Comprehensive Annual Financial Report - Camarillo of Camarillo 2019 CAFR.pdf · accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by

City of Camarillo Comprehensive Annual

Financial Report For the Fiscal Year Ended June 30, 2019

CITY OF CAMARILLO

COMPREHENSIVE ANNUAL FINANCIAL REPORT

FOR THE YEAR ENDED JUNE 30, 2019

TABLE OF CONTENTS

Page(s) INTRODUCTORY SECTION Letter of Transmittal ................................................................................................................................ i Governmental Finance Officers Association Certificate of Achievement For Excellence in Financial Reporting ............................................................................................... xii Directory of City Officials and City Organization Chart .................................................................... xiii FINANCIAL SECTION Independent Auditors’ Report ................................................................................................................. 1

Management's Discussion and Analysis (Unaudited) ............................................................................. 7

BASIC FINANCIAL STATEMENTS

Government-Wide Financial Statements

Statement of Net Position ........................................................................................................ 25 Statement of Activities ............................................................................................................. 26

Fund Financial Statements Governmental Fund Financial Statements

Balance Sheet – Governmental Funds ..................................................................................... 32

Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position .............................................................................................. 35 Statement of Revenues, Expenditures, and Changes in Fund Balances- Governmental Funds ................................................................................................................ 36 Reconciliation of the Governmental Funds Statement of Revenues, Expenditures and Changes in Fund Balances to the Statement of Activities and Changes in Net Position ......... 38

CITY OF CAMARILLO



TABLE OF CONTENTS

Page(s)

Proprietary Fund Financial Statements

Statement of Net Position – Proprietary Funds ........................................................................ 40 Statement of Revenues, Expenses, and Changes in Net Position – Proprietary Funds ............ 42

Statement of Cash Flows – Proprietary Funds ......................................................................... 44

Fiduciary Fund Financial Statements

Statement of Net Position – Fiduciary Funds .......................................................................... 50 Statement of Changes in Net Position – Fiduciary Funds ....................................................... 51

Notes to Basic Financial Statements .............................................................................................. 53

REQUIRED SUPPLEMENTARY INFORMATION (Unaudited): Budgetary Comparison Schedule – General Fund ....................................................................... 107 Budgetary Comparison Schedule – Development Fees Special Revenue Fund .......................... 108 Schedule of Changes in Net Pension Liability and Related Ratios .............................................. 109 Schedule of Plan Contributions – Pension ................................................................................... 110 Schedule of Changes in Net OPEB Liability and Related Ratios ................................................ 111 Schedule of Plan Contributions – OPEB ...................................................................................... 112 SUPPLEMENTARY INFORMATION Budgetary Comparison Schedules – Major Capital Projects Funds:

Camarillo Corridor Projects Area Fund ................................................................................. 114 Low-Moderate Income Housing Asset Fund ......................................................................... 115

Non-Major Governmental Funds:

Combining Balance Sheet ...................................................................................................... 118 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances .............. 122

CITY OF CAMARILLO



TABLE OF CONTENTS

Page(s) Budgetary Comparison Schedules – Non-Major Special Revenue Funds:

Article 8 TDA Fund ............................................................................................................... 125 Article 3 TDA Fund ............................................................................................................... 126 Gas Tax Fund ......................................................................................................................... 127 SB1 Fund ............................................................................................................................... 128 Maintenance Districts Special Revenue Fund ....................................................................... 129 Air Quality Management Fund .............................................................................................. 130 Community Development Block Grant Fund ........................................................................ 131 Library Fund .......................................................................................................................... 132 Cable PEG Fees Fund ............................................................................................................ 133

Budgetary Comparison Schedules – Non-Major Capital Projects Funds: Capital Improvement Projects Fund ...................................................................................... 134 Community Facilities District #1 Fund .................................................................................. 135

Budgetary Comparison Schedule –Debt Service Fund:

Library Debt Service Fund ..................................................................................................... 136

Internal Service Funds:

Combining Statement of Net Position ................................................................................... 138 Combining Statement of Revenues, Expenses, and Changes in Net Position ....................... 140 Combining Statement of Cash Flows .................................................................................... 142

Fiduciary Funds:

Combining Statement of Net Position ................................................................................... 146 Combining Statement of Changes in Assets and Liabilities .................................................. 148

STATISTICAL SECTION (Unaudited)

Table of Contents ......................................................................................................................................... 151 (Table 1) Net Position by Component ..................................................................................................... 152 (Table 2) Changes in Net Position ............................................................................................................ 154 (Table 3) Fund Balances, Governmental Funds ..................................................................................... 158 (Table 4) Changes in Fund Balances, Governmental Funds ................................................................. 160 (Table 5) Tax Revenues by Source, Governmental Funds .................................................................... 162 (Table 6) Assessed Value and Estimated Value of Taxable Property .................................................. 163 (Table 7) Direct and Overlapping Property Tax Rates ........................................................................... 164

CITY OF CAMARILLO



TABLE OF CONTENTS

Page(s)

(Table 8) Principal Property Tax Payers .................................................................................................. 165 (Table 9) Property Tax Levies and Collections ...................................................................................... 167 (Table 10) Ratios of Outstanding Debt by Type ....................................................................................... 168 (Table 11) Ratio of Net General Bonded Debt Outstanding ................................................................... 170 (Table 12) Direct and Overlapping Governmental Activities Debt ........................................................ 171 (Table 13) Legal Debt Margin Information ............................................................................................... 172 (Table 14) Pledged-Revenue Coverage – Sanitary District Fund ........................................................... 174 (Table 15) Demographic and Economic Statistics .................................................................................. 175 (Table 16) Full-time Equivalent City Government Employees by Function/Program ........................ 176 (Table 17) Operating Indicators by Function/Program ............................................................................ 178 (Table 18) Capital Asset Statistics by Function/Program ........................................................................ 180 (Table 19) Principal Employers .................................................................................................................. 182

City of Camarillo

Department of Finance 601 Carmen Drive Camarillo, California 93010 805-388-5320 November 27, 2019

i

Honorable Mayor and Members of the City Council City of Camarillo, California State law requires all general-purpose local governments, within six 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 submit its Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2019. 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 have been included. City management has established a comprehensive internal control framework that is 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 has been designed to provide reasonable, rather than absolute, assurance that the financial statements will be free from material misstatements. While traditionally addressed to the governing body of the City, this report is also intended to provide relevant financial information to the citizens of the City of Camarillo, City staff, creditors, investors, and other concerned readers. We encourage all readers to contact the Finance Department with any questions or comments concerning this report. Lance, Soll and Lunghard, 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, 2019, 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 was a reasonable basis for rendering an unmodified opinion that the City of Camarillo’s financial statements for the fiscal year ended June 30, 2019, are fairly presented in conformity with GAAP. The independent auditors’ report is presented as the first component of the financial section of this report.

City of Camarillo Letter of Transmittal For the Fiscal Year Ended June 30, 2019

____________________________________________________________________________________________________

ii

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. PROFILE OF THE GOVERNMENT The City of Camarillo was incorporated in 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 69,880 residents located in the center of Ventura County (estimated population of 856,598, as of January 1, 2019). It has an area of approximately 20 square miles and is situated in the Pleasant Valley area 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 Naval Base Ventura County Point Mugu and the Pacific Ocean. The City operates under the council-manager form of government. The City Council consists of five members elected by the community at large for overlapping four-year terms. The Mayor is selected from the City Council members and serves a one-year term. The City Council is responsible, among other things, for passing ordinances, adopting the budget, appointing committees, and appointing a City Manager and City Attorney. The City Council members also serve as the governing body of the following component units of the City:

Camarillo Community Development Commission Camarillo Sanitary District Board Camarillo Capital Improvement Corporation Camarillo Public Finance Authority Camarillo Industrial Development Authority Camarillo Library Board

While not a component unit of the City, City Council members do serve as a governing body of the Successor Agency to the Camarillo Community Development Commission.


____________________________________________________________________________________________________

iii

The City Council appoints resident members to the following:

Advisory Commissions/Boards/Committees Planning Commission Rent Review Mediation Commission Camarillo Ranch Foundation Board Community Development Block Grant (CDBG) Citizen Loan Committee Investment Committee Camarillo Council on Aging

Ventura County Boards Area Agency on Aging Advisory Board Area Housing Authority Commission Air Pollution Control District Advisory Committee Citizens Transportation Advisory Committee

The City is a “contract” city, meaning that various services are provided through contracts with other public and private agencies, while other services are delivered by the City’s own employees. The City provides a full range of services, including:

Contractual services City provided services

Building and Safety City Administration Landscape Maintenance Community Development (planning/zoning) Law Enforcement and Animal Control Public Improvements Library Operations Street & Landscape Maintenance Major Capital Projects Traffic Engineering Solid Waste Wastewater Street Sweeping Water Transit

The City is within the Ventura County Fire District, the Camarillo Health Care District, and the Pleasant Valley Recreation and Parks District, but exercises no control over them. In 1965, the director of Water Works District No. 5, after providing the township of Camarillo with water from wells for many years, voluntarily turned over the operation and assets to the newly incorporated City of Camarillo. 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 was originally based on the sanitary seal on the sanitation workers’ uniforms as designed by Basil Trueblood, a sanitation employee who retired in 1977. The design was modified to include a representation of Don Adolfo Camarillo, the City’s namesake, on his horse, , and was adopted by the City.1

1Source: ‘Camarillo and other Remembrances’ by The Honorable Stanley J. Daily, Mayor Emeritus, City of Camarillo.


____________________________________________________________________________________________________

iv

In defining the reporting entity, we have included the City’s component units, which are the Camarillo Community Development Commission, Camarillo Sanitary District Board, Camarillo Capital Improvement Corporation, Camarillo Public Finance Authority, Camarillo Industrial Development Authority, and the Camarillo Library Board. These component units essentially function as departments of the City and therefore have been included as an integral part of the City’s financial statements. Additional information on these legally separate entities can be found in Note 1a in the Notes to Basic Financial Statements. The City Council is required to adopt an annual balanced budget no later than June 30 of each year. Budgets are adopted annually by the Council by resolution, and are prepared for each fund in accordance with its basis of accounting. The annual budget serves as the foundation for the City’s financial planning and control. All departments of the City are required to submit appropriation requests to the City Manager by March of each year. The City Manager, Director of Finance, key department employees, and the City Council hold study sessions to provide an opportunity for public input. The proposed balanced budget is presented to the City Council for adoption prior to June 30. 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. The level of budgetary control is established at the fund level. The Council has the legal authority to amend the budget at any time during the fiscal year. The City Manager’s office actively participates in the development and management of the annual budget. The City also maintains an encumbrance accounting system as one technique of accomplishing budgetary control. Annual appropriations lapse at fiscal year-end. Operating program appropriations supported by a purchase order, including grants and capital outlays, may be carried over from one budget year to the next. Appropriation balances in capital projects, which exclude capital outlays, may be carried over from one budget year to the next with approval of the City Manager. Budget-and-actual comparisons are provided in this report. For the General Fund and Major Special Revenue Funds, the comparison is presented as part of the Required Supplementary Information. For other major governmental funds, this comparison is presented in the Supplementary Information section of this report.


____________________________________________________________________________________________________

v

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.

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 range of companies located in Camarillo, ranging from the premium outlets to manufacturing, provides a strong economic base for sales tax revenue and employment opportunities. During the current fiscal year, the City issued 485

business licenses for new commercial, industrial, and service companies. Of the City’s top three General Fund revenues, sales tax revenue of $15.3 million in FY 2018/19 provided 35.0% of the General Fund revenue, and 13.5% of the City’s total revenue. Sales tax revenue increased 9.3% from prior fiscal year primarily due to the State’s new automation system which resulted in funding for FY 2017/18 being paid to the City in FY 2018/19.

-4.00%

-2.00%

0.00%

2.00%

4.00%

6.00%

8.00%

10.00%

12.00%

$-

$2

$4

$6

$8

$10

$12

$14

$16

$18

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Perc

ent C

hang

e

Sale

s (in

mill

ions

)

Fiscal Year

Sales Tax Received by Fiscal Year

Sales Tax Revenue Percent Change

Sources: City of Camarillo


____________________________________________________________________________________________________

vi

Property tax is the second largest General Fund revenue, providing 32.6% of General Fund revenue and 12.8% of the City’s total revenue, with $14.3 million received in FY 2018/19, which is an increase of 4% from prior fiscal year. Total local secured and unsecured assessed valuation was $13.2 billion, an increase of 4.64% from the prior fiscal year; however, the housing market has continued to decline due to slightly increasing housing prices and fluctuating mortgage rates for housing listed for sale. There were 234 new residential and commercial building permits issued during the current fiscal year, with a total valuation of $56.3 million. Additionally, Camarillo’s median home price was $625,000, reflecting a 2.3% decrease compared to June 2018.

Camarillo has 13 existing retail properties over 30,000 square feet that total 2,495,641 square feet. The retail vacancy rate of 3.1% at June 30, 2019 was lower than the total Ventura County retail market vacancy rate of 5.9%. The industrial vacancy rate increased from 3.7% in prior fiscal year to 4.5%, with a total inventory of 11.1 million square feet. The commercial vacancy rate of 21.1% is higher than the total Ventura County office market rate of 16.0%.

The City’s unemployment rate slightly decreased from 3.5% in the prior fiscal year to 3.3% in June 2019, while the unemployment rate for Ventura County has remained steady at 3.6%. During FY 2018/19 Camarillo employers reduced their labor force by nearly 400 jobs.

-3.00%-2.00%-1.00%0.00%1.00%2.00%3.00%4.00%5.00%6.00%7.00%

$0

$2,000

$4,000

$6,000

$8,000

$10,000

$12,000

$14,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Perc

ent C

hang

e

Asse

ssed

Val

ue (i

n m

illio

ns)

Calendar Year

Assessed Property Value Trend

Assessed Value Percent Change

Sources: Ventura County Auditor-Controller


____________________________________________________________________________________________________

vii

The economy of Camarillo benefits from several attractions such as the Premium Outlets and Promenade, Old Town Camarillo, Adolfo Camarillo Ranch, Camarillo Public Library, Commemorative Air Force WWII aviation museum, and the Western Foundation of Vertebrate Zoology repository for ornithological specimens. Annual community events attract thousands of local residents and visitors throughout the year, from the summer Concerts in the Park and the Fiesta and Street Fair, to the July 4th Celebration and the Camarillo Holiday Parade. Camarillo has three golf courses and a 55 acre sports park that provides facilities for entertainment and sports tournaments. The City has been a member of the Ventura-Oxnard-Camarillo Tourism Business Improvement District (VOCTBID) since April 2011 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 is a General Fund revenue source for the City, with annual revenues of $2.7 million in the current fiscal year. The City is a contributor to the Economic Development Collaborative (EDC), which was established to promote jobs, economic growth, and maintain economic vitality. 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.

0.0%

1.0%

2.0%

3.0%

4.0%

5.0%

6.0%

7.0%

8.0%

-

10,000

20,000

30,000

40,000

50,000

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Une

mpl

oym

ent R

ate

Calendar Year

Employment Factors

Employment, All Industries Per Capita Income Unemployment Rate

Sources: CA Employment Development Department, UCSB Economic Forecast project


____________________________________________________________________________________________________

viii

MAJOR INITIATIVES General Fund – Projected General Fund revenues continue to exceed budgeted expenditures for the current fiscal year. Additionally the General Fund provided transfers to several other funds including the Citywide Lighting & Landscape Maintenance District Funds and the Transit Fund in order to support on-going operations of the City where expenditures exceeded revenue received. Staff continues to pursue options to minimize General Fund subsidies. 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, or Certificates of Deposits (CD’s) maturing in five years or less. The City’s investment portfolio at June 30, 2019, included $108.7 million invested in LAIF, $101.4 million invested in U.S. Government securities, and $4.2 million in CD’s. Funds placed with LAIF can be withdrawn with a same-day notice, providing the City with daily liquidity, while investment in U.S. Government securities and CD’s provide portfolio diversification. All investment vehicles offer the City outstanding security and are in compliance with the City’s Investment Policy. The City has an Investment Committee consisting of two City Councilmembers plus two citizens with financial/investment backgrounds. The City Manager/City Treasurer, Assistant City Manager, Director of Finance, Assistant Director of Finance, and Accounting Manager provide staff support. The Investment Committee meets monthly to review the cash and investment position of the City. The Investment Policy is reviewed annually by the Investment Committee and the City Council. Investment-related policy changes are recommended as necessary. Long-term Financial Planning – With the continued goal of Camarillo to be a safe and enriched city where people can live, work, and play, special emphasis has been given to evaluate the City’s current facilities and activities, as well as their ability to continually meet current and future needs. The City’s Five-Year General Fund Fiscal Forecast project is utilized in long-range budgeting and cash flow projections to ensure that funding for the City’s future needs are being met through prudent investments, conservative expenditures, and efficient operations. This multi-year strategy towards fiscal sustainability for the General Fund focuses on maintaining a healthy fund balance. In addition to prudent fiscal management and forward looking budget projections, the City follows a fund reserve policy set by the Council that is in compliance with Government Accounting Standards Board (GASB) Statement No. 54. As of June 30, 2019, $21.5 million of the General Fund total fund balance of $51.2 million was committed as reserves. 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 promote a high quality of life, economic vitality, and a safe environment for its citizens. Education is vital in having a strong and vibrant community. Adolfo Camarillo High School test scores in English, math, and science are far above the state average, and rank above the state average in key measures of college and career readiness.


____________________________________________________________________________________________________

ix

The Camarillo Public Library continues its commitment to the community with an innovative resource center for all ages to enjoy and for future generations. The 67,294 square foot building includes the Friends of the Camarillo Library Book store, café, adult literacy center, community board room, conference room, technology lab, five study rooms, and the Esper A. Petersen Foundation Study Center. The children’s library includes a whimsical pirate ship, submarine, and several pieces of art work. The Russell Fischer Business Collection section of the library includes a workspace area for business research and collaboration,

corporate and community events, seminars, and training workshops with a focus on business related topics. The new Young Adult Area was opened in December 2017 to accommodate the needs of the many high school and college students utilizing the Library to study or work on class projects. The City received several significant recognitions throughout the year through the dedication of City staff. With adopted policies and practices that contribute to a sustainable community, the City was recognized by the Institute for Local Government with a Platinum Beacon Spotlight Award for Sustainability Best Practices in 2017.

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 Comprehensive Annual Financial Report (CAFR) for the fiscal year ended June 30, 2018. This was the fourteenth 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 CAFR. This report must satisfy both generally accepted accounting principles and applicable legal requirements. A Certificate of Achievement is valid for a period of one year only. We believe that our current CAFR 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, 2018, is included in the Introductory Section of this CAFR. The GFOA also awarded a Certificate of Achievement for Distinguished Budget Presentation to the City of Camarillo for its Operating and Capital Budgets for fiscal years 2018-2020. In order to be awarded a Certificate of Achievement, a government unit must publish budget documents of the highest quality that reflect both the guidelines established by the National Advisory Council on State and Local Budgeting and the GFOA’s recommended practice on budgeting. The GFOA Certificate of Achievement is valid for the two years of the biennial budgets submitted for the award. Acknowledgements – I wish to acknowledge the excellent participation and professional contributions of the finance staff in the preparation of this document, in particular Assistant Finance Director Mark Uribe, Accounting Manager Brian Richie, Budget Analyst Rena Bassett, Senior Accountants Louise Choi, and Kristen Madary, Accounting Specialists, Leslie Parr, Janice Petry, and Natalie Segovia, and Finance Assistant, Bobbie Dame 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.


____________________________________________________________________________________________________

x

Sincere appreciation is also expressed to City Manager Dave Norman, Assistant City Manager Tully Clifford, and members of the City Council, for their support in planning and conducting the financial operations of the City in a responsible and forward-looking manner. Sincerely,

Genie Rocha Director of Finance

xi

xii

CITY OF CAMARILLOORGANIZATIONAL STRUCTURE AND DIRECTORY OF CITY OFFICIALS

Current Planning Economic

Development & Revitalization

Environmental Review

General Plan Code Compliance Comprehensive

Planning Community Devel.

Block Grant Building & Safety

Risk Management Human Resources Information Systems Geographic Info

Systems Facility Maintenance Fleet Maintenance Telecommunications Audio-Visual Library Operations

Private Project Devel. Capital Project Devel. Mapping & Records Public Works Inspection Transit/Transport.

Engineering Water Wastewater Street/Landscape

Maintenance Storm Water System

Maintenance

Public Information Agendas/Minutes Public Hearings Elections Records

Management Nonprofit Solicitor

Permits Bingo Licenses Dog Licenses

Accounting Operating Budget Payroll Financial Reporting Business Tax Utility Billing Cash Management Purchasing Debt Service

Patrol Crime Prevention Accident Prevention Investigations School Resources Youth Services Citizen Patrol Disaster Assistance

Response Team (DART)

CAMARILLO RESIDENTS

Dave Norman City Manager

(7.5)

Planning Commission (5)

Brian A. Pierik City Attorney

(Contract)

Carmen Nichols Director

Admin. Services (15.5)

Joe Vacca Director

Comm. Development (14)

Jeffrie Madland City Clerk

(3.75)

Genie Rocha Director Finance

(20)

Dave Murray Police Commander

(Contract- Ventura County)

Tully Clifford Assistant City Manager

Dave Klotzle Director

Public Works (80)

Jeanette L. ‘Jan’McDonald

Vice-Mayor

CharlotteCraven

Councilmember

Kevin B. Kildee

Councilmember

BillLittle

Councilmember

Economic Development Refuse/Recycling Community Service Grants Emergency Operations Center Crossing Guards

Charlotte Craven

Councilmember

Tony Trembley

Vice-Mayor

Kevin B. KildeeMayor

Shawn Mulchay

Councilmember

SusanSantangelo

Councilmember

xiii

xiv

FINANCIAL SECTION

INDEPENDENT AUDITORS’ REPORT

To the Honorable Mayor and Members of the City Council City of Camarillo, California Report on the Financial Statements We have audited the accompanying financial statements of the governmental 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, 2019, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents. Management’s Responsibility for the Financial Statements Management is responsible for the preparation and fair presentation of these financial statements in accordance with accounting principles generally accepted in the United States of America; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility Our responsibility is to express opinions on these financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’s internal control. Accordingly, we express no such opinion. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

203 N. Brea Blvd., Suite 203 Brea, CA 92821 Phone: 714.672.0022

An Association of Independent Accounting Firms

To the Honorable Mayor and Members of the City Council City of Camarillo, California

Opinions In our opinion, the financial statements referred to above present fairly, 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, 2019, and the respective changes in financial 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. Other Matters Required Supplementary Information Accounting principles generally accepted in the United States of America require that the management’s discussion and analysis, the budgetary comparison schedules for the general fund and development fees special revenue fund, the schedule of changes in net pension liability and related ratio, the schedule of plan contributions pension, the schedule of changes in net OPEB liability and related ratios, and the schedule of plan contributions - OPEB be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board, who considers 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 applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other 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. Other Information Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City’s basic financial statements. The introductory section, combining and individual nonmajor fund financial statements, budgetary schedules, and statistical section are presented for purposes of additional analysis and are not a required part of the basic financial statements. The combining and individual nonmajor fund financial statements and schedules are the responsibility of management and were derived from and relate directly to the underlying accounting and other 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 certain additional procedures, including comparing and reconciling such information directly to the underlying 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 auditing standards generally accepted in the United States of America. In our opinion, the combining and individual nonmajor fund financial statements and schedules are fairly stated, in all material respects in relation to the basic financial statements as a whole. The introductory and statistical sections have not been subjected to the auditing procedures applied in the audit of the basic financial statements and, accordingly, we do not express an opinion or provide any assurance on them.

2

To the Honorable Mayor and Members of the City Council City of Camarillo, California

Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards, we have also issued our report dated November 27, 2019 on our consideration of the City’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, 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 compliance 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.

Brea, California November 27, 2019

3

4

5

6

City of Camarillo Management’s Discussion and Analysis Fiscal Year Ended June 30, 2019

The management of the City of Camarillo provides this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2019. Please consider this information in conjunction with the additional information furnished in the Letter of Transmittal, which is located in the Introductory Section of this report. A. FINANCIAL HIGHLIGHTS

At June 30, 2019, the City’s net position (excess of assets and deferred outflows over liabilities and deferred inflows) was $553.0 million. Included is $142.9 million of unrestricted and available funds in order to meet the City’s ongoing operations. The City also reported positive balances in every category of net position for the governmental and business type activities (as outlined on page 25).

During the fiscal year ended June 30, 2019, the City’s total net position, as restated, increased by

$23.7 million. Governmental activities net position increased by $11.6 million while business-type activities net position increased by $12.1 million, when compared to prior fiscal year. Detailed explanations are provided later in this discussion.

The City’s governmental funds, as restated, reported a combined ending fund balance of

$119.7 million, which is an increase of $1.0 million compared to prior fiscal year. Included in the balance is a restatement of $0.8 million to report property purchased for resale in prior years that was not previously recorded in the fund financial statements. The ending fund balance is identified primarily as follows: $51.2 million committed (42.7%), $50.2 million restricted (41.9%), and $7.1 million assigned (5.9%).

At the end of FY 2018/19, unrestricted fund balance (which includes committed, assigned, and

unassigned components of fund balance) in the General Fund totaled $62.2 million, or 172.2%, 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 reduced to $10.9 million, or 30.2%.

The City’s total outstanding debt decreased by $0.9 million during FY 2018/19, as a result of

principal payments on bonds. See Long Term Debt Note 7 in the basic financial statements for additional information.

B. OVERVIEW OF FINANCIAL STATEMENTS This discussion and analysis section 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. 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 component units consist of the following: Camarillo Community Development Commission, Camarillo Sanitary District Board, Camarillo Capital Improvement Corporation, Camarillo Public Finance Authority,

7


Camarillo Industrial Development Authority, and the Camarillo Library 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 provide readers with a broad view 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 companies. The Statement of Net Position presents 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 prescribed 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. These factors include changes in the City’s property tax base and the condition of the City’s infrastructure. The Statement of Activities presents information showing how the City’s net position changed during the fiscal year. All of the current fiscal year’s revenues and expenses are taken into account and all changes in net position are reported as soon as the underlying event occurs, regardless of timing of related cash flows. Government-wide financial statements distinguish governmental activities from business-type activities. Governmental activities of the City include general government, public safety, economic development, cultural art services, highways and streets, and library operations, which are primarily supported by taxes, intergovernmental revenues, and charges for services. Business-type activities of the City include water utility, sanitary district, solid waste, and transit, 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 25-27 of this report. Fund Financial Statements Fund financial statements provide readers with detailed financial information about the City’s major funds. Some funds are required to be established either by state law or by bond covenants, while some funds are established by management to control and manage cash flow for particular purposes, or to demonstrate that legal requirements for using certain taxes, grants and other resources have been met. The City uses fund accounting to maintain control over resources that have been segregated for specific activities or objectives and to ensure and demonstrate compliance with finance-related legal or contractual requirements.

8


The fund financial statements include statements for each of the three categories of activities - governmental, proprietary, and fiduciary. The governmental activities are prepared using the current financial resources measurement focus and modified accrual basis of accounting. The proprietary (business-type) and fiduciary activities are prepared using the economic resources measurement focus and the accrual basis of accounting. 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, Development Fees Special Revenue Fund, Camarillo Corridor Projects Area Fund, and Low-Moderate Income Housing Asset 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 32-38 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, and transit operations.

Internal service funds are an accounting mechanism used to accumulate and allocate costs internally among the City’s various functions. The City uses internal service funds to account for its Risk Management Fund, Information Services Fund, Vehicles & Equipment Fund, City Hall Facility Fund, Corporation Yard Facility Fund, Police Facility Fund, Library Facility Fund, Camarillo Ranch Facility Fund, and Chamber of Commerce Facility Fund. Because internal service funds predominantly benefit the 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.

9


The proprietary fund financial statements can be found on pages 40-47 of this report. Fiduciary Funds - The City is the trustee, or fiduciary, for certain funds held on behalf of external parties. 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 50-51 of this report. Notes to Basic Financial Statements The notes provide additional information that is essential to a full understanding of the data provided in the government-wide and fund financial statements. The notes to basic financial statements can be found on pages 53-104 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 and Development Fees Special Revenue Fund, schedule of changes in net pension liability and related ratios, schedule of plan contributions, schedule of changes in net Other Post-Employment Benefits (OPEB) liability and related ratios, and schedule of contributions. RSI can be found on pages 107-112 of this report. Supplementary Information Budgetary comparison schedules for Camarillo Corridor Projects Area Fund and Low-Moderate Income Housing Asset Fund, combining statements and budgetary comparison schedules for non-major governmental funds, and combining statements for internal service funds and agency funds are presented immediately following the RSI. Supplementary information can be found on pages 114-149 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 152-182 of this report. C. GOVERNMENT-WIDE FINANCIAL ANALYSIS Statement of Net Position Net position is a useful indicator of the City’s financial position over time. For the fiscal year ended June 30, 2019, assets and deferred outflows of resources exceeded liabilities and deferred inflows of resources by $553.0 million. The following is the condensed Statement of Net Position for the fiscal years ended June 30, 2019 and 2018.

10


City of Camarillo’s Net Position As of June 30, 2019 and 2018

2019 (restated) 2018



142,954,840$ 141,627,405$ 99,488,877$ 93,664,377$ 242,443,717$ 235,291,782$ Capital assets (net of depreciation) 271,080,397 260,784,615 100,174,535 95,114,772 371,254,932 355,899,387

Total Assets 414,035,237 402,412,020 199,663,412 188,779,149 613,698,649 591,191,169

Deferred Outflows of Resources 3,835,251 4,276,339 3,007,925 3,335,011 6,843,176 7,611,350

Current and other liabilities 5,440,246 4,536,702 3,563,860 5,516,497 9,004,106 10,053,199 Long-term liabilities 25,623,380 27,395,043 30,203,829 30,133,738 55,827,209 57,528,781

Total Liabilities 31,063,626 31,931,745 33,767,689 35,650,235 64,831,315 67,581,980 Deferred Inflows of Resources 1,678,767 1,191,999 1,081,097 766,677 2,759,864 1,958,676

265,475,397 254,859,084 83,485,675 77,742,690 348,961,072 332,601,774 Restricted 50,227,531 49,904,125 10,848,811 14,203,390 61,076,342 64,107,515 Unrestricted 69,425,167 68,801,406 73,488,065 63,751,168 142,913,232 132,552,574

Total Net Position 385,128,095$ 373,564,615$ 167,822,551$ 155,697,248$ 552,950,646$ 529,261,863$

TotalActivitiesBusiness-Type

ActivitiesGovernmental

Net investment in capital assets

Current and other assets

Net Position:

At June 30, 2019, the largest portion of net position consisted of the City’s net investment of $349.0 million (63.1%) in capital assets. This component represents the total amount of funds required to acquire those assets, less any outstanding related debt and accumulated depreciation. The City uses these capital assets to provide services to citizens. The capital assets of the City are not sources of income for repayment of debt as most assets are not revenue generating 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 in the amount of $61.1 million (11.0%) is subject to external restrictions on how the funds may be used. The remaining net position of $142.9 million (25.9%) is unrestricted and may be used at the City’s discretion to meet ongoing operating needs. For the fiscal years ended June 30, 2019 and 2018, 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 $3.0 million in restricted net position was primarily due to a $3.3 million decrease in business-type activities for completed capital projects in the Water Utility Fund offset by a minor increase of $0.3 million in restricted net position for governmental activities.

Increase of $10.4 million in unrestricted net position was primarily due to increases of $9.8 million and $0.6 million in the business-type and governmental activities, respectively, from timing of capital projects and normal operations.

11


The following chart shows the comparison of the three components of net position for fiscal years 2018/19 and 2017/18:

$-

$100

$200

$300

$400

$500

$600

Net investment inCapital Assets

Restricted Unrestricted Total Net Position

City of Camarillo's Net PositionAs of June 30, 2019 and 2018

6/30/2019 6/30/2018

Statement of Activities The Statement of Activities shows how the City’s net position changed during the fiscal year. The $23.7 million (4.5%) increase in the City’s net position, as restated, is summarized in the following pages by governmental and business-type activities.

M

illio

ns

12


A condensed Statement of Activities for the fiscal years ended June 30, 2019 and 2018 is presented below.

2019 2018 2019 2018 2019 2018Revenues:

Program Revenues:Charges for services 8,030,429$ 8,842,131$ 36,125,492$ 36,426,477$ 44,155,921$ 45,268,608$

5,962,340 5,303,078 1,351,913 1,307,688 7,314,253 6,610,766 8,044,164 217,681 5,469,803 2,174,438 13,513,967 2,392,119

General Revenues:Taxes 39,547,817 37,165,979 1,254,508 1,191,206 40,802,325 38,357,185 Investment earnings 4,178,236 1,176,701 2,730,408 756,218 6,908,644 1,932,919 Other 186,249 136,807 125,536 1,988,256 311,785 2,125,063

Total Revenues 65,949,235 52,842,377 47,057,660 43,844,283 113,006,895 96,686,660

Expenses:General government 7,273,382 7,702,944 - - 7,273,382 7,702,944 Public safety 19,407,941 19,190,794 - - 19,407,941 19,190,794 Economic development 1,447,570 906,942 - - 1,447,570 906,942 Cultural arts and library services 3,913,166 3,923,701 - - 3,913,166 3,923,701 Highways and streets 21,407,999 23,805,001 - - 21,407,999 23,805,001 Interest on long-term debt (unallocated) 197,647 204,320 - - 197,647 204,320 Water utility - - 14,237,093 15,043,393 14,237,093 15,043,393 Sanitary district - - 11,225,898 11,653,295 11,225,898 11,653,295 Solid waste - - 7,421,778 6,704,503 7,421,778 6,704,503 Transit - - 2,643,638 2,494,729 2,643,638 2,494,729

Total Expenses 53,647,705 55,733,702 35,528,407 35,895,920 89,176,112 91,629,622 Increase in Net Position before Transfers 12,301,530 (2,891,325) 11,529,253 7,948,363 23,830,783 5,057,038

Transfers (596,050) (1,160,000) 596,050 1,160,000 - - - (5,298,224) - - - (5,298,224)

Increase (Decrease) in Net Position 11,705,480 (9,349,549) 12,125,303 9,108,363 23,830,783 (241,186) Net Position - Beginning of Year 373,564,615 384,214,500 155,697,248 146,405,047 529,261,863 530,619,547

(142,000) (1,300,336) - 183,838 (142,000) (1,116,498)Net Position - End of Year 385,128,095$ 373,564,615$ 167,822,551$ 155,697,248$ 552,950,646$ 529,261,863$

Total

Statement of Activities

Governmental Business-Type

As of June 30, 2019 and 2018

Operating contributions and grantsCapital contributions and grants

Special Item

Restatement of Net Position

Activities Activities

13


Governmental Activities Total revenues and expenses for governmental activities were $65.9 million and $53.6 million, respectively, along with net transfers out of $0.6 million and a prior period restatement of $0.1 million. Governmental activities increased the City’s net position by $11.6 million, compared to a decrease of $9.3 million in the prior fiscal year, for a net increase of $20.9 million. Revenues increased $13.1 million from prior fiscal year due to the factors below:

General Tax revenue increased $2.4 million, or 6.4%, primarily due to an increase in Sales tax revenue of $1.3 million (9.3%) and growth in property tax revenue of $0.7 million (3.9%).

Investment earnings increased $3.0 million primarily due to increased securities invested, higher average annual yield, and unrealized net gain on fair value adjustment.

Contributions increased $7.8 million due to increases in donated infrastructure by developers as compared to the prior fiscal year in which there was no donated infrastructure.

Governmental Activities - Revenues by Source For the Fiscal Year Ended June 30, 2019

(Total Revenue: $65.9 million)

Charges for services12.2%

O perating contributions and

grants9.0%

Capital contributions and grants

12.2%

Taxes60.0%

Investment earnings6.3%

O ther0.3%

14


Total expenses for governmental activities were $53.6 million, $2.1 million less than the prior fiscal year. This decrease was primarily driven by a decline of $2.4 million in Highways and streets expenditures which included a $1.4 million decrease of capital related expenditures that did not meet the City’s capitalization threshold in FY 2017/18, and were therefore reported as a functional expense in the Statement of Activities. Decreases in Pension and OPEB expense (total of $0.4 million) and Internal Service Fund allocated costs ($0.5 million) drove the remaining decline in Highways and Streets expenditures and the overall functional expense on the Statement of Activities as compared to prior year. Program revenues totaling $22.0 million offset total expenses as follows:

Users benefitting directly from programs contributed $8.0 million in charges for services. Operating contributions and grants from outside sources or other governments totaled $6.0 million. Capital contributions and grants from outside sources or other governments totaled $8.0 million.

As a result, total expenses funded by general revenues totaled $43.9 million.

Governmental Activities Revenues and Expenses by Function/Program

For the Fiscal Year Ended June 30, 2019 (Excluding Interest on Long-term Debt)

$-

$2

$4

$6

$8

$10

$12

$14

$16

$18

$20

$22

$24

GeneralGovernment

PublicSafety

EconomicDevelopment

Cultural Arts andLibrary Services

Highways &Streets

Mill

ions

Program Revenue Expenses

15


Functional expenses for the fiscal years ended June 30, 2019 and 2018 were as follows (amount in millions):

Percent Change Percent Change2019 2018 2018-2019 2019 2018 2018-2019

General Government 7.3$ 7.7$ -5.2% (6.3)$ (6.7)$ -6.0%Public Safety 19.4 19.2 1.0% (16.7) (15.9) 5.0%

1.4 0.9 55.6% (1.2) (0.5) 140.0%Cultural Arts and Library Services 3.9 3.9 0.0% (3.4) (3.4) 0.0%Highways and Streets 21.4 23.8 -10.1% (3.8) (14.7) -74.1%Interest on long-term debt 0.2 0.2 0.0% (0.2) (0.2) 0.0%

Total 53.6$ 55.7$ -3.8% (31.6)$ (41.4)$ -23.7%

Economic Development

Net (Expenses) RevenuesTotal Expenses

In total, changes in net expenses decreased $9.8 million, or 23.7%, from prior fiscal year. Highlights of the changes are as follows:

Highways and streets net expense decreased $10.9 million primarily due to an increase in developer capital contributions of $8.0 million versus prior year and the aforementioned $2.4 million decrease in functional expenses versus prior year.

Public safety net expense increased $0.8 million primarily due to a decline in building permit revenue of $0.7 million versus prior year.

Economic development net expense increased $0.7 million versus prior year primarily due to $0.5 million in expenses to improve Land held for resale.

General government net expense decreased $0.4 million primarily due to reduced pension related expenses year over year.

Cultural arts and library services net expense was comparable with prior year net expense.

Business-type Activities Total revenues and expenses for business-type activities were $47.0 million and $35.5 million, respectively, along with net transfers in of $0.6 million. Business-type activities increased the City’s net position by $12.1 million, compared to an increase of $9.1 million in the prior fiscal year, for a net increase of $3.0 million.

16


Revenues increased $3.2 million from prior fiscal year due to the following factors below:

Capital contributions and grants increased $3.3 million mainly from developer contributions for water utility activities of $2.6 million and for sanitary district activities of $0.7 million.

Charges for services decreased $0.3 million mainly from a $1.2 million decrease in water utility revenue due to a decline in customer usage consumption. This decrease was offset by an upturn in revenue of $0.6 million and $0.4 million respectively for solid waste and sanitary district activities.

Operating contributions and grants revenue of $1.3 million remained consistent with prior year totals.

Net program revenue (excluding general revenues) in water utility and sanitary district activities were $4.2 million and $4.4 million respectively, while activities in transit and solid waste experienced a net expense of $1.0 million and $0.1 million respectively.

Business-type Activities - Revenues by Source For the Fiscal Year Ended June 30, 2019

Charges for services76.8%

Operating contributions and grants

2.9%


11.6%

Taxes2.6%

Investment earnings

5.8%

Other0.3%

17


Total business-type expenses decreased $0.4 million from prior fiscal year, with the largest decrease in the water utility activities of $0.8 million primarily due to a reduction in pension expense of $0.5 million and a decrease in water purchase costs of $0.2 million. Expenses in the sanitary district decreased $0.4 million primarily from a reduction in pension related costs versus prior year. Solid waste expenses increased $0.7 million due to a rise in contracted rubbish collections expense. Transit expenses increased $0.1 million reflecting a nominal increase in standard operational expenses. Business-type Activities

Program Revenues and Expenses For the Fiscal Year Ended June 30, 2019

$- $2 $4 $6 $8

$10 $12 $14 $16 $18 $20

Water utility Sanitary district Solid waste Transit

Mill

ions

Program Revenue Expenses

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. Governmental Funds The focus of the City’s governmental funds is to provide information on short-term inflows, outflows, and balances of spendable resources. Such information is useful in assessing the City’s financing requirements. At the end of FY 2018/19, the City’s governmental funds reported a combined ending fund balance of $119.7 million, an increase of $1.0 million from prior fiscal year. The majority of this increase was due to a restatement of $0.8 million of Land held for resale into the fund financials (See Restatement of Prior Year Balances Note 15 for further detail). Of the ending fund balance, $51.2 million is Committed, $50.2 million is Restricted, $7.1 million is Assigned, $0.3 million is Nonspendable leaving $10.9 million in Unassigned. See Fund Balances for Governmental Funds Note 9 for additional detailed information.

18


The General Fund is the chief operating fund of the City. At the end of FY 2018/19, unassigned fund balance of the General Fund was $10.9 million, while the total General Fund balance was $67.9 million. As a measure of the General Fund’s liquidity, it may be useful to compare unassigned fund balance and total fund balance to total expenditures. At June 30, 2019, unassigned fund balance was 28.7% of total General Fund expenditures and net transfers, while total fund balance was 178.5% of total expenditures and net transfers. Unassigned fund balance allows the City to address financial uncertainties with flexible fiscal resources.

The City’s General Fund balance increased $5.6 million (9.0%) compared to a rise of $3.5 million in the prior fiscal year. This $2.1 million net increase was primarily due to an upturn in investment earnings of $1.8 million, sales tax revenues of $1.3 million, and transfers in from the Gas Tax Fund of $1.8 million. These increases were offset by a decline in building permit revenue of $0.7 million and an increase in highways and streets expenditures of $2.1 million versus prior year. The Development Fees Special Revenue Fund balance increased $2.7 million (14.2%), compared to an increase of $1.9 million in the prior fiscal year. This $0.8 million net increase was primarily driven by increased revenue from traffic mitigation fees ($2.4 million versus $1.6 million prior year). The Camarillo Corridor Projects Area Fund balance decreased $6.4 million (34.6%), compared to a decline of $6.9 million in the prior fiscal year. This decline in fund balance was driven mainly from $5.3 million in construction costs to replace a deteriorating section of the Camarillo Hills conference center drain with a new covered box channel. The Low-Moderate Income Housing Asset Fund balance decreased $0.4 million (30.6%) compared to the fund balance remaining flat in the prior fiscal year. This decrease in fund balance was due mainly to allocated salary and benefit expenditures reported in the fund beginning in FY 2018/19. Proprietary Funds The City’s proprietary funds provide the same type of information found in the government-wide financial statements, but in more detail. Factors concerning these funds have been addressed in the discussion of 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.

19


Amendments between original budget and final budget in FY 2018/19 resulted in increased budgeted revenues of $1.1 million, increased budgeted expenditures of $0.8 million, and increased budgeted net transfers out of $0.7 million. The General Fund experienced a net total favorable budget variance of $5.6 million when comparing actual amounts to the final budget for the current fiscal year. The budget reflected a positive variance in revenues of $2.1 million, primarily from investment earnings of $1.4 million, taxes of $0.7 million, charges for services of $0.2 million and subventions and grants of $0.1 million offset by a negative variance in licenses and permits revenues of $0.1 million and transfers in of $0.1 million. The budget also reflected a positive variance in total expenditures of $3.5 million, primarily due to decreases in net transfers out of $1.2 million, a timing difference in highways and streets planned expenditures of $0.7 million, decreases in cultural arts and library services of $0.4 million, lower than anticipated police services cost of $0.3 million, and an overall savings in City Council, City Manager, Community Development and Building and Safety activities. F. CAPITAL ASSETS AND DEBT ADMINISTRATION Capital Assets Including Infrastructure Capital assets including infrastructure of the City are those assets that are used in the operation of the City’s functions. At June 30, 2019, capital assets net of depreciation totaled $271.1 million for governmental activities and $100.2 million for business-type activities are recognized 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, and construction in progress. The total increase in the citywide investment in capital assets for FY 2018/19 was $16.4 million, or 4.41% ($11.3 million, or 4.16% increase, for governmental activities and $5.1 million, or 5.07% increase, for business-type activities). Major capital asset events included the following:

Governmental activities net increase of $7.8 million in Construction in Progress was primarily due to capital outlay on street and landscaping projects beginning during the current fiscal year, such as North Pleasant Valley Desalter Facility, Conference Center Drain, and annual street resurfacing projects. A net increase of $1.9 million in Land was due to several developer donated right of way easements during the current fiscal year.

Infrastructure for governmental activities had a net increase of $1.8 million over the prior fiscal

year, primarily due to $8.3 million in depreciation during the current fiscal year, offset by an addition of $10.2 million from pavement, curbs and gutters, sidewalks, and storm drains projects that were completed, including wastewater sewer improvements and annual street resurfacing projects.

20


Business-type utility systems increased $1.5 million and Construction in Progress increased $3.9 million over the prior fiscal year primarily due to water utility distribution and collection systems improvement projects that began and were completed during the fiscal year.

The following is a summary of the City’s capital assets as of June 30, 2019 and 2018:

See Capital Assets Note 5 in the Basic Financial Statements for additional information. Long-Term Debt At the end of FY 2018/19, the City had total outstanding revenue debt issues of $22.8 million. The City has no general obligation debt and non-city obligations are not included in the following table. All of the City’s bonds are backed by a pledge of certain revenues. Debt decreased overall by $1.0 million due to principal reduction as the result of on-going debt service payments. 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, 2019 and 2018 were as follows:

2019 2018 2019 2018 2019 2018Land 33,653,697$ 31,763,171$ 1,261,634$ 1,261,634$ 34,915,331$ 33,024,805$ Buildings 30,611,550 30,437,890 302,574 326,090 30,914,124 30,763,980 Utility Systems - - 83,774,852 82,229,448 83,774,852 82,229,448 Infrastructure 186,684,008 184,931,515 - - 186,684,008 184,931,515 Machinery and Equipment 4,034,406 4,337,430 3,692,727 4,080,400 7,727,133 8,417,830 Construction in Progress 16,096,736 8,328,429 11,142,748 7,199,993 27,239,484 15,528,422

Total Capital Assets 271,080,397$ 259,798,435$ 100,174,535$ 95,097,565$ 371,254,932$ 354,896,000$

ActivitiesGovernmental

Activities

City of Camarillo

(net of accumulated depreciation)

TotalBusiness-Type

Capital Assets

2019 2018 2019 2018 2019 2018

Revenue Bonds 5,605,000$ 5,900,000$ 17,227,163$ 17,926,702$ 22,832,163$ 23,826,702$

Activities Activities Total

City of Camarillo's Outstanding DebtRevenue Bonds

Governmental Business-Type

21


G. ECONOMIC FACTORS AND NEXT YEAR’S BUDGET On June 12, 2019, the City Council adopted a structurally balanced $179.7 million annual budget for FY 2019/20, which provide services and projects that are essential to City of Camarillo residents. In establishing annual goals and objectives, the City Council 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 employee services in FY 2019/20 increased 6.0% to reflect employee salary band adjustments, increased healthcare costs, and retirement benefits. The City continues to meet its actuarially required contribution towards its pension plan with the California Public Employees Retirement System (CalPERS). Staff evaluated options to reduce long term pension liability and in FY 2018/19 the City Council authorized staff to establish a Pension Rate Stabilization Trust Fund where contributions can only be withdrawn for PERS expenditures. General fund revenues are projected at $43.4 million, a decrease of $0.1 million, or 0.3% from FY 2018/19. Sales Tax is projected to decrease slightly by 1.7% due to additional revenues recognized in FY 2018/19 as a result of payment delays from the State in the prior fiscal year. A budgeted reduction in building permit revenues is due to reduced levels of development activity compared to recent years. These year-over-year decreases are offset by a modest 4.5% growth projection in Property Tax revenue, primarily due to increasing home sale prices. General Fund expenditures are projected at $43.0 million in FY 2019/20, materially in line with the prior year budget with a slight decrease of $0.3 million, or 0.8%. The City plans and pre-funds capital projects over five fiscal years, ensuring that when a project is scheduled to begin, funding is available to move the project forward through completion. Several major capital projects are planned, including Northeast Pleasant Valley Regional Desalter Treatment Plant ($57.5 million), Annual Pavement Rehabilitation ($5.0 million), Pumping Station #3 Rehabilitation ($3.0 million), City Hall Office Expansion ($1.2 million), Camarillo Hills Drain Replacement ($1.0 million), Recycled Water Improvements-Electrical ($0.8 million), and Earl Joseph Drive Paving ($0.7 million). In summary, the City’s financial position remains in excellent condition and the City reaffirms its commitment to sound and conservative financial practices to ensure the City’s fiscal sustainability. 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 www.cityofcamarillo.org.

22

BASIC FINANCIAL STATEMENTS

23

24

25

CITY OF CAMARILLO

STATEMENT OF ACTIVITIESYEAR ENDED JUNE 30, 2019

Operating CapitalCharges for Contributions Contributions

Expenses Services and Grants and Grants

Functions/ProgramsPrimary Government:Governmental Activities:

General government 7,273,382$ 979,326$ -$ -$Public safety 19,407,941 2,511,601 206,828 -Economic development 1,447,570 - 226,650 -Cultural arts and library services 3,913,166 76,653 460,570 -Highways and streets 21,407,999 4,462,849 5,068,292 8,044,164Interest on long-term debt 197,647 - - -

Total Governmental Activities 53,647,705 8,030,429 5,962,340 8,044,164

Business-Type Activities:Water utility 14,237,093 14,673,770 - 3,719,038Sanitary district 11,225,898 14,005,034 - 1,641,683Solid waste 7,421,778 7,264,338 15,644 -Transit 2,643,638 182,350 1,336,269 109,082

Total Business-Type Activities 35,528,407 36,125,492 1,351,913 5,469,803

Total Primary Government 89,176,112$ 44,155,921$ 7,314,253$ 13,513,967$

General Revenues:Taxes: Property taxes, levied for general purpose Transient occupancy taxes Sales taxes Franchise taxes Business license taxes Other taxesInvestment earningsOther

Transfers

Total General Revenues, Contributions and Transfers

Change in Net Position

Net Position at Beginning of Year

Restatement of Net Position

Net Position at End of Year

Program Revenues

See Notes to Financial Statements 26

Primary Government

Governmental Business-TypeActivities Activities Total

(6,294,056)$ -$ (6,294,056)$(16,689,512) - (16,689,512)(1,220,920) - (1,220,920)(3,375,943) - (3,375,943)(3,832,694) - (3,832,694)

(197,647) - (197,647)

(31,610,772) - (31,610,772)

- 4,155,715 4,155,715- 4,420,819 4,420,819- (141,796) (141,796)- (1,015,937) (1,015,937)

- 7,418,801 7,418,801

(31,610,772) 7,418,801 (24,191,971)

17,159,172 1,254,508 18,413,6802,655,564 - 2,655,564

15,283,516 - 15,283,5162,888,269 - 2,888,2691,409,557 - 1,409,557

151,739 - 151,7394,178,236 2,730,408 6,908,644

186,249 125,536 311,785 (596,050) 596,050 -

43,316,252 4,706,502 48,022,754

11,705,480 12,125,303 23,830,783

373,564,615 155,697,248 529,261,863

(142,000) - (142,000)

385,128,095$ 167,822,551$ 552,950,646$

Net (Expenses) Revenues and Changes in Net Position


28

29

30

Camarillo Corridor Projects Area Fund - This fund is used to account for land held for resale and bond proceeds as detailed in an Agreement between City of

Camarillo and City of Camarillo as Successor Agency to the Camarillo Community Development Commission.

Other Governmental Funds - This fund is the aggregate of all the non-major governmental funds.

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.

Low-Moderate Income Housing Asset Fund - This fund is used to account for the housing activities of the former Redevelopment Agency.

Bridge Policy Fees - This fund is used to account for fees received from developers based on land acreage for property to be developed to fund the cost of bridge

construction or addition.

GOVERNMENTAL FUND FINANCIAL STATEMENTS

General Fund - This 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.

Development Fees Special Revenue Fund - This fund is 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 developers to accommodate and mitigate the adverse traffic impacts caused by new

development and fund the cost of maintaining regional and local roads.

31

CITY OF CAMARILLO

BALANCE SHEETGOVERNMENTAL FUNDSJUNE 30, 2019

Special Revenue Funds

Capital Projects Funds

GeneralAssets:Pooled cash and investments 60,048,347$ 21,216,627$ 6,032,188$ Receivables:

Accounts 3,809,532 - -Notes and loans - - -Accrued interest 346,910 111,965 48,804Grants - - -

Prepaid costs 115,531 - -Deposits 125,000 - -Due from other funds 739,500 - -Land held for resale - - 7,335,252Restricted assets:

Cash and investments 5,455,177 - -Cash and investments with fiscal agents - - -

Total Assets 70,639,997$ 21,328,592$ 13,416,244$

Liabilities, Deferred Inflows of Resources, and Fund Balances:Liabilities:Accounts payable 2,387,519$ -$ 1,114,515$ Accrued liabilities 293,135 - -Retentions payable 2,454 - 103,188Deposits payable 18,305 - -

Total Liabilities 2,701,413 - 1,217,703

Fund Balances: Nonspendable 240,531 - - Restricted 5,455,177 21,328,592 12,198,541 Committed 51,178,734 - - Assigned 143,016 - - Unassigned 10,921,126 - -

Total Fund Balances 67,938,584 21,328,592 12,198,541

Total Liabilities, Deferred Inflows of Resources, and Fund Balances 70,639,997$ 21,328,592$ 13,416,244$

Development Fees Special

Revenue

Camarillo Corridor

Projects Area


CITY OF CAMARILLO

BALANCE SHEETGOVERNMENTAL FUNDSJUNE 30, 2019

Assets:Pooled cash and investmentsReceivables:

AccountsNotes and loansAccrued interestGrants

Prepaid costsDepositsDue from other fundsLand held for resaleRestricted assets:

Cash and investmentsCash and investments with fiscal agents

Total Assets

Liabilities, Deferred Inflows of Resources, and Fund Balances:Liabilities:Accounts payableAccrued liabilitiesRetentions payableDeposits payable

Total Liabilities

Fund Balances: Nonspendable Restricted Committed Assigned Unassigned

Total Fund Balances

Total Liabilities, Deferred Inflows of Resources, and Fund Balances


Other TotalGovernmental Governmental

Funds Funds

676,958$ 16,670,058$ 104,644,178$

- 337,832 4,147,364275,000 477,251 752,251

4,943 53,793 566,415- 77,967 77,967- 2,500 118,031- 40,000 165,000- - 739,500- 183,033 7,518,285

- - 5,455,177- 498,736 498,736

956,901$ 18,341,170$ 124,682,904$

1,352$ 604,659$ 4,108,045$ 7,202 50,515 350,852

- 20,294 125,936- 337,998 356,303

8,554 1,013,466 4,941,136

- 42,500 283,031948,347 10,296,874 50,227,531

- - 51,178,734- 6,988,330 7,131,346- - 10,921,126

948,347 17,327,704 119,741,768

956,901$ 18,341,170$ 124,682,904$

Low-Moderate Income

Housing Asset


34

35

CITY OF CAMARILLO

STATEMENT OF REVENUES,

EXPENDITURES, AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS

YEAR ENDED JUNE 30, 2019

Special Revenue

Funds

Capital Projects

Funds

General

Revenues:

Taxes 36,476,603$ -$ -$

Licenses and permits 1,459,176 - -

Subventions and grants 206,828 - -

Charges for services 2,702,053 - -

Investment earnings 2,401,646 621,500 295,512

Fines and forfeitures 376,319 - -

Contributions and developer fees 32,832 3,220,897 -

Miscellaneous 20,844 - -

Total Revenues 43,676,301 3,842,397 295,512

Expenditures:

Current:

General government 6,879,367 - 104,481

Public safety 19,086,438 - -

Economic development 340,606 - 481,003

Cultural arts and library services 3,425,553 - -

Highways and streets 6,382,035 - -

Capital outlay 26,328 - 7,976,719

Debt service:

Principal - - -

Interest - - -

Total Expenditures 36,140,327 - 8,562,203

Excess (Deficiency) of Revenues

Over (Under) Expenditures 7,535,974 3,842,397 (8,266,691)

Other Financing Sources (Uses):

Transfers in 1,777,168 - 1,185,455

Transfers out (3,703,840) (1,185,455) -

Total Other Financing Sources

(Uses) (1,926,672) (1,185,455) 1,185,455

Net Change in Fund Balances 5,609,302 2,656,942 (7,081,236)

Fund Balances, Beginning of Year, as

previously reported 62,329,282 18,671,650 18,644,161

Restatements - - 635,616

Fund Balances, Beginning of Year, as restated 62,329,282 18,671,650 19,279,777

Fund Balances, End of Year 67,938,584$ 21,328,592$ 12,198,541$

Development

Fees Special

Revenue

Camarillo

Corridor

Projects Area


CITY OF CAMARILLO

STATEMENT OF REVENUES,


GOVERNMENTAL FUNDS


Revenues:

Taxes

Licenses and permits

Subventions and grants

Charges for services

Investment earnings

Fines and forfeitures

Contributions and developer fees

Miscellaneous

Total Revenues

Expenditures:

Current:

General government

Public safety

Economic development

Cultural arts and library services

Highways and streets

Capital outlay

Debt service:

Principal

Interest

Total Expenditures


Over (Under) Expenditures


Transfers in

Transfers out


(Uses)

Net Change in Fund Balances

Fund Balances, Beginning of Year, as

previously reported

Restatements

Fund Balances, Beginning of Year, as restated

Fund Balances, End of Year

Capital Projects

Funds

Other Total

Governmental Governmental

Funds Funds

-$ 3,071,214$ 39,547,817$

- - 1,459,176

- 5,295,862 5,502,690

- 251,705 2,953,758

27,366 304,618 3,650,642

- 5,780 382,099

- 427,738 3,681,467

- - 20,844

27,366 9,356,917 57,198,493

212,791 - 7,196,639

- - 19,086,438

233,302 390,682 1,445,593

- 468,456 3,894,009

- 5,176,025 11,558,060

- 4,704,806 12,707,853

- 295,000 295,000

- 198,231 198,231

446,093 11,233,200 56,381,823

(418,727) (1,876,283) 816,670

- 7,266,795 10,229,418

- (5,971,173) (10,860,468)

- 1,295,622 (631,050)

(418,727) (580,661) 185,620

1,367,074 17,725,332 118,737,499

- 183,033 818,649

1,367,074 17,908,365 119,556,148

948,347$ 17,327,704$ 119,741,768$

Low-Moderate

Income Housing

Asset


CITY OF CAMARILLO

RECONCILIATION OF THE STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES OF GOVERNMENTAL FUNDS

TO THE STATEMENT OF ACTIVITIES


Net change in fund balances - total governmental funds 185,620$

Amounts reported for governmental activities in the statement of activities aredifferent 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 12,668,867$

Depreciation (8,871,484)

Contributed capital assets 8,043,244

Disposals (175,860) 11,664,767

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 295,000

Accrued interest for long-term liabilities. This is the net change in accrued interest

for the current period. 584

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 (72,570)

Pension 471,298

OPEB (36,528)

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. (802,691)

Change in Net Position of Governmental Activities 11,705,480$


Internal Service Funds -

Water Utility Fund

Sanitary District Fund

Solid Waste Fund

Transit Fund

39

CITY OF CAMARILLO

STATEMENT OF NET POSITIONPROPRIETARY FUNDSJUNE 30, 2019

Assets:Current:

Cash and investments 43,899,199$ 49,431,225$ 3,231$ Receivables:

Accounts 2,024,077 1,880,243 1,137,554Notes and loans - 10,531 -Accrued interest 243,318 248,248 853Grants - - -

Prepaid costs 7,809 6,498 -Deposits - 18,000 -

Restricted:Cash with fiscal agent - 1,234 -

Total Current Assets 46,174,403 51,595,979 1,141,638

Noncurrent:Capital assets - net of accumulated depreciation 36,401,384 63,201,827 -

Total Noncurrent Assets 36,401,384 63,201,827 -

Total Assets 82,575,787 114,797,806 1,141,638

Deferred Outflows of Resources:Deferred charge on refunding - 538,303 -Deferred amount from pension plan 987,952 1,144,222 60,070Deferred amount from OPEB plan 101,801 110,451 2,563

Total Deferred Outflows of Resources 1,089,753 1,792,976 62,633

Liabilities:Current:

Accounts payable 1,161,958 462,756 548,538Accrued liabilities 120,224 132,845 4,132Accrued interest - 49,823 -Unearned revenues 102,229 - 37,911Retentions payable 104,819 3,350 -Deposits payable 315,277 88,802 192,130Due to other funds - - -Compensated absences 251,534 322,553 8,336Bonds and notes - 680,000 -

Total Current Liabilities 2,056,041 1,740,129 791,047

Noncurrent:Compensated absences 406,903 210,020 -Net pension liability 5,032,277 5,917,255 286,491Net OPEB liability 100,252 107,928 2,435Bonds and notes - 16,547,163 -

Total Noncurrent Liabilities 5,539,432 22,782,366 288,926

Total Liabilities 7,595,473 24,522,495 1,079,973

Deferred Inflows of Resources:Deferred amount from pension plan 448,538 517,809 24,378Deferred amount from OPEB plan 28,612 31,660 1,191

Total Deferred Inflows of Resources 477,150 549,469 25,569

Net Position:Net investment in capital assets 36,401,384 46,512,967 -Restricted for debt service - 1,234 -Restricted for capital and other special projects 10,847,577 - -Unrestricted 28,343,956 45,004,617 98,729

Total Net Position 75,592,917$ 91,518,818$ 98,729$

Solid Waste

Business-Type Activities - Enterprise Funds

Water Utility Sanitary District


CITY OF CAMARILLO

STATEMENT OF NET POSITIONPROPRIETARY FUNDSJUNE 30, 2019

Assets:Current:

Cash and investmentsReceivables:

AccountsNotes and loansAccrued interestGrants

Prepaid costsDeposits

Restricted:Cash with fiscal agent

Total Current Assets

Noncurrent:Capital assets - net of accumulated depreciation

Total Noncurrent Assets

Total Assets

Deferred Outflows of Resources:Deferred charge on refundingDeferred amount from pension planDeferred amount from OPEB plan

Total Deferred Outflows of Resources

Liabilities:Current:

Accounts payableAccrued liabilitiesAccrued interestUnearned revenuesRetentions payableDeposits payableDue to other fundsCompensated absencesBonds and notes

Total Current Liabilities

Noncurrent:Compensated absencesNet pension liabilityNet OPEB liabilityBonds and notes

Total Noncurrent Liabilities

Total Liabilities

Deferred Inflows of Resources:Deferred amount from pension planDeferred amount from OPEB plan

Total Deferred Inflows of Resources

Net Position:Net investment in capital assetsRestricted for debt serviceRestricted for capital and other special projectsUnrestricted

Total Net Position

GovernmentalActivities-Internal

Totals Service Funds

365$ 93,334,020$ 18,144,273$

4,858 5,046,732 28,397- 10,531 -- 492,419 96,497

1,311,134 1,311,134 -- 14,307 769- 18,000 2,000

- 1,234 -

1,316,357 100,228,377 18,271,936

571,324 100,174,535 26,264,991

571,324 100,174,535 26,264,991

1,887,681 200,402,912 44,536,927

- 538,303 -56,193 2,248,437 690,903

6,370 221,185 53,457

62,563 3,007,925 744,360

189,999 2,363,251 377,9189,067 266,268 75,759

- 49,823 -40,000 180,140 -

- 108,169 28,120- 596,209 1,895

739,500 739,500 -24,799 607,222 267,401

- 680,000 -

1,003,365 5,590,582 751,093

2,315 619,238 215,552297,272 11,533,295 3,502,324

6,296 216,911 52,240- 16,547,163 -

305,883 28,916,607 3,770,116

1,309,248 34,507,189 4,521,209

27,144 1,017,869 308,9651,765 63,228 15,098

28,909 1,081,097 324,063

571,324 83,485,675 26,264,991- 1,234 -- 10,847,577 -

40,763 73,488,065 14,171,024

612,087$ 167,822,551$ 40,436,015$

Transit



CITY OF CAMARILLO

STATEMENT OF REVENUES, EXPENSES,

AND CHANGES IN FUND NET POSITION

PROPRIETARY FUNDS


Operating Revenues:

Charges for services 14,673,770$ 14,005,034$ 7,264,338$

Other 5,572 341 -

Total Operating Revenues 14,679,342 14,005,375 7,264,338

Operating Expenses:

Administration and general 2,770,455 2,419,459 448,274

Cost of sales and services 10,434,381 5,538,955 6,973,504

Depreciation expense 1,032,257 2,630,011 -

Total Operating Expenses 14,237,093 10,588,425 7,421,778

Operating Income (Loss) 442,249 3,416,950 (157,440)

Nonoperating Revenues (Expenses):

Taxes - 1,254,508 -

Intergovernmental - - 15,644

Investment earnings 1,346,993 1,378,695 4,720

Interest expense - (637,473) -

Other 33,612 86,011 -

Loss on disposal of capital assets - - -

Total Nonoperating

Revenues (Expenses) 1,380,605 2,081,741 20,364

Income (Loss) Before Contributions and

Grants, and Transfers 1,822,854 5,498,691 (137,076)

Capital contributions and grants 3,719,038 1,641,683 -

Transfers in - - 50

Changes in Net Position 5,541,892 7,140,374 (137,026)

Net Position:

Beginning of Year 70,051,025 84,378,444 235,755

End of Year 75,592,917$ 91,518,818$ 98,729$

Solid Waste


Water Utility

Sanitary

District


CITY OF CAMARILLO

STATEMENT OF REVENUES, EXPENSES,


PROPRIETARY FUNDS


Operating Revenues:


Other

Total Operating Revenues

Operating Expenses:

Administration and general

Cost of sales and services

Depreciation expense

Total Operating Expenses

Operating Income (Loss)


Taxes

Intergovernmental

Investment earnings

Interest expense

Other

Loss on disposal of capital assets

Total Nonoperating

Revenues (Expenses)

Income (Loss) Before Contributions and

Grants, and Transfers


Transfers in

Changes in Net Position

Net Position:

Beginning of Year

End of Year

Governmental

Activities-

Internal


182,350$ 36,125,492$ 6,440,788$

- 5,913 -

182,350 36,131,405 6,440,788

589,705 6,227,893 1,899,912

1,828,487 24,775,327 4,377,532

225,446 3,887,714 1,706,515

2,643,638 34,890,934 7,983,959

(2,461,288) 1,240,471 (1,543,171)

- 1,254,508 -

1,336,269 1,351,913 -

- 2,730,408 527,594

- (637,473) -

- 119,623 179,904

- - (2,018)

1,336,269 4,818,979 705,480

(1,125,019) 6,059,450 (837,691)

109,082 5,469,803 -

596,000 596,050 35,000

(419,937) 12,125,303 (802,691)

1,032,024 155,697,248 41,238,706

612,087$ 167,822,551$ 40,436,015$

Transit

Business-Type Activities -

Enterprise Funds


CITY OF CAMARILLO

STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS


Cash Flows from Operating Activities:

Cash received from customers and users 15,031,190$ 13,936,877$ 7,234,532$

Cash received from interfund service provided - - -

Cash paid to suppliers for goods and services (10,889,702) (5,521,658) (6,919,950)

Cash paid to employees for services (2,890,731) (2,642,786) (451,792)

Cash received from others 5,572 341 -

Net Cash Provided (Used) by Operating Activities 1,256,329 5,772,774 (137,210)

Cash Flows from Non-Capital

Financing Activities:

Cash transfers in - - 50

Reimbursements - - -

Short-term loans from other funds - - -

Property taxes - 1,254,508 -

Grants received from other governments - 215,119 15,644

Net Cash Provided by

Non-Capital Financing Activities - 1,469,627 15,694

Cash Flows from Capital

and Related Financing Activities:

Capital contributions 1,086,967 924,696 -

Acquisition and construction of capital assets (4,830,410) (490,491) -

Rents received 33,612 86,011 -

Principal paid on capital debt - (645,000) -

Interest paid on capital debt - (661,043) -

Net Cash Used by

Capital and Related Financing Activities (3,709,831) (785,827) -

Cash Flows from Investing Activities:

Interest received 1,307,115 1,310,119 5,061


Investing Activities 1,307,115 1,310,119 5,061

Net Increase (Decrease) in Cash

and Cash Equivalents (1,146,387) 7,766,693 (116,455)

Cash and Cash Equivalents at Beginning of Year 45,045,586 41,665,766 119,686

Cash and Cash Equivalents at End of Year 43,899,199$ 49,432,459$ 3,231$

Solid Waste


Water Utility

Sanitary

District

See Notes to Financial Statements

(1 of 4)

44

CITY OF CAMARILLO


PROPRIETARY FUNDS


Solid Waste


Water Utility

Sanitary

District

Reconciliation of Operating Income to Net Cash

Provided (Used) by Operating Activities:

Operating income (loss) 442,249$ 3,416,950$ (157,440)$

Adjustments to reconcile operating income (loss)

net cash provided (used) by operating activities:

Depreciation 1,032,257 2,630,011 -

Changes in pension related items (167,643) (191,274) (5,971)

Changes in OPEB related items 13,744 14,911 346

(Increase) decrease in accounts receivable 230,903 (71,543) (77,959)

(Increase) decrease in prepaid expense (6,181) (5,870) 180

Increase (decrease) in accounts payable (449,140) 23,167 53,374

Increase (decrease) in accrued liabilities 5,427 (33,228) 507

Increase (decrease) in unearned revenue 6,205 - 37,527

Increase (decrease) in deposits payable 120,312 3,386 10,626

Increase (decrease) in compensated absences 28,196 (13,736) 1,600

Total Adjustments 814,080 2,355,824 20,230

Net Cash Provided (Used) by

Operating Activities 1,256,329$ 5,772,774$ (137,210)$

Non-Cash Investing, Capital, and Financing Activities:

Amortizaton of bond premium -$ (54,539)$ -$

Amortization of deferred charge - 33,524 -

Donated capital assets 2,632,071 716,987 -

Loss on disposition of capital assets - - -


(2 of 4)

45

CITY OF CAMARILLO


PROPRIETARY FUNDS


Cash Flows from Operating Activities:

Cash received from customers and users

Cash received from interfund service provided

Cash paid to suppliers for goods and services

Cash paid to employees for services

Cash received from others

Net Cash Provided (Used) by Operating Activities

Cash Flows from Non-Capital

Financing Activities:

Cash transfers in

Reimbursements

Short-term loans from other funds

Property taxes

Grants received from other governments


Non-Capital Financing Activities

Cash Flows from Capital

and Related Financing Activities:

Capital contributions

Acquisition and construction of capital assets

Rents received

Principal paid on capital debt

Interest paid on capital debt

Net Cash Used by

Capital and Related Financing Activities

Cash Flows from Investing Activities:

Interest received


Investing Activities

Net Increase (Decrease) in Cash

and Cash Equivalents

Cash and Cash Equivalents at Beginning of Year

Cash and Cash Equivalents at End of Year

Governmental

Activities-

Internal


201,789$ 36,404,388$ -$

- - 6,437,674

(1,889,595) (25,220,905) (4,203,845)

(600,568) (6,585,877) (2,058,972)

- 5,913 -

(2,288,374) 4,603,519 174,857

596,000 596,050 35,000

- - 178,392

389,500 389,500 -

- 1,254,508 -

1,330,081 1,560,844 -

2,315,581 3,800,902 213,392

109,082 2,120,745 -

(136,353) (5,457,254) (1,301,993)

- 119,623 -

- (645,000) -

- (661,043) -

(27,271) (4,522,929) (1,301,993)

- 2,622,295 514,908

- 2,622,295 514,908

(64) 6,503,787 (398,836)

429 86,831,467 18,543,109

365$ 93,335,254$ 18,144,273$

Transit

Business-Type Activities - Enterprise

Funds


(3 of 4)

46

CITY OF CAMARILLO


PROPRIETARY FUNDS


Reconciliation of Operating Income to Net Cash

Provided (Used) by Operating Activities:

Operating income (loss)

Adjustments to reconcile operating income (loss)

net cash provided (used) by operating activities:

Depreciation

Changes in pension related items

Changes in OPEB related items

(Increase) decrease in accounts receivable

(Increase) decrease in prepaid expense

Increase (decrease) in accounts payable

Increase (decrease) in accrued liabilities

Increase (decrease) in unearned revenue

Increase (decrease) in deposits payable

Increase (decrease) in compensated absences

Total Adjustments

Net Cash Provided (Used) by

Operating Activities

Non-Cash Investing, Capital, and Financing Activities:

Amortizaton of bond premium

Amortization of deferred charge

Donated capital assets

Loss on disposition of capital assets

Governmental

Activities-

Internal

Totals Service Funds Transit

Business-Type Activities - Enterprise

Funds

(2,461,288)$ 1,240,471$ (1,543,171)$

225,446 3,887,714 1,706,515

(11,602) (376,490) (110,355)

861 29,862 7,215

19,439 100,840 (3,114)

- (11,871) 1,840

(61,108) (433,707) 173,173

1,494 (25,800) 2,016

- 43,732 -

- 134,324 (1,326)

(1,616) 14,444 (57,936)

172,914 3,363,048 1,718,028

(2,288,374)$ 4,603,519$ 174,857$

-$ (54,539)$ -$

- 33,524 -

- 3,349,058 -

- - 2,018


(4 of 4)

47

48

Successor Agency Private-Purpose Trust Fund -

Agency Funds -

49

CITY OF CAMARILLO

STATEMENT OF FIDUCIARY NET POSITION

FIDUCIARY FUNDS

JUNE 30, 2019

Agency

Funds

Assets:

Cash and cash equivalents 219,171$ 1,000,937$

Receivables:

Accounts - 9,313

Accrued interest - 4,401

Prepaid costs - 1,351

Restricted assets:

Cash and investments with fiscal agents 2,544,382 475,430

Total Assets 2,763,553 1,491,432$

Deferred Outflows of Resources:

Deferred charge on refunding 2,451,900

Total Deferred Outflows of Resources 2,451,900

Liabilities:

Accounts payable 20,629 31,372$

Intergovernmental payables - 238,343

Interest payable 765,373 -

Deposits payable - 686,613

Due to bondholders - 535,104

Long-term liabilities:

Bonds due in one year 1,330,000 -

Bonds due in more than one year 53,720,211 -

Total Liabilities 55,836,213 1,491,432$

Net Position:

Held in trust for other purposes (50,620,760)

Total Net (Deficit) (50,620,760)$

Private-Purpose

Trust Fund

Successor

Agency Private-

Purpose Trust

Fund


CITY OF CAMARILLO

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION

FIDUCIARY FUNDS


Additions:

Taxes 3,455,507$

Investment earnings 15,510

Total Additions 3,471,017

Deductions:

Administrative expenses 73,307

Interest expense 2,278,997

Total Deductions 2,352,304

Changes in Net Position 1,118,713

Net Position - Beginning of the Year (51,739,473)

Net Position - End of the Year (50,620,760)$

Private-Purpose

Trust Fund Successor

Agency Private-

Purpose Trust

Fund


52

NOTES TO BASIC FINANCIAL STATEMENTS

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS JUNE 30, 2019 Note 1: Summary of Significant Accounting Policies

The basic financial statements of the City of Camarillo have been prepared in conformity with Generally Accepted Accounting Principles (GAAP) applicable to government units. The Governmental Accounting Standards Board (GASB) 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 elected five-member City Council. As required by GAAP, these basic financial statements present the City and its component units, entities for which the City is considered 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 presented component units. The following entities are reported as blended component units:

Camarillo Community Development Commission – The Camarillo Community 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. This committee is now the Citizen Advisory Committee on land use and meets for CDC purposes. Separate financial statements are not prepared.

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 Sanitary 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 are approved by the District’s governing board, and the legal liability for the general obligation portion 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 Council, which can impose its will on the Corporation and the City can receive financial benefit or burden of the Corporation. 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 contracts; to acquire, construct, manage, maintain or operate any buildings, works or improvements; to acquire property or dispose of

53

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 1: Summary of Significant Accounting Policies (Continued)

property by lease or sale. The Corporation’s activities may consist 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 the City and the District. Any activities of the Corporation related to the District plant expansion are included in the Sanitary District Enterprise Fund. For financial reporting purposes, the leases between the Corporation and the City, and between the Corporation and the District, are eliminated. The last meeting occurred in January 2019. Separate financial statements are not prepared. Camarillo Public Finance Authority – The Camarillo Public Finance Authority (PFA) was established in 1998 for the purpose of providing 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 Sanitary District. The PFA currently has one bond outstanding. The last meeting occurred in January 2019. 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 Financing Act (being Title 10 of the California Government Code, commencing with Section 91500, as amended). The IDA currently has no bonds outstanding. The last meeting occurred in January 2019. 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 Ventura County Library system in January 2011, and the City Council was appointed as the board. The Camarillo Library Board’s last meeting occurred in June 2019. 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 serve as a custodian for the assets and to wind down the affairs of the former Redevelopment Agency of the City of Camarillo. As of July 1, 2018, the Ventura County Consolidated Oversight Board (VCCOB) was established in each county where more than one redevelopment successor agency oversight board was created, to act as a Consolidated Oversight Board. The VCCOB is charged with overseeing the activities of the eleven successor agencies throughout the County, as agencies discharge their obligations, dispose of assets, and wind down redevelopment activities. Based upon the nature of the Successor Agency’s custodial role, it is reported in a fiduciary fund (private-purpose trust fund).

54


c. Budgets and Budgetary Accounting

Budgets are legally adopted bi-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 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 there is no funding source incompatibility, and provided those changes do not increase overall appropriations in either component unit. The level of budgetary control is established at the fund 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 City are organized on the basis of funds, each of which is considered a separate accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, liabilities, fund equity, revenues, and expenditures or expenses, as appropriate. Governmental 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 statements include a Statement of Net Position and a Statement of Activities. These statements present summaries of governmental and business-type activities for the City accompanied by a total column. Fiduciary activities of the City are not included in these statements. These basic financial statements are presented on an “economic resources” measurement focus 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 changes in net position. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned while expenses are recognized in the period in which the liability is incurred.

55


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 eliminations have been made in regard to interfund activities, payables, and receivables. All internal balances in the Statement of Net 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.

Governmental Fund Financial Statements Governmental fund financial statements include a Balance Sheet and a Statement of Revenues, Expenditures, and Changes in Fund Balances for all major governmental funds and non-major funds aggregated. An accompanying schedule is presented to reconcile and explain the differences in net position as presented in these statements 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 resources which are not required legally or by sound financial management to be accounted for in another fund. Development Fees Special Revenue Fund – This fund is used to account for specific fee revenues that are legally restricted to expenditures for particular purposes.

Camarillo Corridor Projects Area Fund – This fund is used to account for land held for resale and bond proceeds as detailed in an Agreement between City of Camarillo and City of Camarillo as Successor Agency to the Camarillo Community Development Commission. Low-Moderate Income Housing Asset Fund – This fund is used to account for the housing activities of the former Redevelopment Agency.

56


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 basis 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 available 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 and 120 days for subventions and grants, which are both 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, intergovernmental revenues and other taxes. Expenditures are recorded in the accounting period in which the related liability is incurred. Unavailable revenues arise when potential revenues 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 the “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 expenditures. In subsequent periods, when both revenue recognition criteria are met or when the government has a legal claim to the resources, the unearned revenues are removed, and revenue is recognized.

The Reconciliation of the Fund Financial Statements to the Government-Wide Financial Statements is provided to explain the differences 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 Position, 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 activities have been combined with the governmental activities in the government-wide financial statements. The following is a list of the City’s major proprietary funds:

57


Water Utility Fund – This fund is used to account for 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 activities 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 operations 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 assets 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 (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues 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.

Operating revenues in the proprietary funds are those revenues that are generated from the primary operations of the fund. All other revenues are reported as non-operating revenues. Operating expenses are those expenses that are essential to the primary operations of the fund. All other expenses are reported as non-operating expenses.

Internal Service Fund Financial Statements The City reports nine internal service funds. These proprietary funds are used to account for the financing of services provided by one department to another on a cost-reimbursement basis. The services provided by these funds are Risk Management, Information Services, Vehicles & Equipment, City Hall Facility, Corporation Yard Facility, Police Facility, Library Facility, Camarillo Ranch Facility, and the Chamber of Commerce Facility.

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 is reported using the “economic resources” measurement focus and the accrual basis of accounting. This fund is being used to account for the Redevelopment Property Tax Trust Fund distributions made by the County of Ventura for the dissolution activity related to the former Camarillo Community Development Commission. The Agency Funds are custodial in nature (assets equal liabilities) and do not involve measurement of results of operations. The Agency Funds are accounted for under the accrual basis of accounting.

58


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 order to improve the quality, liquidity or yield of the portfolio. Interest earnings are apportioned among funds based on average daily cash and investment balances.

The City’s cash and cash equivalents 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 market 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 California 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).

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 either “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 balances outstanding between the governmental activities and business-type activities are reported in the government-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.

59


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:

Buildings and improvements 30-40 years Furniture and fixtures 8-15 years Machinery and equipment 5-40 years Water and Sewer Transmission, Collection and Distribution lines 40-50 years Infrastructure 5-75 years

The City has included the value of all infrastructures into its Basic Financial Statements and it defines infrastructure as the basic 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 Each major infrastructure system can be divided into subsystems. For example, the street system can be subdivided into pavement, curb and gutters, sidewalks, medians, streetlights, traffic control devices (signs, signals and pavement markings), landscaping and land. These subsystems were not delineated in the Basic Financial Statements. The appropriate operating department maintains information regarding the subsystems. The accumulated 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 then computed by deducting the accumulated depreciation from the original cost. The City has early implemented GASB Statement No. 89, - Accounting for Interest Costs Incurred Before the End of a Construction Period - Interest accrued during capital assets construction, if any, is no longer capitalized for the business-type and proprietary funds as part of the asset cost.

i. Interest Payable Interest payable of long-term debt is recognized when the liability is incurred for governmental activities, business-type activities, proprietary fund types, and fiduciary fund types.

60


j. Deferred Outflows/Inflows of Resources

In addition to assets, the statements of net position will sometimes report a separate section for deferred outflows of resources. This financial statement element, deferred outflows of resources, represents a consumption of net position that applies to future periods and so will not be recognized as an outflow of resources (expense/expenditure) until that time. The City has three items that qualify for reporting in this category. The first item is a deferred amount on refunding resulting from the difference in the carrying value of the refunded debt (the 2005 Wastewater Revenue Bonds) and its reacquisition price. This amount is amortized over the life of the refunding debt (the 2015 Wastewater Refunding Revenue Bonds), which is 20 years. The second item is deferred outflows from changes in net pension liability that arise only under a full accrual basis of accounting and are reported in the government-wide Statement of Net Position and proprietary funds Statement of Net Position. The third item is deferred outflows from changes in the City’s net OPEB asset that arise only under a full accrual basis of accounting and are reported in the government-wide Statement of Net Position and proprietary funds Statement of Net Position.

In addition to liabilities, the statements of net position and the governmental funds balance sheet will sometimes report a separate section for deferred inflows of resources. This financial statement element, deferred inflows of resources, represents an acquisition of net position that applies to future periods and so will not be recognized as an inflow of resources (revenue) until that time. The City has three items that qualify for reporting in this category. The first item is unavailable revenues, which arise only under the modified accrual basis of accounting. Governmental fund balance sheets report unavailable revenues from grants not collected within the availability period. These amounts are deferred and will be recognized as inflows of resources in periods that the amounts become available. The second item is deferred inflows from changes in net pension liability that arise only under a full accrual basis of accounting and are reported in the government-wide Statement of Net Position and proprietary funds Statement of Net Position. The third item is deferred inflows from changes in the City’s net OPEB asset that arise only under a full accrual basis of accounting and are reported in the government-wide Statement of Net Position and proprietary funds Statement of Net Position.

k. Compensated Absences

The City accrues for compensated absences in the government-wide and proprietary fund statements of net position. Amounts of vested or accumulated compensated absences, that are not expected to be liquidated with expendable available financial resources, are reported in the governmental activities of the government-wide financial statements. Vested or accumulated compensated absences of proprietary funds are recorded as an expense and liability of those funds as the benefits accrue to employees.

61


l. Long-Term Obligations

Government-Wide Financial Statements – Long-term debt and other 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 amortized 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 proceeds 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.

m. 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 outstanding 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.”

n. 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.

o. Fund Balances

In the fund financial statements, governmental funds 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. See Fund Balance for Governmental Funds Note 9 in the Notes to Basic Financial Statements for more information.

p. Property Tax Calendar

The State of California Constitution 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.

62


The County of Ventura assesses properties, bills for, collects, and distributes property taxes on the basis of the taxing jurisdiction’s tax rate percentage, subject to individual tax jurisdiction’s adjustments as may be allowed for voter-approved debt, as follows:

Secured UnsecuredLien dates January 1 January 1

Levy dates July 1 July 1

Due dates 50% on November 1 and July 150% on February 1

Delinquent as of December 10 (for November) August 31April 10 (for February)

The term “unsecured” refers to taxes on personal property other than real estate, land, and buildings.

q. Use of Estimates

The preparation of the basic financial statements, 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 disclosure of contingent assets and liabilities. In addition, estimates affect the reported amount of expenses. Actual results could differ from these estimates and assumptions.

r. New, Deleted and Reclassified Funds and Reclassifications of Revenues

New Fund(s): None

Deleted Fund(s): Ramona Drive Assessment District Agency Fund

Reclassified Fund(s): None Reclassification of Revenue(s): None

s. New GASB Pronouncements

Current Fiscal Year Standards:

In FY 2018/19, the City implemented Governmental Accounting Standards Board (GASB) Statement No. 88, Certain Disclosures Related to Debt, Including Direct Borrowings and Direct Placements, which improves the information that is disclosed in notes to government financial statements related to debt, including direct borrowings and direct placements. It also clarifies which liabilities governments should include when disclosing information related to debt. This statement defines debt for purposes of disclosure in notes to financial statements as a liability that arises from a contractual obligation to pay cash (or other assets that may be used in lieu of cash) in one or more payments to settle an amount that is fixed at the date the contractual obligation is established.

63


This statement requires that additional essential information related to debt be disclosed in notes to financial statements, including unused lines of credit; assets pledged as collateral for the debt; and terms specified in debt agreements related to significant events of default with finance-related consequences, significant termination events with finance-related consequences, and significant subjective acceleration clauses. For notes to financial statements related to debt, this statement also requires that existing and additional information be provided for direct borrowings and direct placements of debt separately from other debt. The requirements of this statement are effective for reporting periods beginning after June 15, 2018.

t. Pensions

For purposes of measuring the net pension liability and deferred outflows/inflows of resources related to pensions, and pension 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 purpose, 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.

u. Other Post-Employment 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), the assets of which are held by Public Agency Retirement Services (PARS), and additions to/deductions 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 accordance 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, 2018 Measurement Date June 30, 2018 Measurement Period July 1, 2017 to June 30, 2018

64

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 2: Cash and Investments

The City had the following cash and investments at June 30:

Deposits 2,455,700$ Petty cash 3,455

Total City treasury deposits 2,459,155

Certificates of Deposit 4,237,565

City treasury investments:Securities of U.S. government sponsored entities

FFCB 15,233,678 FHLB 22,062,443 FHLMC 13,612,221 FNMA 9,789,453

Total City securities of U.S. government sponsored entities 60,697,795

Local agency investment fund 108,685,728 Tax-Exempt Money Market 579,548 U.S. treasury 40,682,788

Total City treasury investments 149,948,064

Total funds in City treasury 217,342,579

Restricted Cash and investments 5,455,177

Cash and investments with fiscal agents 3,519,782

Total cash and investments 226,317,538$

a. Cash Deposits

The City’s deposits and certificates of deposit are entirely covered by Federal Depository Insurance Corporation (FDIC), or by collateral held in a multiple financial institution collateral pool. The FDIC insures the first $250,000 of the City’s deposits at each financial institution. At June 30, 2019, the reported amount of the City's deposits was $2,455,700 and the bank balances totaled $3,165,812. The difference was related to outstanding checks, deposits in transit and other reconciling items.

65

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 2: Cash and Investments (Continued)

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 collateral 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 failure of the counterparty (e.g., broker-dealer) to a transaction, a government will not be able to recover the value of its investment or collateral securities that are in the possession of another party. The California Government Code and the City’s investment policy do not contain legal or policy requirements that would limit the exposure to custodial 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 state 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 value of the pledged securities in the collateral pool must equal at least 110% of the total amount deposited by the public agencies. California law also allows financial institutions to secure City 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, acquires 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 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

The Policy, in addition to State statutes, establishes that funds on deposit in banks must be federally insured or collateralized, and investments 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 for each of the authorized investments. The City’s investments comply with the established policy.

66


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 securities, non-negotiable certificates of deposit, negotiable certificates of deposit, investment agreements, repurchase agreements, forward purchase agreements, money market mutual funds, and LAIF.

The City portfolio value fluctuates in an inverse relationship to changes in interest rate. Accordingly, if interest rates have risen, the portfolio value will have declined. If interest rates have fallen, the portfolio value will have risen.

The portfolio for year-end reporting purposes is treated 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 hierarchy is based on the relative inputs used to measure the fair value of the investments. Level 1 inputs are quoted prices in active markets for identical assets. Level 2 inputs are valued using 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 determine fair value. When quoted prices in active markets are available, investments are classified within 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.

67


The City has the following fair value measurements for its investments as of June 30, 2019:

Level 1 Level 2 Level 3 Total

Federal Agency Securities -$ 60,697,795$ -$ 60,697,795$

Certificates of Deposit - 4,237,565 - 4,237,565 - 40,682,788 - 40,682,788

Total Leveled Investments -$ 105,618,148$ -$ 105,618,148

Tax-Exempt Money Market* 579,548

State Investment Pool (LAIF)* 108,685,728

Held by Trustee:PARS Trust* 5,455,177 Money Market Mutual Funds* 3,519,782

Total Investment Portfolio 223,858,383$

*Not subject to fair market value measurement

U.S. Treasury Securities

d. Summary of Cash and Investments

The following is a summary of cash and investments as of June 30, 2019:

Governmental Activities

Business-type Activities Total

Fiduciary Funds Statement of Net Position Total

Cash and investments 122,788,451$ 93,334,020$ 216,122,471$ 1,220,108$ 217,342,579$ Restricted cash and investments 5,953,913 1,234 5,955,147 3,019,812 8,974,959 Total 128,742,364$ 93,335,254$ 222,077,618$ 4,239,920$ 226,317,538$

Government-Wide Statement of Net Position

e. Risk Disclosures

Interest Rate Risk. Interest rate risk is the possibility that 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 investment portfolio will not exceed three years, and no investment will have a maturity of more than five years from its date of purchase.

68

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 2: Cash and Investments (Continued) At June 30, 2019, the City Treasury had the following investment maturities:

Investment Type Fair Value Less than 6 months6 months to a

year 1 to 3 years

FFCB 15,233,678$ 3,396,018$ 8,503,200$ 3,334,460$ FHLB 22,062,443 6,988,970 5,004,030 10,069,443 FHLMC 13,612,221 5,242,498 1,989,210 6,380,513 FNMA 9,789,453 1,996,650 1,245,200 6,547,603 U.S. T Notes 40,682,788 3,993,700 7,360,866 29,328,222 Money Market 579,548 579,548 - - CD's 4,237,565 3,007,507 739,104 490,954 LAIF 108,685,728 108,685,728 - - PARS Trust 5,455,177 5,455,177 - - Total 220,338,601$ 139,345,796$ 24,841,610$ 56,151,195$

Investment Maturities

At June 30, 2019, the City’s investments held by Fiscal Agents had the following maturities:

Investment Type Fair Value Less than 6 months

Mutual Funds 3,519,782$ 3,519,782$ Total 3,519,782$ 3,519,782$

Fiscal AgentInvestment Maturities

Credit Risk. Credit risk is the possibility that an issuer of an investment will not fulfill its obligation to the holder of the investment. State 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.

69


At June 30, 2019, the City Treasury investment credit risks, expressed on a percentage basis, were as follows:

Investment Type Moody's Credit

RatingS & P's Rating

% of Investments

FFCB Aaa AA 6.91 FHLB Aaa AA 10.01 FHLMC Aaa AA 6.18 FNMA Aaa AA 4.44 U.S. T Notes Aaa AA 18.47 Money Market Funds Not Rated Not Rated 0.26 CD's Not Rated Not Rated 1.92 LAIF Not Rated Not Rated 49.33 PARS Trust Not Rated Not Rated 2.48

Total 100.00

City Treasury InvestmentsCredit Quality Distribution for Securities with Credit Exposure

At June 30, 2019, the City Fiscal Agent investment credit risks, expressed on a percentage basis, were as follows:

Investment Type Moody's Credit

RatingS & P's Rating

% of Investments

Mutual Funds Aaa AAA 100.00 Total 100.00

Fiscal Agent InvestmentsCredit Quality Distribution for Securities with Credit Exposure

f. Concentrations of Credit Risk

The investment policy of the City states Federal agency or United States government sponsored total issues will not exceed 75%, nor will one issuer exceed 20%, of the total portfolio. Investments in any one issuer (other than U. S. Treasury securities, mutual funds, and external investment pools) that represent 5% or more of total entity investments as of June 30, 2019, were as follows:

Issuer Investment Type Reported Amount

FFCB U.S. Government Sponsored Entities 15,233,678$ FHLB U.S. Government Sponsored Entities 22,062,443 FHLMC U.S. Government Sponsored Entities 13,612,221

Total 50,908,342$

70

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 3: Receivables

a. Government-Wide Financial Statements

The following is a summary of receivables, including restricted receivables, net of allowances for uncollectible amounts at June 30, 2019:

Governmental activities

Business-type activities Total

Fiduciary Funds

Statement of Net Position Totals

Current assets Accounts 4,175,761$ 5,046,732$ 9,222,493$ 9,313$ 9,231,806$ Interest 662,912 492,419 1,155,331 4,401 1,159,732 Grants 77,967 1,311,134 1,389,101 - 1,389,101 Noncurrent assets Notes 752,251 10,531 762,782 - 762,782 Total 5,668,891$ 6,860,816$ 12,529,707$ 13,714$ 12,543,421$

Government-Wide Statement of Net Position

b. Notes Receivable

Promissory notes receivable of $762,782 at June 30, 2019, consisted of the following outstanding balances:


Major Fund

Low-Moderate Income Housing Asset FundNote Receivable from KDF Park Glenn Seniors, L.P.Note due and payable on October 30, 2037 275,000$

Note Receivable from Habitat For HumanityNote forgivable upon completion of requirements 149,439 Allowance for uncollectible amounts (149,439)

Non-Major FundCommunity development

Community Development Block Grant Fund (CDBG)Notes used for affordable housing down payment, closing assistance, andsilent second trust deedsNotes due at the time of property sale 477,251

Total governmental activities notes receivable 752,251

Business-type Activities

Sanitary District FundVarious notes used for purchase and installation of FOG devicesNotes due by June 30, 2019 10,531

Total Notes Receivable 762,782$

71

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 4: Interfund Transactions

The City had the following transfers for the fiscal year ended June 30, 2019:

Transfers OutGeneral

Fund

Camarillo Corridor Projects

Area Fund

Other Governmental

FundsTransitFund

Solid Waste Fund

Internal Service Funds Totals

General Fund -$ -$ 3,107,790$ 596,000$ 50$ -$ 3,703,840$ Development Fees Special Revenue - 1,185,455 - - - - 1,185,455 Other Governmental Funds 1,777,168 - 4,159,005 - - 35,000 5,971,173 Total 1,777,168$ 1,185,455$ 7,266,795$ 596,000$ 50$ 35,000$ 10,860,468$

Transfers In

The General Fund provided transfers to Other Governmental Funds to support on-going operations and debt service payments, as well as to the Transit Fund and Solid Waste Fund to supplement operations or grants. The Development Fees Special Revenue Fund provided transfers to the Camarillo Corridor Projects Area Fund to supplement capital improvement projects scheduled in the City’s Five-Year Capital Improvement Program. Other Governmental Funds provided transfers to the General Fund, Other Governmental Funds and Internal Service Funds to supplement capital improvement projects. The City had the following interfund payables for the fiscal year ended June 30, 2019:

Due From

Due ToGeneral

Fund Totals

Transit Fund 739,500$ 739,500$ Total 739,500$ 739,500$

The General Fund provided a short-term loan to the Transit Fund to cover negative cash balances.

72

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 5: Capital Assets

a. Government-Wide Financial Statements

At June 30, 2019, the City’s capital assets consisted of the following:

Governmental

ActivitiesBusiness-type

Activities TotalNon-depreciable assets:

Land 33,653,697$ 1,261,634$ 34,915,331$ Construction in progress 16,096,736 11,142,748 27,239,484

Total non-depreciable assets 49,750,433 12,404,382 62,154,815

Depreciable assets:Buildings and improvements 53,764,800 817,614 54,582,414 Machinery and equipment 14,279,178 9,553,394 23,832,572 Infrastructure 327,981,379 151,524,132 479,505,511

Total depreciable assets 396,025,357 161,895,140 557,920,497

Less accumulated depreciation for:Buildings and improvements (23,153,250) (515,040) (23,668,290) Machinery and equipment (10,244,772) (5,860,667) (16,105,439) Infrastructure (141,297,371) (67,749,280) (209,046,651)

Total Accumulated Depreciation (174,695,393) (74,124,987) (248,820,380)

Total capital assets being depreciated, net 221,329,964 87,770,153 309,100,117

Total capital assets, net 271,080,397$ 100,174,535$ 371,254,932$

73

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 5: Capital Assets (Continued)

b. Governmental Activities

The following is a summary of capital assets for governmental activities for the fiscal year ended June 30, 2019:

Balance at

June 30, 2018, as restated Additions Deletions

Balance at June 30, 2019

Non-depreciable assets:Land 31,763,171$ 1,890,526$ -$ 33,653,697$ Construction in progress 8,328,429 13,994,595 (6,226,288) 16,096,736

Total non-depreciable assets 40,091,600 15,885,121 (6,226,288) 49,750,433

Depreciable assets:Buildings and improvements 52,005,520 1,801,522 (42,242) 53,764,800$ Machinery and equipment 13,991,807 385,647 (98,276) 14,279,178 Infrastructure 319,064,807 10,191,838 (1,275,266) 327,981,379

Total depreciable assets 385,062,134 12,379,007 (1,415,784) 396,025,357

Less accumulated depreciation for:Buildings and improvements (21,567,630) (1,615,893) 30,273 (23,153,250)$ Machinery and equipment (9,654,377) (698,621) 108,226 (10,244,772) Infrastructure (134,133,292) (8,263,485) 1,099,406 (141,297,371)

Total accumulated depreciation (165,355,299) (10,577,999) 1,237,905 (174,695,393) Total Capital Assets being depreciated, net 219,706,835 1,801,008 (177,879) 221,329,964

Governmental ActivitiesTotal capital assets, net 259,798,435$ 17,686,129$ (6,404,167)$ 271,080,397$

Depreciation expense, including depreciation to internal service funds, for the fiscal year ended June 30, 2019, was charged to functions/programs of the governmental activities as follows:


General government 12,919$ Public safety 11,412 Highway and streets, including depreciation of general infrastructure assets 8,847,153 Internal service funds 1,706,515

Total depreciation expense - governmental activities 10,577,999$

74

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 5: Capital Assets (Continued)

c. Business-Type Activities

The following is a summary of capital assets for business-type activities for the fiscal year ended June 30, 2019:

Balance at

June 30, 2018 Additions DeletionsBalance at

June 30, 2019Non-depreciable assets:

Land 1,261,634$ -$ -$ 1,261,634$ Construction in progress 7,199,993 5,615,657 (1,672,902) 11,142,748

Total non-depreciable assets 8,461,627 5,615,657 (1,672,902) 12,404,382

Depreciable assets:Buildings and improvements 817,614 - - 817,614 Machinery and equipment 9,355,065 198,329 - 9,553,394 Infrastructure 146,700,532 4,823,600 - 151,524,132

Total depreciable assets 156,873,211 5,021,929 - 161,895,140

Less accumulated depreciation for:Buildings and improvements (491,524) (23,516) - (515,040) Machinery and equipment (5,274,665) (586,002) - (5,860,667) Infrastructure (64,471,084) (3,278,196) - (67,749,280)

Total accumulated depreciation (70,237,273) (3,887,714) - (74,124,987)

Total capital assets being depreciated, net 86,635,938 1,134,215 - 87,770,153

Business-Type ActivitiesTotal capital assets, net 95,097,565$ 6,749,872$ (1,672,902)$ 100,174,535$

Depreciation expense, for business-type activities for the fiscal year ended June 30, 2019, was charged as follows:


Water 1,032,257$ Sewer 2,630,011 Transit 225,446

Total depreciation expense - business-type activities 3,887,714$

75

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 6: Compensated Absences

The City’s policy relating to compensated absences is described in Note 1, section K. 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 established for compensated absences. In prior fiscal years, liability for compensated absences has been liquidated primarily by the General Fund and the proprietary funds. Detail of compensated absences recorded in the Governmental Activities and Business-type Activities at June 30, 2019, was as follows:

Balance atJuly 1, 2018 Additions Deletions


Amount Due Within One Year

Governmental activities 1,822,595$ 1,121,953$ 1,107,319$ 1,837,229$ 1,107,319$ Business-type activities 1,212,016 621,666 607,222 1,226,460 607,222

Total compensated absences 3,034,611$ 1,743,619$ 1,714,541$ 3,063,689$ 1,714,541$

Note 7: Long-Term Debt

Following is a summary of long-term debt transactions for the fiscal year ended June 30, 2019:

Balance at June 30, 2018 Additions Deletions


Amounts Due Within One

Year

Amounts Due in More Than

One Year

Governmental Activities:2012 Lease Revenue Bonds-Library 5,900,000$ -$ 295,000$ 5,605,000$ 300,000$ 5,305,000$

Total Governmental Activities 5,900,000$ -$ 295,000$ 5,605,000$ 300,000$ 5,305,000$

Business-type Activities:2015 Wastewater Bonds 16,945,000$ -$ 645,000$ 16,300,000$ 680,000$ 15,620,000$ Premium on 2015 Bonds 981,702 - 54,539 927,163 - N/A

Total Business-typeActivities 17,926,702$ -$ 699,539$ 17,227,163$ 680,000$ 15,620,000$

Classification

76

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 7: Long-Term Debt (Continued)

a. Governmental Activities

2012 Lease Revenue Bonds – Original Issue $7,630,000

On April 26, 2012, the City issued, through the Camarillo Public Finance Authority (a non-profit 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. With this defeasance, the City realized a net present value savings of approximately $876,000 and annual debt service savings ranging from $49,000 to $55,000 over the remaining life of the bonds. The annual debt service requirements at June 30, 2019, on the 2012 Library Bonds were as follows:

Year Ending June 30, Principal Interest Total 2020 300,000$ 190,794$ 490,794$ 2021 305,000 183,231 488,231 2022 315,000 175,481 490,481 2023 325,000 166,872 491,872 2024 330,000 156,838 486,838

2025 - 2029 1,840,000 604,631 2,444,631 2030 - 2034 2,190,000 235,456 2,425,456

Totals 5,605,000$ 1,713,303$ 7,318,303$

2012 Lease Revenue Bonds

b. Business-type Activities

2015 Wastewater Refunding Revenue Bonds – Original Issue $18,900,000

On July 21, 2015, the Camarillo Sanitary District issued, through the Camarillo Public Finance Authority (a non-profit benefit corporation), $18,900,000 in Refunding Revenue 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. This advance refunding resulted in lowered interest rate with an economic gain (difference between the present value of the old and new debt service payments) of $2.0 million, as well as cash flow savings of approximately $2.8 million and average annual debt service savings of $132,090 over the remaining life of the bonds. The District will pay all future bond obligations from the net revenues of the wastewater enterprise, derived primarily from charges and revenues received by the District. Principal and interest paid for the current fiscal year and total customer net revenues (operating income less depreciation) were $1,306,044 and $6,046,961, respectively.

77

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 7: Long-Term Debt (Continued)

As of June 30, 2019, the annual debt service requirements for the Camarillo Sanitary District’s 2015 Wastewater Refunding Revenue Bonds were as follows:

Year Ending June 30, Principal Interest Total 2020 680,000$ 628,794$ 1,308,794$ 2021 710,000 594,794 1,304,794 2022 740,000 566,394 1,306,394 2023 770,000 536,794 1,306,794 2024 800,000 505,994 1,305,994

2025 - 2029 4,620,000 1,908,219 6,528,219 2030 - 2034 5,505,000 1,025,906 6,530,906 2035 - 2039 2,475,000 135,394 2,610,394

Totals 16,300,000$ 5,902,289$ 22,202,289$

2015 Wastewater Refunding Revenue Bonds

Note 8: Developer Deposits

The City accepts deposits from developers in the form of cash and non-cash securities related to developments within the City. Non-cash securities are 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 non-cash securities are released to the developer. As of June 30, 2019, non-cash deposits totaled $854,257.

Note 9: Fund Balances For Governmental Funds

Governmental funds 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. As of June 30, 2019, fund balance for governmental funds were made up of the following: Nonspendable Amounts that are (a) not in spendable form, or (b) legally 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. 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 adopted 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

78

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 9: Fund Balances For Governmental Funds (Continued)

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 Fund fund balance are annually identified and authorized by resolution for: 1) Economic development, 2) Courthouse property reuse, 3) Natural disaster recovery, 4) Camarillo Springs Debris Barrier Remediation Maintenance, and 5) Pleasant Valley Recreation & Park District - senior center. The Finance Department will perform a reserve analysis to be submitted to the City Council 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 indicates 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 specific 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 negative 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 any residual negative amounts in governmental funds.

When restricted and unrestricted resources are available 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.

79

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 9: Fund Balances For Governmental Funds (Continued)

Fund balances as of June 30, 2019, for the governmental funds were categorized as nonspendable, restricted, committed, assigned, or unassigned for the following purposes:

General Fund

Development Fees Special

Revenue

Camarillo Corridor

Projects Area

Low-Moderate Income Housing

Asset

Total Other Governmental

Funds

Total Governmental

Funds

Fund balances:Nonspendable: Prepaid items 115,531$ -$ -$ -$ 2,500$ 118,031$ Deposits 125,000 - - - 40,000 165,000 Subtotal 240,531 - - - 42,500 283,031 Restricted for: Air quality management - - - - 43,848 43,848 Cable fees - - - - 1,671,303 1,671,303 Capital projects - 21,328,592 12,198,541 - 4,205,827 37,732,960 Economic development - - - - 702,598 702,598 Library operations - - - - 395,077 395,077 Low/Mod housing - - - 948,347 - 948,347 Maintenance - - - - 2,779,425 2,779,425 Debt service - - - - 498,796 498,796 Pension 5,455,177 - - - - 5,455,177 Subtotal 5,455,177 21,328,592 12,198,541 948,347 10,296,874 50,227,531 Committed for: Council reserve goal 21,478,734 - - - - 21,478,734 Economic development 7,750,000 - - - - 7,750,000 Courthouse property reuse 3,750,000 - - - - 3,750,000 Natural disaster recovery 10,000,000 - - - - 10,000,000 Camarillo Springs Debris Barrier 200,000 - - - - 200,000 Pleasant Valley Rec & Park District - Senior Center 8,000,000 - - - - 8,000,000 Subtotal 51,178,734 - - - - 51,178,734 Assigned for: Contract services 143,016 - - - - 143,016 Capital projects - - - - 6,988,330 6,988,330 Subtotal 143,016 - - - 6,988,330 7,131,346 0Unassigned: 10,921,126 - - - - 10,921,126 Total fund balances 67,938,584$ 21,328,592$ 12,198,541$ 948,347$ 17,327,704$ 119,741,768$

Major Funds

80

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 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 authorized to be acquired or constructed with the proceeds of this debt issue included a portion of certain drainage and bridge facilities of benefit to the district. The Mello Roos bonds are not a general obligation 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 were refinanced with the issuance of the $5,766,065 West Camarillo Community Facilities District No. 1 Special Tax Refunding Bond Series 2017 on June 6, 2017. At June 30, 2019, $5,457,300 was outstanding on these Mello Roos bonds.

Note 11: Jointly Governed Organizations

The City classifies the following jointly governed organizations as Agency Funds in the Fiduciary Fund Financial Statements. Wastewater Treatment Joint Powers Agreement (JPA) The City participates in a joint powers agreement (JPA) with the cities/agencies of Simi Valley, Thousand Oaks, the Camrosa Water District, and Calleguas Municipal Water District known as the Wastewater Treatment JPA. This JPA was formed in an effort opposing National Pollutant Discharge Elimination Systems (NPDES) permit regulations. The City acts as Treasurer for this JPA; recording agency deposits and the cost of legal expenses, performing technical research, and providing testimony in support of wastewater agencies discharging treated wastewater in Calleguas Creek Watershed area. The City’s annual financial responsibility to the JPA is budgeted annually and represents the City’s share of due or common project expenses. Ventura County Regional Defense Partnership for the 21st Century (RDP-21) 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 for the 21st Century (RDP-21). The purpose of RDP-21 is to promote and ensure economic growth of the area through collaborative efforts to enhance military facilities located in the County area. The City has acted as Treasurer of RDP-21 and maintains a separate agency fund to account for all deposits and expenses. The City’s annual financial responsibility to the RDP-21 is budgeted annually and represents the City’s share of due or common project expenses.

81

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 11: 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 and 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 http://www.venturacog.org. Ventura County Area Housing Authority (AHA) The Area Housing Authority of the County of Ventura is an independent, non-profit 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 development, acquisitions, and partnerships. Financial information for VCOG can be found at http://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 collective 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 http://www.wrcog.cog.ca.us.

Note 12: Risk Management

Description of Self-Insurance Pool Pursuant to Joint Powers Agreement

The City of Camarillo is a member of the California Joint Powers Insurance Authority (Authority). The Authority is composed of 116 California public 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 purchased 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 representative on the Board of Directors. The Board operates through a nine-member Executive Committee.

82

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 12: Risk Management (Continued)

Primary Self-Insurance Programs of the Authority

Each member pays an annual contribution at the beginning of the coverage period. A retrospective adjustment is then conducted annually thereafter, for coverage years FY 2012/13 and prior. Coverage years FY 2013/14 and forward are not subject to routine annual retrospective adjustment. The total funding requirement for primary self-insurance programs is based 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 between police and general government exposures. (1) The payroll of each member is evaluated 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 the formula. (2) The first layer of losses includes incurred costs up to $30,000 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 $30,000 to $750,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $750,000 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, including all layers of coverage, is $50 million per occurrence. Subsidence losses have a sub-limit of $40 million per occurrence. The coverage structure includes retained risk that is pooled among members, reinsurance, and excess insurance. More detailed information about the various layers of coverage is available on the following website: https://cjpia.org/protection/coverage-programs. Primary Workers’ Compensation Program – Claims are pooled separately between public safety (police and fire) and general government exposures. (1) The payroll of each member is evaluated 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 the formula. (2) The first layer of losses includes incurred costs up to $50,000 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 $50,000 to $100,000 for each occurrence and is evaluated as a percentage of the pool’s total incurred costs within the second layer. (4) Incurred costs from $100,000 to statutory limits are distributed based on the outcome of cost allocation within the first and second loss layers. For FY 2018/19 the Authority’s pooled retention is $2 million per occurrence, with reinsurance to statutory limits under California Workers’ Compensation Law. Employer’s Liability losses are pooled among members to $2 million. Coverage from $2 million to $5 million is purchased as part of a reinsurance policy, and Employer’s Liability losses from $5 million to $10 million are pooled among members.

83

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 12: Risk Management (Continued)

Purchased Insurance Property Insurance – 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 insured 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 $181,695,391. There is a $10,000 deductible per occurrence except for non-emergency 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 earthquake insurance is part of the property protection insurance program of the Authority. City of Camarillo property currently has earthquake protection in the amount of $178,312,472. 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, and storm drains owned by the City of Camarillo. Coverage is on a claims-made basis. There is a $50,000 deductible. The Authority has an aggregate limit of $50 million for the 3-year period from July 1, 2017 through July 1, 2020. Each member of the Authority has a $10 million sub-limit during the 3-year policy term.

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 certain property to purchase low-cost tenant user liability insurance for certain activities on agency property. The insurance 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 coverage. There were also no significant reductions in pooled or insured liability coverage during FY 2018/19.

84

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 13: Employee Retirement Plans

General Information about the Pension Plan a. Plan Descriptions

All qualified permanent and probationary employees are eligible to participate in the City of Camarillo Miscellaneous Plan, an agent multiple-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 member employers. Benefit provisions under the plan are established by State statute and City resolution. CalPERS issues publicly available reports which include a full description of the pension plans regarding benefit provisions, assumptions and membership information 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 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 non-duty 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 living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.

The Plan’s provisions and benefits in effect as of the measurement date are summarized as follows:

Miscellaneous* Miscellaneous

PEPRA

Hire DatePrior to

January 1, 2013On or after

January 1, 2013

Benefit ProvisionBenefit Formula 2.0% @ 55 2.0% @ 62

Benefit vesting schedule 5 yrs service 5 yrs service

Benefit payments monthly for life monthly for life

Retirement age 50-67 52-67

Monthly benefits, as a % of eligible compensation 1.426% to 2.418% 1.000% to 2.500%

Required employee contribution rates 7.000% 6.750%

Required employer contribution rates 24.175% 24.175%

Major Benefit Options

*Closed to new entrants

85

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 13: Employee Retirement Plans (Continued)

Employees Covered As of the measurement date, the City has 135 active employees, 151 inactive employees or beneficiaries currently receiving benefits, and 51 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 Employees’ Retirement Law (PERL) requires that the employer contribution rates for all public employers 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 CalPERS’ 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 additional 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. Employer contribution rates may change if plan contracts are amended. Payments made by the employer 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 year ended June 30, 2019, the employer contributions recognized as a reduction to the net pension liability was $2,813,118. 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 fiduciary net position. The net pension liability of the Miscellaneous Plan is measured as of June 30, 2018, using an annual actuarial valuation as of June 30, 2017, rolled forward to June 30, 2018, using standard update procedures. A summary of principal assumptions and methods used to determine the net pension liability is as follows:

86


Actuarial Methods and Assumptions Used to Determine Total Pension Liability For the measurement period ended June 30, 2018, the total pension liability was determined by rolling forward the June 30, 2017 total pension liability. The June 30, 2017 and the June 30, 2018 total pension liabilities were based on the following actuarial methods and assumptions: Actuarial Cost Method Entry Age Normal in accordance with the

requirements of GASB Statement No. 68

Discount Rate 7.15%Inflation 2.50%Salary Increases Varies by Entry Age and ServiceMortality Rate Table (1) Derived using CalPERS’ Membership Data

for all Funds Post Retirement Benefit Increase

Contract COLA up to 2.00% until Purchasing Power Protection Allowance Floor on Purchasing Power applies, 2.50% thereafter

Actuarial Assumptions

(1) The mortality table used was developed based on CalPERS’ specific data.The table includes 15 years of mortality improvements using Society of Actuaries Scale 90% of scale MP 2016. For more details on this table, please refer to the2017 experience study report. All other actuarial assumptions used in the June 30, 2017 valuation were based on the results of an actuarial study for the period from 1997 to 2015, including updates to salary increase, mortality and retirement rates. The Experience Study Report can be obtained at the CalPERS website under Forms and Publications.

Change of Assumptions 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.

87


Discount Rate The discount rate used to measure the total pension liability was 7.15%. 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 pension plan investments was determined using a building-block method in which expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class. In determining the long-term expected rate of return, staff took into account both short-term and long-term market return expectations as well as the expected pension fund (PERF C) cash flows. Taking into account historical returns of all the Public Employees Retirement Funds’ asset classes (which includes the agent plan and two cost-sharing plans or PERF A, B, and C funds), expected compound (geometric) returns were calculated over the short-term (first 10 years) and the long-term (11+ years) using a building-block approach. Using the expected nominal returns for both short-term and long-term, the present value of benefits was calculated for each PERF C fund. The expected rate of return was set by calculating the single equivalent expected return that arrived at the same present value of benefits for cash flows as the one calculated using both short-term and long-term returns. The expected rate of return was then set equal to the single equivalent rate calculated above and adjusted to account for assumed administrative expenses. The expected real rates of return by asset class are as followed:

Asset Class

Current Target

AllocationReal Return

Years 1 - 10 (1)Real Return

Years 11+ (2)Global Equity 50.0% 4.80% 5.98%Global Fixed Income 28.0 1.00 2.62Inflation Assets 0.0 0.77 1.81Private Equity 8.0 6.30 7.23Real Assets 13.0 3.75 4.93Liquidity 1.0 0.00 (0.92)

(1) An expected inflation of 2.00% used for this period. (2) An expected inflation of 2.92% used for this period.

88


Changes in the Net Pension Liability

The changes in the net pension liability for the Miscellaneous Plan were as follows:

Total Pension Liability

Plan Fiduciary Net Position

Net Pension Liability

Balance at June 30, 2017 (Valuation Date) 111,372,312$ 78,977,841$ 32,394,471$ Changes in the year:

Service cost 2,108,797 - 2,108,797 Interest on the total pension liability 7,664,664 - 7,664,664 Changes of assumptions (606,874) - (606,874) Differences between expected and actual experience (2,146,171) - (2,146,171) Net Plan to Plan Resource Movement - (195) 195 Contributions-employer - 2,813,118 (2,813,118) Contributions-employees - 817,377 (817,377) Net investment income - 6,743,383 (6,743,383) Benefit payments, including refunds of employee contributions (4,951,123) (4,951,123) - Administrative expense - (123,069) 123,069 Other Miscellaneous income/(Expense) - (233,711) 233,711 Net Changes During FY 2017/18 2,069,293 5,065,780 (2,996,487)

Balance at June 30, 2018 (Measurement Date) 113,441,605$ 84,043,621$ 29,397,984$

Increase (Decrease)

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 (6.15%) or 1 percentage-point higher (8.15%) than the current rate:

Discount Rate - 1% Current Discount Discount Rate + 1%(6.15%) (7.15%) (8.15%)

Plan's Net Pension Liability 44,031,964$ 29,397,984$ 17,210,923$

Pension Plan Fiduciary Net Position – Detailed information about the pension plan’s fiduciary net position is available in the separately issued CalPERS financial reports.

89


Pension Expenses and Deferred Outflows/Inflows of Resources Related to Pensions

For the fiscal year ended June 30, 2019, the City recognized pension expense of $3,231,899. At June 30, 2019, the City reported net deferred outflows and deferred inflows of resources related to pensions as follows:

Deferred Outflows Deferred Inflows

of Resources of ResourcesPension contributions subsequent to measurement date 3,119,397$ -$ Changes in assumptions 2,640,254 (438,298) Difference between expected and actual experiences - (2,153,192) Net differences between projected and actual earnings on plan investments - (11,086) Total 5,759,651$ (2,602,576)$

Contributions subsequent to the measurement date in the amount of $3,119,397 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, 2020. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:

Measurement Period Ending June 30

Deferred Outflows/(Inflows)

of Resources2019 1,441,216$ 2020 148,647 2021 (1,318,374) 2022 (233,811)

37,678$

Defined Contribution Plan Plan Description – The City established with the International City Managers Association (ICMA) an additional pension plan for all its employees (143 employees at June 30, 2019) through a 401(a) Defined Contribution Plan (Plan). In a defined contribution plan, benefits depend solely on amounts contributed to the Plan plus investment 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 401(a) Defined Contribution Plan may be obtained from ICMA Retirement Corporation at 777 North Capital Street NE, Washington, DC 20002.

90


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 2018/19 was $15,115,317. The City’s contributions were calculated using the base salary amount of $13,095,053 at 7%, amounting to $916,655. Effective January 1, 2018 all employees not eligible 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 the 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 Post-Employment Healthcare Benefits (OPEB)

Plan Description – The City participates in the CalPERS medical program, an agent multiple employer defined benefit healthcare plan administered by CalPERS. CalPERS established the plan under the Public Employee’s Medical and 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 health insurance plans for postemployment medical benefits. As a condition to the City’s contract for health insurance for its active 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. This benefit continues for the life of the retiree and surviving spouse. Benefit provisions for CalPERS are established by the Public Employees Retirement Law (Part 3 of the California Government Code, Section 20000 et seq.). In order to fund the retirees benefit, the City established an irrevocable 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. Employees Covered As of the June 30, 2018 actuarial valuation, the following current and former employees were covered by the benefit terms under the Health Care Plan:

Active employees 138 Inactive employees or beneficiaries currently receiving benefits 56 Totals 194

91


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 and the bargaining units. The annual contribution is based on the actuarially determined contribution. For the measurement date ended June 30, 2018, the City’s cash contributions were $73,696 in total payments, which were recognized as a reduction to the OPEB liability (asset). Net OPEB Liability (Asset) The City’s net OPEB liability (asset) was measured as of June 30, 2018 and the total OPEB liability used to calculate the net OPEB liability (asset) was determined by an actuarial valuation dated June 30, 2018 that was rolled forward to determine the June 30, 2018 total OPEB liability, based on the following actuarial methods and assumptions:

Asset Valuation MethodActuarial assumptions:

Discount rate 6.00%Inflation 2.25%Salary increases

Mortality Rate(1)

Pre-Retirement Turnover(2)

Healthcare Trend Rate

Market value of assets

Medical plan premiums are assumed to increase at somewhat higher rates than assumed in the prior valuation, with the ultimate trend of 5.0% per year

Derived using CalPERS' membership data for all funds

Derived using CalPERS' membership data for all funds

3.00% per year, used only to allocated to cost of benefits between service years

Notes: (1) Pre-retirement mortality information was derived from data collected during 1997 to 2015 CalPERS Experience Study dated December 2017 and post-retirement mortality information was derived from the 1995 to 2015 CalPERS Experience Study. The Experience Study Reports may be accessed on the CalPERS website www.calpers.ca.gov under Forms and Publications.

(2) The pre-retirement turnover information was developed based on CalPERS’ specific data. For more details, please refer to the 1995 to 2015 Experience Study Report. The Experience Study Report may be accessed on the CalPERS website www.calpers.ca.gov under Forms and Publications.

92


The long-term expected rate of return on OPEB plan investments was determined using a building-block method in which expected future real 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 return 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 ClassTarget

Allocation

Long-term expected real rate of return

Equity 50.00% 7.48%Fixed Income 45.00% 5.10%Cash 5.00% 3.00%Total 100.00%

Discount Rate The discount rate used to measure the total OPEB liability was 6.00 percent. The projection of cash flows used to determine the discount rate assumed that City contributions will be made at rates equal to the actuarially determined contribution 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 investments was applied to all periods of projected benefit payments to determine the total OPEB liability.

93


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 Liability


Net OPEB Liability (Asset)

4,086,906$ 4,129,644$ (42,738)$ Change in the year:

Service Cost 87,998 - 87,998 Interest 260,390 - 260,390 Difference between expected and actual experience - 12,827 (12,827) Expected investment income - 259,098 (259,098) Changes in assumptions 549,173 - 549,173 Contribution-employer - 73,696 (73,696) Administrative Expenses - (24,171) 24,171 Benefit payments, including refunds of employee contributions (83,470) (83,470) -

Net changes 814,091 237,980 576,111

4,900,997$ 4,367,624$ 533,373$

Increase (Decrease)

Balance at June 30, 2018 (measurement date June 30, 2017)

Balance at June 30, 2019 (measurement date June 30, 2018)

Sensitivity of the net OPEB Liability/(Asset) to Changes in the Discount Rate The following presents the net OPEB liability/(asset) 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, 2018:

1% Decrease (5.00%)

Current Discount Rate

(6.00%)1% Increase

(7.00%)Net OPEB Liability/(Asset) 1,106,797$ 533,373$ 53,481$

Sensitivity of the Net OPEB Liability/(Asset) to Changes in the Health Care Cost Trend Rates The following presents the net OPEB liability/(asset) of the 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, 2018:

1% Decrease Current Healthcare

Cost Trent Rates 1% IncreaseNet OPEB Liability/(Asset) 376,992$ 533,373$ 711,373$

94


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. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB For the fiscal year ended June 30, 2019, the City recognized OPEB expense of $234,878. As of fiscal year ended June 30, 2019, the City reported deferred outflows of resources related to OPEB from the following sources:

Deferred Outflows of

Deferred Inflows of Resources

OPEB contributions subsequent to measurement date 87,577$ -$ Changes of assumptions 457,645 - Differences between expected and actual experience - 56,483 Net difference between projected and actual earnings on OPEB plan investments - 100,805 Total 545,222$ 157,288$

The $87,577 reported as deferred outflows of resources related to contributions subsequent to the June 30, 2018 measurement date will be recognized as a reduction of the net OPEB liability during the fiscal year ending June 30, 2020. Other amounts reported as deferred outflows of resources related to OPEB will be recognized as expense as follows:

Fiscal Year Ended June 30:

Deferred Outflows/Inflows

of Resources2020 47,721$ 2021 47,721 2022 47,721 2023 77,900 2024 79,294

Total 300,357$

95


Section 457 Part-Time, Temporary, and Seasonal (PTS) Deferred Compensation Plan

Plan Description – The City participates in the 457 PTS plan administered by ICMA Retirement Corporation. 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. Deferred compensation funds are not subject to the claims of the City’s general creditors; consequently, the assets and related liabilities of the plan are not included within the City’s financial statements. Employees 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, 2019, 17 employees participate in the Plan and the ending investment balance was $37,103.

Note 14: 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, are 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.

96

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 14: Commitments and Contingencies (Continued)

Construction Commitments

The City had several outstanding or planned construction projects as of June 30, 2019. These projects are committed by contractual agreements with contractors, and include the following major projects:

Spent to Date Commitment Remaining

Name of Funds Committed Souce of Funds

Annual Overlay 259,935$ 3,301,621$ Capital Improvement Projects Fund (1)Pleasant Valley Desalter Project 8,785,007 1,129,223 Water Capital Projects Fund (2) Total 9,044,942$ 4,430,844$

(1)(2)

Project Description

The Pleasant Valley Desalter Project is funded by Water Capital Projects Fund from user fees, federal grants and capital fees.The Annual Overlay project is funded by SB1, TDA Article 8a and Traffic Mitigation Fees.

As of June 30, 2019, in the opinion of City management, no additional outstanding matters would have a significant effect on the financial position of the funds of the City.

Note 15: Restatement of Prior Year Balances

The various restatements of beginning net position or fund balance and the reasons for each are as follows:

Camarillo Other

Governmental Corridor Projects GovernmentalActivities (1) Fund (1) Funds (1)

Beginning Net Position/Fund Balance, as Previously Reported 373,564,615$ 18,644,161$ 17,725,332$

Restatement (142,000) 635,616 183,033

Beginning Net Position/Fund Balance, as Restated 373,422,615$ 19,279,777$ 17,908,365$

(1) Beginning net position of governmental activities and the fund balances of the Camarillo Corridor Projects Area and other governmental funds were restated due to the movement of property purchased for resale in prior years held in construction in process. Property purchased with the intent to resale should be classified as an inventory asset at the fund level rather than expensed as capital outlay.

97

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 16: Related Organization

The Camarillo Ranch Foundation (the Foundation) is an individual nonprofit public benefit corporation which was incorporated under the laws of the State of California on August 26, 1998. The Foundation was created to restore and preserve the main house, farm, and grounds of the original home of Adolfo Camarillo. The home is a historical site owned by the City of Camarillo. The City Council appoints the non-self-perpetuating Board of Directors for the Foundation and approves amendments to the Articles of Incorporation and Bylaws. Although the Foundation is legally separate from the City, governmental accounting standards require the Foundation to be reported as a related organization of the City for financial reporting purposes because of the City’s accountability via the appointment of the board members. Separate financial statements for the corporation can be obtained from the City’s Finance Department.

Note 17: 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 improvements that provide access to Route 101 as well as convenient and necessary access to both the residential 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 and 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 extension 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. Up to $1 million of the value was to be paid in cash to Ran and Rancho 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, 2019, the remaining SIBA fee credit balance is $1,186,244 out of the original $4 million credit.

98

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 18: Subsequent Events

In July 2019, the Camarillo Public Finance Authority (the Authority) authorized the sale of Water Revenue Bonds in the amount of $11,800,000 to fund $12.7 million in costs to construct the North Pleasant Valley Desalter Facility. The Water Revenue Bonds have a proposed term of 20 years generating net proceeds of approximately $12,695,000. The Bonds will be callable (which means the issuer has the option to redeem them from the investor prior to its maturity) after eight years without penalty. There will also be an option for a special Bond call from USBR grant proceeds after three years. If the City is awarded additional USBR Grant funding, then unrestricted Water Funds will be available to call Bonds resulting in a reduction of annual debt service and shortening the term of the Bonds.

Note 19: Successor Agency Trust for Assets 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 and 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 redevelopment agency (each a “Dissolved RDA”) was dissolved as of February 1, 2012, and the sponsoring community that formed 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. The Dissolution Act created oversight boards which 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 due 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 community that formed the Dissolved RDA to elect to assume the housing functions and take over certain housing assets of the Dissolved RDA.

99

CITY OF CAMARILLO NOTES TO BASIC FINANCIAL STATEMENTS (CONTINUED) JUNE 30, 2019 Note 19: Successor Agency Trust for Assets of Former Redevelopment Agency (Continued)

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 Finance (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 agreement regarding expenditures of excess bond proceeds of $12.1 million to fund the following infrastructure:

Capital Project: Entertainment Center/Bowling Alley Site Improvements 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 the 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 Redevelopment Property Tax Trust Fund (RPTTF) for each Successor Agency and depositing into the RPTTF for each six-month period, the amount of property taxes that would have been redevelopment property 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 recognized obligation payment schedule (the ROPS) approved by the countywide oversight board setting forth the amounts due for each six-month enforceable obligation period. The ROPS is submitted 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 18/19, and subsequently over the next twelve-month period effective ROPS 19/20. The Successor Agency received the following amount from the County Auditor-Controller in FY 2018/19: $3,364,962 on December 27, 2018, for ROPS 18-19B (for the payment of January 1, 2019 through June 30, 2019 enforceable obligations) and $90,545 on May 30, 2019 for ROPS 19-20A (for the payment of July 1, 2019 through December 31, 2019 enforceable obligations).

100


Long-Term Debt The following is a summary of long-term debt transactions for the fiscal year ended June 30, 2019:

Balance at June 30, 2018 Deletions


Amounts Due Within One

Year

Amounts Due in More Than One

Year

2014 Successor Agency (SA) Refunding Bonds 14,440,000$ 475,000$ 13,965,000$ 500,000$ 13,465,000$ Premium on 2014 SA Bonds 2,005,216 108,390 1,896,826 - 1,896,826

2016A Senior Lien Tax AllocationRefunding Bonds 4,560,000 - 4,560,000 - 4,560,000

2016A-T Taxable Senior Lien Tax AllocationRefunding Bonds 4,570,000 260,000 4,310,000 260,000 4,050,000 Discount on 2016 A & A-T Bonds (90,311) (4,014) (86,297) - (86,297)

2016B Tax Allocation Refunding Bonds 30,165,000 550,000 29,615,000 570,000 29,045,000 Premium on 2016B Bonds 826,411 36,729 789,682 - 789,682

Total Fiduciary Activities 56,476,316$ 1,426,105$ 55,050,211$ 1,330,000$ 53,720,211$

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 rates 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 the cost of issuance relating to the 2014 Bonds. With this refunding, the City realized a net present value savings of approximately $1.18 million and average annual debt service savings of $150,222 over the remaining life of the bonds. Total principal and interest remaining on the bond totals $21,197,425 and is payable through FY 2036/37. The annual debt service requirements at June 30, 2019, were as follows:

Year Ending June 30 Principal Interest Total

2020 500,000$ 684,675$ 1,184,675$ 2021 525,000 659,050 1,184,050 2022 550,000 632,175 1,182,175 2023 580,000 603,925 1,183,925 2024 605,000 574,300 1,179,300

2025 - 2029 3,525,000 2,377,813 5,902,813 2030 - 2034 4,435,000 1,438,906 5,873,906 2035 - 2037 3,245,000 261,581 3,506,581

Totals 13,965,000$ 7,232,425$ 21,197,425$

101


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 (CDC), 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 proceeds 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. With this refunding, the City reduced its total debt service payments by $526,618 and obtained an economic gain (difference between the present values of the old and new debt service payments) of $124,211. The City, as Successor Agency to the CDC, will pay all future bond obligations with RPTTF distributions to service enforceable obligations. Total principal and interest remaining on the bond totals $8,031,550 and is payable through FY 2041/42. The annual debt service requirements at June 30, 2019, were as follows:

Year Ending June 30 Principal Interest Total 2020 -$ 188,000$ 188,000$ 2021 - 188,000 188,000 2022 - 188,000 188,000 2023 - 188,000 188,000 2024 - 188,000 188,000

2025 - 2029 - 940,000 940,000 2030 - 2034 560,000 918,750 1,478,750 2035 - 2039 2,350,000 572,200 2,922,200 2040 - 2042 1,650,000 100,600 1,750,600

Totals 4,560,000$ 3,471,550$ 8,031,550 $

102


2016A-T Taxable Senior Lien Tax Allocation 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 surety bond and fund the cost of issuance relating to the 2016A-T Bonds. With this refunding, the City reduced its total debt service payments by $1,142,834 and obtained an economic gain (difference between the present values of the old and new debt service payments) of $588,557. Total principal and interest remaining on the bond totals $5,484,628 and is payable through FY 2032/33. The annual debt service requirements at June 30, 2019, were as follows:


2020 260,000$ 141,944$ 401,944$ 2021 265,000 136,528 401,528 2022 270,000 130,506 400,506 2023 285,000 123,381 408,381 2024 290,000 115,113 405,113

2025 - 2029 1,585,000 424,456 2,009,456 2030 - 2033 1,355,000 102,700 1,457,700

Totals 4,310,000$ 1,174,628$ 5,484,628$

2016B Tax Allocation Refunding Bonds – Original Issue $31,295,000 On December 22, 2016, the 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 rates ranging from 2.00% to 5.00%, with a maturity date of September 1, 2041. The proceeds of the 2016B 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 With this refunding, the City reduced its total debt service payments by $4,960,142 and obtained an economic gain (difference between the present values of the old and new debt service payments) of $1,332,945. Total principal and interest remaining on the bond totals $48,316,450 and is payable through FY 2041/42. The annual debt service requirements at June 30, 2019, were as follows:


2020 570,000$ 1,255,000$ 1,825,000$ 2021 595,000 1,228,725 1,823,725 2022 625,000 1,198,225 1,823,225 2023 650,000 1,166,350 1,816,350 2024 690,000 1,132,850 1,822,850

2025 - 2029 3,920,000 5,173,900 9,093,900 2030 - 2034 4,880,000 4,170,500 9,050,500 2035 - 2039 8,850,000 2,836,600 11,686,600 2040 - 2042 8,835,000 539,300 9,374,300

Totals 29,615,000$ 18,701,450$ 48,316,450$

103


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 Agency to the former CDC. Total principal and interest remaining on the allocation bonds totals $83,030,053, payable through FY 2041/42. Current fiscal year bond principal and interest paid with RPTTF were as follows:

Bond SeriesPrincipal and

Interest2014 Successor Agency Tax Allocation Refunding Bonds 1,184,050$ 2016A Senior Lien Tax Allocation Refundings Bonds, Series 2016A 188,000 2016A-T Taxable Senior Lien Tax Allocation Refunding Bonds, Series A-T 406,656 2016B Tax Allocation Refunding Bonds, Series 2016B 1,824,650

3,603,356$

Tax Increment Revenue

RPTTF Distribution paid to Successor Agency (including distribution to pay Adminstrative Expenses) 3,455,507$

104

REQUIRED SUPPLEMENTARY

INFORMATION

105

106

107

108

109

CITY OF CAMARILLO

MISCELLANEOUS PLANSCHEDULE OF PLAN CONTRIBUTIONSAS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)

2015 2016 2017 2018 2019Actuarially Determined Contribution 2,325,428$ 2,533,480$ 2,703,270$ 2,813,118$ 3,119,397$ Contribution in Relation to the Actuarially Determined Contribution (2,325,428) (2,533,480) (2,703,270) (2,813,118) (3,119,397)Contribution Deficiency (Excess) -$ -$ -$ -$ -$

Covered Payroll 11,104,864$ 11,057,800$ 11,487,379$ 11,917,898$ 12,131,043$

Contributions as a Percentage of Covered Payroll 20.94% 22.91% 23.53% 23.60% 25.71%

Note to Schedule:

Valuation Date: June 30, 2016

Methods and assumptions used to determine contribution rates:Actuarial cost method Entry age normal cost methodAmortization method/period Level percentage of payroll, closedAssets valuation method Market ValueInflation 2.75%Payroll GrowthInvestment rate of return

Retirement age

Mortality

(1) Historical information is required only for measurement for which GASB 68 is applicable. FY 2014/15 was the first year of implementation, therefore only five years are shown.

3.00%

The mortality table used was developed based on CalPERS’ specific data. The table includes 20years of mortality improvements using Society of Actuaries Scale BB. For more details on thistable, please refer to the 2014 experience study report.

All other actuarial assumptions used in the June 30, 2016 valuation were based on the results ofan actuarial experience study for the period from 1997 to 2011, including updates to salaryincrease, mortality and retirement rates. The Experience Study report may be accessed on theCalPERS website at www.calpers.ca.gov under Forms and Publications.

7.375% net of pension investment and administrative expenses, including inflation.

110

CITY OF CAMARILLO

SCHEDULE OF CHANGES IN NET OPEB LIABILITY AND RELATED RATIOS

AS OF JUNE 30, FOR THE LAST TEN FISCAL YEARS (1)

2018 2019

Total OPEB Liability

Service cost 85,228$ 87,998$

Interest on the total OPEB liability 249,258 260,390

Differences between expected and actual experiences (78,605) -

Changes in assumptions - 549,173

Benefit payments (79,229) (83,470)

Net change in total OPEB liability 176,652 814,091

Total OPEB liability - beginning 3,910,254 4,086,906

Total OPEB liability - ending (a) 4,086,906$ 4,900,997$


Contribution - employer 98,470$ 73,696$

Net investment income 386,435 259,098

Difference between expected and actual investmetn income - 12,827

Benefit payments (79,229) (83,470)

Administrative expense (10,119) (24,171)

Net change in plan fiduciary net position 395,557 237,980

Plan fiduciary net position - beginning 3,734,087 4,129,644

Plan fiduciary net position - ending (b) 4,129,644$ 4,367,624$

Net OPEB Liability/(Asset) - ending (a) - (b) (42,738)$ 533,373$

Plan fiduciary net position as a percentage of the total OPEB liability 101.05% 89.12%

Covered-employee payroll 14,948,682$ 15,529,727$

Net OPEB asset as a percentage of covered-employee payroll -0.29% 3.43%

(2) Changes of Assumptions: In 2018, the discount rate was reduced from 6.30% to 6.00%.

(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.

111

112

113

114

115

Special Revenue Funds:

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 specified purposes, debt service, and capital projects. Budgets are prepared using the modified

accrual basis of accounting consistent with U.S. generally accepted accounting principles.

Article 8 TDA Fund - This fund is used to account for special state subventions under the Transportation Development Act (TDA)

that are legally restricted to the maintenance of highways within the City's boundaries.

Gas Tax Fund - This fund is used to account for motor fuel tax revenues that are legally restricted to the maintenance and

construction of streets.

Article 3 TDA Fund - This fund is used to account for special state subventions under the TDA that are legally restricted to the

maintenance of bikeways and handicapped ramps within the City's boundaries.

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.

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.

Maintenance Districts Special Revenue Fund - This fund accounts for restricted property tax and/or assessments to be used

for maintenance within the eleven districts below:

Sares/Regis Maintenance District - This is used for maintenance of a drainage basin which serves the Sares/Regis Tract.

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.

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.

Mission Oaks Industrial - This is used to account for revenues from assessments that are to be used to maintain landscaping

within the district.

Armitos Storm Basins Maintenance District - This is used to maintain three storm drain desilting basins which serve the

Armitos Tract.

Wittenberg Maintenance District 2A - This is used to account for revenues from assessments levied on properties within the

Wittenberg subdivision that are specifically restricted to the maintenance of landscape and open space areas within and

immediately adjacent to the tract.

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.

Lighting and Landscape Maintenance - This is used to account for property tax revenues that are restricted to citywide street

lighting and landscape maintenance expenditures.

Air Quality Management Fund - This fund is used to account for revenues from air quality impact fees that are required to be

used for transportation mitigation.

SB1 - This fund is used to account for revenues received for road maintenance and rehabilitation apportionments from the State of

California and expenditures for projects.

Vista Las Posas Maintenance District - This is used for the maintenance of entrance street landscaping and a storm water

detention basin in the Vista Las Posas development.

116

NON-MAJOR GOVERNMENTAL FUNDS

Library Debt Service Fund - This fund is 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 the construction of the Library.

Debt Service Funds:

Community Facilities District (CFD) #1 Fund - This fund is used to account for capital asset acquisition and construction in the

Community Facilities District, including a bridge at the 101/Central Avenue Interchange, sewer improvements and drainage

improvements together with appurtenances and appurtenant work, equipment, real property, and other tangible property.

Capital Improvement Projects Fund - This fund is used to account for capital asset acquisition, construction and improvement of

capital facilities, including infrastructure, from general government resources, developer fees, and intergovernmental grants.

Capital Projects Funds:

Cable PEG Fees Fund - This fund is used to account for revenues dedicated to capital improvements of cable Public Access

facilities.

Library Special Revenue Fund - This fund is used to account for public contributions that are legally restricted to the operations

of the Library.

Community Development Block Grant Fund - This fund is used to account for Federal Entitlements and related expenditures

restricted for the purpose of providing resources primarily for home rehabilitation projects for low income applicants, first-time

home buyers, senior housing projects, and the Fair Housing Counseling Program.

117

CITY OF CAMARILLO

COMBINING BALANCE SHEET

NONMAJOR GOVERNMENTAL FUNDS

JUNE 30, 2019

Assets:

Cash and investments 3,104,060$ 790$ 176$ 853,177$

Receivables:

Accounts - - - 224,977

Notes and loans - - - -

Accrued interest 20,242 - 5,384 2,581

Grants - - - -

Prepaid costs - - - -

Deposits - - - -

Land held for resale - - - -

Restricted assets:

Cash and investments with fiscal agents - - - -

Total Assets 3,124,302$ 790$ 5,560$ 1,080,735$

Liabilities and Fund Balances:

Liabilities:

Accounts payable -$ -$ -$ -$

Accrued liabilities - - - -

Retentions payable - - - -

Deposits payable - - - -

Total Liabilities - - - -

Fund Balances:

Nonspendable: - - - -

Restricted 3,124,302 790 5,560 1,080,735

Assigned - - - -

Total Fund Balances 3,124,302 790 5,560 1,080,735

Total Liabilities and Fund Balances 3,124,302$ 790$ 5,560$ 1,080,735$


Article 8 TDA Article 3 TDA Gas Tax SB1

118

CITY OF CAMARILLO



JUNE 30, 2019

Assets:

Cash and investments

Receivables:

Accounts

Notes and loans

Accrued interest

Grants

Prepaid costs

Deposits

Land held for resale

Restricted assets:

Cash and investments with fiscal agents

Total Assets


Liabilities:

Accounts payable

Accrued liabilities

Retentions payable

Deposits payable

Total Liabilities

Fund Balances:

Nonspendable:

Restricted

Assigned

Total Fund Balances

Total Liabilities and Fund Balances

(CONTINUED)

2,991,960$ 43,582$ 37,912$ 451,861$

79,849 - - -

- - 477,251 -

13,819 266 - 3,088

- - 77,967 -

- - - -

- - - -

- - 183,033 -

- - - -

3,085,628$ 43,848$ 776,163$ 454,949$

256,250$ -$ 73,565$ 59,777$

50,515 - - -

4,998 - - -

- - - 95

311,763 - 73,565 59,872

- - - -

2,773,865 43,848 702,598 395,077

- - - -

2,773,865 43,848 702,598 395,077

3,085,628$ 43,848$ 776,163$ 454,949$


Community

Development

Block Grant Library

Air Quality

Management

Maintenance

Districts

Special

Revenue

119

CITY OF CAMARILLO



JUNE 30, 2019

Assets:

Cash and investments

Receivables:

Accounts

Notes and loans

Accrued interest

Grants

Prepaid costs

Deposits

Land held for resale

Restricted assets:

Cash and investments with fiscal agents

Total Assets


Liabilities:

Accounts payable

Accrued liabilities

Retentions payable

Deposits payable

Total Liabilities

Fund Balances:

Nonspendable:

Restricted

Assigned

Total Fund Balances

Total Liabilities and Fund Balances

Special

Revenue Funds

Debt Service

Fund

Total

Governmental

Funds

1,629,884$ 7,556,596$ -$ 60$ 16,670,058$

33,006 - - - 337,832

- - - - 477,251

8,413 - - - 53,793

- - - - 77,967

- 2,500 - - 2,500

- 40,000 - - 40,000

- - - - 183,033

- - - 498,736 498,736

1,671,303$ 7,599,096$ -$ 498,796$ 18,341,170$

-$ 215,067$ -$ -$ 604,659$

- - - - 50,515

- 15,296 - - 20,294

- 337,903 - - 337,998

- 568,266 - - 1,013,466

- 42,500 - - 42,500

1,671,303 - - 498,796 10,296,874

- 6,988,330 - - 6,988,330

1,671,303 7,030,830 - 498,796 17,327,704

1,671,303$ 7,599,096$ -$ 498,796$ 18,341,170$

Library Debt

Service

Capital

Improvement

Projects

Community

Facilities

District (CFD)

#1

Cable PEG

Fees

Capital Projects Fund

120

121

CITY OF CAMARILLO

COMBINING STATEMENT OF REVENUES,




Revenues:

Taxes -$ -$ -$ -$

Subventions and grants 2,382,314 8,770 1,416,622 1,260,586

Charges for services - - 1,103 -

Investment earnings 112,060 395 19,642 14,287

Fines and forfeitures - - - -

Contributions and developer fees - - - -

Total Revenues 2,494,374 9,165 1,437,367 1,274,873

Expenditures:

Current:

Economic development - - - -

Cultural arts and library services - - - -

Highways and streets - - - -

Capital outlay - - - -

Debt service:

Principal - - - -

Interest - - - -

Total Expenditures - - - -


Over (Under) Expenditures 2,494,374 9,165 1,437,367 1,274,873


Transfers in - - - -

Transfers out (3,788,117) (8,770) (1,761,000) (341,966)


(Uses) (3,788,117) (8,770) (1,761,000) (341,966)

Net Change in Fund Balances (1,293,743) 395 (323,633) 932,907

Fund Balances, Beginning of Year 4,418,045 395 329,193 147,828

Restatements - - - -

Fund Balances, Beginning of Year, as Restated 4,418,045 395 329,193 147,828

Fund Balances, End of Year 3,124,302$ 790$ 5,560$ 1,080,735$


Gas Tax SB1 Article 8 TDA Article 3 TDA

122

CITY OF CAMARILLO





Revenues:

Taxes



Investment earnings



Total Revenues

Expenditures:

Current:




Capital outlay

Debt service:

Principal

Interest

Total Expenditures




Transfers in

Transfers out


(Uses)


Fund Balances, Beginning of Year

Restatements

Fund Balances, Beginning of Year, as Restated


(CONTINUED)

2,902,839$ -$ -$ -$

- - 226,650 -

210,584 40,018 - -

83,139 1,472 - 17,098

5,780 - - -

- - - 427,738

3,202,342 41,490 226,650 444,836

- - 390,682 -

- - - 465,357

5,155,537 - - -

123,465 - - -

- - - -

- - - -

5,279,002 - 390,682 465,357

(2,076,660) 41,490 (164,032) (20,521)

1,708,267 - - -

- (20,152) - -

1,708,267 (20,152) - -

(368,393) 21,338 (164,032) (20,521)

3,142,258 22,510 683,597 415,598

- - 183,033 -

3,142,258 22,510 866,630 415,598

2,773,865$ 43,848$ 702,598$ 395,077$


Air Quality

Management

Community

Development

Block Grant Library

Maintenance

Districts Special

Revenue

123

CITY OF CAMARILLO





Revenues:

Taxes



Investment earnings



Total Revenues

Expenditures:

Current:




Capital outlay

Debt service:

Principal

Interest

Total Expenditures




Transfers in

Transfers out


(Uses)


Fund Balances, Beginning of Year

Restatements

Fund Balances, Beginning of Year, as Restated


Special

Revenue Funds

Debt Service

Funds

Total

Governmental

Funds

168,375$ -$ -$ -$ 3,071,214$

- 920 - - 5,295,862

- - - - 251,705

46,574 - 339 9,612 304,618

- - - - 5,780

- - - - 427,738

214,949 920 339 9,612 9,356,917

- - - - 390,682

54 - - 3,045 468,456

- - 20,488 - 5,176,025

- 4,581,341 - - 4,704,806

- - - 295,000 295,000

- - - 198,231 198,231

54 4,581,341 20,488 496,276 11,233,200

214,895 (4,580,421) (20,149) (486,664) (1,876,283)

- 5,081,628 - 476,900 7,266,795

(35,000) - (16,168) - (5,971,173)

(35,000) 5,081,628 (16,168) 476,900 1,295,622

179,895 501,207 (36,317) (9,764) (580,661)

1,491,408 6,529,623 36,317 508,560 17,725,332

- - - - 183,033

1,491,408 6,529,623 36,317 508,560 17,908,365

1,671,303$ 7,030,830$ -$ 498,796$ 17,327,704$

Library Debt

Service

Capital

Improvement

Projects

Community

Facilities

District (CFD)

#1

Cable PEG

Fees


124

125

126

127

CITY OF CAMARILLO

BUDGETARY COMPARISON SCHEDULE

SB1


Variance with Final Budget

Budget Amounts Actual PositiveOriginal Final Amounts (Negative)

Budgetary Fund Balance, July 1 147,828$ 147,828$ 147,828$ -$

Resources (Inflows):

Intergovernmental 1,156,163 1,090,027 1,260,586 170,559

Investment earnings 1,000 1,000 14,287 13,287

Amounts Available for Appropriations 1,304,991 1,238,855 1,422,701 183,846

Charges to Appropriation (Outflow):

Transfers out 1,150,000 1,238,855 341,966 896,889

Total Charges to Appropriations 1,150,000 1,238,855 341,966 896,889

Budgetary Fund Balance, June 30 154,991$ -$ 1,080,735$ 1,080,735$

128

129

130

131

132

133

134

135

136

Police Facility Fund

Library Facility Fund

Camarillo Ranch Facility Fund

Chamber of Commerce Facility Fund

Risk Management Fund

Information Services Fund

Vehicles & Equipment Fund

City Hall Facility Fund

Corporation Yard Facility Fund

137

138

139

CITY OF CAMARILLO

COMBINING STATEMENT OF REVENUES, EXPENSES,


INTERNAL SERVICE FUNDS


Operating Revenues:

Charges for services 1,738,063$ 1,752,255$ 840,486$ 1,099,992$ 709,992$

Total Operating Revenues 1,738,063 1,752,255 840,486 1,099,992 709,992

Operating Expenses:

Administration and general 35,015 660,188 5,835 441,221 85,920

Cost of sales and services 2,175,684 1,178,799 468,077 250,619 54,692

Depreciation expense - 47,073 339,412 78,702 67,826

Total Operating Expenses 2,210,699 1,886,060 813,324 770,542 208,438

Operating Income (Loss) (472,636) (133,805) 27,162 329,450 501,554


Interest revenue 12,782 75,568 135,448 105,224 49,986

Other 96,649 - - - -

Loss on disposal of capital assets - - (2,018) - -

Total Nonoperating

Revenues (Expenses) 109,431 75,568 133,430 105,224 49,986

Income (Loss) Before Transfers (363,205) (58,237) 160,592 434,674 551,540

Transfers in - - - 35,000 -

Changes in Net Position (363,205) (58,237) 160,592 469,674 551,540

Net Position:

Beginning of Year 1,104,293 674,170 5,438,830 4,648,229 2,296,792

End of Year 741,088$ 615,933$ 5,599,422$ 5,117,903$ 2,848,332$

Corporation

Yard Facility

Risk

Management

Information

Services

Vehicles &

Equipment

City Hall

Facility

140

CITY OF CAMARILLO

COMBINING STATEMENT OF REVENUES, EXPENSES,


INTERNAL SERVICE FUNDS


Operating Revenues:


Total Operating Revenues

Operating Expenses:

Administration and general

Cost of sales and services

Depreciation expense

Total Operating Expenses

Operating Income (Loss)


Interest revenue

Other

Loss on disposal of capital assets

Total Nonoperating

Revenues (Expenses)

Income (Loss) Before Transfers

Transfers in

Changes in Net Position

Net Position:

Beginning of Year

End of Year

Total

-$ 300,000$ -$ -$ 6,440,788$

- 300,000 - - 6,440,788

69,671 590,380 11,682 - 1,899,912

76,141 137,236 36,284 - 4,377,532

120,842 984,801 53,606 14,253 1,706,515

266,654 1,712,417 101,572 14,253 7,983,959

(266,654) (1,412,417) (101,572) (14,253) (1,543,171)

48,862 72,975 23,196 3,553 527,594

- 64,824 - 18,431 179,904

- - - - (2,018)

48,862 137,799 23,196 21,984 705,480

(217,792) (1,274,618) (78,376) 7,731 (837,691)

- - - - 35,000

(217,792) (1,274,618) (78,376) 7,731 (802,691)

4,673,574 20,338,221 1,613,770 450,827 41,238,706

4,455,782$ 19,063,603$ 1,535,394$ 458,558$ 40,436,015$

Police Facility

Library

Facility

Camarillo

Ranch Facility

Chamber of

Commerce

Facility

141

142

143

144

West Camarillo Community Facilities District #1 Agency Fund -

General Agency Fund

Ventura County Regional Defense Partnership for the 21st Century Fund (RDP-21) -

Project HOPE Program Agency Fund

Wastewater Treatment JPA Agency Fund -

145

146

147

148

149

150

STATISTICAL SECTION

City of CamarilloStatistical Section

For the Fiscal Year ended June 30, 2019

Contents Page

Financial Trends 152-161

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 162-167

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 168-174

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.

Demographic and Economic Information 175-177

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.

Operating Information 178-182

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.

This part of the City of Camarillo's CAFR 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.

151

Table 1

City of Camarillo

Net Position by Component (1)

Last Ten Fiscal Years(accrual basis of accounting)

2010 2011 2012 2013


Net investment in capital assets 206,981,470$ 215,969,722$ 272,279,288$ 245,054,906$

Restricted 60,672,438 71,014,712 37,973,060 25,908,200

Unrestricted 54,923,984 35,468,884 65,744,134 66,179,359

Total governmental activities net position 322,577,892$ 322,453,318$ 375,996,482$ 337,142,465$

Business-type activities


Restricted 10,039,306 9,654,386 9,718,538 10,479,346

Unrestricted 34,214,512 36,076,154 39,564,125 42,649,696

Total business-type activities net position 106,046,049$ 108,909,813$ 116,997,502$ 122,072,426$

Primary government


Restricted 70,711,744 80,669,098 47,691,598 36,387,546

Unrestricted 89,138,496 71,545,038 105,308,259 108,829,055

Total primary government net position 428,623,941$ 431,363,131$ 492,993,984$ 459,214,891$

Note: (1) The City of Camarillo implemented GASB No. 63 beginning fiscal year ended June 30, 2013.

"Net Position" prior to the implementation was reported as "Net Assets".

Source: City of Camarillo financial data

Fiscal Year

152

2014 2015 2016 2017 2018 2019

267,837,593$ 264,612,956$ 260,120,182$ 260,799,336$ 254,859,084$ 265,475,397$

47,068,093 59,298,341 59,805,256 55,260,240 49,904,125 50,227,531

67,936,441 58,333,276 64,437,697 68,154,924 68,801,406 69,425,167

382,842,127$ 382,244,573$ 384,363,135$ 384,214,500$ 373,564,615$ 385,128,095$

69,067,779$ 72,327,793$ 72,884,406$ 75,859,145$ 77,742,690$ 83,485,675$

11,049,993 10,738,528 13,083,412 14,929,506 14,203,390 10,848,811

48,025,609 41,681,707 48,909,290 55,616,396 63,751,168 73,488,065

128,143,381$ 124,748,028$ 134,877,108$ 146,405,047$ 155,697,248$ 167,822,551$

336,905,372$ 336,940,749$ 333,004,588$ 336,658,481$ 332,601,774$ 348,961,072$

58,118,086 70,036,869 72,888,668 70,189,746 64,107,515 61,076,342

115,962,050 100,014,983 113,346,987 123,771,320 132,552,574 142,913,232

510,985,508$ 506,992,601$ 519,240,243$ 530,619,547$ 529,261,863$ 552,950,646$

Fiscal Year

153

Table 2

City of Camarillo

Changes in Net Position (1)

Last Ten Fiscal Years

(accrual basis of accounting)

2010 2011 2012 2013

Expenses


General government 8,065,279$ 8,086,601$ 6,796,825$ 6,578,775$

Public safety 14,882,270 14,317,124 16,307,898 15,879,390

Highways and streets 1,066,524 13,071,968 873,137 17,018,178

Economic development 5,656,971 4,453,439 3,248,069 648,253

Cultural arts and library services 2,221,017 4,636,718 4,004,723 5,133,315

3,180,385 3,812,508 871,589 257,354

35,072,446 48,378,358 32,102,241 45,515,265


Water utility 10,544,034 10,743,948 11,779,014 13,390,524

Sanitary district 8,173,995 8,119,781 8,946,284 8,988,900

Solid waste 6,048,900 6,023,183 6,100,797 6,184,139

Transit 1,428,016 1,465,649 1,510,091 1,650,848

26,194,945 26,352,561 28,336,186 30,214,411

61,267,391$ 74,730,919$ 60,438,427$ 75,729,676$



General government 1,395,043$ 1,183,939$ 1,190,005$ 1,226,218$

Public safety 665,468 627,862 670,579 649,786

Highways and streets 1,625,890 937,036 967,307 5,652,839

Economic development 186,454 73,790 701,929 636,463

Cultural arts and library services - 16,639 77,156 89,374

Operating grants and contributions 2,640,067 3,382,673 2,518,591 2,326,716

Capital grants and contributions 3,711,143 3,176,000 3,473,171 4,798,696

10,224,065 9,397,939 9,598,738 15,380,092



Water utility 10,060,914 10,983,673 12,820,577 14,355,497

Sanitary district 7,394,867 8,123,337 8,750,762 9,703,978

Solid waste 5,932,441 5,977,531 6,002,286 6,017,861

Transit 105,686 119,970 100,966 132,067

Operating grants and contributions 507,310 536,609 525,696 84,294

Capital grants and contributions 3,358,509 1,426,834 5,821,585 3,144,828

27,359,727 27,167,954 34,021,872 33,438,525

37,583,792$ 36,565,893$ 43,620,610$ 48,818,617$

Fiscal Year

Total governmental activities program revenues

Total business-type activities program revenues

Program revenues

Total primary government program revenues

Total primary government expenses

Total governmental activities expenses

Total business-type activities expenses

Interest on long-term debt

(1 of 4)

154

2014 2015 2016 2017 2018 2019

5,441,510$ 6,327,562$ 5,114,356$ 7,109,659$ 7,702,944$ 7,273,382$

16,692,337 17,029,186 17,108,233 18,231,069 19,190,794 19,407,941

18,465,755 19,425,410 19,836,949 23,192,629 23,805,001 21,407,999

668,766 661,390 777,968 563,673 906,942 1,447,570

5,270,325 5,089,748 5,312,804 5,250,618 3,923,701 3,913,166

227,362 220,969 215,510 209,102 204,320 197,647

46,766,055 48,754,265 48,365,820 54,556,750 55,733,702 53,647,705

13,244,937 12,858,698 12,793,232 13,486,961 15,031,630 14,237,093

10,521,057 10,374,619 10,664,025 10,769,483 11,653,295 11,225,898

6,178,466 6,139,790 6,345,936 6,602,085 6,704,503 7,421,778

1,772,128 1,920,837 2,057,766 2,290,412 2,494,729 2,643,638

31,716,588 31,293,944 31,860,959 33,148,941 35,884,157 35,528,407

78,482,643$ 80,048,209$ 80,226,779$ 87,705,691$ 91,617,859$ 89,176,112$

1,823,785$ 2,177,348$ 2,045,943$ 2,683,108$ 2,521,911$ 979,326$

686,795 700,453 968,231 978,441 1,009,211 2,511,601

2,351,632 3,720,598 4,361,291 4,748,956 4,624,950 4,462,849

882,264 902,059 683,740 1,158,289 608,652 -

95,823 95,969 87,604 81,624 77,407 76,653

2,853,781 3,625,229 2,662,678 4,870,010 5,303,078 5,962,340

7,589,460 4,600,406 3,939,339 780,804 217,681 8,044,164

16,283,540 15,822,062 14,748,826 15,301,232 14,362,890 22,036,933

15,247,231 13,640,075 13,681,246 14,372,963 15,903,517 14,673,770

11,096,593 12,125,996 12,691,523 13,307,078 13,643,880 14,005,034

6,012,992 6,006,181 6,236,906 6,495,545 6,675,146 7,264,338

139,804 230,146 183,159 195,170 203,934 182,350

1,429,785 880,409 1,139,148 2,738,953 1,307,688 1,351,913

1,741,568 2,977,376 4,948,563 - 2,174,438 5,469,803

35,667,973 35,860,183 38,880,545 37,109,709 39,908,603 42,947,208

51,951,513$ 51,682,245$ 53,629,371$ 52,410,941$ 54,271,493$ 64,984,141$

(Continued)

Fiscal Year

(2 of 4)

155

City of Camarillo

Changes in Net Position (1)

(Continued)

Last Ten Fiscal Years

(accrual basis of accounting)

2010 2011 2012 2013

Net (Expense)/Revenue

Governmental activities (24,848,381)$ (38,980,419)$ (22,503,503)$ (30,135,173)$

Business-type activities 1,164,782 815,393 5,685,686 3,224,114

(23,683,599)$ (38,165,026)$ (16,817,817)$ (26,911,059)$

General revenues and other changes in net position


Taxes

Property taxes 18,936,099$ 19,401,813$ 17,829,713$ 13,200,725$

Sales taxes 11,428,670 12,591,309 13,368,424 13,745,464

Business license taxes 1,225,899 1,320,115 1,274,862 1,309,336

Transient occupancy taxes 1,432,231 1,581,673 1,702,362 1,849,831

Motor vehicle in lieu (2)

200,346 303,904 - -

Franchise taxes (2)

2,292,835 2,593,268 2,647,767 2,674,374

Unrestricted grants and contributions 437,318 47,441 75,433 67,808

Investment earnings 1,104,768 1,037,042 544,265 186,361

Gain (Loss) on sale of assets - 70,173 24,776 -

Miscellaneous 1,851,139 550,175 1,279,677 579,524

Transfers (483,150) (641,068) (786,789) (605,416)

- - 38,086,177 (43,414,063)

Total governmental activities 38,426,155 38,855,845 76,046,667 (10,406,056)


Property taxes 980,401 949,693 979,529 996,297

Investment earnings 538,124 357,168 286,318 105,832

17,217 - - -

Miscellaneous 180,018 100,442 349,367 514,946

Transfers 483,150 641,068 786,789 605,416

Total business-type activities 2,198,910 2,048,371 2,402,003 2,222,491

Total primary government 40,625,065$ 40,904,216$ 78,448,670$ (8,183,565)$

Change in net position

Governmental activities 13,577,774$ (124,574)$ 53,543,164$ (40,541,229)$

Business-type activities 3,363,692 2,863,764 8,087,689 5,446,605

Total primary government 16,941,466$ 2,739,190$ 61,630,853$ (35,094,624)$

Notes: (1) The City of Camarillo implemented GASB No. 63 beginning fiscal year ended June 30, 2013. "Net Position" prior to the

implementation was reported as "Net Assets".

(2) Starting FY 2011/12, the City no longer received Motor Vehicle In-Lieu Tax, but continued to receive vehicle license

fees, which were included in Property Tax.


(3) 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.

Fiscal Year

Gain (Loss) on sale of assets/extraordinary loss

Special item (3)

Total primary government net expense

(3 of 4)

156

2014 2015 2016 2017 2018 2019

(30,482,515)$ (32,830,728)$ (33,616,994)$ (39,255,518)$ (41,370,812)$ (31,610,772)$

3,951,385 4,566,239 7,019,586 3,960,768 4,024,446 7,418,801

(26,531,130)$ (28,264,489)$ (26,597,408)$ (35,294,750)$ (37,346,366)$ (24,191,971)$

13,608,326$ 14,491,806$ 15,344,600$ 16,165,826$ 16,509,090$ 17,159,172$

14,078,170 14,296,711 13,886,357 14,147,855 13,980,438 15,283,516

1,336,944 1,290,792 1,332,550 1,378,823 1,387,616 1,409,557

2,034,121 2,266,171 2,542,335 2,418,114 2,510,027 2,655,564

- - - - - -

2,587,347 2,763,700 2,770,967 2,773,583 2,778,808 2,888,269

65,740 312,567 72,856 2,034,212 - -

530,436 496,756 946,526 488,052 1,176,701 4,178,236

64,367 - - - - -

432,719 198,354 150,686 124,136 136,807 337,988

(605,493) (984,746) (749,364) (595,524) (1,160,000) (596,050)

42,049,500 12,141,648 (561,957) - - -

76,182,177 47,273,759 35,735,556 38,935,077 37,319,487 43,316,252

980,657 1,053,636 1,081,995 1,129,366 1,191,206 1,254,508

285,967 274,488 503,891 292,679 756,218 2,730,408

1,290 - - 18,301 (11,763) -

246,163 277,260 774,244 5,571,301 1,988,256 125,536

605,493 984,746 749,364 595,524 1,160,000 596,050

2,119,570 2,590,130 3,109,494 7,607,171 5,083,917 4,706,502

78,301,747$ 49,863,889$ 38,845,050$ 46,542,248$ 42,403,404$ 48,022,754$

45,699,662$ 14,341,556$ 2,118,562$ (320,441)$ (9,349,549)$ 11,705,480$

6,070,955 7,156,369 10,129,080 11,567,939 9,108,363 12,125,303

51,770,617$ 21,497,925$ 12,247,642$ 11,247,498$ (241,186)$ 23,830,783$

(Concluded)

Fiscal Year

(4 of 4)

157

Table 3

City of CamarilloFund Balances, Governmental FundsLast Ten Fiscal Years(modified accrual basis of accounting)

2010 2011 2012 2013 2014

General FundReserved 11,751,540$ -$ -$ -$ -$ Unreserved 31,191,579 - - - - Nonspendable - 12,837 132,978 12,085,695 158,874 Restricted - - - - - Committed - 11,508,000 11,508,000 - 41,500,000 Assigned - 1,048,689 966,195 91,389 1,724,288 Unassigned - 33,148,450 34,833,689 38,141,636 7,512,481

Total General Fund 42,943,119$ -$ -$ 50,318,720$ 50,895,643$

All other governmental fundsReserved 52,355,445$ -$ -$ -$ -$ Unreserved, reported in:

Special revenue funds 25,353,109 - - - - Capital projects funds 28,428,001 - - - - Debt service funds (11,508,000) - - - -

Nonspendable - 16,194,057 16,194,057 950 - Restricted - 39,896,176 13,223,193 11,369,121 30,360,036 Assigned - 18,561,847 12,275,672 13,206,526 14,365,847

Total all other governmental funds 94,628,555$ 74,652,080$ 41,692,922$ 24,576,597$ 44,725,883$

Note: The City implemented GASB Statement No. 54 in FY 2010/11 and reserved and unreserved fund classifications were changed to nonspendable, restricted, committed, assigned, and unassigned.


Fiscal Year

158

2015 2016 2017 2018 2019

-$ -$ -$ -$ -$ - - - - -

206,808 232,956 222,608 217,238 240,531 - - - - 5,455,177

48,100,000 49,700,000 46,850,000 47,484,000 51,178,734 116,075 297,372 203,763 92,592 143,016

7,855,867 9,061,427 11,052,990 14,535,452 10,921,126 56,278,750$ 59,291,755$ 58,329,361$ 62,329,282$ 67,938,584$

-$ -$ -$ -$ -$

- - - - - - - - - - - - - - - - - - - 42,500

41,642,200 42,146,370 53,508,777 49,878,594 44,772,354 15,246,749 16,027,942 6,518,057 6,529,623 6,988,330 56,888,949$ 58,174,312$ 60,026,834$ 56,408,217$ 51,803,184$

Fiscal Year

159

Table 4

City of CamarilloChanges in Fund Balances, Governmental FundsLast Ten Fiscal Years(modified accrual basis of accounting)

2010 2011 2012 2013

RevenuesTaxes 32,721,142$ 34,894,910$ 34,175,361$ 30,314,982$ Subventions and grants 6,241,689 5,728,069 5,845,020 6,665,214 Licenses and permits 471,869 488,667 632,344 541,310

2,436,789 2,593,268 2,647,767 2,674,372 Contributions and developer fees 3,473,524 1,335,676 436,531 1,306,307 Fines and forfeitures 514,081 441,806 454,877 431,613 Charges for services 1,374,664 1,634,987 1,668,823 5,668,801 Investment earnings 937,623 1,477,647 461,949 156,071 Miscellaneous 166,285 202,090 171,214 167,793 Total revenues 48,337,666 48,797,120 46,493,886 47,926,463

ExpendituresGeneral government 5,129,145 5,355,586 5,968,315 7,164,851 Public safety 14,751,720 15,261,371 16,253,332 15,878,506 Highways and streets 9,631,791 9,751,958 9,636,890 9,701,745 Economic development 2,427,657 2,040,630 1,207,905 647,439 Cultural arts and library services 2,223,839 4,100,718 4,544,803 4,384,149 Pass through payments to other agencies 1,705,206 1,924,713 1,041,259 * - AB1484 true up payment - - 932,115 - Supplemental Education Revenue Augmentation Fund 1,746,229 359,518 - * - Capital outlay 12,754,040 21,209,677 12,773,340 5,976,763 Debt service

Principal 3,294,176 1,630,000 1,375,000 570,000 Interest 1,040,000 3,808,956 1,757,233 241,274 Cost of issuance 546,031 - 273,831 -

Total expenditures 55,249,834 65,443,127 55,764,023 44,564,727

Excess (deficiency) of revenues over (under) expenditures (6,912,168) (16,646,007) (9,270,137) 3,361,736

Other Financing Sources (Uses)Debt proceeds 17,490,000 - - -

(258,521) - - - Transfers in 14,664,822 55,319,155 6,733,985 7,985,504 Transfers out (15,285,590) (55,874,766) (7,597,874) (8,684,636) Issuance of refunding bonds - - 7,630,000 - Premium on refunding bonds - - 262,360 - Payment to refunding bonds escrow agent - - (7,620,591) - Total other financing sources (uses) 16,610,711 (555,611) (592,120) (699,132)

- - (21,374,015) (16,901,071)

Net change in fund balances 9,698,543$ (17,201,618)$ (31,236,272)$ (14,238,467)$

16.4% * 14.4% * 17.1% * 13.0%

* Revised data** Previously reported as a reduction in property tax revenueNote: (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 Item.


Debt service as a percentage of noncapital expenditures

Premium/(discount) on debt issuance

Special item (2)

Fiscal Year

Franchises (1)

160

2014 2015 2016 2017 2018 2019

31,057,561$ 31,057,561$ 33,105,842$ 36,884,201$ 37,165,979$ 39,547,817$ 7,091,788 7,091,788 5,828,315 6,426,076 5,160,734 5,502,690 1,165,401 1,165,401 1,256,693 1,847,213 2,110,041 1,459,176 2,736,842 2,736,842 2,930,156 - - - 1,571,018 1,571,018 1,892,855 3,373,182 3,204,853 3,681,467

344,387 344,387 436,301 350,882 366,304 382,099 3,042,455 3,042,455 5,018,324 3,723,151 3,623,048 2,953,758

449,022 449,022 810,179 410,039 1,008,223 3,650,642 413,228 413,228 334,841 786,984 16,219 20,844

47,871,702 47,871,702 51,613,506 53,801,728 52,655,401 57,198,493

5,443,646 5,443,646 6,163,201 6,135,609 6,154,177 7,196,639 16,671,242 16,671,242 16,962,009 18,150,594 18,863,717 19,086,438

9,991,015 9,991,015 12,327,888 14,689,649 909,559 11,558,060 737,928 737,928 786,214 564,644 3,994,886 1,445,593

4,693,922 4,693,922 5,017,579 5,136,791 11,808,473 3,894,009 - - - - - - - - - - - - - - - - - -

4,493,642 4,493,642 4,197,047 8,020,164 4,407,831 12,707,853

265,000 265,000 275,000 280,000 285,000 295,000 226,769 226,769 215,969 210,419 204,769 198,231

- - - - 42,523,164 42,523,164 45,944,907 53,187,870 46,628,412 56,381,823

5,348,538 5,348,538 5,668,599 613,858 6,026,989 816,670

- - - - - - - - - - - -

7,881,170 7,881,170 5,654,446 30,644,981 5,380,673 10,229,418 (8,545,195) (8,545,195) (6,462,720) (31,209,563) (6,518,356) (10,860,468)

- - - - - - - - - - - - - - - - - -

(664,025) (664,025) (808,274) (564,582) (1,137,683) (631,050)

16,041,696 16,041,696 (561,957) - (5,298,224) -

20,726,209$ 20,726,209$ 4,298,368$ 49,276$ (408,918)$ 185,620$

1.3% 1.3% 1.2% 1.1% 1.1% 1.1%

Fiscal Year

161

Table 5

City of CamarilloTax Revenues by Source, Governmental FundsLast Ten Fiscal Years(modified accrual basis of accounting)

Business Transient MotorFiscal Property Sales License Occupancy Franchise Vehicle

Year Tax(1)Tax Tax Tax Tax in-Lieu(1)

Total

2010 18,936,099$ 11,428,670$ 1,225,899$ 1,432,231$ 2,292,835$ 200,346$ 35,516,080$

2011 19,401,813 12,591,309 1,320,115 1,581,673 2,289,364 303,904 37,488,178

2012 17,829,713 13,368,424 1,274,862 1,702,362 2,647,767 - 36,823,128

2013 13,200,725 13,745,464 1,309,336 1,849,831 2,674,374 - 32,779,730

2014 13,608,326 14,078,170 1,336,944 2,034,121 2,587,347 - 33,644,908

2015 14,491,806 14,296,711 1,290,792 2,266,171 2,763,700 - 35,109,180

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

Change2010-2019 -9.38% 33.73% 14.98% 85.41% 25.97% 0.00% 10.92%

of AB 1484 and the dissolution of Redevelopment. See note 17.

See note 17.

(1) Starting FY 2011/12, the City no longer received Motor Vehicle In-Lieu Tax, but continued to receive vehicle license fees, which were included in Property Tax.


Notes: Includes all governmental fund types (General, Special Revenues, Capital Projects, and Debt Service Funds).

Property Tax

Sales Tax

Business License Tax

Transient Occupancy Tax

Franchise Tax

Motor Vehicle in Lieu

2010 2011 2012 2013 2014 2015 2016 2017 2018 2019

Fiscal Year

162

Table 6

City of CamarilloAssessed Value and Estimated Actual Value of Taxable PropertyLast Ten Fiscal Years(in thousands of dollars)

Taxable AssessedTotal Estimated Value as a

Less: Taxable Total Actual Percentage of Fiscal Personal Tax-Exempt Assessed Direct Tax Taxable Estimated ActualYear Land Improvements Property Property Value Rate (1) Value Taxable Value

2010 4,399,982 5,435,046 42,836 316,771 9,561,093 - 10,070,297 94.94%

2011 4,341,587 5,432,697 32,038 318,298 9,488,024 - 9,877,865 96.05%

2012 4,335,697 5,479,807 28,744 317,138 9,527,110 - 9,806,322 97.15%

2013 4,237,059 5,464,105 34,005 259,573 9,475,596 - 9,844,247 96.26%

2014 4,383,279 5,603,987 27,350 319,242 9,695,374 - 9,735,170 99.59%

2015 4,668,986 5,894,031 25,119 330,169 10,257,967 - 10,014,616 102.43%

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 11,910,526 - 11,680,451 101.97%

2019 6,428,158 7,125,253 42,905 482,977 13,113,339 - 13,596,316 96.45%

Note:

Source: County of Ventura, Auditor - Controller

In 1978, the voters of the State of California passed Proposition 13, which limited property taxes to a total maximum rate of1% based upon the assessed value of the property being taxed. Each year, the assessed value of property may be increased byan "inflation factor" (limited to a maximum increase of 2%). With few exceptions, property is only reassessed at a time that itis sold to a new owner. At that point, the assessed value is reassessed at the purchase price of the property sold. The assessedvaluation data shown above represents the only data currently available with respect to the actual market value of taxableproperty and is subject to the limitations described above. The County does not provide breakout of residential, commercialand industrial assessed values to the cities.

(1) The City of Camarillo has not had a Direct Property Tax Rate since 1997.

163

Table 7

City of CamarilloDirect and Overlapping Property Tax RatesLast Ten Fiscal Years

Direct RatesCamarillo Total

Fiscal Sanitary Basic School Water Direct & OverlappingYear District (1) County (2) Districts Districts Tax Rates

2010 - 1.0000 0.1260 0.0208 1.1468

2011 - 1.0000 0.1509 0.0530 1.2039

2012 - 1.0000 0.1413 0.0414 1.1827

2013 - 1.0000 0.1456 0.0363 1.1819

2014 - 1.0000 0.1542 0.0425 1.1967

2015 - 1.0000 0.1308 0.0217 1.1525

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

Note: (1)(2)


Overlapping Rates

The City of Camarillo has not had a Direct Property Tax Rate since 1997.In 1978, California voters passed Proposition 13 which sets the property tax rate at a 1% fixed amount. This1% is shared by all taxing agencies for which the subject property resides within. In addition to the 1% fixedamount, property owners are charged taxes as a percentage of assessed property values for the payment ofschool and water district bonds.

164

Table 8

City of CamarilloPrincipal Property Tax Payers

Current Year and Nine Years Ago

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)

Chelsea GCA Realty Partners 202,324,079$ 1 1.54% 178,243,001$ 1 1.80%

CPG Partners LP 89,761,244 2 0.68% 77,157,831 3 0.78%

Edward Chamberlain Trust Et Al 79,924,950 3 0.61%

Trea Allure Camarillo LLC 59,500,000 4 0.45%

Stag Camarillo LP 57,566,498 5 0.44%

BOP Camarillo LLC 53,578,999 6 0.41%

Avalon Mission Oaks LP 50,802,083 7 0.39%

PEGH Investments LLC 42,567,442 8 0.32% 41,045,459 5 0.42%

Sphear Investments LLC 41,879,169 9 0.32%

Essex Camarillo 40,128,084 10 0.31%

450 N Baldwin Park Bl Assoc. 98,603,747 2 1.00%

Donahue Schriber Rlty Group 45,656,039 4 0.46%

ESJ Centers LLC 38,366,494 6 0.39%

Alara Camarillo Corp 30,978,200 7 0.31%

Corte Madera Apartments 30,000,668 8 0.30%

Avalonbay Communities Inc. 28,712,351 9 0.29%

International Pager Co. 26,848,400 10 0.27%

Total 718,032,548$ 5.47% 595,612,190$ 6.02%

Notes: The amounts shown above include assessed value data for both the City and the Successor Agency.

(1) 2018/19 Local Secured Assessed Valuation:

(2) 2009/10 Local Secured Assessed Valuation:


2019 2010

13,113,338,906$

9,877,864,497$

165

166

Table 9

City of CamarilloProperty Tax Levies and CollectionsLast Ten Fiscal Years

Taxes Levied CollectionsFiscal for the Percentage in Subsequent PercentageYear Fiscal Year Amount of Levy Years Amount of Levy

2010 9,644,350 7,784,705 80.72% 116,064 7,900,769 81.92%

2011 9,965,238 8,642,668 86.73% 69,464 8,712,132 87.43%

2012 10,241,129 7,567,126 73.89% 61,062 7,628,188 74.49%

2013 (1) 3,058,569 2,974,266 97.24% 54,791 3,029,057 99.04%

2014 (2) 3,098,007 3,007,489 97.08% 39,923 3,047,411 98.37%

2015 (2) 3,262,046 3,216,197 98.59% 33,087 3,249,285 99.61%

2016 (2) 3,391,018 3,285,138 96.88% 28,806 3,313,944 97.73%

2017 (2) 3,541,040 3,453,447 97.53% 41,971 3,495,419 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%

Notes:

(1)

(2)

Sources: City of Camarillo financial dataCounty of Ventura, Auditor - Controller

Taxes collected have been restated to reflect available data from County of Ventura Auditor-Controller.

Collected within theFiscal Year of the Levy Total Collections to Date

Data on property tax levies and collections is only for the following agencies:Camarillo Sanitary District, Camarillo Lighting and Landscape Maintenance District, Camarillo MaintenanceDistrict 1-A and Camarillo Comm. Dev. Commission (Redevelopment) (FYs 2004-2012). The City of Camarillois a 'no/low property tax' city and receives a majority of its property tax through AB8 funding and T.E.A.funding.

For FY 2012/13 the reduction in taxes levied and collected was due to implementation of AB1484 and thedissolution of Redevelopment.

167

Table 10

City of CamarilloRatios of Outstanding Debt by TypeLast Ten Fiscal Years(dollars in thousands, except per capita)

1999 2003 2012 2006 2006 2009Revenue 2004 Lease Lease CDC CDC CDC

Fiscal Refunding Redevelopment Revenue Revenue Parity Housing Parity Capital Year Bonds (1) Bonds (2) (10) Bonds (3) Bonds (4) Bonds (5) (10) Bonds (6) (10) Bonds (7) (10) Leases

2010 610 20,500 7,885 - 16,265 10,405 17,490 448

2011 415 20,091 7,685 - 16,073 10,225 16,714 327

2012 215 - - 7,630 - - - 200

2013 - - - 7,275 - - - 68

2014 - - - 7,010 - - - -

2015 - - - 6,740 - - - -

2016 - - - 6,465 - - - -

2017 - - - 6,185 - - - -

2018 - - - 5,900 - - - -

2019 - - - 5,605 - - - -

Notes: (a) See Table 15 for personal income and population data.(1)

(2) Series 2004 CDC Tax Allocation Refunding bonds were issued in September to refund the 1999 CDC Tax Allocation Bonds.(3)(4) 2012 Lease Revenue Bonds issued in April to defease the 2003 bonds. See (3) above.(5)

the Camarillo Corridor Projects Area.(6) Series 2006A tax-exempt CDC Housing Set-Aside Tax Allocation Bonds in the amount of $5,110,000 and Series 2006A-T CDC Housing

Set-Aside Bonds in the amount of $5,715,000 were issued in November to finance certain low and moderate income housing programs.(7) Series 2009 CDC Tax Allocation Parity Bonds in the amount of $17,490,000 were issued in December to finance certain redevelopment

projects within the Camarillo Corridor Projects Area.(8) 2005 Wastewater Revenue Refunding Bonds were issued to finance certain improvements in the Sanitary District Fund.(9) 2015 Wastewater Revenue Refunding Bonds proceeds were issued in November to defease the 2005 bonds.

(10)

Sources: State of California, Department of FinanceUCSB Economic Forecast ProjectCity of Camarillo financial data

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.

Series 2006 CDC Tax Allocation Parity Bonds were issued in November to finance certain redevelopment projects within


2003 Lease Revenue Bonds defeased in May with the issuance of the 2012 Lease Revenue Bonds. See (8) below.

1999 Refunding Bonds were issued for the defeasance of three COP bonds issues, with 1 of the 3 COPs being defeased "in substance" by theissuance of the 2005 Wastewater Bonds. See (8) below.

168

Sanitary District2005 2015

Wastewater WastewaterRevenue Revenue Total Percentage

Refunding Refunding Capital Primary of Personal PerBonds (8) Bonds (9) Leases Government Income (a) Capita (a)

21,377 - 43 95,023 3.59% 1,425

20,915 - 31 92,476 3.73% 1,405

20,433 - 19 28,497 1.17% 429

19,931 - 6 27,280 1.05% 411

19,409 - - 26,149 1.03% 396

18,867 - - 25,607 0.98% 381

- 19,261 - 24,726 0.87% 368

- 18,601 - 24,786 0.85% 356

- 17,927 - 23,827 0.73% 344

- 17,227 - 22,832 0.71% 327


169

Table 11

City of CamarilloRatio of Net General Bonded Debt OutstandingLast Ten Fiscal Years(dollars in thousands, except per capita)

Percentage ofEstimated

Less: Amounts Actual TaxableFiscal Redevelopment Available in Debt Value of PerYear Bonds (3) Service Fund Net Property (1) Capita (2)

2010 64,660 2,639 62,021 0.63% 968.56

2011 63,425 2,624 60,801 0.62% 969.11

2012 - - - 0.00% -

2013 - - - 0.00% -

2014 - - - 0.00% -

2015 - - - 0.00% -

2016 - - - 0.00% -

2017 - - - 0.00% -

2018 - - - 0.00% -

2019 - - - 0.00% -

Notes:

See Table 6 for property value data.See Table 15 for population data.Due to Assembly Bill X1 26, effective FY 2011/12, Redevelopment Bonds are held by successor agency and no longer a City obligation. See Successor Agency Note in the Basic Financial Statements.

Source:

170

Table 12

City of CamarilloDirect and Overlapping Governmental Activities DebtAs of June 30, 2019

2018/19 Assessed Valuation: $13,313,546,183Total Debt City's Share of6/30/2019 % Applicable (1) Debt 6/30/2019

OVERLAPPING TAX AND ASSESSMENT DEBT: Metropolitan Water District 48,050,000$ 0.446 % 214,303$ Ventura County Community College District 275,097,579 9.872 27,157,633 Oxnard Union High School District 275,357,016 30.538 84,088,526 Mesa Union School District 10,480,000 37.222 3,900,866 Pleasant Valley School District 65,950,000 82.410 54,349,395 Rio School District 70,900,000 0.757 536,713 Somis School District 3,625,000 7.308 264,915 West Camarillo Community Facilities District No. 1 5,457,300 100.000 5,457,300

TOTAL OVERLAPPING TAX AND ASSESSMENT DEBT 175,969,651$

DIRECT AND OVERLAPPING GENERAL FUND DEBT: Ventura County General Fund Obligations 324,780,000 9.868 % 32,049,290$ Ventura County Superintendent of Schools Certificates of Participation 9,220,000 9.868 909,830 Oxnard Union High School District Certificates of Participation 15,023,022 30.538 4,587,730 Rio School District Certificates of Participation 5,000,000 0.757 37,850 Pleasant Valley Recreation and Park District Certificates of Participation 12,600,000 89.880 11,324,880 City of Camarillo Lease Revenue Bonds 5,605,000 100.000 5,605,000

TOTAL DIRECT AND OVERLAPPING GENERAL FUND DEBT 54,514,580$

OVERLAPPING TAX INCREMENT DEBT (Successor Agency): 52,450,000 100.000 % 52,450,000

TOTAL DIRECT DEBT 5,605,000$

TOTAL OVERLAPPING DEBT 277,329,231$

COMBINED TOTAL DEBT 282,934,231$ (2)

obligations.

Ratios to 2018/19 Assessed Valuation: Total Overlapping Tax and Assessment Debt 1.32%

Total Direct Debt ($5,605,000) 0.04% Combined Total Debt 2.13%

Ratios to Redevelopment Successor Agency Incremental Valuation ($930,231,000): Total Overlapping Tax Increment Debt 5.64%

Notes (1) The percentage of overlapping applicable to the City is estimated using taxable assessed property 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 non-bonded capital lease

Applicable percentages were estimated by determining the portion of the overlapping district's assessed value

171

Table 13

City of CamarilloLegal Debt Margin InformationLast Ten Fiscal Years(dollars in thousands)

2019 2018 2017 2016

Debt limit 2,039,447$ 1,845,281$ 1,752,068$ 1,676,714$ - - - -

Legal debt margin 2,039,447$ 1,845,281$ 1,752,068$ 1,676,714$

0.00% 0.00% 0.00% 0.00%

Legal Debt Margin Calculation for Fiscal Year 2019Assessed valuations:

Net assessed value 13,113,339$ Add back: exempt real property 482,977

Gross assessed value 13,596,316$

Debt limitation - 15% of total assessed value 2,039,447$ Less debt applicable to limitation -

Legal debt margin 2,039,447$

Notes: Under state finance law, the City's outstanding general obligation debt should not exceed 15 percent of total assessedproperty value. By law, the general obligation debt subject to the limitation may be offset by amounts set aside forrepaying general obligation bonds.

Sources: County of Ventura, Auditor - Controller City of Camarillo financial data

Total net debt applicable to the limit as a percentage of debt limit

Total net debt applicable to limit

Fiscal Year

172

2015 2014 2013 2012 2011 2010

1,588,220$ 1,502,192$ 1,460,276$ 1,476,637$ 1,470,948$ 1,481,680$ - - - - - -

1,588,220$ 1,502,192$ 1,460,276$ 1,476,637$ 1,470,948$ 1,481,680$

0.00% 0.00% 0.00% 0.00% 0.00% 0.00%

Fiscal Year

173

Table 14

City of CamarilloPledged-Revenue Coverage - Sanitary District FundLast Ten Fiscal Years

Less: NetFiscal Gross Gross AvailableYear Revenues Expenses (1) Revenue Principal Interest Total Coverage (2)

2010 8,708,343 6,104,766 2,603,577 445,000 994,054 1,439,054 1.81

2011 9,325,120 5,963,938 3,361,182 460,000 976,254 1,436,254 2.34

2012 10,516,683 6,827,265 3,689,418 480,000 957,854 1,437,854 2.57

2013 11,883,286 6,874,724 5,008,562 500,000 938,654 1,438,654 3.48

2014 12,420,334 7,467,159 4,953,175 520,000 918,654 1,438,654 3.44

2015 13,526,951 7,110,397 6,416,554 540,000 897,854 1,437,854 4.46

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

Notes: (1) Operating expenses exclude depreciation and interest, per bond official statement.(2) Debt service coverage of 1.25 is required per bond convenants.


Debt Service Requirements

174

Table 15

City of CamarilloDemographic and Economic StatisticsLast Ten Calendar Years

Personal Per Capita CityCalendar Income Personal School Unemployment

Year Population (in thousands) Income Enrollment Rate

2010 66,690 2,646,326 39,681 10,019 7.6%

2011 65,830 2,477,973 37,642 10,002 7.3%

2012 66,407 2,439,394 36,734 10,244 6.6%

2013 66,428 2,613,278 39,340 10,106 5.6%

2014 66,752 2,572,222 38,534 11,269 4.4%

2015 67,154 2,586,638 38,518 11,720 4.4%

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%

Sources: State of California, Department of FinanceUCSB Economic Forecast ProjectState of California, Employment Development Department, Labor Market Information DivisionLocal elementary, junior and senior high schools

175

Table 16

City of CamarilloFull-time Equivalent City Government Employees by Function/ProgramLast Ten Fiscal Years

2010 2011 2012 2013Function/ProgramGeneral government

Administrative 40 41 44 40Finance 9 9 9 8Planning 10 10 11 7Other 3 3 3 4

Public safetyPolice services 1 1 1 0Code enforcement 5 5 5 5

Highways & streetsMaintenance 27 27 27 26Engineering 9 7 8 6

Redevelopment (1) 5 5 0 0Stormwater 3 4 3 3Solid waste 1 1 1 1Transit 1 1 1 1Water 16 16 14 14Reclaimed water 0 0 0 0Wastewater 19 19 20 18Total full-time equivalent employees 149 149 147 133

Police 76 76 71 75Library 0 24 25 26Building & safety 6 6 5 4Total contracted service employees 82 106 101 105

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.

(1) Redevelopment Agency was dissolved as of February 1, 2012, through the Supreme Court decision per Assembly Bill X1 26. See Successor Agency Note for more information on the dissolution.

Sources: City of Camarillo financial informationLSSI (Library Systems & Services)Ventura County Sheriff DepartmentCharles Abbott & Associates

Fiscal Year

Contracted Services Employees

176

2014 2015 2016 2017 2018 2019

40 40 39 39 39 428 8 8 8 8 8

10 10 10 9 9 84 4 4 4 4 6

0 0 0 0 0 05 5 5 4 4 4

26 26 27 28 28 287 7 5 5 5 60 0 0 0 0 03 3 3 3 3 21 1 1 1 1 11 1 1 2 2 2

14 14 14 14 14 131 1 1 1 1 1

19 19 18 18 18 18139 139 136 136 136 139

75 65 65 65 65 6526 26 28 27 25 244 10 8 7 9 10

105 101 101 99 99 99

Fiscal Year

Contracted Services Employees

177

Table 17

City of CamarilloOperating Indicators by Function/ProgramLast Ten Fiscal Years

2010 2011 2012 2013

General government

Building permits issued 750$ 750$ 744$ 735$

Building permit valuation (in thousands) 17,840 19,727 20,042 15,971

Building inspections 3,427 2,909 2,757 2,953

Police

Physical arrests 2,780 2,571 2,188 1,876

Parking violations 2,613 2,231 2,728 1,078

Traffic violations 4,183 3,669 5,502 5,600

Police personnel (sworn) 76 76 71 75

Patrol units 44 40 39 39

Refuse collection

137 133 130 134

149 156 155 143

Other public works

Annual street overlay

Asphalt laid (in tons) 25,382 24,705 24,642 22,092

Slurry seal (in tons) - 3,202 - 2,488

Striping (in linear feet) 4,995 7,410 7,411 5,729

Water

New connections 170 15 6 7

8,909 7,735 7,902 8,616

Peak daily production (thousands of gallons) 29,000 15,447 12,187 13,837

13,375 13,375 13,375 13,375

Wastewater

3,800 3,800 3,800 3,700

7,250 7,250 7,250 7,250

Transit

Total fixed route revenue miles 35,321 32,525 33,625 29,643

15,307 14,874 14,316 13,030

*In FY 2016/17 Asphalt overlay and striping were done on all arterial streets leading to a significant increase in both.

Source: City of Camarillo

Fiscal Year

Passengers (fixed route)

Average daily sewage treatment (thousands of gallons)

Refuse collected (tons per day)

Average daily consumption (thousands of gallons)

Maximum daily capacity of plant (thousands of gallons)

Function/Program

Recyclables collected (tons per day)

Storage capacity (thousands of gallons)

178

2014 2015 2016 2017 2018 2019

729$ 653$ 707$ 752$ 769$ 737$

63,913 87,535 53,490 81,390 129,018 77,217

4,632 7,728 4,911 5,497 8,205 8,383

1,993 2,022 2,227 2,348 2,966 3,088

639 771 1,533 1,679 1,497 2,056

4,525 4,683 5,160 4,666 5,889 5,626

75 75 75 75 77 77

39 45 45 45 47 47

137 134 141 149 175 211

148 145 148 141 123 109

- 17,166 25,737 37,707 * 1,274 9,882

- - - 9,192 3,860 7,474

- 30,807 43,563 475,022 * 52,244 248,049

9 130 86 135 187 188

8,819 7,224 6,629 6,397 7,004 6,275

12,282 11,785 11,338 10,443 10,457 11,157

13,375 13,375 13,375 13,375 13,375 13,375

3,700 3,500 3,455 3,449 3,426 3,500

7,250 7,250 7,250 7,250 7,250 7,250

33,653 54,578 75,826 82,749 75,120 74,800

13,793 63,633 84,876 82,501 77,752 77,029

Fiscal Year

179

Table 18

City of CamarilloCapital Asset Statistics by Function/ProgramLast Ten Fiscal Years

2010 2011 2012 2013

PoliceStations 1 1 1 1

Other public worksMiles of streets 192 192 196 201Number of streets 697 703 717 721Traffic signals 54 54 56 56

WaterWater mains (miles) 181 182 182 185Fire hydrants 1,580 1,595 1,597 1,601Reservoirs 6 6 6 6Wells 4 4 4 4

WastewaterTreatment plants 1 1 1 1Number of service connections 14,047 14,125 14,116 14,141Sanitary sewers (miles) 144 152 156 157Storm sewers (miles)(36" or greater) 32 32 32 33Storm drains (miles) 65 66 72 72

TransitBuses 6 8 8 10Mini vans - - - -

Source: City of Camarillo

Function/Program

Fiscal Year

180

2014 2015 2016 2017 2018 2019

1 1 1 1 1 1

201 201 201 201 201 201721 721 725 726 725 732

55 55 56 57 57 57

185 187 187 191 195 1951,621 1,621 1,624 1,643 1,703 1,703

6 6 6 6 6 64 4 4 4 4 4

1 1 1 1 1 114,137 14,207 14,331 14,451 14,564 14,737

158 158 158 158 152 15834 34 34 33 34 3574 75 75 75 75 76

12 13 10 9 11 11- - 5.00 7 8 8

Fiscal Year

181

Table 19

City of CamarilloPrincipal Employers

Current Year and Nine Years Ago

Percentage of Percentage of

Total City Total City

Employees Employment (1)

Employees Employment (2)

Company or Organization

Pleasant Valley School District 775 2.41% 549 1.58%

St. John's Pleasant Valley Hospital 615 1.91% 523 1.50%

Hi-Temp Insulation 472 1.47% 498 1.43%

Alert Communications 262 0.00% - 0.00%

Meissner Filtration Systems 201 0.62% - 0.00%

Teledyne Scientific & Imaging (formerly Rockwell Scientific) 189 0.59% 189 0.54%

Eaton 170 0.53% - 0.00%

Johanson Technology 165 0.51% - 0.00%

ZPower Rechargeable Microbattery 153 0.48% - 0.00%

Advanced Motion Controls 123 0.38% - 0.00%

Lucix 120 0.37% - 0.00%

Technicolor Video Services 117 0.36% 400 1.15%

MicroSemi (formerly Vitesse Semiconductor Corp.) - 0.00% 197 0.57%

Harbor Freight Tools - 0.00% 556 1.60%

Ventura County Star - 0.00% 260 0.75%

SolarWorld Industries (formerly Shell Solar) - 0.00% 260 0.75%

Data Exchange Corp - 0.00% 190 0.55%

WellPoint - 0.00% 1,029 2.95%

Zebra Technologies Corporation - 0.00% 242 0.70%

Total 3,362 9.63% 4,893 14.07%

Notes:

(1) Total City Employment in Fiscal Year 2019: 32,200

(2) Total City Employment in Fiscal Year 2010: 34,826

Sources: City of Camarillo Finance Dept.

State of California, Employment Development Department, Labor Market Information Division

2010

Fiscal Year

2019

182

Documents

Comprehensive Annual Financial Report - Camarillo of Camarillo 2019 CAFR.pdf · accounting principles (GAAP) and audited in accordance with generally accepted auditing standards by