Camarillo City Council
January 22, 2025

Camarillo City Council

AGENDA REPORT
Date: January 22, 2025
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Mark Uribe, Finance Director
Subject: Revenue & Expenditure Report for November and December 2024

BACKGROUND
Pursuant to the City’s Fiscal Management Policy 3.01, a monthly Revenue and Expenditure Report detailing the City’s financial status including revenues, expenditures, transfers in/out, and the projected fund balance/net position by Governmental and Proprietary Funds, will be provided to City Council for review.

DISCUSSION
The “Current Budget” column pertains to the current fiscal year (FY) budget that has been adopted and includes adjustments approved by City Council in June 2024. The “Actual Year-to-Date” column presents the cumulative year to date revenues received and expenditures incurred for the current fiscal year. And lastly, the “Percentage of Budget” column calculates the percentage of Actual Year-to-Date activity compared to the Current Budget.

The percentage of the current fiscal year elapsed is 50% at December, 2024. Please note revenues are not received, and expenditures are not paid uniformly throughout the fiscal year. Also note, revenues are often billed and reimbursed in arrears. Certain main revenue sources are received in two lump-sums during the fiscal year, such as Property Taxes which are received in April and December, while other revenue is received after grants are approved and funds have been spent.

Notable percentages are as follows:

General Fund
Actual revenues for Franchise Taxes (15.63% of budgeted amount) through December 2024 include Harrison and Cable Franchise taxes, as the other franchise tax revenues are normally received quarterly or annually in April.

Revenue & Expenditure Report
January 22, 2025

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2 2Actual revenues for Special Assessments (0% of budgeted amount) for FY 2024/25 will be received in September 2025 and accrued back to the current fiscal year.
Actual revenues for Subventions and Grants (received 13.16% of the budgeted amount) accounts for the first Citizens Option for Public Safety (COPS) distribution along with Permanent Local Housing Allocation grant funding for FY 2024/25. Note that other revenues, such as the American Rescue Plan Act (ARPA) funds will be recorded at the end of the fiscal year. ARPA funds comprise approximately 76% of the total budget amount.
Actual expenditures for Capital Improvement Projects Administration (100.96% of the budgeted amount) are overbudget due to an allocation adjustment of staff time and related costs that have been recorded at the time this report was prepared. Actual expenditures for Building & Safety (incurred 23.52% of budgeted amount) are under budget due to the timing when the City is billed for Building & Safety services and when these invoices have been recorded. There is a two month lag on when services are billed by the consultant.
Transfers Out of the General Fund are analyzed and recorded at the end of the fiscal year.

Special Revenue Funds (Development Fees)
Transfers out of the Development Fees funds are comprised of Capital Improvement Project funding adjustments that have yet to be recorded at the time this report was prepared.

Capital Projects Funds
Actual Revenues for Capital Improvement Projects are mainly comprised of grant revenue received from Los Angeles – San Diego – San Luis Obispo (LOSSAN) Rail Corridor Agency in relation to the construction of a new grade-separated pedestrian crossing at the Camarillo Station and based on when grant-eligible expenses are incurred and reimbursed.
Actual expenditures for the Capital Improvement Projects fund accounts for (18.37% of its budgeted amount) as the costs of Capital Improvement projects are not uniformly spent throughout the fiscal year and are dependent on project progression.
Actual expenditures for the Camarillo Corridor Projects Area fund are mainly comprised by administrative fees that are not uniformly spent throughout the fiscal year.

Revenue & Expenditure Report
January 22, 2025

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2 2Actual expenditures for the Low-Moderate Income Housing Asset fund are mainly comprised by administrative and legal fees that are not uniformly spent throughout the fiscal year.

Other Governmental Funds
Actual revenues for SB125 and the CDBG funds are dependent on the timing of when grant reimbursement requests are submitted and approved. The grant revenues have not been received by the City as of December 2024 with the exception of revenue received related to proceeds from the sale of a CDBG property in November 2024.
Actual revenues for the Article 3 TDA Fund account for the only payment that will be received for the fiscal year and is in line with the budgeted amount. Actual revenues for the Air Quality Fund are comprised of investment earnings which have been earned higher than budgeted.
Actual revenues for the Library Special Revenue Fund account for cash contributions received annually from two donors, those contributions have been received for the fiscal year and is in line with the budgeted amount. Actual revenues for Cable PEG Fees are earned quarterly and normally received by the City in the months of November, February, May, and August. Actual expenditures for the CDBG fund account (12.18% of its budgeted amount ) are payments to all eligible non-profit organizations for costs incurred through December 2024 and will vary depending on the organizations activity. Actual expenditures recorded for all Other Government Funds will vary due to the timing of when the City’s consultants invoice the City for services along with when debt service is paid, which is annually in December.

Enterprise Funds
Actual revenues for the Transit fund are not received uniformly throughout the year and they are dependent on grant reimbursement payments received. Actual revenues for the Reclaimed Water fund are (84.21% of budgeted amount) which is due to the recent water rate increase (9%) effective July 2024. Actual expenditures for Water Debt Service fund are (137.50% of its budgeted amount) due to annual administrative fees of $2,750 paid to the City’s Bond Trustee.

Revenue & Expenditure Report
January 22, 2025

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FISCAL IMPACT
There is no budget impact as a result of this action.

RECOMMENDATION
Receive and file report.

ATTACHMENTS

1. Revenue & Expenditure Report for the Month Ended November and December 2024 REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None
Internal Service Funds
Actual expenditures for Risk Management fund are (85.99% of its budgeted amount) due to liability insurance policies paid in full at the beginning of the fiscal year.

The report for December is preliminary due to the timing of when the report is prepared versus when the reporting month closes.