City's $180.7 Million Budget Maintains Service Levels and a Healthy Fund Balance (Post Date: 2/12/21)
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Camarillo, California – On February 10, 2021, the Camarillo City Council approved the Fiscal Year 2020/21 Mid-Year Budget Report, in direct alignment with their priority to maintain sound and conservative financial practices that ensure the fiscal sustainability of the City.
“As we continue to navigate the fluctuating path of the COVID-19 Pandemic, the City’s FY 2020/21 Mid-Year financial outlook is positive,” explained Finance Director Mark Uribe in his presentation to the City Council on February 10, 2021. “The budget is a dynamic document, subject to a variety of adjustments and fine tuning throughout the fiscal year.”
Mr. Uribe detailed the many factors affecting the City’s budget, including changes that are expected to occur given the current economic climate, along with the goals and objectives that are pending final review and approval of the City Council at an upcoming public meeting. He explained that, given the fluid and uncertain environment we are in due to the COVID-19, amendments are necessary to keep the document more reflective of anticipated outcomes.
Here are the highlights of the City’s FY 2020/21 Mid-Year Budget Review:
General Fund. The General Fund is where the majority of discretionary funds are recorded, and the majority of the general municipal services are provided such as police, public works, community development, library services and City administrative services.
The General Fund revenues, including transfers-in, total $42.6 million, an increase of $1.9 million from the current budget. The adjustments are primarily due to a combined $1.3 million one-time receipt of CARES Act funding assistance from the State and the County.
The General Fund expenditures including transfers-out, total $40.4 million, a decrease of $1.6 million from the current budget. The adjustments to the budget included a reduction of $583,000 in Police contract costs as a result of a one-time adjustment in the Ventura County pension system, and a decrease of $1,024,140 in the library operations primarily due to anticipated contract savings as a result of COVID-19 restricted library operations.
Enterprise Funds. Enterprise Funds are intended to be self-supporting mechanisms that tie spending to a specific purpose.All operating expenditures of the enterprise activity will be funded by revenues generated by that enterprise, typically charges for services.Enterprise Fund revenues cannot be used for general City purposes.
• Camarillo Ranch Event Fund – As a result of revenue losses due to COVID-19 related restriction on gatherings, a transfer-out from General Fund in the amount of $363,800 is required to support the Camarillo Ranch Facility operations.
• Camarillo Sanitary District Funds – An increase of $1.5 million in development fee revenue was made to reflect current trends for two projects.
City Manager Greg Ramirez remarked, “Both the City of Camarillo and the Camarillo Sanitary District remain in a healthy fiscal condition, and the City remains dedicated to providing services and funding projects that are vital for the well-being of Camarillo residents.”
To learn more about the City’s budget, visit Financial Transparency on the City’s website.