City of Camarillo
General Fund
Comparative Balance Sheet
February 28 and March 31, 2025, and March 31, 2024 - Preliminary Preliminary Preliminary Final Year over Year
February March March Positive Increase
2025 2025 2024 (Negative) (Decrease)
Assets:
Cash and investments $ 105,577,714 110,869,816 93,105,773 $ 17,764,043 19.08% Restricted cash 8,121,071 8,121,071.00 7,618,292.00 502,779 6.60 Accounts receivable, net 1,060,088 998,656.00 739,641.00 259,015 (1) 35.02 Due from other funds
Prepaid items 1,113,054 895,928.00 844,798.00 51,130 6.05 Deposits 125,000 125,000.00 125,000.00
Total Assets $ 115.996.927 121,010,471 S 102,433,504 $ 18,576,967 18.14% Liabilities and Fund Balance:
Liabilities:
Accounts payable $ 5,767 $ 9,556 775 $ 8,781 (2) 1,133.03 % Wages & payroll taxes payable 290,477 4,672 2,236 2,436 (3) 108.94 Deposit & deferred revenues 2,602,079 2.606.242 4,621,567 (2.015.325) (4). (43.61) Total Liabilities 2,898,323 2,620,470 4,624,578 (2.004,108) (43.34)) Fund Balance:
Nonspendable 1,238,054 1,020,928 969.798 51,130 5.27
Restricted 8,321,343 8,318,753 (5) 7,793.865 524.888 6.73 Committed 88,036,791 88,036,791 (6) 71,360.064 16.676.727 23.37 Assigned 5.764.143 5.069,313 4.498.158 571,155 12.70
Unassigned 9,738,273 15.944,216 13,187,041 2,757,175 20.91 Total Fund Balance 113,098,604 118,390,001 97,808,926 20,581,075 21.04 Total Liabilities and Fund Balance $ 115,996,927 121,010,471 S 102,433,504 $ 18,576,967 18.14 % Fund Balance:
Beginning Balance on July 1 $ 109,522,919 $ 109.522,919 91.561.603 $ 17.961.316 19.62 Revenues 32.738.157 42.720.930 36,226,438 6.494.492 (7) 17.93 Interfund Transfers-in 1,256,443 1,395,695 1,315,603 80,092 6.09 Total Revenues & Transfers-in 33.994.600 44.116.625 37.542.041 6,574,584 17.51 Expenditures 30.008,515 34,839.143 30,903,068 (3,936,075) (8) 12.74 Interfund Transfers-out 410,400 410,400 391.650 (18,750) 4.79 Total Expenditures & Transfers-out 30,418.915 35.249.543 31,294.718 (3,954,825) 12.64 Total Fund Balance $ 113,098,604 118,390,001 97.808.926 $ 20.581.075 21.04 % (1) Accounts receivable increase is due to normal fluctuations during the fiscal year. (2) Accounts payable increase is due to higher contract retention payable in currect fiscal year, along with normal fluctuations during the fiscal year. (3) Wages & payroll taxes payable is higher than prior fiscal year due to timing of when payroll is recorded. (4) The Deposit and deferred revenues has a net decrease of $2m due to ARPA funds being spent in prior fiscal year. (5) The Restricted fund balance includes $7.6m PARS Trust balance, $0.5m economic development loans, and $0.2.m CASp fee. (6) Pursuant to GASB 54, City Council adopted a Resolution committing $88.0m of the General Fund Balance for the fiscal year ending June 30, 2024 as listed in the table below:
GASB 54 Commitment of Fund Balance Authorized Remaining @ 6/30/24 @ 3/31/25
Reserve Level Policy - Council Goal of 50% $31,231,791 $31,231,791 Camarillo Springs Debris Barrier Remediation Maintenance 200,000 200,000 Continuum of Care 3,800,000 3,800,000
Economic Development 5,400,000 5,400,000
Facility Improvement Projects 14,405,000 14,405,000
Toan to Water Utility 15,000,000 15,000,000
Natural Disaster Recovery 10.000.000 10.000.000
Pleasant Valley Recreation & Park District (Senior Center) 8.000.000 8.000.000 Total Commitment SSS.036,791 S8S.036,791
(7) Year-to-date revenue increased by $6.5m compared to prior fiscal year, which includes an increase of $7.3m in new State (ERF) grant, as well as a decrease of $0.08m in Franchise Taxes.
(8) Year-to-date expenditures increased by $3.9m primarily due to increases of S3m in Police, S0.8m in Community Development, and $0.1m in CIP Administration.