C I T Y O F C A M A R I L L O
A N N U A L
C O M P R E H E N S I V E
F I N A N C I A L
R E P O R T
F I S C A L Y E A R E N D E D
J U N E 3 0 , 2 0 2 5
INCLUDES THE CAMARILLO
SANITARY DISTRICT
CITY OF CAMARILLO
CALIFORNIA
ANNUAL COMPREHENSIVE
FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
PREPARED BY THE DEPARTMENT OF FINANCE
MARK URIBE, DIRECTOR OF FINANCE
CITY OF CAMARILLO, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE FISCAL YEAR ENDED
JUNE 30, 2025
Prepared by:
Finance Department
Mark Uribe, Director of Finance
CITY OF CAMARILLO, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2025
TABLE OF CONTENTS
Page(s)
INTRODUCTORY SECTION
Letter of Transmittal ................................................................................................................................ i Governmental Finance Officers Association Certificate of Achievement for Excellence in Financial Reporting ..................................................................................................... xiii Directory of City Officials and City Organization Chart .................................................................... xiv Elected Officials and Administrative Officers ..................................................................................... xv Camarillo Districts Map ...................................................................................................................... xvi
FINANCIAL SECTION
Independent Auditors’ Report .............................................................................................................. 19 Management’s Discussion and Analysis (Unaudited) .......................................................................... 25
BASIC FINANCIAL STATEMENTS
Government-Wide Financial Statements
Statement of Net Position .............................................................................................................. 48 Statement of Activities ................................................................................................................... 49 Fund Financial Statements
Governmental Fund Financial Statements
Balance Sheet – Governmental Funds ........................................................................................... 55 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position ...................................................................................................................... ................ 58 Statement of Revenues, Expenditures, and Changes in Fund Balances – Governmental Funds .................................................................................................................. 59 Reconciliation of the Statement of Revenues, Expenditures, and Changes in Fund Balances of Governmental Funds to the Statement of Activities ............................................... 61 Proprietary Fund Financial Statements
Statement of Net Position – Proprietary Funds .............................................................................. 63 Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Funds .................. 65 Statement of Cash Flows – Proprietary Funds ............................................................................... 67
CITY OF CAMARILLO, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2025
TABLE OF CONTENTS
Page(s)
Fiduciary Fund Financial Statements
Statement of Fiduciary Net Position – Fiduciary Funds ................................................................ 73 Statement of Changes in Fiduciary Net Position – Fiduciary Funds ............................................. 74 Notes to Basic Financial Statements ....................................................................................................... 78 REQUIRED SUPPLEMENTARY INFORMATION (Unaudited)
Budgetary Comparison Schedule – General Fund ............................................................................. 130 Budgetary Comparison Schedule – Maintenance Districts Special Revenue Fund ........................... 131 Budgetary Comparison Schedule – Development Fees Special Revenue Fund ................................. 133 Schedule of Changes in Net Pension Liability and Related Ratios .................................................... 134 Schedule of Pension Contributions ............................................................................................. ....... 136 Schedule of Changes in Net OPEB Liability and Related Ratios ...................................................... 138 Schedule of OPEB Contributions ....................................................................................................... 139
SUPPLEMENTARY INFORMATION
Budgetary Comparison Schedules – Major Capital Projects Funds:
Capital Improvement Projects Fund ............................................................................................ 143 Nonmajor Governmental Funds:
Combining Balance Sheet ............................................................................................................ 146 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .................... 149 Budgetary Comparison Schedules – Nonmajor Special Revenue Funds:
Article 8a TDA Fund ................................................................................................................... 152 Article 8c TDA Fund ................................................................................................................... 153 Article 3 TDA Fund ..................................................................................................................... 154 Gas Tax Fund ............................................................................................................................... 155 SB1 Fund ..................................................................................................................................... 156 Air Quality Management Fund .................................................................................................... 157 Community Development Block Grant Fund .............................................................................. 158 Library Special Revenue Fund ..................................................................................................... 159 SB 125 Special Revenue Fund ..................................................................................................... 160 Cable PEG Fees Fund .................................................................................................................. 161
CITY OF CAMARILLO, CALIFORNIA
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED JUNE 30, 2025
TABLE OF CONTENTS
Page(s)
Budgetary Comparison Schedule – Nonmajor Capital Projects Fund:
Low-Moderate Income Housing Asset Fund ............................................................................... 162 Camarillo Corridor Projects Area Fund ....................................................................................... 163 Budgetary Comparison Schedule – Debt Service Fund:
Library Debt Service Fund ........................................................................................................... 164 Internal Service Funds:
Combining Statement of Net Position ......................................................................................... 167 Combining Statement of Revenues, Expenses, and Changes in Net Position ............................. 168 Combining Statement of Cash Flows .......................................................................................... 169 Fiduciary Funds:
Combining Statement of Fiduciary Net Position ......................................................................... 172 Combining Statement of Changes in Fiduciary Net Position ...................................................... 173 STATISTICAL SECTION (Unaudited)
Table of Contents ......................................................................................................................... 177 (Table 1) Net Position by Component ......................................................................................... 178 (Table 2) Changes in Net Position ............................................................................................... 180 (Table 3) Fund Balances – Governmental Funds ......................................................................... 184 (Table 4) Changes in Fund Balances – Governmental Funds ...................................................... 186 (Table 5) Tax Revenues by Source – Governmental Funds ........................................................ 188 (Table 6) Assessed Value and Estimated Actual Value of Taxable Property .............................. 189 (Table 7) Direct and Overlapping Property Tax Rates ................................................................ 190 (Table 8) Top 10 Property Taxpayers .......................................................................................... 191 (Table 9) Property Tax Levies and Collections ........................................................................... 193 (Table 10) Ratios of Outstanding Debt by Type .......................................................................... 194 (Table 11) Direct and Overlapping Governmental Activities Debt ............................................. 196 (Table 12) Legal debt Margin Information .................................................................................. 197 (Table 13) Pledged-Revenue Coverage – Sanitary District Fund ................................................ 199 (Table 14) Demographic and Economic Statistics ....................................................................... 200 (Table 15) Full-Time Equivalent City Government Employees by Function/Program ............... 201 (Table 16) Operating Indicators by Function/Program ................................................................ 203 (Table 17) Capital Asset Statistics by Function/Program ............................................................ 205 (Table 18) Top 10 Employers ...................................................................................................... 207
INTRODUCTORY
SECTION
City of Camarillo
Department of Finance
601 Carmen Drive
Camarillo, California 93010
805-388-5320
November 14, 2025
i
Honorable Mayor, Members of the City Council, and Residents of Camarillo City of Camarillo, California
State law requires all general-purpose local governments, within seven months of the close of each fiscal year, to publish a complete set of financial statements presented in conformity with Generally Accepted Accounting Principles (GAAP) and audited in accordance with generally accepted auditing standards by a firm of licensed certified public accountants. Pursuant to that requirement, the City of Camarillo (City) is pleased to present its Annual Comprehensive Financial Report (ACFR) for the fiscal year ended June 30, 2025.
Responsibility for the accuracy of the data and the fairness of presentation, including all notes and disclosures, rests with the City. To the best of our knowledge and belief, the enclosed data is accurate in all material respects and is reported in a manner designed to present fairly the financial position and results of operations of the various funds of the City. All material statements and disclosures necessary for the reader to obtain a reasonable understanding of the City’s financial activities are included. City management has an established comprehensive internal control framework designed both to protect the City’s assets from loss, theft, or misuse, and to compile sufficient reliable information for the preparation of the City’s financial statements in conformity with GAAP. Because the cost of internal controls should not outweigh the anticipated benefits, the City’s comprehensive framework of internal controls is designed to provide reasonable, rather than absolute, assurance that the financial statements will be free from material misstatements.
CliftonLarsonAllen, LLP, a Certified Public Accountant firm selected by the City Council to perform the audit of the financial statements for the fiscal year ended June 30, 2025, has audited the City’s financial statements. The goal of the independent audit was to provide reasonable assurance that the financial statements of the City are free of material misstatement. The independent audit involved examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. The independent auditor concluded, based upon the audit, that there is a reasonable basis for rendering an unmodified opinion that the City’s financial statements for the fiscal year ended June 30, 2025, are fairly presented in conformity with GAAP. The independent auditors’ report is presented as the first component of the financial section of this report.
GAAP requires that management provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of Management’s Discussion and Analysis (MD&A). This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it. The City’s MD&A can be found immediately following the report of the independent auditors.
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2025
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ii
CITY OF CAMARILLO PROFILE
The City of Camarillo was incorporated on October 22, 1964, under the general laws of the State of California. Since the early 1900s, Camarillo has been an agricultural community that has evolved into a rural, suburban community on the outskirts of the Los Angeles metropolitan area with a balanced base of land uses established under the City’s General Plan.
Camarillo is a city of 68,927 residents located in the
center of Ventura County (estimated population of
829,005, as of January 1, 2025). It has an area of
approximately 20 square miles and is located in the
Pleasant Valley region of the vast agricultural Oxnard
Plain. Geographically, Camarillo is midway between
the cities of Los Angeles and Santa Barbara on
Highway 101, nine miles inland from Point Mugu
Naval Air Station and the Pacific Ocean.
Camarillo has a rich history of community initiative and responsible local governance. Following its incorporation, the City quickly began establishing essential public services and infrastructure to meet the needs of its growing population. In 1965, the director of Water Works District No. 5, after providing the township of Camarillo with water from wells for many years, voluntarily transferred the operation and assets to the newly incorporated City.
By December 1966, the City acquired the Camarillo Sanitary District, which became a subsidiary district of the City, as some of the boundaries were outside the existing city limits.
The City seal has its origins in the insignia worn by sanitation employees. The original design was created by Basil Trueblood, a sanitation employee who retired in 1977. His design was later modified to include a representation of Don Adolfo Camarillo, the City’s namesake, on horseback, and was formally adopted as the official seal of the City.1
The City operates under the Council-Manager form of government. The City Council adopts policies, sets goals and objectives for the operation of the City government, passes ordinances, adopts budgets, appoints committees, and appoints a City Manager and City Attorney. The City Council also conducts the affairs of the City on behalf of the residents, in accordance with the State Constitution and the General Laws of the State of California. It is within this legal framework that the Council makes decisions affecting numerous aspects of community life, from the provision of municipal services to land use planning and community development.
1Source: ‘Camarillo and other Remembrances’ by The Honorable Stanley J. Daily, Mayor Emeritus, City of Camarillo.
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2025
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The City Council consists of five members elected through a district-based electoral system for four-year terms and are subject to term limits. The current District map, based on 2020 Census data, was adopted on April 12, 2022. The Mayor is selected from the City Council members and serves a one-year term. The City Council members serve as the governing body of the following component units of the City:
Camarillo Capital Improvement Corporation
Camarillo Community Development Commission
Camarillo Industrial Development Authority
Camarillo Library Board
Camarillo Public Finance Authority
Camarillo Sanitary District Board
While not a component unit of the City, City Council members serve as a governing body of the Successor Agency to the Camarillo Community Development Commission for Redevelopment Purposes and for Housing Projects.
The City Council members serve on the following Standing Committees:
Information Technology and Facilities
Economic Development and Land Use
Finance and Investment
Local Appointments and Liaison/Intergovernmental
Policy
Public Safety and Emergency Preparedness
Transportation and Infrastructure
Utilities
The City Council appoints resident members to the following local advisory Commissions, Boards and Committees:
Camarillo Council on Aging
Investment Committee
Planning Commission
Area Agency on Aging Advisory Council
Area Housing Authority
Air Pollution Control District Advisory Committee
Citizens Transportation Advisory Committee
In support of sound financial management and transparency, the City established the Finance and Investment Committees in 1988. Since that time, the City has revised and updated all fiscal policies, including those governing investments, purchasing, accounts payable, financial reporting, and budgeting.
The City’s Investment Policy is reviewed and adopted annually by the City Council to ensure compliance with State law and best practices. All other City fiscal and administrative policies are reviewed and updated as needed to reflect current operational standards and regulatory requirements.
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2025
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The City Council has representation on the following Regional Boards and Committees:
Association of Water Agencies of Ventura County (AWA) California Association of Sanitation Agencies (CASA)
California Joint Powers Insurance Authority (CJPIA)
California State University Channel Islands (CSUCI) Site Authority Clean Power Alliance of Southern California (CPA)
Economic Development Collaborative (EDC)
Fox Canyon Groundwater Management Agency
League of California Cities
Regional Defense Partnership (RDP)
Southern California Association of Governments (SCAG) Southern California Regional Rail Authority
Ventura Council of Governments (VCOG)
Ventura County Airport Authority
Ventura County Animal Services Commission
Ventura County City Selection Committee
Ventura County Transportation Commission (VCTC)
Ventura County Local Agency Formation Commission (LAFCo) Ventura Regional Sanitation District (VRSD)
The City is considered a “contract” city, which means the city contracts for one or more municipal services with other public and private agencies, while other city services are provided by City employees. The City provides a full range of services, including:
Contractual services City provided services
Animal Control Services City Administration
Building and Safety Services Community Development (planning/zoning) Landscape Maintenance Public Improvements
Law Enforcement Recycled Water
Library Operations Street & Landscape Maintenance
Major Capital Projects Traffic Engineering
Solid Waste Wastewater Collection & Treatment
Street Sweeping Water
Transit Services
The City is within the Ventura County Fire District and the Pleasant Valley Recreation and Parks District but exercises no control over them.
The City Council is required to adopt an annual balanced budget no later than June 30 of each year per State legislation and City Council policy. Budgets are adopted annually by the Council by resolution and are prepared for each fund in accordance with its applicable basis of accounting. The annual budget serves as the foundation for the City to maintain sound and conservative financial practices to ensure the fiscal sustainability of the City. The City Council and staff hold various budget workshops to provide an City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2025
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v
opportunity for public input. The proposed balanced budget is presented to the City Council for adoption prior to June 30th fiscal year end.
The City maintains budgetary controls to ensure compliance with provisions embodied in the annual budget approved by the City Council and the Camarillo Sanitary District Board. The City Council approves operating and capital appropriations at the fund and department levels.
The City Manager has the authority to transfer between expenditure accounts and between funds of the City and the Camarillo Sanitary District, as long as no funding source incompatibility exists, and provided those changes do not increase overall appropriations in either component unit.
Budgetary control is established at the fund level, and the Council retains legal authority to amend the budget throughout the fiscal year as needed.
FACTORS AFFECTING FINANCIAL CONDITION
The information presented in the financial statements is perhaps best understood when it is considered from the broader perspective of the specific environment within which the City operates.
While the City remains optimistic, it acknowledges that growing economic uncertainty could affect future revenues. Nationally, although the U.S. economy continues to show momentum through fiscal years 2024 and 2025, risks are increasing due to major shifts in trade and immigration policies, higher tariffs, and federal spending reductions. These changes may lead to higher domestic prices and reduced consumer spending, potentially impacting key City revenue sources such as sales tax and property tax. At the same time, deregulation, AI-driven innovation, reshoring, foreign investment, and tax reductions are expected to support stronger growth by fiscal year 2026.
Despite these broader uncertainties, the City continues to prioritize City Council goals and advance action strategies focused on addressing homelessness, expanding community health and wellness initiatives, and implementing the Sustainability Master Plan, including efforts such as the Climate Action Plan and Zero- Emission Bus Plan.
Ventura County continues to be an ideal location for business interests in Southern California. The area’s mild climate, coastal access, proximity to the greater Los Angeles area, skilled workforce, and the only deep-water port between Los Angeles and San Francisco, all contribute to the county’s business allure.
A wide variety of companies are located in Camarillo, ranging from the premium outlets to manufacturing businesses,
providing a strong economic base for sales-tax revenue and employment opportunities.
Of the City’s top two General Fund revenues, property tax was the largest General Fund revenue in FY 2024/25. Property tax revenue of $20.1 million provided 31.6% of the General Fund revenue. Property tax revenue increased by 5.0% as compared to the prior fiscal year.
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2025
____________________________________________________________________________________________________
vi
Sales Tax was the second largest General Fund revenue in FY 2024/25. Sales tax revenue of $17.8 million provided 27.9% of the General Fund revenue. This is a decrease $1.8 million when comparing sales tax to prior year of $19.7 million. This decrease was driven by a slowdown in growth, primarily in the General Consumer Goods, Autos and Transportation, and Business and Industry categories.
0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%8.00%9.00%10.00%$0$2,000$4,000$6,000$8,000$10,000$12,000$14,000$16,000$18,000$20,0002016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Percent Change
Assessed Value (in millions)Calendar YearAssessed Property Value TrendAssessed ValuePercent Change -15.00%-10.00%-5.00%0.00%5.00%10.00%15.00%20.00%25.00% $- $5 $10 $15 $20 $252016 2017 2018 2019 2020 2021 2022 2023 2024 2025Sales (in millions)Fiscal YearSales Tax Received by Fiscal Year Sales Tax RevenuePercent Change Sources: Ventura County Auditor-Controller
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2025
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The City issued 1,057 business licenses for new commercial, industrial, and service companies during the fiscal year. This was an increase of 4.6% over the prior year. The City also proudly welcomed the addition of a variety of new businesses into the community, including:
The City of Camarillo experienced an improvement in its labor market conditions during FY 2024/25. The unemployment rate declined from approximately 4.5% in FY 2023/24 to 4.1% in FY 2024/25. During FY 2024/25, Camarillo employers maintained a labor force of approximately 33,530 positions an increase of 930 positions when compared to 32,600 in FY 2023/2024. In contrast, the Ventura County unemployment rate was 4.5% as of April 2025, lower from prior fiscal year. Overall, Camarillo’s modest decrease in unemployment paired with a stable labor force signals ongoing economic recovery and highlights continued employer confidence within the City moving into FY 2025/26.
Source: California Employment Development Department
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2025
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Camarillo offers a vibrant community atmosphere supported by a strong local economy and a variety of attractions for residents and visitors. Highlights include the Camarillo Premium Outlets and Promenade, Old Town Camarillo, the historic Adolfo Camarillo Ranch, the Camarillo Public Library, the Commemorative Air Force WWII Aviation Museum, and the Western Foundation of Vertebrate Zoology, home to scientifically significant collections of avian eggs, nests, and study skins, recognized internationally for its contributions to ornithological research and conservation.
The City hosts a wide range of annual community events
that bring people together throughout the year, such as the Concerts in the Park, Wings Over Camarillo Airshow,
July 4th Celebration, and the Camarillo Holiday Parade, all of which draw hundreds of residents and visitors.
Camarillo also offers abundant opportunities for
recreation and connection, featuring three golf courses and a 55-acre sports park that serve as gathering places for families, sports leagues, and community events. With its welcoming spirit, excellent amenities, and commitment to quality of life, Camarillo continues to be one of the best places to live, work, play, learn, and grow.
Since April 2011, the City has been a member of the Ventura-Oxnard-Camarillo Tourism Business Improvement District (VOCTBID) to market and promote tourism and lodging businesses in the member cities. In September 2014, the hotels within the City formed the Camarillo Tourism Marketing District (CTMD) to increase tourism in Camarillo by marketing the area to potential visitors. The Transient Occupancy Tax (TOT) is a General Fund revenue source for the City, with annual revenues of $3.2 million in the current fiscal year, a decrease of 1.0% over prior fiscal year. The TOT has moderately decreased in FY 2024/25 due to a decrease in occupancy room rates and average daily rates (ADR) for hotel rooms. The FY 2025/26 TOT revenue projection expects moderate growth of 5.1%. primarily attributed to the upcoming opening of a new Home 2 Suites hotel, which is scheduled to begin operations in FY 2025/26.
The City is a contributor to the Economic Development Collaborative (EDC), which was established to promote jobs, economic growth, and maintain economic vitality. The EDC focuses on attraction, retention, and expansion of businesses in the County through economic development programs and funding assistance and is a business resource for companies of all sizes doing business in the County.
MAJOR INITIATIVES
General Fund – Projected General Fund budgeted expenditures and transfers out of $63.4 million exceed budgeted revenues and transfers in of $60.7 million for FY 2025/26 primary due to the use of accumulated fund balance for one-time programs or capital expenditures. Additionally, the General Fund is expected to continue to provide transfers to the Citywide Lighting & Landscape Maintenance District Funds to support on-going operations and the Library Debt Service fund for outstanding debt service payments. Staff continue to pursue opportunities to minimize General Fund subsidies and departments have worked conscientiously to identify cost reductions while maintaining service levels.
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2025
____________________________________________________________________________________________________
ix
Cash Management Policies and Practices – When monies are deemed investable, they are placed in the State of California Local Agency Investment Fund (LAIF), U.S. Treasury, Federal Agency securities, Certificates of Deposits (CD’s), Supranational securities, Municipal securities, Negotiable Certificates of Deposits (NCD’s), Commercial Paper, Corporate Medium Term Notes (MTNS), or Asset-Backed securities that mature in five years or less. The City’s investment portfolio at June 30, 2025, included $165.2 million invested in LAIF and $77.5 million invested in U.S. Government securities.
Investments held with the LAIF can be withdrawn with same-day notice, ensuring daily liquidity for the City and investments in U.S. Government securities contribute to the diversification of the City’s portfolio.
All investment vehicles offer the City outstanding security and are in compliance with the City’s Investment Policy and California Government Code, Sections 53600 et seq.
The City’s Investment Committee is comprised of two City Councilmembers and two citizens with expertise in finance and investments. The Committee receives administrative support from key City staff, including the City Manager/Treasurer, Assistant City Manager, Director of Finance, Assistant Director of Finance, Finance & Accounting Manager, and Accountant. This Committee convenes monthly to assess and monitor the City’s cash and investment portfolio. Additionally, the Investment Policy is subject to an annual review by the Committee, which may propose revisions to the policy as deemed necessary. Any recommended changes are then presented to the City Council for consideration and approval.
Long-term Financial Planning – Consistent with the City’s commitment to maintaining Camarillo as a safe, vibrant, and sustainable community, the City continues to evaluate its facilities, programs, and operations to ensure their capacity to meet current and future needs. The Five-Year General Fund Fiscal Forecast is a key component of the City’s long-range financial planning process, guiding budget development and cash flow projections. This proactive approach ensures that future funding requirements are met through prudent investment practices, conservative spending, and operational efficiency. The City’s multi-year strategy for fiscal sustainability is designed to preserve a healthy General Fund balance and maintain long-term financial stability.
The City participates in the California Public Employees Retirement System (CalPERS) 2% @ 55 Public Agency Miscellaneous Employees’ defined benefit pension plan. In an effort to address rising pension costs and the unfunded pension liability, the City Council directed staff to implement a Pension Rate Stabilization Program (PRSP) Trust. The City PRSP Trust Investment Policy was originally adopted on June 13, 2018. The PRSP Trust provides a mechanism for accumulating funds that may be used to offset pension costs. The goal of the PRSP trust, as stated in the Policy, is to attain and maintain a fully funded pension status by Fiscal Year 2036/37.
The PRSP Trust Investment Policy outlines parameters for the investment of funds to maximize return over the long-term horizon, subject to risk and quality constraints set forth in the policy. The balance of the trust has grown from the initial contribution of $5.0 million in September 2018 to $7.8 million at the end of FY 2024/25. The Funded Ratio (Actuarial Value of Plan Assets/AAL), at June 30, 2024, was 75.3% based on assets held by CalPERS. When factoring in the PRSP Trust balance at June 30, 2024, the Funded Ratio is 80.1%.
In addition to its commitment to prudent fiscal management and forward-looking budgetary projections, the City adheres to a fund reserve policy established by the City Council, in full compliance with Governmental Accounting Standards Board (GASB) Statement No. 54. As of June 30, 2025, $31.7 million City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2025
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of the General Fund total fund balance of $119.0 million was committed as an operating reserve. This reserve balance meets the Council’s reserve policy of 50% of the operating budget in the General Fund.
SIGNIFICANT ACCOMPLISHMENTS AND RECOGNITION
The City’s mission is to provide effective and efficient municipal services that enhance quality of life, promote economic vitality, and foster a safe and enriching environment where people can live, work, and play. In support of this mission, the City has launched its first comprehensive Homelessness Strategic Plan, which includes a community input session, a community-wide survey, targeted surveys for individuals with lived experience of homelessness, and stakeholder interviews and focus groups to ensure diverse perspectives inform the plan. To implement this strategy, the City applied for and was awarded a $7.3 million Encampment Resolution Fund (ERF) Grant, targeting Camarillo’s areas with the highest concentration of homelessness along Pleasant Valley Road. The grant will fund street outreach, case management, and supportive services, as well as interim housing. Additionally, it will support the development of nine permanent supportive housing units on Arneill Road.
During the past fiscal year, the City completed its comprehensive Technology Modernization Plan (TMP), an 11-month, citywide collaboration that produced a five-year roadmap for how technology will be used to better serve the community.
The TMP focuses on strengthening cybersecurity, improving access to information, and supporting smart, data-driven decision-making. Key projects include the implementation of a new citywide Enterprise Asset Management system, digitization of records to enhance transparency, advancements in public safety and traffic management technologies, and the expansion of online tools to make it easier for residents to access City services and information. These efforts demonstrate the City’s commitment to innovation, efficiency, and community trust through the strategic use of technology.
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2025
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The City has also successfully completed a full remodel of the City Hall Council Chambers after a yearlong planning and construction effort. This renovation, which updated a facility that had not seen improvements since its construction in 1976, brings significant enhancements to accessibility, technology, and security.
Key improvements include a full wheelchair
ramp to the presentation stage, multi-level
podiums to accommodate individuals of
different heights, and additional accessible
seating areas. The assistive listening system
has been upgraded, providing better audio
clarity, and technology improvements to the
lighting, audio, and seating ensure an
enhanced experience for both in-person
attendees and those watching via livestream.
Furthermore, new security measures have
been put in place to protect City employees, public officials, and the general public. These upgrades reflect the City’s commitment to creating a more inclusive, accessible, and secure environment for all who use the Council Chambers.
Awards – The Government Finance Officers Association of the United States and Canada (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City of Camarillo for its ACFR for the fiscal year ended June 30, 2024. This was the thirty-seventh consecutive year that the City has achieved this prestigious award. In order to be awarded a Certificate of Achievement, a government entity must publish an easily readable and efficiently organized ACFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements.
A Certificate of Achievement is valid for a period of only one year. We believe that the current ACFR continues to meet the Certificate of Achievement Program’s requirements, and the City will be submitting it to the GFOA to determine its eligibility for another certificate. A copy of the Certificate for the fiscal year ended June 30, 2024, is included in the Introductory Section of this ACFR.
The GFOA also awarded a Certificate of Achievement for Distinguished Budget Presentation to the City of Camarillo for its Annual Budget for fiscal year beginning July 01, 2024. This prestigious award is the highest recognition in governmental budgeting and reflects the City’s ongoing commitment to transparency, accountability, and excellence in financial management. Earning this award signifies the City’s dedication to meeting the highest standards in budgeting, demonstrating the effective collaboration of the governing body and staff. The budget document must excel in key areas — as a policy document, financial plan, operational guide, and communication tool — and only a select group of over 1,800 participating entities achieve this distinction.
In 2024, the City of Camarillo received significant recognition for its continued commitment to excellence in various areas of public service and management. The City was honored with the 2024 Risk Management Award by the California Joint Powers Insurance Authority (California JPIA) for Best Overall Performance in the Workers' Compensation Program for municipal agencies without public safety exposure. This
City of Camarillo
Letter of Transmittal
For the Fiscal Year Ended June 30, 2025
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prestigious award recognizes the City’s dedication to maintaining a safe and well-managed workplace, as well as its leadership in managing liability and workers' compensation programs. It highlights the City’s proactive approach to risk management and employee well-being.
In addition, the City’s Collection System Division received the 2024 Collection System of the Year Award from the Tri-County section of the California Water Environment Association (CWEA). This competitive award is presented to the most outstanding sanitary collection system department across the counties of Santa Barbara, San Luis Obispo, and Ventura. The recognition reflects the team's exceptional efforts to safeguard public health and the environment through the safe and effective collection and treatment of wastewater.
The award underscores the City's commitment to sustainability and environmental protection, which are critical priorities in the management of its water resources.
The City also continues to demonstrate its strong financial standing, as evidenced by its "AAA" issuer credit rating from Standard & Poor’s Global Ratings, which comes with a stable outlook. This top-tier rating highlights the City’s sound financial practices, prudent fiscal management, and long-term financial stability. The stable outlook aligns with the City Council’s goal to maintain a solid financial foundation, ensuring the fiscal sustainability of the City for years to come.
These achievements reflect the City’s ongoing dedication to high standards in risk management, environmental stewardship, and financial responsibility. They not only recognize past successes but also set the stage for continued progress and the City’s ability to meet future challenges with confidence.
Acknowledgements – I wish to acknowledge the excellent participation and professional contributions of the finance staff in the preparation of this document, in particular Finance & Accounting Manager Kristen Madary, Senior Accountant Jun Frisbie, Accountant David Rivera, Accounting Specialists Julieanne Lane and Judith Masooman, and Budget & Purchasing Manager Rena Robertson who are to be commended for their continued high level of performance. I would also like to express my appreciation to all departments within the City who provided assistance and support.
Sincere appreciation is also expressed to City Manager Greg Ramirez, Assistant City Manager Carmen Nichols, and members of the City Council, for their leadership and support in planning and conducting the financial operations of the City in a responsible and forward looking manner.
Sincerely,
Mark Uribe
Director of Finance
Government Finance Officers Association
Certificate of
Achievement
for Excellence
in Financial
Reporting
Presented to
City of Camarillo
California
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
June 30, 2024
Executive Director/CEO
Organizational Structure
& Directory of City Officials
1111 1111
Camarillo Community
Martita Martinez-Bravo
Councilmember
David Tennessen
Vice Mayor
KevinKildee
Mayor
Susan Santangelo
Councilmember
Tony Trembley
Councilmember
Planning
Commission (5 FTE)
Greg Ramirez
City Manager (14 FTE)
David Sanchez Mark Uribe
Carmen Nichols
Assistant City Manager
Dave Klotzle
Economic Development
Refuse/Recycllng
Sustainability and Reslllency
Emergency Operations Center
Crossing Guards
Community Relations
Camarillo Ranch Events
Risk Management
Human Resources
Homelessness
Library Operations
Carrie Weal Mitchell Cameron
Rachel Richman
City Attorney (Contract)
Wendy Levy Eric Tennessen
Director of Director of Director of City Clerk Director of Administrative Director of Human Police Commander Community Finance Public Works (3) Services I Chief Resources Contract - Ventura Development (18) (95) Innovation Officer (4) County
(18) (16)
Current Planning Accounting Private Project Public Information Information Systems Human Resources Patrol Development
Economic Development Operating Budget Agenda/Minutes Graphic Information Risk Management Crime Prevention & Revitalization Capital Project Systems Payroll Development Public Hearings Crossing Guards Acclllent Prevention Environmental Review Facility Maintenance Financial Reporting Mapping & Recortls Elections Investigations General Plan Fleet Maintenance Business Tax Public Works Inspection Records School Resources Code Compllance Transit/Transportation Management Telecommunications Utility Billing Engineering Youth Services Comprehensive Planning Cash Management Nonprofit Solicitor Audio-Visual Water Permits Citizen Patrol
Community
Purchasing Wastewater Development Block Bingo Licenses Disaster Assistance Grant Response Team Debt Services Street/Landscape Dog licenses (DART) Building & Safety Maintenance
Community Service
Grants Storm Water System
Maintenance
CITY OF CAMARILLO, CALIFORNIA
ELECTED OFFICIALS AND ADMINISTRATIVE OFFICERS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
Elected Officials
City Council Term Expires
Kevin Kildee November 2028
Mayor
Resides in District 3
David Tennessen November 2026
Vice Mayor
Resides in District 1
Martita Martinez-Bravo November 2026
Councilmember
Resides in District 5
Susan Santangelo November 2026
Councilmember
Resides in District 2
Tony Trembley November 2028
Mayor
Resides in District 4
Administrative Officers
Name Position
Greg Ramirez City Manager
Carmen Nichols Assistant City Manager
Mark Uribe Director of Finance
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FINANCIAL
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18 CLA (CliftonLarsonAllen LLP) is an independent network member of CLA Global. See CLAglobal.com/disclaimer.
CliftonLarsonAllen LLP
CLAconnect.com
19 INDEP
ENDENT AUDITORS’ REPORT
Honorable Mayor and Members of the City Council
City of Camarillo, California
Report on the Audit of the Financial Statements
Opinions
We have audited the accompanying financial statements of the gove rnmental activities, the business- type activities, each major fund, and the aggregate remaining fund information of City of Camarillo, California, (the City) as of and for the year ended June 30, 2025, and th e related notes to the financial statements, which collectively comprise the City’s ba sic financial statements as listed in the table of contents.
In our opinion, the financial statem ents referred to above present fair ly, in all material respects, the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Camarillo, California, as of June 30, 2025, and the respective changes in financ ial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing st andards generally accepted in the United States of America (GAAS) and the standards applic able to financial au dits contained in Government Auditing Standards, issued by the Comptroller Gene ral of the United States. Ou r responsibilities under those standards are further described in the Auditors’ Responsibilities for the Audit of the Financial Statements section of our report. We are required to be indepe ndent of the City and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements relating to our a udit. We believe that the audit evidence we have obtained is sufficie nt and appropriate to provi de a basis for our audit opinions.
Responsibilities of Management for the Financial Statements Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are fr ee from material misstatement, whether due to fraud or error.
Honorable Mayor and Members of the City Council
City of Camarillo, California
20 In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substa ntial doubt about the City’s ability to continue as a going concern for twelve months beyond the financ ial statement date, incl uding any currently known information that may raise substantial doubt shortly thereafter.
Auditors’ Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasona ble assurance about whether the financial statements as a whole are free from material misstatement, wh ether due to fraud or error, and to issue an auditors’ report that includes our opinions. Reas onable assurance is a hi gh level of assurance but is not absolute assurance and therefore is not a guarantee that an a udit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentiona l omissions, misrepresentations, or th e override of inte rnal control.
Misstatements are considered materi al if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment ma de by a reasonable user based on the financial statements.
In performing an audit in accordance with GAAS and Government Auditing Standards, we:
Exercise professional judgment and maintain professional skepticism throughout the audit. Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit pr ocedures responsive to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
Obtain an understanding of inte rnal control relevant to the audit in order to design audit procedures that are appropriate in the circum stances, but not for the purpose of expressing an opinion on the effectiveness of th e City’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policie s used and the reasonab leness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgme nt, there are conditions or events , considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for a reasonable period of time.
We are required to communi cate with those charged with governance regardi ng, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control-related matters that we identified during the audit.
Honorable Mayor and Members of the City Council
City of Camarillo, California
21 Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, the budgetary comparison sc hedules for the general fund, the maintenance districts special revenue fund, the development fees special revenue fund, the grants special revenue fund, the schedule of changes in ne t pension liability and related ratios, the schedule of pension contributions, the schedule of changes in net OPEB liability and related ratios, and the schedule of OPEB contributions be presented to supplement the basic financial stat ements. Such information is the responsibility of management and, a lthough not a part of th e basic financial statem ents, is required by the Governmental Accounting Standards Board, who cons iders it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, economic, or historical context. We have applie d certain limited procedur es to the required supplem entary information in accordance with auditing standards ge nerally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the inform ation and comparing the information for consistency with management’s respon ses to our inquiries, the basic financial statements, and othe r knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of formi ng opinions on the financial statements that collectively comprise the City’s basic financial st atements. The combining financial statements and individual fund budgetary schedules are presented fo r purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and ot her records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and cert ain additional procedures, including comparing and reconciling such information directly to the underly ing accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the supplementary information is fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information comprises the introductory and statistical sections but does not in clude the basic financial statements and our auditors’ report thereon. Our opinions on the basic financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon.
In connection with our audit of the basic financial statements, our re sponsibility is to read the other information and consider whether a material inconsis tency exists between the other information and the basic financial statements, or the other information otherwise appears to be materially misstated. If, based on the work performed, we c onclude that an uncorrected mate rial misstatement of the other information exists, we are required to describe it in our report.
Honorable Mayor and Members of the City Council
City of Camarillo, California
22 Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards , we have also issued our report dated November 14, 2025, on our consideration of the City’s inte rnal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contract s, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and co mpliance and the results of that testing, and not to provide an opinion on the effectiveness of the City’s internal control over financial reporting or on compliance. That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City’s internal control over financial reporting and compliance.
CliftonLarsonAllen LLP
Irvine, California
November 14, 2025
23 MANAGEMENT’S DISCUSSION
AND ANALYSIS
24 City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
25 As management of the City we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2025. The City’s MD&A is to provide readers with a clear and comprehensive understanding of the City’s financial activities for the fiscal year. This section is designed to assist readers in focusing on significant financial issues, provide an overview of the City’s overall financial operations, identify and explain changes in the City’s financial position and its ability to address current and future challenges, highlight any material deviations from the approved financial plan or budget, and discuss issues or concerns related to individual major funds. We encourage readers to consider this information presented here in conjunction with the accompanying Letter of Transmittal, located in the Introductory Section of this report, and the basic financial statements.
A. FINANCIAL HIGHLIGHTS
At June 30, 2025, the City’s net position (excess of assets and deferred outflows over liabilities and deferred inflows) was $646.0 million. Of this amount, $179.0 million is unrestricted and may be used to meet the City’s ongoing obligations to citizens and creditors in accordance with the City’s fund designation and fiscal policies. The City also reported positive balances in every category of net position for governmental and business type activities (as outlined on page 48).
During the fiscal year ended June 30, 2025, the City’s total net position increased by $10.4 million.
Governmental activities net position increased by $7.6 million while business-type activities net position increased by $2.8 million, when compared to prior fiscal year. Detailed explanations are provided later in this discussion.
The City’s governmental funds reported a combined ending fund balance of $172.8 million, which is an increase of $4.0 million compared to prior fiscal year. The ending fund balance includes the following: $50.5 million is restricted by specific legal requirements (29.22%), $89.9 million (52.03%) is committed for specific purposes determined by a formal adopted resolution of the City Council, $13.5 million (7.84%) is assigned to specific types of expenditures that are neither restricted or committed, $17.9 million (10.36%) is unassigned and can be used for any lawful purpose, and the remaining $1.0 million (0.55%) is nonspendable.
At the end of FY 2024/25, unrestricted fund balance (which includes committed, assigned, and unassigned components of fund balance) in the General Fund totaled $109.6 million, or 210%, of total general fund expenditures. When adjusted for the committed and assigned components of fund balance, the amount available for ongoing operations at the discretion of the City is $17.9 million, or
15.04% of total general fund balance.
The City’s total outstanding debt decreased by $1.2 million during FY 2024/25, due to scheduled principal payments on outstanding bonds. See Long-Term Debt Note 7 in the basic financial statements for additional information.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
26 B. OVERVIEW OF FINANCIAL STATEMENTS
Management’s discussion and analysis is intended to serve as an introduction to the City’s basic financial statements, which are comprised of three components: 1) government-wide financial statements, 2) fund financial statements, and 3) notes to basic financial statements. This report also contains other required supplementary information in addition to the basic financial statements.
The basic financial statements include the City (primary government) and all legally separate entities (component units) for which the government is financially accountable. The City’s blended component units consist of the following: Camarillo Capital Improvement Corporation, Camarillo Community Development Commission, Camarillo Industrial Development Authority, Camarillo Library Board, Camarillo Public Finance Authority, and the Camarillo Sanitary District Board.
These component units have been included in the basic financial statements as an integral part of the primary government using the blended method of reporting.
Government-Wide Financial Statements
Government-wide financial statements are designed to provide readers with a broad overview of the City’s financial condition using the accrual basis of accounting, which is similar to the accounting method used by the majority of private-sector business, and to provide information about the City as a whole, presenting an aggregate current view of the City's finances.
The Statement of Net Position presents financial information on all of the City’s assets (including infrastructure) and deferred outflows, as well as all liabilities (including long-term debt) and deferred inflows, with the difference reported as net position. Certain interfund activities have been eliminated as required by GASB Statement No. 34. Over time, increases or decreases in net position may serve as a useful indicator of whether the financial position of the City is improving or deteriorating. In order to assess the overall health or financial condition of the City, other non-financial factors should also be taken into consideration which include changes in the City’s property tax base and the condition of the City’s infrastructure (roads, improvements, drainage, storm and sewer lines, etc.).
The Statement of Activities presents financial information showing how the City’s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of timing of related cash flows. Thus, current fiscal year’s revenues and expenses are reported in this statement for items that will only result in cash flows in future fiscal periods (uncollected taxes, pension contributions, and earned but not used accrued leave).
Government-wide financial statements distinguish governmental activities from business-type activities.
Governmental activities of the City include general government, public safety, economic development, cultural arts and library services, and highways and streets, which are primarily supported by property taxes, sales taxes, franchise fees, and intergovernmental revenues. Business-type activities of the City include Water Utility, Sanitary District, Solid Waste, Transit, and Camarillo Ranch Events, which are intended to recover all or a majority of their costs through charges for services.
The government-wide financial statements can be found on pages 48-50 of this report.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
27 Fund Financial Statements
Fund financial statements provide readers with detailed financial information about the City’s major funds. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements and to maintain control over resources that have been segregated for specific activities or objectives. The fund financial statements include statements for each of the three categories of activities: governmental, proprietary, and fiduciary.
Governmental Funds - The governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wide financial statements. However, unlike the government-wide financial statements, governmental funds financial statements focus on current financial resources, which emphasize near-term inflows and outflows of spendable resources, as well as balances of spendable resources at the end of the fiscal year. This information is essential in evaluating the City’s near-term financial requirements.
To better understand the City’s long-term and short-term requirements, it is useful to compare the City’s governmental fund statements with the governmental activities in the government-wide financial statements. Reconciliations are provided for both the governmental fund balance sheet and the statement of revenues, expenditures, and changes in fund balances, in order to facilitate this comparison.
The major governmental funds include the General Fund, Maintenance Districts Special Revenue Fund, Development Fees Special Revenue Fund, Grants Special Revenue Fund, and Capital Improvement Projects Fund, which are reported in detail in the governmental fund financial statements. Data from the remaining governmental funds are shown in the aggregate as other non-major governmental funds.
Individual fund data for other non-major governmental funds is provided in the form of supplementary information in the report.
The governmental fund financial statements can be found on pages 55-61 of this report.
Proprietary Funds - The proprietary funds are used to account for services for which the City charges external customers or internal departments of the City. The City maintains two types of proprietary funds:
enterprise funds and internal service funds.
Enterprise funds are used to report the same functions presented as business-type activities in the government-wide financial statements in greater detail. The City uses enterprise funds to account for its Water Utility, Sanitary District, Solid Waste, Transit, and Camarillo Ranch Events funds.
Internal service funds are used to report activities that provide internal services for the City. The City uses internal service funds to account for its Risk Management Fund, Information Services Fund, and the Vehicles & Equipment Fund. Since internal service funds predominantly benefit governmental rather than business-type activities, they have been included within governmental activities in the government-wide financial statements but combined into a single aggregated presentation in the proprietary fund financial statements. Individual fund data for the internal service funds is provided in the form of supplementary information in the report.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
28 The proprietary fund financial statements can be found on pages 63-70 of this report.
Fiduciary Funds - Fiduciary funds are used to account for resources held for the benefit of parties outside the government where the City is the trustee or fiduciary. The City’s fiduciary activities are reported in separate financial statements. These activities are excluded from the City’s other financial statements because the resources of these funds are not available to support the operations of the City. The City is responsible for ensuring that the assets reported in these funds are used for their intended purposes.
The fiduciary fund financial statements can be found on pages 73-74 of this report.
Notes to Basic Financial Statements
The notes provide additional information essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to the basic financial statements can be found on pages 78-127 of this report.
Required Supplementary Information
In addition to the basic financial statements, this report also presents certain Required Supplementary Information (RSI), including the City’s budgetary comparison schedules for the General Fund, Maintenance Districts Special Revenue Fund, and Development Fees Special Revenue Fund, schedule of changes in net pension liability and related ratios, schedule of pension contributions, schedule of changes in net Other Post-Employment Benefits (OPEB) liability and related ratios, and schedule of OPEB contributions. RSI can be found on pages 130-139 of this report.
Supplementary Information
Budgetary comparison schedules for Capital Improvements Projects Fund, combining statements and budgetary comparison schedules for non-major governmental funds, and combining statements for internal service funds and custodial funds are presented immediately following the RSI. Supplementary information can be found on pages 143-173 of this report.
Statistical Section
Statistical tables regarding financial trends, revenue capacity, debt capacity, demographic and economic information, and operating information can be found on pages 178-207 of this report.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
29 C. GOVERNMENT-WIDE FINANCIAL ANALYSIS
Statement of Net Position
Changes in net position provide a useful indicator of the City’s financial position over time. As of June 30, 2025, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $646.0 million. The following presents a condensed Statement of Net Position for the fiscal years ended June 30, 2025, and 2024.
City of Camarillo’s Net Position
As of June 30, 2025 and 2024
As of June 30, 2025, the largest portion of net position consisted of the City’s net investment of $400.2 million (62.0%) in capital assets (land, infrastructure, buildings, machinery, and equipment). This component represents the total amount of funds required to acquire those assets, less any outstanding related debt, subscription-based information technology arrangements (SBITA), and accumulated depreciation. The City uses these capital assets to provide services to residents. The capital assets of the City are not sources of income for repayment of debt as most assets are not generating revenue and generally are not liquidated to repay outstanding debt. Debt service payments are funded from other sources available to the City.
An additional portion of the City’s net position, totaling $66.8 million (10.3%), represents resources that are externally restricted in their use.
The remaining net position of $179.0 million (27.7%) is unrestricted and may be used at the City’s discretion to meet ongoing obligations to residents and creditors, in accordance with the City’s fund designations and fiscal policies.
2025 2024 2025 2024 2025 2024202,572,351$ 194,827,646$ 91,170,847$ 90,105,598$ 293,743,198$ 284,933,244$ Capital assets (net of depreciation) 263,554,163 259,173,104 158,732,607 154,979,025 422,286,770 414,152,129 Total Assets 466,126,514 454,000,750 249,903,454 245,084,623 716,029,968 699,085,373 Deferred Outflows of Resources 5,535,484 7,249,417 4,583,594 5,628,789 10,119,078 12,878,206 Current and other liabilities 18,641,222 13,976,199 9,075,721 6,455,917 27,716,943 20,432,116 Long-term liabilities 25,114,878 27,486,563 25,171,920 27,109,448 50,286,798 54,596,011 Total Liabilities 43,756,100 41,462,762 34,247,641 33,565,365 78,003,741 75,028,127 Deferred Inflows of Resources 1,126,542 627,213 984,747 712,920 2,111,289 1,340,133 256,668,306 250,765,154 143,555,219 141,132,887 400,223,525 391,898,041 Restricted 51,111,501 54,193,422 15,706,623 20,377,316 66,818,124 74,570,738 Unrestricted 118,999,549 114,201,616 59,992,818 54,924,924 178,992,367 169,126,540 Total Net Position 426,779,356$ 419,160,192$ 219,254,660$ 216,435,127$ 646,034,016$ 635,595,319$ TotalCurrent and other assetsNet Position:Net investment in capital assetsGovernmental Business-TypeActivities Activities City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
30 For the fiscal years ended June 30, 2025, and 2024, the City reported positive balances in every category of net position for governmental and business-type activities. Changes in net position are due to the following:
Decrease of $7.8 million in restricted net position was primarily due to a $7.4 million decrease in capital improvement projects in governmental and business-type activities and a $2.3 million decrease in special projects and programs, offset by a $0.7 million increase in investment earnings in the PRSP Trust Fund, a $0.6 million increase in net investment income for the OPEB Trust Fund, a $0.5 million increase in employer contributions to the OPEB Trust Fund, and lastly a $0.1 million increase in debt service.
Net investment in capital assets increased by $8.3 million. Governmental activities increased by $5.9 million, primarily resulting from increased Construction in Progress (CIP) projects, reflecting the City’s ongoing commitment to infrastructure development and long-term capital planning. Business- type activities increased by $2.4 million, largely due to the addition of ten new transit vans to enhance public transportation services, as well as the completion of a belt filter press and conveyor equipment, which improve operational efficiency and service delivery.
Unrestricted net position increased by $9.9 million and is the balance of net position remaining after calculating the activities listed above.
The following chart compares the three components of net position for fiscal years 2024/25 and 2023/24:
Statement of Activities
The Statement of Activities summarizes the City’s activities and the factors that caused changes in net position during the fiscal year. Overall, the City’s net position increased by $10.4 million (1.6%) during the year. The following pages provide a summary of these changes by governmental and business-type activities. A condensed Statement of Activities for the fiscal years ended June 30, 2025, and 2024, is presented below.
Millions
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
31 Governmental Activities
Total revenues and expenses for governmental activities were $80.2 million and $70.6 million, respectively. Governmental activities increased the City’s net position by $7.6 million compared to an increase of $16.4 million in the prior fiscal year.
Total revenues decreased $1.2 million compared to prior fiscal year primarily due to the factors below:
Total contributions & grants decreased $1.1 million, or 8.6% primarily due to decreases of the following revenues: Community Development Block Grant (CDBG) Program grant of $0.7 million, Citizens’ Option for Public Safety (COPS) Grant of $0.2 million, along with $0.2 million in the recognition of final American Rescue Plan Act (ARPA) revenue.
2025 2024 2025 2024 2025 2024Revenues:Program Revenues:Charges for services 8,983,581$ 8,964,941$ 47,521,719$ 39,901,946$ 56,505,300$ 48,866,887$ 10,202,844 12,049,388 3,044,086 2,588,845 13,246,930 14,638,233 1,132,849 359,554 1,259,634 400,878 2,392,483 760,432 General Revenues:Taxes 50,076,188 50,773,983 1,806,880 1,710,204 51,883,068 52,484,187 Investment earnings 9,337,274 8,672,357 4,321,868 5,409,807 13,659,142 14,082,164 Other 423,960 497,110 895,935 862,327 1,319,895 1,359,437 Total Revenues 80,156,696 81,317,333 58,850,122 50,874,007 139,006,818 132,191,340 Expenses:General government 12,747,239 11,383,254 - - 12,747,239 11,383,254 Public safety 24,161,407 22,046,568 - - 24,161,407 22,046,568 Economic development 2,506,311 1,970,459 - - 2,506,311 1,970,459 Cultural arts and library services 4,524,970 2,899,739 - - 4,524,970 2,899,739 Highways and streets 26,481,128 25,329,690 - - 26,481,128 25,329,690 Interest on long-term debt (unallocated) 185,092 200,867 - - 185,092 200,867 Water utility - - 26,310,639 21,286,059 26,310,639 21,286,059 Sanitary district - - 18,385,760 18,271,350 18,385,760 18,271,350 Solid waste - - 8,896,827 8,148,652 8,896,827 8,148,652 Transit - - 3,822,082 3,433,964 3,822,082 3,433,964 Camarillo ranch events - - 546,666 500,939 546,666 500,939 Total Expenses 70,606,147 63,830,577 57,961,974 51,640,964 128,568,121 115,471,541 Increase in Net Position before Transfers 9,550,549 17,486,756 888,148 (766,957) 10,438,697 16,719,799 Transfers (1,931,385) (1,126,150) 1,931,385 1,126,150 - - Increase (Decrease) in Net Position 7,619,164 16,360,606 2,819,533 359,193 10,438,697 16,719,799 Net Position - Beginning of Year 419,160,192 402,799,586 216,435,127 216,075,934 635,595,319 618,875,520 Net Position - End of Year 426,779,356$ 419,160,192$ 219,254,660$ 216,435,127$ 646,034,016$ 635,595,319$ Operating contributions and grantsCapital contributions and grantsStatement of ActivitiesAs of June 30, 2025 and 2024GovernmentalBusiness-TypeActivitiesActivitiesTotal City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
32 Taxes decreased $0.7 million, or 1.4%, primarily due to a decrease in sales tax revenue of $1.9 million, offset by an increase in property taxes of $1.2 million. The City’s sales tax revenue decreased primarily due to reduced consumer spending, as ongoing inflationary pressures and economic uncertainty led to reduction in discretionary purchases. While sales tax declined, the City saw an increase in property tax revenue of $1.2 million due to the completion of several housing developments during the fiscal year along with an increase in assessed values of existing properties.
Investment earnings increased $0.7 million, or 7.7%, primarily due to higher average annual yield throughout the fiscal year.
Governmental Activities - Revenues by Source
For the Fiscal Year Ended June 30, 2025
(Total Revenue: $80.2 million)
Total expenses for governmental activities were $70.6 million, an increase of $6.8 million compared to prior fiscal year. This increase includes the following fluctuations:
General governmental costs increased $1.4 million, primarily due to an increase in administrative expenses for City Hall and Police Facility operations. This included the addition of new furnishings and cubicles at City Hall to optimize workspace, as well as upgrades to the police facilities.
Improvements to the Police Facility included resurfacing the parking lot, replacing the sidewalk and walkway to the front door, and upgrading pathways around the building. Additionally, essential roofing repairs were completed to ensure the building’s long-term stability.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
33 Economic development costs increased $0.5 million, primarily due to incurring a $0.4 million loss on the sale of a market-rate property purchased with CDBG housing funds and sold as a low-income unit to support affordable housing within the City.
Cultural arts and library services costs increased $1.6 million primarily due to increases of the following: Homeless Housing Assistance and Prevention program (HHAP) expenses of $0.2 million, Homeless program personnel costs of Library personnel costs and operating costs of $0.2 million, and consulting expense for the preparation of a Homelessness Strategic Plan of $0.1 million.
Program revenues for governmental activities totaling $20.3 million offset total expenses as follows:
Users benefiting directly from programs contributed $9.0 million in charges for services.
Operating contributions and grants from outside sources or other governments totaled $10.2 million including $1.6 million in Transportation Development ACT (TDA) Article 8c Transit funding, $2.0 million in TDA Article 8a streets and roads funding, $2.0 million in Gas Tax, and $2.0 million in SB1 funding used primarily for maintenance of City streets and roads. The City also recognized the remaining $2.2 million in ARPA funding this fiscal year. This funding was intended to replace revenues impacted by the COVID-19 Pandemic, which were General Fund revenues necessary to pay for essential City services such as public safety. As a result, total expenses funded by general revenues totaled $57.9 million.
Governmental Activities
Revenues and Expenses by Function/Program
For the Fiscal Year Ended June 30, 2025
(Excluding Interest on Long-term Debt)
Millions
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
34 Functional expenses for the fiscal years ended June 30, 2025 and 2024 were as follows (amount in millions):
Changes in total net expenses increased $7.8 million, or 18.4%, compared to prior fiscal year. Net expense is the calculated result of subtracting revenues from expenses. Highlights of the changes are as follows:
General government net expense increased $1.6 million primarily due to increased costs in administrative expenses for City Hall and Police Facility operations. Additional details regarding these expenses are listed above.
Public safety net expenses increased by $1.3 million primarily due to $1.8 million increase in public safety services and $0.5 million decrease due to the one-time purchase of Opticom police devices and transmitters in prior fiscal year.
Economic development net expense increased $1.2 million primarily due to a $0.4 million loss from the sale of a market-rate property that had been purchased with CDBG housing funds and was sold as a low-income unit to promote affordable housing. Additionally, CDBG revenue declined by $0.7 million, reflecting the use of program income generated from the sale of a CDBG-funded property during the year.
Cultural arts and library services net expense increased $1.5 million primarily due to increases in salaries and benefits and HHAP programs previously mentioned above.
Highways and streets net expense increased by $2.2 million. The increase is primarily attributable to higher costs for street and road maintenance, as well as increased personnel costs resulting from the addition of full-time positions and annual Cost of Living Adjustment (COLA) to salaries and benefits.
Business-type Activities
Total revenues and expenses for business-type activities were $58.9 million and $58.0 million, respectively. Business-type activities increased the City’s net position by $2.8 million, compared to an increase of $0.4 million in the prior fiscal year.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
35 Total business-type revenues increased $8.0 million from prior fiscal year primarily due to the following:
Charges for services increased by $7.6 million including increases of $4.0 million in Water Utility services, $3.0 million in Sanitary district activities, and $0.6 million in Solid waste services. These increases are due to two utility rate adjustments that were necessary to meet rising operational and maintenance costs.
Capital contributions and grants increased $0.9 million primarily due to an increase in capital improvement fees received. This includes a $0.6 million increase for Camarillo Airport Water Infrastructure improvement fees paid by a developer and a $0.4 million increase for Camarillo Sanitary capital improvement fees. The increase reflects additional funding for infrastructure improvements in these areas to support ongoing or planned development in the sanitation and water systems for both the city and the airport.
Operating contributions and grants revenue had a net increase of $0.5 million primarily due to additional Federal Transit Administration (FTA) grant funding for transit operations and maintenance in the amount of $0.5 million.
Net program expense (excluding general revenues) in Water Utility was $6.5 million, along with Transit and Camarillo Ranch events of $0.9 million and $0.1 million respectively. Net program expenses in Solid Waste activities were less than $0.1 million. Net program revenue in Sanitary district activities was $1.5 million.
Business-type Activities - Revenues by Source
For the Fiscal Year Ended June 30, 2025
Charges for services80.8%Operating contributions and grants5.2%Capital contributions and grants2.1%Taxes3.1%Investment earnings7.3%Other1.5%Charges for servicesOperating contributions and grantsCapital contributions and grantsTaxes Investment earningsOther
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
36 Total business-type expenses increased $6.3 million from prior fiscal year, with the largest increase in Water utility activities of $5.0 million. This increase includes an increase of $2.5 million in depreciation expense due to the completion the of the North Pleasant Valley Desalter at the end of prior fiscal year, $2.0 million increase in purchased water costs was due to Well B being under repair, requiring the purchase of additional imported water from Calleguas Municipal Water District, and a $0.7 million increase in salaries and benefits in the current fiscal year. Sanitary District activities increased $0.1 million reflecting a nominal increase in standard operating and maintenance expenses.
Solid Waste expenses increased by $0.7 million due to an increase in contract services costs for waste collection and disposal services. Camarillo Ranch Events expenses totaled $0.5 million and are in line with prior fiscal year, while Transit expenses increased by $0.4 million primarily due to increases in depreciation expense and salaries and benefits. The increase in depreciation reflects ongoing investments in local transit transportation, while the rise in salaries and benefits is attributable to standard salary adjustments and higher benefit costs.
Business-type activities are reported under the full accrual method of accounting; therefore, the following chart of program revenues and expenses does not include capital projects and purchases.
Business-type Activities
Program Revenues and Expenses
For the Fiscal Year Ended June 30, 2025
D. FUND FINANCIAL STATEMENT ANALYSIS
A fund is a grouping of related accounts that is used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
37 Governmental Funds
The focus of the City’s governmental funds is short-term inflows, outflows, and balances of spendable resources. This information is useful for assessing current financial capacity. Unrestricted fund balances (committed, assigned, and unassigned) serve as key indicators of resources available for appropriation in the subsequent fiscal year.
As of FY 2024/25, the City’s governmental funds reported a combined ending fund balance of $172.8 million, an increase of $4.0 million from the prior fiscal year. The majority of this increase pertains to the General Fund which increased by $9.5 million compared to the prior fiscal year. The ending fund balance includes: $50.5 million in restricted, $89.9 million in committed, $13.5 million in assigned, $1.0 million in nonspendable, and the remaining $17.9 million in unassigned. See Fund Balances for Governmental Funds Note 9 for additional information.
The General Fund, the City’s primary operating fund, reported a total fund balance of $119.0 million, including $17.9 million unassigned. The remaining fund balance is nonspendable, restricted, committed, or assigned to indicate that it is not available for new spending because it is 1) nonspendable in form or required to be maintained intact; 2) restricted for a specific purpose by constitution, external resource providers, or through enabling legislation; 3) committed by formal action of Council for a specific purpose; or 4) assigned and intended to be used by the government for assigned specific purposes, including contracts and purchase orders.
As a measure of the General Fund’s liquidity, it may be useful to compare both unassigned fund balance and total fund balance to total fund expenditures. Unassigned fund balance represented 33.0% of total General Fund expenditures and transfers out, while the total fund balance equaled 219.6% of that same amount.
The City’s General Fund balance increased $9.5 million (8.7%) compared to the prior fiscal year, as a result of higher-than-expected revenues, combined with significant savings across a range of expenditure categories. There was a $1.1 million (5.6%) increase in property taxes due to the completion of several housing developments during the fiscal year along with an increase in assessed values of existing properties. Licenses and Permits also increased by $0.9 million (76.1%) due to residential and commercial development, and investment earnings increased $0.4 million (7.7%) due to higher average annual yield.
The Maintenance Districts and Development Fees Special Revenue Funds each met the GASB 34 criteria, requiring their continued presentation as major funds in FY 2024/25. The Maintenance Districts Fund experienced a fund balance decrease of less than $0.1 million (1.6%), resulting in minimal year-over-year fiscal impact. In contrast, the Development Fees Fund reported a fund balance increase of $1.5 million (6.8%), compared to a $0.9 million increase in the prior fiscal year. The additional $0.6 million increase was primarily driven by reduced transfers out to the Capital Improvement Projects Fund ($0.7 million versus $1.7 million prior year).
The Grants Special Revenue Fund also met the GASB 34 criteria, requiring it to be presented as a major fund in FY 2024/25. This fund was established during the fiscal year, and its fund balance, which was less than $0.1 million, consisted primarily of investment interest earnings.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
38 The Capital Improvement Projects Fund was elected as a major fund in FY 2024/25. Fund balance decreased $5.7 million (32.9%), compared to an increase of $5.6 million in the prior fiscal year. This $11.3 million net decrease was primarily due to an $8.2 million decrease in transfers in and a $3.9 million increase in capital outlay expenses for current capital improvement projects.
Proprietary Funds
The City’s proprietary funds provide similar information to that presented in the government-wide financial statements, but with additional detail. Key factors affecting these funds are discussed in the government-wide financial analysis of business-type activities.
E. GENERAL FUND BUDGETARY HIGHLIGHTS
The City budget is revised over the course of the fiscal year through two types of budget amendments:
Amendments and appropriations approved by the City Manager consistent with City Council Policy after the beginning of the fiscal year to reflect capital, grant, and encumbrance carryovers for unspent appropriations of projects and purchases that have not yet been completed.
New appropriations approved by the City Council.
Amendments between the original budget and final budget in FY 2024/25 resulted in increased budgeted revenues of $0.3 million with an increase to transfers in of $0.2 million and decreased budgeted expenditures of $1.9 million with no changes to transfers out.
The General Fund experienced a net total favorable budget variance of $9.0 million when comparing actual amounts to the final budget for the current fiscal year. The budget reflected a positive variance in revenues of $0.8 million, primarily from increases in investment earnings in the amount of $1.5 million and charges for services of $1.3 million, offset by a decrease in property and sales tax revenue by $1.8 million.
The budget also reflected a positive variance in total expenditures of $8.2 million primarily due to higher than anticipated savings in the following departments: Various General government divisions (City Clerk, City Manager, Finance, and Community Development) of $1.9 million, Highways and Streets in the amount of $1.8 million, Police Services in the amount of $0.9 million, and Non-departmental in the amount of $0.8 million.
In summary, the favorable net variance of $9.0 million was the result of higher-than-expected revenues, particularly from investment earnings and charges for services, combined with significant savings across a range of expenditure categories.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
39 F. CAPITAL ASSETS AND DEBT ADMINISTRATION
Capital Assets Including Infrastructure
Capital assets, including infrastructure, represent those assets utilized in the operation of the City’s governmental and business-type functions. As of June 30, 2025, the City’s investment in capital assets, net of accumulated depreciation, totaled $263.6 million for governmental activities and $158.7 million for business-type activities, as reported in the government-wide financial statements.
This investment in capital assets includes land, buildings, utility systems, improvements other than buildings, infrastructure (roads, sidewalks, streetlights, etc.), machinery and equipment, construction in progress, and subscription-based information technology arrangements (SBITA).
The total Citywide investment in capital assets increased by $8.1 million (1.93%) during FY 2024/25, consisting of an increase of $4.4 million (1.66%) in governmental activities and $3.7 million (2.36%) in business-type activities.
Major capital asset highlights include the following:
Infrastructure for governmental activities had a net decrease of $8.5 million compared to the prior fiscal year, primarily due to $8.9 million in current-year depreciation, offset by $0.4 million in developer-donated infrastructure.
Construction in progress for governmental activities increased by $12.8 million, primarily reflecting ongoing investments in the Dizdar Park Renovation and Expansion, annual pavement overlay and road rehabilitation projects, and the City Hall Chamber Remodeling project.
Utility systems for business-type activities decreased by $3.3 million, primarily due to current-year depreciation.
Construction in progress for business-type activities increased by $7.5 million primarily due to the capital investment in the Advanced Metering Infrastructure (AMI) project, upgrades to the collection system, and improvements at the Water Reclamation Plant.
City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
40 The following is a summary of the City’s capital assets as of June 30, 2025 and 2024:
See Capital Assets Note 5 in the Basic Financial Statements for additional information.
Long-Term Debt
As of June 30, 2025, the City’s total outstanding revenue debt amounted to $16.9 million. The City has no general obligation debt, and non-City obligations are excluded from the following summary. All outstanding bonds are secured by pledged revenues.
Long-term debt decreased by $1.6 million during FY 2024/25, due to scheduled principal reductions and annual amortization. Additional information on the City’s long-term debt can be found in Long- Term Debt Note 7 of the Basic Financial Statements.
The City’s long-term obligations as of June 30, 2025 and 2024 were as follows:
G. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET
On June 11, 2025, the City Council adopted an operationally balanced $159.2 million operating and capital budget for FY 2025/26, focusing on City Council priorities, including maintaining high service levels for Camarillo residents, accelerating climate action and sustainability, implementing technological advancements, and ensuring public safety. In establishing annual goals and objectives, the City Council 2025 2024 2025 2024 2025 2024Land 34,462,645$ 34,462,645$ 1,456,219$ 1,456,219$ 35,918,864$ 35,918,864$ Construction in progress 35,847,076 23,076,494 19,623,169 12,107,514 55,470,245 35,184,008 Buildings and improvements 25,933,635 27,672,465 62,808,476 65,305,224 88,742,111 92,977,689 Machinery and equipment 6,148,203 4,025,970 5,753,471 3,723,821 11,901,674 7,749,791 Utility Systems - - 69,091,272 72,386,247 69,091,272 72,386,247 Right to use asset (SBITA) 1,004,218 1,290,812 - - 1,004,218 1,290,812 Infrastructure 160,158,386 168,644,718 - - 160,158,386 168,644,718 Total Capital Assets 263,554,163$ 259,173,104$ 158,732,607$ 154,979,025$ 422,286,770$ 414,152,129$ City of Camarillo Capital Assets(net of accumulated depreciation)Governmental Business-TypeActivities Activities Total 2025 2024 2025 2024 2025 2024Revenue Bonds 4,571,254$ 4,030,000$ 12,359,929$ 13,254,468$ 16,931,183$ 17,284,468$ City of Camarillo's Outstanding DebtRevenue BondsGovernmental Business-TypeActiv ities Activities Total City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
41 affirmed the City’s commitment to maintain sound and conservative financial practices, with the objective of ensuring the City’s ability to provide a safe and enriched environment, increase effective communication with the community, provide cost-effective efficient services to the public, and to maintain a positive environment for new businesses and business retention.
The budget for personnel costs in FY 2025/26 increased 8.0% from FY 2024/25 to support City Council’s goal of maintaining an effective workforce through competitive salaries and benefits. The City continues to meet its actuarially required contribution towards its pension plan with the CalPERS.
General Fund revenues and transfers in are projected at $60.7 million, a decrease of $2.6 million, or 4% compared to the FY 2024/25 budget. This decline is primarily due to a reduction in ARPA revenue with the final installment recognized in the prior fiscal year.
General Fund expenditures and transfers out are projected at $63.4 million in FY 2025/26, a decrease of $1.0 million, or 1.6% compared to the FY 2024/25 budget. The decrease is primarily due to one-time facility improvement capital costs in FY 2024/25.
The City plans certain capital projects over five fiscal years. The fund balance at the beginning of FY 2025/26 provides funding for 100% of first year project costs included in the Five-Year Capital Improvement Plan. Several major capital projects are planned in FY 2025/26 totaling $29.7 million.
General Fund projects include Dizdar Park Renovation and Expansion, Utility Capital Undergrounding, and various City facility renovations and upgrades for a total of $5.1 million. Transportation projects include annual resurfacing and various road and bike lane projects for a total of $9.4 million. Water Utility projects include the Advanced Metering Infrastructure and the North Pleasant Valley Groundwater Desalter facility for a total of $8.0 million. Lastly, Sanitary District projects include planned Wastewater Collection and Treatment Plant improvements resulting from the Wastewater Master Plan Update for a total of $5.5 million.
The City Council goals and objectives include:
Maintain sound and conservative financial practices to ensure the fiscal sustainability of the City.
Provide a safe and enriched environment where people can live, work, and play.
Strengthen public safety, emergency preparedness, and disaster resilience to protect residents, businesses, and City infrastructure.
Plan appropriate land uses transportation network and transit systems and provide opportunities to redevelop and develop commercial, industrial and residential areas to improve services, business and housing, and to deter and alleviate blight.
Modernize and maintain critical infrastructure, ensuring the City’s technology and facilities support efficient operations, public engagement, and long-term sustainability.
Provide cost-effective, efficient services to the public while minimizing impacts on the environment; City of Camarillo
Management’s Discussion and Analysis (Unaudited)
Fiscal Year Ended June 30, 2025
42 reduce the City’s reliance on costly imported water by developing, maintaining, and delivering a reliable and sustainable source of local water at an affordable cost; and protect health and safety through the collection and treatment of domestic, commercial, and industrial wastewater, while achieving full regulatory compliance.
Advance sustainable practices in City operations, infrastructure and facilities to reduce environmental impacts and promote long term resilience.
Maintain a positive environment for new business, expansion and retention of existing businesses through staff assistance and provision of efficient processing proposals.
Strengthening community engagement through open communication, effective outreach, and enhanced opportunities for connection between the City and community members.
Maintain effective communications with local, state, and federal elected representatives and other local, state, and federal public agencies including schools, parks, special districts, and California State University, Channel Islands.
Maintain an optimum work environment through competitive salaries, benefits, and training.
Through the City Council’s annual strategic priorities, staff will continue to maintain high service levels for Camarillo residents, with a focus on public safety, community wellness, affordable housing, and technological advancements. Thanks to more than two decades of prudent fiscal stewardship, the City’s financial position remains strong, reaffirming its commitment to sound and conservative financial practices for the future.
H. REQUEST FOR INFORMATION
This financial report is designed to provide citizens, taxpayers, customers, investors and creditors with a general overview of the City’s finances and to demonstrate the City’s accountability for the resources it receives. Questions about this report or requests for additional financial information should be directed to the City of Camarillo Finance Department, 601 Carmen Drive, Camarillo, California 93010, or call (805) 388-5320. This report is also available online at the City’s website at https://www.cityofcamarillo.org/.
43 44
BASIC FINANCIAL
STATEMENTS
45 46
GOVERNMENT-WIDE
FINANCIAL STATEMENTS
47 CITY OF CAMARILLO
STATEMENT OF NET POSITION
JUNE 30, 20
25 48
Governmental Business-Type
Activities Activities Total
Assets:
Cash and investments 174,704,623$ 81,622,612$ 256,327,235$ Receivables:
Accounts 5,430,704 7,396,900 12,827,604
Notes and loans 6,363,828 10,531 6,374,359
Accrued interest 1,787,599 880,187 2,667,786
Leases - 195,549 195,549
Grants 567,340 448,428 1,015,768
Internal balances 33,000 (33,000) -
Prepaid costs 45,584 17,360 62,944
Deposits 127,000 18,000 145,000
Land held for resale 4,106,556 - 4,106,556
Net OPEB asset 629,803 513,390 1,143,193
Restricted assets:
Cash and investments 7,845,700 - 7,845,700
Cash with fiscal agent 930,614 100,890 1,031,504
Capital assets, non-depreciable 70,309,721 21,079,388 91,389,109 Capital assets, net of depreciation 193,244,442 137,653,219 330,897,661 Total Assets 466,126,514 249,903,454 716,029,968 Deferred Outflows of Resources:
Deferred charge on refunding - 337,163 337,163
Deferred amount from pension plan 5,349,376 3,651,766 9,001,142 Deferred amount from OPEB plan 186,108 594,665 780,773 Total Deferred Outflows of Resources 5,535,484 4,583,594 10,119,078 Liabilities:
Accounts payable 6,520,679 6,011,267 12,531,946
Accrued liabilities 485,683 364,450 850,133
Accrued interest 11,689 32,615 44,304
Unearned revenue 8,924,357 394,161 9,318,518
Retentions payable 508,009 150,751 658,760
Deposits payable 274,828 326,205 601,033
Noncurrent liabilities:
Subscriptions payable due within one year 313,896 - 313,896 Bonds due within one year 355,000 880,000 1,235,000
Compensated absences due within one year 1,247,081 916,272 2,163,353 Subscriptions payable due in more than one year 572,358 - 572,358 Bonds due in more than one year 3,330,000 11,479,929 14,809,929 Compensated absences due in more than one year 966,459 710,093 1,676,552 Net pension liability due in more than one year 20,246,061 12,981,898 33,227,959 Total Liabilities 43,756,100 34,247,641 78,003,741
Deferred Inflows of Resources:
Deferred amount from leases - 177,736 177,736
Deferred amount from pension plan 104,539 71,366 175,905 Deferred amount from OPEB plan 1,022,003 735,645 1,757,648 Total Deferred Inflows of Resources 1,126,542 984,747 2,111,289 Net Position:
Net investment in capital assets 256,668,306 143,555,219 400,223,525 Restricted for:
Debt service 500,944 100,890 601,834
Special projects and programs 4,480,831 1,040,147 5,520,978 Capital projects 37,654,232 14,052,196 51,706,428
OPEB benefits 629,803 513,390 1,143,193
Pension benefits 7,845,691 - 7,845,691
118,999,549 59,992,818 178,992,367
Unrestricted
Total Net Position
See Notes to Financial Statements
426,779,356$ 219,254,660$ 646,034,016$ Primary Government
CITY OF CAMARILLO
STATEMENT OF ACTIVITIES
YEAR ENDED JUNE 30, 2025
See Notes to Financial Statements 49
Program Revenues
Operating Capital
Charges for Contributions Contributions
Expenses Services and Grants and Grants
Functions/Programs
Primary Government:
Governmental Activities:
General government 12,747,239$ 2,584,936$ -$ -$ Public safety 24,161,407 3,585,586 3,031,738 - Economic development 2,506,311 - 128,279 -
Cultural arts and library services 4,524,970 - 402,588 - Highways and streets 26,481,128 2,813,059 6,640,239 1,132,849 Interest on long-term debt 185,092 - - -
Total Governmental Activities 70,606,147 8,983,581 10,202,844 1,132,849 Business-type Activities:
Water utility 26,310,639 18,797,163 165,961 829,555 Sanitary district 18,385,760 19,420,720 2,168 430,079 Solid waste 8,896,827 8,736,577 61,664 -
Transit 3,822,082 156,050 2,814,293 -
Camarillo ranch events 546,666 411,209 - -
Total Business-Type Activities 57,961,974 47,521,719 3,044,086 1,259,634 Total Primary Government 128,568,121$ 56,505,300$ 13,246,930$ 2,392,483$ General Revenues:
Taxes:
Property taxes, levied for general purpose
Transient occupancy taxes
Sales taxes
Franchise taxes
Business license taxes
Other taxes
Investment earnings
Other
Transfers
Total General Revenues
Change in Net Position
Net Position at Beginning of Year
Net Position at End of Year
CITY OF CAMARILLO
STATEMENT OF ACTIVITIES (CONTINUED)
YEAR ENDED JUNE 30, 2025
See Notes to Financial Statements 50
Net (Expenses) Revenues and
Change in Net Position
Primary Government
Governmental Business-Type
Activities Activities Total
(10,162,303)$ -$ (10,162,303)$
(17,544,083) - (17,544,083)
(2,378,032) - (2,378,032)
(4,122,382) - (4,122,382)
(15,894,981) - (15,894,981)
(185,092) - (185,092)
(50,286,873) - (50,286,873)
- (6,517,960) (6,517,960)
- 1,467,207 1,467,207
- (98,586) (98,586)
- (851,739) (851,739)
- (135,457) (135,457)
- (6,136,535) (6,136,535)
(50,286,873) (6,136,535) (56,423,408) 24,125,846 1,806,880 25,932,726
3,214,356 - 3,214,356
17,781,697 - 17,781,697
3,129,235 - 3,129,235
1,672,430 - 1,672,430
152,624 - 152,624
9,337,274 4,321,868 13,659,142
423,960 895,935 1,319,895
(1,931,385) 1,931,385 -
57,906,037 8,956,068 66,862,105 7,619,164 2,819,533 10,438,697
419,160,192 216,435,127 635,595,319
426,779,356$ 219,254,660$ 646,034,016$
51 52
FUND FINANCIAL STATEMENTS
Governmental Fund Financial Statements
Proprietary Fund Financial Statements
Fiduciary Fund Financial Statements
53 54
GOVERNMENTAL FUND FINANCIAL STATEMENTS
General Fund - Th is fund is used to account for resources which are not required legally or by sound financial management to be accounted for in a separate fund.
Maintenance Districts Special Revenue Fund - This fu nd acco unts for restricted pr operty ta x and/or assessments to be used for maintenance within the eleven districts below:
Lighting and Landscape Maintenance - This is used to account for property tax revenues that ar e restricted to citywide st reet lighting and landscape maintenance expenditures.
Mission Oaks MD1A - This is used to account for revenues from property taxes and assessments levied on the property within the Mission Oaks district that are specifically restricted to the district's median, parkway, slopes, and tree maintenance.
Wittenberg Maintenance District 2A - This is used to account for revenues from assessm ents levied on properties within the Wittenberg subdivision that are specifically restricted to the maintenan ce of landscape and open space areas within and immediately adjacent to the tract.
Armitos Storm Basins Maintenance District - This is used to maintain three storm drain desilting basins which serve the Armitos Tract.
Mission Oaks Industrial - This is used to account for revenues from assessments that are to be used to maintain landscaping within the district.
Presley Maintenance District - This is used to account for revenues from assessments that are to be used for maintenance of landscaping in the flood control areas located off Sierra Mesa.
Spanish Hills Maintenance District - This is used to account for revenues from assessments that are to be used for maintenance of landscaping within this district.
Sares/Regis Maintenance District - This is used for maintenance of a drainage basin which serves the Sares/Regis Tract.
Vista Las Posas Maintenance District - This is used for the maintenance of entrance street landscaping and a stor m water detention basin in the Vista Las Posas development.
Adolfo Glen II Maintenance District - This is used to account for revenues from assessments that are to be used to maintain landscaping within this district.
Adolfo Glen III Maintenance District - This is used to account for revenues from assessments that are to be used to maintain landscaping within this district.
Development Fees Special Revenue Fund - These funds are used to account for specific fee revenues that are legally restricted to expenditures for particular purposes:
SIBA Fees - This fund is used to account for fees received from property owners within the Springville Interchange Benefit Area (SIBA) to defray the area's construction cost.
Traffic Mitigation Fees - This fund is used to account for fees received from develope rs to accommodate and mitigate the adverse traffic impacts caused by new development and fund the cost of maintaining regional and local roads.
Bridge Policy Fees - This fund is used to account for fees received from developers based on land acreage for propert y to be developed to fund the cost of bridge construction or addition.
Storm Drain Fees - This fund is used to account for fees received from new development to fund storm drainage related costs.
Signals Fees - This fund is used to account for signal fees received from new development to fund signal maintenance related costs.
Underground Utilities Fees - This fund is used to account for fees received from new development to fund underground utility related costs.
Street Improvements Fees - This fund is used to account for fees received from new development for street maintenance related costs.
Parking In-lieu Fees - This fund is used to account for fees received from business owners in the Old Town area to fund off-street parking facilities.
Grants Special Revenue Fund – This fund is used to account for financial resources received from federal, state, or local grant programs that are legally restricted to expenditures for specific purposes
Capital Improvement Projects Fund - This fund is used to account for capital asset acquisition, construction and improve ment of capital facilities, including infrastructure, from genera l government resources, developer fees, and intergovernmental grants.
Other Governmental Funds - These funds are the aggregate of all the nonmajor governmental funds.
CITY OF CAMARILLO
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2025
See Notes to Financial Statements 55
Maintenance Development
Districts Special Fees Special Grants Special
General Revenue Revenue Revenue
Assets:
Cash and investments 107,761,348$ 2,119,264$ 23,363,322$ 7,334,998$ Receivables:
Accounts 4,805,117 180,250 - -
Notes and loans 792,190 - - -
Accrued interest 1,244,818 18,319 245,723 52,546
Grants 295,097 - - -
Prepaid costs 35,398 - - -
Deposits 125,000 - - -
Due from other funds 33,000 - - -
Land held for resale - - - -
Restricted assets:
Cash and investments 7,845,700 - - -
Cash and investments with fiscal agents 429,670 - - -
Total Assets 123,367,338$ 2,317,833$ 23,609,045$ 7,387,544$ Liabilities and Fund Balances:
Liabilities:
Accounts payable 3,395,980$ 501,667$ -$ -$ Accrued liabilities 377,740 42,172 - -
Unearned revenues 474,103 - - 7,346,418
Retentions payable - - - -
Deposits payable 20,449 - - -
Total Liabilities 4,268,272 543,839 - 7,346,418 Deferred Inflow of Resources:
Unavailable revenue 53,750 - - -
Total Deferred Inflows of Resources 53,750 - - -
Fund Balances:
Nonspendable 952,588 - - -
Restricted 8,496,625 1,773,994 23,609,045 41,126 Committed 89,888,913 - - -
Assigned 1,801,383 - - -
Unassigned 17,905,807 - - -
Total Fund Balances 119,045,316 1,773,994 23,609,045 41,126 Total Liabilities and Fund Balances 123,367,338$ 2,317,833$ 23,609,045$ 7,387,544$ Special Revenue Funds
CITY OF CAMARILLO
BALANCE SHEET (CONTINUED)
GOVERNMENTAL FUNDS
JUNE 30, 2025
See Notes to Financial Statements 56
Capital
Projects Fund
Capital Other Total
Improvement Governmental Governmental
Projects Funds Funds
Assets:
Cash and investments 14,391,014$ 7,019,736$ 161,989,682$ Receivables:
Accounts - 375,352 5,360,719
Notes and loans - 5,571,638 6,363,828
Accrued interest - 106,998 1,668,404
Grants 198,842 73,401 567,340
Prepaid costs - - 35,398
Deposits - - 125,000
Due from other funds - - 33,000
Land held for resale - 4,106,556 4,106,556
Restricted assets:
Cash and investments - - 7,845,700
Cash and investments with fiscal agents - 500,944 930,614 Total Assets 14,589,856$ 17,754,625$ 189,026,241$ Liabilities and Fund Balances:
Liabilities:
Accounts payable 2,112,913$ 63,317$ 6,073,877$ Accrued liabilities - - 419,912
Unearned revenues - 1,103,836 8,924,357
Retentions payable 485,347 22,662 508,009
Deposits payable 254,379 - 274,828
Total Liabilities 2,852,639 1,189,815 16,200,983 Deferred Inflow of Resources:
Unavailable revenue - - 53,750
Total Deferred Inflows of Resources - - 53,750
Fund Balances:
Nonspendable - - 952,588
Restricted - 16,564,810 50,485,600
Committed - - 89,888,913
Assigned 11,737,217 - 13,538,600
Unassigned - - 17,905,807
Total Fund Balances 11,737,217 16,564,810 172,771,508 Total Liabilities and Fund Balances 14,589,856$ 17,754,625$ 189,026,241$
57 CITY OF CAMARILLO
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
JUNE 30, 2025
See Notes to Financial Statements 58
Fund balances of governmental funds 172,771,508$
Amounts reported for governmental activities in the statement of net position are different because:
Capital assets net of depreciation have not been included as financial resources in governmental fund activity.
258,052,055
Long-term debt and compensated absences that have not been included in the governmental fund activity:
Bonds payable (3,685,000)$
Net pension liability (17,237,211)
Net OPEB asset 553,454
Compensated absences (1,768,113) (22,136,870)
Accrued interest payable for the current portion of interest due on bonds has not been reported in the governmental funds. (11,689) Deferred inflows related to pension items that are not included in the governmental fund activity. (88,866)
Deferred outflows related to pension items that are not included in the governmental fund activity. 4,547,371
Deferred inflows related to OPEB items that are not included in the governmental fund activity. (901,168)
Deferred outflows related to OPEB items that are not included in the governmental fund activity. 84,283
Receivables that are measurable but not available are recorded as deferred inflows of resources under the modified accrual basis of accounting. 53,750
Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The assets and liabilities of the internal service funds must be added to the statement of net position.
14,408,982
Net Position of Governmental Activities 426,779,356$
CITY OF CAMARILLO
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2025
See Notes to Financial Statements 59
Maintenance Development
Districts Special Fees Special Grants Special
General Revenue Revenue Revenue
Revenues:
Taxes 45,960,608$ 3,964,913$ -$ -$
Licenses and permits 2,160,314 - - -
Subventions and grants 3,036,675 - - -
Charges for services 4,995,432 270,385 21,450 -
Investment earnings 6,866,937 119,467 1,204,326 41,126 Fines and forfeitures 512,794 9,901 - -
Contributions and developer fees 69,266 - 1,008,365 -
Miscellaneous 132,280 - - -
Total Revenues 63,734,306 4,364,666 2,234,141 41,126 Expenditures:
Current:
General government 12,511,254 - - -
Public safety 23,188,184 - - -
Economic development 1,827,081 - - -
Cultural arts and library services 4,849,643 - - -
Highways and streets 9,813,814 7,655,880 - -
Capital outlay - - - -
Debt service:
Principal - - - -
Interest - - - -
Total Expenditures 52,189,976 7,655,880 - - Excess (Deficiency) of Revenues Over
(Under) Expenditures 11,544,330 (3,291,214) 2,234,141 41,126 Other Financing Sources (Uses):
Transfers in 2,009,568 3,261,514 - -
Transfers out (4,031,501) - (723,269) -
Total Other Financing Sources (Uses) (2,021,933) 3,261,514 (723,269) - Net Change in Fund Balances 9,522,397 (29,700) 1,510,872 41,126 Fund Balances, Beginning of Year 109,522,919 1,803,694 22,098,173 - Fund Balances, End of Year 119,045,316$ 1,773,994$ 23,609,045$ 41,126$ Special Revenue Funds
CITY OF CAMARILLO
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2025
See Notes to Financial Statements 60
Capital
Projects Funds
Capital Other Total
Improvement Governmental Governmental
Projects Funds Funds
Revenues:
Taxes -$ 150,667$ 50,076,188$
Licenses and permits - - 2,160,314
Subventions and grants 1,132,850 7,690,063 11,859,588 Charges for services - - 5,287,267
Investment earnings - 521,477 8,753,333
Fines and forfeitures - - 522,695
Contributions and developer fees 322 333,000 1,410,953 Miscellaneous - - 132,280
Total Revenues 1,133,172 8,695,207 80,202,618 Expenditures:
Current:
General government - - 12,511,254
Public safety - - 23,188,184
Economic development - 704,617 2,531,698
Cultural arts and library services - 298,096 5,147,739
Highways and streets - - 17,469,694
Capital outlay 12,897,202 - 12,897,202
Debt service:
Principal - 345,000 345,000
Interest - 145,869 145,869
Total Expenditures 12,897,202 1,493,582 74,236,640 Excess (Deficiency) of Revenues Over
(Under) Expenditures (11,764,030) 7,201,625 5,965,978 Other Financing Sources (Uses):
Transfers in 6,014,497 473,631 11,759,210 Transfers out - (8,935,825) (13,690,595)
Total Other Financing Sources (Uses) 6,014,497 (8,462,194) (1,931,385) Net Change in Fund Balances (5,749,533) (1,260,569) 4,034,593 Fund Balances, Beginning of Year 17,486,750 17,825,379 168,736,915 Fund Balances, End of Year 11,737,217$ 16,564,810$ 172,771,508$
CITY OF CAMARILLO
RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES OF GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES YEAR ENDED JUNE 30, 2025
See Notes to Financial Statements 61
Net change in fund balances - total governmental funds 4,034,593$ Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of activities, the costs of those assets is allocated over their estimated useful lives as depreciation expense. This is the amount by which capital outlays exceeded depreciation in the current period.
Capital outlay 13,256,080$
Depreciation (10,856,204) 2,399,876
Repayment of bond principal is an expenditure in the governmental funds, but the repayment reduces long-term liabilities in the statement of net position.
Principal repayments
345,000
Accrued interest for long-term liabilities. This is the net change in accrued interest for the current period. 934
Some expenses reported in the statement of activities do not require the use of current financial resources and, therefore, are not reported as expenditures in governmental funds.
Compensated absences (182,811)
Pension (254,519)
OPEB 91,406
Certain revenues in the governmental funds are deferred because they are not collected within the prescribed time period after year-end. However, the revenues are included on the accrual basis used in the government-wide statements. This amount represents the change during the fiscal year.
(921,544)
Internal service funds are used by management to charge the costs of certain activities, such as equipment management and self-insurance, to individual funds. The net revenues (expenses) of the internal service funds is reported with governmental activities.
2,106,229
Change in Net Position of Governmental Activities 7,619,164$
PROPRIETARY FUND FINANCIAL STATEMENTS
62 Water Utility Fund - Th
is fund is used to account for the activ ities associated with the transmission and distribution of potable and recycled water by the City to its users.
Sanitary District Fund - This fund is used to account for the activities of the Sanitary District (a component unit of the City of Camarillo) which includes the transmi ssion, pumping, and treatment of the City's sewage.
Solid Waste Fund - This fund is used to account for the activit ies associated with collection and disposal of rubbish and recycle materials.
Transit Fund - This fund is used to account for the operations of the City's bus system which includes both leased bus activities and the City-owned bus system.
Internal Service Funds - These funds are used to account for interd epartmental operations where it is the stated intent that costs of providing services to the departments of the City on a continuing basis be recovered primarily by charges to the user departments.
Other Proprietary Funds - These funds are the aggregate of all the nonmajor proprietary funds, which includes the funds noted below:
Camarillo Ranch Events Fund - This fund is used to account for the activities associated with the Camarillo Ranch property events such as wedding catering, venue revenues, and operating expenses.
CITY OF CAMARILLO
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2025
See Notes to Financial Statements 63
Sanitary
Water Utility District Solid Waste Transit
Assets:
Current:
Cash and investments 13,233,721$ 68,021,791$ 31,836$ 310$
Receivables:
A
ccounts 3,263,747
2,799,034
1,261,095
15,605
Notes and loans -
10,531
-
-
A
ccrued interest 152,779
724,861
2,006
-
Leases 35,
078
95,400
-
-
G
rants -
- -
448,428
Prepaid costs 6,076
11,284
-
-
D
eposits -
18,000
-
-
Restricted:
Cash w
ith fiscal agent 7,914 92,976 - -
Total Cur
rent Assets 16,699,315 71,773,877 1,294,937 464,343
Noncurrent:
Lease receivable 65,071 - -
-
Net
OPEB asset 200,500
289,578 4,889
11,168
Capital assets, net of accumulated depreciation 90,249,532 65,969,948 - 1,391,925
Total Non
current Assets 90,515,103 66,259,526 4,889 1,403,093
Total Assets 107,214,418 138,033,403 1,299,826 1,867,436
Deferred Outflows of Resources:
Deferred charge on refunding - 337,163 - -
D
eferred amount from pension plan 1,480,690 2,000,954 79,210 53,107 Deferred amount from OPEB plan 243,653
326,368 7,995
10,554
Total Deferred Outflows of Resources 1,724,343
2,664,485
87,205
63,661
Liabilities:
Current:
Accounts pa
yable 3,886,350 1,219,725 665,865 231,577
Accrued liabilities 157,641
192,378 3,598
8,485
Accrued interest -
32,615
-
-
U
nearned revenue 115,232
-
255,983
22,946
Retentions payable 106,004 44,747 - -
D
eposits payable 94,991 132,190 99,024 -
D
ue to other funds -
- -
33,000
Subscriptions payable - - - -
Compensated absences 494,417 385,720 7,671 12,252
Bonds and notes -
880,000
-
-
Total C
urrent Liabilities 4,854,635
2,887,375
1,032,141
308,260
Noncurrent liabilities:
Subscriptions payable - - - -
Com
pensated absences 383,164 298,924 5,945
9,496
Net pension liability 5,608,436 6,649,374 316,466 316,802 Bonds and notes -
11,479,929
-
-
Total N
oncurrent Liabilities 5,991,600
18,428,227 322,411
326,298
Total Liabilities 10,846,235 21,315,602 1,354,552 634,558
Deferred Inflows of Resources:
Deferred amount from leases 96,143
81,593 -
-
D
eferred amount from pension plan 28,937 39,104 1,548 1,038 Deferred amount from OPEB plan 303,850
399,695 9,108
15,897
Total Deferred Inflows of Resources 428,930
520,392 10,656
16,935
Net Position:
Net investment in capital assets 87,734,613 53,307,479 - 1,391,925
Restricted for debt service 7,
914
92,976 -
-
Restricted for OPEB benefits 200,500
289,578 4,889
11,168
Restricted for capital and other special projects 3,622,423 11,469,920 - - Unrestricted 6,
098,146
53,701,941 16,934 (123,489)
Total N
et Position 97,663,596$ 118,861,894$ 21,823$ 1,279,604$
Business-Type Activities - Enterprise Funds
CITY OF CAMARILLO
STATEMENT OF NET POSITION
PROPRIETARY FUNDS (CONTINUED)
JUNE 30, 2025
See Notes to Financial Statements 64
Governmental
Nonmajor Activities
Camarillo Internal
Ranch Totals Service Funds
Assets:
Current:
Cash and investments 334,954$ 81,622,612$ 12,714,941$ Receivables:
Accounts 57,419 7,396,900
69,985
Notes and loans -
10,531
-
A
ccrued interest 541 880,187
119,195
Leases -
130,478
-
G
rants -
448,428
-
Prepaid costs -
17,360
10,186
Deposits -
18,000
2,000
Restricted:
Cash with fiscal agent - 100,890 -
Total Cur
rent Assets 392,914 90,625,386 12,916,307 Noncurrent:
Lease receivable -
65,071
-
Net
OPEB asset 7,255 513,390
76,349
Capital assets, net of accumulated depreciation 1,121,202 158,732,607 5,502,108
Total Noncurrent Assets 1,128,457
159,311,068 5,578,457
Total Assets 1,521,371
249,936,454 18,494,764
Deferred Outflows of Resources:
Deferred charge on refunding - 337,163 -
D
eferred amount from pension plan 37,805 3,651,766 802,005 Deferred amount from OPEB plan 6,095 594,665
101,825
Total Deferred Outflows of Resources 43,900 4,583,594 903,830
Liabilities:
Current:
Accounts pa
yable 7,750 6,011,267 446,802
Accrued liabilities 2,348 364,450
65,771
Accrued interest -
32,615
-
U
nearned revenue -
394,161
-
Retentions payable - 150,751 -
D
eposits payable - 326,205 -
D
ue to other funds -
33,000
-
Subscriptions payable - - 313,896
Compensated absences 16,212 916,272 250,948
Bonds and notes -
880,000
-
Total C
urrent Liabilities 26,310 9,108,721
1,077,417
Noncurrent liabilities:
Subscriptions payable - - 572,358
Compensated absences 12,564 710,093
194,479
Net pension liability 90,820 12,981,898 3,008,850 Bonds and notes -
11,479,929
-
Total N
oncurrent Liabilities 103,384 25,171,920 3,775,687 Total Liabilities 129,694 34,280,641 4,853,104 Deferred Inflows of Resources:
Deferred amount from leases -
177,736
-
D
eferred amount from pension plan 739 71,366 15,673 Deferred amount from OPEB plan 7,095 735,645
120,835
Total Deferred Inflows of Resources 7,834 984,747 136,508
Net Position:
Net investment in capital assets 1,121,202
143,555,219 4,615,854
Restricted for debt service -
100,890
-
Restricted for OPEB b
enefits 7,255 513,390
76,349
Restricted for capital and other special projects - 15,092,343 - Unrestricted 299,
286 59,992,818
9,716,779
Total Net Position 1,427,743$ 219,254,660$ 14,408,982$ Business-Type Activities -
Enterprise Funds (Continued)
CITY OF CAMARILLO
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2025
See Notes to Financial Statements 65
Sanitary
Water Utility District Solid Waste Transit
Operating Revenues:
Charges for services 18,797,163$ 19,420,720$ 8,736,577$ 156,050$ Total Operating Revenues 18,797,163 19,420,720 8,736,577 156,050 Operating Expenses:
Administration and general 10,309,549 5,700,105 629,537 638,384 Cost of sales and services 12,327,118 9,590,216 8,267,290 2,936,725 Depreciation expense 3,673,972 2,652,603 - 246,973 Total Operating Expenses 26,310,639 17,942,924 8,896,827 3,822,082 Operating Income (Loss) (7,513,476) 1,477,796 (160,250) (3,666,032) Nonoperating Revenues (Expenses):
Taxes - 1,806,880 - -
Intergovernmental 165,961 2,168 61,664 2,814,293
Investment earnings 752,457 3,556,925 9,834 -
Interest expense - (442,836) - -
Other 781,060 82,638 - 32,237
Gain on disposal of capital assets - - - - Total Nonoperating
Revenues (Expenses) 1,699,478 5,005,775 71,498 2,846,530 Income (Loss) Before Contributions,
Grants, and Transfers (5,813,998) 6,483,571 (88,752) (819,502) Capital contributions and grants 829,555 430,079 - -
Transfers in - - - 1,623,031
Changes in Net Position (4,984,443) 6,913,650 (88,752) 803,529 Net Position - Beginning of Year 102,648,039 111,948,244 110,575 476,075 Net Position - End of Year 97,663,596$ 118,861,894$ 21,823$ 1,279,604$ Business-Type Activities - Enterprise Funds
CITY OF CAMARILLO
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2025
See Notes to Financial Statements 66
Governmental
Nonmajor Activities
Camarillo Internal
Ranch Totals Service Funds
Operating Revenues:
Charges for services 411,209$ 47,521,719$ 9,750,016$ Total Operating Revenues 411,209 47,521,719 9,750,016 Operating Expenses:
Administration and general 344,843 17,622,418 2,268,207 Cost of sales and services 109,611 33,230,960 5,163,559 Depreciation expense 92,212 6,665,760 1,047,486 Total Operating Expenses 546,666 57,519,138 8,479,252 Operating Income (Loss) (135,457) (9,997,419) 1,270,764 Nonoperating Revenues (Expenses):
Taxes - 1,806,880 -
Intergovernmental - 3,044,086 -
Investment earnings 2,652 4,321,868 583,939
Interest expense - (442,836) (40,157)
Other - 895,935 -
Gain on disposal of capital assets - - 291,683
Total Nonoperating
Revenues (Expenses) 2,652 9,625,933 835,465 Income (Loss) Before Contributions,
Grants, and Transfers (132,805) (371,486) 2,106,229 Capital contributions and grants - 1,259,634 -
Transfers in 308,354 1,931,385 -
Changes in Net Position 175,549 2,819,533 2,106,229 Net Position - Beginning of Year 1,252,194 216,435,127 12,302,753 Net Position - End of Year 1,427,743$ 219,254,660$ 14,408,982$ Business-Type Activities -
Enterprise Funds (Continued)
CITY OF CAMARILLO
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
YEAR ENDED JUNE 30, 2025
See Notes to Financial Statements 67
Sanitary
Water Utility District S olid Waste Transit
Cash Flows From Operating Activities:
Cash received from customers and users 19,131,112$ 19,351,895$ 8,829,290$ 84,912$ Cash received from interfund service provided - - - - Cash paid to suppliers for goods and services (10,063,746) (9,340,234) (8,188,214) (3,126,100) Cash paid to employees for services (10,216,107) (5,683,338) (620,697) (643,188) Net Cash Provided (Used) by
Operating Activities (1,148,741) 4,328,323 20,379 (3,684,376) Cash Flows From Noncapital Financing Activities:
Cash transfers in - - - 1,623,031
Short-term loans from other funds - - - 33,000
Repayments on short-term loans from other funds - - (59,000) (482,000) Funds property taxes - 1,806,880 - -
Grants received from other governments 1,656,961 2,168 61,664 3,501,316 Net Cash Provided by
Noncapital Financing Activities 1,656,961 1,809,048 2,664 4,675,347 829,555 430,079 - -
(3,158,808) (6,097,434) - (990,783)
- - - -
33,604 81,594 - -
- (840,000) - -
- (465,994) - -
Cash Flows From Capital and
Related Financing Activities:
Capital contributions
Acquisition and construction of capital assets
Payments for SBITA
Lease income received
Principal paid on capital debt
Interest paid on capital debt
Proceeds from sales of capital assets - - - -
Net Cash Used by Capital
and Related Financing Activities (2,295,649) (6,891,755) - (990,783) Cash Flows From Investing Activities:
Interest received 784,821 3,469,975 8,175 - Net Cash Provided by Investing Activities 784,821 3,469,975 8,175 - Net Increase (Decrease) in Cash and
Cash Equivalents (1,002,608) 2,715,591 31,218 188 Cash and Cash Equivalents - Beginning of Year 14,244,243 65,399,176 618 122 Cash and Cash Equivalents - End of Year 13,241,635$ 68,114,767$ 31,836$ 310$ Business-Type Activities - Enterprise Funds
CITY OF CAMARILLO
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2025
See Notes to Financial Statements 68
Governmental
Nonmajor Activities
Camarillo Internal
Ranch Totals Service Funds
Cash Flows From Operating Activities:
Cash received from customers and users 381,901$ 47,779,110$ -$ Cash received from interfund service provided - - 9,681,416 Cash paid to suppliers for goods and services (107,061) (30,825,355) (5,200,681) Cash paid to employees for services (346,312) (17,509,642) (2,303,244) Net Cash Provided (Used) by
Operating Activities (71,472) (555,887) 2,177,491 Cash Flows From Noncapital Financing Activities:
Cash transfers in 308,354 1,931,385 - Short-term loans from other funds - 33,000 -
Repayments on short-term loans from other funds - (541,000) - Funds property taxes - 1,806,880 -
Grants received from other governments - 5,222,109 -
Net Cash Provided by
Noncapital Financing Activities 308,354 8,452,374 - - 1,259,634 -
(172,317) (10,419,342) (6,044,445)
- - (228,702)
- 115,198 -
- (840,000) -
- (465,994) (40,157)
Cash Flows From Capital and
Related Financing Activities:
Capital contributions
Acquisition and construction of capital assets
Payments for SBITA
Lease income received
Principal paid on capital debt
Interest paid on capital debt
Proceeds from sales of capital assets
- - 3,307,459
Net Cash Used by Capital
and Related Financing Activities (172,317) (10,350,504) (3,005,845) Cash Flows From Investing Activities:
Interest received 5,169 4,268,140 569,110
Net Cash Provided by Investing Activities 5,169 4,268,140 569,110 Net Increase (Decrease) in Cash and
Cash Equivalents 69,734 1,814,123 (259,244)
Cash and Cash Equivalents - Beginning of Year 265,220 79,909,379 12,974,185 Cash and Cash Equivalents - End of Year 334,954$ 81,723,502$ 12,714,941$ Business-Type Activities -
Enterprise Funds (Continued)
CITY OF CAMARILLO
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2025
See Notes to Financial Statements 69
Sanitary
Water Utility District Solid Waste Transit
Reconciliation of Operating Income
to Net Cash Provided (Used) by
Operating Activities:
Operating income (loss) (7,513,476)$ 1,477,796$ (160,250)$ (3,666,032)$ Adjustments to Reconcile Operating Income
(Loss) Net Cash Provided (Used) by
Operating Activities:
Depreciation 3,673,972 2,652,603 - 246,973 Other non-operating revenue 747,456 1,044 - 32,237 Changes in pension related items 82,871 111,992 4,433 2,972 Changes in OPEB related items (116,051) (149,708) (2,765) (7,072) Changes in lease related items (1,127) 6,485 - - (Increase) decrease in accounts receivable (384,317) (161,098) 114,798 (1,052) (Increase) decrease in prepaid expense (6,076) (7,534) - - Increase (decrease) in accounts payable 2,130,477 220,278 77,300 (191,914) Increase (decrease) in accrued liabilities 70,457 74,600 1,776 2,539 Increase (decrease) in unearned revenue (14,206) - (22,285) (102,323) Increase (decrease) in non-capital retentions
payable 68,514 (37,362) - -
Increase (decrease) in deposits payable (13,857) 84,744 200 - Increase (decrease) in compensated
absences 126,622 54,483 7,172 (704)
Increase (decrease) in SBITA liability - - - -
Total Adjustments 6,364,735 2,850,527 180,629 (18,344) Net Cash Provided (Used) by
Operating Activities (1,148,741)$ 4,328,323$ 20,379$ (3,684,376)$ Noncash Investing, Capital, and
Financing Activities:
Amortization of bond premium -$ (54,539)$ -$ -$ Amortization of deferred charge on refunding - 33,523 - - Change in retentions payable related to capital
acquisition costs 68,514 (37,362) - -
Subscription assets - - - -
Business-Type Activities - Enterprise Funds
CITY OF CAMARILLO
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2025
See Notes to Financial Statements 70
Governmental
Nonmajor Activities
Camarillo Internal
Ranch Totals Service Funds
Reconciliation of Operating Income
to Net Cash Provided (Used) by
Operating Activities:
Operating income (loss) (135,457)$ (9,997,419)$ 1,270,764$ Adjustments to Reconcile Operating Income
(Loss) Net Cash Provided (Used) by
Operating Activities:
Depreciation 92,212 6,665,760 1,047,486
Other non-operating revenue - 780,737 -
Changes in pension related items 2,116 204,384 44,885
Changes in OPEB related items (2,576) (278,172) (42,305) - 5,358
(Increase) decrease in accounts receivable (29,308) (460,977) (68,600) (Increase) decrease in prepaid expense - (13,610) (9,461) Increase (decrease) in accounts payable 1,856 2,237,997 (57,892) Increase (decrease) in accrued liabilities 694 150,066 30,263 Increase (decrease) in unearned revenue - (138,814) -
Increase (decrease) in non-capital retentions
payable - 31,152 -
Increase (decrease) in deposits payable - 71,087 (32)
Increase (decrease) in compensated
absences (1,009) 186,564 (37,617)
Increase (decrease) in SBITA liability - - -
Total Adjustments 63,985 9,441,532 906,727
Net Cash Provided (Used) by
Operating Activities (71,472)$ (555,887)$ 2,177,491$ Noncash Investing, Capital, and
Financing Activities:
Amortization of bond premium -$ (54,539)$ -$ Amortization of deferred charge on refunding - 33,523 - Change in retentions payable related to capital
acquisition costs - 31,152 -
Subscription assets - - 1,004,218
Business-Type Activities -
Enterprise Funds (Continued)
71 FIDUCIARY FUND FINANCIAL STATEMENTS
72 Successor Agency Private-Purpose Trust Fund - accounts for the Redevelopment Property Tax Trust Fund distributions for the dissolution of the former Camarillo Community Development Commission.
Custodial Funds - account for assets held in fiduciary capacity for others and therefore cannot be used to support the City’s program.
CITY OF CAMARILLO
STATEMENT OF NET POSITION
FIDUCIARY FUNDS
JUNE 30, 2025
See Notes to Financial Statements 73
Private Purpose
Trust Fund
Successor
Agency Private
Purpose Trust
Fund Custodial Funds
Assets:
Cash and cash equivalents 58,790$ 873,860 $ Receivables:
Accounts -
39,033
Accrued i
nterest -
8,329
Restricted assets:
Cash and inv
estments with fiscal agents 6,501,391 494,519
Total Assets 6,560,181 1,415,741
Deferred Outflows of Resources:
Deferred charge on refunding 1,752,473 -
Total D
eferred Outflows of Resources 1,752,473 -
Lia
bilities:
Accounts payable 839 151,946
Interest payable 632,106 -
Deposi
ts payable -
13,176
Long-term
liabilities:
Bonds due in one year 1,730,000 -
B
onds due in more than one year 43,558,580 -
To
tal Liabilities 45,921,525 165,122
Net Position:
Held in trust for other purposes (37,608,871) -
Hel
d for individuals, organizations, and other governments - 1,250,619
Total N
et (Deficit) (37,608,871)$ 1,250,619$
CITY OF CAMARILLO
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
YEAR ENDED JUNE 30, 2025
See Notes to Financial Statements 74
Private Purpose
Trust Fund
Successor
Agency Private
Purpose Trust
Fund Custodial Funds
Additions:
Taxes 3,663,586$ - $
Int
ergovernmental -
2,401,527
Invest
ment earnings 65,503
44,513
Total Additions 3,729,089 2,446,040
Deductions:
Administrative expenses 22,293
206,438
Program expenses -
272
Contractual ser
vices -
1,658,872
Int
erest expense 1,884,654 469,685
T
otal Deductions 1,906,947 2,335,267
Changes in Net Position 1,822,142 110,773
Net Position - Beginning of the Year (39,431,013) 1,139,846 Net Position - End of the Year (37,608,871)$ 1,250,619$
75 76
NOTES TO BASIC
FINANCIAL STATEMENTS
77 CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS
JUNE 30, 2025
78 Note 1: Summary of Significant Accounting Policies
The basic financial statements of the City of Ca marillo have been prepared in conformity with Generally Accepted Accounting Principles (GAA P) applicable to government units. The Governmental Accounting Standards Board (GAS B) is the accepted standard-setting body for establishing governmental accounting and financial reporting principles. More significant accounting policies of the City are described below.
a. Financial Reporting Entity
The City of Camarillo (City) is a general law city governed by an el ected five-member City Council. As required by GAAP, these basic fina ncial statements present the City and its component units, entities for which the City is c onsidered to be financially accountable. Blended component units, although legally separate entities are, in substance, part of the City’s operations and data from these units are combined with data of the City. Each blended component unit has a June 30 year-end. The City had no discretely pr esented component units. The following entities are reported as blended component units:
Camarillo Community Development Commission - The Camarillo Co mmunity Development Commission (CDC) was created on June 12, 1996. The City Council Members also serve as the Commissioners of the CDC. Therefore, the CDC is considered a blended component unit and is included in the accompanying financial statements of the City of Camarillo since the City has operational responsibility for the CDC.
Camarillo Sanitary District Board - The Camarillo Sanitary District Board (District) was formed in 1955 to provide wastewater treatment to most of what is now the City of Camarillo.
The City Council also acts as the Camarillo Sanita ry District’s governing board and as such is able to impose its will with regard to the District. Therefore, the District is considered a blended component unit and is included in the accompanying financial statements of the City. Rates for user charges and bond issuance authorizations ar e approved by the District’s governing board, and the legal liability for the general obligation por tion of the District’s debt remains with the District. The District is reported as an enterprise fund in the City ’s financial statements since the City has operational responsibility for the District. Separate financial statements are not prepared.
Camarillo Capital Improvement Corporation - The Camarillo Capital Improvement Corporation (Corporation) was formed on December 23, 1987, pursuant to the laws of the state of California. The governing body is the City Counc il, which can impose its will on the Corporation and the City can receive financial benefit or burden of the Corpora tion. Thus, it is considered a blended component unit. The Corporation has the power to acquire sites, construct, maintain, operate and lease public buildings and related facilities; to provide for the development of the City and the District; to make and enter into cont racts; to acquire, construct, manage, maintain or operate any buildings, works or improvements; to acquire property or dispose of property by lease or sale. The Corporation’s activities may co nsist of providing financial assistance to the City through the issuance of bonds and the leasing of assets to the City and the District. At the end of the lease term, all assets revert to th e City and the District. Any activities of the Corporation related to the District plant expansion are included in the Sanitary District Enterprise Fund. The most recent meeting occurred in January 2025. Separate financial statements are not prepared.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
79 Note 1: Summary of Significant Accounting Policies (Continued) a. Financial Reporting Entity (Continued)
Camarillo Public Finance Authority - The Camarillo Public Finance Authority (PFA) was established in 1998 for the purpose of provi ding a mechanism for the 1999 combining and refunding of three bonds to take advantage of favorable interest rates. The PFA was formed under the Joint Exercise of Powers Law between the City and the Camarillo San itary District. The PFA currently has one bond outstanding, recorded in the governmental activities. The most recent meeting occurred in January 2025. Separate financial statements are not prepared.
Camarillo Industrial Development Authority - The Camarillo Industrial Development Authority (IDA) was established in 1996 for the sole purpose of providing a mechanism for the issuance of Industrial Development Revenue Bonds , and the governing body is the City Council.
The IDA is a public, corporate instrumentality of the state and was organized under the California Industrial Development Financi ng Act (being Title 10 of the California Government Code, commencing with Section 91500, as amended). The IDA currently has no bonds outstanding. The most recent meeting occurred in January 2025. Separate financial statements are not prepared.
Camarillo Library Board - The Camarillo Library Board was established in 2010 to manage the Camarillo Public Library as required by the California Education Code. The City assumed operation of the Camarillo Library from the Vent ura County Library system in January 2011, and the City Council was appointed as the board. The Camarillo Library Board’s most recent meeting occurred in June 2025. The activity is recorded in the library special revenue fund. Separate financial statements are not prepared.
b. Financial Reporting Fiduciary Entity
City of Camarillo as Successor Agency to the Camarillo Community Development Commission - The Successor Agency was created to ser ve as a custodian for the assets and to wind down the affairs of the former Redevelopmen t Agency of the City of Camarillo. As of July 1, 2018, the Ventura County Consolidated Oversight Board (VCCOB) was established. The VCCOB is charged with overseeing the activities of the eleven successor agencies throughout the County, as agencies discharge their obligations, di spose of assets, and wind down redevelopment activities. Based upon the nature of the Successor Ag ency’s custodial role, it is reported in a fiduciary fund (private-purpose trust fund).
c. Budgets and Budgetary Accounting
Budgets are legally adopted annually by the Council by resolution and are prepared for each fund in accordance with its basis of accounting consistent with GAAP. The City Manager is responsible for preparing the budget and for its implementation after adoption.
Annual appropriations lapse at fiscal year-end; however, the City Manager has the authority to approve appropriation carryovers for unexpended appropriations for incomplete capital projects, and unexpended appropriations for the grant programs.
The City did not adopt a budget for the Grants Special Revenue Fund.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
80 Note 1:
Summary of Significant Accounting Policies (Continued)
c. Budgets and Budgetary Accounting (Continued)
The City maintains bu
dgetary controls to ensu re compliance with provisions embodied in the annual budge
t approved by the City Council and the Camarillo Sanitary District Board. The City Council approves operating and capital appropriations at the fund and department levels. The City Manager has the authority to transfer between expenditure accounts and between funds of the City and the Camarillo Sanitary District, as l ong as there is no funding source incompatibility, and provi
ded those changes do not increase overall appropriations in either component unit. The level of budg
etary control is established at the f und level. The Council has the legal authority to amend the budget at any time during the fiscal year.
d.
Basis of Accounting and Measurement Focus
The accounts of the Cit
y are organized on the basis of funds, each of which is consider ed a separate
accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its asset s, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Governme ntal resources are allocated to and accounted
for in individual funds based upon
the purposes for which they are to be spent and the means by which spending activities are controlled.
Government-Wide Financial
Statements
The City’s government-wide financial statemen ts include a Statement of Net Position a nd a Statement of
Activities. These statements presen t summaries of governmental and business-type activities for the City accompanied by a total co lumn. Fiduciary activities of the City are not included in
these statements.
These basic f
inancial statements are presented on an “economic resources” measurement fo cus and the accrual basis of accounting. Accordingly, all of the City’ s assets, deferred outflows of
resources, liabilities, and deferred inflows of resources, including capital assets, as well as infrastructure assets
and long-term liabilities, are included in the accompanying Statement of Net Position. The Statement of Activities presents cha nges in net position. Under the accrual basis of accounting, r
evenues are recognized in the period in which they are earned while expenses are recognized in the period i
n which the liability is incurred.
Certain types of transactions are reported
as program revenues for the City in three categories:
Charges for services
Operating grants and contributions
Capital grants and contributions
Certain eli
minations have been made in regard to interfund activities, payables, and receivables.
All internal balances in the Statement of Ne t Position have been eliminated except those representing balances between the governmental activities and the business-type activities, which are presented as internal balances and eliminated in the total primary government column. In the Statement of Activities, internal service fund transactions have been eliminated; however, transactions between governmental and business-type activities were not eliminated.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
81 Note 1: Summary of Significant Accounting Policies (Continued) d. Basis of Accounting and Measurement Focus (Continued) Governmental fund financial statements include a Balance Sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balances fo r all major governmental funds and nonmajor funds aggregated. An accompanying schedule is presented to reconcile and explain the differences in net position as presented in these st atements to the net position presented in the government-wide financial statements. The City has presented all major governmental funds that met the applicable criteria. The following is a list of these major governmental funds:
General Fund - This fund is used to account for res ources which are not required legally or by sound financial management to be accounted for in another fund.
Maintenance Districts Special Revenue Fund - This fund accounts for re stricted property tax and/or assessments to be used for maintenan ce within the eleven districts.
Development Fees Special Revenue Fund - This fund is used to account for specific fee revenues that are legally restricted to expenditures for particular purposes.
Grants Special Revenue Fund - This fund is used to acco unt for financial resources received from federal, state, or local gr ant programs that are legally restricted to expenditures for specific purposes
Capital Improvement Projects Fund - This fund is used to ac count for capital asset acquisition, construction and im provement of capital faciliti es, including infrastructure, from general government resources, developer fees, and intergovernmental grants.
Additionally, the government reports the following fund types:
Debt Service Funds - These funds are used to account for the accumulation of resources and payment of long-term debt principal and interest for bonds issued by the City to finance various projects.
All governmental funds are accounted for on a spending or " current financial resources ” measurement focus and the modified accrual ba sis of accounting. Accordingly, only assets, liabilities, and deferred inflows of resources are included on the Balance Sheet. The Statement of Revenues, Expenditures, and Changes in Fund Balances presents increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets.
Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and av ailable to finance expenditures of the current period.
Revenues are recorded when received in cash, except for those revenues subject to accrual, generally 60 days after year-end for property tax revenues, 90 days for general revenues, subventions, and grants, which are recognized when due. The primary revenue sources, which have been treated as susceptible to accrual by the City, are property tax, sales tax, franchise taxes, special assessments, inte rgovernmental revenues and other taxes. Expenditures are recorded in the accounting period in which the related liability is incurred.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
82 Note 1: Summary of Significant Accounting Policies (Continued) d. Basis of Accounting and Measurement Focus (Continued) Unavailable revenues arise when potential reve nues do not meet both the “measurable” and “available” criteria for recognition in the current period. Unavailable revenues are reported as deferred inflows of resources until they meet th e “available” criteria. Unearned revenues arise when the government receives resources before it has a legal claim to them, as when grant monies are received prior to incurring qualifying expenditu res. In subsequent periods, when both revenue recognition criteria are met or when the governme nt has a legal claim to the resources, the unearned revenues are removed, and revenue is recognized.
The Reconciliation of the Fund Financial Stat ements to the Government-Wide Financial Statements is provided to explain the differenc es created by the integrated approach of GASB Statement No. 34.
Proprietary Fund Financial Statements
Proprietary fund financial statements include a Statement of Net Position, a Statement of Revenues, Expenses, and Changes in Fund Net Posi tion, and a Statement of Cash Flows for each proprietary fund.
A separate column representing internal service funds is also presented in these statements.
However, internal service balances and activiti es have been combined with the governmental activities in the government-wide financial statemen ts. The following is a list of the City’s major proprietary funds:
Water Utility Fund - This fund is used to account fo r the activities associated with the transmission and distribution of potable and recycled water by the City to its users.
Sanitary District Fund - This fund is used to account for the ac tivities of the Sanitary District (a component unit of the City of Camarillo) which includes the transmission, pumping and treatment of the City's sewage.
Solid Waste Fund - This fund is used to account for the activities associated with collection and disposal of rubbish and recycled materials.
Transit Fund - This fund is used to account for the ope rations of the City's bus system which includes both leased bus activities and the City-owned bus system.
Proprietary funds are accounted for using the " economic resources" measurement focus and the accrual basis of accounting. Accordingly, all asset s and liabilities (whether current or noncurrent) are included on the Statement of Net Position. The Statement of Revenues, Expenses, and Changes in Net Position presents increases (rev enues) and decreases (expenses) in total net position. Under the accrual basis of accounting, re venues are recognized in the period in which they are earned, while expenses are recognized in the period in which the liability is incurred. In these funds, receivables have been recorded as revenue and provisions have been made for uncollectible amounts.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
83 Note 1: Summary of Significant Accounting Policies (Continued) d. Basis of Accounting and Measurement Focus (Continued) Operating revenues in the proprietary funds ar e those revenues that are generated from the primary operations of the fund. All other revenues are reported as nonoperating revenues.
Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as nonoperating expenses.
Internal Service Fund Financial Statements
The City reports three internal service funds as of the end of the fiscal year, Risk Management, Information Services, Vehicles & Equipment. These proprietary funds are used to account for the financing of services provided by one department to another on a cost-reimbursement basis.
Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a Statement of Net Position and a Statement of Changes in Net Position. The Successor Agency Private-Purpose Trust Fund and Custodial Funds are reported using the “ economic resources ” measurement focus and the accrual basis of accounting. The Successor Agency Private-Purpos e Trust Fund is being used to account for the Redevelopment Property Tax Trust Fund distribu tions made by the County of Ventura for the dissolution activity related to the former Cama rillo Community Development Commission. The Custodial Funds account for monies held for othe r governments and/or entities to which the City provides accounting and investing services, which none are held in trust.
e. Cash, Cash Equivalents, and Investments
Cash Management - The City pools cash resources of its various funds to facilitate cash management. Cash in excess of current requirements is invested and reported as investments. It is the City’s intent to hold investments until maturity. However, the City may, in response to market conditions, sell investments prior to maturity in or der to improve the quality, liquidity or yield of the portfolio. Interest earnings are apportione d among funds based on average daily cash and investment balances.The City’s cash and cash e quivalents are considered to be cash on hand, demand deposits, and highly liquid investments with original maturities of three months or less at the time of acquisition.
Investments Valuation - Highly liquid market investments with maturities of one year or less at time of purchase, are stated at amortized cost. All other investments are stated at fair value, which is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date.
State Investment Pool - The City voluntarily participates in the Local Agency Investment Fund (LAIF), an investment pool, regulated by Calif ornia Government Code Section 16429 under the oversight of the Treasurer of the State of California. The fair value of the City’s investment in this pool is reported at an amount based upon the City’s pro-rate share of the fair value provided by LAIF for the entire LAIF portfolio (in relation to the amortized cost of that portfolio).
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
84 Note 1: Summary of Significant Accounting Policies (Continued) f. Interfund Transactions
Activity between funds that are representative of lending/borrowing arrangements outstanding at the end of the fiscal year are referred to as e ither “due to/from other funds” (i.e., the current portion of interfund loans) or “advances to/from other funds” (i.e., the noncurrent portion of interfund loans). Any residual ba lances outstanding between the governmental activities and business-type activities are reported in the govern ment-wide financial statements as “internal balances.”
g. Assets Held for Resale
Assets held for resale are recorded at the lower of cost or market, but not greater than the net realizable value.
h. Capital Assets
Capital assets, which include land, buildings, improvements, equipment, furniture, and infrastructure assets (e.g., roads, sidewalks, and similar items), are reported in the applicable governmental or business-type activities in the government-wide financial statements. All purchased capital assets are recorded at cost where historical records are available and at an estimated historical cost where no historical records exist. Donated (contributed) capital assets are valued at acquisition value on the date received.
City policy has set the capitalization threshold for reporting capital assets at the following:
General capital assets 5,000 $
Infrastructure capital assets 50,000 $
For all capital assets, depreciation is recorded on a straight-line basis over the useful lives of the assets as follows:
Building and Improvements 30 to 40 Years
Furniture and Fixtures 8 to 15 Years
Machinery and Equipment 5 to 40 Years
Water and Sewer Transmission,
Collection, and Distribution Lines 40 to 50 Years
Infrastructure 5 to 75 Years
The City has included the value of all infrastruct ures into its Basic Financial Statements and it defines infrastructure as the basi c physical assets that allow the City to function. The assets include:
Storm drain system
Streets system
Site amenities such as parking and landscaped areas used by the City to conduct business
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
85 Note 1: Summary of Significant
Accounting Policies (Continued)
h. Capital Assets (Continued)
Each major infrastructure system can be divided in to subsystems. For example, the street sy stem can be subdi vided into pavement, curb and gutte rs, sidewalks, medians, streetlights, traffic control devices (signs, signals and pavement ma rkings), landscaping and land. These subsystems were not delineated in the Basic Financial St atements. The appropriate operating department maintains information regarding the subsystems.
The accu mulated depreciation, defined as the total depreciation from the date of construction/acquisition to the current date, was calculated on a straight-line method using industry accepted life expectancies for each infrastructure subsystem. The book value was th en computed by deducting the accumulated depreciation from the original cost.
Subscription-Based Information Technology Arrangements (SBITA) assets are initially measured as the sum of the present value of payments expected to be made during the subscription term, payments associated with the SBITA contract made to the SBITA vendor at the commencement of the subscription term, when applicable, a nd capitalizable i mplementation costs, less any SBITA vendor incentives received for m the SBITA vendor at the commencement of the SBIT A term. SBIT A assets are amortized in a systematic and rational manner over the shorter of the subscription term or the useful life of the underlying IT assets. i.
Interest Payable
Interest payable of long-term debt is r ecognized when the liab ility is incurred for governmental activities, business-type activities, proprietary fund types, and fiduciary fund types. j. Defe
rred Outflows/Inflows of Resources
In addition to assets, the statements of net position reports a separate section for deferred outflows of resources. This financial statement element, deferred outflows of resources , represen ts a consumption of net assets that applies to future periods and so will not be recognized as an outflow of resources ( expense/expenditure) until that time. The City has the following items that qualify for reporting in this category:
Deferred loss on refunding, net of accumulate d amortization reported in the government- wide Statement of Net Position and the propr ietary funds Statement of Net Position. A deferred loss on refun ding results from the di fference in the carrying value of re funded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the life of the refunded or refunding debt.
Deferred outflows related to pensions and OPEB equal to employer contributi ons made after the measurement date of the net pension lia bility and the net OPEB liability, respectively.
Deferred outflows related to pension and OPEB resulting from changes in assumptions.
These amounts are amortized over a closed period equal to the average expected remaining service lives of all employees that are provided benefits through the plans.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
86 Note 1: Summary of Significant Accounting Policies (Continued) j. Deferred Outflows/Inflows of Resources (Continued)
Deferred outflows related to OPEB and pens ions for differences between expected and actual experience. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of all employees that are provided with OPEB and pensions through the plans.
Deferred outflows related to pensions resu lting from the net differences in projected and actual earnings on investments of the pension plans fiduciary net position. These amounts are amortized over five years.
In addition to liabilities, the statement of net position and the governmental funds balance sheet report a separate section for deferred inflows of resources. This financial statement element, deferred inflows of resources, represents an acquisition of net assets that applies to future periods and will not be recognized as an inflow of res ources (revenue) until that time. The City has the following items that qualify for reporting in this category:
Deferred inflow related to leases, this amount is deferred and recognized as an inflow of resources in based on the payment provisions in the contract.
Deferred inflows related to OPEB and pensions for differences between expected and actual experience. These amounts are amortized over a closed period equal to the average of the expected remaining service lives of al l employees that are provided with benefits through the plans.
Deferred inflows related to OPEB resulti ng from changes in assumptions. These amounts are amortized over a closed period equal to the average expected remaining service lives of all employees that are provided benefits through the plan.
Deferred inflows related to OPEB resulting from the net differences in projected and actual earnings on investments of the OPEB plans fiduciary net position. These amounts are amortized over five years.
k. Leases
The City is a lessor for a noncancellable lease of a building, land, and water tower. The City recognizes a lease receivable and a deferred inflow of resources in the business-type activities in the government‐wide and in the proprietary fund financial statements.
At the commencement of a lease, the City initially measures the lease receivable at the present value of payments expected to be received during the lease term. Subsequently, the lease receivable is reduced by the principal portion of lease payments received. The deferred inflow of resources is initially measured as the initial amount of the lease receivable, adjusted for lease payments received at or before the lease comm encement date. Subsequen tly, the deferred inflow of resources is recognized as revenue over the life of the lease term.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
87 Note 1: Summary of Significant Accounting Policies (Continued) k. Leases (Continued)
Key estimates and judgments include how the C ity determines (1) the discount rate it uses to discount the expected lease receipts to present value, (2) lease term, and (3) lease receipts.
The City uses its estimated incremental borrowing rate as the discount rate for leases. The lease term includes the noncancellable period of the lease. Lease receipts included in the measurement of the lease receivable are composed of fixed payments from the lessee.
The City monitors changes in ci rcumstances that would require a remeasurement of its lease and will remeasure the lease receivable and deferred inflows of resources if certain changes occur that are expected to significantly affect the amount of the lease receivable.
l. Compensated Absences
The City recognizes a liability for compensated ab sences for leave time that (1) has been earned for services previously rendered by employees, (2) ac cumulates and is allowed to be carried over to subsequent years, and (3) is more likely than not to be used as time off or settled during or upon separation from employment. Based on the cr iteria listed, six types of leave qualify for liability recognition for compen sated absences – vacation, sick , Comprehensive Annual Leave (CAL), holiday bank, safety leave, and comp ensatory time. The liability for compensated absences is reported as incurred in the govern ment-wide and proprie tary fund financial statements. A liability for compensated absences is recorded in the governmental funds only if the liability has matured because of employee resi gnations or retirements. The liability for compensated absences includes salary-related benefits, where applicable.
m. Long-Term Obligations
Government-Wide Financial Statements - Long-term debt and othe r long-term obligations are reported as liabilities in the appropriate activities. The effect of premiums, discounts and similar items when debt is issued are deferred and amor tized over the life of the underlying debt in the Statement of Activities.
Fund Financial Statements - The fund financial statements do not present long-term debt but are shown in the Reconciliation of the Governmental Funds Balance Sheet to the Government-Wide Statement of Net Position. Bond premiums and discounts, as well as issuance costs, are recognized during the current period. Bond pro ceeds are reported as other financing sources net of the applicable premium or discount. Issuance costs, whether or not withheld from the actual net proceeds received, are reported as debt service expenditures.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
88 Note 1: Summary of Significant Accounting Policies (Continued) n. Net Position
In the government-wide financial statements, net position is classified in the following categories:
Net Investment in Capital Assets – This amount consists of capital assets net of accumulated depreciation and is reduced by out standing debt that attributed to the acquisition, construction, or improvement of the assets.
Restricted Net Position – This amount is restricted by external creditors, grantors, contributors, laws enabling legislation or regulations of other governments.
Unrestricted Net Position – This amount is the net position that does not meet the definition of “net investment in capital assets” or “restricted net position.”
o. Use of Restricted/Unrestricted Net Positions
When an expense is incurred for purposes for which both restricted and unrestricted net position are available, the City’s policy is to apply restricted net position first.
p. Fund Balances
In the fund financial statements, governmental f unds report fund balance in classifications based primarily on the extent to which the City is bound to honor constraints on the specific purposes for which amounts in the funds can be spent. S ee Fund Balance for Governmental Funds Note 9 in the Notes to Basic Financial Statements for more information.
q. Property Tax Calendar
The State of California Cons titution Article XIIIA provides that the combined maximum property tax rate on any given property may not exceed 1% of its assessed value, unless an additional amount for debt has been approved by voters. Assessed value is calculated at 100% of market value
as defined by Article XIIIA and may be increased by no more than 2% per year unless the property is sold, transferred, or improved.
The County of Ventura assesses properties, bills for, collects, and distributes property taxes on the basis of the taxing jurisdiction’s tax rate pe rcentage, subject to individual tax jurisdiction’s adjustments as may be allowed for voter-approved debt, as follows:
Secured Unsecured
Lien dates Januar y 1 Januar y 1
Levy dates Jul y 1J u l y 1
Due dates 50% on November 1 and Jul y 1
50% on February 1
Delinquent as of December 10 (for November) August 31
April 10 (for February)
The term “unsecured” refers to taxes on persona l property other than real estate, land, and buildings.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
89 Note 1: Summary of Significant Accounting Policies (Continued) r. Use of Estimates
The preparation of the basic financial stat ements, in conformity with GAAP, requires management to make estimates and assumptions. These estimates and assumptions affect the reported amounts of assets and liabilities and the di sclosure of contingent assets and liabilities. In addition, estimates affect the reported amount of expenses. Actual results could differ from these estimates and assumptions.
s. Pensions
For purposes of measuring the net pension liability and deferred outflows /inflows of resources related to pensions, and pensi on expense, information about the fiduciary net position of the District’s California Public Employees’ Retirement System (CalPERS) plans (Plans) and additions to/deductions from the Plans’ fiduciary net position have been determined on the same basis as they are reported by CalPERS. For this pu rpose, benefit payments (including refunds of employee contributions) are recognized when due and payable in accordance with the benefit terms. Investments are reported at fair value.
t. Implementation of New Accounting Standards
During the year ended June 30, 2025, th e City implemented GASB Statement No. 101 Compensated Absences, see Notes 6 and 11 for more information.
u. Other Postemployment Healthcare Benefits (OPEB)
For purposes of measuring the net OPEB liability , deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the City’s plan (OPEB Plan), th e assets of which are held by Public Agency Retirement Services (PARS), and additions to/de ductions from the OPEB Plan’s fiduciary net position have been determined by an independent actuary. For this purpose, benefit payments are recognized when currently due and payable in acco rdance with the benefit terms. Investments are reported at fair value.
Generally accepted accounting principles require that the reported results must pertain to liability and asset information within certain defined timeframes. For this report, the following timeframes are used:
Valuation Date June 30, 2024
Measurement Date June 30, 2024
Measurement Period July 1, 2023 to June 30, 2024
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
90 Note 2:
Cash and Investments
The City had the following cash and investments at June 30, 2025:
Fair Value
City treasury deposits:
Deposits 2,186,725 $
Petty cash 3,395
Total City treasury deposits
2,190,120
Certificates of deposit 489,892
Corporate notes 7,917,360
Commercial paper 3,948,211
City treasury investments:
Securities of U.S. government sponsored entities:
FFCB 11,233,559
FHLB 8,051,520
FHLMC 1,920,080
Total City securities of U.S. government
sponsored entities 21,205,159
Local agency investment fund 165,197,721
Tax-exempt money market 122
U.S. Treasury
securities 56,311,300
Total City treasury investments 221,509,143
Total funds in City treasury 257,259,885$
Restricted cash and investments 7,845,700$
Cash and investments with fiscal agents 8,027,414$
a. Cash
Deposits
The City’s
deposits and certificates of depos it are entirely covered by Federal Depository Insurance Corporation (FDIC), or by collateral held in a multiple financial institution coll ateral pool. The FD
IC insures the first $250,000 of the Ci ty’s deposits at each financial institution. At June 30, 2025, the reported amount of the City's deposits was $2,186,725 and the bank balances totaled $4,
948,370. The difference was related to outstanding checks, deposits in transit and other reconciling items.
Custodial credit risk for
deposits is the risk that , in the event of the failure of a depository financial institution, a government will not be able to recover its deposits or will not be able to recover collat
eral securities that are in the possession of an outside party. The custodial credit risk for investments is the risk that, in the event of the fa ilure of the counterparty (e.g., brok er-dealer) to a transaction, a
government will not be able to re cover the value of its investment or coll ateral securities that are in the possession of another party.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
91 Note 2: Cash and Investments (Continued)
a. Cash Deposits (Continued)
The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to cu stodial credit risk for deposits or investments, other than the following provision for deposits: The California Government Code requires that a financial institution secure deposits made by st ate or local governmental units by pledging securities in an undivided collateral pool held by a depository regulated under state law (unless so waived by the governmental unit). The market va lue of the pledged securities in the collateral pool must equal at least 110% of the total am ount deposited by the public agencies. California law also allows financial institutions to secure C ity deposits by pledging first trust deed mortgage notes having a value of 150% of the secured public deposits. The City’s deposits are insured by FDIC or collateralized as required by California Law. The City has not waived the financial institution requirement on securing City’s deposits.
For investments identified herein as held by fiscal agents, the trustee selects the investment under the terms of the applicable trust agreement, ac quires the investment, and holds the investment on behalf of the City.
b. Investments
The City is authorized by state statutes, and in accordance with the City’s Investment Policy (Policy), to invest in the following:
State Local Agency Investment Fund (LAIF)
United States Treasury notes, bonds, bills or certificates of indebtedness Insured demand deposits
Certificates of deposit
Commercial paper
Federal agency or United States government sponsored enterprises Government or U.S. Treasury money market funds
Municipal Securities that are obligations of the City, the state of California, and any local agency within the state of California
Negotiable Certificates of Deposit (NCDs), issued by a nationally or state-chartered bank, a savings association or federal association, a state of federal credit union, or a federally- licensed or state-licenses branch of a foreign bank
Supranationals
Corporate medium term notes
Asset-backed Securities
The Policy, in addition to state statutes, estab lishes that funds on deposit in banks must be federally insured or collateralized, and investme nts shall: (1) have maximum maturity not to exceed five years, (2) be laddered and based on cash flow forecasts, and (3) be subject to limitations to a certain percent of the portfolio fo r each of the authorized investments. The City’s investments comply with the established policy.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
92 Note 2: Cash and Investments (Continued)
b. Investments (Continued)
Investments of debt proceeds held by fiscal agents are governed by provisions of the debt covenants, rather than the general provisions of the California Government Code or the City’s investment policy. These provisions allow for the investments in the following:
U.S. Treasury obligations, U.S. Agency secu rities, nonnegotiable certificates of deposit, commercial paper, negotiable certificates of deposit, investment agreements, repurchase agreements, forward purchase agreements, money market mutual funds, LAIF, supranationals, corporate medium term notes, and asset-backed securities.
The City portfolio value fluctuates in an inve rse relationship to changes in interest rate.
Accordingly, if interest rates have risen, the por tfolio value will have declined. If interest rates have fallen, the portfolio value will have risen.
The portfolio for year-end reporting purposes is tr eated as if it were all sold. Therefore, fund balance must reflect the portfolio’s change in value. These portfolio value changes are unrealized unless sold.
c. Fair Value Measurements and Application
GASB Statement No. 72 Fair Value Measurement and Application generally requires investments to be measured at fair value. An investment is defined as a security or other asset that (a) a government holds primarily for the purpose of income or profit and (b) has a present service capacity based solely on its ability to generate cash or to be sold to generate cash.
The City categorizes its fair value measurement within the fair value hierarchy established by generally accepted accounting principles. The hier archy is based on the relative inputs used to measure the fair value of the investments. Leve l 1 inputs are quoted prices in active markets for identical assets. Level 2 inputs are valued usi ng a matrix pricing model. Level 3 inputs are significant unobservable inputs.
The asset’s level within the hierarchy is based on the lowest level of input that is significant to the fair value measurement. Valuation techniques used need to maximize the use of observable inputs and minimize the use of unobservable inputs.
When available, quoted prices are used to dete rmine fair value. When quoted prices in active markets are available, investments are classified w ithin Level 1 of the fair value hierarchy. When quoted prices in active markets are not available, fair values are based on evaluated prices received by City from third-party service provider.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
93 Note 2: Cash and Investments (Continued)
c. Fair Value Measurements and Application (Continued)
The City has the following fair value measurements for its investments as of June 30, 2025:
Investment Type Level 1 Level 2 Level 3 Total
Federal agency securities - $ 21,205,159$ - $ 21,205,159$ Certificates of deposit - 489,892 - 489,892 Corporate notes - 7,917,360 - 7,917,360 Commercial paper - 3,948,211 - 3,948,211 U.S. Treasury securities - 56,311,300 - 56,311,300 Total Leveled Investments - $ 89,871,922$ - $ 89,871,922 Tax-exempt money market* 122
State investment pool (LAIF)* 165,197,721
Held by Trustee:
PARS Trust* 7,845,700
Money market mutual funds* 8,027,414
Total Investment Portfolio 270,942,879$
*Not subject to fair market value measurement
d. Summary of Cash and Investments
The following is a summary of cash and investments as of June 30, 2025:
Fiduciary
Funds
Governmental Business-Type Statement of
Activities Activities Total Net Position Total
Cash and investments 174,704,623 $ 81,622,612 $ 256,327,235 $ 932,650 $ 257,259,885$ Restricted cash and
investments 7,845,700 - 7,845,700 - 7,845,700 Restricted cash with
fiscal agent 930,614 100,890 1,031,504 6,995,910 8,027,414 Total 183,480,937 $ 81,723,502 $ 265,204,439 $ 7,928,560 $ 273,132,999 $ Government-Wide
Statement of Net Position
e. Risk Disclosures
Interest Rate Risk - Interest rate risk is the possibility th at changes in market interest rate will adversely affect the fair value of an investment. As a means of limiting its exposure to fair value losses arising from rising interest rates, the City’s investment policy requires that the average maturity of the investme nt portfolio will not exceed three years, and no investment will have a maturity of more than five years from its date of purchase. At June 30, 2025, the City Treasury had the following investment maturities:
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
94 Note 2:
Cash and Investments (Continued)
e.
Risk Disclosures (Continued)
Less than 6 6 Months to
Investment Type Fair Value Months a Year 1 to 3 Years 3 to 5 Years FFCB 11,233,559$ -$ 5,239,519$ 4,027,440$ 1,966,600$ FHLB 8,051,520
2,001,240 1,957,900 2,030,360 2,062,020 FHLMC 1,920,080
- - 1,920,080 -
U.S. Treasury securities 56,311,300 5,995,120 1,992,600 27,972,640 20,350,940 Money market funds 122 122 - - - Certificates of deposit 489,892
244,909 - 244,983
-
Corporate notes 7,917,360
1,994,530 1,966,680 2,955,540 1,000,610
Commercial paper 3,948,211 1,999,937 1,948,274 - - LAIF 165,197,721 165,197,721 - - - Held by Trustee:
PARS Trust 7,845,700
7,845,700 - - -
Money market mutual funds 8,027,414 8,027,414 - - - Total 270,942,879$ 193,306,693$ 13,104,973$ 39,151,043$ 25,380,170$ Investment Maturities
Credit Risk - Credit risk is the possibility that an issu er of an investment will not fulfill its obligation to the holder of the investment. Stat e law limits investments in commercial paper and corporate bonds to the top two ratings issued by nationally recognized statistical rating organizations (NRSROs). The City’s policy does not allow these types of investments.
At June 30, 2025, the City Treasury investment credit risks, expressed on a percentage basis, were as follows:
Moody's Credit S & P's % of
Investment Type Rating Rating Investments
FFCB Aaa AA 4.15
FHLB
Aaa AA 2.97
FHLM
C Aaa AA 0.71
U.S. Treasu
ry securities Aaa AA 20.78
M
oney market funds Not Rated Not Rated -
CD's
Not Rated Not Rated 0.18
C
orporate Notes Not Rated Not Rated 2.92
Co
mmercial Paper Not Rated Not Rated 1.46
LAIF
Not Rated Not Rated 60.97
PAR
S Trust Not Rated Not Rated 2.90
M
oney market mutual funds Aaa AAA 2.96
Total 100.00
Credit Quality Distribution for
Securities with Credit Exposure
City Treasury Investments
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
95 Note 2: Cash and Investments (Continued)
e. Risk Disclosures (Continued)
At June 30, 2025, the City Fiscal Agent investme nt credit risks, expressed on a percentage basis, were as follows:
Moody's Credit S & P's % of
Investment Type Rating Rating Investments
Money market mutual funds Aaa AAA 100.00
Total 100.00
Credit Quality Distribution for Securities with Credit Exposure Fiscal Agent Investments
f. Concentrations of Credit Risk
The investment policy of the City states Federa l agency or United States government sponsored total issues will not exceed 75%, nor will one issuer exceed 20% of the total portfolio. The City did not have any investments in any one issuer (other than U. S. Tr easury securities, mutual funds, and external investment pools) that represen t 5% or more of total entity investments as of June 30, 2025.
Note 3: Receivables
a. Government-Wide Financial Statements
The following is a summary of receivables, includi ng restricted receivables, net of allowances for uncollectible amounts at June 30, 2025:
Fiduciary Funds
Governmental Business-Type Statement of
Activities Activities Total Net Position Total
Current assets:
Accounts 5,430,704 $ 7,396,900 $ 12,827,604 $ 39,033$ 12,866,637 $ Interest 1,787,599 880,187 2,667,786 8,329 2,676,115 Leases - 130,478 130,478 - 130,478 Grants 567,340 448,428 1,015,768 - 1,015,768 Noncurrent assets:
Leases - 65,071 65,071 - 65,071 Notes 6,363,828 10,531 6,374,359 - 6,374,359 Total 14,149,471 $ 8,931,595 $ 23,081,066 $ 47,362$ 23,128,428 $ Government-Wide
Statement of Net Position
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
96 Note 3: Receivables (C
ontinued)
b. Notes Receivable
Promissory notes receivable of $6,374,359 at June 30, 2025, consisted of the following outstanding balances:
Governmental Activities
Major Fund
General fund
Note Receivable from Economic Development
Collaborative, Note due and payable on July 1, 2025 792,190$ Nonmajor Fund
Low-Moderate Income Housing Asset Fund
Note Receivable from KDF Park Glenn Seniors,
L.P., Note due and payable on October 30, 2037 275,000
Community development
Community Development Block Grant Fund (CDBG)
Notes used for affordable housing down payment,
closing assistance, and silent second trust deeds
Notes due at the time of property sale 396,638
Camarillo Corridor Project Area Fund
Note Receivable from Area Housing Authority of
the County of Ventura, Note due and payable in June 2088 4,900,000 Total governmental activities notes receivable 6,363,828 Business-Type Activities
Sanitary district fund
Various notes used for purchase and installation
of FOG Devices 10,531
Total Notes Receivable 6,374,359$
Note 4: Interfund Transactions
The City had the following transfers for the fiscal year ended June 30, 2025:
Maintenance Capital Other Other
General District Special Improvement Governmental Proprietary Transfers Out Fund Revenue Projects Funds Funds Transit Totals $ - $ 3,249,516 $ - $ 473,631 $ 308,354 $ - $ 4,031,501 - - 723,269 - - - 723,269
2,009,568 11,998 5,291,228 - - 1,623,031 8,935,825 General Fund
Development Fees Special
Revenue Fund
Other Governmental Funds
Total $ 2,009,568 $ 3,261,514 $ 6,014,497 $ 473,631 $ 308,354 $ 1,623,031 $ 13,690,595 Transfers In
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
97 Note 4: Interfund Transactions (Continued)
The General Fund provided transfers to the Main tenance District Special Revenue Fund, Other Governmental Funds, and Other Proprietary Fund s to support on-going operations and debt service payments. The Development Fees Special Reve nue Fund provided transfers to the Capital Improvement Projects Fund to supplement capital impr ovement projects scheduled in the City's Five- Year Capital Improvement Program . Other Governmental Funds provi ded transfers to the General Fund, Maintenance Districts Special Revenue Fund, Capital Improvement Projects Fund, and Transit Fund to support ongoing operations and capital projects.
The City had the following interfund payables for the fiscal year ended June 30, 2025:
Due from Other
Funds
Due to Other Funds General Fund
Transit fund $ 33,000
Total $ 33,000
The General Fund provided a short-term loan to the Transit Fund to cover a negative cash balance due to timing of grant reimbursements.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
98 Note 5: Capital Assets
a. Government-Wide Financial Statements
At June 30, 2025, the City’s capital assets consisted of the following:
Governmental Business-type
Activities Activities Total
Nondepreciable assets:
Land 34,462,645 $ 1,456,219 $ 35,918,864 $ Construction in progress 35,847,076 19,623,169 55,470,245 Total nondepreciable
assets 70,309,721 21,079,388 91,389,109 Depreciable assets:
Buildings and improvements 57,663,028 67,460,755 125,123,783 Machinery and equipment 17,117,118 13,371,481 30,488,599 Right to use asset (SBITA) 2,090,245 - 2,090,245 Infrastructure 329,984,155 155,923,818 485,907,973 Total depreciable assets 406,854,546 236,756,054 643,610,600 Less accumulated depreciation/amortization for:
Buildings and improvements (31,729,393) (4,652,279) (36,381,672) Machinery and equipment (10,968,915) (7,618,010) (18,586,925) Right to use asset (SBITA) (1,086,027) - (1,086,027) Infrastructure (169,825,769) (86,832,546) (256,658,315) Total accumulated
depreciation (213,610,104) (99,102,835) (312,712,939) Total capital assets being
depreciated, net 193,244,442 137,653,219 330,897,661 Total capital assets, net 263,554,163 $ 158,732,607 $ 422,286,770 $
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
99 Note 5:
Capital Assets
b. Governmental Activities
The following is a summary of capital
assets for governmental activities for the fiscal year ended June 30, 2
025:
Balance at Balance at
June 30, 2024 Additions Deletions June 30, 2025
Nondepreciable assets:
Land 34,462,645$ -$
-$
34,462,645$
Construction in progress 23,076,494 16,072,906 (3,302,324) 35,847,076 Total nondepreciable
assets 57,539,139 16,072,906 (3,302,324) 70,309,721 Depreciable assets:
Buildings and improvements 57,871,608 79,629 (288,209) 57,663,028 Machinery and equipment 15,479,079 3,013,948 (1,375,909) 17,117,118 Right to use asset (SBITA) 1,950,676 139,569 - 2,090,245
Infrastructure 329,616,358 367,797 -
329,984,155
Total depreciable assets 404,917,721 3,600,943 (1,664,118) 406,854,546 Less accumulated
depreciation/amortization for:
Buildings and improvements (30,199,143) (1,752,015) 221,765 (31,729,393) Machinery and equipment (11,453,109) (871,383) 1,355,577 (10,968,915) Right to use asset (SBITA) (659,864) (426,163) - (1,086,027)
I
nfrastructure (160,971,640) (8,854,129) - (169,825,769)
Total accum
ulated
depreciation (203,283,756) (11,903,690) 1,577,342 (213,610,104) Total capital assets being
depreciated/amortized, net 201,633,965 (8,302,747) (86,776)
193,244,442
Governmental activities
Total capital assets, net 259,173,104$ 7,770,159$ (3,389,100)$ 263,554,163$ Depreci
ation expense, including depreciation to in ternal service funds, for the fiscal year ended June 30, 2025, was charged to functions/programs of the governmental activities as follows:
Governmental activities
General government 1,085,718 $
Highway and streets, including depreciation of
general infrastructure assets 9,575,532
Public safety 1,242,440
Total depreciation/amortization expense -
governmental activities 11,903,690 $
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
100
Note 5: Capital Assets (Continued)
c. Business-Type Activities
The following is a summary of capital assets for business-type activ ities for the fiscal year ended June 30, 2025:
Balance at Balance at
June 30, 2024 Additions Deletions June 30, 2025
Nondepreciable assets:
Land 1,456,219 $ - $ - $ 1,456,219$ Construction in progress 12,107,514 10,485,219 (2,969,564) 19,623,169 Total nondepreciable
assets 13,563,733 10,485,219 (2,969,564) 21,079,388 Depreciable assets:
Buildings and improvements 67,270,222 190,533 - 67,460,755 Machinery and equipment 11,644,028 2,757,263 (1,029,810) 13,371,481 Infrastructure 155,949,814 14,058 (40,054) 155,923,818 Total depreciable assets 234,864,064 2,961,854 (1,069,864) 236,756,054 Less accumulated
depreciation for:
Buildings and improvements (1,964,998) (2,687,281) - (4,652,279) Machinery and equipment (7,920,207) (669,446) 971,643 (7,618,010) Infrastructure (83,563,567) (3,309,033) 40,054 (86,832,546) Total accumulated
depreciation (93,448,772) (6,665,760) 1,011,697 (99,102,835) Total capital assets
being depreciated, net 141,415,292 (3,703,906) (58,167) 137,653,219 Business-type activities
Total capital assets, net 154,979,025 $ 6,781,313 $ (3,027,731) $ 158,732,607 $
Depreciation expense, for business-type activities for the fiscal year ended June 30, 2025, was charged as follows:
Business-type activities
Water Utility 3,673,972 $
Sanitary District 2,652,603
Transit 246,973
Camarillo ranch events 92,212
Total depreciation expense - business-type
activities 6,665,760 $
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
101
Note 6: Compensated Absences
The City’s policy relating to compensated absences is described in Note 1, section l. As shown in the table below, the long-term portion of this debt is expected to be paid in future years from future resources. No fixed payment schedule is estab lished for compensated absences. Detail of compensated absences recorded in the governmental activities and business-type activities at June 30, 2025, was as follows:
Balance at Net Balance at Amount Due
June 30, 2024 Change June 30, 2025 Within One Year
Governmental activities 2,068,346$ 145,194 $ 2,213,540 $ 1,247,081 $ Business-type activities 1,439,801 186,564 1,626,365 916,272 Total compensated
absences 3,508,147 $ 331,758 $ 3,839,905 $ 2,163,353 $
Note 7: Long-Term Debt
Following is a summary of long-term debt transactions for the fiscal year ended June 30, 2025:
Amounts Due Amounts Due
Balance at Balance at Within One in More Than
Public Offerings June 30, 2024 Additions Deletions June 30, 2025 Year One Year Governmental Activities:
2012 Lease Revenue
Bonds-library 4,030,000 $ - $ (345,000)$ 3,685,000 $ 355,000 $ 3,330,000 $ Subscriptions Payable 1,114,956 139,569 (368,271) 886,254 313,896 572,358 Total Governmental
Activities 5,144,956 $ 139,569 $ (713,271) $ 4,571,254 $ 668,896 $ 3,902,358 $ Business-type activities:
2015 Wastewater Bonds 12,600,000$ - $ (840,000)$ 11,760,000 $ 880,000 $ 10,880,000$ Premium on 2015 Bonds 654,468 - (54,539) 599,929 - 599,929 Total Business-type
Activities 13,254,468 $ - $ (894,539)$ 12,359,929 $ 880,000 $ 11,479,929$ Classification
a. Governmental Activities
2012 Lease Revenue Bonds – Original Issue $7,630,000
On April 26, 2012, the City issued, through the Ca marillo Public Finance Authority (a nonprofit benefit corporation), $7,630,000 in Lease Revenue Bonds (Library Refunding Project), 2012 Series, with interest rates ranging from 1.00% to 4.25% and a maturity date of December 1, 2033.
The proceeds of the 2012 bonds were used to redeem and defease the 2003 Library Bonds and fund the costs of issuance relating to the 2012 bonds. The outstanding balance from this public offering contains a provision that in the occurren ce or continuation of any event of default, the trustee may compel the City to perform and carry out its duties under law and the agreements and covenants required to be performed by it contained in the indenture, however the trustee will have no right to declare the principal of or interest in the Bonds to be due and payable immediately.
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Note 7:
Long-Term Debt (Continued)
a. Governmental Activities (Continued)
The annual
debt service requirements at June 30 , 2025, on the 2012 Library Bonds were as follows:
Year Ending June 30, Principal Interest Total
2026 355,000$ 134,050$ 489,050$
2027 365,000 121,450 486,450
2028 380,000 108,413 488,413
2029 395,000 94,850
489,850
2030 405,000 80,849
485,849
2031-2034 1,785,000 154,606 1,939,606 Totals 3,685,000$ 694,218$ 4,379,218$ 2012 Lease Revenue Bonds
Subscription-
Based Information Technology Arrangements
The City has entered into subscription based-i nformation technology arrangements (SBITAs) for various software applications. The SBITA arrangements expire at various dates through 2033 and provide for renewal options.
As of June 30, 2025, SBITA assets and the re lated accumulated amortization totaled $2,090,245 and $1,086,027, respectively.
The future subscription payments under SBITA agreements are as follows:
Year Ending June 30, Principal Interest Total
2026 313,896$ 33,502$ 347,398$
2027 288,331 22,115
310,446
2028 186,207 11,163
197,370
2029 23,036 3,912
26,948
2030
23,957 2,991
26,948
203
1-2033 50,827 3,069
53,896
Tot
als 886,254$ 76,752$ 963,006$
Governmental Activities
b. Business-type Activities
2015
Wastewater Refunding Revenue Bonds – Original Issue $18,900,000 On July 21, 2015, the Camarillo Sanitary District issued $18,900,000 in Refunding Reve nue Bonds Series 2015
, bearing interest rates ranging between 2% and 5% and maturing on June 1, 2036. The proceeds of the 2015 Bonds were used to redeem the 2005 Bonds and pay the cost of issuance relating to the 2015 Bonds.
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Note 7:
Long-Term Debt (Continued)
b. Business-type Activities (Continued)
The District
will pay all future bond obligations from the net revenues of the wastewater enterprise, de
rived primarily from charges and revenues receive d by the District. Principal and interest paid for the current fiscal year
and total customer net revenues (operating income add
depreciation) were $1,305,994 and $4,130,399, r espectively. The outstanding balance from this public offerin
g contains a provision that in the occurrence or continuation of any event of default, the trustee must declare the principal of the bonds , together with the accrued in terest, to be due and payable immediately and may exercise any othe r
remedies available to the trustee and bond
owners in law or at equity to enforce the rights of the bond owners.
As of June 30, 2025, the
annual debt service requi rements for the Camarillo Sanitary District’s 2015
Wastewater Refunding Revenue Bonds were as follows:
Year Ending June 30, Principal Interest Total
2026 880,000$ 423,994$ 1,303,994$ 2027 925,000 379,994 1,304,994 2028 975,000 333,744 1,308,744 2029 1,000,000 304,494 1,304,494 2030 1,030,000 274,494 1,304,494 2031-2035 5,690,000 841,131 6,531,131 2036 1,260,000 45,675
1,305,675
Totals 11,760,000$ 2,603,526$ 14,363,526$ 2015 Wastewater Refunding Revenue Bonds
Note 8:
Developer Deposits
The City accepts deposits from developers in the form of cash and noncash securities related to developments within the City. Noncash securities ar e issued by a U.S. Bank and are pledged to the City to guarantee completion of projects. Upon project completion, outstanding cash balances are refunded to the developers and any noncash securities are released to the devel oper. As of June 30, 2025, noncash deposits totaled $1,076,360.
Note 9: Fund balances for Governmental Funds
Governmental funds report fund balance in classificat ions based primarily on the extent to which the City is bound to honor constraints on the speci fic purposes for which amounts in the funds can be spent. As of June 30, 2025, fund balance for governmental funds were made up of the following:
Nonspendable
Amounts that are (a) not in spendable form, or (b) le gally or contractually required to be maintained intact. The “not in spendable form” criterion includes items that are not expected to be converted to cash, for example: inventories and prepaid amounts.
Restricted
Amounts that are restricted for specific purposes by external resource providers, constitutionally, through enabling legislation, or restrictions may effectively be changed or lifted only with the consent of resource providers.
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Note 9: Fund balances for Governmental Funds (Continued) Committed
Amounts that can only be used for the specific purposes determined by a formal adopted resolution of the City Council. Commitments may be changed or lifted only by a formal adopted resolution of the City. The City Council has adopt ed a financial policy to maintain a minimum reserve level of 50% of the operating budget in the General Fund. This policy is developed to consider the minimum level necessary to maintain the City’s credit worthiness and to adequately provide for: 1) Economic uncertainties and other financial hardships or downturns in the local or national economy, 2) Local disasters or catastrophic events, 3) Future debt or capital obligations, 4) Cash flow requirements, and 5) Legal requirements.
Additional commitments of the General Fu nd fund balance are annually identified and authorized by resolution for: 1) Facility Improvem ent Projects, 2) Natural Disaster Recovery, 3) Pleasant Valley Recreation & Park District – community and senior center, 4) Economic Development, 5) Continuum of Care, 6) Ca marillo Springs Debris Barrier Remediation Maintenance and 7) Loan to the Water Utility Fund. The Finance Department will perform a reserve analysis to be submitted to the City Co uncil upon occurrence of the following events: 1) City Council deliberation of the annual budget, 2) Presentation of the annual financial report, 3) Mid-year budget review, or 4) When a major change in conditions threatens the reserve levels established within this policy. If the analysis indi cates projected or actual reserve levels that fall either 10% below or 10% above the levels outlined in this policy, at least one of the following actions will be included with the analysis: 1) An explanation of why the reserve levels are not at the targeted level, or 2) An identified course of action to bring reserve levels to the minimum prescribed.
Assigned
Amounts intended to be used by the City for sp ecific purposes that are neither restricted nor committed. Intent is expressed by the City Council to which the assigned amounts are to be used for specific purposes; such as, continued capital projects, capital improvement plan, and budget. The City Council did not delegate another body to assign fund balances. Assigned amounts also include all residual amounts in governmental funds (except ne gative amounts) other than the General Fund that are not classified as nonspendable, restricted or committed.
Unassigned
Residual classification for the General Fund and includes all amounts not contained in the other classifications. Unassigned amounts also include a ny residual negative amounts in governmental funds.
When restricted and unrestricted resources are av ailable for expenditure for the same purpose, the City expends restricted resources before unrestricted resources. Within unrestricted resources, the fund balance is depleted in the order of committed, assigned, and unassigned.
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Note 9: Fund balances for Governmental Funds (Continued) Fund balances as of June 30, 2025 , for the governmental funds we re categorized as nonspendable, restricted, committed, assigned, or unassigned for the following purposes:
Maintenance
Districts Develo pment Grants Ca pital Total Other Total Special Fee S pecial S pecial Im provement Governmental Governmental General Fund Revenue Revenue Revenue Pro jects Funds Funds Fund balances:
Nonspendable:
Prepaid items 35,398 $ - $ - $ - $ - $ - $ 35,398$ Deposits 125,000 - - - - - 125,000 Notes and loans 792,190 - - - - - 792,190 Subtotal 952,588 - - - - - 952,588 Restricted for:
Air quality management - - - - - 179,339 179,339 Encampment resolution fund - - - 41,126 - - 41,126 PEG access capital projects - - - - - 83,633 83,633 Capital projects - - 23,609,045 - - 14,048,187 37,657,232 CASP certification and training 221,255 - - - - - 221,255 Community development - - - - - 453,597 453,597 Economic development 429,670 - - - - - 429,670 Library operations - - - - - 613,107 613,107 Low/Mod housing - - - - - 453,283 453,283 Maintenance - 1,773,994 - - - 231,827 2,005,821 Debt service - - - - - 501,837 501,837 Pension 7,845,700 - - - - - 7,845,700 Subtotal 8,496,625 1,773,994 23,609,045 41,126 - 16,564,810 50,485,600 Committed for:
Council reserve goal 31,683,913 - - - - - 31,683,913 Capital improvement projects 14,405,000 - - - - - 14,405,000 Loan to Water Utility 15,000,000 - - - - - 15,000,000 Continuum of care 3,800,000 - - - - - 3,800,000 Natural disaster recovery 10,000,000 - - - - - 10,000,000 PVRP district 8,000,000 - - - - - 8,000,000 Economic development 5,400,000 - - - - - 5,400,000 Camarillo Springs debris barrier 200,000 - - - - - 200,000 Unfunded Accrued Liability PRSP 1,400,000 - - - - - 1,400,000 Subtotal 89,888,913 - - - - - 89,888,913 Assigned for:
Contract services 1,801,383 - - - - - 1,801,383 Capital projects - - - - 11,737,217 - 11,737,217 Subtotal 1,801,383 - - - 11,737,217 - 13,538,600 Unassigned: 17,905,807 - - - - - 17,905,807 Total fund balances 119,045,316 $ 1,773,994 $ 23,609,045 $ 41,126 $ 11,737,217$ 16,564,810 $ 172,771,508 $ Major Funds
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Note 10:
Non-City Obligations
West Camarillo Community Facilities District No.1 Mello Roos Bonds The City issued $8,200,000 of Mello Roos bonds dated September 1, 2004, for the West Camarillo Community Facilities District No. 1. The facilities aut horized to be acquired or constructed with the proceeds of this debt issue included a portion of certa in drainage and bridge facilities of benefit to the district. The Mello Roos bonds are not a general oblig ation of the City, and neither the faith nor the taxing power of the City, the state of California, or any political subdivision thereof is pledged to the payment of these bonds. The source of debt service is from property assessments within the district.
These Mello Roos bonds had an interest rate change with the issuance of the $4,476,690 West Camarillo Community Facilities District No. 1 Special Tax Refunding Bond Series 2017 on March 16, 2022, which decreased the interest rate from 3.15% to 2.45%. At June 30, 2025, $3,392,525 was outstanding on these Mello Roos bonds.
Note 11: Leases
The City, acting as lessor, leases for the u se of land under long-term, non-cancelable lease agreements, which expire at various dates through 20 27 with an interest rate of 5%. During the fiscal year ended June 30, 2025, the C ity recognized $115,197 and $22,890 in lease revenue and interest revenue, respectively, pursuant to these agreements.
Note 12: Jointly Governed Organizations
The City classifies the following jointly governed or ganizations as Custodial funds in the Fiduciary Fund Financial Statements.
Ventura County Regional Defense Partnership (RDP)
The City participates in a jointly governed organization with the County of Ventura and the cities of Simi Valley, Oxnard, Port Hueneme, San Buenaventura, and Thousand Oaks, known as the Ventura County Regional Defense Partnership (RDP). The purpose of RDP is to promote and ensure economic growth of the area through collaborative effo rts to enhance military facilities located in the County area. The City has acted as Treasurer of RDP and maintains a separate custodial fund to account for all deposits and expenses. The City’s annual financial responsibility to the RDP is budgeted annually and represents the City’s share of dues or common project expenses.
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Note 12: Jointly Governed Organizations (Continued)
The City is also a member of the jointly governed organizations below:
Ventura Council of Governments (VCOG)
The Ventura Council of Governments (VCOG) is a voluntary joint powers authority representing the ten cities of Ventura County as well as the County. The goal of VCOG is to facilitate cooperative subregional and regional planning, coordination, and technical assistance on issues of mutual concern, and provide a platform for the review of federal an d state projects which involve the use of federal and/or state funds. The governing body consists of a member and an alternate appointed by each City and the County of Ventura Board of Supervisors. Financial information for VCOG can be found at https://www.venturacog.org.
Ventura County Area Housing Authority (AHA)
The Area Housing Authority of the County of Vent ura is an independent, nonprofit agency serving the unincorporated areas of Ventura County and the cities of Camarillo, Fillmore, Moorpark, Ojai, Simi Valley, and Thousand Oaks. The goal of AHA is to provide opportunities and assistance to people in need of affordable housing through develo pment, acquisitions, and partnerships. Financial information for AHA can be found at https://www.ahacv.org.
Western Riverside Council of Governments JPA (WRCOG) PACE Programs
The Western Riverside Council of Governments is a public entity with the purpose of unifying Western Riverside County to speak with a coll ective voice on important issues that affect its members. WRCOG administers multiple PACE (Property Assessed Clean Energy) programs in collaboration with its private sector partners, which provide financing for energy efficiency, renewable energy, and water conservation retrofits on residential and commercial properties. The City is an associate member of the WRCOG for participation in PACE. Financial information for WRCOG can be found at https://www.wrcog.us.
Note 13: Risk Management
Description of Self-Insurance Pool Pursuant to Joint Powers Agreement
The City of Camarillo is a member of the Califor nia Joint Powers Insurance Authority (Authority).
The Authority is composed of 126 California pub lic entities and is organized under a joint powers agreement pursuant to California Government Code §6500 et seq. The purpose of the Authority is to arrange and administer programs for the pooling of self-insured losses, to purchase excess insurance or reinsurance, and to arrange for group purch ased insurance for property and other lines of coverage. The California JPIA began covering claims of its members in 1978. Each member government has an elected official as its repres entative on the Board of Directors. The Board operates through a nine-member Executive Committee.
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Note 13: Risk Management (Continued)
Primary Self-Insurance Programs of the Authority
Each member pays an annual contribution at the be ginning of the coverage period. The total funding requirement for primary self-insurance programs is b ased on an actuarial analysis. Costs are allocated to individual agencies based on payroll and claims history, relative to other members of the risk- sharing pool.
Primary Liability Program – Claims are pooled separately be tween police and general government exposures. (1) The payroll of each member is evalua ted relative to the payroll of other members. A variable credibility factor is determined for each member, which establishes the weight applied to payroll and the weight applied to losses within th e formula. (2) The first layer of losses includes incurred costs up to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) Th e second layer of losses includes incurred costs from $100,000 to $500,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred cost s from $500,000 to $50 million, are distributed based on the outcome of cost allocation within the first and second loss layers.
The overall coverage limit for each member, includi ng all layers of cove rage, is $50 million per occurrence. Subsidence losses also have a $50 million per occurrence limit. The coverage structure is composed of a combination of pooled self-insuran ce, reinsurance, and excess insurance. Additional information concerning the coverage structur e is available on the Authority’s website:
http://cjpia.org/coverage/risk-sharing-pools.
Primary Workers’ Compensation Program – Claims are pooled separately between public safety (police and fire) and general gove rnment exposures. (1) The payroll of each member is evaluated relative to the payroll of other members. A variable credibility factor is de termined for each member, which establishes the weight applied to payroll and the weight applied to lo sses within the formula. (2) The first layer of losses includes incurred costs up to $75,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the first layer. (3) The second layer of losses includes incurred costs from $75,000 to $200,00 0 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $200,000 to statutory limits are distributed based on the ou tcome of cost allocation within the first and second loss layers.
For 2024-25 the Authority’s pooled retention is $1 million per occurrence, with reinsurance to statutory limits under California Workers’ Comp ensation Law. Employer’s Liability losses are pooled among members to $1 million. Coverage fro m $1 million to $5 million is purchased through reinsurance policies, and Employer’s Liability losses from $5 million to $10 million are pooled among members.
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Note 13:
Risk Management (Continued)
Purchased Insurance
Property Ins
urance – The City of Camarillo participates in the all-risk property protection program of the Authority. This insurance protection is underwritten by several insurance companies. City of Camarillo property is currently in sured according to a schedule of covered property submitted by the City of Camarillo to the Authority. City of Camarillo property currently has all-risk property insurance protection in the amount of $218,874,493 . There is a $10,000 deductible per occurrence except for nonemergency vehicle insurance which has a $2,500 deductible.
Earthquake and Flood Insurance – The City of Camarillo purchases earthquake and flood insurance on a portion of its property. The earthqua ke insurance is part of the property protection insurance program of the Authority. City of Camarillo property currently has earthquake protection in the amount of $210,866,979. There is a deductible of 5% per unit of value with a minimum deductible of $100,000.
Pollution Legal Liability Insurance – The City of Camarillo participates in the pollution legal liability insurance program which is available through the Authority. The policy covers sudden and gradual pollution of scheduled property, streets, a nd storm drains owned by the City of Camarillo.
Coverage is on a claims-made basis. There is a $250,000 deductible. The Authority has an aggregate limit of $20 million.
Crime Insurance – The City of Camarillo purchases crime insurance coverage in the amount of $1,000,000 with a $2,500 deductible. The fidelity coverage is provided through the Authority.
Special Event Tenant User Liability Insurance – The City of Camarillo further protects against liability damages by requiring tenant users of certa in property to purchase low-cost tenant user liability insurance for certain activities on agency property. The in surance premium is paid by the tenant user and is paid to the City of Camarillo according to a schedule. The City of Camarillo then pays for the insurance. The insurance is facilitated by the Authority.
Adequacy of Protection
During the past three fiscal years, none of the above programs of protection experienced settlements or judgments that exceeded pooled or insured cove rage. There were also no significant reductions in pooled or insured liability coverage in FY 2024-25.
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Note 14: Employee Retirement Plans
General Information about the Pension Plan
a. Plan Descriptions
All qualified permanent and probationary employees ar e eligible to participate in the City of Camarillo Miscellaneous Plan, an agent multip le-employer defined benefit pension plan administered by the California Public Employees’ Retirement System (CalPERS), which acts as a common investment and administrative agent for its participating memb er employers. Benefit provisions under the plan are established by stat e statute and City resolution. CalPERS issues publicly available reports which include a full de scription of the pension plans regarding benefit provisions, assumptions and membership informa tion that can be found on the CalPERS website.
Copies of PERS’ annual financial report may be obtained from their Executive Office located at 400 Q Street, Sacramento, California 95811, or online at https://www.calpers.ca.gov.
b. Benefits Provided
CalPERS provides service retirement and disability benefits, annual cost of living adjustments and death benefits to plan members, who must be public employees and beneficiaries. Benefits are based on years of credited service, equal to one year of full time employment. Members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. All members are eligible for nonduty disability benefits after 10 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1959 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The cost of li ving adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.
The Plan’s provisions and benefits in effect at June 30, 2025, are summarized as follows:
Miscellaneous
Major Benefit Options Miscellaneous* PEPRA
Hire date Prior to On or after
January 1, 2013 January 1, 2013
Benefit provision
Benefit formula 2.0% at 55 2.0% at 62
Benefit vesting schedule 5 Years Service 5 Years Service Benefit payments Monthly for Life Monthly for Life
Retirement age 50 to 63 52 to 67
Monthly benefits, as a percent of
eligible compensation 1.426% to 2.418% 1.000% to 2.500% Required employee contribution rates 7.350% 8.250%
Required normal employer contribution rates 12.510% 12.510% Required employer payment of unfunded liability 3,001,044 $ - $ *Closed to new entrants
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Note 14:
Employee Retirement Plans (Continued)
Employee Covered
As of the measurement date, the City has 150 active employees, 196 inactive employees or beneficiaries currently receiving benefits, and 80 inactive employees entitled to but not yet receiving benefits that are covered by the benefit terms for the Miscellaneous Plan.
Contributions
Section 20814(c) of the California Public Empl oyees’ Retirement Law (PERL) requires that the employer contribution rates for all public employe rs are determined on an annual basis by the actuary and shall be effective on the July 1 following notice of a change in the rate. The total plan contributions are determined through CalPER S’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an a dditional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees. Em ployer contribution rates may change if plan contracts are amended. Payments made by the em ployer to satisfy contribution requirements that are identified by the pension plan terms as plan member contribution requirements are classified as plan member contributions.
For the fiscal year ended June 30, 2025, the employer contributions were $5,278,408.
Net Pension Liability
The City of Camarillo’s net pension liability for the Miscellaneous Plan is measured as the total pension liability, less the pension plan’s fiducia ry net position. The net pension liability of the Miscellaneous Plan is measured as of June 30, 2 024, using an annual actuarial valuation as of June 30, 2023, rolled forward to June 30, 2024, using st andard update procedures. In prior fiscal years, the net pension liability has been liquidated primarily by the General Fund and the proprietary funds. A summary of principal assump tions and methods used to determine the net pension liability are described in the following pages.
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Note 14: Employee Retirement Plans (Continued)
Actuarial Methods and Assumptions Used to Determine Total Pension Liability
For the measurement period ended June 30, 2024, the total pension liability was determined by rolling forward the June 30, 2023 total pension lia bility. The June 30, 2023 and the June 30, 2024 total pension liabilities were based on the following actuarial methods and assumptions:
Actuarial cost method: Entry ag e normal in accordance with the requirements of GASB statement No. 68
Actuarial assumptions:
Discount rate 6.90%
Inflation 2.30%
Projected salary increases Vari es by entry age and service Mortality rate table (1) Derived using CalPERS' membership data for all Funds
Post retirement benefit increase The lesser of contract COLA up to 2.30% until Purchasing Power Protection
Allowance Floor on Purchasing Power
applies. 2.30% thereafter
(1) The mortality table used was developed based on CalPERS-specific data.
The probabilities of mortality are based on the 2021 CalPERS Experience Study for the period from 2001 to 2019. Pre-retirement and Post-retirement mortality rates include generational mortality improvement using 80% of Scale MP-2020 published by the Society of Actuaries. For more details on this table, please refer to the CalPERS Experience Study and Review of Actuarial Assumptions report from November 2021 that can be found on the CalPERS website.
Discount Rate
The discount rate used to measure the total pe nsion liability was 6.90%. The projection of cash flows used to determine the discount rate assumed that contributions from plan members will be made at the current member contribution rates and that contributions from employers will be made at statutorily required rates, actuarially determined. Based on those assumptions, the Plan’s fiduciary net position was projected to be available to make all projected future benefit payments of current plan members. Therefore, the long-term expected rate of return on plan investments was applied to all periods of projected benefit payments to determine the total pension liability.
Long-Term Expected Rate of Return
The long-term expected rate of return on pens ion plan investments was determined using a building-block method in which expected future r eal rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.
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Note 14: Employee Retirement Plans (Continued)
In determining the long-term expected rate of return, CalPERS took into account both short-term and long-term market return expectations. Using historical returns of all the funds’ asset classes, expected compound (geometric) returns were calc ulated over 20 years using a building-block approach. The expected rate of return was th en adjusted to account for assumed administrative expense of 10 basis points. The expected real rates of return by asset class are as follows:
Assumed
Asset Real Return
Asset Class (a) Allocation (a) (b)
Global Equity - Cap-weighted 30.0 % 4.54 %
Global Equity - Non-Cap-weighted 12.0 3.84
Private Equity 13.0 7.28
Treasury 5.0 0.27
Mortgage-backed Securities 5.0 0.50
Investment Grade Corporates 10.0 1.56
High Yield 5.0 2.27
Emerging Market Debt 5.0 2.48
Private Debt 5.0 3.57
Real Assets 15.0 3.21
Leverage (5.0) (0.59)
100.0 %
(a) An expected inflation of 2.30% used for this period. (b) Figures are based on the 2021 Asset Liability Management study.
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Note 14:
Employee Retirement Plans (Continued)
Changes in the Net Pension Liability
The changes in the net pension liability for the Miscellaneous Plan were as follows:
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
Balance - June 30, 2023 138,892,167 $ 103,996,220 $ 34,895,947 $ Changes in the Year:
Service cost 2,895,278 -
2,895,278
In
terest on total pension liability 9,530,461 - 9,530,461
C
hanges of benefit terms - -
-
Differences be
tween expected
and actual experience 1,586,445 -
1,586,445
C
ontributions - employer -
4,536,509
(4,536,509)
C
ontributions - employees -
1,209,178
(1,209,178)
Net
investment income (loss) -
10,019,107
(10,019,107)
Benefit payments, including
Refunds of employee
Contributions (7,607,262) (7,607,262) - Adm
inistrative expense -
(84,622)
84,622
Net Chang
es During
FY 2023/24 6,404,922 8,072,910 (1,667,988) Balance - June 30, 2024 145,297,089$ 112,069,130$ 33,227,959$ Sensitivity of
the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability of the Plan, calculated using a discount rate that is 1 percentage-point lower (5.90%) or 1 percentage-point higher (7.90%) than the current rate:
1% Decrease to Current 1% Increase to
Discount Rate Discount Rate Discount Rate
(5.90%) (6.90%) (7.90%)
Plan's Net Pension Liability 51,463,606 $ 33,227,959 $ 18,060,702 $ Pension Plan Fiduciary Net Position – Detailed information about the pensi on plan’s fiduciary
net position is available in the separately issued CalPERS financial reports.
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Note 14: Employee Retirement Plans (Continued)
Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions
For the fiscal year ended June 30, 2025, the C ity recognized pension expense of $5,765,458. At June 30, 2025, the City reported net deferred out flows and deferred inflows of resources related to pensions as follows:
Deferred Deferred
Outflows of Inflows of
Resources Resources
Pension contributions subsequent to measurement
date 5,278,408 $ - $
Changes in assumptions 677,027 -
Difference between expected and actual experiences 1,486,007 (175,905) Net differences between projected and actual
earnings on plan investments 1,559,700 -
Total 9,001,142 $ (175,905) $
Contributions subsequent to the measurement da te in the amount of $5,278,408 are reported as deferred outflows of resources and will be recognized as a reduction of the net pension liability in the year ended June 30, 2026. Other amounts repor ted as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Deferred
Fiscal Outflows/Inflows
Year Ending June 30, of Resources
2026 295,093 $
2027 3,886,986
2028 (52,672)
2029 (582,578)
Total 3,546,829 $
Defined Contribution Plan
Plan Description - The City established with the Missi onSquare Retirement (formerly ICMA) an additional pension plan for all its empl oyees (171 employees at June 30, 2025) through a 401(a) Defined Contribution Plan (Plan). In a defined contribution plan, benefits depend solely on amounts contributed to the Plan plus investme nt earnings. Employees are participants from the date of employment. Benefit provisions and all other requirements are established by the Plan and City ordinance. Information regarding this 4 01(a) Defined Contribution Plan may be obtained from MissionSquare Retirement at 777 North Capital Street NE, Washington, DC 20002 or at https://www.missionsq.org.
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NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
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Note 14: Employee Retirement Plans (Continued)
Funding Policy - For regular full-time and part-time employees, the Plan is contributory on the part of the City in an amount equal to 7% of the employee’s base pay each payroll period. The City’s total payroll for the FY 2024/25 was $25,004,797. The City’s contributions were calculated using the base salary amount of $19,312,044 at 7%, amounting to $1,351,850.
Effective January 1, 2018 all employees not elig ible for PERS contribute 0.5% of salary to the 457 PTS Plan. Employees hired after 1986 also contribute to Medicare.
The assets of the Plan are held for the exclusive benefit of th e Plan participants and their beneficiaries, and the assets shall not be diverted for any other purpose. Each participant directs the investments in the participant’s separate accounts. The City has no liability for any losses that may be incurred by the Plan. Accordingly, these assets are not included in the basic financial statements.
Other Postemployment Healthcare Benefits (OPEB)
Plan Description- The City participates in the CalPERS medical program, an agent multiple employer defined benefit healthcare plan admi nistered by CalPERS. CalPERS established the plan under the Public Employee’s Medical a nd Hospital Care Act (PEMHCA) as of July 1, 1988. Health insurance premiums of the plan are established and amended by the CalPERS Board. Employees who retire from the City and receive a CalPERS pension are eligible to participate in the PEMHCA h ealth insurance plans for postemployment medical benefits. As a condition to the City’s contract for health insurance for its ac tive employees, CalPERS requires a minimum contribution for retirees who participate in a health insurance plan. Retirees can enroll in any of the available CalPERS medical plans. Th is benefit continues for the life of the retiree and surviving spouse. Benefit provisions for Ca lPERS are established by the Public Employees Retirement Law (Part 3 of the California Governme nt Code, Section 20000 et seq.). In order to fund the retirees benefit, the City established an i rrevocable trust with Public Agency Retirement Services (PARS).
PARS issues a separate annual financial report, and copies of the report may be obtained by writing to PARS at 4350 Von Karman Ave., Suite 100, Newport Beach, California 92660, or by calling (800) 540-6369, or at https://www.pars.org.
Employees Covered
As of the June 30, 2024 actuarial valuation, the following current and former employees were covered by the benefit terms under the Health Care Plan:
Active employees 153
Inactive employees or beneficiaries currently
receiving benefits 64
Inactive employees entitled to but not yet
receiving benefits 55
Totals 272
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JUNE 30, 2025
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Note 14:
Employee Retirement Plans (Continued)
Contributions
The Health Care Plan and its contribution requirements are established by Memoranda of Understanding with the applicable employee bargaining units and may be amended by agreements between the City a nd the bargaining units. The annual contribution is based on the actuarially determined contributio n. For the measurement date ended June 30, 2024, the City’s cash contributions were $300,285 w ith an implicit subsidy of $ 240,891 for total payments of $541,176.
Net OPEB Liability (Asset)
The City’s net OPEB liability (asset) was measu red as of June 30, 2024 and the total OPEB liability (asset) used to calculate the net OPEB lia bility (asset) was determined by an actuarial valuation dated June 30, 2024. In prior fiscal y ears, the net OPEB liability (asset) has been liquidated primarily by the General Fund and the proprietary funds. A summary of principal assumption and methods used to determine the net OPEB liability (asset) are described below and in the following pages.
Measurement date: June 30, 2024
Actuarial funding method: Entry age normal cost
Asset valuation method: Market value of assets
Actuarial assumptions:
Discount rate 6.05%
Inflation 2.50%
Salary increases 3.00% per year, used only to allocated to cost of benefits between service years
Mortality: CalPERS 2021 Experience Study
Mortality Improvement: Watts Scale 2022.
Healthcare trend rate: 6.0% effective January 2026, fluctuating down to
3.9% by 2075
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JUNE 30, 2025
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Note 14: Employee Retirement Plans (Continued)
The long-term expected rate of return on O PEB plan investments was determined using a building-block method in which expected future r eal rates of return (expected returns, net of OPEB plan investment expense and inflation) are developed for each major asset class. These ranges are combined to produce the long-term expected rate of re turn by weighting the expected future real rates of return by the target asset allocation percentage and by adding expected inflation. The target allocation and best estimates of arithmetic real rates of return for each major asset class are summarized in the following table:
Asset Class Wei ght Years 1-5 Years 1-30
Large-cap core 28.50 % 7.00 % 7.20 %
Small-cap core 1.50 7.90 7.90
Real estate 2.50 7.20 7.00
International 11.30 6.90 6.90
Emerging markets 3.80 7.40 7.40
Listed infrastructure 2.50 6.80 7.40
Core bonds 44.50 4.50 5.00
High yield 3.40 6.00 6.10
Cash 2.00 3.30 2.90
Total 100.00 %
Expected Return
Discount Rate
The discount rate used to measure the total O PEB liability (asset) was 6.05%. The projection of cash flows used to determine the discount rate assu med that City contributions will be made at rates equal to the actuarially determined c ontribution rates. Based on those assumptions, the OPEB plan’s fiduciary net position was projected to be available to make all projected OPEB payments for current active and inactive employees and beneficiaries. Therefore, the long-term expected rate of return on OPEB plan investment s was applied to all periods of projected benefit payments to determine the total OPEB liability (asset).
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JUNE 30, 2025
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Note 14: Employee Retirement Plans (Continued)
Changes in the Net OPEB Liability (Asset)
The changes in the net OPEB liability (asset) for the Health Care Plan are as follows:
Total OPEB Plan Fiduciary Net OPEB
Liability Net Position Liability (Asset)
Balance - June 30, 2023 5,999,337 $ 5,290,464 $ 708,873 $ Changes in the Year:
Service cost 310,515 - 310,515 Interest 322,025 - 322,025 Changes of assumptions (911,532) - (911,532) Changes of benefit terms (444,150) (444,150) Contribution - employer - 517,888 (517,888) Net investment income - 611,036 (611,036) Administrative expenses - - - Benefit payments, including
Refunds of employee
Contributions (352,087) (352,087) - Net changes (1,075,229) 776,837 (1,852,066) Balance - June 30, 2024 4,924,108 $ 6,067,301 $ (1,143,193) $
Sensitivity of the Net OPEB Liability (Asset) to Changes in the Discount Rate
The following presents the net OPEB liability (asse t) of the City if it were calculated using a discount rate that is one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:
Current
1% Decrease Discount Rate 1% Increase
(5.05%) (6.05%) (7.05%)
Net OPEB Liability (Asset) (630,021) $ (1,143,193) $ (1,580,808) $
Sensitivity of the Net OPEB Liability to Changes in the Health Care Cost Trend Rates
The following presents the net OPEB liability of th e City if it were calculated using health care cost trend rates that are one percentage point lower or one percentage point higher than the current rate, for measurement period ended June 30, 2024:
Current
Healthcare Cost
1% Decrease Trend Rates 1% Increase
Net OPEB Liability (Asset) (1,652,686) $ (1,143,193) $ (531,542) $
Changes of Assumptions and Benefit Terms
The discount rate changed during fiscal year 2024-2025 from 5.25% to 6.05%, and terms changed to a lower assumed retiree participation after Medicare.
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Note 14:
Employee Retirement Plans (Continued)
OPEB Plan Fiduciary Net Position
PARS issues a publicly available financial report that includes financial statements and required supplementary information. That report may be obtained from the Public Agency Retirement Services, 4350 Von Karman Ave, Newport Beach, California 92660 or at https://www.pars.org.
OPEB E
xpense and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2025, the C ity recognized OPEB expense of $129,293. As of fiscal year ended June 30, 2025, the City reported deferred outflows of resources related to OPEB from the following sources:
Deferred Deferred
Outfl
ows of Inflows of
Resources Resources
OPEB contributions subsequent to measurement date 541,176$ -$ C
hanges in assumptions 227,993 (1,037,469)
Difference between expected and actual experience 11,604 (659,819)
Net differences between projected and actual
earnings on OPEB plan investments -
(60,360)
Total 780,773$ (1,757,648)$
The $541,176 reported as deferred out flows of resources related to contributions subsequent to the June 30, 2024 measurement date will be rec ognized as a reduction of the net OPEB liability during the fiscal year ending June 30, 2026. Other amounts reported as deferred outflows of resources related to OPEB will be recognized as expense as follows:
Deferred
Fiscal Outflows of
Year Ending June 30, Resources
2026 (225,839) $
2027 (60,670)
2028 (301,735)
2029 (337,359)
2030 (226,114)
Thereafter (366,334)
Total (1,518,051) $
Section
457 Part-Time, Temporary, and Seasonal (PTS) Deferred Compensation Plan Plan Description - The City participates in the 457 PTS plan administered by MissionSquare Retirement (formerly ICMA). The primary purpose of this plan is to provide retirement income and other deferred benefits to City employees in accordance with the provisions of Section 457 of the Internal Revenue Code of 1986. Pursuant to the IRC 457 subsection (g); all amounts of compensation deferred under the deferred compensation plan, all property, or rights are solely the property and rights of the employee and beneficiaries of the plan.
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Note 14: Employee Retirement Plans (Continued)
Section 457 Part-Time, Temporary, and Seasonal (PTS) Deferred Compensation Plan (Continued)
Plan Description (Continued)- Deferred compensation funds are not subject to the claims of the City’s general creditors; conseque ntly, the assets and related liabilities of the plan are not included within the City’s financial statements. Employ ees not eligible for PERS after January 1, 2018 contribute 0.5% of salary to the plan, in addition to the 7% City contribution. All employees are fully vested upon enrollment. As of June 30, 2025, 34 employees participate in the plan and the ending investment balance was $197,947.
Note 15: Commitments and Contingencies
Lawsuits in the Normal Course of Business
The City is presently involved in certain matters of litigation that have arisen in the normal course of conducting City business. City management believes, based upon consultation with the City Attorney, that these cases, in the aggregate, ar e not expected to result in a material adverse financial impact on the City. Additionally, City management believes that the City’s insurance programs are sufficient to cover any potential losses should an unfavorable outcome materialize.
Federal and State Grant Programs
The City participates in several federal and state grant programs. These programs are subject to further examination by the grantors, and the amount, if any, of expenditures which may be disallowed by the granting agencies cannot be determined at this time. The City expects such amounts, if any, to be immaterial.
Construction Commitments
The City had several outstanding or planned cons truction projects as of June 30, 2025. These projects are committed by contractual agreements with contractors, and include the following major project:
Commitment Name of Funds Source of
Project Description Spent to Date Remaining Committed Funds Dizdar/Frmr Fire House Renovation 4,462,780 $ 1,651,477 $ Capital Improvement Projects (1) Sewer Imp Per SSMP 920,091 2,395,874 $ Camsan Capital Projects (2) Chemical System Improvement Phase I 289,271 183,247 Camsan Capital Projects (3) WWTP Upgrades Phase 2 1,141,802 1,140,710 Camsan Capital Projects (4) Annual Overlay 3,535,660 2,401,302 Capital Improvement Projects (5) Pleasant Valley Desalter Project 389,608 853,688 Water Capital Projects (6) 10,739,212$ 8,626,298 $
(1) The Dizdar Park/Fire House renovation project is funded by Camarillo Corridor Projects Fund F429, General Fund F101, and Pa rking in-lieu Fees F264. (2) The Sewer Imp per SSMP project is funded by Sanitation Capital Project F873. (3) The Chemical System Improvement Phase I project is funded by Sanitation Capital Project F873 and AB1600 funds. (4) The WWTP Upgrades Phase 2 is funded by Sanitation Capital Project F873. (5) The Annual Overlay project is funded by SB1 F211, TDA Article 8a F208, Traffic Mitigation F251 monies received from the State of California and Camarillo Ranch events F815. (6) The North Pleasant Valley Groundwater Desalter project is funded by bond proceeds and Water Capital Projects Fund from capital improvement fees and State grants.
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NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
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Note 16:
Springville Interchange Benefit Area Credit Agreement
In 2009, the City of Camarillo initiated proceedings to form the Springville Interchange Benefit Area (SIBA). SIBA was formed in order to provide a funding mechanism to establish a new supplemental bridge fee. These fees would help fund improveme nts that provide access to Route 101 as well as convenient and necessary access to both the residentia l developments that lie to the north of the freeway and the predominantly commercial and industrial developments located south of the freeway.
On December 10, 2009 the City entered into the third amendment to agreement regarding consideration for the dedication of real property. The agreement was between the City and Rancho Associates (Rancho), a limited partnership and Ran Associates (Ran), a limited partnership.
Pursuant to the agreement Rancho a nd Ran transferred title to certain Real Property Interests to the City for the purpose of constructing the Springville Interchange and Springville Drive. Additionally, Real Property Interests necessary for the extensi on of Springville Drive, Ponderosa Drive, and the development of the respective Ran and Rancho Remainder Property was dedicated to the City.
The Real Property Interest dedicated to the City by Ran and Rancho for the Springville Interchange Benefit Area were assigned a combined value of $5 million. The value included $1 million in cash paid to Ran and Rancho in October 2012 with the remaining $4 million deemed as a credit towards the bridge fee that the Ran and Rancho Remainder Property were subject to upon development. As of June 30, 2025, the remaining SIBA fee credit balance is $9,194 out of the original $4 million credit.
Note 17: Successor Agency Trust for A ssets of Former Redevelopment Agency Summary of Creation of Successor Agency Private-Purpose Trust Fund In 1996, the City established the Camarillo Community Development Commission (CDC) to implement the Camarillo Corridor Project Redevelopment Program.
On June 27, 2012, as part of the FY 2012/13 state budget package, the Legislature passed and the governor signed AB 1484, which made technical a nd substantive amendments to the Dissolution Act Assembly Bill X1 26 that was enacted on June 29, 2011, as part of the FY 2011/12 State Budget Passage.
Under the Dissolution Act, each California redeve lopment agency (each a “Dissolved RDA”) was dissolved as of February 1, 2012, and the sponsor ing community that form ed the Dissolved RDA, together with other designated entities, have initiated the process under the Dissolution Act to unwind the affairs of the Dissolved RDA. On January 11 , 2012, the City elected to serve as the Successor Agency to the Camarillo Community Development Commission for the purpose of unwinding the affairs of the Dissolved RDA. Activities of the Successor Agency are reported in fiduciary fund (private-purpose trust fund) in the financial statements of the City.
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NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
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Note 17:
Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) Summary of Creation of Successor Agency Private-Purpose Trust Fund (Continued) The Dissolution Act created oversight boards whic h monitor the activities of the successor agencies.
The roles of the successor agencies and oversight boards is to administer the wind down of each Dissolved RDA which includes making payments du e on enforceable obligations, disposing of the assets (other than housing assets) and remitting the unencumbered balances of the Dissolved RDAs to the County Auditor-Controller for distribution to the affected taxing entities.
The Dissolution Act also allowed the sponsoring comm unity that formed the Dissolved RDA to elect to assume the housing functions and take over certain housing assets of the Dissolved RDA.
City of Camarillo as Successor Agency
The City, as Successor Agency, received approval of a long-range property management plan (PMP) from the State Department of Fina nce (DOF) on June 2, 2014, to guide the future development of properties held by the former RDA. To implement and manage the PMP projects, the City and the Successor Agency executed a DOF approved agreem ent regarding expenditures of excess bond proceeds of $12.1 million to fund the following infrastructure:
Capital Project: Entertainment Center/Bowling Alley Site Improv ements
Capital Project: Conference Center Drain Improvements Capital Project: Dizdar Park Improvements
Capital Project: Fire Station Reuse
The Dissolution Act and
AB 1484 also establish roles for the County Auditor-Controller, the California Department of Finance (DOF) and th e California State Controller’s office in the dissolution process for the satisfaction of enforceable obligations of the Dissolved RDAs.
Recognized Obligation Payment Schedule
The County Auditor-Controller is charged with establishing a Redevelopm ent Property Tax Trust Fund (RPTTF) for each Successor Agency and depositi ng into the RPTTF for each six-month period, the amount of property taxes that would have b een redevelopment propert y tax increment had the Dissolved RDA not been dissolved . The deposits in the RPTTF fund are to be used to pay the Successor Agency’s enforceable obligations for the upcoming six-month period.
The Successor Agency is required to prepare a r ecognized obligation payment schedule (the ROPS) approved by the countywide oversight board set ting forth the amounts due for each six-month enforceable obligation period. The ROPS is submitte d to the DOF for approval. The County Auditor- Controller will make payments to the Successor Agency from the RPTTF fund based on the ROPS amount approved by the DOF. The ROPS was prepared in advance for the enforceable obligations due over the next twelve months through ROPS 24/25, and subsequen tly over the next twelve-month period effective ROPS 25/26.
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NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
124
Note 17: Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) Long-Term Debt
The following is a summary of long-term debt transactions for the fiscal year ended June 30, 2025:
Amounts Due Amounts Due
Balance at Balance a t Within One in More Than
Public Offerings June 30, 2024 Deletions June 30, 2025 Year One Yea r 2014 Successor Agency (SA)
Refunding Bonds 11,205,000 $ (640,000) $ 10,565,000 $ 670,000 $ 9,895,000 $ Premium on 2014 SA Bonds 1,354,876 (108,390) 1,246,486 - 1,246,486 2016A Senior Lien Tax Allocation
Refunding Bonds 4,560,000 - 4,560,000 - 4,560,000 2016A-T Taxable Senior Lien Tax
Allocation
Refunding Bonds 2,940,000 (295,000) 2,645,000 305,000 2,340,000 Discount on 2016 A & A-T Bonds (66,227) 4,014 (62,213) - (62,213) 2016B Tax Allocation Refunding
Bonds 26,485,000 (720,000) 25,765,000 755,000 25,010,000 Premium on 2016B Bonds 606,036 (36,729) 569,307 - 569,307 Total Fiduciary Activities 47,084,685 $ (1,796,105) $ 45,288,580 $ 1,730,000 $ 43,558,580 $ Classification
2014 CDC Tax Allocation Refunding Bonds – Original Issue $15,915,000
On November 5, 2014, the City of Camarillo in its capacity as Successor Agency to the Former Camarillo Community Development Commission (CDC), issued $15,915,000 Tax Allocation Refunding Bonds (2014 Bonds), with interest rate s ranging from 3.50% to 5.25%, with a maturity date of September 1, 2036. The proceeds of the 2014 Bonds were used to refund the 2004 CDC Bonds, purchase a reserve fund surety bond and fund th e cost of issuance relating to the 2014 Bonds.
The outstanding balance from this public offering c ontains a provision that in the occurrence or continuation of any event of default, the trustee mu st declare the principal of the bonds, together with the accrued interest, to be due and payable imme diately and may exercise any other remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners.
Total principal and interest remaining on the bo nd totals $14, 100,126 and is payable through fiscal year 2036/37.
The annual debt service requirements at June 30, 2025, were as follows:
Year Ending June 30, Principal Interest Total
2026 670,000 $ 510,425 $ 1,180,425 $ 2027 705,000 476,050 1,181,050 2028 735,000 440,050 1,175,050 2029 775,000 408,113 1,183,113 2030 800,000 374,550 1,174,550 2031-2035 4,660,000 1,207,813 5,867,813 2036-2037 2,220,000 118,125 2,338,125 Totals 10,565,000 $ 3,535,126 $ 14,100,126 $
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NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
125
Note 17:
Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) 2016A Senior Lien Tax Allocation Refunding Bonds – Original Issue $4,985,000 On December 22, 2016, the City of Camarillo in its capacity as Successor Agency to the Former Camarillo Community Development Commission (C DC), issued $4,985,000 Senior Lien Tax Allocation Refunding Bonds (2016A Bonds), with interest rates ranging from 2.00% to 5.00%, with a maturity date of September 1, 2041. The proceed s of the 2016A Bonds were used to refund the 2006 CDC Bonds, purchase a reserve fund surety bond and fund the cost of issuance relating to the 2016A Bonds. The City, as Successor Agency to the CDC, will pay all future bond obligations with RPTTF distributions to service enforceable obligations. The outstanding balance from this public offering contains a provision that in the occurrence or contin uation of any event of default, the trustee must declare the principal of the bonds, together with the accrued interest, to be due and payable immediately and may exercise any other remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners . Total principal and interest remaining on the bond totals $6,903,550 and is payable through fiscal year 2041/42.
The annual debt service requirements at June 30, 2025, were as follows:
Year Ending June 30, Principal Interest Total
2026 -$
188,000$ 188,000$
2027 -
188,000
188,000
2028 -
188,000
188,000
2029 -
188,000
188,000
2030 -
188,000
188,000
2031-2035 995,000 882,050
1,877,050
2036-2040 2,445,000 476,300
2,921,300
2041-2042 1,120,000 45,200
1,165,200
Totals 4,560,000$ 2,343,550$ 6,903,550$ 2016A-T Taxable Senior Lien Tax All
ocation Refunding Bonds – Original Issue $4,570,000
On December 22, 2016 the City of Camarillo in its capacity as Successor Agency to the Former Camarillo Community Development Commission (CDC), issued $4,310,000 Taxable Senior Lien Tax Allocation Refunding Bonds (2016A-T Bonds) , with interest rates ranging from 1.625% to
4.00%, with a maturity date of September 1, 2032. The proceeds of the 2016A-T Bonds were used to refund the 2006 CDC Bonds, purchase a reserve fund su rety bond and fund the cost of issuance relating to the 2016A-T Bonds. The outstanding ba lance from this public offering contains a provision that in the occurrence or continuation of a ny event of default, the trustee must declare the principal of the bonds, together with the accrued inte rest, to be due and payable immediately and may exercise any other remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners. Total principal and interest remaining on the bond totals $3,066,004 and is payable through fiscal year 2032/33.
CITY OF CAMARILLO
NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
126
Note 17:
Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) 2016A-T Taxable Senior Lien Tax Allocation Refunding Bonds – Original Issue $4,570,000 (Continued)
The annual debt service requirements at June 30, 2025, were as follows:
Year Ending June 30, Principal Interest Total
2026 305,000$ 96,588$ 401,588$
2027 315,000 86,316
401,316
2028 330,000 74,400
404,400
2029 340,000 61,000
401,000
2030 350,000 47,200
397,200
2031-2033 1,005,000 55,500
1,060,500
Totals 2,645,000$ 421,004$ 3,066,004$ 2016B Tax Allocation Refunding Bonds – Original Issue $31,295,000 On December 22, 2016, t
he City of Camarillo in its capacity as Successor Agency to the Former Camarillo Community Development Commission (CDC), issued $31,295,000 Tax Allocation Refunding Bonds (2016B Bonds), with interest ra tes ranging from 2.00% to 5.00%, with a maturity date of September 1, 2041. The proceeds of the 2016 B Bonds were used to refund the 2006 and 2009 CDC Bonds, purchase a reserve fund surety bond and fund the cost of issuance relating to the 2016B Bonds. The outstanding balance from this public offe ring contains a provision that in the occurrence or continuation of any event of default, the trust ee must declare the principal of the bonds, together with the accrued interest, to be due and payabl e immediately and may exercise any other remedies available to the trustee and bond owners in law or at equity to enforce the rights of the bond owners.
Total principal and interest remaining on the bo nd totals $37, 387,700 and is payable through fiscal year 2041/42.
The annual debt service requirements at June 30, 2025, were as follows:
Year Ending June 30, Principal Interest Total
2026 755,000$ 1,064,500$ 1,819,500$
2027 785,000 1,033,700 1,818,700 2028 820,000 1,005,700 1,825,700 2029 840,000 972,400 1,812,400 2030 890,000 929,150 1,819,150 2031-2035 5,115,000 3,926,250 9,041,250 2036-2040 10,555,000 2,448,500 13,003,500 2041-2042 6,005,000 242,500 6,247,500 Totals 25,765,000$ 11,622,700$ 37,387,700$
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NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED)
JUNE 30, 2025
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Note 17:
Successor Agency Trust for Assets of Former Redevelopment Agency (Continued) Pledged Revenue
Health and Safety Code Section 34177 requires the City of Camarillo in the Capacity of Successor Agency to the CDC to continue to make payments due for enforceable obligations (i.e., debt service).
RPTTF distributions will continue to repay the tax allocation bonds and tax refunding bonds of the City of Camarillo as the Successor Ag ency to the former CDC. Total principal and interest remaining on the allocation bonds totals $61,457,380. Current fiscal year bond principal and interest paid with RPTTF were as follows:
Principal and
Bond Series Interest
2014 Successor Agency Tax Allocation Refunding Bonds 1,183,175 $ 2016A Senior Lien Tax Allocation Refunding Bonds,
Series 2016A 188,000
2016A-T Taxable Senior Lien Tax Allocation Refunding
Bonds, Series A-T 401,153
2016B Tax Allocation Refunding Bonds, Series 2016B 1,817,600 Total 3,589,928 $
Tax Increment
Revenue
RPTTF Distribution Paid to Successor Agency
(Including Distribution to Pay Administrative Expenses) 3,663,586 $ 128
129
REQUIRED SUPPLEMENTARY
INFORMATION
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
GENERAL FUND
YEAR ENDED JUNE 30, 2025
130
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance - July 1 109,522,919$ 109,522,919$ 109,522,919$ -$ R
esources (Inflows):
Taxes 47,884,869 47,711,181 45,960,608 (1,750,573) Licenses and permits 2,300,000 2,300,000 2,160,314 (139,686) Subventions and grants 3,063,982 3,063,982 3,036,675 (27,307) Charges for services 4,157,362 3,739,862 4,995,432 1,255,570 Investment earnings 2,840,000 3,705,000 5,224,987 1,519,987 Fines and forfeitures 343,000 343,000 512,794 169,794 Contributions and developer fees 41,476 41,476 69,266 27,790 Miscellaneous 21,773
21,773 132,280 110,507
Transfers in 2,189,655 2,373,003 2,009,568 (363,435) Amounts Available for Appropriations 172,365,036 172,822,196 173,624,843 802,647 Charges to Appropriation (Outflow):
General government
City council 662,572 735,620 554,274 181,346
City clerk 834,501 951,109 730,815 220,294
City attorney 459,936 521,976 365,892 156,084
City manager 2,671,848 2,808,207 2,127,285 680,922
Finance 2,099,953 2,175,601 1,922,401 253,200
Human resources 852,829 956,237 844,416 111,821
Community development 3,640,662 4,287,643 3,489,190 798,453 Non-departmental 3,106,710 3,304,312 2,476,981 827,331 Public safety
Emergency operations 304,560 309,851 199,832 110,019
Code compliance 1,207,225 1,207,365 1,099,570 107,795
Police services 21,863,654 21,283,638 20,408,704 874,934 Dart 40,686 111,348 22,931 88,417
Building and sa
fety 2,147,482 2,147,482 1,457,147 690,335
Highways and streets 10,911,953 11,650,284 9,813,814 1,836,470 Economic development 1,943,772 2,032,818 1,827,081 205,737 Cultural arts and library services 5,072,054 5,215,219 4,849,643 365,576 Capital outlay 65,000 65,000 - 65,000
Trans
fers out 4,628,184 4,628,184 4,031,501 596,683
Total Charg
es to Appropriations 62,513,581 64,391,894 56,221,477 8,170,417 Budgetary Fund Balance, June 30 109,851,455$ 108,430,302$ 117,403,366 8,973,064$ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are
recognized under GAAP basis but are not
recognized on a budgetary basis 1,641,950
Budgetary Fund Balance GAAP Basis, June 30 119,045,316$ Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
MAINTENANCE DISTRICTS SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2025
131
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 1,803,694 $ 1,803,694 $ 1,803,694 $ - $ Resources (Inflows):
Taxes 3,796,938 3,796,938 3,964,913 167,975 Charges for services 261,277 261,277 270,385 9,108 Investment earnings 25,295 25,295 95,628 70,333 Fines and forfeitures 6,506 6,506 9,901 3,395 Transfers in 3,631,274 3,631,274 3,261,514 (369,760) Amounts Available for Appropriations 9,524,984 9,524,984 9,406,035 (118,949) Charges to Appropriation (Outflow):
Highways and streets 8 ,099,755 8,181,262 7,655,880 525,382 Total Charges to Appropriations 8,099,755 8,181,262 7,655,880 525,382 Budgetary Fund Balance, June 30 1,425,229$ 1,343,722 $ 1,750,155 406,433 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are
recognized under GAAP basis but are not
recognized on a budgetary basis 23,839
Budgetary Fund Balance GAAP Basis, June 30 1,773,994$
Budget Amounts
132
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
DEVELOPMENT FEES SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2025
133
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 22,098,173$ 22,098,173 $ 22,098,173 $ - $ Resources (Inflows):
Charges for services - - 21,450 21,450 Investment earnings 208,731 208,731 884,573 675,842 Contributions and developer fees 1,511,687 906,887 1,008,365 101,478 Amount Available for Appropriations 23 ,818,591 23 ,213,791 24 ,012,561 798 ,770 Charges to Appropriation (Outflow):
Transfers out 1,873,101 3,420,229 723,269 2,696,960 Total Charges to Appropriations 1 ,873,101 3 ,420,229 723 ,269 2 ,696,960 Budgetary Fund Balance, June 30 21,945,490$ 19 ,793,562$ 23 ,289,292 3 ,495,730$ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are
recognized under GAAP basis but are not
recognized on a budgetary basis 319,753
Budgetary Fund Balance GAAP Basis, June 30 23,609,045$
Budget Amounts
CITY OF CAMARILLO
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
MISCELLANEOUS PLAN
AS OF JUNE 30, FOR THE LAST TEN MEASUREMENT PERIODS
134
2016 2017 2018 2019
TOTAL PENSION LIABILITY
Service cost 1,747,346$ 1,732,866$ 1,924,079$ 2,108,797$ Interest 7,042,345 7,292,073 7,521,568 7,664,664 Difference between expected and actual experience (844,309) (1,348,199) (883,123) (2,146,171) Changes in assumptions (1,722,631) - 6,160,594 (606,874) Benefit payments, including refunds of employee
Contributions (3,910,848) (4,428,840) (4,616,105) (4,951,123) Net Change in Total Pension Liability 2,311,903 3,247,900 10,107,013 2,069,293 Total Pension Liability - Beginning 95,705,496 98,017,399 101,265,299 111,372,312 Total Pension Liability - Ending (a) 98,017,399$ 101,265,299$ 111,372,312$ 113,441,605$
PLAN FIDUCIARY NET POSITION
Contributions - employer 2,325,428$ 2,468,910$ 2,616,351$ 2,813,118$ Contributions - employee 796,966 787,685 846,878 817,377 Net investment income 1,557,525 410,059 8,217,658 6,743,383 Benefit payments, including refunds of employee
Contributions (3,910,848) (4,428,840) (4,616,105) (4,951,123) Other changes in fiduciary net position - - - (233,906) Administrative expense - (44,384) (106,332) (123,069) Net Change in Fiduciary Net Position 769,071 (806,570) 6,958,450 5,065,780 Plan Fiduciary Net Position - Beginning 72,056,890 72,825,961 72,019,391 78,977,841 Plan Fiduciary Net Position - Ending (b) 72,825,961$ 72,019,391$ 78,977,841$ 84,043,621$ Plan Net Pension Liability - Ending (a) - (b) 25,191,438$ 29,245,908$ 32,394,471$ 29,397,984$ Plan Fiduciary Net Position as a Percentage of the
Total Pension 74.30% 71.12% 70.91% 84.09%
Covered Payroll 11,104,864$ 11,057,800$ 11,487,379$ 11,917,898$ Plan Net Pension Liability as a Percentage of
Covered Payroll 226.85% 264.85% 282.00% 246.67%
Notes to Schedule:
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes which occurred after June 30, 2019. This applies to voluntary benefit changes as well as any offers of Two Years Additional Service Credit (a.k.a. retirement incentive).
Changes in Assumptions: In 2022, the discount rate was reduced from 7.15 percent to 6.90 percent and the inflation rate decreased from 2.5 percent to 2.30 percent. None in 2019, 2020, or in 2021. In 2018, demographic assumptions and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Actuarial Assumptions December 2017, there were no changes in the discount rate. In 2017, the discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate.
CITY OF CAMARILLO
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
MISCELLANEOUS PLAN (CONTINUED)
AS OF JUNE 30, FOR THE LAST TEN MEASUREMENT PERIODS
135
2020 2021 2022 2023 2024 2025
2,185,951$ 2,300,799 $ 2,200,843 $ 2,465,161 $ 2,545,787 $ 2,895,278 $ 7,974,373 8,239,535 8,569,796 8,759,389 9,112,740 9,530,461 (214,609) (872,004) 63,265 (929,787) 666,391 1,586,445 - - - 3,578,567 125,433 - (5,580,565) (5,693,817) (6,175,333) (6,747,059) (7,124,294) (7,607,262) 4,365,150 3,974,513 4,658,571 7,126,271 5,326,057 6,404,922 113,441,605 117,806,755 121,781,268 126,439,839 133,566,110 138,892,167 117,806,755$ 121,781,268 $ 126,439,839 $ 133,566,110 $ 138,892,167 $ 145,297,089 $ 3,119,429$ 3,544,235 $ 3,848,110 $ 3,999,695 $ 4,388,347 $ 4,536,509 $ 846,701 877,180 882,870 908,710 1,044,415 1,209,178 5,474,226 4,366,400 20,498,754 (8,252,693) 6,143,262 10,019,107 (5,580,565) (5,693,817) (6,175,333) (6,747,059) (7,124,294) (7,607,262) 195 - - - - - (59,975) (123,838) (90,717) (68,385) (73,254) (84,622) 3,800,011 2,970,160 18,963,684 (10,159,732) 4,378,476 8,072,910 84,043,621 87,843,632 90,813,792 109,777,476 99,617,744 103,996,220 87,843,632$ 90,813,792 $ 109,777,476 $ 99,617,744 $ 103,996,220 $ 112,069,130 $ 29,963,123$ 30,967,476 $ 16,662,363 $ 33,948,366 $ 34,895,947 $ 33,227,959 $
74.57% 74.57% 86.82% 74.58% 74.88% 77.13%
12,131,043$ 12,567,063 $ 12,400,404 $ 12,696,333 $ 14,536,271 $ 15,981,053 $ 247.00% 246.42% 134.37% 267.39% 240.06% 207.92%
CITY OF CAMARILLO
SCHEDULE OF PENSION CONTRIBUTIONS
MISCELLANEOUS PLAN
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS
136
2016 2017 2018 2019
Actuarially determined contribution 2,468,910 $ 2,616,351 $ 2,813,118 $ 3,119,429 $ Contribution in relation to the actuarially
Determined contribution (2,468,910) (2,616,351) (2,813,118) (3,119,429) Contribution deficiency (excess) - $ - $ - $ - $ Covered payroll 11,057,800 $ 11,487,379 $ 11,917,898 $ 12,131,043 $ Contributions as a percentage of covered payroll 22.91% 23.53% 23.60% 25.71% Notes to Schedule:
Valuation date June 30, 2023
Methods and assumptions used to determine contribution rates:
Actuarial cost method Entry age normal cost method
Amortization method/period Level percentage of pa y, a summary of the current policy is provided in the table below:
Investment Non-investment
Amortization Period 30 Years 30 Years 20 Years
Escalation Rate
- Active plans 2.750% 2.750% 2.750% 2.750% 2.750%
- Inactive plans 0% 0% 0% 0% 0%
Ramp up 5 5 5 0 0
Ramp down 5 5 5 0 0
20 Years 5 Years
Date
Source
(Gain)/Loss
Assumption/
Method Change
Benefit
Change
Golden
Handshake
Payroll growth Depends on age, service, and type of employment Investment rate of return 6.90%
Retirement age All other actuarial assumpti ons used in the June 30, 2021 valuation were based on the results of an actuarial experience study for the period from 1997 to 2015, including updates to salary increase, mortality, and retirement rates. The Experience Study report may be assessed on the CalPERS website at www.calpers.ca.gov under Forms and Publications.
Mortality Mortality assumptions are based on mo rtality rates resulting from the most recent CalPERS Experience Study
CITY OF CAMARILLO
SCHEDULE OF PENSION CONTRIBUTIONS
MISCELLANEOUS PLAN (CONTINUED)
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS
137
2020 2021 2022 2023 2024 2025
3,544,235$ 3,848,110$ 3,999,695$ 4,388,347$ 4,553,247$ 5,278,408$ (3,544,235) (3,848,110) (3,999,695) (4,388,347) (4,536,509) (5,278,408) -$
-$
-$
-$
16,738$
-$
12,567,063$
12,400,404$ 12,696,333$ 14,536,271$ 15,981,053$ 18,435,945$
29.10% 31.37% 31.50% 30.19% 28.49% 28.63%
CITY OF CAMARILLO
SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS AS OF JUNE 30, FOR THE LAST TEN MEASUREMENT PERIODS (1) 138
2018 2019 2020 2021 2022 2023 2024 2025
Total OPEB Liability
Service cost 85,228$ 87,998 $ 176,040 $ 181,321 $ 264,896 $ 302,237 $ 300,501 $ 310,515 $ Interest on total OPEB liability 249,258 260,390 297,069 310,611 305,626 308,014 304,340 322,025 Difference between expected and actual
experience (78,605) - (10,603) 40,334 - (446,639) - - Changes in benefit terms - - - - - - - (444,150) Changes in assumptions - 549,173 - 176,386 389,153 (392,073) 13,352 (911,532) Benefit payments (79,229) (83,470) (241,174) (253,593) (259,290) (326,092) (342,076) (352,087) Net Change in Total OPEB Liability 176,652 814,091 221,332 455,059 700,385 (554,553) 276,117 (1,075,229) Total OPEB Liability - Beginning 3,910,254 4,086,906 4,900,997 5,122,329 5,577,388 6,277,773 5,723,220 5,999,337 Total OPEB Liability - Ending (a) 4,086,906$ 4,900,997 $ 5,122,329 $ 5,577,388 $ 6,277,773 $ 5,723,220 $ 5,999,337 $ 4,924,108 $ Plan Fiduciary Net Position
Contributions - employer 98,470 $ 73,696 $ 232,101 $ 233,395 $ 164,618 $ 282,970 $ 351,594 $ 517,888 $
Net investment income 386,435 259,098 236,207 211,145 1,078,607 (748,790) 360,119 611,036 Difference between expected and actual
investment income - 12,827 46,576 - - - - - Benefit payments (79,229) (83,470) (241,174) (253,593) (259,290) (326,092) (342,076) (352,087) Administrative expense (10,119) (24,171) (21,165) (25,266) (27,863) (29,183) - - Net Change in Plan Fiduciary Net Position 395,557 237,980 252,545 165,681 956,072 (821,095) 369,637 776,837 Plan Fiduciary Net Position - Beginning 3,734,087 4,129,644 4,367,624 4,620,169 4,785,850 5,741,922 4,920,827 5,290,464 Plan Fiduciary Net Position - Ending (b) 4,129,644$ 4,367,624 $ 4,620,169 $ 4,785,850 $ 5,741,922 $ 4,920,827 $ 5,290,464 $ 6,067,301 $ Net OPEB Liability (Asset) - Ending (a) - (b) (42,738)$ 533,373 $ 502,160 $ 791,538 $ 535,851 $ 802,393 $ 708,873 $ (1,143,193) $ Plan Fiduciar
y Net Position as a Percentage of
the Total OPEB Liability 101.05% 89.12% 90.20% 85.81% 91.46% 85.98% 88.18% 123.22% Covered-employee Payroll 14,948,682$ 15,529,727 $ 15,115,317 $ 15,865,846 $ 14,108,055 $ 16,917,466 $ 14,932,325 $ 20,671,266 $ Net OPEB Liability (Assets) as a Percentage of
Covered-employee Payroll -0.29% 3.43% 3.32% 4.99% 3.80% 4.74% 4.75% -5.53% (1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal Year 2018 was the first year of implementation. Future years information will be displayed up to 10 years as information becomes available. (2) A new actuary was contracted for fiscal year 2020-2021. As a result, the net investment income in 2020 was changed from $261,150 to $236,207 on the 2021 valuation report. This resulted in a $24,943 change in the ending 2020 Net OPEB Liability.
Notes to Schedule
The discount rate changed during fiscal year 2024-2025 from 5.25% to 6.05%, and terms changed to a lower assumed retiree participation after Medicare.
CITY OF CAMARILLO
SCHEDULE OF OPEB CONTRIBUTIONS
AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS(1)
139
2018 2019 2020 2021 2022 2023 2024 2025
Actuarially determined contribution* 73,696 $ 232,101 $ 233,395 $ 164,618 $ 282,970 $ 355,268 $ 357,656 $ 368,492 $ Contribution in relation to the actuarially
Determined contribution (73,696) (232,101) (233,395) (164,618) (282,970) (351,594) (517,888) (541,176) Contribution deficiency (excess) - $ - $ - $ - $ - $ 3,674$ (160,232)$ (172,684) $ Covered-employee payroll 15,529,727 $ 15,115,317 $ 15,865,846 $ 14,108,055 $ 16,917,466 $ 14,932,325 $ 20,671,266 $ 25,260,897 $ Contributions as a percentage of covered-employee payroll
0.66% 1.58% 1.47% 1.17% 1.67% 2.35% 2.51% 2.14%
(1) Historical information is required only for the measurement periods for which GASB 75 is applicable. Fiscal year 2018 was the first year of implementation. Future years' information will be displayed up to 10 years as information becomes available.
Notes to Schedule:
*Actuarial methods and assumptions used to set the actuarially determined contribution for Fiscal Year 2024 were from the June 30, 2022 actuarial valuation.
Methods and assumptions used to determine contributions:
Actuarial cost method Entry age normal
Asset valuation method Market value of assets
Discount rate 6.05%
Inflation 2.50%
Salary increases 3.00% annually
Mortality rate* CalPERS 2021 Experience Study
Pre-retirement turnover Watts Scale 2022.
Healthcare trend rate 6.8% in Jan. 2024 and grade down to 3.9% for years 2075 and later
140
141
SUPPLEMENTARY
INFORMATION
142
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
CAPITAL IMPROVEMENT PROJECTS FUND
YEAR ENDED JUNE 30, 2025
143
Variance with
Final Budget
Actual Amounts Positive
Original Final (Budgetary Basis) (Negative)
Budgetary Fund Balance, July 1 17,486,750 $ 17,486,750 $ 17,486,750 $ - $ Resources (Inflows):
Subventions and grants 350,807 6,276,605 1,132,850 (5,143,755) Contributions and developer fees - 33,479 322 (33,157) Transfers in 7,025,454 12,936,917 6,014,497 (6,922,420) Amount Available for Appropriations 24,863,011 36,733,751 24,634,419 (12,099,332) Charges to Appropriation (Outflow):
Capital outlay 16,699,265 26,571,216 12,897,202 13,674,014 Total Charges to Appropriations 16,699,265 26,571,216 12,897,202 13,674,014 Budgetary Fund Balance, June 30 8,163,746$ 10,162,535 $ 11,737,217 1,574,682 $ Budgetary Fund Balance GAAP basis, June 30 11,737,217$
Budget Amounts
144
NON-MAJOR GOVERNMENTAL FUNDS
The City has established the following governmental funds in order to account for the proceeds from revenue sources that are restricted to expenditures for specif ied purpo ses, debt service, and capital projects. Budgets are prepared usin g the modified accrual basis of accoun ting consistent with U.S. generally accepted accounting principles.
Special Revenue Funds:
Article 8a TDA Fund - This fund is used to account for special state subventions under the Transpo rtation Development Act (TDA) th at are legally restricted to the maintenance of highways within the City's boundaries.
Article 8c TDA Fund - This fund is u sed to account for sp ecial state subventions u nder the TDA that are legally restricted to the plan ning, acquisition of real property, construction of facilities and buildings, purch ase and replacement of vehicles, and system o peration, maintenance, and repair for tran sportation services.
Article 3 TDA Fund - This fund is used to account for special state sub ventions under the TDA th at are legally restricted to the maintenan ce of bikeways and handicapped ramps within the City's boundaries.
Gas Tax Fund - Th is fund is used to account for motor fuel tax revenues that are legally restricted to the maintenance and co nstruction of streets.
SB1 Fund - This fund is used to accoun t for revenu es received for road maintenance and rehabilitation apportionments from the state of California and expenditures for projects.
Air Quality Management Fund - This fund is used to account for revenues from air quality impact fees th at are required to be used for transportation mitigation.
Community Development Block Grant Fund - This fund is used to account for Federal Entitlements and related expenditures restricted for the pu rpose of prov iding resou rces primarily fo r home rehabilitation projects for low- i n c o m e applicants, first-time home buyers, senior h ousing p rojects, an d the Fair Ho using Counseling Program.
Library Special Revenue Fund - This fund is used to account for public contributions that are legally restricted to the operations of the Library.
SB125 Fund - This fund is used to acco unt for the financial resources provided und er Senate Bill (SB) 125 in California. SB 125 provides a one-time infusion of funding intended to support transit provider’s operatin g and capital needs and to prevent near‐term service cuts while longer‐term fiscal sustainability is addressed.
Cable PEG Fees Fund - This fund is used to account for revenu es dedicated to capital improvements of cable Pub lic Access facilities.
NON-MAJOR GOVERNMENTAL FUNDS
145
Capital Projects Funds:
Low-Moderate Income Housing Asset Fund - This fund is used to account for the housing activities of the former Redevelopment Agency.
Camarillo Corridor Projects Area Fund - This fund is used to account for la nd held for resale and bond proceeds as detailed in an Agreement between City of Camarillo and City of Ca marillo as Successor Agency to the Camarillo Community Development Commission.
Debt Service Fund:
Library Debt Service Fund - This fund is used to account for th e accumulation of resources and payment of long-term debt principal and interest for bonds issued by the City to finance the construction of the Library.
CITY OF CAMARILLO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2025
146
Article 8a TDA Article 8c TDA Article 3 TDA Gas Tax SB1 Assets:
Cash and investments 3,296,448$ 465,090$ -$ 227,899$ 1,242,122$
Receivables:
Accounts - - - - 340,340
Notes and loans - - - - -
Accrued interest 31,336 12,910 - 3,928 29,259
Grants - - - - -
Land held for resale - - - - -
Restricted assets:
Cash and investments with fiscal agents - - - - - Total Assets 3,327,784$ 478,000$ -$ 231,827$
1,611,721$
Liabilities and Fund Balances:
Liabilities:
Accounts payable -$ -$
-$
-$
-$
Retentions payable - - - - -
Unearned revenue - 403,836
- - -
Total Liabilities - 403,836
- - -
Fund Balances:
Restricted 3,327,784 74,164 - 231,827
1,611,721
Total Fund Balances 3,327,784 74,164 - 231,827
1,611,721
Total Liabilities and Fund Balances 3,327,784$ 478,000$ -$ 231,827$ 1,611,721$
Special Revenue Funds
CITY OF CAMARILLO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2025
147
Community
Air Quality Development Cable
Management Block Grant Library SB 125 PEG Fees
Assets:
Cash and investments 177,493 $ 25,847 $ 624,296 $ 708,507 $ 33,841 $ Receivables:
Accounts - - - - 35,012 Notes and loans - 396,638 - - - Accrued interest 1,846 - 7,339 3,270 14,780 Grants - 73,401 - - - Land held for resale - - - - - Restricted assets:
Cash and investments with fiscal agents - - - - - Total Assets 179,339 $ 495,886 $ 631,635 $ 711,777 $ 83,633 $ Liabilities and Fund Balances:
Liabilities:
Accounts payable - $ 42,289$ 18,528 $ - $ - $ Retentions payable - - - - - Unearned revenue - - - 700,000 - Total Liabilities - 42,289 18,528 700,000 - Fund Balances:
Restricted 179,339 453,597 613,107 11,777 83,633 Total Fund Balances 179,339 453,597 613,107 11,777 83,633 Total Liabilities and Fund Balances 179,339$ 495,886 $ 631,635 $ 711,777 $ 83,633 $ Special Revenue Funds (Continued)
CITY OF CAMARILLO
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2025
148
Debt Service
Fund
Low-Moderate Camarillo Total
Income Housing Corridor Library Debt Governmental
Asset Projects Area Service Funds
Assets:
Cash and investments 176,421 $ 38,409 $ 3,363 $ 7,019,736 $ Receivables:
Accounts - - - 375,352 Notes and loans 275,000 4,900,000 - 5,571,638 Accrued interest 1,862 468 - 106,998 Grants - - - 73,401 Land held for resale 4,106,556 - 4,106,556 Restricted assets:
Cash and investments with fiscal agents - - 500,944 500,944 Total Assets 453,283 $ 9,045,433 $ 504,307 $ 17,754,625 $ Liabilities and Fund Balances:
Liabilities:
Accounts payable - $ 30 $ 2,470 $ 63,317 $ Retentions payable - 22,662 - 22,662 Unearned revenue - - - 1,103,836 Total Liabilities - 22,692 2,470 1,189,815 Fund Balances:
Restricted 453,283 9,022,741 501,837 16,564,810 Total Fund Balances 453,283 9,022,741 501,837 16,564,810 Total Liabilities and Fund Balances 453,283$ 9,045,433 $ 504,307 $ 17,754,625 $ Capital
Projects Funds
CITY OF CAMARILLO
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
YEAR ENDED JUNE 30, 2025
149
Article 8a TDA Article 8c TD A Article 3 TDA Gas Tax SB1 Revenues:
Taxes - $ -$ -$ -$ -$
Subventions and grants 2,000,000 1,623,031 11,998 1,995,424 1,931,331 Investment earnings 153,623 46,492 - 14,145 143,441 Contributions and developer fees - - - - - Total Revenues 2,153,623 1,669,523 11,998 2,009,569 2,074,772 Expenditures:
Current:
Economic development - - - - -
Cultural arts and library services - - - - - Debt service:
Principal - - - - -
Interest - - - - -
Total Expenditures - - - - -
Excess (deficiency) of revenues over
(under) expenditures 2,153,623 1,669,523 11,998 2,009,569 2,074,772 Other Financing Sources (Uses):
Transfers in - - - - -
Transfers out (1,033,584) (1,623,031) (11,998) (2,009,568) (2,638,653) Total Other Financing Sources
(Uses) (1,033,584) (1,623,031) (11,998) (2,009,568) (2,638,653) Net change In fund balances 1,120,039 46,492 - 1 (563,881) Fund Balances - Beginning of Year 2,207,745 27,672 - 231,826 2,175,602 Fund Balances - End of Year 3,327,784$ 74,164$ -$ 231,827$ 1,611,721$ Special Revenue Funds
CITY OF CAMARILLO
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2025
150
Community
Air Quality Development Cable
Management Block Grant Library SB 125 PEG Fees
Revenues:
Taxes -$ -$ -$ -$ 150,667$
Sub
ventions and grants - 128,279 - - -
Inv
estment earnings 9,049 - 35,980 11,777 72,460
Con
tributions and developer fees - - 333,000 - -
To
tal Revenues 9,049 128,279 368,980 11,777 223,127 Expenditures:
Current:
Economic development - 691,884 - - -
Cu
ltural arts and library services - - 292,296 - -
Deb
t service:
Principal - - - - -
Int
erest - - - - -
To
tal Expenditures - 691,884 292,296 - -
Ex
cess (Deficiency) of Revenues Over
(Under) Expenditures 9,049 (563,605) 76,684 11,777 223,127 Other Fi
nancing Sources (Uses):
Transfers in - - - - -
Tran
sfers out - - - - (1,618,991)
To
tal Other Financing Sources
(Uses) - - - - (1,618,991)
N
et Change In Fund Balances 9,049 (563,605) 76,684 11,777 (1,395,864) F
und Balances - Beginning of Year 170,290 1,017,202 536,423 - 1,479,497 Fund Balances - End
of Year 179,339$ 453,597$ 613,107$ 11,777$ 83,633$ Special Revenue Funds (Continued)
CITY OF CAMARILLO
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
YEAR ENDED JUNE 30, 2025
151
Debt Service
Fund
Low-Moderate Camarillo Total
Income Housing Corridor Library Debt Governmental
Asset Projects Area Service Funds
Revenues:
Taxes - $ -$ -$ 150,667$
Subventions and grants - - - 7,690,063
Investment earnings 9,130 2,343 23,037 521,477 Contributions and developer fees - - - 333,000
Total Revenues 9,130 2,343 23,037 8,695,207 Expenditures:
Current:
Economic development 5,000 7,733 - 704,617
Cultural arts and library services - - 5,800 298,096
Debt service:
Principal - - 345,000 345,000
Interest - - 145,869 145,869
Total Expenditures 5,000 7,733 496,669 1,493,582 Excess (Deficiency) of Revenues Over
(Under) Expenditures 4,130 (5,390) (473,632) 7,201,625 Other Financing Sources (Uses):
Transfers in - - 473,631 473,631
Transfers out - - - (8,935,825)
Total Other Financing Sources
(Uses) - - 473,631 (8,462,194)
Net Change In Fund Balances 4,130 (5,390) (1) (1,260,569) Fund Balances - Beginning of Year 449,153 9,028,131 501,838 17,825,379 Fund Balances - End of Year 453,283$ 9,022,741$ 501,837$ 16,564,810$ Capital
Projects Funds
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
ARTICLE 8 TDA FUND
YEAR ENDED JUNE 30, 2025
152
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 2,207,745 $ 2,207,745 $ 2,207,745 $ - $ Resources (Inflows):
Subventions and grants 1,800,000 2,000,000 2,000,000 - Investment earnings 31,896 31,896 112,846 80,950
Amount Available for Appropriations 4,039,641 4,239,641 4,320,591 80,950 Charges to Appropriation (Outflow):
Transfers out 2,130,529 3,947,697 1,033,584 2,914,113 Total Charges to Appropriations 2,130,529 3,947,697 1,033,584 2,914,113 Budgetary Fund Balance, June 30 1,909,112$ 291,944 $ 3,287,007 2,995,063 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 40,777 Budgetary Fund Balance GAAP Basis, June 30 3,327,784$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
ARTICLE 8C TDA FUND
YEAR ENDED JUNE 30, 2025
153
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 27,672 $ 27,672 $ 27,672 $ - $ Resources (Inflows):
Subventions and grants 1,681,000 1,899,000 1,623,031 (275,969) Investment earnings - - 46,492 46,492 Amount Available for Appropriations 1,708,672 1,926,672 1,697,195 (229,477) Charges to Appropriation (Outflow):
Transfers out 1,681,000 1,899,000 1,623,031 275,969 Total Charges to Appropriations 1,681,000 1,899,000 1,623,031 275,969 Budgetary Fund Balance, June 30 27,672$ 27,672 $ 74,164 46,492 $ Budgetary Fund Balance GAAP Basis, June 30 74,164$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
ARTICLE 3 TDA FUND
YEAR ENDED JUNE 30, 2025
154
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 - $
-$
-$
-$
Resources (Inflows):
Subventions and grants 12,000 12,000 11,998 (2) Amount Available for Appropriations 12,000 12,000 11,998 (2) C
harges to Appropriation (Outflow):
Transfers out 12,000 12,000 11,998 2 Total Charges to Appropriations 12,000 12,000 11,998 2 Budgetary Fund Balance, June 30 -$
-$
- -$
Budgetary Fund Balance GAAP Basis, June 30 -$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
GAS TAX FUND
YEAR ENDED JUNE 30, 2025
155
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 231,826 $ 231,826 $ 231,826 $ - $ Resources (Inflows):
Subventions and grants 1,956,625 2,006,654 1,995,424 (11,230) Investment earnings 602 602 14,145 13,543 Amount Available for Appropriations 2,189,053 2,239,082 2,241,395 2,313 Charges to Appropriation (Outflow):
Transfers out 2,189,655 2,189,655 2,009,568 180,087 Total Charges to Appropriations 2,189,655 2,189,655 2,009,568 180,087 Budgetary Fund Balance, June 30 (602)$ 49,427 $ 231,827 182,400 $ Budgetary Fund Balance GAAP Basis, June 30 231,827$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
SB1 FUND
YEAR ENDED JUNE 30, 2025
156
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 2,175,602 $ 2,175,602 $ 2,175,602 $ - $ Resources (Inflows):
Subventions and grants 1,810,789 1,810,789 1,931,331 120,542 Investment earnings 11,438 11,438 105,367 93,929
Amount Available for Appropriations 3,997,829 3,997,829 4,212,300 214,471 Charges to Appropriation (Outflow):
Transfers out 2,213,440 3,900,000 2,638,653 1,261,347 Total Charges to Appropriations 2,213,440 3,900,000 2,638,653 1,261,347 Budgetary Fund Balance, June 30 1,784,389$ 97,829 $ 1,573,647 1,475,818 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 38,074 Budgetary Fund Balance GAAP Basis, June 30 1,611,721$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
AIR QUALITY MANAGEMENT FUND
YEAR ENDED JUNE 30, 2025
157
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 170,290 $ 170,290 $ 170,290 $ - $ Resources (Inflows):
Investment earnings 428 428 6,647 6,219
Amount Available for Appropriations 170,718 170,718 176,937 6,219 Budgetary Fund Balance, June 30 170,718$ 170,718 $ 176,937 6,219 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 2,402 Budgetary Fund Balance GAAP Basis, June 30 179,339$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
COMMUNITY DEVELOPMENT BLOCK GRANT FUND
YEAR ENDED JUNE 30, 2025
158
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 1,017,202$ 1,017,202$ 1,017,202$ -$ Resources (Inflows):
Subventions and Grants 916,500 959,307 128,279 (831,028) Amount Available for Appropriations 1,933,702 1,976,509 1,145,481 (831,028) Charges to Appropriation (Outflow):
Economic Development 434,709 516,638 691,884 (175,246) To
tal Charges to Appropriations 434,709 516,638 691,884 (175,246) Budgetary Fund Balance, June 30 1,498,993$ 1,459,871$ 453,597 (1,006,274)$ Budgetary Fund Balance GAAP Basis, June 30 453,597$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
LIBRARY SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2025
159
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 536,423 $ 536,423 $ 536,423 $ - $ Resources (Inflows):
Investment earnings 5,513 5,513 26,430 20,917 Contributions and developer fees 337,300 337,300 333,000 (4,300) Amount Available for Appropriations 879,236 879,236 895,853 16,617 Charges to Appropriation (Outflow):
Cultural arts and library services 302,481 302,481 292,296 10,185 Total Charges to Appropriations 302,481 302,481 292,296 10,185 Budgetary Fund Balance, June 30 576,755$ 576,755 $ 603,557 26,802 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 9,550 Budgetary Fund Balance GAAP Basis, June 30 613,107$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
SB 125 SPECIAL REVENUE FUND
YEAR ENDED JUNE 30, 2025
160
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 - $ -$
-$
-$
Resources (Inflows):
Invest
ment earnings - - 11,777 11,777
Amount Available for Appropriations - - 11,777 11,777 Budgetary Fund Balance, June 30 -$ -$ 11,777 11,777$
Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis -
Budgetary Fund Balance GAAP Basis, June 30 11,777$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
CABLE PEG FEES FUND
YEAR ENDED JUNE 30, 2025
161
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 1,479,497 $ 1,479,497 $ 1,479,497 $ - $ Resources (Inflows):
Taxes
206,000 206,000 150,667 (55,333) Investment earnings 16,297 16,297 53,227 36,930
Amount Available for Appropriations 1,701,794 1,701,794 1,683,391 (18,403) Charges to Appropriation (Outflow):
Transfers out 758,384 1,618,991 1,618,991 - Total Charges to Appropriations 758,384 1,618,991 1,618,991 - Budgetary Fund Balance, June 30 943,410$ 82,803$ 64,400 (18,403)$ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 19,233 Budgetary Fund Balance GAAP Basis, June 30 83,633$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
LOW-MODERATE HOUSING ASSET FUND
YEAR ENDED JUNE 30, 2025
162
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 449,153 $ 449,153 $ 449,153 $ - $ Resources (Inflows):
Investment earnings 5,459 5,459 6,706 1,247 Amount Available for Appropriations 454,612 454,612 455,859 1,247 Charges to Appropriation (Outflow):
Economic development 50,826 51,611 5,000 46,611 Transfers out - 169,248 - 169,248 Total Charges to Appropriations 50,826 220,859 5,000 215,859 Budgetary Fund Balance, June 30 403,786$ 233,753 $ 450,859 217,106 $ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 2,424 Budgetary Fund Balance GAAP Basis, June 30 453,283$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
CAMARILLO CORRIDOR PROJECTS AREA FUND
YEAR ENDED JUNE 30, 2025
163
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 9,028,131 $ 9,028,131 $ 9,028,131 $ - $ Resources (Inflows):
Invest
ment earnings 50,337 50,337 1,734 (48,603)
Transfers In - - - -
Amount Available for Appropriations 9,078,468 9,078,468 9,029,865 (48,603) Charges to Appropriation (Outflow):
Economic development - - 7,733 (7,733)
Capital Outlay 50,000 51,130 - 51,130
Transfers out
- 14,100
- 14,100
To
tal Charges to Appropriations 50,000 65,230 7,733 57,497 Budgetary Fund Balance, June 30 9,028,468$ 9,013,238$ 9,022,132 8,894$ Explanation of Differences Between Budgetary Basis and GAAP Revenue and Expenditures Adjustments:
Unrealized gain or loss on investments are recognized under GAAP basis but are not recognized on a budgetary basis 609
Budgetary Fund Balance GAAP Basis, June 30 9,022,741$
Budget Amounts
CITY OF CAMARILLO
BUDGETARY COMPARISON SCHEDULE
LIBRARY DEBT SERVICE FUND
YEAR ENDED JUNE 30, 2025
164
Variance with
Final Budget
Actual Amounts Positive
Original Final (Bud getary Basis) (Ne gative)
Budgetary Fund Balance, July 1 501,838 $ 501,838 $ 501,838 $ - $ Resources (Inflows):
Invest
ment earnings - - 23,037 23,037
Transfers in 493,970 493,970 473,631 (20,339) Amount Available for Appropriations 995,808 995,808 998,506 2,698 Charges to Appropriation (Outflow):
Cultural arts and library services 3,100 3,645 5,800 (2,155) Debt Service:
Principal retirement 345,000 345,000 345,000 - Interest and fiscal charges 145,870 145,870 145,869 1 To
tal Charges to Appropriations 493,970 494,515 496,669 (2,154) Budgetary Fund Balance, June 30 501,838$ 501,293$ 501,837 544$ Budgetary Fund Balance GAAP Basis, June 30 501,837$
Budget Amounts
165
INTERNAL SERVICE FUNDS
166
Risk Manage
ment Fund – This fund is used to finance and account for the City’s risk management program.
Information Services Fund – This fund is used to finance and account for the City’s computer-related operations.
Vehicles & Equipment Fund – This fund is used to fund the operation, maintenance, and timely replacement of the City’s fleet of vehicles and related equipment.
CITY OF CAMARILLO
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2025
167
Risk Information Vehicles &
Management Services Equipment Total
Assets:
Current:
Cash and investments 1,039,124 $ 4,514,445 $ 7,161,372 $ 12,714,941 $ Receivables:
Accounts 69,643 342
- 69,985
Accrued interest 315
42,823 76,057 119,195
Prepaid costs 425
9,761 - 10,186
Deposits 2,000 - - 2,000
Total Current Assets 1,111,507 4,567,371 7,237,429 12,916,307 Noncurrent:
Net OPEB asset 2,387 51,211 22,751 76,349 Capital assets, net of
accumulated depreciation - 1,366,715 4,135,393 5,502,108 Total Noncurrent Assets 2,387 1,417,926 4,158,144 5,578,457 Total Assets 1,113,894 5,985,297 11,395,573 18,494,764 Deferred Outflows of Resources:
Deferred amount from pension plan 107,115 545,471 149,419 802,005 Deferred amount from OPEB plan 11,734 62,829 27,262 101,825 Total Deferred Outflows of Resources 118,849 608,300 176,681 903,830 Liabilities:
Current:
Accounts payable 7,284 124,896 314,622 446,802 Accrued liabilities 8,821 43,144 13,806 65,771 Subscriptions payable - 313,896 - 313,896
Compensated absences 19,673 208,391 22,884 250,948 Total Current Liabilities 35,778 690,327 351,312 1,077,417 Noncurrent:
Subscriptions payable -
572,358 - 572,358
Compensated absences 15,246 161,499 17,734 194,479 Net pension liability 473,511 1,975,635 559,704 3,008,850 Total Noncurrent Liabilities 488,757 2,709,492 577,438 3,775,687 Total Liabilities 524,535 3,399,819 928,750 4,853,104 Deferred Inflows of Resources:
Deferred amount from pension plan 2,093 10,660 2,920 15,673 Deferred amount from OPEB plan 10,699 77,364 32,772 120,835 Total Deferred inflows of Resources 12,792 88,024 35,692 136,508 Net Position:
Net Investment in capital assets - 480,461 4,135,393 4,615,854 Unrestricted 695,416 2,625,293 6,472,419 9,793,128 Total Net Position 695,416$ 3,105,754$ 10,607,812$ 14,408,982$
CITY OF CAMARILLO
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2025
168
Risk Information Vehicles &
Management Services Equipment Total
Operating Revenues:
Charges for services 2,529,201$ 4,519,675$ 2,701,140$ 9,750,016$ Total Operating Revenues 2,529,201 4,519,675 2,701,140 9,750,016 Operating Expenses:
Administration and general 124,574 1,987,610 156,023 2,268,207 Cost of sales and services 2,395,191 1,831,586 936,782 5,163,559 Depreciation expense - 486,987 560,499 1,047,486 Total Operating Expenses 2,519,765 4,306,183 1,653,304 8,479,252 Operating income (Loss) 9,436 213,492 1,047,836 1,270,764 Nonoperating Revenues (Expenses):
Investment earnings 1,134 209,940 372,865 583,939 Interest expense - (40,157)
-
(40,157)
Gain on disposal of capital assets
-
- 291,683 291,683
Total Nonoperating Revenues 1,134 169,783 664,548 835,465 Changes In Net Position 10,570 383,275 1,712,384 2,106,229 Net Position - Beginning of Year 684,846 2,722,479 8,895,428 12,302,753 Net Position - End of Year 695,416$ 3,105,754$ 10,607,812$ 14,408,982$
CITY OF CAMARILLO
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
YEAR ENDED JUNE 30, 2025
169
Risk Information Vehicles &
Management Services E quipment Total
Cash Flows From Operating
Activities
Cash received interfund service provided 2,460,840$ 4,519,436$ 2,701,140$ 9,681,416$ Cash paid to suppliers for goods and
services (2,387,370) (1,867,680) (945,631) (5,200,681) Cash paid to employees for services (122,090) (1,928,697) (252,457) (2,303,244) (48,620) 723,059 1,503,052 2,177,491 - (258,539)
(5,785,906) (6,044,445)
- (228,702)
(228,702)
- (40,157) - (40,157)
Net Cash Provided (Used) by
Operating Activities
Cash Flows From Capital and
Related Financing Activities
Acquisition and construction of capital assets
Payments for SBITA
Interest paid on capital debt
Proceeds from sales of capital assets - 17,836 3,289,623 3,307,459 Net Cash Used by Capital and
Related Financing Activities - (509,562) (2,496,283) (3,005,845) Cash Flows From Investing Activities
Interest received 2,494 199,966 366,650 569,110 Net Cash Provided by Investing
Activities 2,494 199,966 366,650 569,110 Net Increase (Decrease) in Cash
and Cash Equivalents (46,126) 413,463 (626,581) (259,244) Cash and Cash Equivalents - Beginning of Year 1,085,250 4,100,982 7,787,953 12,974,185 Cash and Cash Equivalents -
End of Year 1,039,124 $ 4,514,445 $ 7,161,372 $ 12,714,941 $ Reconciliation of Operating Income (Loss) to Net
Cash Provided (Used) by Operating Activities
Operating income (loss) 9,436$ 213,492$ 1,047,836$ 1,270,764$ Adjustments to Reconcile Operating Income
(Loss) to Net Cash Provided (Used) by
Operating Activities:
Depreciation - 486,987 560,499 1,047,486
Changes in pension related items 5,994 30,528 8,363 44,885 Changes in OPEB related items (2,609) (27,754) (11,942) (42,305) (Increase) decrease in accounts receivable (68,361) (239) - (68,600) (Increase) decrease in prepaid expense 300
(9,761) - (9,461)
Increase (decrease) in accounts payable 648
(45,294) (13,246) (57,892)
Increase (decrease) in accrued liabilities 6,905 18,961 4,397 30,263 Increase (decrease) in deposits payable (32) - - (32) Increase (decrease) in compensated
absences (901) 56,139 (92,855) (37,617)
Total Ad
justments (58,056) 509,567 455,216 906,727 Net Cash Provided (Used) by
Operating Activities (48,620)$ 723,059$ 1,503,052$ 2,177,491$
NONCASH INVESTING, CAPITAL, AND
FINANCING ACTIVITIES
Subscription assets -
$
1,004,218$ -$
1,004,218$
170
FIDUCIARY FUNDS
171
Custodial Funds:
General Custodial Fund – This fund is used to account for assets held on behalf of outside parties, including other governments, in an custodial capacity.
Ventura County Regional Defense Partnership Fund (RDP) – To account for the funds held by the City, acting as Treasurer since July 2006, for the Ventura County Regional Defense Partnership (RDP). The RDP is a joint venture of the County of Ventura and the cities of Cama rillo, Oxnard, Port Hueneme, San Buenaventura, Simi Valley, and Thousand Oaks.
Project HOPE Program Custodial Fund – This fund was created to account for funds to be used for homeless outreach and programs.
West Camarillo Community Facilities District #1 Custodial Fund – This fund was created to account for debt service payments collected from proper ty owners and remitted to bondholde rs for payment on Mello Roos bonds, which were issued for the acquisition and construction of infrastructure for this district.
CITY OF CAMARILLO
COMBINING STATEMENT OF FIDUCIARY NET POSITION
CUSTODIAL FUNDS
JUNE 30, 2025
172
West
Camarillo
Community
General Pro ject HOPE Facilities
Custodial RDP Pro gram District #1 Totals
Assets:
Cash and investments 153,389 $ 680,543 $ 658 $ 39,270$ 873,860 $ Receivables:
Accounts 20,323 - - 18,710 39,033 Accrued interest - 7,648 8 673 8,329 Restricted assets:
Cash and investments with fiscal agents - - - 494,519 494,519 Total Assets 173,712 688,191 666 553,172 1,415,741 Liabilities:
Accounts payable 136,780 12,518 125 2,523 151,946 Deposits payable 13,176 - - - 13,176 Total Liabilities 149,956 12,518 125 2,523 165,122 Net Position:
Held for individuals, organizations, and
other governments 23,756 675,673 541 550,649 1,250,619 Total Net Position 23,756 $ 675,673 $ 541 $ 550,649$ 1,250,619 $
CITY OF CAMARILLO
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
CUSTODIAL FUNDS
YEAR ENDED JUNE 30, 2025
173
West
Camarillo
Community
General Project HOPE Facilities
Custodial RDP Pro gram District #1 Totals
Additions:
Int
ergovernmental 1,679,222$ 237,415$ -$ 484,890$ 2,401,527$ Invest
ment earnings - 37,495 39 6,979 44,513
To
tal Additions 1,679,222 274,910 39 491,869 2,446,040 Deductions:
Adm
inistrative expenses - 189,208 - 17,230 206,438
Program
expenses - - 272 - 272
C
ontractual services 1,658,872 - - - 1,658,872
Int
erest expense - - - 469,685 469,685 T
otal Deductions 1,658,872 189,208 272 486,915 2,335,267 Changes in Net Position 20,350 85,702 (233) 4,954 110,773 Net
Position - Beginning of the Year 3,406 589,971 774 545,695 1,139,846 Net Posi
tion - End of the Year 23,756$ 675,673$ 541$ 550,649$ 1,250,619$ 174
175
STATISTICAL SECTION
176
City of Camarillo
Statistical Section
Table of Contents
For the Fiscal Year Ended June 30, 2025
____________________________________________________________________________________________________ 177
This part of the City of Camarillo's ACFR presents detailed information as a context for understanding what the information in the financial statements, note disclosures, and required supplementary information reveals about the City's overall financial health.
Contents Page
Financial Trends 178-187
These schedules contain trend information to help the reader understand how the City's financial performance and well-being have changed over time.
Revenue Capacity 188-193
These schedules contain information to help the reader assess the factors affecting the City's ability to generate its property and sales taxes.
Debt Capacity 194-299
These schedules present information to help the reader assess the affordability of the City's current levels of outstanding debt and the City's ability to issue additional debt in the future.
Demo
graphic and Economic Information 200-202
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City's financial activities take place and to help make comparisons over time and with other governments.
O
perating Information 203-207
These schedules contain information about the city's operations and resources to help the reader understand how the City's financial information relates to the services the City provides and the activities it performs.
Table 1
City of Camarillo
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 178
2016 2017 2018 2019 2020
Governmental activities:
Net investment in capital assets 260,120,182$ 260,799,336$ 254,859,084$ 265,475,397$ 264,281,355$ Restricted 59,805,256 55,260,240 49,904,125 50,227,531 50,927,159 Unrestricted 64,437,697 68,154,924 68,801,406 69,425,167 70,819,838 Total governmental activities
net position 384,363,135$ 384,214,500$ 373,564,615$ 385,128,095$ 386,028,352$ Business-type activities:
Net investment in capital assets 72,884,406$ 75,859,145$ 77,742,690$ 83,485,675$ 87,343,164$ Restricted 13,083,412 14,929,506 14,203,390 10,848,811 25,931,084 Unrestricted 48,909,290 55,616,396 63,751,168 73,488,065 68,155,844 Total business-type activities
net position 134,877,108$ 146,405,047$ 155,697,248$ 167,822,551$ 181,430,092$ Primary government:
Net investment in capital assets 333,004,588$ 336,658,481$ 332,601,774$ 348,961,072$ 351,624,519$ Restricted 72,888,668 70,189,746 64,107,515 61,076,342 76,858,243 Unrestricted 113,346,987 123,771,320 132,552,574 142,913,232 138,975,682 Total primary government
net position 519,240,243$ 530,619,547$ 529,261,863$ 552,950,646$ 567,458,444$ Source: City of Camarillo financial data
Fiscal Year
Table 1 (Continued)
City of Camarillo
Net Position by Component (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 179
2021 2022 2023 2024 2025
Governmental activities:
Net investment in capital assets 264,138,211$ 255,644,859$ 255,561,413$ 250,765,154$ 256,668,306$ Restricted 50,346,869 55,059,230 49,250,038 54,193,422 51,111,501 Unrestricted 73,575,825 81,554,304 97,988,135 114,201,616 118,999,549 Total governmental activities
net position 388,060,905$ 392,258,393$ 402,799,586$ 419,160,192$ 426,779,356$ Business-type activities:
Net investment in capital assets 115,969,748$ 122,379,228$ 126,533,722$ 141,132,887$ 143,555,219$ Restricted 24,271,542 17,911,891 21,486,969 20,377,316 15,706,623 Unrestricted 61,795,235 67,835,101 68,055,243 54,924,924 59,992,818 Total business-type activities
net position 202,036,525$ 208,126,220$ 216,075,934$ 216,435,127$ 219,254,660$ Primary government:
Net investment in capital assets 380,107,959$ 378,024,087$ 382,095,135$ 391,898,041$ 400,223,525$ Restricted 74,618,411 72,971,121 70,737,007 74,570,738 66,818,124 Unrestricted 135,371,060 149,389,405 166,043,378 169,126,540 178,992,367 Total primary government
net position 590,097,430$ 600,384,613$ 618,875,520$ 635,595,319$ 646,034,016$ Source: City of Camarillo financial data
Fiscal Year
Table 2
City of Camarillo
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 180
2016 2017 2018 2019 2020
Expenses
Governmental activities:
General government 5,114,356$ 7,109,659$ 7,702,944$ 7,273,382$ 8,168,336$ Public safety 17,108,233 18,231,069 19,190,794 19,407,941 19,819,852 Economic development 777,968 563,673 906,942 1,447,570 1,241,886 Cultural arts and library
Services 5,312,804 5,250,618 3,923,701 3,913,166 3,642,486 Highways and streets 19,836,949 23,192,629 23,805,001 21,407,999 21,833,053 Interest on long-term debt 215,510 209,102 204,320 197,647 190,199 Total governmental
activities expenses 48,365,820
54,556,750 55,733,702 53,647,705 54,895,812
Business-type activities:
Water utility 12,793,232 13,486,961 15,031,630 14,237,093 15,593,666 Sanitary district 10,664,025 10,769,483 11,653,295 11,225,898 11,861,952 Solid waste 6,345,936 6,602,085 6,704,503 7,421,778 7,653,122 Transit 2,057,766 2,290,412 2,494,729 2,643,638 2,565,713 Camarillo ranch - - - - 217,257
Total business-type
Activities expenses 31,860,959 33,148,941 35,884,157 35,528,407 37,891,710 Total primary government
expenses 80,226,779
87,705,691 91,617,859 89,176,112 92,787,522
Program revenues
Governmental activities:
Charges for services:
General government 2,045,943 2,683,108 2,521,911 979,326 1,107,336 Public safety 968,231 978,441 1,009,211 2,511,601 1,985,869 Economic development 683,740 1,158,289 608,652 - - Cultural arts and library
Services 87,604
81,624 77,407 76,653 51,223
Highways and streets 4,361,291 4,748,956 4,624,950 4,462,849 2,188,597 Operating grants and
contributions 2,662,678
4,870,010 5,303,078 5,962,340 6,622,799
Capital grants and contributions 3,939,339 780,804 217,681 8,044,164 3,549,129 Total governmental activities
program revenues 14,748,826 15,301,232 14,362,890 22,036,933 15,504,953 Business-type activities:
Charges for services:
Water utility 13,681,246 14,372,963 15,903,517 14,673,770 15,164,538 Sanitary district 12,691,523 13,307,078 13,643,880 14,005,034 14,283,071 Solid waste 6,236,906 6,495,545 6,675,146 7,264,338 7,663,399 Transit 183,159 195,170 203,934 182,350 158,230 Camarillo ranch - - - - 87,611
Operating grants and
contributions 1,139,148
2,738,953 1,307,688 1,351,913 1,358,855
Capital grants and contributions 4,948,563 -
2,174,438 5,469,803 6,379,548
Total business-type activities
Program revenues 38,880,545
37,109,709 39,908,603 42,947,208 45,095,252
Total primary government
Program revenues 53,629,371 52,410,941 54,271,493 64,984,141 60,600,205 Fiscal Year
Table 2 (Continued)
City of Camarillo
Changes in Net Position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 181
2021 2022 2023 2024 2025
Expenses
Governmental activities:
General government 6,991,700$ 5,593,406$ 9,729,902$ 11,383,254$ 12,747,239$ Public safety 18,206,609 19,016,312 19,166,034 22,046,568 24,161,407 Economic development 2,082,347 947,418 4,277,348 1,970,459 2,506,311 Cultural arts and library
Services 4,629,309 4,856,435 4,127,446 2,899,739 4,524,970 Highways and streets 21,304,632 21,820,150 21,237,431 25,329,690 26,481,128 Interest on long-term debt 182,627 175,557 177,593 200,867 185,092 Total governmental
activities expenses 53,397,224
52,409,278 58,715,754 63,830,577 70,606,147
Business-type activities:
Water utility 16,182,788 17,780,064 18,807,657 21,286,059 26,310,639 Sanitary district 12,095,823 12,337,235 16,364,258 18,271,350 18,385,760 Solid waste 7,910,910 8,073,628 8,092,945 8,148,652 8,896,827 Transit 2,748,656 2,900,560 3,217,504 3,433,964 3,822,082 Camarillo ranch 399,444 441,822 456,950 500,939 546,666 Total business-type
Activities expenses 39,337,621 41,533,309 46,939,314 51,640,964 57,961,974 Total primary government
expenses 92,734,845 93,942,587 105,655,068 115,471,541 128,568,121 Program revenues
Governmental activities:
Charges for services:
General government 573,547 735,638 734,086 2,804,500 2,584,936 Public safety 1,936,967 2,638,686 2,475,055 2,444,853 3,585,586 Economic development - - - - -
Cultural arts and library
Services - -
- - -
Highways and streets 1,115,375 1,444,129 4,413,095 3,715,588 2,813,059 Operating grants and
contributions 7,495,808 8,399,767 8,668,901 12,049,388 10,202,844 Capital grants and contributions 2,180,113 120,171 204,146 359,554 1,132,849 Total governmental activities
program revenues 13,301,810 13,338,391 16,495,283 21,373,883 20,319,274 Business-type activities:
Charges for services:
Water utility 16,774,180 15,147,895 13,715,468 14,787,198 18,797,163 Sanitary district 14,592,657 14,505,969 15,699,493 16,405,108 19,420,720 Solid waste 7,817,874 7,925,045 8,044,744 8,202,793 8,736,577 Transit 64,779 130,287 124,434 142,966 156,050
Camarillo ranch 33,336 424,390 476,138 363,881 411,209 Operating grants and
contributions 2,467,382 2,439,822 3,377,023 2,588,845 3,044,086 Capital grants and contributions 16,299,444 7,038,800 9,518,081 400,878 1,259,634 Total business-type activities
Program revenues 58,049,652 47,612,208 50,955,381 42,891,669 51,825,439 Total primary government
Program revenues 71,351,462 60,950,599 67,450,664 64,265,552 72,144,713 Fiscal Year
Table 2 (Continued)
City of Camarillo
Changes in Net Position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 182
2016 2017 2018 2019 2020
Net revenue (expense)
Governmental activities (33,616,994)$ (39,255,518)$ (41,370,812)$ (31,610,772)$ (39,390,859)$ Business-type activities 7,019,586 3,960,768 4,024,446 7,418,801 7,203,542 Total primary government
Net expense (26,597,408) (35,294,750) (37,346,366) (24,191,971) (32,187,317) General revenues and other
changes in net position
Governmental activities:
Taxes:
Property taxes 15,344,600 16,165,826 16,509,090 17,159,172 19,280,410 Transient occupancy taxes 2,542,335 2,418,114 2,510,027 2,655,564 2,227,001 Sales taxes 13,886,357 14,147,855 13,980,438 15,283,516 13,331,297 Franchise taxes 2,770,967 2,773,583 2,778,808 2,888,269 2,944,821 Business license taxes 1,332,550 1,378,823 1,387,616 1,409,557 1,372,952 Unrestricted grants and
contributions 72,856 2,034,212 - - - Investment earnings 946,526 488,052 1,176,701 4,178,236 3,301,408 Gain (loss) on sale of assets - - - - -
Miscellaneous 150,686 124,136 136,807 337,988 285,590 Transfers (749,364) (595,524) (1,160,000) (596,050) (2,452,363) Special item (1) (561,957) - - - -
Total governmental activities 35,735,556 38,935,077 37,319,487 43,316,252 40,291,116 Business-type activities:
Property taxes 1,081,995 1,129,366 1,191,206 1,254,508 1,274,488 Investment earnings 503,891 292,679 756,218 2,730,408 2,548,097 Gain (loss) on sale of assets/
extraordinary loss - 18,301 (11,763) - -
Miscellaneous 774,244 5,571,301 1,988,256 125,536 129,051 Transfers 749,364 595,524 1,160,000 596,050 2,452,363 Total business-type
activities 3,109,494 7,607,171 5,083,917 4,706,502 6,403,999 Total primary government 38,845,050 46,542,248 42,403,404 48,022,754 46,695,115 Change in net position
Governmental activities 2,118,562 (320,441) (4,051,325) 11,705,480 900,257 Business-type activities 10,129,080 11,567,939 9,108,363 12,125,303 13,607,541 Total primary government 12,247,642$ 11,247,498$ 5,057,038$ 23,830,783$ 14,507,798$ Notes:
(1) Camarillo Community Development Commission was dissolved as of February 1, 2012, through the Supreme Court decision.
The City elected to serve as the Successor Agency. During FYs 2011/12 through 2014/15, dissolution related asset transfer transactions were recorded as Special Items. During FY 2015/16, adjustment to the lower of cost or market value on the Cedar Oaks property in the Low-Mod Income Housing Asset Fund was recorded as a Special Item.
Source: City of Camarillo financial data
Fiscal Year
Table 2 (Continued)
City of Camarillo
Changes in Net Position (Continued)
Last Ten Fiscal Years
(accrual basis of accounting)
____________________________________________________________________________________________________ 183
2021 2022 2023 2024 2025
Net revenue (expense)
Governmental activities (40,095,414)$ (39,070,887)$ (42,220,471)$ (42,456,694)$ (50,286,873)$ Business-type activities 18,712,031 6,078,899 4,016,067 (8,749,295) (6,136,535) Total primary government
Net expense (21,383,383) (32,991,988) (38,204,404) (51,205,989) (56,423,408) General revenues and other
changes in net position
Governmental activities:
Taxes:
Property taxes 19,463,119 20,057,278 22,016,872 22,850,292 24,125,846 Transient occupancy taxes 2,149,677 3,172,970 3,306,038 3,249,031 3,214,356 Sales taxes 14,841,167 18,245,729 19,252,211 19,656,570 17,781,697 Franchise taxes 2,995,923 3,138,244 3,176,049 3,264,802 3,129,235 Business license taxes 1,438,552 1,474,693 1,619,684 1,601,569 1,672,430 Unrestricted grants and
contributions - - - - -
Investment earnings 1,326,931 (3,224,312) 3,181,920 8,672,357 9,337,274 Gain (loss) on sale of assets - - - - -
Miscellaneous 273,448 403,773 267,482 648,829 576,584 Transfers (360,850) - (58,592) (1,126,150) (1,931,385) Special item (1) - - - - -
Total governmental activities 42,127,967 43,268,375 52,761,664 58,817,300 57,906,037 Business-type activities:
Property taxes 1,408,135 1,470,995 1,639,394 1,710,204 1,806,880 Investment earnings 2,211 (1,667,072) 1,839,429 5,409,807 4,321,868 Gain (loss) on sale of assets/
extraordinary loss - - - - -
Miscellaneous 123,206 206,873 396,232 862,327 895,935 Transfers 360,850 - 58,592 1,126,150 1,931,385 Total business-type
activities 1,894,402 10,796 3,933,647 9,108,488 8,956,068 Total primary government 44,022,369 43,279,171 56,695,311 67,925,788 66,862,105 Change in net position
Governmental activities 2,032,553 4,197,488 10,541,193 16,360,606 7,619,164 Business-type activities 20,606,433 6,089,695 7,949,714 359,193 2,819,533 Total primary government 22,638,986$ 10,287,183$ 18,490,907$ 16,719,799$ 10,438,697$ Notes:
(1) Camarillo Community Development Commission was dissolved as of February 1, 2012, through the Supreme Court decision.
The City elected to serve as the Successor Agency. During FYs 2011/12 through 2014/15, dissolution related asset transfer transactions were recorded as Special Items. During FY 2015/16, adjustment to the lower of cost or market value on the Cedar Oaks property in the Low-Mod Income Housing Asset Fund was recorded as a Special Item.
Source: City of Camarillo financial data
Fiscal Year
Table 3
City of Camarillo
Fund Balances – Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
____________________________________________________________________________________________________ 184
2016 2017 2018 2019 2020
General fund:
Nonspendable 232,956$ 222,608$ 217,238$ 240,531$ 131,490$ Restricted - - - 5,455,177 5,673,226
Committed 49,700,000 46,850,000 47,484,000 51,178,734 49,508,201 Assigned 297,372 203,763 92,592 143,016 179,208
Unassigned 9,061,427 11,052,990 14,535,452 10,921,126 16,354,815 Total general fund 59,291,755$ 58,329,361$ 62,329,282$ 67,938,584$ 71,846,940$ All other governmental funds:
Nonspendable -$ -$ -$ 42,500$ 2,500$
Restricted 42,146,370 53,508,777 49,878,594 44,772,354 45,253,933 Assigned 16,027,942 6,518,057 6,529,623 6,986,330 6,728,563 Total all other governmental
Funds 58,174,312$ 60,026,834$ 56,408,217$ 51,801,184$ 51,984,996$ Source: City of Camarillo financial data
Fiscal Year
Table 3 (Continued)
City of Camarillo
Fund Balances – Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
____________________________________________________________________________________________________ 185
2021 2022 2023 2024 2025
General fund:
Nonspendable 219,455$ 434,747$ 530,319$ 539,874$ 952,588$ Restricted 6,939,867 13,405,997 7,119,419 8,240,511 8,496,625 Committed 50,951,800 48,807,175 71,360,064 88,036,791 89,888,913 Assigned 86,081 376,217 708,079 1,174,855 1,801,383 Unassigned 20,872,706 23,756,906 11,843,722 11,530,888 17,905,807 Total general fund 79,069,909$ 86,781,042$ 91,561,603$ 109,522,919$ 119,045,316$ All other governmental funds:
Nonspendable 2,620$ -$ -$ -$ -$
Restricted 41,336,741 41,653,233 41,638,354 41,727,246 41,988,975 Assigned 6,927,670 6,836,412 11,881,663 17,486,750 11,737,217 Total all other governmental
Funds 48,267,031$ 48,489,645$ 53,520,017$ 59,213,996$ 53,726,192$ Source: City of Camarillo financial data
Fiscal Year
Table 4
City of Camarillo
Changes in Fund Balances – Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
____________________________________________________________________________________________________ 186
2016 2017 2018 2019 2020
Revenues
Taxes 33,105,842$ 36,884,201$ 37,165,979$ 39,547,817$ 39,304,811$ Licenses and permits 1,256,693 1,847,213 2,110,041 1,459,176 1,130,799 Subventions and grants 5,828,315 6,426,076 5,160,734 5,502,690 6,204,983 Charges for services 5,018,324 3,723,151 3,623,048 2,953,758 2,693,009 Investment earnings 810,179 410,039 1,008,223 3,650,642 2,891,795 Fines and forfeitures 436,301 350,882 366,304 382,099 373,974 Contributions and developer fees 1,892,855 3,373,182 3,204,853 3,681,467 1,563,063 Franchises (1) 2,930,156 - - - -
Miscellaneous 334,841 786,984 16,219 20,844 23,693 Total revenues 51,613,506 53,801,728 52,655,401 57,198,493 54,186,127 Expenditures
General government 6,163,201 6,135,609 6,154,177 7,196,639 7,314,931 Public safety 16,962,009 18,150,594 18,863,717 19,086,438 19,365,660 Economic development 786,214 564,644 3,994,886 1,445,593 1,237,591 Cultural arts and library services 5,017,579 5,136,791 11,808,473 3,894,009 3,588,818 Highways and streets 12,327,888 14,689,649 909,559 11,558,060 11,109,744 Pass through payments to other
agencies - - - - -
Ab1484 true up payment - - - - -
Capital outlay 4,197,047 8,020,164 4,407,831 12,707,853 6,026,813 Debt service:
Principal 275,000 280,000 285,000 295,000 300,000
Interest 215,969 210,419 204,769 198,231 190,794
Cost of issuance - - - - -
Total expenditures 45,944,907 53,187,870 46,628,412 56,381,823 49,134,351 Excess of revenues over
(under) expenditures 5,668,599 613,858 6,026,989 816,670 5,051,776 Other financing sources (uses)
Transfers in 5,654,446 30,644,981 5,380,673 10,229,418 9,974,223 Transfers out (6,462,720) (31,209,563) (6,518,356) (10,860,468) (10,935,831) Issuance of refunding bonds - - - - -
Premium on refunding bonds - - - - -
Payment to refunding bonds
escrow agent - - - - -
Total other financing
sources (uses) (808,274) (564,582) (1,137,683) (631,050) (961,608) Special item (2) (561,957) - (5,298,224) - -
Net change in fund balances 4,298,368$ 49,276$ (408,918)$ 185,620$ 4,090,168$ Debt service as a percentage of
noncapital expenditures 1.2% 1.1% 1.1% 1.1% 1.1%
Notes:
(1) Effective FY 2016/17, revenues from Franchises are reported as Taxes. (2) Camarillo Community Development Commission was dissolved as of February 1, 2012, through the Supreme Court decision.
The City elected to serve as the Successor Agency. During FYs 2011/12 through 2014/15, dissolution related asset transfer transactions were recorded as Special Items. During FY 2015/16, adjustment to the lower of cost or market value on the Cedar Oaks property in the Low-Mod Income Housing Asset Fund was recorded as Special Items.
Source: City of Camarillo financial data
Fiscal Year
Table 4 (Continued)
City of Camarillo
Changes in Fund Balances – Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
____________________________________________________________________________________________________ 187
2021 2022 2023 2024 2025
Revenues
Taxes 41,041,589$ 46,242,310$ 49,523,989$ 50,773,983$ 50,076,188$ Licenses and permits 1,440,413 1,477,050 1,278,609 1,226,454 2,160,314 Subventions and grants 8,003,209 8,080,745 8,545,820 11,175,116 11,859,588 Charges for services 1,499,047 2,469,398 3,989,929 5,552,848 5,287,267 Investment earnings 1,326,845 (2,954,854) 2,869,704 8,118,566 8,753,333 Fines and forfeitures 397,112 413,973 472,168 500,971 522,695 Contributions and developer fees 353,002 749,047 2,271,477 1,731,143 1,410,953 Franchises (1) - - - -
Miscellaneous 142,291 48,947 30,427 476,079 132,280 Total revenues 54,203,508 56,526,616 68,982,123 79,555,160 80,202,618 Expenditures
General government 6,522,033 7,016,349 9,860,782 10,672,313 12,511,254 Public safety 17,848,055 18,880,211 19,958,604 21,400,164 23,188,184 Economic development 2,081,401 934,977 4,352,086 2,023,546 2,531,698 Cultural arts and library services 3,879,085 4,589,548 5,971,925 4,184,023 5,147,739 Highways and streets 11,705,242 12,728,178 14,517,896 15,897,497 17,469,694 Pass through payments to other
agencies - - - - -
Ab1484 true up payment - - - - -
Capital outlay 7,773,057 3,901,434 3,822,103 9,010,501 12,897,202 Debt service:
Principal 305,000 315,000 325,000 330,000 345,000
Interest 183,231 175,481 166,872 156,838 145,869
Cost of issuance -
Total expenditures 50,297,104 48,541,178 58,975,268 63,674,882 74,236,640 Excess of revenues over
(under) expenditures 3,906,404 7,985,438 10,006,855 15,880,278 5,965,978 Other financing sources (uses)
Transfers in 10,488,483 8,322,907 13,975,570 29,254,569 11,759,210 Transfers out (10,889,883) (8,374,598) (14,171,492) (21,479,552) (13,690,595) Issuance of refunding bonds - - - - -
Premium on refunding bonds - - - - -
Payment to refunding bonds
escrow agent - - - - -
Total other financing
sources (uses) (401,400) (51,691) (195,922) 7,775,017 (1,931,385) Special item (2) - - - - -
Net change in fund balances 3,505,004$ 7,933,747$ 9,810,933$ 23,655,295$ 4,034,593$ Debt service as a percentage of
noncapital expenditures 1.1% 1.1% 0.9% 0.9% 0.9%
Notes:
(1) Effective FY 2016/17, revenues from Franchises are reported as Taxes. (2) Camarillo Community Development Commission was dissolved as of February 1, 2012, through the Supreme Court decision.
The City elected to serve as the Successor Agency. During FYs 2011/12 through 2014/15, dissolution related asset transfer transactions were recorded as Special Items. During FY 2015/16, adjustment to the lower of cost or market value on the Cedar Oaks property in the Low-Mod Income Housing Asset Fund was recorded as Special Items.
Source: City of Camarillo financial data
Fiscal Year
Table 5
City of Camarillo
Tax Revenues by Source – Governmental Funds
Last Ten Fiscal Years
(Modified Accrual Basis of Accounting)
____________________________________________________________________________________________________ 188
Business Transient
Fiscal Property Sales License Occupancy Franchise
Year Tax (1) Tax Tax Tax Tax Total
2016 15,344,600$ 13,886,357$ 1,332,550$ 2,542,335$ 2,770,967$ 35,876,809$ 2017 16,165,826 14,147,855 1,378,823 2,418,114 2,773,583 36,884,201 2018 16,509,090 13,980,438 1,387,616 2,510,027 2,778,808 37,165,979 2019 17,159,172 15,283,516 1,409,557 2,655,564 2,888,269 39,396,078 2020 19,280,410 13,331,297 1,372,952 2,227,001 2,944,821 39,156,481 2021 19,463,119 14,841,167 1,438,552 2,149,677 2,995,923 40,888,438 2022 20,057,278 18,245,729 1,474,693 3,172,970 3,138,244 46,088,914 2023 22,016,872 19,252,211 1,619,684 3,306,038 3,176,049 49,370,854 2024 22,850,292 19,656,570 1,601,569 3,249,031 3,264,802 50,622,264 2025 24,125,846 17,781,697 1,672,430 3,214,356 3,129,235 49,923,564 Change
2016-2025 57.23% 28.05% 25.51% 26.43% 12.93% 39.15%
Notes:
Includes all governmental fund types (General, Special Revenues, Capital Projects, and Debt Service Funds).
Source: City of Camarillo financial data
Table 6
City of Camarillo
Assessed Value and Estimated Actual Value of Taxable Property Last Ten Fiscal Years
(in thousands of dollars)
____________________________________________________________________________________________________ 189
Taxable
Assessed
Total Estimated Value as a
Less: Taxable Total Actual Percentage of
Fiscal Personal Tax-Exempt Assessed Direct Tax Taxable Estimated Actual Year Land Improvements Property Property Value Rate (1) Value Taxable Value 2016 5,006,154$ 6,140,082$ 31,856 $ 348,574$ 10,829,518$ - 10,608,137$ 102.09 % 2017 5,327,073 6,321,871 31,508 345,874 11,334,578 - 11,178,092 101.40 2018 5,725,452 6,541,729 34,696 391,350 11,910,527 - 11,680,451 101.97 2019 (2) 6,085,927 6,790,022 38,608 431,698 12,482,859 - 12,914,557 96.66 2020 6,428,158 7,125,253 42,905 482,977 13,113,339 - 13,596,316 96.45 2021 6,802,950 7,384,813 46,919 499,613 13,735,069 - 14,234,682 96.49 2022 7,168,622 7,626,304 47,635 508,960 14,333,601 - 14,842,561 96.57 2023 7,734,083 8,205,431 47,204 498,490 15,488,228 - 15,986,718 0.97 2024 8,190,702 8,588,049 51,329 544,370 16,285,710 - 16,830,080 0.97 2025 8,543,854 8,910,611 52,585 562,429 16,944,621 - 17,507,050 0.97 Note:
In 1978, the voters of the State of California passed Proposition 13, which limited property taxes to a total maximum rate of 1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased by an inflation factor (limited to a maximum increase of 2%). With few exceptions, property is only reassessed at a time that it is sold to a new owner. At that point, the assessed value is reassessed at the purchase price of the property sold. The assessed valuation data shown above represents the only data currently available with respect to the actual market value of taxable property and is subject to the limitations described above. The County does not provide breakout of residential, commercial and industrial assessed values to the cities.
(1) The City of Camarillo has not had a Direct Property Tax Rate since 1997. (2) Revised data.
Source: County of Ventura, Auditor - Controller
Table 7
City of Camarillo
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
____________________________________________________________________________________________________ 190
Direct Rates
Camarillo Total Direct
Fiscal Sanitary Basic School Water and Overlapping
Year District (1) County (2) Districts Districts Tax Rates 2016 - 1.0000 0.1704 0.0040 1.1744 2017 - 1.0000 0.1578 0.0306 1.1884 2018 - 1.0000 0.1631 0.0299 1.1930 2019 - 1.0000 0.2051 0.0284 1.2335 2020 - 1.0000 0.2021 0.0207 1.2228 2021 - 1.0000 0.1799 0.0113 1.1912 2022 - 1.0000 0.1721 0.0257 1.1978 2023 - 1.0000 0.1871 0.0220 1.2091 2024 - 1.0000 0.1684 0.0472 1.2156 2025 - 1.0000 0.1798 0.0406 1.2204 Notes:
(1) The City of Camarillo has not had a Direct Property Tax Rate since 1997. (2) In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1% fixed amount.
This 1% is shared by all taxing agencies for which the subject property resides within. In addition to the 1% fixed amount, property owners are charged taxes as a percentage of assessed property values for the payment of school and water district bonds.
Source: County of Ventura, Auditor - Controller
Overlapping Rates
Table 8
City of Camarillo
Top 10 Property Taxpayers
Current Year and Nine Years Ago
____________________________________________________________________________________________________ 191
Percentage Percentage
of Total of Total
Taxable City Taxable Taxable City Taxable
Assessed Assessed Assessed Assessed
Taxpayer Value Rank Value (1) Value Rank Value (2)
PPF AMLI Ponderosa Drive LP 115,070,043$ 1 0.67% -$ - - % Las Positas Apartments Owner LLC 102,015,689 2 0.59% - -- 7900 Bellaire I Limited 80,151,600 3 0.47% - -- Essex Camarillo 74,708,441 4 0.44% - --
Blank Pursuant - California Gc6254 21 73,806,242 5 0.44% 40,292,558 10 0.37% Terra Camarillo LLC 63,508,408 6 0.37% - -- Avalon Mission Oaks LP 56,095,223 7 0.33% 48,497,320 6 0.45% PEGH Investments LLC 46,512,507 8 0.27% - -- Essex Camino Ruiz Apart LP 43,308,971 9 0.26% - -- HSRE Oakmont Camarillo LLC 37,529,620 10 0.22% - -- Chelsea GCA Realty Part - - - 191,474,601 1 1.77% CPG Partners LP - - - 84,979,771 2 0.78%
Spanish Hills Apartments LLC - - - 55,726,696 3 0.51% Stag Camarillo LP 54,500,000 4 0.50%
Donahue Schriber Realty Group 48,881,486 5 0.44% Elacora Springville LLC - - - 48,000,000 7 0.45% PEGH Investments LLC - - - 45,226,229 8 0.42% WNG Camarillo 165 LLC - 40,500,196 9 0.37%
Total 692,706,744$ 4.04% 658,078,857$ 6.08% (1) 2024/25 Local secured assessed valuation: $16,944,621,036 (2) 2015/16 Local secured assessed valuation: $10,829,518,000 . (3) Sources: HdL Coren & Cone
County of Ventura, Auditor - Controller
20162025
192
Table 9
City of Camarillo
Property Tax Levies and Collections
Last Ten Fiscal Years
____________________________________________________________________________________________________ 193
Taxes Levied Collections in
Fiscal for the Percentage Subsequent Percentage
Year Fiscal Year Amount of Levy Years Amount of Levy
2016 (1) 3,391,018$ 3,285,138$ 96.88 % 28,806$ 3,313,944$ 97.73 % 2017 (1) 3,541,040 3,453,447 97.53 41,971 3,495,418 98.71 2018 3,699,276 3,599,478 97.30 28,234 3,627,712 98.07 2019 3,856,656 3,771,906 97.80 28,548 3,800,454 98.54 2020 4,027,788 3,838,001 95.29 26,580 3,864,581 95.95 2021 4,181,748 4,102,050 98.09 57,096 4,159,146 99.46 2022 4,351,663 4,246,070 97.57 32,800 4,278,870 98.33 2023 4,665,855 4,566,094 0.98 34,620 4,600,714 98.60 2024 4,910,837 4,776,783 0.97 37,236 4,814,019 98.03 2025 5,135,869 5,007,616 0.98 51,585 5,059,202 98.51 Notes:
Data on property tax levies and collections is only for the following agencies:
Camarillo Sanitary District, Camarillo Lighting and Landscape Maintenance District, Camarillo Maintenance District 1-A. The City of Camarillo is a 'no/low property tax city and receives a majority of its property tax through AB8 funding and T.E.A. funding.
(1) Taxes collected have been restated to reflect available data from County of Ventura Auditor-Controller.
Sources: City of Camarillo financial data
County of Ventura, Auditor - Controller
Collected Within the
Fiscal Year of the Levy Total Collections to Date
Table 10
City of Camarillo
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
(dollars in thousands, except per capita)
____________________________________________________________________________________________________ 194
Sanitary District
2015
2012 W
astewater 2019
Lease Revenue Water Total Percentage
Fiscal Revenue Subscriptions Refundi ng Revenue Primary of Personal Per Year Bonds (1) Payable Bonds (7) Bonds (8) Government Income (a) Capita (a) 2016 6,465$ -$ 19,261$ -$ 25,726$ 0.87 % 368 2017 6,185 - 18,601 - 24,786 0.85 356
2018 5,900 - 17,927 - 23,827 0.73 344
2019 5,605 - 17,227 - 22,832 0.71 327
2020 5,305 - 16,493 12,496 34,294 0.99 488 2021 5,000 - 15,728 12,039 32,767 0.96 470 2022 4,685 - 14,934 11,562 31,181 0.86 444 2023 5,829 - 14,109 - 19,938 0.52 288
2024 5,145 - 13,254 - 18,399 0.49 267
2025 3,685 886 12,360 - 16,931 0.43 246
Notes:
(a) See Table 14 Demographic and Economic Statistics for personal income and population data. (1) 2012 Lease Revenue Bonds issued in April to defease the 2003 Bonds. (2) 2014 Successor Agency to the Camarillo Community Development Commission (CDC) Tax Allocation Refunding Bonds in the amount of $15,915,000 were issued in November to refund the 2004 CDC Bonds. (3) 2016A Senior Lien Tax Allocation Refunding Bonds in the amount of $4,985,000 & Series 2016A-T Taxable Senior Lien Tax Allocation Refunding Bonds in the amount of $4,570,000 were issued in December to refund the 2006A and 2006A-T CDC Bonds.
(4) 2016B Tax Allocation Refunding Bonds in the amount of $31,295,000 were issued in December to refund the 2006 and 2009 CDC Bonds.
(5) Due to Assembly Bill X1 26, effective 2012, Redevelopment Bonds are held by successor agency and no longer a City obligation. See Successor Agency Note in the Basic Financial Statements. (6) 2005 Wastewater Revenue Refunding Bonds were issued to finance certain improvements in the Sanitary District Fund and refunded with the 2015 Wastewater Bonds. See (8) below. (7) 2015 Wastewater Revenue Refunding Bonds proceeds were issued in November to defease the 2005 Bonds.
See (7) above.
(8) 2019 Water Revenue Bonds in the amount of $11,800,000 were issued in August to finance a portion of the costs of a groundwater desalter facility which will be a part of the City's municipal water system. The bonds were defeased in August 2023.
Sources: State of California, Department of Finance, UCSB Economic Forecast Project, and City of Camarillo financial data
Business-type Activities
Governmental Activities
195
Table 11
City of Camarillo
Direct and Overlapping Governmental Activities Debt
As of June 30, 2025
____________________________________________________________________________________________________ 196
2024/25 Assessed Valuation: $18,255,497,199
City's Share
Total Debt Percent of Debt
June 30, 2025 Applicable (1) June 30, 2025
OVERLAPPING TAX AND ASSESSMENT DEBT
Metropolitan Water District 17,155,000$ 0.447 % 76,683$ Ventur
a County Community College District 215,941,677 10.133 21,881,370 Oxnard Union High School District 493,205,708 31.091 153,342,587 Mesa Union School District 12,548,216 38.387 4,816,884 Pleasant Valley Scho
ol District 119,360,000 82.943 99,000,765
Rio School District 126,034,320 0.646 814,182 Som
is Union School District 8,845,000 8.403 743,245 West Cam
arillo Community Facilities District No. 1 3,392,525 100.000 3,392,525 T
otal Overlapping Tax and Assessment Debt 284,068,240$
DIRECT AND OVERLAPPING GENERAL FUND DEBT
Ventura County General Fund Obligations 258,512,943$ 10.131 % 26,189,946$ Ventura County Superintendent of Schools
Certificates of Participation 6,275,000
10.131 635,720
Oxnar
d Union High School District Certificates
of Participation 52,932,221 31.091 16,457,157 Rio School District Certificates of Participation 970,000 0.646 6,266 Pleasant Valley Recreation and Park District
Certificates of Participation 10,760,000 89.868 9,669,797 City
of Camarillo Lease Revenue Bonds 4,571,254
100.000 4,571,254
T
otal Direct and Overlapping General Fund Debt 57,530,140$ OVERLAPPING TAX INCREMENT DEBT (Successor Agency) 43,535,000$ 100.000 % 43,535,000 $ TOAL DIRECT DEBT 4,571,254$
TOTAL OVERLAPPING DEBT 380,562,127$
COMBINED TOTAL DEBT 385,133,381$ (2)
Notes:
(1) The percentage of overlapping debt applicable to the City is estimated using taxable assessed property value.
Applicable percentages were estimated by determining the portion of the overlapping district's assessed value that is within the boundaries of the City divided by the district's total taxable assessed value. (2) Excludes tax and revenue anticipation notes, enterprise revenue, mortgage revenue, and nonbonded capital lease obligations.
Ratios to 2024/25 Assessed Valuation:
Total Overlapping Tax and Assessment Debt 1.56%
Total Direct Debt ($4,030,000) 0.02%
Combined Total Debt 2.10%
Ratios to Redevelopment Successor Agency Incremental
Valuation ($1,534,706,123):
Total Overlapping Tax Increment Debt 2.84%
Table 12
City of Camarillo
Legal Debt Margin Information
Last Ten Fiscal Years
(dollars in thousands)
____________________________________________________________________________________________________ 197
2025 2024 2023 2022 2021
Debt limit 2,626,057$ 2,524,512$ 2,398,008$ 2,226,384$ 2,135,202$ Total net debt applicable to limit - - - - -
Legal debt margin 2,626,057$ 2,524,512$ 2,398,008$ 2,226,384$ 2,135,202$ Total net debt applicable to the
limit as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00% Legal Debt Margin Calculation for
Fiscal Year 2023:
Assessed valuations:
Net assessed value 16,944,621$
Add back: Exempt real property 562,429
Gross assessed value 17,507,050$
Debt limitation - 15% of total
assessed value 2,626,057$
Less: debt applicable to limitation -
Legal debt margin 2,626,057$
Notes:
Under State finance law, the City's outstanding general obligation debt should not exceed 15% of total assessed property value. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.
Sources: County of Ventura, Auditor - Controller
City of Camarillo financial data
Fiscal Year
Table 12 (Continued)
City of Camarillo
Legal Debt Margin Information
Last Ten Fiscal Years
(dollars in thousands)
____________________________________________________________________________________________________ 198
2020 2019 2018 2017 2016
Debt limit 2,039,447$ 1,937,184$ 1,845,281$ 1,752,068$ 1,676,714$ Total net debt applicable to limit - - - - -
Legal debt margin 2,039,447$ 1,937,184$ 1,845,281$ 1,752,068$ 1,676,714$ Total net debt applicable to the
limit as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00% Notes:
Under State finance law, the City's outstanding general obligation debt should not exceed 15% of total assessed property value. By law, the general obligation debt subject to the limitation may be offset by amounts set aside for repaying general obligation bonds.
Sources: County of Ventura, Auditor - Controller
City of Camarillo financial data
Fiscal Year
Table 13
City of Camarillo
Pledged-Revenue Coverage – Sanitary District Fund
Last Ten Fiscal Years
____________________________________________________________________________________________________ 199
Less: Net
Fiscal Gross Gross Available
Year Revenues Expenses (1) Revenue Principal Interest Total Coverage (2) 2016 14,477,426$ 7,192,817$ 7,284,609$ 560,000$ 876,254$ 1,436,254$ 5.07 2017 17,723,211 7,620,983 10,102,228 605,000 703,994 1,308,994 7.72 2018 15,269,575 8,423,413 6,846,162 620,000 685,844 1,305,844 5.24 2019 16,724,589 7,958,414 8,766,175 645,000 661,044 1,306,044 6.71 2020 16,976,174 8,627,002 8,349,172 680,000 628,794 1,308,794 6.38 2021 16,090,104 8,935,548 7,154,556 710,000 594,794 1,304,794 5.48 2022 14,996,536 9,217,162 5,779,374 740,000 566,394 1,306,394 4.42 2023 18,620,260 13,296,684 5,323,576 770,000 536,794 1,306,794 4.07 2024 21,640,815 15,181,683 6,459,132 800,000 505,994 1,305,994 4.95 2025 24,869,331 15,290,321 9,579,010 840,000 465,994 1,305,994 7.33 Notes:
(1) Operating expenses exclude depreciation and interest, per bond official statement. (2) Debt service coverage of 1.25 is required per bond covenants.
Source: City of Camarillo financial data
Debt Service Requirements
Less: Net
Fiscal Gross Gross Available
Year Revenues Expenses (1) Revenue Principal Interest Total Coverage (2) 2016 -$ -$ -$ -$ -$ -$ 0
2017 - - - - - - 0
2018 - - - - - - 0
2019 - - - - - - 0
2020 16,408,109 13,921,221 2,486,888 475,000 335,536 810,536 3.07 2021 16,810,282 14,737,165 2,073,117 395,000 417,100 812,100 2.55 2022 14,675,548 16,325,896 (1,650,348) 415,000 397,350 812,350 -2.03 2023 14,640,052 17,340,708 (2,700,656) 435,000 376,600 811,600 -3.33 2024 17,732,890 19,563,823 (1,830,933) - - - 0 2025 20,496,641 22,636,667 (2,140,026) - - - 0 Notes:
(1) Operating expenses exclude depreciation and interest, per bond official statement. (2) Debt service coverage of 1.25 is required per bond covenants. (3) Table is restated to show Water Revenue Bonds, Series 2019 issued on August 1, 2019. (4) Water Revenue Bonds were defeased on August 7, 2023.
Source: City of Camarillo financial data
Water Revenue Bonds
Debt Service Requirements
Table 14
City of Camarillo
Demographic and Economic Statistics
Last Ten Calendar Years
____________________________________________________________________________________________________ 200
Personal Per Capita City
Calendar Income Personal School Unemployment
Year Population (in Thousa nds) Income Enrollment Rate
2016 69,924 2,963,379$ 42,380$ 12,209 4.6 % 2017 69,623 2,933,008 42,127 12,187 3.7
2018 68,741 3,271,440 47,591 11,977 3.5
2019 69,880 3,231,171 46,625 11,667 3.3
2020 70,261 3,461,602 50,186 12,261 5.3
2021 69,708 3,407,642 49,833 12,020 6.5
2022 70,171 3,613,257 52,439 11,852 3.5
2023 69,309 3,818,377 53,852 11,971 3.0
2024 69,014 3,781,420 53,784 12,230 3.9
2025 68,927 3,921,197 56,324 12,609 4.2
Sources: State of California, Department of Finance
UCSB Economic Forecast Project
State of California, Employment Development Department, Labor Market Information Division Local elementary, junior, and senior high schools
Table 15
City of Camarillo
Full-time Equivalent City Government
Employees by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________ 201
Function/Program 2016 2017 2018 2019 2020
General government:
Administrative 39 39 39 42 44
Finance 8 8 8 8 8
Planning 10 9 9 8 8
Other 4 4 4 6 7
Public safety:
Police services - - - - -
Code enforcement 5 4 4 4 4
Highways and streets:
Maintenance 27 28 28 28 29
Engineering 5 5 5 6 7
Stormwater 3 3 3 2 1
Solid waste 1 1 1 1 1
Transit 1 2 2 2 2
Camarillo ranch events - - - - -
Water 14 14 14 13 13
Reclaimed water 1 1 1 1 1
Wastewater 18 18 18 18 19
Total full-time equivalent
employees 136 136 136 139 144
Police 65 65 65 65 65
Library 28 27 25 24 24
Building and safety 8 7 9 10 8
Total contracted services
employees 101 99 99 99 97
Notes:
A full-time employee is scheduled to work 2,080 hours per year (including vacation and sick leave).
Equivalent employment is calculated by dividing total labor hours by 2,080.
Sources: City of Camarillo financial information
LSS (Library Systems & Services)
Ventura County Sheriff Department
Charles Abbott & Associates
Fiscal Year
Contracted Services Employees
Table 15 (Continued)
City of Camarillo
Full-time Equivalent City Government
Employees by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________ 202
Function/Program 2021 2022 2023 2024 2025
General government:
Administrative 40 49 50 55 50
Finance 8 8 8 8 8
Planning 10 10 10 10 13
Other 7 7 7 4 10
Public safety:
Police services - -
Code enforcement 4 4 4 4 5
Highways and streets:
Maintenance 26 26 26 26 26
Engineering 13 9 10 10 10
Stormwater 1 1 1 1 1
Solid waste 1 1 1 1 1
Transit 1 1 1 1 2
Camarillo ranch events 1 1 1 1 1
Water 13 14 14 14 15
Reclaimed water 1 1 1 1 2
Wastewater 16 17 20 20 23
Total full-time equivalent
employees 142 149 154 156 167
Police 68 67 70 65 69
Library 21 21 27 27 27
Building and safety 7 9 9 11 11
Total contracted services
employees 96 97 106 103 107
Notes:
A full-time employee is scheduled to work 2,080 hours per year (including vacation and sick leave).
Equivalent employment is calculated by dividing total labor hours by 2,080.
Sources: City of Camarillo financial information
LSS (Library Systems & Services)
Ventura County Sheriff Department
Charles Abbott & Associates
Fiscal Year
Contracted Services Employees
Table 16
City of Camarillo
Operating Indicators by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________ 203
Function/Program 2016 2017 2018 2019 2020
General government:
Building permits issued 707$ 752$ 769$ 737$ 559$
Building permit valuation
(in thousands) 53,490 81,390 129,018 77,217 48,533 Building inspections 4,911 5,497 8,205 8,383 6,188
Police:
Physical arrest 2,227 2,348 2,966 3,088 3,200
Parking violations 1,533 1,679 1,497 2,056 1,488
Traffic violations 5,160 4,666 5,889 5,626 5,458
Police officers (sworn) 75 75 77 77 77
Patrol units 45 45 47 47 47
Refuse collection:
Refuse collected (tons per day) 141 149 175 211 233 Recyclables collected (tons per day) 148 141 123 109 122 Other public works:
Annual street overlay:
Asphalt laid (in tons) 25,737 37,707 1,274 9,882 19,813 Slurry seal (in tons) - 9,192 3,860 7,474 -
Striping (in linear feet) 43,563 475,022 52,244 248,049 70,103 Water:
New connections 86 135 187 188 108
Average daily consumption
(thousands of gallons) 6,629 6,397 7,004 6,275 6,397
Peak daily production (thousands
of gallons) 11,338 10,443 10,457
11,157 10,251
Storage capacity (thousands of
gallons) 13,375 13,375 13,375
13,375 13,375
Wastewater:
Average daily swage treatment
(thousands of gallons) 3,455 3,449 3,426
3,500 3,522
Maximum daily capacity of plant
(thousands of gallons) 7,250 7,250 7,250
7,250 7,250
Transit:
Total fixed rout revenue miles 75,826 82,749 75,120 74,800 6,000 Passengers (fixed route) 84,876 82,501 77,752 77,029 56,136 Total revenue hours N/A N/A N/A N/A N/A
Total revenue miles N/A N/A N/A N/A N/A
Total rides served N/A N/A N/A N/A N/A
* In FY 2016/17 Asphalt overlay and striping were done on all arterial streets leading to a significant increase in both. ** In FY 2020/21, the Transit data category was expanded to include Total Revenue Hours, Total Revenue Miles and Total Rides Served.
Source: City of Camarillo
Fiscal Year
Table 16 (Continued)
City of Camarillo
Operating Indicators by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________ 204
Function/Program 2021 2022 2023 2024 2025
General government:
Building permits issued 754$ 676$ 554$ 597$ 789$
Building permit valuation
(in thousands) 84,062 70,523 62,027 74,989 137,345 Building inspections 5,874 6,432 6,543 5,244 7,498
Police:
Physical arrest 3,375 2,661 2,587 2,547 2,276
Parking violations 1,608 1,591 2,468 1,957 1,366
Traffic violations 6,348 4,368 4,970 5,190 4,181
Police officers (sworn) 78 78 77 79 98
Patrol units 48 47 52 53 57
Refuse collection:
Refuse collected (tons per day) 189 197 167 166 159 Recyclables collected (tons per day) 114 121 115 120 137 Other public works:
Annual street overlay:
Asphalt laid (in tons) 1,486 561 1,579 14,969 560
Slurry seal (in tons) 5,563 4,392 4,795 1,505 1,830
Striping (in linear feet) 50,118 45,170 43,083 6,544 9,700 Water:
New connections 49 2 12 7 122
Average daily consumption
(thousands of gallons) 7,243 6,582 5,858 5,384 6,297
Peak daily production (thousands
of gallons) 10,672 11,881 12,382
10,112 9,790
Storage capacity (thousands of
gallons) 13,375 13,375 13,375
13,375 13,375
Wastewater:
Average daily swage treatment
(thousands of gallons) 3,391 3,396 3,380
3,561 3,520
Maximum daily capacity of plant
(thousands of gallons) 7,250 7,250 7,250
7,250 7,250
Transit:
Total fixed rout revenue miles N/A N/A N/A N/A N/A
Passengers (fixed route) N/A N/A N/A N/A N/A
Total revenue hours 18,644 19,701 20,666 21,931 26,129 Total revenue miles 348,872 404,056 374,625 410,318 412,938 Total rides served 71,057 67,482 67,392 73,504 89,674 * In FY 2016/17 Asphalt overlay and striping were done on all arterial streets leading to a significant increase in both. ** In FY 2020/21, the Transit data category was expanded to include Total Revenue Hours, Total Revenue Miles and Total Rides Served.
Source: City of Camarillo
Fiscal Year
Table 17
City of Camarillo
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________ 205
Function/Program 2016 2017 2018 2019 2020
Police:
Stations 1 1 1 1 1
Other public works:
Miles of streets 201 201 201 201 202
Number of streets 725 726 725 732 732
Traffic signals 56 57 57 57 57
Water:
Water mains (miles) 187 191 195 195 195
Fire hydrants 1,624 1,643 1,703 1,703 1,710
Reservoirs 6 6 6 6 6
Wells 4 4 4 4 4
Wastewater:
Treatment plants 1 1 1 1 1
Number of service connections 14,331 14,451 14,564 14,737 14,864 Sanitary sewers (miles) 158 158 152 158 158 Storm sewers (miles)(36" or greater) 34 33 34 35 35
Storm drains (miles) 75 75 75 76 76
Transit:
Buses 10 9 11 11 11
Mini vans 5 7 8 8 8
Source: City of Camarillo
Fiscal Year
Table 17 (Continued)
City of Camarillo
Capital Asset Statistics by Function/Program
Last Ten Fiscal Years
____________________________________________________________________________________________________ 206
Function/Program 2021 2022 2023 2024 2025
Police:
Stations 1 1 1 1 1
Other public works:
Miles of streets 202 202 202 202 202
Number of streets 734 734 712 715 715
Traffic signals 60 60 61 63 64
Water:
Water mains (miles) 195 196 198 198 198 Fire hydrants 1,718 1,725 1,725 1,725 1,725 Reservoirs 6 6 6 6 6
Wells 4 4 4 4 4
Wastewater:
Treatment plants 1 1 1 1 1
Number of service connections 14,911 14,903 14,916 14,919 14,988 Sanitary sewers (miles) 151 158 151 151 158 Storm sewers (miles)(36" or greater) 34 34 34 34 34 Storm drains (miles) 77 77 77 77 77
Transit:
Buses 11 11 10 10 6
Mini vans 8 8 8 8 12
Source: City of Camarillo
Fiscal Year
Table 18
City of Camarillo
Top 10 Employers
Current Year and Nine Years Ago
____________________________________________________________________________________________________ 207
Percentage of Percentage of
Total City Total City
Company or Organization Employees Employment (1) Employees Employment (2) Meissner Filtration Products 1,931 5.16% 129 0.41%
Hi-Temp Insulation Inc 1,860 4.97% 530 1.67%
St John's Hospital Camarillo 611 1.63% 570 1.80%
Pleasant Valley School District 576 1.54% 698 2.21%
Sorrento Berry Farms LLC 476 1.27% n/a 0.00%
Sanisure Inc 365 0.98% n/a 0.00%
Lucix Corporation 362 0.97% 145 0.46%
Golden State Medical Supply 335 0.90% n/a 0.00%
Treescapes 310 0.83% n/a 0.00%
Amazon.Com Services LLC 288 0.77% n/a 0.00%
Teledyne Scientific & Imaging 0 0.00% 136 0.43%
Semtech 0 0.00% 168 0.53%
Data Exchange Corp. 62 0.00% 89 0.28%
Harbor Freight Tools 32 0.00% 189 0.60%
Vitesse Semiconductor Corp n/a 0.00% 82 0.26%
Ventura County Star n/a 0.00% 169 0.53%
Technicolor Video Services n/a 0.00% 200 0.63%
Johansen Technology n/a 0.00% 137 0.43%
Total 7,208 19.02 % 3,242 10.24 %
Notes:
(1) Total city employment in fiscal year 2025: 37,417
(2) Total city employment in fiscal year 2016: 31,642
Sources: HdL Companies
City of Camarillo Finance Dept.
State of California, Employment Development Dept. Labor Market Information Division 2025 2016
Fiscal Year