7,985,438 10,006,855 15,880,278 Other financing sources (uses)
Transfers in 9,974,223 10,488,483 8,322,907 13,975,570 29,254,569 Transfers out (10,935,831) (10,889,883) (8,374,598) (14,171,492) (21,479,552) Issuance of refunding bonds - - - - - Premium on refunding bonds - - - - - Payment to refunding bonds
escrow agent - - - - - Total other financing
sources (uses) (961,608) (401,400) (51,691) (195,922) 7,775,017 Special item (2) - - - - - Net change in fund balances 4,090,168$ 3,505,004 $ 7,933,747 $ 9,810,933 $ 23,655,295 $ Debt service as a percentage of
noncapital expenditures 1.1% 1.1% 1.1% 0.9% 0.9%
Notes:
(1) Effective FY 2016/17, revenues from Franchises are reported as Taxes. (2) Camarillo Community Development Commission was dissolved as of February 1, 2012, through the Supreme Court decision.

The City elected to serve as the Successor Agency. During FYs 2011/12 through 2014/15, dissolution related asset transfer transactions were recorded as Special Items. During FY 2015/16, adjustment to the lower of cost or market value on the Cedar Oaks property in the Low-Mod Income Housing Asset Fund was recorded as Special Items.

Source: City of Camarillo financial data
Fiscal Year

Table 5

City of Camarillo
Tax Revenues by Source – Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
____________________________________________________________________________________________________

191

Business Transient
Fiscal Property Sales License Occupancy Franchise
Year Tax (1) Tax Tax Tax Tax Total
2015 14,491,806$ 14,296,711 $ 1,290,792 $ 2,266,171 $ 2,763,700 $ 35,109,180 $ 2016 15,344,600 13,886,357 1,332,550 2,542,335 2,770,967 35,876,809 2017 16,165,826 14,147,855 1,378,823 2,418,114 2,773,583 36,884,201 2018 16,509,090 13,980,438 1,387,616 2,510,027 2,778,808 37,165,979 2019 17,159,172 15,283,516 1,409,557 2,655,564 2,888,269 39,396,078 2020 19,280,410 13,331,297 1,372,952 2,227,001 2,944,821 39,156,481 2021 19,463,119 14,841,167 1,438,552 2,149,677 2,995,923 40,888,438 2022 20,057,278 18,245,729 1,474,693 3,172,970 3,138,244 46,088,914 2023 22,016,872 19,252,211 1,619,684 3,306,038 3,176,049 49,370,854 2024 22,850,292 19,656,570 1,601,569 3,249,031 3,264,802 50,622,264 Change
2015-2024 57.68% 37.49% 24.08% 43.37% 18.13% 44.19%

Notes:

Includes all governmental fund types (General, Special Revenues, Capital Projects, and Debt Service Funds).

Source: City of Camarillo financial data

Table 6

City of Camarillo
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
(in thousands of dollars)
____________________________________________________________________________________________________

192

Taxable
Assessed
Total Estimated Value as a
Less: Taxable Total Actual Percentage of
Fiscal Personal Tax-Exempt Assessed Direct Tax Taxable Estimated Actual Year Land Improvements Property Property Value Rate (1) Value Taxable Value 2015 4,668,986$ 5,894,031 $ 25,119 $ 330,169 $ 10,257,967 $ - 10,014,616 $ 102.43 % 2016 5,006,154 6,140,082 31,856 348,574 10,829,518 - 10,608,137 102.09 2017 5,327,073 6,321,871 31,508 345,874 11,334,578 - 11,178,092 101.40 2018 5,725,452 6,541,729 34,696 391,350 11,910,527 - 11,680,451 101.97 2019 (2) 6,085,927 6,790,022 38,608 431,698 12,482,859 - 12,914,557 96.66 2020 6,428,158 7,125,253 42,905 482,977 13,113,339 - 13,596,316 96.45 2021 6,802,950 7,384,813 46,919 499,613 13,735,069 - 14,234,682 96.49 2022 7,168,622 7,626,304 47,635 508,960 14,333,601 - 14,842,561 96.57 2023 7,734,083 8,205,431 47,204 498,490 15,488,228 - 15,986,718 0.97 2024 8,190,702 8,588,049 51,329 544,370 16,285,710 - 16,830,080 0.97 Note:

In 1978, the voters of the State of California passed Proposition 13, which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an inflation factor (limited to a maximum increase of 2%). With few exceptions, property is only reassessed at a time that it is sold to a new owner. At that point, the assessed value is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above. The County does not provide breakout of residential, commercial and industrial assessed values to the cities.
(1) The City of Camarillo has not had a Direct Property Tax Rate since 1997. (2) Revised data.

Source: County of Ventura, Auditor - Controller

Table 7

City of Camarillo
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years

____________________________________________________________________________________________________

193

Direct Rates
Camarillo Total Direct
Fiscal Sanitary Basic School Water and Overlapping
Year District (1) County (2) Districts Districts Tax Rates 2015 - 1.0000 0.1308 0.0217 1.1525 2016 - 1.0000 0.1704 0.0040 1.1744 2017 - 1.0000 0.1578 0.0306 1.1884 2018 - 1.0000 0.1631 0.0299 1.1930 2019 - 1.0000 0.2051 0.0284 1.2335 2020 - 1.0000 0.2021 0.0207 1.2228 2021 - 1.0000 0.1799 0.0113 1.1912 2022 - 1.0000 0.1721 0.0257 1.1978 2023 - 1.0000 0.1871 0.0220 1.2091 2024 - 1.0000 0.1684 0.0472 1.2156 Note:
(1) The City of Camarillo has not had a Direct Property Tax Rate since 1997. (2) In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1% fixed amount.

This 1% is shared by all taxing agencies for which the subject property resides within. In addition to the 1% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of school and water district bonds.

Source: County of Ventura, Auditor - Controller
Overlapping Rates

Table 8

City of Camarillo
Top 10 Property Taxpayers
Current Year and Nine Years Ago

____________________________________________________________________________________________________

194

Percentage Percentage
of Total of Total
Taxable City Taxable Taxable City Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value (1) Value Rank Value (2)
MG Andorra Apartments LLC 244,079,370 $ 1 1.49% -$ - - % Chelsea GCA Realty Partners 221,646,116 2 1.35% 187,723,881 1 1.83% Mission Oaks DC Property Owner LLC 160,221,596 3 0.98% - -- PPF AMLI Ponderosa Drive LP 113,512,470 4 0.70% - -- Las Positas Apartments Owner LLC 100,061,388 5 0.61% - -- CPG Partners LP 99,853,386 6 0.61% - -- Trea Allure Camarillo LLC 65,215,549 7 0.40% - -- Terra Camarillo LLC 62,263,146 8 0.38% - -- Avalon Mission Oaks LP 54,877,074 9 0.34% - -- Essex Camarillo 50,224,793 10 0.31% - -- CPG Partners LP - - - 83,315,139 2 0.81% PEGH Investments LLC - - - 44,941,777 3 0.44% ESJ Centers LLC - - - 41,256,809 4 0.40% WNG Camarillo 165 LLC 39,685,256 5 0.39%
Essex Camino Ruiz Apart LP 34,562,800 6 0.33% Las Posas Plaza LP - - - 34,200,629 7 0.34% Corte Madera Apartments - - - 31,567,084 8 0.31% Sphear Investments LLC - 30,622,034 9 0.30%
3175 Mission Oaks Blvd LLC - - - 30,096,708 10 0.29% Total 1,171,954,888 $ 7.15 % 557,972,117 $ 5.44 % (1) 2023/24 Local secured assessed valuation: $16,285,710,401 (2) 2014/15 Local secured assessed valuation: $10,257,967,000 .

Sources: HdL Coren & Cone
County of Ventura, Auditor - Controller
20152024

195

Table 9

City of Camarillo
Property Tax Levies and Collections
Last Ten Fiscal Years

____________________________________________________________________________________________________

196

Taxes Levied Collections in
Fiscal for the Percentage Subsequent Percentage
Year Fiscal Year Amount of Levy Years Amount of Levy
2015 (1) 3,262,046$ 3,216,197 $ 98.59 % 33,087 $ 3,249,285 $ 99.61 % 2016 (1) 3,391,018 3,285,138 96.88 28,806 3,313,944 97.73 2017 (1) 3,541,040 3,453,447 97.53 41,971 3,495,418 98.71 2018 3,699,276 3,599,478 97.30 28,234 3,627,712 98.07 2019 3,856,656 3,771,906 97.80 28,548 3,800,454 98.54 2020 4,027,788 3,838,001 95.29 26,580 3,864,581 95.95 2021 4,181,748 4,102,050 98.09 57,096 4,159,146 99.46 2022 4,351,663 4,246,070 97.57 32,800 4,278,870 98.33 2023 4,665,855 4,566,094 0.98 34,620 4,600,714 0.99 2024 4,910,837 4,776,783 0.97 37,236 4,814,019 0.98 Notes:

Data on property tax levies and collections is only for the following agencies:

Camarillo Sanitary District, Camarillo Lighting and Landscape Maintenance District, Camarillo Maintenance District 1-A. The City of Camarillo is a 'no/low property tax city and receives a majority of its property tax through AB8 funding and T.E.A. funding.
(1) Taxes collected have been restated to reflect available data from County of Ventura Auditor-Controller.

Sources: City of Camarillo financial data
County of Ventura, Auditor - Controller
Collected Within the
Fiscal Year of the Levy Total Collections to Date

Table 10

City of Camarillo
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(dollars in thousands, except per capita)
____________________________________________________________________________________________________

197

Governmental
Activities
2005 2015
2012 Wastewater Wastewater 2019
Lease Revenue Revenue Water Total Percentage
Fiscal Revenue Refunding Refunding Revenue Primary of Personal Per Year Bonds (1) Bonds (6) Bonds (7) Bonds (8) Government Income (a) Capita (a) 2015 6,740 $ 18,867 $ - $ - $ 25,607$ 0.98 % 381 2016 6,465 - 19,261 - 25,726 0.87 368 2017 6,185 - 18,601 - 24,786 0.85 356 2018 5,900 - 17,927 - 23,827 0.73 344 2019 5,605 - 17,227 - 22,832 0.71 327 2020 5,305 - 16,493 12,496 34,294 0.99 488 2021 5,000 - 15,728 12,039 32,767 0.96 470 2022 4,685 - 14,934 11,562 31,181 0.86 444 2023 5,829 - 14,109 - 19,938 0.52 288 2024 5,145 - 13,254 - 18,399 0.00 267 Notes:
(a) See Table 14 Demographic and Economic Statistics for personal income and population data. (1) 2012 Lease Revenue Bonds issued in April to defease the 2003 Bonds. (2) 2014 Successor Agency to the Camarillo Community Development Commission (CDC) Tax Allocation Refunding Bonds in the amount of $15,915,000 were issued in November to refund the 2004 CDC Bonds. (3) 2016A Senior Lien Tax Allocation Refunding Bonds in the amount of $4,985,000 & Series 2016A-T Taxable Senior Lien Tax Allocation Refunding Bonds in the amount of $4,570,000 were issued in December to refund the 2006A and 2006A-T CDC Bonds.
(4) 2016B Tax Allocation Refunding Bonds in the amount of $31,295,000 were issued in December to refund the 2006 and 2009 CDC Bonds.
(5) Due to Assembly Bill X1 26, effective 2012, Redevelopment Bonds are held by successor agency and no longer a City obligation. See Successor Agency Note in the Basic Financial Statements. (6) 2005 Wastewater Revenue Refunding Bonds were issued to finance certain improvements in the Sanitary District Fund and refunded with the 2015 Wastewater Bonds. See (8) below. (7) 2015 Wastewater Revenue Refunding Bonds proceeds were issued in November to defease the 2005 Bonds.

See (7) above.
(8) 2019 Water Revenue Bonds in the amount of $11,800,000 were issued in August to finance a portion of the costs of a groundwater desalter facility which will be a part of the City's municipal water system.

Sources: State of California, Department of Finance, UCSB Economic Forecast Project, and City of Camarillo financial data
Sanitary District
Business-Type Activities

198

Table 11

City of Camarillo
Direct and Overlapping Governmental Activities Debt
As of June 30, 2024

____________________________________________________________________________________________________

199

2023/24 Assessed Valuation: $17,465,348,505
City's Share
Total Debt Percent of Debt
June 30, 2024 Applicable (1) June 30, 2024

OVERLAPPING TAX AND ASSESSMENT DEBT
Metropolitan Water District 18,210,000 $ 0.449 % 81,763 $ Ventura County Community College District 230,510,458 10.114 23,313,828 Oxnard Union High School District 428,097,016 31.034 132,855,628 Mesa Union School District 13,393,216 38.219 5,118,753 Pleasant Valley School District 124,010,000 83.155 103,120,516 Rio School District 128,250,202 0.680 872,101 Somis Union School District 8,925,000 8.104 723,282 West Camarillo Community Facilities District No. 1 3,774,415 100.000 3,774,415 Total Overlapping Tax and Assessment Debt 269,860,286$

DIRECT AND OVERLAPPING GENERAL FUND DEBT
Ventura County General Fund Obligations 274,135,000 $ 10.077 % 27,717,790 $ Ventura County Superintendent of Schools
Certificates of Participation 6,825,000 10.077 690,076 Oxnard Union High School District Certificates
of Participation 55,681,216 30.869 17,280,109 Rio School District Certificates of Participation 970,000 0.728 6,596 Pleasant Valley Recreation and Park District
Certificates of Participation 11,100,000 90.289 10,000,212 City of Camarillo Lease Revenue Bonds 5,144,956 100.000 5,144,956 Total Direct and Overlapping General Fund Debt 60,839,739$ OVERLAPPING TAX INCREMENT DEBT (Successor Agency) 45,190,000$ 100.000 % 45,190,000 $ TOAL DIRECT DEBT 5,144,956$
TOTAL OVERLAPPING DEBT 370,745,069$
COMBINED TOTAL DEBT 375,890,025$ (2)
Notes:
(1) The percentage of overlapping debt applicable to the City is estimated using taxable assessed property value.

Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the City divided by the district's total taxable assessed value. (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue, and nonbonded capital lease obligations.

Ratios to 2023/24 Assessed Valuation:

Total Overlapping Tax and Assessment Debt 1.55%
Total Direct Debt ($4,030,000) 0.02%
Combined Total Debt 2.15%
Ratios to Redevelopment Successor Agency Incremental
Valuation ($1,510,053,855):

Total Overlapping Tax Increment Debt 2.99%

Table 12

City of Camarillo
Legal Debt Margin Information
Last Ten Fiscal Years
(dollars in thousands)
____________________________________________________________________________________________________

200

2024 2023 2022 2021 2020
Debt limit 2,524,512 $ 2,398,008 $ 2,226,384 $ 2,135,202 $ 2,039,447 $ Total net debt applicable to limit - - - - - Legal debt margin 2,524,512 $ 2,398,008 $ 2,226,384 $ 2,135,202 $ 2,039,447 $ Total net debt applicable to the
limit as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00% Legal Debt Margin Calculation for
Fiscal Year 2023:

Assessed valuations:

Net assessed value 16,285,710 $
Add back: Exempt real property 544,370
Gross assessed value 16,830,080 $
Debt limitation - 15% of total
assessed value 2,524,512 $
Less: debt applicable to limitation -
Legal debt margin 2,524,512 $
Notes:

Under State finance law, the City's outstanding general obligation debt should not exceed 15% of total assessed property value. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.

Sources: County of Ventura, Auditor - Controller
City of Camarillo financial data
Fiscal Year

Table 12 (Continued)

City of Camarillo
Legal Debt Margin Information
Last Ten Fiscal Years
(dollars in thousands)
____________________________________________________________________________________________________

201

2019 2018 2017 2016 2015
Debt limit 1,937,184 $ 1,845,281 $ 1,752,068 $ 1,676,714 $ 1,588,220 $ Total net debt applicable to limit - - - - - Legal debt margin 1,937,184 $ 1,845,281 $ 1,752,068 $ 1,676,714 $ 1,588,220 $ Total net debt applicable to the
limit as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00% Notes:

Under State finance law, the City's outstanding general obligation debt should not exceed 15% of total assessed property value. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.

Sources: County of Ventura, Auditor - Controller
City of Camarillo financial data
Fiscal Year

Table 13

City of Camarillo
Pledged-Revenue Coverage – Sanitary District Fund
Last Ten Fiscal Years

____________________________________________________________________________________________________

202

Less: Net
Fiscal Gross Gross Available
Year Revenues Expenses (1) Revenue Principal Interest Total Coverage (2) 2015 13,526,951$ 7,110,397 $ 6,416,554 $ 540,000 $ 897,854 $ 1,437,854 $ 4.46 2016 14,477,426 7,192,817 7,284,609 560,000 876,254 1,436,254 5.07 2017 17,723,211 7,620,983 10,102,228 605,000 703,994 1,308,994 7.72 2018 15,269,575 8,423,413 6,846,162 620,000 685,844 1,305,844 5.24 2019 16,724,589 7,958,414 8,766,175 645,000 661,044 1,306,044 6.71 2020 16,976,174 8,627,002 8,349,172 680,000 628,794 1,308,794 6.38 2021 16,090,104 8,935,548 7,154,556 710,000 594,794 1,304,794 5.48 2022 14,996,536 9,217,162 5,779,374 740,000 566,394 1,306,394 4.42 2023 18,620,260 13,296,684 5,323,576 770,000 536,794 1,306,794 4.07 2024 21,640,815 15,181,683 6,459,132 800,000 505,994 1,305,994 4.95 Notes:
(1) Operating expenses exclude depreciation and interest, per bond official statement. (2) Debt service coverage of 1.25 is required per bond covenants.

Source: City of Camarillo financial data
Debt Service Requirements

Less: Net
Fiscal Gross Gross Available
Year Revenues Expenses (1) Revenue Principal Interest Total Coverage (2) 2015 - $ - $ - $ - $ - $ - $ 0 2016 - - - - - - 0 2017 - - - - - - 0 2018 - - - - - - 0 2019 - - - - - - 0 2020 16,408,109 13,921,221 2,486,888 475,000 335,536 810,536 3.07 2021 16,810,282 14,737,165 2,073,117 395,000 417,100 812,100 2.55 2022 14,675,548 16,325,896 (1,650,348) 415,000 397,350 812,350 -2.03 2023 14,640,052 17,340,708 (2,700,656) 435,000 376,600 811,600 -3.33 2024 17,732,890 19,563,823 (1,830,933) - - - 0 Notes:
(1) Operating expenses exclude depreciation and interest, per bond official statement. (2) Debt service coverage of 1.25 is required per bond convenants. (3) Table is restated to show Water Revenue Bonds, Series 2019 issued on August 1, 2019. (4) Water Revenue Bonds were defeased on August 7, 2023.

Source: City of Camarillo financial data
Water Revenue Bonds
Debt Service Requirements

Table 14

City of Camarillo
Demographic and Economic Statistics
Last Ten Calendar Years

____________________________________________________________________________________________________

203

Personal Per Capita City
Calendar Income Personal School Unemployment
Year Population (in Thousa nds) Income Enrollment Rate
2015 67,154 2,586,638 $ 38,518 $ 11,720 4.4 % 2016 69,924 2,963,379 42,380 12,209 4.6 2017 69,623 2,933,008 42,127 12,187 3.7 2018 68,741 3,271,440 47,591 11,977 3.5 2019 69,880 3,231,171 46,625 11,667 3.3 2020 70,261 3,461,602 50,186 12,261 5.3 2021 69,708 3,407,642 49,833 12,020 6.5 2022 70,171 3,613,257 52,439 11,852 3.5 2023 69,309 3,818,377 53,852 11,971 3.0 2024 69,014 3,781,420 53,784 12,230 0.0 Sources: State of California, Department of Finance
UCSB Economic Forecast Project
State of California, Employment Development Department, Labor Market Information Division Local elementary, junior, and senior high schools

Table 15

City of Camarillo
Full-time Equivalent City Government
Employees by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________

204

Function/Program 2015 2016 2017 2018 2019
General government:

Administrative 40 39 39 39 42 Finance 8 8 8 8 8 Planning 10 10 9 9 8 Other 4 4 4 4 6 Public safety:

Police services - - - - - Code enforcement 5 5 4 4 4 Highways and streets:

Maintenance 26 27 28 28 28 Engineering 7 5 5 5 6 Stormwater 3 3 3 3 2 Solid waste 1 1 1 1 1 Transit 1 1 2 2 2 Camarillo ranch events - - - - - Water 14 14 14 14 13 Reclaimed water 1 1 1 1 1 Wastewater 19 18 18 18 18 Total full-time equivalent
employees 139 136 136 136 139 Police 65 65 65 65 65 Library 26 28 27 25 24 Building and safety 10 8 7 9 10 Total contracted services
employees 101 101 99 99 99 Notes:

A full-time employee is scheduled to work 2,080 hours per year (including vacation and sick leave).

Equivalent employment is calculated by dividing total labor hours by 2,080.

Sources: City of Camarillo financial information
LSSI (Library Systems & Services)
Ventura County Sheriff Department
Charles Abbott & Associates
Fiscal Year
Contracted Services Employees

Table 15 (Continued)

City of Camarillo
Full-time Equivalent City Government
Employees by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________

205

Function/Program 2020 2021 2022 2023 2024
General government:

Administrative 44 40 49 50 55 Finance 8 8 8 8 8 Planning 8 10 10 10 10 Other 7 7 7 7 4 Public safety:

Police services - - - Code enforcement 4 4 4 4 4 Highways and streets:

Maintenance 29 26 26 26 26 Engineering 7 13 9 10 10 Stormwater 1 1 1 1 1 Solid waste 1 1 1 1 1 Transit 2 1 1 1 1 Camarillo ranch events - 1 1 1 1 Water 13 13 14 14 14 Reclaimed water 1 1 1 1 1 Wastewater 19 16 17 20 20 Total full-time equivalent
employees 144 142 149 154 156 Police 65 68 67 70 65 Library 24 21 21 27 27 Building and safety 8 7 9 9 11 Total contracted services
employees 97 96 97 106 103 Notes:

A full-time employee is scheduled to work 2,080 hours per year (including vacation and sick leave).

Equivalent employment is calculated by dividing total labor hours by 2,080.

Sources: City of Camarillo financial information
LSSI (Library Systems & Services)
Ventura County Sheriff Department
Charles Abbott & Associates
Fiscal Year
Contracted Services Employees

Table 16

City of Camarillo
Operating Indicators by Function/Program
Last Ten Fiscal Years

____________________________________________________________________________________________________

206

Function/Program 2015 2016 2017 2018 2019
General government:

Building permits issued 653 $ 707 $ 752 $ 769 $ 737 $ Building permit valuation
(in thousands) 87,535 53,490 81,390 129,018 77,217 Building inspections 7,728 4,911 5,497 8,205 8,383 Police:

Physical arrest 2,022 2,227 2,348 2,966 3,088 Parking violations 771 1,533 1,679 1,497 2,056 Traffic violations 4,683 5,160 4,666 5,889 5,626 Police officers (sworn) 75 75 75 77 77 Patrol units 45 45 45 47 47 Refuse collection:

Refuse collected (tons per day) 134 141 149 175 211 Recyclables collected (tons per day) 145 148 141 123 109 Other public works:

Annual street overlay:

Asphalt laid (in tons) 17,166 25,737 37,707 1,274 9,882 Slurry seal (in tons) - - 9,192 3,860 7,474 Striping (in linear feet) 30,807 43,563 475,022 52,244 248,049 Water:

New connections 130 86 135 187 188 Average daily consumption
(thousands of gallons) 7,224 6,629 6,397 7,004 6,275 Peak daily production (thousands
of gallons) 11,785 11,338
10,443 10,457 11,157 Storage capacity (thousands of
gallons) 13,375 13,375 13,375 13,375 13,375 Wastewater:

Average daily swage treatment
(thousands of gallons) 3,500 3,455 3,449 3,426 3,500 Maximum daily capacity of plant
(thousands of gallons) 7,250 7,250 7,250 7,250 7,250 Transit:

Total fixed rout revenue miles 54,578 75,826 82,749 75,120 74,800 Passengers (fixed route) 63,633 84,876 82,501 77,752 77,029 Total revenue hours N/A N/A N/A N/A N/A
Total revenue miles N/A N/A N/A N/A N/A
Total rides served N/A N/A N/A N/A N/A
* In FY 2016/17 Asphalt overlay and striping were done on all arterial streets leading to a significant increase in both. ** In FY 2020/21, the Transit data category was expanded to include Total Revenue Hours, Total Revenue Miles and Total Rides Served.

Source: City of Camarillo
Fiscal Year

Table 16

City of Camarillo
Operating Indicators by Function/Program
Last Ten Fiscal Years

____________________________________________________________________________________________________

207

Function/Program 2020 2021 2022 2023 2024
General government:

Building permits issued 559 $ 754 $ 676 $ 554 $ 597 $ Building permit valuation
(in thousands) 48,533 84,062 70,523 62,027 74,989 Building inspections 6,188 5,874 6,432 6,543 5,244 Police:

Physical arrest 3,200 3,375 2,661 2,587 2,547 Parking violations 1,488 1,608 1,591 2,468 1,957 Traffic violations 5,458 6,348 4,368 4,970 5,190 Police officers (sworn) 77 78 78 77 79 Patrol units 47 48 47 52 53 Refuse collection:

Refuse collected (tons per day) 233 189 197 167 166 Recyclables collected (tons per day) 122 114 121 115 120 Other public works:

Annual street overlay:

Asphalt laid (in tons) 19,813 1,486 561 1,579 14,969 Slurry seal (in tons) - 5,563 4,392 4,795 1,505 Striping (in linear feet) 70,103 50,118 45,170 43,083 6,544 Water:

New connections 108 49 2 12 7 Average daily consumption
(thousands of gallons) 6,397 7,243 6,582 5,858 5,384 Peak daily production (thousands
of gallons) 10,251 10,672
11,881 12,382 10,112 Storage capacity (thousands of
gallons) 13,375 13,375 13,375 13,375 13,375 Wastewater:

Average daily swage treatment
(thousands of gallons) 3,522 3,391 3,396 3,380 3,561 Maximum daily capacity of plant
(thousands of gallons) 7,250 7,250 7,250 7,250 7,250 Transit:

Total fixed rout revenue miles 6,000 N/A N/A N/A N/A Passengers (fixed route) 56,136 N/A N/A N/A N/A Total revenue hours N/A 18,644 19,701 20,666 21,931 Total revenue miles N/A 348,872 404,056 374,625 410,318 Total rides served N/A 71,057 67,482 67,392 73,504 * In FY 2016/17 Asphalt overlay and striping were done on all arterial streets leading to a significant increase in both. ** In FY 2020/21, the Transit data category was expanded to include Total Revenue Hours, Total Revenue Miles and Total Rides Served.

Source: City of Camarillo
Fiscal Year

Table 17

City of Camarillo
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years

____________________________________________________________________________________________________

208

Function/Program 2015 2016 2017 2018 2019
Police:

Stations 1 1 1 1 1 Other public works:

Miles of streets 201 201 201 201 201 Number of streets 721 725 726 725 732 Traffic signals 22 56 57 57 57 Water:

Water mains (miles) 187 187 191 195 195 Fire hydrants 1,621 1,624 1,643 1,703 1,703 Reservoirs 6 6 6 6 6 Wells 4 4 4 4 4 Wastewater:

Treatment plants 1 1 1 1 1 Number of service connections 14,207 14,331 14,451 14,564 14,737 Sanitary sewers (miles) 158 158 158 152 158 Storm sewers (miles)(36" or greater) 34 34 33 34 35 Storm drains (miles) 75 75 75 75 76 Transit:

Buses 13 10 9 11 11 Mini vans - 5 7 8 8 Source: City of Camarillo
Fiscal Year

Table 17 (Continued)

City of Camarillo
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years

____________________________________________________________________________________________________

209

Function/Program 2020 2021 2022 2023 2024
Police:

Stations 1 1 1 1 1 Other public works:

Miles of streets 202 202 202 202 202 Number of streets 732 734 734 712 715 Traffic signals 57 60 60 61 63 Water:

Water mains (miles) 195 195 196 198 198 Fire hydrants 1,710 1,718 1,725 1,725 1,725 Reservoirs 6 6 6 6 6 Wells 4 4 4 4 4 Wastewater:

Treatment plants 1 1 1 1 1 Number of service connections 14,864 14,911 14,903 14,916 14,919 Sanitary sewers (miles) 158 151 158 151 151 Storm sewers (miles)(36" or greater) 35 34 34 34 34 Storm drains (miles) 76 77 77 77 77 Transit:

Buses 11 11 11 10 10 Mini vans 8 8 8 8 8 Source: City of Camarillo
Fiscal Year

Table 18

City of Camarillo
Top 10 Employers
Current Year and Nine Years Ago

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210

Percentage of Percentage of
Total City Total City
Company or Organization Employees Employment (1) Employees Employment (2) Meissner Filtration Products 1,915 5.71% 125 0.39%
Hi-Temp Insulation Inc. 1,860 5.55% 544 1.70%
St. John's Pleasant Valley Hospital 611 1.82% 487 1.52% Pleasant Valley School District 527 1.57% 651 2.03%
Lucix Corporation 362 1.08% 151 0.47%
Sanisure Inc. 345 1.03% n/a 0.00%
Amazon.com Services LLC 288 0.86% n/a 0.00%
Hygiena LLC 258 0.77% n/a 0.00%
Golden State Medical Supply 255 0.76% n/a 0.00%
Teledyne Scientific & Imaging LLC 240 0.72% 169 0.53%
Semtech 117 0.00% 184 0.58%
Vitesse Semiconductor Corp n/a 0.00% 178 0.56%
Ventura County Star n/a 0.00% 176 0.55%
Technicolor Video Services n/a 0.00% 205 0.64% Harbor Freight Tools n/a 0.00% 222 0.69%
Data Exchange Corp. n/a 0.00% 121 0.38%
Total 6,778 19.87 % 3,213 10.04 % Notes:
(1) Total city employment in fiscal year 2024: 33,530
(2) Total city employment in fiscal year 2015: 31,992
Sources: HdL Companies
City of Camarillo Finance Dept.

State of California, Employment Development Dept. Labor Market Information Division 2024 2015
Fiscal Year