City of Camarillo - Mid-Year Budget Report Fiscal Year 2024/25 Page 1 6 6
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City of Camarillo
Mid-Year Budget Report
Fiscal Year 2024/25
July 1 through December 31, 2024
To: Greg Ramirez, City Manager
From: Mark Uribe, Director of Finance
OVERVIEW
The City of Camarillo Mid-Year Financial Report summarizes the City’s financial information from July 1 through December 31, 2024 compared to budgetary estimates.
The City’s FY 2024/25 Mid-Year financial position remains stable; however, the General Fund is drawing on its fund balance to accommodate encumbrance rollovers from the prior Fiscal Year.
Additionally, City Council has approved additional appropriations, from July 1, 2024 to December 31, 2024, further impacting the General Fund fund balance.
One of the largest General Fund revenue sources, sales tax, is experiencing a decline, reflecting shifts in consumer spending and economic conditions. However, this decrease is offset by higher investment earnings. This Report discusses the recommended budget adjustments to revenue and expenditure projections based on trends and anticipated program activity for the remainder of FY 2024/25.
The General, Citywide Lighting and Landscape, Capital Improvement Projects (CIP), Solid Waste, Transit, Water, and Sanitary District Funds are considered “major funds” and are our primary focus since their budgets represent the majority of the City’s total budget.
EXECUTIVE SUMMARY
During the FY 2024/25 Budget development, the future course of the National Fiscal Policy, interest rates and inflation impacted the US economy, leading to considerable uncertainty in local economic forecasts. At the mid-point of the Fiscal Year, the City’s budget is experiencing unanticipated trends particularly in its Sales Tax and Investment Earning forecast. A decrease in Sales Tax is primary related to two of the largest categories of sales tax revenue, General Consumer Goods and Auto and Transportation. On the other hand, the City’s investment portfolio average annual yields have increased from 3.5% in 2023 to 4.2% in December 2024, resulting in higher interest earnings from the City’s investment in the Local Agency Investment Fund (LAIF) and other investment securities.
City of Camarillo - Mid-Year Budget Report Fiscal Year 2024/25 Page 2 6 6
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While no further major impacts are expected for the remainder of FY 2024/25, staff remains vigilant in monitoring potential risks, including the evolving of National Fiscal Policies, State’s budget deficit and fiscal constraints, and sales tax volatility and consumer spending, which may influence future economic conditions.
GENERAL FUND (101)
The General Fund is where the majority of discretionary funds are recorded, and where the majority of general municipal services are provided. Operating transfers are made to the Citywide Lighting & Landscape, Library Debt Service, and Solid Waste Funds. Staff maintains a 5-year General Fund Forecast for fiscal sustainability planning that is updated annually with each budget cycle.
As of December 31, the General Fund has recorded 45.5% of the projected revenues and transfers-in, and 37.8% of budgeted expenditures and transfers-out. These percentages are similar when compared with the prior year trend of 44.7% and 40.5% respectively, over the same measurement period.
The amended budget column reflects any additional budget appropriations approved by the City Council through December 31, 2024, and any prior year encumbrance rollovers.
After the recommended adjustments, the projected fund balance for the General Fund on June 30, 2025 is projected at $100.8 million, a decrease of $1.3 million compared to the beginning fund balance of $102.0 million at July 1, 2024. The primary reason for the decrease in fund balance is due to $1.2 million of current appropriations throughout FY 2024/25 and $745,270 in encumbrance rollovers from the prior Fiscal Year.
General Fund Revenues. In the Recommended Budget, the seven primary revenue sources account for approximately 80.2% of the total projected General Fund revenues. Performance for these key revenues for the first half of the fiscal year are summarized in the schedule below. The total recommended budget revenues and transfers-in for FY 2024/25 are $63.3 million, after $0.3 million in recommended Mid-Year adjustments which are highlighted below.
Adopted
Budget
Current
Budget
YTD
Actual
YTD
Percent
Revenues 60,652,462$ 60,652,462$ 27,955,477$ 46.1% 273,812 60,926,274$ Transfers In 2,189,655 2,373,003 729,50130.7% - 2,373,003 Revenues & Transfers In 62,842,117 63,025,46528,684,97845.5% 273,812 63,299,277 Expenditures 57,885,397 59,805,52324,385,35240.8% 93,187 59,898,710 Transfers Out 4,628,184 4,628,184 400 0.0% - 4,628,184
Expenditures & Transfers Out62,513,581 64,433,70724,385,75237.8% 93,187 64,526,894 Revenues Over/(Under) Expenditures328,536 (1,408,242)4,299,226 180,625 (1,227,617) Fund Balance, July 1 91,958,199102,037,006 102,037,006
Fund Balance, End of Period92,286,735$ 100,628,764$ 100,809,389$ General Fund Summary (December 31, 2024)
Recommended
Mid-Year
Adjustments
Recommended
Budget
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The following anticipated impacts are factored into the revenue projections put forth in the FY 2024/25 Recommended Budget adjustment totaling $273,812. ▪Property Tax – Property tax is expected to be the largest revenue source for the General Fund in FY 2024/25. As of December 31, the City has realized 57.4% of the $19.8 million adopted budget, as compared to 55.2% of the revenues realized through the same period last year. The recommended adjustment of $406,312 is primarily attributed to an increase in the unsecured property values. Changes in Aircraft values was the driver of the growth. ▪Sales Tax – Sales Tax is expected to be the second largest revenue source for the General Fund in FY 2024/25. As of December 31, the City has realized 41.0% of the $19.5 million adopted budgeted sales tax, which is comparable to 40.0% of the revenue realized through the same period last year. The recommended downward adjustment of ($580,000) is attributed to the impact of national federal policies on interest rates, inflation, trade dynamics and the direct correlation to consumer behavior and spending. ▪Charges for Services – A decrease is recommended in the amount of ($417,500) based on current year receipts to date. This revenue adjustment is primarily from Engineering Inspection Fees that were expected in the current year but received in the prior year. This revenue fluctuates due to the timing of planned development projects. ▪Other Revenue Sources – The largest component of this category is investment earnings and an adjustment is being recommended in the amount of $865,000 as a result of higher interest rate earnings from the City’s investments portfolio.
General Fund Expenditures and Transfers. As illustrated in the table below, the General Fund divisional expenditures and transfers-out are averaging 40.2% of the annual budget which is similar to the same period last fiscal year. Details on the $93,187 recommended Mid-Year adjustments are highlighted below.
Revenue Sources Adopted
Budget
Property Tax 19,940,000$ 19,940,000$ 11,372,966$ 57.0% 406,312$ 20,346,312$ Sales Tax 19,500,000 19,500,000 7,989,581 41.0% (580,000) 18,920,000 Franchise Fees 3,204,199 3,204,199 542,664 16.9% - 3,204,199 Transient Occupancy Tax 3,434,000 3,434,000 1,591,593 46.4% - 3,434,000 Building Permits 2,300,000 2,300,000 1,407,546 61.2% - 2,300,000 Business Tax 1,650,000 1,650,000 965,833 58.5% - 1,650,000 Charges for Services 2,333,647 2,333,647 1,080,097 46.3% (417,500) 1,916,147 Total 52,361,846 52,361,84624,950,280 47.7% (591,188) 51,770,658 Other Revenue Sources 8,290,616 8,290,616 3,005,197 36.3% 865,000 9,155,616 Transfers In 2,189,655 2,373,003 729,501 30.7% - 2,373,003 Total Fund Revenue 62,842,117$ 63,025,465$ 28,684,978$ 45.5% 273,812$ 63,299,277$ Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustments
Recommended
Budget
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▪Community Development – A increase of $22,525 is related to additional funds needed for design plans related to the Arneil Road Mixed Use project. ▪Code Compliance – An increase of $70,662 reflects the receipt of a Tobacco grant in FY 2024/25.
At June 30, 2024, the total General Fund fund balance was $102.0 million. Of that total, $2.4 million was restricted, assigned and nonspendable and $88.0 million was committed as follows:
•Council Reserve Policy Goal $31,231,791
•Capital Improvement Projects 14,405,000
•Natural Disaster Recovery 10,000,000
•Pleasant Valley Rec & Park District
oCommunity and Senior Center 8,000,000
•Economic Development 5,400,000
•Continuum of Care 3,800,000
•Camarillo Springs Debris Remediation 200,000 •Loan to Water Utility 15,000,000
Total Committed Fund Balance $88,036,791
Divisions Adopted
Budget
City Council 662,572$ 735,620$ 347,891$ 47.3% -$ 735,620$ City Clerk 834,501 951,109 423,387 44.5% - 951,109
City Attorney 459,936 521,976 149,473 28.6% - 521,976
City Manager 2,035,418 2,167,677 632,478 29.2% - 2,167,677 Community Relations 636,430 640,530 271,559 42.4% - 640,530 Emergency Operations 304,560 309,851 87,951 28.4% 309,851 Finance 2,099,953 2,175,601 1,057,52148.6% - 2,175,601
Human Resources 852,829 901,237 486,449 54.0% - 901,237 Community Development 3,640,662 4,265,118 1,884,49244.2% 22,525 4,287,643 Code Compliance 1,207,225 1,207,365 590,467 48.9% 70,662 1,278,027 Police 21,863,654 21,875,638 9,613,67244.0% - 21,875,638 DART 40,686 40,686 11,146 27.4% - 40,686
Building & Safety 2,147,482 2,147,482 612,542 28.5% - 2,147,482 Public Works Admin 3,014,060 3,056,861 2,011,56165.8% - 3,056,861 Traffic/Signal Maintenance1,835,818 1,835,818 709,613 38.7% - 1,835,818 Storm Water Management1,338,644 1,522,074 574,448 37.7% - 1,522,074 Street Maintenance 3,379,683 3,379,683 1,735,88251.4% - 3,379,683 Community and Human Services251,233 394,398 153,990 39.0% - 394,398 HHP Voicher Program 377,982 377,982 204,317 54.1% - 377,982 Cultural Arts Services 1,105,118 1,105,118 367,993 33.3% - 1,105,118 Library Operations 3,337,781 3,337,781 1,589,35047.6% - 3,337,781 City Hall Facility 1,797,052 2,330,975 873,563 37.5% - 2,330,975 Corp Yard Facility 1,408,748 1,458,848 288,866 19.8% - 1,458,848 Police Facility 791,658 858,502 249,255 29.0% - 858,502 Library Facility 1,325,195 1,398,091 655,821 46.9% - 1,398,091 Chamber of Commerce Facility3,000 3,000 - 0.0% - 3,000
Economic Development 618,517 634,667 324,514 51.1% - 634,667 Non Departmental 515,000 171,835 (3) 0.0% 171,835
Total 57,885,397 59,805,523 25,908,19843.3% 93,187 59,898,710 Operating Transfers Out 4,578,184 4,578,184 400 0.0% 4,578,184 CIP Transfers Out 50,000 50,000 - 0.0% - 50,000
Total Fund Expenditures62,513,581$ 64,433,707$ 25,908,598$ 40.2% 93,187$ 64,526,894$ Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustments
Recommended
Budget
City of Camarillo - Mid-Year Budget Report Fiscal Year 2024/25 Page 5 6 6
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The General Fund Unassigned Fund Balance was $11.5 million at June 30, 2024. This balance in General Fund “available reserves” may be necessary to fund several one-time planned facility improvement projects and planned capital improvement projects over the next five years for which there is no other identified funding source. Staff are actively searching for other possible sources, including grant opportunities.
Citywide Lighting & Landscape District Fund (220)
The Citywide Lighting and Landscape Maintenance District supports maintenance requirements throughout the City. The City’s share of the 1% ad valorem property tax is designated for this purpose. These property tax revenues are projected to be $2.8 million with a General Fund transfer of approximately $3.6 million funding the remainder of the operating costs.
The Citywide Lighting & Landscape District Fund has recognized 49.8% of the total expenditures, including encumbrances, through December 2024.
No adjustments are being recommended.
CAPITAL IMPROVEMENT PROJECTS FUND (410)
The Capital Improvement Projects (CIP) Fund accounts for the City’s general capital projects, primarily the Annual Pavement Program. Revenues and expenditures are budgeted in the fiscal year corresponding with the various stages of the projects.
On June 26, 2024, the City Council approved the City’s 2024-2029 Five-Year Capital Improvement Program. The Adopted Citywide CIP Plan includes a total expenditure budget of $27.3 million for FY 2024/25, of which $5.1 million was budgeted in the CIP Fund (410). The current budget of $26.3 million includes carry-over funding for ongoing projects from prior fiscal years and any budget changes approved by the City Council in the current fiscal year.
Adopted
Budget
Amended
Budget YTD Actual
Percent
Realized
Recommended
Mid-Year
Amendments
Recommended
BudgetTransfers In - #DIV/0! - -
Total Revenues & Transfers In6,395,828$ 6,395,828$ 1,578,064$ 24.7% - 6,395,828$ Total Expenditures & Transfers Out6,395,8286,445,1303,210,89449.8% - 6,445,130 Revenues Over/(Under) Expenditures- (49,302)(1,632,830) - (49,302) Fund Balance, July 1 - - -
Fund Balance, June 30 -$ (49,302)$ (49,302)$ Citywide Lighting and Landscape Maintenance Fund Summary (December 31, 2024) Adopted
Budget
Recommended
Mid-Year
Adjustment
Recommended
BudgetTransfers In -
Total Revenue and Transfers In416,670$ 19,247,001$ 2,929,987$ 15.2% - 19,247,001$ Total Expenditures and Transfers Out5,138,41626,320,7733,579,85913.6% - 26,320,773 Revenues Over/(Under) Expenditures(4,721,746)(7,073,772)(649,872) - (7,073,772) Fund Balance, July 1 19,692,58417,486,751 17,486,751
Fund Balance, End of Period14,970,838$ 10,412,979$ 10,412,979$ Capital Improvement Projects Fund Summary (December 31, 2024) Amended
Budget
YTD
Actual
YTD
Percent
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Funding for the CIP projects comes from a variety of sources, including federal, state, and county agencies, as well as capital fees collected from developers.
The timing of capital projects fluctuates throughout the year. Through December 31, 2024, $3.6 million or 13.6% of total budgeted expenditures have been disbursed and encumbered primarily for the City’s annual pavement program.
No adjustments are being recommended.
SOLID WASTE FUND (805)
The City provides refuse and recycling programs for residential and commercial customers and a green waste program for residential customers. The City contracts with a local hauler through an exclusive franchise agreement.
Through December 31, 2024, the Solid Waste Fund recognized 48.5% of annual projected revenues and 48.1% of annual budgeted expenses, compared to 45.7% and 42.1% respectively during the same period last fiscal year.
No adjustments are being recommended.
TRANSIT FUND (810)
Costs associated with operating the City’s transit system are recorded in the Transit Fund. The transit operation is funded through Federal Transit Administration (FTA) Grants and Transportation Development Act (TDA) Article 8.
Adopted
Budget
Revenues 9,111,856$ 8,978,432$ 4,354,140$ 48.5% -$ 8,978,432$ Transfers In - 150,000 - 0.0% - 150,000
Total Revenues & Transfers In9,111,856$ 9,128,432$ 4,354,140$ 48.5% -$ 9,128,432$ Operating Expenses 9,088,2329,150,0104,403,29648.1% - 9,150,010 Revenues Over/(Under) Expenses23,624 (21,578) (49,156) 0.4% - (21,578) Working Capital, July 1 249,880 347,194 347,194
Working Capital, End of Period273,504$ 325,616$ 325,616$ Solid Waste Summary (December 31, 2024)
Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustment
Recommended
Budget
City of Camarillo - Mid-Year Budget Report Fiscal Year 2024/25 Page 7 6 6
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Through December 31, 2024, the Transit Fund has expended 56.9% of annual budgeted expenses.
A total recommended revenue and transfer-in increase of $1.0 million is primarily related to increased Federal Grants reimbursements due to additional expenditures in Dial-A-Ride (DAR) and Local Americans with Disabilities Act (ADA) services, and capital purchases.
A recommended expense increase of $0.2 million is included to reflect the increased demand for DAR and local ADA services.
WATER FUNDS (860 thru 864)
The Water Utility Fund is where revenue and expenses associated with the City’s water service, including Reclaimed Water, Water Conservation Credit, Water Capital Projects, and Water Debt Service are recorded. This fund is fully self-supporting and derives the majority of its revenue from user charges. Other revenue sources include investment earnings and capital fees collected from developers. The City provides water and associated maintenance to approximately 14,000 customers. Four other water districts service portions of the City, with the largest of these districts being the Camrosa Water District, which serves customers east of Lewis Road. The Water Utility Fund has been divided into five separate funds for budgeting and accounting purposes. For the purposes of this report, the funds have been combined.
Adopted
Budget
Revenues
Transit Services 2,249,925$ 138,500$ 130,956$ 94.6% 796,294$ 934,794$ Grants 73,000 2,184,425 816,012 0.0% - 2,184,425
Total Revenues 2,322,9252,322,925 946,968 40.8% 796,294 3,119,219 Transfers In 1,681,0001,681,000 - 0.0% 218,000 1,899,000 Total Transit Fund Revenue4,003,9254,003,925 946,968 23.7% 1,014,294 5,018,219 Expenses
Operating Expenses 3,855,9883,790,4811,808,82247.7% 200,000 3,990,481 Capital Purchases 223,000 1,023,379 895,676 0.0% - 1,023,379 Grants/Allocations/Depreciation - 54,191 62,994116.2% - 54,191 Total Transit Fund Expenses4,078,9884,868,0512,767,49256.9% 200,000 5,068,051 Transfer Out - - - 0.0% - -
Total Transit Fund Expenses4,078,9884,868,0512,767,49256.9% 200,000 5,068,051 Revenues Over/(Under) Expenses(75,063) (864,126)(1,820,524) 814,294 (49,832) Working Capital Balance, July 1115,920 100,155 100,155
Working Capital, End of Period40,857$ (763,971)$ 50,323$ Transit Fund Summary (December 31, 2024)
Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustment
Recommended
Budget
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Through December 31, 2024, in total, the Water Funds have recognized 60.2% of annual projected revenues, compared to 64.8% last fiscal year.
Approximately 41.1% of annual budgeted expenses and transfers-out have been disbursed, when compared to 52.4% of annual budgeted expenses and transfers-out at the same time last year.
The primary reason for the decrease is due to the payment for defeasance of the Series 2019 Water Revenue Bonds last Fiscal Year.
A recommended revenue increase of $1.0 million is included to reflect actual demand through December 2024.
A net recommended increase in expenses of $1.0 million is primarily related to updated estimates of imported water usage, a drier than normal winter, and unplanned Well B maintenance that is required.
SANITARY DISTRICT FUNDS (871 thru 873)
The Camarillo Sanitary District (CSD) is a separate governmental entity, formed in 1955 to provide wastewater treatment services for approximately 15,000 residential and commercial customers within its boundaries. The CSD is fully self-supporting and derives the majority of its revenue from user charges for services rendered. Other funding sources include property taxes and capital fees collected from developers. The CSD has been divided into three separate funds for budgeting and accounting purposes. For purposes of this report, the funds have been combined.
All Water Funds Adopted
Budget
Revenues
Water Service Charges 16,108,267$ 16,108,267$ 10,104,123$ 62.7% 997,000$ 17,105,267$ Other Water Services Revenue Sources554,245 554,245 311,859 56.3% 554,245 Investment Income 487,068 487,068 161,785 33.2% 487,068 Grants - - - 100.0% -
Other Revenue Sources 1,070,065 1,070,065 516,879 48.3% 1,070,065 Capital Improvement Fees 222,251 222,251 9,871 4.4% 222,251 Total 18,441,896 18,441,89611,104,517 60.2% 997,000 19,438,896 Transfers-In - - - 0.0% -
Total Revenue and Transfers-In18,441,896 18,441,89611,104,517 60.2% 997,000 19,438,896 Expenses
General & Administrative 5,875,913 6,174,7072,715,365 44.0% 1,042,740 7,217,447 Maintenance & Operations 17,204,276 18,170,1019,031,895 49.7% - 18,170,101 Water Conservation Credit 16,788 683,375 33,451 4.9% - 683,375 Capital Purchases & Projects 5,443,933 6,649,048 302,674 4.6% - 6,649,048 Debt Service - 2,000 2,750 0.0% - 2,000
Depreciation - - 919,745 0.0% - -
Total 28,540,910 31,679,231 13,005,880 41.1% 1,042,740 32,721,971 Transfers-Out - - - 0.0% -
Total Expenses and Transfers-Out28,540,910 31,679,23113,005,880 41.1% 1,042,740 32,721,971 Revenues Over/(Under) Expenses(10,099,014)(13,237,335)(1,901,363) (45,740) (13,283,075) Working Capital, July 1 30,833,162 16,442,281 16,442,281 Working Capital, End of Period20,734,148$ 3,204,946$ 3,159,206$ Water Funds Summary (December 31, 2024)
Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustment
Recommended
Budget
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Through December 31, 2024, the Sanitary District Funds have recognized 57.0% of annual projected revenues, compared to 54.1% last fiscal year. Year to date expenses and transfers-out are 28.4% of the total annual budget, compared to 39.3% last fiscal year, primarily due to timing of capital project activity.
A recommended revenue increase of $1.6 million is included to reflect actual demand through December 2024.
A recommended expense decrease of $0.2 million is primarily due to Computerized Maintenance Management System (CMMS) project shifting to Administrative Services Department.
Special Revenue Funds
Recommended budget adjustments to the Special Revenue Funds include:
Article 8c TDA Fund (207) – A revenue increase of $0.2 million is due to increase transit services.
Article 8a TDA Fund (208) – A revenue increase of $0.2 million is to reflect an increase in TDA revenue allocation.
Gas Tax Fund (210) – A revenue increase of $50,029 is to reflect adjusted state projections.
Adopted
Budget
Revenues
Sewer Service Charges 16,623,708$ 16,623,708$ 9,128,525$ 54.9% 1,633,342$ 18,257,050$ Property Taxes 1,361,164 1,361,164 1,017,798 74.8% - 1,361,164 Other Revenue Sources 1,914,542 1,914,632 920,760 48.1% - 1,914,632 Capital Improvement Fees 75,386 75,386 4,641 6.2% - 75,386 Investment Income 398,893 498,893 588,742 118.0% - 498,893 Total Revenue 20,373,69320,473,78311,660,466 57.0% 1,633,342 22,107,125 Expenses
General & Administrative 8,322,62010,322,782 3,742,416 36.3% (165,000) 10,157,782 Maintenance & Operations 10,118,21510,133,335 4,299,132 42.4% - 10,133,335 Debt Service 470,594 470,879 236,287 50.2% - 470,879
Capital Projects & Purchases5,816,41615,476,137 1,386,425 9.0% - 15,476,137 Grants/Allocations/Depreciation - - 662,404 0.0% - -
Total Expenses 24,727,845 36,403,133 10,326,664 28.4% (165,000) 36,238,133 Revenues Over/(Under) Expenses(4,354,152)(15,929,350)1,333,802 1,798,342 (14,131,008) Working Capital, July 1 51,316,56766,282,08966,282,089 66,282,089 Working Capital, End of Period46,962,415$ 50,352,739$ 67,615,891$ 52,151,081$ Sanitary District Summary (December 31, 2024)
Amended
Budget
YTD
Actual
YTD
Percent
Recommended
Mid-Year
Adjustment
Recommended
Budget
City of Camarillo - Mid-Year Budget Report Fiscal Year 2024/25 Page 10 6 6
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Traffic Mitigation Fund (251) – A revenue decrease of $0.5 million is due to timing of fees related to development activity.
Bridge Policy Fund (252) – A revenue decrease of $0.1 million is due to timing of fees related to development activity.
Internal Service Funds
Recommended budget adjustment to the Internal Service Funds:
Risk Management Fund (510) – An expenditure increase of $73,670 is to reflect actual insurance premiums paid for the Fiscal Year.
Information System Fund (530) – An expenditure increase of $0.4 million is due to two full time positions added to support technology initiatives and the Citywide digitization project.
Summary
The recommended budget adjustments contained in this report are the result of our analysis of economic and financial data as of this time. Staff will continue to monitor economic conditions and the impacts on the City’s revenues and expenditures closely.
This summary is based on information produced by the City’s Finance Department. If you would like additional information or have any questions about the report, please contact Rena Robertson, at (805) 383-5654.