Camarillo City Council
AGENDA REPORT
Date: March 26, 2025
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Mark Uribe, Finance Director
Subject: Revenue & Expenditure Report for February 2025
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 67% at February 2025. 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 (30.12% of budgeted amount) through February 2025 include solid waste and cable franchise taxes, as the other franchise tax revenues are normally received quarterly or annually in April.
Revenue & Expenditure Report
March 26, 2025
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•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 15.42% 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 (138.56% of the budgeted amount) are overbudget due to an allocation adjustment of staff time and related costs that have yet to be recorded at the time this report was prepared. •Actual expenditures for Building & Safety (incurred 34.04% of budgeted amount) are under budget due to the timing when the City is billed for Building & Safety services and when these invoices are 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 (27.51% 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
March 26, 2025
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•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 revenue for the SB125 Fund has been 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 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 February 2025 with the exception of revenue received related to proceeds from the sale of a CDBG property in November 2024 •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 expenditures for the CDBG fund are greater than the budgeted amount (111.34% of budgeted amount) due to prior year grant funds being available and expended against current grant expenditures.
•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.
Enterprise Funds
•Actual revenues for the Reclaimed Water fund are 144.01% 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.
Internal Service Funds
•Actual expenditures for Risk Management fund are (87.97% of its budgeted amount) due to liability insurance policies paid in full at the beginning of the fiscal year.
•Actual expenditures for Vehicles & Equipment fund are (34.96% of its budgeted amount) due to Vehicles Capitalization of $1.7M in February 2025.
Revenue & Expenditure Report
March 26, 2025
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The report for February is preliminary due to the timing of when the report is prepared versus when the reporting month closes.
FISCAL IMPACT
There is no budget impact as a result of this action.
RECOMMENDATION
Receive and file report.
ATTACHMENTS
1. Revenue & Expenditure Report for February 2025 - Preliminary REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None