Fiscal Year 2024-2025 Quarterly Financial Report
4th Quarter Ending June 30, 2025
1 4th QUARTER ENDING JUNE 30, 2025
OVERVIEW
This financial report summarized the city’s financial position for the quarter ending June 30, 2025, for the General Fund, Water Funds, and Special Revenue Funds. The purpose of this report is to provide the City Council, City management, and the Lomita community an update on the city’s fiscal status based on the most recent financial information available.
General Fund Summary
Through the fourth quarter, the General Fund is tracking as expected. The table presented in this report include budgetto-actual comparisons between the current fiscal year and the previous fiscal year to show results of the fourth quarter of each year compared to the adjusted budget as it stood on June 30th of each year. A year-over-year comparison is also presented to show results of the three months of the current fiscal year as compared to the previous year. Major difference in budget-to-actual and year-over-year comparisons are explained in this report.
The City’s General Fund for the fourth quarter of Fiscal Year 2024-2025, which ended June 30, 2025, are tracking as expected. General Fund revenues are up $164,382 compared to the same period last year; this increase is due mainly to business license and development taxes. Usually most of the revenues are expected to come in in the second half of the fiscal year, which is typical for the city. Fiscal year to date expenditures, excluding transfers to other funds, are at $2.5 million, compared to $2.3 million last year. Details of revenue and expenditure changes from the prior year are explained later in this report.
Budgeted Fund Balance Summary
The General Fund audited fund balance as of July 1, 2024, was higher than the projected beginning balance in the Fiscal Year 2024-2025 Adopted Annual Operating & Capital Improvements Budget. The following table details the General Fund’s budgeted Fiscal Year 2024-2025 Fund Balance computation:
Revenues
Property Tax, Sales Tax, Vehicle License Fees, Franchise Tax, and Building and Safety Fees are the city’s major tax revenues, and account for nearly 74% of total General Fund Revenues. The table below shows fourth quarter budget-to-actual revenues for Fiscal Years 2023-2024 and 2024-2025. The Fiscal Year 2024-2025 General Fund revenue amended budget is General Fund
Budgeted Fund Balance
Amended
Budget
Projected as of
06/30/25
Fund Balance, 07/1/2024 (Audited) $ 8,054,390 $ 8,054,390 Budgeted Revenues 15,847,947 16,654,733
Budgeted Expenditures (15,455,013) (13,803,482)
Budgeted Operating, Transfers In 1,336,976 1,336,976
Budgeted Operating, Transfers Out (3,929,910) (3,929,910) Budgeted Fund Balance, 06/30/2025 $ 5,854,390 $ 8,312,707 Fiscal Year 2024-2025 Quarterly Financial Report
4th Quarter Ending June 30, 2025
2 4th QUARTER ENDING JUNE 30, 2025
$17,184,923. Through the end of the fourth quarter (Q4) of Fiscal Year 2024-2025, total General Fund Revenues were $17 million which is approximately $2.1 million or 13% more than the same period last fiscal year. Overall, total revenues are at 104.7% of budget through the fourth quarter of the current fiscal year, which is slightly lower than the same period last fiscal year, 108% of budget.
Six revenue sources account for approximately 85% of the General Fund revenue budget. Those accounts, in order of greatest to smallest, are Sales and Use Tax, Vehicle License Fee, Property Taxes, Building and Safety Fee, Franchise Taxes, and Business License Taxes. As of the end of the fourth quarter, these revenues are tracking closely to last fiscal year’s percentages. Below is a comparison of prior and current fiscal year through the end of the fourth quarter. 2023-2024
Budget
06/30/2024
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
06/30/2025
Pre-Audit
% of
Budget
Received
Revenues
Sales Tax $ 5,000,000 $ 4,866,947 97.3% $ 5,127,143 $ 4,975,507 97.0% Vehicle License Fee 2,765,000 2,944,395 106.5% 3,100,000 3,115,093 100.5% Property Tax 2,057,084 2,093,294 101.8% 2,100,000 2,256,481 107.5% Other Taxes 1,749,646 1,982,475 113.3% 1,873,000 2,164,948 115.6% Licenses and Permits 1,124,000 1,307,955 116.4% 1,274,000 1,644,570 129.1% Fines and Forfeitures 598,000 683,623 114.3% 633,000 584,451 92.3% Intergovernmental 435,000 536,404 123.3% 420,000 444,826 105.9% Use of Money & Property 570,000 1,235,178 216.7% 1,037,304 1,267,905 122.2% Recreation Services 161,000 119,912 74.5% 161,000 101,963 63.3% Other Revenues 82,500 56,803 0.0% 122,500 98,989 0.0%
Transfers In 77,921 - 0.0% 1,336,976 1,336,976 0.0%
Total Revenues $ 14,620,151 $ 15,826,987 108.3% $ 17,184,923 $ 17,991,709 104.7% 2023-2024
Budget
06/30/2024
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
06/30/2025
Pre-Audit
% of
Budget
Received
4210 - Sales and Use Tax $ 5,000,000 $ 4,866,947 97.3% $ 5,127,143 $ 4,975,507 97.0% 4629 - Vehicle License Fee 2,765,000 2,944,395 106.5% 3,100,000 3,115,093 100.5% 4125 - Property Tax 2,057,084 2,093,294 101.8% 2,100,000 2,256,481 107.5% 4470 - Building and Safety Fee 700,000 841,573 120.2% 850,000 1,129,356 132.9% 4270 - Franchise Tax 696,646 811,363 116.5% 800,000 1,022,619 127.8% 4414 - Business License Tax 785,000 915,095 116.6% 795,000 989,912 124.5% Fiscal Year 2024-2025 Quarterly Financial Report
4th Quarter Ending June 30, 2025
3 4th QUARTER ENDING JUNE 30, 2025
Expenditures
The table below shows the budget-to-actual expenditures for Fiscal Years 2023-2024 and 2024-2025 by department.
General Fund expenditures appear to be tracking slightly lower than the prior fiscal year at 91.5% of the budget through the end of the fourth quarter of the current fiscal year (100%). Overall, departments are tracking below budget. 2023-2024
Budget
06/30/2024
Actuals
% of
Budget
Expended
2024-2025
Amended
Budget
06/30/2025
Pre-Audit
% of
Budget
Expended
Expenditures
City Attorney $ 233,000 $ 232,362 99.7% $ 250,000 $ 248,628 99.5% City Clerk 347,860 347,735 100.0% 551,597 370,964 67.3% City Council 76,000 76,000 100.0% 105,312 103,857 98.6% City Manager 1,102,861 1,102,300 99.9% 1,200,955 1,095,731 91.2% Community Development 1,361,241 1,360,985 100.0% 1,425,251 1,425,186 100.0% Administrative Services 607,175 606,764 99.9% 761,951 755,216 99.1% Human Resources 964,005 963,867 100.0% 1,087,892 997,066 91.7% Information Technology 281,400 280,313 99.6% 391,200 276,317 70.6% Public Safety 5,037,021 5,030,426 99.9% 5,296,663 4,945,450 93.4% Public Works Aministration 1,449,344 1,448,864 100.0% 1,846,580 1,598,645 86.6% Recreation & Facilities Administration 1,820,656 1,800,482 98.9% 2,537,612 1,986,424 78.3% Transfers Out 2,515,050 2,515,050 100.0% 3,929,910 3,929,910 100.0% Total Expenditures $ 15,795,613 $ 15,765,146 99.8% $ 19,384,923 $ 17,733,392 91.5% Fiscal Year 2024-2025 Quarterly Financial Report
4th Quarter Ending June 30, 2025
4 4th QUARTER ENDING JUNE 30, 2025
Proprietary Funds – Water Operations and Water Capital
The Water Funds for the fourth quarter of Fiscal Year 2024-2025, which ended June 30, 2025, are tracking as expected.
The revenues of the Water Funds are slightly higher compared to the same period last year. Fiscal year to date expenditures, excluding transfers to other funds, are at $10.5 million, which is lower than same period last year. Details of revenue and expenditure changes from the prior year are explained later in this report.
Revenues
The Fiscal Year 2024-2025 revenue budget for the Water Funds is $7,993,253. Through the end of the fourth quarter (Q4) of Fiscal Year 2024-2025, total revenues for the Water Funds were $9,393,442 which is slightly higher compared to the same period last fiscal year. Overall, total revenues are at 117.5% of budget through the fourth quarter of the current fiscal year, which is slightly higher compared to the same period last fiscal year, 86% of budget.
Water Funds revenues appear to be tracking slightly higher than the prior year at 117.5% of the budget through the end of the fourth quarter of the current fiscal year (100%). Usually most of the revenues are expected to come in in the second half of the fiscal year, which is typical for the city.
Expenditures
The table below shows the current budget-to-actual expenditures for Fiscal Years 2023-2024 and 2024-2025 by department. Expenditures in the Water Funds appear to be tracking below budget at 91.5% of the budget through the end of the fourth quarter of the current fiscal year (100%). Overall, most departments are tracking below expectations. 2023-2024
Budget
06/30/2024
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
06/30/2025
Pre-Audit
% of
Budget
Received
Revenues
Waterworks #13 Anney $ 920,000 $ 1,024,393 111.3% $ 975,000 $ 1,100,929 112.9% Permits and Fees 246,000 208,338 84.7% 96,000 86,670 90.3% Use of Money & Property 30,000 186,431 621.4% 30,000 193,219 644.1% Intergovernmental 2,000,000 241,857 12.1% 114,846 670,095 583.5% Water Billing Fees 6,577,580 6,771,153 102.9% 6,774,907 7,334,282 108.3% Miscellaneous 2,500 2,962 118.5% 2,500 8,246 329.8%
Total Revenues $ 9,776,080 $ 8,435,134 86.3% $ 7,993,253 $ 9,393,442 117.5% Fiscal Year 2024-2025 Quarterly Financial Report
4th Quarter Ending June 30, 2025
5 4th QUARTER ENDING JUNE 30, 2025
2023-2024
Budget
06/30/2024
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
06/30/2025
Pre-Audit
% of
Budget
Expended
Expenditures
City Attorney $ 20,000 $ 16,712 83.6% $ 20,000 $ 19,554 97.8% City Clerk 79,480 77,145 97.1% 80,952 70,675 87.3%
City Council 2,993 2,692 89.9% 3,746 4,823 128.8%
City Manager 174,090 139,084 79.9% 173,992 149,742 86.1% Administrative Services 515,524 537,612 104.3% 543,263 571,089 105.1% Human Resources 229,046 197,148 86.1% 246,242 266,390 108.2% Information Technology 83,553 155,553 186.2% 147,275 140,553 95.4% Water Maintenance 5,473,203 5,136,465 93.8% 5,467,519 5,790,893 105.9% Capital Outlay 4,334,210 963,961 22.2% 4,334,210 3,354,798 77.4% Debt Service 466,034 128,365 27.5% 466,034 140,769 30.2% Total Expenditures $ 11,378,133 $ 7,354,736 64.6% $ 11,483,233 $ 10,509,287 91.5% Fiscal Year 2024-2025 Quarterly Financial Report
4th Quarter Ending June 30, 2025
6 4th QUARTER ENDING JUNE 30, 2025
Special Revenue Funds
The Special Revenue Funds for the fourth quarter of Fiscal Year 2024-2025, which ended June 30, 2025, are tracking as expected. The revenues are down $421,418, compared to the same period last year. Fiscal year to date expenditures, excluding transfers to other funds, are at $2,320,431, compared to $4,734,823 last year.
Revenues
The Fiscal Year 2024-2025 revenue budgets for the Special Revenue Funds are $7,272,797. Through the end of the fourth quarter (Q4) of Fiscal Year 2024-2025, total revenues were $6,353,934 which is lower than last fiscal year for the same period. Overall, total revenues are at 87.4% of budget through the fourth quarter of the current fiscal year, which is less than the same period last fiscal year, 96% of budget. The Special Revenue Funds revenues appear to be tracking as expected at 87.4% of the budget through the end of the fourth quarter of the current fiscal year (100%). Usually most of the revenues are expected to come in in the second half of the fiscal year, which is typical for the city.
Fiscal Year 2024-2025 Quarterly Financial Report
4th Quarter Ending June 30, 2025
7 4th QUARTER ENDING JUNE 30, 2025
Expenditures
The table below shows the current budget-to-actual expenditures for Fiscal Years 2023-2024 and 2024-2025 by fund.
Expenditures in the Special Revenue Funds appear to be tracking lower than expectations at 56.8% of the budget through the end of the fourth quarter of the current fiscal year (100%). 2023-2024
Budget
06/30/2024
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
06/30/2025
Pre-Audit
% of
Budget
Received
Revenues
State Gas Tax $ 1,120,153 $ 1,170,177 104.5% $ 1,497,216 $ 1,335,428 89.2% Measure R Local Return 375,971 366,341 97.4% 356,564 363,121 101.8% Measure M 422,434 411,793 97.5% 400,440 413,579 103.3%
Measure W 575,000 246,244 42.8% 374,300 397,352 106.2%
Community Development Block Grant 140,077 89,256 63.7% 436,829 137,046 31.4% Prop A Local Return 610,316 582,987 95.5% 594,120 572,916 96.4% Prop C Local Return 499,628 534,936 107.1% 473,752 540,309 114.0% Transportation Development Act 29,503 13,567 46.0% 50,000 19,276 38.6% South Coast AQMD 26,500 28,946 109.2% 26,500 29,644 111.9% Landscape Maintenance District #1 11,738 12,163 103.6% 11,838 12,166 102.8% Park Facilities Fee 6,000 27,892 0.0% 6,000 21,980 366.3% Park Athletic 55,000 75,801 137.8% 58,000 89,126 153.7% Park Grant 7,800 7,800 100.0% 756,000 96,000 0.0%
Lomita Manor 548,339 553,071 100.9% 548,458 600,972 109.6% American Rescue Plan - - 0.0% - - 0.0%
General Plan Update 866,377 866,377 100.0% - - 0.0%
Capital Improvement 1,500 5,537 369.1% 1,500 4,884 325.6% Street Improvement 805,000 861,197 107.0% 319,304 264,307 82.8% Facility Improvement 548,673 548,673 0.0% 1,345,476 1,399,476 104.0% Equipment Replacement 200,500 268,462 133.9% 500 47,385 9477.0% Park Equipment Replacement 100,000 - 0.0% - - 0.0%
Sewer Replacement 92,200 92,200 0.0% - - 0.0%
Railroad Museum Foundation 15,000 10,707 71.4% 15,000 8,967 59.8% Tom Rico Memorial 1,000 1,226 122.6% 1,000 1 0.1%
Other Special Funds Total: $ 7,058,709 $ 6,775,352 96.0% $ 7,272,797 $ 6,353,934 87.4% Fiscal Year 2024-2025 Quarterly Financial Report
4th Quarter Ending June 30, 2025
8 4th QUARTER ENDING JUNE 30, 2025
2023-2024
Budget
06/30/2024
Actuals
% of
Budget
Received
2024-2025
Amended
Budget
06/30/2025
Pre-Audit
% of
Budget
Received
Expenditures
State Gas Tax $ 767,572 $ 506,556 66.0% $ 1,988,710 $ 904,646 45.5% Measure R Local Return 155,680 5,680 3.6% 605,680 505,102 83.4% Measure M 300,000 34,762 11.6% - - 0.0%
Measure W 736,000 308,916 42.0% 866,711 470,867 54.3%
Community Development Block Grant 140,077 89,256 63.7% 436,829 137,366 31.4% Prop A Local Return 142,800 142,072 99.5% 137,993 134,224 97.3% Prop C Local Return 29,503 23,164 78.5% 311,360 300,957 96.7% Transportation Development Act 13,843 13,567 98.0% 19,276 19,276 100.0% South Coast AQMD 35,000 - 0.0% 53,000 - 0.0%
Landscape Maintenance District #1 11,738 6,005 51.2% 16,500 7,686 46.6% Park Facilities Fee - - 0.0% 323,000 35,350 0.0%
Park Athletic 52,574 37,400 71.1% 64,142 61,657 96.1%
Park Grant 58,200 48,000 82.5% 738,000 - 0.0%
Lomita Manor 690,922 690,922 100.0% 536,927 601,227 112.0% American Rescue Plan 1,336,976 - 0.0% 1,336,976 1,336,976 100.0% Capital Improvement 70,000 45,660 65.2% - - 0.0%
Street Improvement 410,000 164,313 40.1% 946,179 586,439 62.0% Facility Improvement 1,504,720 19,075 0.0% 517,250 33,310 0.0% Equipment Replacement 285,000 331,040 116.2% 200,000 40,342 20.2% Park Equipment Replacement 515,000 4,620 0.0% - - 0.0%
Sewer Replacement 137,544 121,878 0.0% 99,273 47,861 0.0% Railroad Museum Foundation 15,000 10,608 70.7% 15,000 8,728 58.2% Tom Rico Memorial - - 0.0% 1,000 - 0.0%
Other Special Funds Total: $ 7,408,149 $ 2,603,495 35.1% $ 9,213,806 $ 5,232,013 56.8%