Fiscal Year 2025-2026 Quarterly Financial Report
3rd Quarter Ending March 31, 2026
1 3rd QUARTER ENDING MARCH 31, 2026
OVERVIEW
This financial report summarized the city’s financial position for the quarter ending March, 31, 2026, for the General Fund, Water Funds, and Special Revenue Funds. The purpose of this report is to provide 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 third quarter, the General Fund is tracking as expected. The table presented in this report include budget-toactual comparisons between the current fiscal year and the previous fiscal year to show results of the third quarter of each year compared to the adjusted budget as it stood on March 31st of each year. A year-over-year comparison is also presented to show results of the nine 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 third quarter of Fiscal Year 2025-2026, which ended March 31, 2026, are tracking as expected. General Fund revenues are down $1,754,361 compared to the same period last year; this decrease is mainly due to transfers in from ARPA funds. 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 about $9 million, compared to $10 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 preliminary fund balance as of July 1, 2025, 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 76% of total General Fund Revenues. The table below shows third quarter budget-to-actual revenues for Fiscal Years 2024-2025 and 2025-2026. The Fiscal Year 2025-2026 General Fund revenue amended budget is $17,260,186. Through the end of the third quarter (Q3) of Fiscal Year 2025-2026, total General Fund Revenues were $10 General Fund
Budgeted Fund Balance Amended Budget
Actuals as of
03/31/26
Fund Balance, 07/1/2025 $ 8,186,142 7,927,752$
Budgeted Revenues 17,260,186 10,005,372
Budgeted Expenditures (16,811,046) (10,009,927)
Budgeted Operating, Transfers In - -
Budgeted Operating, Transfers Out (553,383) -
Budgeted Fund Balance, 06/30/2026 $ 8,081,899 7,923,197$ Fiscal Year 2025-2026 Quarterly Financial Report
3rd Quarter Ending March 31, 2026
2 3rd QUARTER ENDING MARCH 31, 2026
million which is approximately $1,7 million, or 15% less than the same period last fiscal year. Overall, total revenues are at 58% of budget through the third quarter of the current fiscal year, which is slightly less than the same period last fiscal year, 68% of budget.
Six revenue sources account for almost 76% of the General Fund revenue budget. Those accounts, in order of greatest to smallest, are Sales and Use Tax, Vehicle License Fee, Property Taxes, Business License Taxes, Franchise Taxes, and Building and Safety Fee. As of the end of the third 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 third quarter. 2024-2025
Budget
03/31/2025
Actuals
% of
Budget
Received
2025-2026
Amended
Budget
03/31/2026
Actuals
% of
Budget
Received
Revenues
Sales Tax $ 5,127,143 $ 2,794,654 54.5% 5,229,686 $ $ 2,922,888 55.9% Vehicle License Fee 3,100,000 1,574,048 50.8% 3,100,000 1,638,907 52.9% Property Tax 2,100,000 1,284,286 61.2% 2,200,000 1,324,454 60.2% Other Taxes 1,873,000 1,338,121 71.4% 2,003,000 1,286,916 64.2% Licenses and Permits 1,274,000 881,461 69.2% 1,424,000 809,656 56.9% Fines and Forfeitures 633,000 386,007 61.0% 648,000 368,783 56.9% Intergovernmental 420,000 363,900 86.6% 1,227,000 359,193 29.3% Use of Money & Property 1,037,304 1,701,218 164.0% 1,125,000 1,099,865 97.8% Recreation Services 161,000 58,590 36.4% 161,000 75,781 47.1% Other Revenues 122,500 40,474 0.0% 142,500 118,930 0.0% Transfers In 1,336,976 1,336,976 0.0% - - 0.0%
Total Revenues $ 17,184,923 $ 11,759,733 68.4% $17,260,186 $ 10,005,372 58.0% 2024-2025
Budget
03/31/2025
Actuals
% of
Budget
Received
2025-2026
Amended
Budget
03/31/2026
Actuals
% of
Budget
Received
4210 - Sales and Use Tax $ 5,127,143 $ 2,794,654 54.5% 5,229,686 $ $ 2,922,888 55.9% 4629 - Vehicle License Fee 3,100,000 1,574,048 50.8% 3,100,000 1,638,907 52.9% 4125 - Property Tax 2,100,000 1,284,286 61.2% 2,200,000 1,324,454 60.2% 4414 - Business License Tax 800,000 679,708 85.0% 800,000 578,393 72.3% 4270 - Franchise Tax 795,000 527,052 66.3% 915,000 594,344 65.0% 4470 - Building and Safety Fee 850,000 507,362 59.7% 950,000 556,892 58.6% Fiscal Year 2025-2026 Quarterly Financial Report
3rd Quarter Ending March 31, 2026
3 3rd QUARTER ENDING MARCH 31, 2026
Expenditures
The table below shows the budget-to-actual expenditures for Fiscal Years 2024-2025 and 2025-2026 by department.
General Fund expenditures appear to be tracking slightly higher than the prior fiscal year at 57.6% of the budget through the end of the third quarter of the current fiscal year (75%). Overall, departments are tracking below budget. 2024-2025
Budget
03/31/2025
Actuals
% of
Budget
Expended
2025-2026
Amended
Budget
03/31/2026
Actuals
% of
Budget
Expended
Expenditures
City Attorney $ 250,000 $ 153,855 61.5% 250,000 $ $ 110,420 44.2% City Clerk 551,597 245,041 44.4% 318,880 199,951 62.7%
City Council 105,312 66,689 63.3% 134,110 92,430 68.9%
City Manager 1,200,955 738,107 61.5% 1,473,080 960,652 65.2% Community Development 1,425,251 824,625 57.9% 1,600,985 919,899 57.5% Administrative Services 761,951 587,720 77.1% 713,528 519,076 72.7% Human Resources 1,087,892 890,123 81.8% 1,237,056 990,011 80.0% Information Technology 391,200 207,430 53.0% 512,700 231,141 45.1% Public Safety 5,296,663 2,899,582 54.7% 6,103,724 3,449,755 56.5% Public Works Aministration 2,719,670 1,651,286 60.7% 2,744,214 1,630,135 59.4% Recreation 1,664,522 771,950 46.4% 1,722,769 906,456 52.6% Transfers Out 3,929,910 - 0.0% 553,383 - 0.0%
Total Expenditures $ 19,384,923 $ 9,036,408 46.6% 17,364,429 $ $ 10,009,927 57.6% Fiscal Year 2025-2026 Quarterly Financial Report
3rd Quarter Ending March 31, 2026
4 3rd QUARTER ENDING MARCH 31, 2026
Proprietary Funds – Water Operations and Water Capital
The Water Funds for the third quarter of Fiscal Year 2025-2026, which ended March 31, 2026, are tracking as expected.
The revenues of the Water Funds are lower compared to the same period last year. Fiscal year to date expenditures, excluding transfers to other funds, are at $6.7 million, which is the slightly lower as compared to the same period last year.
Details of revenue and expenditure changes from the prior year are explained later in this report.
Revenues
The Fiscal Year 2025-2026 revenue budget for the Water Funds is $11,021,654. Through the end of the third quarter (Q3) of Fiscal Year 2025-2026, total revenues for the Water Funds were $5,483,187 which is slightly higher compared to the same period last fiscal year. Overall, total revenues are at 49.7% of budget through the third quarter of the current fiscal year, which is lower compared to the same period last fiscal year, 65.8% of budget.
Water Funds revenues appear to be tracking slightly lower than the prior year at 49.7% of the budget through the end of the third quarter of the current fiscal year (75%). 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 2024-2025 and 2025-2026 by department. Expenditures in the Water Funds appear to be tracking below budget at 57.4% of the budget through the end of the third quarter of the current fiscal year (75%). Overall, most departments are tracking below expectations. 2024-2025
Budget
03/31/2025
Actuals
% of
Budget
Received
2025-2026
Amended
Budget
03/31/2026
Actuals
% of
Budget
Received
Revenues
Waterworks #13 Anney $ 975,000 $ 624,497 64.1% 975,000 $ $ 648,818 66.5% Permits and Fees 96,000 59,003 61.5% 96,000 95,099 99.1% Use of Money & Property 30,000 - 0.0% 30,000 - 0.0%
Intergovernmental 114,846 95,716 83.3% 2,940,000 - 0.0% Water Billing Fees 6,774,907 4,475,657 66.1% 6,978,154 4,724,823 67.7% Miscellaneous 2,500 7,847 313.9% 2,500 14,447 577.9%
Total Revenues $ 7,993,253 $ 5,262,720 65.8% 11,021,654 $ $ 5,483,187 49.7% Fiscal Year 2025-2026 Quarterly Financial Report
3rd Quarter Ending March 31, 2026
5 3rd QUARTER ENDING MARCH 31, 2026
2024-2025
Budget
03/31/2025
Actuals
% of
Budget
Expended
2025-2026
Amended
Budget
03/31/2026
Actuals
% of
Budget
Expended
Expenditures
City Attorney $ 20,000 $ 11,241 56.2% 20,000 $ $ 18,268 91.3% City Clerk 80,952 55,590 68.7% 74,182 45,013 60.7%
City Council 3,746 2,947 78.7% 8,032 5,946 74.0%
City Manager 173,992 102,660 59.0% 206,095 144,950 70.3% Administrative Services 543,263 428,773 78.9% 576,924 430,146 74.6% Human Resources 246,242 242,707 98.6% 340,908 267,849 78.6% Information Technology 147,275 104,701 71.1% 184,775 102,991 55.7% Water Maintenance 5,836,519 3,645,362 62.5% 6,406,092 4,068,066 63.5% Capital Outlay 4,838,946 2,338,113 48.3% 3,380,000 1,378,994 40.8% Debt Service 461,952 233,516 50.5% 462,663 232,390 50.2% Total Expenditures $ 12,352,887 $ 7,165,610 58.0% 11,659,671 $ $ 6,694,615 57.4% Fiscal Year 2025-2026 Quarterly Financial Report
3rd Quarter Ending March 31, 2026
6 3rd QUARTER ENDING MARCH 31, 2026
Special Revenue Funds
The Special Revenue Funds for the third quarter of Fiscal Year 2025-2026, which ended March 31, 2026, are tracking as expected. The revenues are slightly higher at $2.6 million, compared to the same period last year. Fiscal year-to-date expenditures, excluding transfers to other funds, are at $3.7 million, compared to $2.4 million last year.
Revenues
The Fiscal Year 2025-2026 revenue budgets for the Special Revenue Funds are $5,646,795. Through the end of the third quarter (Q3) of Fiscal Year 2025-2026, total revenues were $2,600,896 which is slightly higher than last fiscal year for the same period. Overall, total revenues are at 46.1% of budget through the third quarter of the current fiscal year, which is higher than the same period last fiscal year, 26.8% of budget. The Special Revenue Funds revenues appear to be tracking as expected at 46.1% of the budget through the end of the third quarter of the current fiscal year (75%). 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 2025-2026 Quarterly Financial Report
3rd Quarter Ending March 31, 2026
7 3rd QUARTER ENDING MARCH 31, 2026
2024-2025
Budget
03/31/2025
Actuals
% of
Budget
Received
2025-2026
Amended Budget
03/31/2026
Actuals
% of
Budget
Received
Revenues
State Gas Tax $ 1,497,216 $ 800,146 53.4% 1,204,800 $ $ 785,627 65.2% Measure R Local Return 356,564 246,105 69.0% 331,996 254,132 76.5% Measure M 400,440 278,972 69.7% 372,596 347,222 93.2%
Measure W 374,300 377,922 101.0% 225,000 226,885 100.8% Community Development Block Grant 436,829 17,013 3.9% 384,896 139,518 36.2% Prop A Local Return 594,120 403,003 67.8% 554,628 413,784 74.6% Prop C Local Return 473,752 328,199 69.3% 440,995 338,906 76.9% Transportation Development Act 50,000 - 0.0% 20,000 - 0.0% South Coast AQMD 26,500 13,344 50.4% 26,500 13,302 50.2% Landscape Maintenance District #1 11,838 7,225 61.0% 11,838 7,233 61.1% Park Facilities Fee 6,000 1,200 0.0% 6,000 3,600 60.0%
Park Athletic 58,000 63,070 108.7% 58,000 52,683 90.8%
Park Grant 756,000 - 0.0% 834,705 - 0.0%
Lomita Manor 548,458 - 0.0% 548,458 - 0.0%
American Rescue Plan - - 0.0% - - 0.0%
General Plan Update - - 0.0% - - 0.0%
Capital Improvement 1,500 - 0.0% 1,500 - 0.0%
Street Improvement 819,304 - 0.0% 163,015 286 0.2%
Facility Improvement 2,345,476 - 0.0% 395,368 - 0.0%
Equipment Replacement 300,500 - 0.0% 500 10,905 2181.0% Park Equipment Replacement 200,000 - 0.0% 50,000 - 0.0% Sewer Replacement 200,000 - 0.0% - - 0.0%
Railroad Museum Foundation 15,000 6,785 45.2% 15,000 6,791 45.3% Tom Rico Memorial 1,000 1 0.1% 1,000 22 2.2%
Other Special Funds Total: $ 9,472,797 $ 2,542,985 26.8% 5,646,795 $ $ 2,600,896 46.1% Fiscal Year 2025-2026 Quarterly Financial Report
3rd Quarter Ending March 31, 2026
8 3rd QUARTER ENDING MARCH 31, 2026
Expenditures
The table below shows the current budget-to-actual expenditures for Fiscal Years 2024-2025 and 2025-2026 by fund.
Expenditures in the Special Revenue Funds appear to be tracking lower than expectations at 28.7% of the budget through the end of the third quarter of the current fiscal year (75%).
2024-2025
Budget
03/31/2025
Actuals
% of
Budget
Expended
2025-2026
Amended Budget
03/31/2026
Actuals
% of
Budget
Expended
Expenditures
State Gas Tax $ 1,988,710 $ 355,482 17.9% 1,981,340 $ $ 1,384,544 69.9% Measure R Local Return 605,680 50,213 8.3% 555,680 - 0.0% Measure M - - 0.0% 2,985,858 258,345 8.7%
Measure W 866,711 179,088 20.7% 273,500 407,342 148.9%
Community Development Block Grant 436,829 21,891 5.0% 384,896 197,078 51.2% Prop A Local Return 137,993 90,396 65.5% 1,570,643 88,412 5.6% Prop C Local Return 311,360 22,345 7.2% 50,000 16,077 32.2% Transportation Development Act 50,000 - 0.0% 20,000 - 0.0% South Coast AQMD 53,000 - 0.0% 63,000 - 0.0%
Landscape Maintenance District #1 16,500 6,062 36.7% 16,500 18,694 113.3% Park Facilities Fee 323,000 - 0.0% 456,000 115,644 0.0% Park Athletic 64,142 36,541 57.0% 67,145 42,190 62.8%
Park Grant 738,000 - 0.0% 1,508,538 - 0.0%
Lomita Manor 536,927 - 0.0% 536,927 - 0.0%
American Rescue Plan 1,336,976 1,336,976 100.0% - - 0.0% Capital Improvement - - 0.0% - 54,300 0.0%
Street Improvement 946,179 235,047 24.8% 1,368,532 934,367 68.3% Facility Improvement 517,250 20,630 0.0% 674,500 16,560 0.0% Equipment Replacement 200,000 - 0.0% 237,750 115,377 48.5% Park Equipment Replacement - - 0.0% 50,000 - 0.0%
Sewer Replacement 99,273 17,093 0.0% 34,200 11,702 0.0% Railroad Museum Foundation 15,000 5,797 38.6% 15,000 27,020 180.1% Tom Rico Memorial 1,000 - 0.0% 1,000 - 0.0%
Other Special Funds Total: $ 9,244,530 $ 2,377,561 25.7% 12,851,009 $ $ 3,687,653 28.7%