Camarillo City Council
AGENDA REPORT
Date: December 10, 2025
To: Honorable Mayor and City Councilmembers
From: Greg Ramirez, City Manager
Submitted by: Mark Uribe, Finance Director
Subject: Senate Bill 341 Report for the Fiscal Year Ended June 30, 2025
BACKGROUND
Senate Bill (SB) 341 requires that all housing assets formerly held by redevelopment agencies, regardless of the originating agency, be maintained in a separate fund known as the Low and Moderate Income Housing Asset Fund (LMIHAF). The legislation establishes specific reporting requirements to ensure transparency and accountability in the use of these assets. Each year, agencies must prepare and submit an annual report detailing the management and use of the Housing Asset Fund. This report is due to the California Department of Housing and Community Development (HCD) by April 1st. In addition to the annual report, an independent financial audit of the Housing Asset Fund is required and is due by December 31st of each year.
DISCUSSION
The annual SB 341 report for the Fiscal Year Ended June 30, 2025, is compiled by Rosenow Spevacek Group, Inc. (RSG) in collaboration with the City’s Community Development and Finance departments. In accordance with the requirements set forth in SB 341, the report provides a comprehensive overview of the activity and status of the Low and Moderate Income Housing Asset Fund (LMIHAF).
As required by SB 341, the report includes the following information:
Funds deposited into the LMIHAF
Statement of the balance of the LMIHAF
Description of expenditures by category
Description of transfers
Senate Bill 341 Annual Report
December 10, 2025
2 8
7 2
Compliance with expenditures in the five-year period beginning with fiscal year 2024/25
Amount of excess surplus
FISCAL IMPACT
There is no budget impact as a result of this action.
RECOMMENDATION
Receive and file report.
ATTACHMENTS
1. Senate Bill 341 Report for the fiscal year ended June 30, 2025 REFERENCE MATERIALS – AVAILABLE FOR REVIEW AT CITY HALL None