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Camarillo approves FY24‑25 midyear budget adjustments; general fund projected at about $101 million
Summary
Council approved midyear adjustments including a $273,812 revenue increase and $93,187 in additional expenditures to produce a net positive general fund adjustment of $180,625; staff said the city remains operationally balanced and will use the midyear to inform the FY25‑26 budget.
The Camarillo City Council on Feb. 26 approved the city’s fiscal year 2024‑25 midyear budget report and authorized the city manager to make the recommended appropriations.
Finance staff said the midyear review is a routine six‑month recalculation of revenues and expenditures after departments update projections. "Tonight, we recommend to you a net positive adjustment to the general fund in the amount of $180,625," Rayna Robertson, budget and purchasing manager, told the council. The presentation showed revenue adjustments totaling $273,812 and expenditure increases of $93,187; those changes produced a projected general fund balance of about $101,000,000 for FY24‑25.
Staff attributed the revenue changes primarily to a one‑time increase in aircraft assessed valuation and to lower sales tax and development‑related charges for services that were recognized in the prior fiscal year. Investment earnings were revised upward by roughly $865,000; charges for services were adjusted down by about $417,000. The presentation also included adjustments in special revenue, internal service, and enterprise funds (notably transit bus purchases supported by grant/FTA revenue of about $729,305). The sanitary district and waterfront funds showed adjustments consistent with recent rate studies.
Council voted 5‑0 to approve the midyear amendments and to authorize the manager to implement the changes. Vice Mayor Tennyson asked for and received clarification that designations in the fund balance (nonspendable, committed) represent monies held by the city and earmarked for identified purposes.
Finance staff said the midyear submissions will help form the FY25‑26 budget the council will consider for adoption in June.
