Written materials relating to an item on this agenda that are distributed to the legislative bodies within 72 hours before the item is to be considered at its regularly scheduled meeting will be made available for public inspection at the City Clerk’s Office, 300 West Third Street 4th Floor during customary business hours. Agenda reports are also on the City of Oxnard web site at www.oxnard.org.
In compliance with the Americans with Disabilities Act, if you require special assistance to participate in a meeting, please contact the City Clerk’s Office at 385-7803. Notice at least 72 hours prior to the meeting will enable the City to reasonably arrange for your accessibility to the meeting.
Agenda Item time estimates: (Presentation / Committee Discussion / Public Comment) AGENDA
OXNARD CITY COUNCIL
FINANCE AND GOVERNANCE COMMITTEE
Council Chambers, 305 West Third Street
January 11, 2022
Regular Meeting - 5:00 to 6:30 PM
(Temporary Time Change)
Zoom details to call-in for public comment during a meeting:
1. Dial Phone Number: (888) 475-4499
2. Enter Meeting ID: 883 7524 4995
3. Passcode: 244033
If you wish to speak during public comments or a particular item on the agenda, please sign-on by following the zoom calling in steps listed above. Once the Mayor calls for public speakers, press *9 to raise your hand to inform the City Clerk you would like to speak during the public speaking section for that particular item on the agenda, while in the zoom waiting room.
This meeting is being held in accordance with Assembly Bill 361, allowing members of the City Council, members of the public and staff to participate via teleconference.
Consistent with City policies imposed to promote social distancing, the facility where the City Council regularly meets is temporarily closed to the public. The public is encouraged to view the meeting from home on Spectrum channel 10, Frontier channel 35, or YouTube at Youtube.com/oxnardnews. Video recordings of the meeting are typically available online following the meeting at the City’s website at www.oxnard.org/city-meetings.
*Please see the link for the Measure M pre-recorded presentation video for each item listed on this agenda.
YOU MAY PARTICIPATE IN THE MEETING IN THE FOLLOWING WAYS:
1. EMAILING COMMENTS OR REQUESTING TO SIGN UP TO SPEAK BEFORE THE MEETING a. Submit an email to [email protected] no later than 3 p.m. on the day of the meeting (Please indicate the agenda item number in the subject line). All email correspondence will be forwarded to the City Council prior to the start of the meeting and made part of the legislative record.
b. Submit a request to speak by no later than 3 p.m. on the day of the meeting by using the form available at www.oxnard.org/city- meetings, emailing the City Clerk at [email protected], or calling the City Clerk at (805) 385-7803.
2. PROVIDING PUBLIC COMMENTS DURING THE MEETING
a. To provide public comment without requesting to speak prior to the meeting, during the meeting dial (888) 475-4499 and enter the Meeting ID and Passcode listed above as the Zoom details for this meeting. b. Public comments on agenda items shall be taken following the announcement of the item. After the item is announced, members of the public shall have three minutes to register or otherwise be recognized for the purpose of providing public comment. During this three-minute time period, public comments may be taken and the City Council or staff may discuss the item being considered or briefly respond to public comments.
Detailed participation instructions can be found at www.oxnard.org/city-meetings.
In the event of a disruption which prevents a legislative body of the City of Oxnard from broadcasting a meeting using a call-in option or internet-based service option, or in the event of a disruption within the City’s control which prevents members of the public from offering public comment using the call-in option or internet-based service option, the legislative body shall take no further action on items appearing 1 OXNARD CITY COUNCIL: FINANCE & GOVERNANCE COMMITTEE
January 11, 2022 - Page 2
on a meeting agenda until public access to the meeting via the call-in option or internet-based service option is restored. However, if any of the broadcast options are disrupted, but any of the other broadcast options is still available to the public, the legislative body may take further action on items appearing on a meeting agenda without waiting for the disrupted broadcast option(s) to be restored. * The City has filed pre-election and post-election lawsuits regarding the validity of Measure M.
A. ROLL CALL, POSTING OF AGENDA, FLAG SALUTE
B. PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA
A person may address the legislative body only on matters not appearing on the agenda and within the subject matter jurisdiction of the legislative body. Speaker requests shall be submitted as set forth on the first page of this agenda. Speakers are limited to three minutes. After 30 minutes, if all speakers have not had the opportunity to speak, the remaining speakers will be given an opportunity to speak prior to adjournment of the meeting. The legislative body cannot enter into a detailed discussion or take action on any items presented during public comments at this time. Such items may only be referred to the City Manager/Executive Director/Secretary for administrative action or scheduled on a subsequent agenda for discussion. Persons wishing to speak on public hearing items should do so at the time of the hearing.
C. CONSENT AGENDA
1. City Clerk Department
SUBJECT: Approval of Minutes.
RECOMMENDATION: That the Finance & Governance Committee approve the minutes of the December 28, 2021 regular meeting as presented.
Legislative Body: Finance & Governance Committee
Contact: Rose Chaparro, (805) 385-7805
D. REPORTS
1. Finance Department
SUBJECT: FY 20-21 Annual Comprehensive Financial Report and Summary Presentation. (15/15/10)
RECOMMENDATION: That the Finance and Governance Committee receive, and recommend that staff proceed to the full City Council with, the FY 20-21 Annual Comprehensive Financial Report (ACFR) and summary presentation from the City's external financial auditors, Eadie + Payne, LLP.
(Presentation will be live upon consultant's request).
Legislative Body: Finance and Governance Committee
Contact: Betsy George, 805-200-5400
2. City Attorney Department
SUBJECT: Council Procedures Manual Update. (0/10/10)
RECOMMENDATION: That the Finance and Governance Committee provide additional direction on the proposed update to the Council Procedures Manual and recommend that the City Council approve the proposed update to the Council Procedures Manual with such additional direction.
Contact: Stephen Fischer, (805) 385-7483
E. ITEMS FOR FUTURE AGENDAS
F. ADJOURNMENT
2 OXNARD CITY COUNCIL: FINANCE & GOVERNANCE COMMITTEE
January 11, 2022 - Page 3
3 FINANCE AND GOVERNANCE COMMITTEE
AGENDA REPORT
CONSENT AGENDA
AGENDA ITEM NO. C.1
DATE: January 11, 2022
TO: Finance & Governance Committee
FROM: Rose Chaparro, City Clerk, (805) 385-7805, [email protected]
SUBJECT: Approval of Minutes.
RECOMMENDATION
That the Finance & Governance Committee approve the minutes of the December 28, 2021 regular meeting as presented.
BACKGROUND
Approval of Minutes.
STRATEGIC PRIORITIES
This agenda item is a routine operational item.
FINANCIAL IMPACT
There is no financial impact.
Prepared by: Rose Chaparro, City Clerk
ATTACHMENTS
1. MINUTES 12 28 2021 Finance & Governance Committee
4 M I N U T E S
OXNARD CITY COUNCIL
FINANCE AND GOVERNANCE COMMITTEE
Regular Meeting
DECEMBER 28, 2021
A. ROLL CALL, POSTING OF AGENDA, FLAG SALUTE
At 5:00 p.m., Chair John C. Zaragoza called to order the regular meeting of the Oxnard City Council Finance and Governance Committee in the City Hall Council Chambers at 305 W. Third Street, Oxnard, California. The City Clerk called the roll and announced the posting of the agenda. Chair Zaragoza was present in person. Member Gabriela Basua and Member Gabriel (Gabe) Teran participated via videoconference.
Staff members present in person were Kenneth Rozell, Chief Assistant City Attorney and Rose Chaparro, City Clerk.
Staff members that participated via videoconference were Alexander Nguyen, City Manager; Shiri Klima, Deputy City Manager; Adam Smith, Project Manager ; Alexander Hamilton, Fire Chief; Betsy George, Chief Financial Officer; Mark Sewell, Assistant Chief Financial Officer ; and Eden Alomeri, Revenue & Licensing Director & Assistant City Treasurer.
Todd C. Mooney, Principal Attorney with Kane, Ballmer & Berkman ( Successor Agency Special Counsel); and Andy S. Bhatnagar, IT Consultant with Kreative Core Technologies also participated via videoconference.
B. PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA (None received.)
C. CONSENT AGENDA
1. City Clerk Department
SUBJECT: Approval of Minutes.
RECOMMENDATION: That the Finance & Governance Committee approve the minutes of the December 14, 2021 regular meeting as presented.
2. City Clerk Department
SUBJECT: Conflict of Interest Code Amendment.
RECOMMENDATION: That the Finance and Governance Committee recommends that the City Council adopts a resolution repealing all previous Conflict of Interest Code resolutions and adopting an amended Conflict of Interest Code pursuant to the Political Reform A ct to update the list of designated positions filing Statements of Economic Interests (“Form 700”).
It was moved by Member Teran, seconded by Member Basua, to approve the Information/Con sent items as presented. VOTE: Teran, Basua, and Zaragoza voted in favor; the motion carried 3-0. 5 DECEMBER 28, 2021 OXNARD CITY COUNCIL FINANCE & GOVERNANCE COMMITTEE PAGE 2
D.
REPORTS
1. Finance Department
SUBJECT: Enterprise Resource Planning (ERP) Annual Report and Second Amendment to Kreative Core Technologies Corp Contract for ERP Project Management Services.
RECOMMENDATION: That the Finance and Governance Committee:
a. Receive the Enterprise Resource Planning (ERP) system annual report; and
b. Recommend that the City Council approve and authorize the Mayor to execute a Second Amendment to the Professional Services Agreement with Kreative Core Technologies Corp (9431-21-FN) in the amount of $700,000 for a new not to exceed contract amount of $900,000 and to extend the term from September 30, 2022, to February 1, 2023, for Project Management Services related to the Core Financials and Human Capital Management phases (HCM) of the City’s multi-year ERP implementation.
Shiri Klima, Deputy City Manager presented and answered questions. Andy S. Bhatnagar, IT Consultant with Kreative Core Technologies was introduced and was available to answer the Committee’s questions.
No public comments were received. Discussion ensued among the Committee and staff.
It was moved by Member T eran, seconded by Member Basua, to approve the recommended action as presented. VOTE: Basua, Zaragoza, and Teran voted in favor; the motion carried 3-0.
2. City Manager Department
SUBJECT: Seventh Annual Recognized Obligation Payment Schedule 2022-2023.
RECOMMENDATION: That the Finance and Governance Committee recommend that the Community Development Commission Successor Agency adopt a Resolution approving the Seventh Annual Recognized Obligation Payment Schedule (ROPS) 22- 23 covering the period of July 1, 2022 - June 30, 2023.
Adam Smith, Project Manager answered the Committee’s questions. No public comments were received.
Discussion ensued among the Committee and staff.
It was moved by C hair Zaragoza, seconded by Member Teran, to approve the recommended action as presented. VOTE: Teran, Zaragoza, and Basua voted in favor; the motion carried 3-0.
3. Fire Department
SUBJECT: Purchase of Eight (8) Battalion Chief Command Vehicles.
RECOMMENDATION: That the Finance and Governance Committee recommend that City Council ratify the authorization of the Mayor to Execute Purchase Order 8388 in the Amount of 6 DECEMBER 28, 2021 OXNARD CITY COUNCIL FINANCE & GOVERNANCE COMMITTEE PAGE 3
$419,673.90 for the Purchase of Eight (8) Battalion Chief Command Vehicles Chassis through National Auto Fleet.
Alexander Hamilton, Fire Chief presented and answered the Committee’s questions. No public comments were received. Discussion ensued among the Committee and staff.
It was moved by Chair Zaragoza, seconded by Member B asua, to approve the recommended action as presented. VOTE: Basua, Teran, and Zaragoza voted in favor; the motion carried 3-0.
E. ITEMS FOR FUTURE AGENDAS (No requests were made.)
F. ADJOURNMENT
There being no further business on the agenda, and without objection, Chair Zaragoza adjourned the meeting at 5:37 p.m.
ROSE CHAPARRO JOHN C. ZARAGOZA
City Clerk Chair
7 FINANCE AND GOVERNANCE COMMITTEE
AGENDA REPORT
REPORTS
AGENDA ITEM NO. D.1
DATE: January 11, 2022
TO: Finance & Governance Committee
FROM: Betsy George, Chief Financial Officer, 805-200-5400, [email protected]
SUBJECT: FY 20-21 Annual Comprehensive Financial Report and Summary Presentation. (15/15/10)
RECOMMENDATION
That the Finance and Governance Committee receive, and recommend that staff proceed to the full City Council with, the FY 20-21 Annual Comprehensive Financial Report (ACFR) and summary presentation from the City's external financial auditors, Eadie + Payne, LLP. (Presentation will be live upon consultant's request).
BACKGROUND
Eadie + Payne, LLP will present its audit opinion of the City of Oxnard’s financial statements, which consists of the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information as of June 30, 2021, and the respective changes in financial position.
STRATEGIC PRIORITIES
This agenda item is a routine operational item or does not relate to the five strategic plans adopted by City Council on March 16, 2021.
FINANCIAL IMPACT
There is no financial impact.
Prepared by: Eadie + Payne
ATTACHMENTS
1. Annual Comprehensive Financial Report 06/30/2021
2. Auditors Report
3. FGC Meeting 1-11-22 - Final
8 9
10 CITY OF OXNARD, CALIFORNIA
CONTENTS
JUNE 30, 2021
PAGE
INTRODUCTORY SECTION
L e t t e r o f T r a n s m i t t a l ...................................... i Certificate of Achievement for Excellence in Financial Reporting ............. v i i E l e c t e d O f f i c i a l s ....................................... i x City of Oxnard Organizational Chart .............................. x
FINANCIAL SECTION
Independent Auditor's Report ................................. 1 Management's Discussion and Analysis ........................... 5
Basic Financial Statements
Government-Wide Financial Statements:
S t a t e m e n t o f N e t P o s i t i o n ................................ 2 5 S t a t e m e n t o f A c t i v i t i e s .................................. 2 6 Fund Financial Statements
Governmental Funds
B a l a n c e S h e e t .................................... 2 8 Reconciliation of the Balance Sheet of Governmental Funds to the S t a t e m e n t o f N e t P o s i t i o n ............................ 3 1 Statement of Revenues, Expenditu res, and Changes in Fund Balances .... 3 2 Reconciliation of the Change in Fund Balances of the Governmental Funds t o t h e S t a t e m e n t o f A c t i v i t i e s .......................... 3 5 Proprietary Funds
S t a t e m e n t o f N e t P o s i t i o n .............................. 3 6 Statement of Revenues, Expenses, and Changes in Net Position ........ 4 0 S t a t e m e n t o f C a s h F l o w s .............................. 4 2 Fiduciary Funds
Statement of Fiduciary Net Position ......................... 4 6 Statement of Changes in Fiduciary Net Position .................. 4 7
Notes to the Basic Financial Statements
I. Summary of Significant Accounting Policies
A. Reporting Entity ................................. 4 8 B. Financial Stat ements Presentation ....................... 4 9 C . N e w A c c o u n t i n g P r o n o u n c e m e n t s ....................... 5 5 D. Cash and Investments .............................. 5 8 E . R e c e i v a b l e s ................................... 5 9 11 P A G E
Notes to the Basic Financial Statements (Continued)
F . C a p i t a l A s s e t s .................................. 6 0 G. Compensated Absences ............................ 6 1 H . N e t P e n s i o n L i a b i l i t y ............................... 6 1 I. Other Post-Employment Benefits (OPEB) .................. 6 1 J . D e f e r r e d O u t f l o w s / I n f l o w s o f R e s o u r c e s .................... 6 2 K. Fund Equity ................................... 6 3 L. Property Taxes .................................. 6 5 M. Utility Revenue .................................. 6 6 N . U s e o f E s t i m a t e s ................................. 6 6 O. Budgets and Budgetary Accounting ...................... 6 7 P . E n c u m b r a n c e s .................................. 6 7 Q . J o i n t V e n t u r e s .................................. 6 7
II. Detailed Notes on All Funds
A. Cash and Investments .............................. 6 8 B. Receivables and Payables ........................... 7 5 C. Interfund Receivables and Payables ...................... 7 6 D. Interfund Transfers ............................... 7 8 E . N o t e s R e c e i v a b l e ................................ 7 9 F . C a p i t a l A s s e t s .................................. 8 2 G. Long-term Debt ................................. 8 4 H. Compensated Absences ........................... 1 0 4 I. Fund Balances ................................. 1 0 5 J . P r i o r - P e r i o d A d j u s t m e n t s ........................... 1 0 6
III. Defined Benefit Pension Plans and Other Post-Employment Benefits
1. California Public Employees' Retirement System
A . R e t i r e m e n t P l a n D e s c r i p t i o n ......................... 1 0 7 B. Benefits Provided ............................... 1 0 8 C . C o n t r i b u t i o n s .................................. 1 0 8 D. Actuarial Methods and Assumptions Used to Determine
Total Pension Liability ........................... 1 1 1 E. Discount Rate and Long-Term Expected Rate of Return .......... 1 1 2 F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows o f R e s o u r c e s R e l a t e d t o P e n s i o n s .................... 1 1 4 G. Sensitivity of the Net P ension Liability to Changes in the Discount Rate . 119 12 PAGE
Notes to the Basic Financial Statements (Continued)
2. Retirement Enhancement Plan
A . P l a n D e s c r i p t i o n ................................ 1 1 9 B. Benefits Provided ............................... 1 2 0 C . C o n t r i b u t i o n s .................................. 1 2 1 D. Actuarial Methods and Assumptions Used to Determine
Total Pension Liability ........................... 1 2 2 E . D i s c o u n t R a t e ................................. 1 2 2 F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows o f R e s o u r c e s R e l a t e d t o P e n s i o n s .................... 1 2 3 G. Sensitivity of the Ne t Pension Liability to Changes in the Discount Rate . 124
3. Deferred Compensation Plan .......................... 1 2 5
4. Post-Employment H ealth Care Benefits
A . P l a n D e s c r i p t i o n ................................ 1 2 5 B. Benefits Provided ............................... 1 2 5 C. Employees Covered by Benefit Terms .................... 1 2 6 D . T o t a l O P E B L i a b i l i t y .............................. 1 2 6 E. Changes in Total OPEB Liability ....................... 1 2 7 F. OPEB Expense and Deferred Outflows/Inflows of Resources R e l a t e d t o O P E B .............................. 1 2 8
I V . R i s k M a n a g e m e n t ................................. 1 2 9 A. General Liability ................................ 1 2 9 B. Worker's Compensation ............................ 1 3 0
V. Other Information
A. Commitments and Contingencies ...................... 1 3 1 B. Risks and Uncertainties ............................ 1 3 3 C. Subsequent Events ............................... 1 3 4 D. Notes to the Financia l Statements - Successor Agency .......... 1 3 5 E. Notes to the Financial Stat ements - Retirement Enhancement Defined Benefit Retirement Trust Fund ................. 1 4 1
13 PAGE
REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Changes in Net Pension Liability and Related Ratios - CalPERS Miscellaneous Plan - Agent Multiple-Employer Defined Benefit Plan . . 143 Schedule of Changes in Net Pension Liability and Related Ratios - CalPERS Safety Plan (Police) - Agent Multiple-Employer Defined Benefit Plan . . 144 Schedule of Proportionate Share of the Net Pension Liability and Related Ratios - C a l P E R S S a f e t y P l a n ( F i r e ) - C o s t S h a r i n g P l a n ................... 1 4 5 Schedule of Plan Contributions - CalPERS ........................ 1 4 6 Schedule of Changes in Net Pension Liability and Related Ratios Retirement Enhancement Plan - Single-Employer Defined Benefit Plan ...... 1 4 7 Schedule of Plan Contributions - Retirement Enhancement Plan ............ 1 4 8 Schedule of Changes in the City’s Total OPEB Liability and Related Ratios ...... 1 4 9 General Fund Group - Budgetary Comparison Schedule ................. 1 5 0 Development Fees Special Revenue Fund - Budgetary Comparison Schedule .... 1 5 2 State and Federal Grants Fund - Budgetary Comparison Schedule ........... 1 5 3
SUPPLEMENTARY INFORMATION
General Fund Group Funds ................................ 155 C o m b i n i n g B a l a n c e S h e e t ............................... 1 5 6 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ................................... 1 5 8 General Fund - 101 - General Fund Budgetary Comparison Schedule ....... 1 6 0 General Fund - 104 - Half Cent Sales Tax Budgetary Comparison Schedule ... 1 6 2 Nonmajor Governmental Funds ............................. 163 C o m b i n i n g B a l a n c e S h e e t ............................... 1 6 4 Combining Statement of Revenues, Expenditures, and Changes in Fund Balances ................................... 1 6 6 Nonmajor - CDBG and HUD - Budgetary Comparison Schedule .......... 1 6 8 Nonmajor - Public Safety Retirement- Budgetary Comparison Schedule ...... 1 6 9 Nonmajor - State Gas Tax Funds - Budgetary Comparison Schedule ........ 1 7 0 Nonmajor - Capital Outlay Funds - Budgetary Comparison Schedule ........ 1 7 1 .. Nonmajor - CUPA - B udgetary Comparison Schedule ................ 1 7 2 Nonmajor - Traffic Safety - Budgetary Comparison Schedule ............ 1 7 3 Nonmajor - Transportation Development Fund - Budgetary Comparison Schedule 174 Nonmajor - Maintenance Assessment Districts - Budgetary Comparison Schedule 175 Internal Service Funds .................................. 1 7 7 C o m b i n i n g S t a t e m e n t o f N e t P o s i t i o n ......................... 1 7 8 Combining Statement of Revenues, Expenses, and Changes in Net Position ... 1 8 0 C o m b i n i n g S t a t e m e n t o f C a s h F l o w s ......................... 1 8 2 Fiduciary Funds
C o m b i n i n g S t a t e m e n t o f F i d u c i a r y N e t P o s i t i o n - C u s t o d i a l F u n d s ......... 185 Combining Statement of Changes in Fiduciary Net Position - Custodial Funds . . 186 14 PAGE
STATISTICAL SECTION (Unaudited) ........................... 187 Schedule I Net Position by Component ....................... 1 8 8
Schedule II Changes in Net Position ......................... 1 9 0 Schedule III Fund Balances of Governmental Funds ................. 1 9 4 Schedule IV Changes in Fund Ba lances of Governmental Funds .......... 1 9 6 Schedule V Governmental Activities Tax Revenues by Source ........... 1 9 8 Schedule VI Assessed Value and Estimated Value of Taxable Property ...... 1 9 9 Schedule VII Direct and Over lapping Property Tax Rates .............. 2 0 0 Schedule VIII Principal Property Taxpayers ....................... 2 0 1 Schedule IX Property Tax Levies and Collections .................. 2 0 2 Schedule X Ratios of Outstanding Debt by Type ................... 2 0 3 Schedule XI Direct and Overlapping Governmental Activities Debt ......... 2 0 4 Schedule XII Legal Debt Margin Information ...................... 2 0 5 Schedule XIII Pl edged Revenue Coverage ....................... 2 0 6 Schedule XIV Demographic and Economic Statistics ................. 2 0 8 Schedule XV Principal Employers ............................ 2 0 9 Schedule XVI Operating Indicators by Function .................... 2 1 0 Schedule XVII Capital Assets by Function ........................ 2 1 2 Schedule XVIII Full-Time Equivalent Ci ty Government Employees by Function .... 2 1 4 15 THIS PAGE LEFT INTENTIONALLY BLANK
16 INTRODUCTORY SECTION
17 18
Alexander Nguyen
City Manager
Office of the City Manager
300 West Third Street
Oxnard, CA 93030
(805) 385-7430
Fax (805) 385-7595
www.omard.org
December 30, 2021
OTYOI'
OXNARD
---, � CALIFORN-;;-
•---=---
Honorable Mayor, Members of the City Council and Residents of Oxnard:
I am pleased to present the Annual Comprehensive Financial Report (ACFR) of the City of Oxnard, California for the fiscal year ended June 30, 2021. The format and content of this ACFR comply with the principles and standards of accounting and financial reporting adopted by the Governmental Accounting Standards Board (GASB). The report contains information needed for readers to gain a reasonable understanding of the City's financial affairs.
The accuracy of the City's financial statements and the completeness and fairness of their presentation are the responsibility of City management. The City strives for transparency and accountability to the public by maintaining a system of internal accounting controls designed to provide reasonable assurance that assets are safeguarded against loss or unauthorized use and the financial records can be relied upon to produce financial statements in accordance with accounting principles generally accepted in the United States of America (GAAP). The concept of reasonable assurance recognizes that the cost of maintaining the system of internal accounting controls should not exceed benefits likely to be derived.
Eadie + Payne LLP, Certified Public Accountants, has issued an unmodified or "clean" opinion on the City's financial statements for the fiscal year ended June 30, 2021. The independent auditor's report is located at page 1 in the Financial Section of this report.
GAAP requires management to provide a narrative introduction, overview, and analysis to accompany the basic financial statements in the form of a 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 is located on page 5 immediately following the independent auditor's report.
GLOBAL PANDEMIC
As with every other unit of government in the United States, the City's year was again dominated by the COVID-19 health crisis, economic recession, high unemployment, and supply chain disruptions. The City's workforce has carried-on through the pandemic with a relatively low known infection rate. Financially, the City's major funds recovered, for the most part, in FY 2020-21 compared to the decline in revenue experienced in FY 2019-20. 19 -ii-
CITY OF OXNARD PROFILE
The City of Oxnard is a full-service city located on the "Gold Coast" of California, approximately halfway between Los Angeles and Santa Barbara. It is the gateway to the Channel Islands National Park. Oxnard was founded in 1903 near the sugar beet processing facility owned by the Oxnard brothers. Henry T.
Oxnard, the founder of Crystal Sugar, led the effort to incorporate the City. Shortly after incorporation, the City opened the Oxnard Library.
The adjacent Oxnard Plain is one of the most productive agricultural areas in the country. It produces one-third of the California strawberry crop that represents 85% of the U.S. market. Other high value crops produced nearby include avocados, lemons, Brussels sprouts, and artichokes, so Oxnard remains a leading agricultural and food center. The City is home to the West Coast operations of Procter and Gamble and Sysco. Port Hueneme, the only navigable port between Los Angeles and San Francisco, and the Naval Base Ventura County have attracted defense and aerospace businesses that served as a foundation for Oxnard’s aerospace, technology, and manufacturing sectors. Oxnard’s harbor and beaches support a strong tourism industry in normal times. When not afflicted by a Statewide or national recession, the local economy is diverse and robust.
Oxnard is the most populous of Ventura County’s ten cities at 202,063 residents, according to the April 1, 2020 population census conducted by the United States Census Bureau. About 35% of the population was born in another country and approximately 74% of its residents are Hispanic or Latino. Oxnard’s housing cost is rising, but remains less expensive than the County average. Lower cost and available flat land near the Pacific coast have prompted major housing developments in recent years.
Zillow’s expectations for Oxnard’s housing market at this report date follow. “The median home value in Oxnard is $611,632. Oxnard home values have gone up 15% over the past year and Zillow predicts they will rise another 13% within the next year.”
The City operates under a City Council - City Manager form of government. The Council is responsible for policy and approves the annual budget. The City Manager is responsible for the daily operations of the city. The City Council appoints the City Manager and City Attorney.
The City Council consists of the Mayor and six district-elected Councilmembers. The term of office is four years for all elected officials, with elections held every two years for three City Council seats at a time.
The Mayor is elected at large during presidential election years. The City Treasurer, who is elected Citywide at the same time as the Mayor, invests idle cash and manages the investment portfolio. The City Clerk, also elected Citywide at the same time as the Mayor, manages the City Council and Committee meeting agenda process, official records, and elections.
Names and photographs of the Mayor, City Councilmembers, City Treasurer and City Clerk, plus an organization chart with the names of appointed City officials as of June 30, 2021, are included at the back of the Introductory Section of the ACFR.
20 -iii-
The City provides the following government and business-type services:
Government Activities Business-Type Activities
Governance, including finance, human resources, risk
management, information technology, City Attorney, City Treasurer, City Clerk and City Manager
Water – Planning, source and supply, treatment,
distribution, and conservation, and administration and operation of the recycled water program
Police – including records, dispatch, patrol,
investigations, traffic enforcement and animal safety
Wastewater – Collection, treatment of wastewater
(sewer) and administration and operation of storm water programs for drainage and surface runoff
Fire – including hazardous materials storage regulation and incident response, prevention, suppression, medical rescue, and emergency response
Environmental Resources – collection and disposal of
solid waste and operation of recycling collection and
marketing programs
Community Development – including land use/planning,
building inspection, zoning, code enforcement, and
successor agency obligations
Housing Authority – administration of Section 8 rental assistance program, affordable housing, and Community
Development Block Grant administration
Public Works – including engineering and capital asset
planning, streets and roads, rights of way, park and
landscape maintenance, special district administration
and service management, facilities and fleet maintenance, and management of utility enterprise operations
Golf Course – operation and maintenance of the City’s
River Ridge golf course
Culture, Leisure, and Libraries – including recreation, after school, youth employment, Performing Arts &
Convention Center, and the library system
The Oxnard City Code requires: "Before the beginning of each fiscal year for which the City Council has not adopted a budget, the City Manager shall submit to the City Council a proposed operations and capital budget for the following fiscal year or for more than one of the following fiscal years." In addition, the code provides that if the Council does not adopt the budget before the beginning of the fiscal year the proposed budget shall become effective. The budget resolution establishes the fund as the budgetary control level. The fiscal year 2021-22 budget was adopted on June 29, 2021. The City Council appropriates funds annually for the General Fund, and all other governmental funds and proprietary funds.
LONG-TERM ECONOMIC OUTLOOK
The largest employers in the City of Oxnard include Haas Automation, Reiter Affiliated, Spatz Laboratories, the Oxnard School District and the Oxnard Union High School District, St. John's Regional Medical Center, and the City of Oxnard. Other major employers in and near the City include the Naval Base Ventura County, which employs over 20,000 people, the County of Ventura, which employs more than 8,000, household names such as Procter and Gamble, and agricultural beacons such as Boskovich Farms, Gill's Onions, and Mission Produce.
Amazon, the global internet retailer, will complete construction of a new fulfillment center in Winter 2021 at the Sakioka Farms Business Park in Oxnard. The Amazon project will bring more than 1,500 jobs with benefits to Oxnard.
Four districts provide K-8 education to Oxnard residents; with the Oxnard Union High School District, they educate more than 48,000 students combined. Oxnard is also home to Oxnard College, which is part of the Ventura County Community College District and has an enrollment of approximately 7,000 students. In addition, many Oxnard students continue their post-secondary education at nearby universities such as California State University Channel Islands, University of California, Santa Barbara, California Lutheran University, and universities with satellite campuses in Oxnard such as National 21 -iv-
University and Azusa Pacific University. The City developed the Oxnard Employee Pipeline in conjunction with the Chamber of Commerce and Oxnard College to provide specialized training to underemployed residents enabling them to provide our local companies with a pipeline of skilled employees.
The excellent climate we enjoy, coupled with our harbor, beaches, parks, and vibrant cultural events and festivals, make the City of Oxnard a top tourist destination and support many tourist-serving businesses in normal circumstances. In addition, Oxnard's mix of agricultural, manufacturing, and retail sectors provide a strong and diverse economic base on which to build the continued recovery from the COVID- 19 recession. Businesses located in Oxnard are further strengthened by the steady increase in residential and commercial development throughout the City.
FISCAL CONDITION
The City’s voters have supported restoring service levels by approving a 1.5% supplemental transactions and use tax on November 3, 2020 for the General Fund. The new citywide tax rate became effective on April 1, 2021. The supplemental transactions and use tax, known as Measure E, generated $12.6 million in additional General Fund revenue in fiscal year 2020-21 and is projected to generate $51.9 million in fiscal year 2021-22, an increase to overall General Fund revenue of 26%. In 2008, the City’s voters approved a 20-year 0.5% supplemental transactions and use tax, known as Measure O. The Measure O
0.5% supplemental transactions and use tax, which sunsets in March 2029 generated revenue of $17.4 million in fiscal year 2020-21 and is projected to generate $16.6 million in FY 2021-22.
In March 2021, with interest rates remaining at historic lows, and in conjunction with the issuance of new Water Revenue Bonds, the City refunded Series 2010A and 2012 Water Revenue Project Bonds that resulted in $5.2 million of cashflow savings.
S&P Global Ratings (formerly Standard & Poor’s) reaffirmed its rating of “A-“ for the General Fund lease revenue refunding, and reaffirmed the City’s issuer credit rating of “A,” while maintaining a “stable” outlook.
River Ridge Golf Course continues to thrive with oversight from the City’s Public Works Department and management by American Golf Corporation, or AGC. In fiscal year 2020-21, this success has enabled the revenue, expenditures, and net position of the City’s golf course to be reclassified from Governmental Activities back to Business-Type Activities.
In a series of decisions by the Ventura County Superior Court that culminated in its final ruling in July 2021 regarding the City of Oxnard’s Infrastructure Use Fee (IUF), the Court ordered the City reimburse its utility funds a total of $36.5 million over a three-year period and to remove the IUF from utility charges effective in June 2021.
Based upon the Court’s order, the City will no longer include the IUF in the current utility rates effective June 2021. Going beyond what the Court ordered, the City implemented a one-time credit of IUF fees charged from January 2020 through May 2021. The City processed credits, totaling $7.1 million, to residential and commercial ratepayers on their October 2021 utility bill. Customers saw IUF related utility rate reductions ranging from 2.7% to 3.5%. The lower utility rates will result in approximately $4.0 million annual aggregate reduction in revenues for the City’s three utility funds.
In fiscal year 2020-21 the General Fund balance decreased by $18.3 million compared to a $5.6 million decrease in fiscal year 2019-20. The significant change was a result of the negative impact to the City’s 22 -v-
General Fund position that resulted from the IUF reimbursement, partially offset by the economic recovery, Coronavirus Relief Fund (CARES Act) grants, and the Measure E local sales tax measure.
Final Comments
I wish to express my appreciation to the City Council, the staff members in the Finance Department and other departments, and Eadie + Payne’s audit staff in assuring that the City’s Annual Comprehensive Financial Report meets the highest standard of reporting and provides useful information about our city.
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30 FINANCIAL SECTION
31 32
expect quality .
Eadie Payne, LLP
3880 Lemon St., Ste. 300
Riverside, CA 92501
P.O. Box 1529
Riverside, CA 92502-1529
Office: 951-241-7800
www.eadiepaynellp.com
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INDEPENDENT AUDITOR'S REPORT
To the City Council
City of Oxnard
Oxnard, 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 info rmation of the City of Oxnard, California (City), as of and for the year ended June 30, 2021, 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
The City’s management is responsible for the preparation and fair presentation of thes e financial statements in accordance with accounting principles generally acc epted 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.
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Auditor's Responsibility
Our responsibility is to express opinions on these financial statements based on our audit. We did not audit the financial stat ements of Oxnard Housing Author ity, a blended component unit, which statements represent 1. 26% and 1.02% of total governm ent-wide assets and deferred outflows of resources, and net position as of June 30, 2021 respectively, and 7.42% of total government-wide revenues for the year then ended. Those statements were audited by other auditors whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for Oxnard Housing Authority, is based solely on the report of the other auditors. 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 t he 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 t hose 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 appr opriate 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 t he 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.
Opinions
In our opinion, based on our audit and the report of the other auditor, the financial statements referred to above present fairly, in all material respects, the respective financial position of the governmental activities, the business-type acti vities, each major fund, and the aggregate remaining fund information of the City of Oxnar d, California, as of June 30, 2021, 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.
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Other Matters
Required Supplementary Information
Accounting principles generally accepted in the United States of Amer ica require that the management's discussion and analysis, budgetary comparison information for the General Fund Group, Development Fees Fund, and State and Federal Grants Fund, the schedules of changes in net pension liability and related ratios, the schedules of proportionate share of the net pension liability and related ratios, the schedules of pl an contributions, and the schedule of changes in total OPEB liability and related ratios on pages 5 through 24 and 143 through 153 be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is requi red by the Governmental A ccounting Standards Board, who considers it to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, econom ic, or historical context. We have applied certain limited procedures to the required s upplementary 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 t he information for consistency with management's responses to our inquiries, the basic fina ncial 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 info rmation because the limit ed procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Other Information
Our audit was conducted fo r the purpose of forming opinions on the financial statements that collectively comprise the City's basic financial statements as a whole. The introductory section, combining and individual General Fund Gro up and nonmajor fund financ ial statements, and statistical section are presented for purposes of additional analys is and are not a required part of the basic financial statements.
The combining and individual General Fund Group and nonmajor fund financial statements 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. Such 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 financial statements or to the financial statements them selves, and other additional procedures in accordance with auditing standards gener ally accepted in the United States of America by us and the other auditors. In our opinion, the co mbining and individual nonmajor fund financial statements are fairly stat ed in all material respects in rela tion 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 statem ents and, accordingly, we do not express an opinion or provide any assurance on them.
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Other Reporting Required by
Government Auditing Standards
In accordance with Government Auditing Standards , we will also issue our report on our consideration of the City of Ox nard, California's internal control over financial reporting and on our tests of its compliance with certain provis ions 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 in ternal control over financial reporting or on compliance. That report is an int egral part of an audit performed in accordance with Government Auditing Standards in considering City of Oxnard, California's internal control over financial reporting and compliance.
Riverside, California
December 30, 2021
36 MANAGEMENT’S
DISCUSSION AND ANALYSIS
37 38
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MANAGEMENT'S DISCUSSION AND ANALYSIS
As management of the City of Oxnard (City), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2021. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our Letter of Transmittal, which can be found on pages i-v of this report. Comparative data on the government-wide financial statements are only presented in the Management’s Discussion and Analysis.
FINANCIAL HIGHLIGHTS
Government-Wide
On June 30, 2021, City assets and deferred outflows exceeded liabilities and deferred inflows by $2.2 billion (net pos ition). Of this amount, $2.2 bi llion is invested in capital assets and $160.5 million is restricted, offset by ($121.3) million that is unrestricted (Page 9).
City total net position, befor e prior period adjustments, increased $31.4 million (1.4 percent), during the fiscal year. Government al activities net position decreased $69.8 million. Business-type activities increased by $101.3 million (Page 12).
Fund Based
At the close of fiscal year 2020-21, governmental funds reported combined ending fund balance of $132.6 million, a decrease, including prior period adjustments, of $12.5 million from the prior year. The ending fund balanc e is primarily identified as: $111.3 millio n
restricted (83.9 percent), $24.5 million committed (18.5 percent) and ($3.2) million unassigned (-2.4 percent) (Page 17).
At the close of the fiscal year, fund balan ce for the General Fund group of funds was $19.8 million consisting primarily of $22.9 million in committed funds (Page 17).
General Fund group revenues for the year were $177.7 million. Total revenues increased by $22.5 million or 14.5 percent from the prior year’s revenue of $155.2 million (Page 18), primarily driven by the impacts of Measure E sales tax measure, COVID-19 CARES Act relief funds, and progress towards economic re covery from the dept hs of the global pandemic and resulting recession.
General Fund group expenditures were $152.5 million. Total expenditures decreased by $2.6 million or 1.7 pe rcent compared to the prior year’s expenditures of $155.1 million (Page 19), primarily due to a one-time contingent liability recorded in fiscal year 2019-20.
At the close of the fiscal year, the Wate r Fund’s net position was $151.4 million, an increase of $20.1 million over the prior fiscal year (Page 21), primarily due to reimbursement of Infrastructure Use Fees (IUF) from the General Fund and Streets Fund.
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At the close of the fiscal year, the Wastewater Fund’s net position was $183.6 million, an increase of $25.0 million over the prior fiscal year (Page 21), primarily due to reimbursement of Infrastructure Use Fees (IUF) from the General Fund and Streets Fund.
At the close of the fiscal year, the Environmental Resources Fund’s net position was $40.1 million, an increase of $6. 6 million from the prior fiscal y ear (Page 21), primarily due to reimbursement of Infrastructure Use Fees (IUF) from the General Fund and Streets Fund.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis is intended to serve as an introduction to the City's basic financial statements. The City's basic financial statements are compri sed of three components: 1) government-wide financial statem ents, 2) fund financial statements, and 3) notes to basic financial statements. Th is report also contains other suppl ementary information in addition to the basic financial statements themselves.
Government-wide financial statements
The government-wide financial statements are designed to provide readers with a broad overview of the City's finances, in a manner similar to a private-sector business. The focus of these statements is to report all financial resources and obligations of the City.
The statement of net position presents informa tion on all of the City's assets and deferred outflows, and liabilities and deferr ed inflows, with the difference reported as net position.
Generally, deferred inflows and ou tflows represent amounts related to differences in timing of recognition of revenues and expenses compared to the timing of related financial resources.
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.
The statement of activities presents informa tion showing how the City’s net position changed during the fiscal year. All changes in net position are reported as soon as the underlying event giving rise to the change occurs, regardless of the timing of related cash flows. Thus, all of the fiscal year’s revenues and expenses are taken into account regardless of when cash is received or paid (examples include earned but unused vacation leave or taxes collected by other entities not yet remitted to the City).
Government-wide financial statem ents distinguish City governmental activities, principally supported by taxes and intergovernmental rev enues, from business-type activities that are intended to recover all or a significant portion of their costs through user fees and charges.
Governmental activities of th e City include general government, public safety, transportation, community development, culture, leisure, and libra ry services. Business-type activities of the City include water, wastewater, solid waste management, golf course, and the Oxnard Housing Authority component unit. The government-wide financial statements can be found on pages 25-27 of this report.
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Fund financial statements
Fund financial statements are designed to r eport information about groupings of related accounts used to maintain control over res ources 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. City funds can be divided into three categories: governmental funds, proprietary funds, and fiduciary funds.
Governmental funds are used to account for essentially the same functions reported as governmental activities in the government-wi de financial statements. However, unlike the government-wide financial statements, governmental funds financial statements focus on near- term inflows and outflows of spendable resource s, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government's near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the government-wide financial statements.
By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. A reconciliation between gov ernmental funds and governmental activities in the government-wide financial statements is provided for both the governmental funds balance sheet and the governmental funds statement of revenues, expendi tures, and changes in fund balances.
The City maintains many individual governmental funds organized by their type (special revenue, debt service, and capital projects funds). The City has four governmental funds classified as major funds requiring separate presentation in the basic financial statements: the General Fund, the Affordable Housing Fund, the Development Fees Fund, and the St ate and Federal Grants Fund. Data from the remaining governmenta l funds are combined into a single, aggregated presentation as nonmajor governm ental funds. Individual fund data for each of the nonmajor governmental funds is provided in the form of combining statements shown on pages 163-167.
The City adopts an appropriated budget for its General Fund Group and special revenue funds, among others. Budgetary comparison statements demonstrate compliance with this budget on pages 150-153, 160-162, and 168-175.
The basic governmental funds financial statements can be found on pages 28-35 of this report.
Proprietary funds are generally used to account for services for which the City charges fees to outside customers or internal departments of the City. Proprietary funds provide the same type of information as shown in the government-wide statements, only in mo re detail. The City maintains the following two types of proprietary funds:
● Enterprise Funds are used to report the same functions presented as business-type activities in the government-wide financial statements. 41 -8-
The City uses enterprise funds to account fo r the operations of water, wastewater, environmental resources, the City’s golf course, and the Oxnar d Housing Authority component unit.
o The Oxnard Housing Authority is audited separately. Readers should contact the Authority at Housing Administrative Se rvices, 435 South D Street, Oxnard CA 93030, (805) 385-8041 for more information.
● Internal service funds are used to report activities that provide internal services for the City. The City uses internal service funds to account for its liability and workers' compensation self-insurance, utility customer billing, information technology services, and facilities and equipment maintenance (primarily fleet services). Because internal service funds predominantly ben efit governmental rather than business-type functions, they have been included within governmental activities in the government-wide financial statements. The internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements. I ndividual fund data for the internal service funds is pr ovided in the form of comb ining statements found on pages 177-183.
The basic proprietary funds financial statements can be found on pages 36-45 of this report.
Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflect ed in the government-wi de financial statements, because the resources of those funds are not available to support the City's own programs.
The City is the trustee, or fiduciary, fo r an employee pension plan and the Community Development Commission (CDC) Successor Agency. The basic fiduciary funds financial statements can be found on pages 46-47 of this report.
Notes to basic financial statements
The notes provide additional information 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 48-141 of this report. Notes providing additional detail about the CDC Successor Agency can be found on pages 135-140.
Other information
In addition to the basic financial statements and accompanying notes, this report also presents certain Required Supplementary Information (RSI) concerning the City's progress in funding its obligation to provide pension and other post-employment benefits (OPEB) to its hourly and full- time employees, the Schedules of Changes in Net Pension and OPEB Liability and Related Ratios, and Schedule of Plan Contributions. Also included in RSI are the budgetary comparison schedules for the major governmental funds. RSI can be found on pages 143-153.
Combining statements for the General Fund Group, non-major gov ernmental funds, internal service funds, and custodial funds are present ed immediately following the RSI. Combining financial statements and schedules can be found on pages 155-185 of this report. 42 -9-
Statistical tables regarding fiscal trends, rev enue capacity, debt capacity, demographic and economic information, and operating information can be found on pages 187-214 of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net Position
As noted earlier, net position may serve as a useful indicator of a government’s financial position over time. City assets and deferred outflows of resources exceeded liabilities and deferred inflows by $2.2 billion at the close of fiscal year 2020-21 as detailed below:
2021 2020 2021 2020 2021 2020
Assets:
Current and Other Assets 200,655 $ 168,799 $ 222,289 $ 166,826 $ 422,944 $ 335,625 $ Capital Assets (net of depreciation) 1,988,668 2,047,722 534,445 499,729 2,523,113 2,547,451 Properties Held for Resale 570 570 - - 570 570 Other Assets 82,594 85,477 38,915 16,794 121,509 102,271 Total Assets 2,272,487 2,302,569 795,648 683,349 3,068,135 2,985,918 D eferred Outflow s of Resources:
Deferred Charges 2,554 2,692 2,307 2,128 4,861 4,819 Deferred Pension Items 50,641 49,678 10,446 8,131 61,087 57,809 Deferred OPEB Items 9,845 6,743 2,771 1,893 12,617 8,635 Total Deferred Outflow s
of Resources 63,041 59,112 15,524 12,151 78,564 71,263 Liabilities:
Current and Other Liabilities 90,552 55,259 31,241 30,163 121,793 85,422 Noncurrent Liabilities 426,731 418,809 331,894 321,374 758,625 740,182 Total Liabilities 517,283 474,068 363,135 351,537 880,418 825,605 D eferred I nflow s of Resources:
Deferred Pension Items 15,303 14,362 5,037 2,179 20,341 16,541 Deferred OPEB Items 1,111 1,334 414 468 1,525 1,801 Deferred Gain on Refunding 653 697 - - 653 697 T otal D eferred I nflows
of Resources 17,068 16,393 5,451 2,646 22,519 19,039 Net Position:
N et I nvestm ent in Capital Assets 1,945,377 1,993,056 259,186 232,191 2,204,563 2,225,246 Restricted 111,308 105,403 49,217 51,610 160,525 157,013 Unrestricted (255,509) (227,238) 134,184 57,516 (121,325) (169,722) Total Net Position 1,801,176 $ 1,871,220 $ 442,587 $ 341,317 $ 2,243,763 $ 2,212,537 $ Governmental Activities Business-Type Activities Total
Statement of N et Position
June 30, 2021
(in thousands)
The largest portion of the City’s net position reflects its net invest ment of $2.2 billion in capital assets (land, buildings and improvements, equipm ent and machinery, vehicles, infrastructure, and construction in progress, net of accumula ted depreciation), less re lated outstanding debt used to acquire those assets. The City uses these capital assets to provide services to residents; consequently, these assets are not available for future spending. Although the City’s investment in capital assets is reported net of related debt, resources needed to repay this debt must be provided from other sources, si nce the capital assets themselv es cannot be used to liquidate these liabilities.
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Another portion of the City’s net position, $160.5 million, repres ents resources that are subject to external restrictions on thei r use. The remaining balance of unrestricted net position is a deficit of $121.3 million.
This net deficit is primarily attributable to the implementation of GASB statements 68 and 75 to record liabilities for employee pensions and other post-employment benefit s. These liabilities will be liquidated with revenues received in future years that cannot be accrued in these financial statements.
Capital Assets
Investments in capital assets for governmental and business-type activities as of June 30, 2021, totaled $2.5 billion (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvement s, equipment and machinery, vehicles, infrastructure, and construction in progress. The total decrease in capital assets for fiscal year 2020-21 was $24.3 million, which represents a 2.9 percent decrease from the prior year for governmental activities and a 7.0 percent increase for business-type activities. Addi tional information on the City’s capital assets can be found on pages 82-83 in the notes to the financial statements. Capital assets are summarized below:
2021 2020 2021 2020 2021 2020
Land 1,390,541$ 1,418,658$ 45,159$ 17,042$ 1,435,701$ 1,435,700$ Buildings 74,912 78,896 123,981 126,775 198,893 205,671 Improvements Other
than Buildings 58,641 75,569 18,623 4,160 77,265 79,729 Equipment and Machinery 4,590 4,570 56,272 56,783 60,861 61,353 Vehicles 6,018 6,693 - - 6,018 6,693 Infrastructure 433,114 448,723 266,779 269,922 699,893 718,645 Construction in Progress 20,851 14,612 23,631 25,047 44,482 39,659 Totals 1,988,668$ 2,047,722$ 534,445$ 499,729$ 2,523,113$ 2,547,451$ Governmental Activities Business-Type Activities Total
City of Oxnard
Capital Assets (net of accumulated depreciation)
June 30, 2021
(in thousands)
Major capital project activities during fiscal year 2020-21 included the following:
The $6.2 million net increase in governmental activities construction in progress was primarily due to progress on t he following projects: Rice Av enue & 5th Street Railroad Grade Bridge construction project, Rose Av enue/Gary Drive New Traffic Signal project, Citywide Traffic Signal Modernization project, Wilson and Pleasant Valley Park projects, Finance Department Remodel project, partially offset by the completion of the Bus Stop Enhancements project and Oxnard Blvd Traffic System project. The $1.4 million net decrease in business type activities construction in progress was primarily due to the completion of the Recycled Water Retrofits project and Oxnard Blvd Traffic System project, partially offset with the progress on the following projects:
Hueneme Road Recycled Water Pipeline projec t, Aquifer Storage and Recovery (ASR) Completion, Bryce Canyon Resurfacing project, and the Fremont Resurfacing project. 44 -11-
Long-Term Debt
At the end of fiscal year 2020-21 the City had total long-term debt outstanding of $380.1 million.
This reflects a decrease of $6.1 million, or 5.7 percent, in governmental activities and an increase of $7.5 million, or 2.8 percent, in business-type activities.
The City's bonds are rated by S&P Global Ratings. Currently the issuer credit rating on the City is “A” with a stable outlook. The City’s debt is rated “A-” for lease revenue bonds, “A+” for gas tax revenue bonds, “A” for water revenue bonds, and “A-” for wastewater revenue bonds.
Additional information on long- term debt can be found on pages 84-103 in the notes to the financial statements. Long-term debt is summarized below:
2021 2020 2021 2020 2021 2020
Lease Revenue Bonds 66,134$ 69,561$ -$ -$ 66,134$ 69,561$ Revenue Bonds 19,126 19,802 275,140 267,149 294,267 286,951 Capital Leases 15,801 17,852 3,656 4,118 19,457 21,969 Note Payable - - 270 270 270 270 Totals 101,062$ 107,215$ 279,066$ 271,536$ 380,128$ 378,752$ City of Oxnard
Outstanding Debt (net of discounts/premiums)
June 30, 2021
(in thousands)
Governmental Activities Business-Type Activities Total
Governmental activities lease revenue bo nds decreased $3.4 million due to principal payments made during the year.
Governmental activities revenue bonds decreased $0.7 million due to principal payments made during the year.
Business-type activities long term debt incr eased $7.5 million primarily due to the $23.3 million issuance of Water Revenue Refunding B onds, Series 2021A offset by the $9.6 million refunding of Water Revenue Project Bonds, Series 2010A and 2012, and principal payments made during the year on other bonds.
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Statement of Activities
The statement of activities shows how the City ’s net position changed during fiscal year 2020-
21. These changes are explai ned in the governmental and bus iness-type activities on the following pages. Provided below is a summary of changes in net position:
2021 2020 2021 2020 2021 2020
Revenues:
Program Revenues:
Charges for Services 52,570$ 52,960$ 168,950$ 158,429$ 221,520$ 211,389$ Operating Grants and Contributions 27,187 16,059 26,016 24,388 53,203 40,448 Capital Grants and Contributions 7,552 9,253 - - 7,552 9,253 General Revenues:
Taxes 165,003 133,972 - - 165,003 133,972 Interest on Investments 968 3,050 834 3,464 1,803 6,514 Total Revenues 253,281 215,294 195,800 186,281 449,081 401,575 Expenses
General Government 51,433 49,738 - - 51,433 49,738 Public Safety 120,566 114,507 - - 120,566 114,507 Transportation Systems 11,427 11,604 - - 11,427 11,604 Community Development 22,206 19,160 - - 22,206 19,160 Culture, Leisure, and Libraries 31,219 35,010 - - 31,219 35,010 Interest on Long-Term Debt 3,850 3,812 - - 3,850 3,812 Loss from Disposal of Assets - - - - - - Water - - 57,774 56,202 57,774 56,202 Wastewater - -
34,084 34,668 34,084 34,668 Golf Course - - 4,742 - 4,742 - Environmental Resources - - 50,609 50,551 50,609 50,551 Oxnard Housing Authority - - 30,783 29,914 30,783 29,914 Total Expenses 240,701 233,831 177,992 171,335 418,693 405,166 Change in Net Position Before Special Items
Contributed Capital, and Transfers 12,580 (18,537) 17,808 14,946 30,389 (3,591) Contributed Capital - - 1,046 1,148 1,046 1,148 Special Item - 1,514 - - - 1,514 Transfers (82,415) 107 82,415 (107) - - Change in Net Position (69,835) (16,915) 101,270 15,986 31,435 (929) Net Position, July 1 1,871,220 1,884,622 341,317 321,720 2,212,537 2,206,341 Prior Period Adjustment (209) 3,514 - 3,611 (209) 7,125 Net Position, June 30 1,801,176$ 1,871,220$ 442,587$ 341,317$ 2,243,763$ 2,212,537$ (in thousands)
Fiscal Year Ended June 30, 2021
Statement of Activities
Governmental Activities Business-Type Activities Total
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Governmental activities decreased the City’s net position $69.8 million compared to prior fiscal year’s decrease of $16.9 million. Increases in program re venues and general revenues were offset by an increase in expenses and the significant impact of transfers during the current year.
Key elements of the decrease in net position were as follows:
Program revenues increased $9.0 million, or 11.5 per cent, primarily due to higher operating grant revenues, partially offset by lower capital grant revenues. Operating grants and contributions increas ed $11.1 million, or 69.3 perc ent, due to a combination of funding: a one-time COVID- 19 Relief funding of $3.9 mill ion of State CARES Act and Federal Emergency Rent Assistance Program for $6.2 million. Capital grants and contributions decreased, by $1.7 million, or 18.4 percent, due to decreased grant activity and smaller expenditures.
General revenues increased $29.0 million, or 21.1 percent, primarily due to increased sales tax revenues. Sales tax revenues incr eased by $21.6 million from the Measure E imposed 1.5 cent local transaction and use, and stronger sales driven by Federal stimulus and less than anticipated COVID-19 impact. The decrease in interest on investments is largely attributed to the lower yield of investment.
The breakdown of governmental revenues by source is shown below:
Charges for Services
20.8%
Operating Grants and
Contributions
10.6%
Capital Grants and
Contributions
3.0%
Property Tax
32.2%
Sales Tax
26.8%
Other Taxes
6.1%
Other
0.5%
Revenues ‐ Governmental Activities
47 -14-
Expenses increased $6.9 million primarily due to increases in general government, public safety expenses, and community development par tially offset by a decrease in culture, leisure, and libraries expenses. These changes are explained below:
General government expenses increased $1.7 million primarily due to increased capital project activities.
Public safety expenses increased $6.1 mi llion primarily due to increased personnel costs for overtime, benefits, and workers’ compensation as well as higher pension liability expenses.
Community development expenses increased by $3.0 million primarily due to increased spending for General Plan Maintenance projects.
Culture, leisure, and libraries expenses decreased $3.8 million primarily due to personnel savings due to CO VID-19 quarantine, operational savings from Special Districts and unspent multi-year grant.
The breakdown of governmental expenses by activity is shown below:
Transfers increased by $82.6 million due to the transfer from general fund to a separate enterprise fund for the golf course and the re imbursement of Infrastructure Use Fees (IUF). The golf course transfer of $46.1 million was for the transfer of asset balances and capital assets. For the IUF of $36.5 million, the general fund was court-ordered to repay the water, wastewater, and environmental re source fund payments received in prior years.
General Government
21.4%
Public Safety
50.1%
Transportation
Systems
4.7%
Community
Development
9.2%
Culture, Leisure and
Libraries
13.0%
Interest on Long‐Term Debt
1.6%
Expenses ‐ Governmental Activities
48 -15-
Business-type activities increased the City’s net position by $101.3 million compared to prior fiscal year’s increase of $16.0 million. Key elements of net position changes from the prior fiscal year were as follows:
Water net position increased $20.1 million, from $131.3 mil lion to $151.4 million, compared to the prior fiscal year’s increase of $5.3 million. The increase is primarily due to a $15.5 million reimbursement of IUF Fees from General and Street Funds.
Wastewater net position increased $25. 1 million, from $158.6 m illion to $183.7 million, compared to the prior fiscal year’s increase of $11.5 million. The increase can primarily be attributed to the reimbursement of IUF Fees of $11.0 million from General and Street Funds and a $2.7 million increase in Charges for Services when compared to prior year.
Environmental Resources net position increased $6.6 m illion, from $33.5 million to $40.1 million, compared to the prior fiscal year’s decrease of $1.6 million. The $8.2 million change compared to the prior fiscal year is primarily due to a $10.0 million reimbursement of IUF Fees from General and Street Funds, offset by $1.8 million decrease in charges from services when compared to prior year.
Golf Course activities were transferred from gov ernmental activities (in FY2019-20) in the current year to enterprise activities . Net position in FY 2020-21 was $47.1 million compared to $0.0 in FY 2019-20.
Oxnard Housing Authority net position increased $2.6 m illion, from $20.3 million to $22.9 million, compared to the prior fiscal year’s increase of $0.8 million. The $1.8 million change compared to the prior fiscal year is pr imarily due to a $1.6 million increase in Grant Revenue for Operations.
A comparison of program revenues to total expenses for each of the business-type activities, as well as a breakdown of revenues by type, is provided in the next two graphs. For business-type activities, charges for services provide the lar gest share of revenues (87.0 percent), except for the Oxnard Housing Authority Fund, which is primarily funded with operating grants. 49 -16-
$‐
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Water Wastewater Environmental
Resources
Golf Course Oxnard Housing
Authority
$62.2
$48.0 $46.8
$5.8
$32.2
$57.8
$34.1
$50.6
$4.7
$30.8
Program Revenues and Expenses ‐ Business‐Type Activities (in millions)
Program Revenue Expenses
Charges for Services,
$168.9 , 86.7%
Operating Grants and
Contributions, $26.0 ,
13.3%
Program Revenues by Source ‐ Business‐Type Activities
(in millions)
50 -17-
FUND FINANCIAL ANALYSIS
As noted earlier, the City uses fund accoun ting 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 near-term inflows, outflows, and balances of spendable resources. Su ch information is useful in assessing the City’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year.
At the close of fiscal year 2020-21, City gover nmental funds reported a combined ending fund balance of $132.6 million, a decrease of $12.5 million during fiscal year 2020-21 when compared to the prior fiscal year fund balance of $145.1 million. This decrease was primarily due to decrease in fund balances for General Fund of $18.3 million and for Non-major Funds of $7.3 million, offset by an increase in the Development Fees Funds fund balance of $12.8 million.
Fund balance consists of $111.3 million in restricted fund balance, $24.5 million in committed fund balance, and ($3.2) million in unassigned fund balance. Refer to pages 28-35 for more detail on governmental funds.
TOTAL
2021 2020 2021 2020
Assets 76,234 $ 59,838 $ 292,704 $ 240,853 $
TOTAL ASSETS
AND DEFERRED OUTFLOWS 76,234$ 59,838 $ 292,704 $ 240,853 $ Liabilities, Deferred Inflows
and Fund Balance
Liabilities 56,386 $ 21,498 $ 102,800 $ 38,221 $ Deferred inflows of resources - - 57,286 57,549 Total Liabilities
and Deferred Inflows 56,386 21,498 160,086 95,770 Fund Balances
Restricted - - 111,308 105,403 Committed 22,896 33,066 24,505 34,787 Unassigned (3,048) 5,274 (3,195) 4,893 Total Fund Balances 19,848 38,340 132,618 145,083
TOTAL LIABILITIES, DEFERRED
INFLOWS AND FUND BALANCES 76,234$ 59,838 $ 292,704 $ 240,853 $ * see table on page 20 for all other governmental funds.
FUND GROUP GOVERNMENTAL FUNDS*
GENERAL
Governmental Fund Balance Sheet Summary
(in thousands)
51 -18-
General Fund Group – Fund Balance Analysis
The General Fund Group’s combined fund balance decreased $18.3 million in fiscal year 2020- 21 primarily due to IUF Reimburse ment Fees $36.5M to Enterp rise Funds and Net Transfers Out of $7.0 million, offset by excess of revenues over expenditures of $25.1 million. The General Fund Group’s fund balance consists of $18.3 million in funds committed to Measure “O” eligible services, $4.6 million committed to streets and traffic improvemen ts/maintenance, and ($3.0) million unassigned.
General Fund Group – Revenue and Expenditure Analysis
General Fund Group Revenues for fiscal year 2020-21 were $177.7 million, an increase of $22.5 million, or 14.5 percent, compared to the prior fiscal year.
Increase
(Decrease) % of Increase
Compared to (Decrease)
Fiscal Year Fiscal Year Prior Fiscal Over Prior
2020-21 2019-20 Year Fiscal Year
Taxes
Property Taxes 61,260 $ 57,949 $ 3,311 $ 5.7% Sales Tax 67,923 46,320 21,603 46.6% Transient Occupancy Tax 4,267 4,302 (35) (0.8%) Business License Tax 5,965 6,087 (122) (2.0%) Franchise Tax 3,905 3,598 307 8.5% Deed Transfer Tax 911 674 237 35.2% Licenses and Permits 3,968 2,778 1,190 42.8% Intergovernmental 6,172 1,769 4,403 248.9% Charges for Services 18,017 22,659 (4,642) (20.5%) Fines and Forfeitures 1,852 3,282 (1,430) (43.6%) Interest on Investments 348 776 (428) (55.2%) Special Assessments 492 493 (1) (0.3%) Miscellaneous 2,610 4,500 (1,891) (42.0%) Total 177,690$ 155,189 $ 22,502 $ 14.5%
Comparison of General Fund Group Revenues
(in thousands)
Property tax revenue increased by $3.3 million, or 5.7 percent, primarily due to increases in assessed values for properties within the City.
Sales tax revenue increased by $21.6 million, or 46.6 percent, primarily due to Measure E.
Transient occupancy tax revenue stayed flat compared to prior year, primarily due to the continuing impact of the COVID-19 pandemic on travel for business and recreation. Hotel occupancy was significantly reduced during th e effective period of the shelter-at-home order issued by the Ventura County Health Department beginning in March 2020. 52 -19-
Charges for services decreased $4.6 million, or 20.5 percent, prim arily due to a change in reporting of golf course operating results (as described above).
Fines and forfeitures revenue decreased by $1.4 million, or 43.6 percent, primarily due COVID-19 Pandemic.
General Fund Group Expenditures for fiscal year 2020-21 decr eased $2.6 million, or 1.7 percent, compared to the prior fiscal year.
Increase
(Decrease) % of Increase
Compared to (Decrease)
Fiscal Year Fiscal Year Prior Fiscal Over Prior
2020-2021 2019-20 Year Fiscal Year
Current
General Government 16,501 $ 21,354 $ (4,853) $ (22.7%) Public Safety 93,487 92,091 1,396 1.5% Transportation 6,151 5,795 356 6.1% Community Development 12,546 12,115 431 3.6% Culture, Leisure and Libraries 17,734 21,438 (3,704) (17.3%) Capital Outlay 4,797 1,039 3,759 361.9% Debt Service
Principal 820 780 40 5.1% Interest and Fiscal Charges 502 537 (35) (6.6%) Total 152,539$ 155,149$ (2,610)$ (1.7%)
Comparison of General Fund Group Expenditures
(in thousands)
Expenditures for general government decreas ed $4.9 million, or 22. 7 percent, primarily due to a prior year one time increase in reserves established for ongoing litigation.
Public safety expenditures increased $1.4 million, or 1.5 percent, primarily due to increased personnel costs for benefits and workers compensation.
Culture, leisure and library services expenditures decreased $3.7 million, or 17.3 percent, primarily due to temporary closure of the Performing Arts and Convention Center during the pandemic and change in the reporting of the golf course operations.
Capital outlay expenditures increased $3.8 m illion, or 362.0 perc ent, primarily due to several street projects in fiscal year 2020-21.
53 -20-
Other Governmental Funds
2021 2020 2021 2020 2021 2020 2021 2020
Assets 37,056 $ 36,011$ 66,683 $ 53,153 $ 44,283$ 15,167$ 68,448$ 32,401$
TOTAL ASSETS
AND DEFERRED OUTFLOWS 37,056$ 36,011$ 66,683 $ 53,153 $ 44,283$ 15,167$ 68,448$ 32,401$ Liabilities, Deferred Inflows
and Fund Balance
Liabilities 11$ 5$ 1,674 $ 910 $ 37,438$ 8,288$ 7,291$ (29,918)$ Deferred inflows of resources 33,642 32,833 10,846 10,846 6,044 6,367 6,754 1,459 Total Liabilities
and Deferred Inflows 33,653 32,838 12,520 11,756 43,482 14,655 14,045 Fund Balances
Restricted 3,403 3,173 54,163 41,397 948 890 52,794 58,996 Committed - - - - - - 1,609 1,720 Unassigned - - - - (147) (378) - 144 Total Fund Balances 3,403 3,173 54,163 41,397 801 512 54,403 60,860
TOTAL LIABILITIES, DEFERRED
INFLOWS AND FUND BALANCES 37,056$ 36,011$ 66,683 $ 53,153 $ 44,283$ 15,167$ 68,448$ 32,401$
GOVERNMENTAL
Other Governmental Funds Balance Sheet Summary
(in thousands)
AFFORDABLE
HOUSING
DEVELOPMENT
FEES
OTHERSTATE AND FEDERAL
GRANTS FUND
Affordable Housing
The Affordable Housing Fund fund balance increased by $0.2 million compared to the prior fiscal year.
Development Fees Fund
The Development Fees Fund a ccounts for development fees t hat the City collects on new development projects to provide resources for related projects such as parks, storm drain facilities, traffic improvement, utility undergrounding, and community development.
The Development Fees Fund fund balance increased $12.8 million compared to the prior year’s increase of $0.4 million due to the timing of various development projects.
State and Federal Grants Fund
The State and Federal Grants fund assets and liabilities increased significantly during the current year by approximately $29.1 milli on due to federal funds received from the American Rescue Plan Act (ARPA) Coronavirus State and Local Fiscal Recovery Funds (CSLFRF). These funds have not yet been appropriated for spending duri ng the current year and are recorded as unearned revenue. CSLFRF funds must be used within certain limits prescribed in law and U.S.
Department of the Treasury r egulations and must be used dur ing the period March 3, 2021- December 31, 2024
54 -21-
Proprietary funds
The City’s proprietary funds financial statements provide the same type of information found in the government-wide financial statements business-type activities with greater detail.
Details on net position for the Water, Wastew ater, Environmental Resources, and Oxnard Housing Authority funds are provided below:
Change in
Net Position Net Position
Water 151,413 $ 20,094 $
Wastewater 183,651 25,051
Environmental Resources 40,108 6,560
Golf Course 47,090 47,090
Oxnard Housing Authority 22,912 2,648
Totals 445,173 $ 101,442 $
Proprietary Funds
June 30, 2021
(in thousands)
Please refer to the business- type activities discussion on pages 15-16 for analysis of the changes in these funds. Proprietary financial statements can be found on pages 36-45.
55 -22-
BUDGETARY HIGHLIGHTS
General Fund Group
The General Fund Group budget and actual repor t can be found on pages 150-151. The $8.4 million change in fund balance between the original and final budget is the result of City Council approved budget adjustments. Major differences are highlighted below:
Variance
With Final
Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues
Taxes
Property Taxes 61,114 $ 61,114 $ 61,260 $ 146$ Sales Tax 43,094 43,094 67,923 24,830 Transient Occupancy Tax 4,786 4,786 4,267 (519) Business License Tax 5,905 5,905 5,965 60 Franchise Tax 3,844 3,844 3,905 61 Deed Transfer Tax 707 707 911 204 Licenses and Permits 2,668 3,021 3,968 947 Intergovernmental 2,116 2,116 6,172 4,056 Charges for Services 19,197 20,089 18,017 (2,072) Fines and Forfeitures 2,933 2,933 1,852 (1,080) Interest on Investments 473 473 348 (125) Special Assessments 445 445 492 47 Miscellaneous 2,360 3,421 2,610 (811) Total Revenues 149,640 151,946 177,690 25,745 Expenditures
Current
General Government 18,483 17,398 16,501 897 Public Safety 91,081 93,462 93,487 (25) Transportation 6,712 6,952 6,151 801 Community Development 12,703 16,094 12,546 3,547 Culture, Leisure and Library Services 19,481 19,219 17,734 1,484 Capital Outlay 7,305 8,007 4,797 3,210 Debt Service
Principal 712 712 820 (108) Interest and Fiscal Charges 534 509 502 8 Total Expenditures 157,011 162,353 152,539
9,814
Excess of Revenues Over/(Under)
Expenditures (7,371) (10,407) 25,152 35,559 Other Financing Sources/(Uses)
Reimbursement of IUF Fees - (5,000) (36,471) (31,471) Transfer out golf course - - (1,236) (1,236) Net Transfers (6,456) (6,783) (5,728) 1,055 Total Other Financing Sources/(Uses) (6,456) (11,783) (43,435) (31,653) Net Change in Fund Balance (13,827)$ (22,190)$ (18,284)$ 3,906 $ General Fund Group Budget and Actual
(in thousands)
56 -23-
General Fund Group Revenues were $25.7 million, or 16.9 perc ent, higher than final budget as a result of higher than anticipated revenue in the following:
Sales tax revenues were $24.8 million higher than both original and final budget primarily due to impacts of the Measure E 1.5% sales tax measure, passed in November 2020 and effective April 2021 combined with a re duced impact from the pandemic-induced recession.
Intergovernmental grants were $4.1 milli on higher than both original and final budget primarily due to CARES Act relief funding.
These amounts were offset by unanticipated reductions in revenue in the following:
Charges for services were $2.1 million lo wer than final budget primarily due to lower program revenues from preschool classes, adult & youth sports, facility rental, and event admission due to the pandemic. In addition, t here were delays in a number of street resurfacing and water infrastructure proj ects, which resulted in less revenue than budgeted from charges to capital improvement projects in other funds.
Fines and forfeitures were $1.1 million lowe r than both original and final budget primarily due to lower fine inducing activities due to the pandemic.
General Fund Group Expenditures were $9.8 million, or 6.0 percent, lower than final budget as a result of the following:
General Government expendit ures were $0.9 million lower than budget primarily due to vacancy savings.
Transportation costs were $0.8 million lower t han budget primarily due to vacancy savings coupled with delayed spending on multi-year capital improvement projects.
Community Development expenditures were $3.5 million lower than budget primarily due to vacancy savings and deferred spending on multi-year General Plan Maintenance projects that will be carried over to the following fiscal year.
Culture, Leisure and Library Services ex penditures were $1.5 million lower than budget primarily due to the decreased usage of recreation and community services as a result of the pandemic.
Capital Outlay expenditures were $3.2 m illion lower than budget primarily due to multi- year capital improvement proj ects that were not completed in Fiscal Year 2020-21 and will be carried over to the following fiscal year.
The $36.5 million reimbursement of the IUF Fee to the three utility enterprise funds was the primary contributor to the $31.6 million (or 269 percent) higher than expected uses in the Other Financing category.
57 -24-
ECONOMIC AND LEGAL FACTORS
The two main sources of General Fund rev enue -- property tax and sales tax – continued to show steady growth as the City began recovering from the depths of the recession triggered by the global COVID-19 pandemic.
The City’s voters have supported restoring se rvice levels by approving a 1.5% sales tax augmentation on November 3, 2020 fo r the General Fund. The ne w citywide tax rate became effective on April 1, 2021.
The economic recovery in Oxnard was evidenced by the fact that re sidents, business, and visitors spent more than expected on autos, building materials, dining out, furniture, appliances, clothing and household goods, heavy equipment, and sporting goods.
On the expenditure side, annual increases in la bor costs, particularly for pensions and healthcare benefits, continue to outstrip revenue growth in most funds other than the Water and Wastewater funds. The City does benefits substantially from a public safety property tax established by voters in 1951, which relieves about half of the fiscal burden on the General Fund imposed by rising pension costs.
Several ongoing lawsuits could affe ct the City’s finances. The status of each is described on pages 133-134. The City’s infrastr ucture use fees paid by the water, wastewater, and solid waste enterprise funds to t he General Fund Group was succe ssfully challenged and the repayment of $36.5 million from the General Fund and Streets Fund is reflected in the financial reports for fiscal year ended June 30, 2021
CONTACTING THE CITY'S FINANCIAL MANAGEMENT
This financial report is designed to provide re sidents, taxpayers, customers, employees, and investors with a general overview of the City's finances and to show the City's accountability for the money it receives. If you have questions about this report, please contact the Finance Department at 300 W. 3rd Street, Oxnard, CA 93030, or call (805) 385-7475.
58 BASIC FINANCIAL
STATEMENTS
59 60
The accompanying notes are an integral part of the financial statements. -25-
CITY OF OXNARD, CALIFORNIA
STATEMENT OF NET POSITION
JUNE 30, 2021
Governmental Business-t ype
Activities Activities Total
ASSETS
Current Assets
Cash and investments 190,725,860$ 168,537,680$ 359,263,540$ Accounts and other receivables (net of allowance for doubtful accounts) 3,694,784 25,165,693 28,860,477 Internal balances (28,056,748) 28,056,748 - Due from other governments 33,785,860 - 33,785,860 Due from Successor Agency 198,231 - 198,231 Other assets 306,821 528,747 835,568 Total Current Assets 200,654,808 222,288,868 422,943,676 Noncurrent Assets
Properties held for resale 570,000 - 570,000 Notes receivable (net of allowance for doubtful accounts) 64,199,765 5,181,819 69,381,584 Restricted: Investments with fiscal agents 18,394,726 33,732,711 52,127,437 Capital assets not being depreciated 1,411,392,096 68,790,762 1,480,182,858 Capital assets, net of accumulated depreciation 577,275,560 465,654,309 1,042,929,869 Total Noncurrent Assets 2,071,832,147 573,359,601 2,645,191,748 Total Assets 2,272,486,955 795,648,469 3,068,135,424
DEFERRED OUTFLOW OF RESOURCES
Deferred amount on refunding 2,554,171 2,307,011 4,861,182 Deferred outflow on pension plans 50,640,963 10,445,706 61,086,669 Deferred outflow on other post-employment benefit plans (OPEB) 9,845,383 2,771,187 12,616,570 Total Deferred Outflow of Resources 63,040,517 15,523,904 78,564,421
LIABILITIES
Current Liabilities
Accounts payable 12,190,756 7,516,367 19,707,123 Compensated absences payable - current 11,297,020 1,969,794 13,266,814 Self insurance claims - current 7,914,988 - 7,914,988 Unearned revenues 33,880,788 216,848 34,097,636 Other liabilities 19,236,439 11,878,438 31,114,877 Notes payable - current 31,900 - 31,900 Capital leases and revenue bonds - current 6,000,208 9,659,512 15,659,720 Total Current Liabilities 90,552,099 31,240,959 121,793,058 Noncurrent Liabilities
Compensated absences payable 5,497,921 1,557,246 7,055,167 Other post-employment benefits payable 42,532,924 12,608,917 55,141,841 Net pension liabilities 256,289,140 47,663,190 303,952,330 Self-insurance claims 27,349,588 - 27,349,588 Other liabilities - 657,871 657,871 Capital leases and revenue bonds, net of premiums and discount 95,061,507 269,406,346 364,467,853 Total Noncurrent Liabilities 426,731,080 331,893,570 758,624,650 Total Liabilities 517,283,179 363,134,529 880,417,708
DEFERRED INFLOW OF RESOURCES
Deferred inflow on pension plans 15,303,161 5,037,367 20,340,528 Deferred inflow on other post-employment benefit plans (OPEB) 1,111,289 413,534 1,524,823 Gain on refunding 653,440 - 653,440 Total Deferred Inflow of Resources 17,067,890 5,450,901 22,518,791
NET POSITION
Net investment in capital assets 1,945,377,175 259,185,934 2,204,563,109 Restricted for:
Debt service 22,982 10 ,198,246 10 ,221,228 Culture and leisure 10 ,668,234 - 10 ,668,234 Housing 7,777,357 604,294 8,381,651 Infrastructure developments 51,917,190 38,414,790 90,331,980 Maintenance districts 14,444,313 - 14,444,313 Public safety 7,177,147 - 7,177,147 Streets and traffic improvements/maintenance 16,784,122 - 16,784,122 Transportation systems 2,005,292 - 2,005,292 Grants 511,257 - 511,257 Unrestricted (255,508,666) 134,183,679 (121,324,987) TOTAL NET POSITION 1,801,176,403$ 442,586,943 $ 2,243,763,346$ 61 The accompanying notes are an integral part of the financial statements. -26-
CITY OF OXNARD, CALIFORNIA
STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2021
Program Revenues
Operating Capital Grants
Charges for Grants and and
Functions/Programs Expenses Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General government 51,432,611 $ 16,591,018$ 18,390,947$ -$ Pub
lic safety 120,565,552 4,984,405 611,196 - Transportation systems 11,426,788 5,023,139 - 7,467,732 Commu
nity development 22,205,817 17,167,989 5,380,490 - Culture, leisure and libraries 31,219,370 8,803,499 2,804,507 84,013 Inte
rest on long-term debt 3,850,416 - - -
Total Governmental Activities 240,700,554 52,570,050 27,187,140 7,551,745 Business-Type Activities
Water 57,774,449 62,227,968 - -
Wastewater 34,083,527 48,021,835 - -
Environmental Resources 50,609,180 46,757,277 - - Golf Course 4,741,945 5,758,442 - -
Oxnard Housing Authority 30,782,861 6,184,299 26,016,248 - Total Business-Type Activities 177,991,962 168,949,821 26,016,248 - TOTAL PRIMARY GOVERNMENT 418,692,516$ 221,519,871 $ 53,203,388 $ 7,551,745 $
GENERAL REVENUES
Taxes
Property tax
Sales tax
Transient occupancy tax
Franchise tax
Deed transfer tax
Business license tax
Penalties and interest
Interest on investments
CONTRIBUTED CAPITAL
REIMBURSEMENT OF IUF FEES
TRANSFERS
CHANGE IN NET POSITION
NET POSITION - JULY 1, AS PREVIOUSLY STATED
PRIOR-PERIOD ADJUSTMENT
NET POSITION - JULY 1, AS RESTATED
NET POSITION - JUNE 30
TRANSFER TO GOLF COURSE FUND
Total General Revenues, Contributed Capital, and Transfers 62 -27-
Net (Expenses) Revenues and
Changes in Net Position
Primary Government
Governmental Business-type
Activities Activities Total Functions/Programs
PRIMARY GOVERNMENT
Governmental Activities
(16,450,646)$ - $ (16,450,646)$ General government (114,969,951) - (114,969,951) Public safety 1,064,083 - 1,064,083 Transportation systems 342,662 - 342,662 Community development (19,527,351) - (19,527,351) Culture, leisure and libraries (3,850,416) - (3,850,416) Interest on long-term debt (153,391,619) - (153,391,619) Total Governmental Activities Business-Type Activities
- 4,453,519 4,453,519 Water - 13,938,308 13,938,308 Wastewater - (3,851,903) (3,851,903) Environmental resources - 1,016,497 1,016,497 Golf Course - 1,417,686 1,417,686 Oxnard Housing Authority - 16,974,107 16,974,107 Total Business-Type Activities (153,391,619) 16,974,107 (136,417,512) TOTAL PRIMARY GOVERNMENT
GENERAL REVENUES
Taxes
81,447,932 - 81,447,932 Property tax 67,923,383 - 67,923,383 Sales tax 4,267,463 - 4,267,463 Transient occupancy tax 4,287,254 - 4,287,254 Franchise tax 910,934 - 910,934 Deed transfer tax 5,964,716 - 5,964,716 Business license tax 201,657 - 201,657 Penalties and interest 968,386 834,362 1,802,748 Interest on investments - 1,046,309 1,046,309 CONTRIBUTED CAPITAL (36,470,697) 36,470,697 - REIMBURSEMENT OF IUF FEES (46,072,738) 46,072,738 - TRANSFER TO GOLF COURSE FUND 128,261 (128,261) - TRANSFERS 83,556,551 84,295,845 167,852,396 Total General Revenues, Contributed Capital, and
Transfers
(69,835,068) 101,269,952 31,434,884 CHANGE IN NET POSITION 1,871,220,384 341,316,991 2,212,537,375 NET POSITION - JULY 1, AS PREVIOUSLY STATED (208,913) - (208,913) PRIOR-PERIOD ADJUSTMENT 1,871,011,471 341,316,991 2,212,328,462 NET POSITION - JULY 1, AS RESTATED 1,801,176,403$ 442,586,943 $ 2,243,763,346$ NET POSITION - JUNE 30 63 The accompanying notes are an integral part of the financial statements. -28-
CITY OF OXNARD, CALIFORNIA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2021
DEVELOPMENT
AFFORDABLE FEES
GENERAL HOUSING FUND
ASSETS
Cash and investments 39,912,571$ 3,413,940$ 55,826,927$ Restricted investments with fiscal agents - - - Accounts and other receivables 3,511,338 - 9,437 Due from other funds 8,150,400 - - Due from other government 24,477,137 - - Due from Successor Agency 182,760 - - Notes receivable - 33,641,698 10,846,230 Total Assets 76,234,206$ 37,055,638 $ 66,682,594 $
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES
LIABILITIES
Accounts payable 6,357,719 $ 200 $ 703,826$ Other liabilities 15,968,284 3,462 970,149 Due to other funds 14,371,920 7,480 - Advances from other funds 19,470,697 - - Unearned revenues 217,520 - - Total Liabilities 56,386,140 11,142 1,673,975
DEFERRED INFLOW OF RESOURCES
Deferred inflow on receivables and loans - 33,641,698 10,846,230 Total Liabilities and Deferred Inflows of Resources 56,386,140$ 33,652,840 $ 12,520,205 $
FUND BALANCES
Restricted for:
Debt service - $ - $ - $ Culture and leisure - - 1,101,386 Housing - 3,402,798 4,254,625 Infrastructure developments - - 35,087,543 Maintenance districts - - - Public safety - - - Streets and traffic improvements/maintenance - - 13,718,835 Transportation systems - - - Grants - - - Committed to:
Measure "O" eligible services 18,314,275 - - Capital projects - - - Streets and traffic improvements/maintenance 4,582,215 - - Unassigned (3,048,424) - - Total Fund Balances 19,848,066 3,402,798 54,162,389 TOTAL LIABILITIES AND FUND BALANCES 76,234,206$ 37,055,638 $ 66,682,594 $ 64 -29-
STATE AND
FEDERAL TOTAL
GRANTS FUND NONMAJOR GOVERNMENT
ASSETS
31,567,197$ 40,492,024$ 171,212,659$ Cash and investments - 18,394,726 18,394,726 Restricted investments with fiscal agents - 155,493 3,676,268 Accounts and other receivables - - 8,150,400 Due from other funds 6,671,459 2,637,264 33,785,860 Due from other government - 15,471 198,231 Due from Successor Agency 6,044,151 6,753,706 57,285,785 Notes receivable 44,282,807$ 68,448,684 $ 292,703,929 $ Total Assets
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES
LIABILITIES
854,061$ 3,191,771$ 11,107,577 $ Accounts payable 127,250 1,121,350 18,190,495 Other liabilities 4,938,099 832,901 20,150,400 Due to other funds - - 19,470,697 Advances from other funds 31,518,243 2,145,025 33,880,788 Unearned revenues 37,437,653 7,291,047 102,799,957 Total Liabilities
DEFERRED INFLOW OF RESOURCES
6,044,151 6,753,705 57,285,784 Deferred inflow on receivables and loans 43,481,804$ 14,044,752 $ 160,085,741 $ Total Liabilities and Deferred Inflows of Resources
FUND BALANCES
Restricted for:
-$ 22,982$ 22,982 $ Debt service - 9,566,848 10,668,234 Culture and leisure - 119,934 7,777,357 Housing - 16,829,647 51,917,190 Infrastructure developments - 14,444,313 14,444,313 Maintenance districts 436,428 6,740,719 7,177,147 Public safety - 3,065,287 16,784,122 Streets and traffic improvements/maintenance - 2,005,292 2,005,292 Transportation systems 511,257 - 511,257 Grants Committed to:
- - 18,314,275 Measure "O" eligible services - 1,608,910 1,608,910 Capital projects - - 4,582,215 Streets and traffic improvements/maintenance (146,682) - (3,195,106) Unassigned 801,003 54,403,932 132,618,188 Total Fund Balances 44,282,807$ 68,448,684 $ 292,703,929 $ TOTAL LIABILITIES AND FUND BALANCES
65 -30-
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66 The accompanying notes are an integral part of the financial statements. -31-
CITY OF OXNARD, CALIFORNIA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
JUNE 30, 2021
Fund balances of governmental funds 132,618,188$
Amounts reported for governmental activities in the Statement of Net Position are different because:
Accounts receivable and other assets not reported in the funds 186,446 Land held for resale is not reported in the funds 570,000 Capital assets of $2,396,189,006 net of accumulated depreciation ($365,018,533) are not financial resources and, therefore, are not reported in the funds. 1,986,921,780 Deferred outflows for the following are not reported in the governmental funds:
Deferred loss on refunding 2,554,171$
Deferred gain on refunding (653,440)
Deferred outflow on pension and OPEB plans 56,786,037 58,686,768 Accrued interest payable for the current portion of interest due on long-term liabilities has not been reported in the governmental funds. (476,830) Notes receivable in the governmental funds are deferred because they are not available within the prescribed time period after year-end. However, the notes receivable are included on the accrual basis of accounting used in the government-wide financial statements. 64,199,764
Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds:
Compensated absences (15,858,050)
Notes payable (31,900)
Other post-employment liability (38,346,379)
Net pension liabilities (241,138,624)
Capital leases and bonds payable, net of issuance discounts, issuance premium and prepaid insurance (101,061,715) (396,436,668) Deferred inflows for pension and OPEB plans are not reported in the governmental funds Deferred inflow on pension and OPEB plans (14,048,446) (14,048,446) Internal service funds are used by management to charge the costs of certain activities, such as insurance, information services, facilities, and equipment maintenance. The assets and liabilities of the internal service funds are included in the government activities in the statement of net position. Amounts are net of internal payable representing charges in excess of cost to business-type activities. (31,044,599)
NET POSITION OF GOVERNMENTAL ACTIVITIES 1,801,176,403$
67 The accompanying notes are an integral part of the financial statements. -32-
CITY OF OXNARD
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2021
DEVELOP-
AFFORDABLE MENT FEES
GENERAL HOUSING FUND
REVENUES
Taxes 144,231,483 $ - $ - $
Licenses and permits 3,967,887 - - Intergovernmental 6,172,234 - - Growth and development fees - - 12,014,746 Charges for services 18,016,882 - - Fines and forfeitures 1,852,220 - - Interest on investments 347,612 71,365 382,221 Special assessments 492,244 - 65,182 Miscellaneous 2,609,806 231,623 3,259,049 Total Revenues 177,690,368 302,988 15,721,198
EXPENDITURES
Current
General government 16,501,005 - 54,753 Public safety 93,487,162 - - Transportation 6,150,873 - 9,115 Community development 12,546,149 72,966 655,878 Culture, leisure and libraries 17,734,480 - 124,739 Capital Outlay 4,797,421 - 1,547,449 Debt Service
Principal 820,000 - - Interest and fiscal charges 501,535 - - Total Expenditures 152,538,625 72,966 2,391,934
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 25,151,743 230,022 13,329,264
OTHER FINANCING SOURCES (USES)
Reimbursement of IUF fees (36,470,697) - - Transfer to Golf Course Fund (1,236,347) - - Transfers in 1,609,003 - - Transfers out (7,337,227) - (563,651) Total Other Financing Sources (Uses) (43,435,268) - (563,651) NET CHANGE IN FUND BALANCES (18,283,525) 230,022 12,765,613 FUND BALANCES, JULY 1, AS PREVIOUSLY STATED 38,340,504 3,172,776 41,396,776 PRIOR-PERIOD ADJUSTMENT (208,913) - - FUND BALANCES, JULY 1, AS RESTATED 38,131,591 3,172,776 41,396,776 FUND BALANCES, JUNE 30 19,848,066$ 3,402,798 $ 54,162,389 $ 68 -33-
STATE AND
FEDERAL TOTAL
GRANTS FUND NONMAJOR GOVERNMENTAL
REVENUES
-$ 20,570,199$ 164,801,682 $ Taxes - 1,051,633 5,019,520 Licenses and permits 15,936,831 12,629,820 34,738,885 Intergovernmental - 21,587 12,036,333 Growth and development fees - 1,322,570 19,339,452 Charges for services 63,600 8,564 1,924,384 Fines and forfeitures 19,784 147,404 968,386 Interest on investments - 6,903,785 7,461,211 Special assessments 438,682 41,177 6,580,337 Miscellaneous 16,458,897 42,696,739 252,870,190 Total Revenues
EXPENDITURES
Current
- 2,500 16,558,258 General government 2,023,062 18,263,842 113,774,066 Public safety - 4,933,934 11,093,922 Transportation 8,061,499 2,504,105 23,840,597 Community development 3,086,915 7,925,546 28,871,680 Culture, leisure and libraries 3,206,135 14,028,047 23,579,052 Capital Outlay Debt Service
- 5,015,030 5,835,030 Principal - 3,585,018 4,086,553 Interest and fiscal charges 16,377,611 56,258,022 227,639,158 Total Expenditures
EXCESS OF REVENUES OVER
(UNDER)
81,286 (13,561,283) 25,231,032 EXPENDITURES
OTHER FINANCING SOURCES (USES)
- - (36,470,697) Reimbursement of IUF fees - - (1,236,347) Transfer to Golf Course Fund 207,927 7,984,525 9,801,455 Transfers in - (1,680,619) (9,581,497) Transfers out 207,927 6,303,906 (37,487,086) Total Other Financing Sources (Uses) 289,213 (7,257,377) (12,256,054) NET CHANGE IN FUND BALANCES 511,790 61,661,309 145,083,155 FUND BALANCES, JULY 1, AS PREVIOUSLY STATED - - (208,913) PRIOR-PERIOD ADJUSTMENT 511,790 61,661,309 144,874,242 FUND BALANCES, JULY 1, AS RESTATED 801,003$ 54,403,932$ 132,618,188 $ FUND BALANCES, JUNE 30 69 -34-
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70 The accompanying notes are an integral part of the financial statements. -35-
CITY OF OXNARD, CALIFORNIA
RECONCILIATION OF THE CHANGE IN FUND BALANCES OF THE
GOVERNMENTAL FUNDS TO THE STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2021
Amounts reported for governmental activities in the statement of activities are different because:
Net Change in Fund Balances - Total Governmental Funds (12,256,054)$ Governmental funds report capital outlays as expenditures. However, in the statement of (13,632,491)
Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the funds.
Change in accounts and notes receivables 2,927,420
The net effect of various miscellaneous transactions involving capital assets (i.e., sales, trade-ins, and donations) is to increase net position.
Loss on sale of assets (92,630)
Transfer of Golf Course net capital assets from Governmental Activities to Business-type Activities. (44,836,391)
Some expenses reported in the statement of activities do not require the use of current financial resources and are not reported as expenditures in governmental funds. These include:
Change in accrued interest 48,267
Change in deferred gains/losses on refunding (93,415)
Change in compensated absenses (594,885)
Change in pension and OPEB liabilities (8,310,773)
The issuance of long-term debt provides current financial resources to governmental funds, Total principal repayments net of bond (discount)/premium. 6,128,885 Net income of internal service funds is reported with governmental activities. 876,999
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES (69,835,068)$ while the repayment of the principal of long-tem debt consumes the current financial resources of governmental funds. Neither transaction, however, has any effect on net position. Also, governmental funds report the net effect of premiums, discounts, and similar items when debt is first issued; whereas, these amounts are deferred and amortized in the statement of activities. This amount is the net effect of these differences in the treatment of long-term debt and related items activities, the cost of those assets is allocated over their estimated useful lives and reported as depreciation expense. This is the amount by which depreciation expense ($23,440,788) exceeded capital outlay ($9,808,297), that was capitalized in the current period.
71 The accompanying notes are an integral part of the financial statements. -36-
CITY OF OXNARD, CALIFORNIA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2021
ENVIRONMENTAL
WATER WASTEWATER RESOURCES
ASSETS
Current Assets
Cash and investments 59,810,671 $ 58,812,490 $ 30,785,835 $ Restricted investments with fiscal agent 31,008,040 8 - Accounts and other receivable (net of allowance for doubtful accounts) 8,955,577 8,608,021 7,281,990 Due from other funds 5,238,106 3,710,856 3,302,057 Other assets 153,296 262,663 - Total Current Assets 105,165,690 71,394,038 41,369,882 Noncurrent Assets
Notes receivable (net of allowance for doubtful accounts) - 799,200 - Advances to other funds 8,865,430 5,835,010 5,357,779 Total Noncurrent Assets 8,865,430 6,634,210 5,357,779 Capital Assets
Land 1,960,229 2,310,476 3,851,164 Construction in progress 11,379,584 11,473,223 71,012 Buildings and improvements 63,971,156 124,880,127 23,246,557 Machinery, equipment and vehicles 55,473,406 41,271,591 19,117,699 Infrastructure 212,144,323 201,270,904 2,839,837 Less: Accumulated depreciation (113,273,912) (159,904,747) (26,213,897) Total Capital Assets (net of accumulated depreciation) 231,654,786 221,301,574 22,912,372 Total Assets 345,685,906 299,329,822 69,640,033
DEFERRED OUTFLOW OF RESOURCES
Deferred amount on refunding 1,869,513 437,498 - Deferred outflow on pension plans 1,887,996 2,325,554 4,477,431 Deferred outflow on other post-employment benefit plans 492,870 812,399 880,355 Total Deferred Outflow of Resources 4,250,379 3,575,451 5,357,786
LIABILITIES
Current Liabilities
Accounts payable 4,250,386 1,242,541 1,710,591 Compensated absences payable - current 371,418 529,266 1,028,030 Self-insurance claims - current - - - Deferred revenue - - 108,376 Other liabilities 4,844,317 2,996,672 3,233,251 Due to other funds - 114,676 - Capital leases and revenue bonds - current 3,488,850 5,035,000 475,952 Total Current Liabilities 12,954,971 9,918,155 6,556,200 Noncurrent Liabilities
Compensated absences payable 191,336 272,652 529,591 Other post-employment benefits payable 2,004,604 3,244,331 4,818,096 Net pension liabilities 8,702,666 12,357,407 17,945,369 Self-insurance claims - - - Other liabilities 288,786 - 3,448 Advances from other funds - - - Capital leases and revenue bonds, net of current portion and discount/premium 173,363,078
92,023,447 3,179,821
Total Noncurrent Liabilities 184,550,470 107,897,837 26,476,325 Total Liabilities 197,505,441 117,815,992 33,032,525 72 -37-
OXNARD TOTAL INTERNAL
GOLF HOUSING CURRENT SERVICE
COURSE AUTHORITY YEAR FUNDS
ASSETS
Current Assets
3,680,613$ 15,448,071 $ 168,537,680 $ 19,513,201 $ Cash and investments - 2,724,663 33,732,711 - Restricted investments with fiscal a gent 10,503 309,602 25,165,693 18,516 Accounts and other receivable (net of allowance for
doubtful accounts)
- - 12,251,019 - Due from other funds - 112,788 528,747 120,375 Other assets 3,691,116 18,595,124 240,215,850 19,652,092 Total Current Assets Noncurrent Assets
- 4,382,619 5,181,819 - Notes receivable (net of allowance for doubtful accounts) - - 20,058,219 828,101 Advances to other funds - 4,382,619 25,240,038 828,101 pital Assets
28,117,344 8,920,208 45,159,421 - Land - 707,522 23,631,341 156,027 Construction in progress 29,381,197 39,716,315 281,195,352 435,410 Buildings and improvements 13,950 1,879,374 117,756,020 7,463,174 Machinery, equipment and vehicles - - 416,255,064 - Infrastructure (13,263,798) (36,895,773) (349,552,127) (6,308,735) Less: Accumulated depreciation 44,248,693 14,327,646 534,445,071 1,745,876 Total Capital Assets (net of accumulated depreciation) 47,939,809 37,305,389 799,900,959 22,226,069 Total Assets
DEFERRED OUTFLOW OF RESOURCES
- - 2,307,011 - Deferred amount on refundin g - 1,754,725 10,445,706 2,748,252 Deferred outflow on pension plans - 585,563 2,771,187 952,057 Deferred outflow on other post-employment benefit plans - 2,340,288 15,523,904 3,700,309 Total Deferred Outflow of Resources
LIABILITIES
Current Liabilities
20,610 292,239 7,516,367 1,083,179 Accounts payable
- 41,080 1,969,794 618,348 Compensated absences payable - current - - - 7,914,988 Self-insurance claims - current - 108,472 216,848 - Deferred revenue 101,333 702,865 11,878,438 569,114 Other liabilities 136,343 - 251,019 - Due to other funds - 659,710 9,659,512 - Capital leases and revenue bonds - current 258,286 1,804,366 31,491,978 10,185,629 Total Current Liabilities Noncurrent Liabilities
- 563,667 1,557,246 318,543 Compensated absences payable - 2,541,886 12,608,917 4,186,545 Other post-employment benefits payable - 8,657,748 47,663,190 15,150,516 Net pension liabilities - - - 27,349,588 Self-insurance claims 4,451 361,186 657,871 - Other liabilities 587,522 828,101 1,415,623 - Advances from other funds - 840,000 269,406,346 - Capital leases and revenue bonds, net of current portion and discount/premium
591,973 13,792,588 333,309,193 47,005,192 Total Noncurrent Liabilities 850,259 15,596,954 364,801,171 57,190,821 Total Liabilities
73 The accompanying notes are an integral part of the financial statements.
-38-
STATEMENT OF NET POSITION (Continued)
PROPRIETARY FUNDS
ENVIRONMENTAL
WATER WASTEWATER RESOURCES
DEFERRED INFLOW OF RESOURCES
Deferred inflow on pension plans 957,421 $ 1,362,677 $ 1,657,985 $ Deferred inflow on other post-employment benefit plans 60,321 75,872 199,641 Total Deferred Inflow of Resources 1,017,742 1,438,549 1,857,626
NET POSITION
Net investment in capital assets 56,672,371 124,680,625 19,256,599 Restricted for housing assistance payments - - - Restricted for capital projects 21,468,248 13,608,125 1,752,534 Restricted for debt service 9,539,792 - - Unrestricted 63,732,691 45,361,982 19,098,535 TOTAL NET POSITION 151,413,102$ 183,650,732 $ 40,107,668 $
NET POSITION OF BUSINESS-TYPE ACTIVITIES
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
74 -39-
OXNARD TOTAL INTERNAL
GOLF HOUSING CURRENT SERVICE
COURSE AUTHORITY YEAR FUNDS
DEFERRED INFLOW OF RESOURCES
-$ 1,059,284$ 5,037,367 $ 2,245,259 $ Deferred inflow on pension plans - 77,700 413,534 120,745 Deferred inflow on other post-employment benefit plans - 1,136,984 5,450,901 2,366,004 Total Deferred Inflow of Resources
NET POSITION
44,248,693 14,327,646 259,185,934 1,745,876 Net investment in ca pital assets - 604,294 604,294 - Restricted for housin g assistance payments - 1,585,883 38,414,790 - Restricted for ca pital projects - 658,454 10,198,246 - Restricted for debt service 2,840,857 5,735,462 136,769,527 (35,376,323) Unrestricted 47,089,550$ 22,911,739 $ 445,172,791 (33,630,447) $ TOTAL NET POSITION (2,585,848)
442,586,943$ NET POSITION OF BUSINESS-TYPE ACTIVITIES Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
75 The accompanying notes are an integral part of the financial statements.
-40-
CITY OF OXNARD, CALIFORNIA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2021
ENVIRONMENTAL
WATER WASTEWATER RESOURCES
OPERATING REVENUES
Charges for services 62,514,681 $ 46,328,641 $ 46,889,836 $ Connection fees 84,171 1,837,067 - Rental income - - - Grant revenue for operations - - - Miscellaneous and reimbursements (370,884) (143,873) (132,559) Total Operating Revenues 62,227,968 48,021,835 46,757,277
OPERATING EXPENSES
Salaries and wages 7,358,329 8,979,814 21,063,461 Contractual services 3,119,218 1,366,520 3,410,429 Housing assistance payments - - - Operating supplies 24,024,219 2,483,016 4,063,113 Utilities 1,180,174 3,833,897 9,668,969 Depreciation and amortization 7,191,357 7,643,869 1,535,639 General and administrative 7,585,978 5,432,236 6,986,601 Repairs and maintenance 561,991 440,051 3,469,277 Claims expenses - - - Total Operating Expenses 51,021,266 30,179,403 50,197,489 OPERATING INCOME (LOSS) 11,206,702 17,842,432 (3,440,212)
NONOPERATING REVENUES (EXPENSES)
Grant revenue - noncapital - - - Insurance proceeds, net - - - Fraud recovery - - - (Loss)/gain on disposition of capital assets (27,361) 9,540 8,485 Interest on investments 255,458 263,144 130,053 Interest expense (6,389,240) (3,964,774) (101,107) Cost of issuance (431,419) - - Net Nonoperating Revenues (Expenses) (6,592,562) (3,692,090) 37,431
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS 4,614,140 14,150,342 (3,402,781)
CAPITAL CONTRIBUTIONS - - - REIMBURSEMENT OF IUF FEES 15,505,406 10,929,598 10,035,693
TRANSFER FROM GOVERNMENTAL ACTIVITIES - - -
TRANSFERS IN - - - TRANSFERS OUT (25,692) (29,158) (73,411) CHANGES IN NET POSITION 20,093,854 25,050,782 6,559,501 NET POSITION, JULY 1 131,319,248 158,599,950 33,548,167 NET POSITION, JUNE 30 151,413,102$ 183,650,732 $ 40,107,668 $
CHANGES IN NET POSITION OF BUSINESS-TYPE ACTIVITIES
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
76 -41-
OXNARD TOTAL INTERNAL
GOLF HOUSING CURRENT SERVICE
COURSE AUTHORITY YEAR FUND
OPERATING REVENUES
5,508,621$ - $ 161,241,779$ 30,366,594 $ Charges for services - - 1,921,238 - Connection fees - 4,477,090 4,477,090 - Rental income - 25,944,248 25,944,248 - Grant revenue for operations 249,821 493,583 96,088 410,470 Miscellaneous and reimbursements 5,758,442 30,914,921 193,680,443 30,777,064 Total Operating Revenues
OPERATING EXPENSES
26,070 - 37,427,674 9,144,192 Salaries and wages 2,995,237 - 10,891,404 2,714,136 Contractual services - 21,439,431 21,439,431 - Housing assistance payments - - 30,570,348 3,930,668 Operating supplies 624,423 816,615 16,124,078 1,220,850 Utilities 583,753 685,230 17,639,848 424,808 Depreciation and amortization 203,830 5,562,520 25,771,165 3,805,278 General and administrative 277,404 2,176,521 6,925,244 876,570 Repairs and maintenance - - - 7,801,451 Claims expenses 4,710,717 30,680,317 166,789,192 29,917,953 Total Operating Expenses 1,047,725 234,604 26,891,251 859,111 OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
- 72,000 72,000 - Grant revenue - noncapital - 1,174,075 1,174,075 - Insurance proceeds, net - 39,551 39,551 - Fraud recovery (3,945) (26,825) (40,106) (62,226) (Loss)/gain on disposition of capital assets - 185,707 834,362 - Interest on investments (26,968) (77,345) (10,559,434) - Interest expense - - (431,419) - Cost of issuance (30,913) 1,367,163 (8,910,971) (62,226) Net Nonoperating Revenues (Expenses)
INCOME (LOSS) BEFORE CONTRIBUTIONS
1,016,812 1,601,767 17,980,280 796,885 AND TRANSFERS - 1,046,309 1,046,309 - CAPITAL CONTRIBUTIONS - - 36,470,697 - REIMBURSEMENT OF IUF FEES 46,072,738 - 46,072,738 - TRANSFER FROM GOVERNMENTAL ACTIVITIES - - - 122,000 TRANSFERS IN - - (128,261) TRANSFERS OUT 47,089,550 2,648,076 101,441,763 705,188 CHANGES IN NET POSITION - 20,263,663 (34,335,635) NET POSITION, JULY 1 47,089,550$ 22,911,739 $ (33,630,447) $ NET POSITION, JUNE 30 (171,811)
101,269,952$ CHANGES IN NET POSITION OF BUSINESS-TYPE ACTIVITIES Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
77 The accompanying notes are an integral part of the financial statements.
-42-
CITY OF OXNARD, CALIFORNIA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2021
ENVIRONMENTAL
WATER WASTEWATER RESOURCES
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 64,337,589$ 48,555,998$ 50,069,043$ Payments to suppliers (40,332,403) (14,759,849) (28,151,355) Payments to employees (6,896,158) (8,578,668) (19,628,925) Payments for housing assistance and notes receivable - - - Receipts from operating grants - - - Cash paid to claimants - - - Net Cash Provided By (Used In) Operating Activities 17,109,028 25,217,481 2,288,763
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES
Collection/(issuance) of advances 132,372 - - Principal paid on long-term debt - - - Interest and other fees paid - - - Notes receivable collected - 44,400 - Cash received from noncapital grants - - - Reimbursement of IUF fees 2,125,735 1,498,408 1,375,857 Transfers in - - - Transfers out (25,692) (29,158) (73,411) Net Cash Provided By (Used In) Noncapital Financing
Activities 2,232,415 1,513,650 1,302,446
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Purchases of capital assets (2,669,784) (2,252,564) (1,967,496) Disposals of capital assets - 9,540 - Proceeds from long-term debt issued 27,506,858 - - Interest and issuance cost paid on long-term debt (7,716,770) (4,636,250) (104,527) Principal paid on long-term debt (12,953,227) (4,795,000) (461,733) Insurance proceeds received - - - Cash received from capital grants - - - Net Cash Provided By (Used In) Capital and Related
Financing Activities 4,167,077 (11,674,274) (2,533,756)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments 255,458 263,144 130,053 Net Cash Provided By (Used In) Investing Activities 255,458 263,144 130,053
NET INCREASE (DECREASE) IN CASH AND
INVESTMENTS 23,763,978 15,320,001 1,187,506 CASH AND INVESTMENTS, JULY 1 67,054,733 43,492,497 29,598,329 CASH AND INVESTMENTS, JUNE 30 90,818,711$ 58,812,498 $ 30,785,835 $ 78 -43-
OXNARD TOTAL INTERNAL
GOLF HOUSING CURRENT SERVICE
COURSE AUTHORITY YEAR FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES
5,760,205$ 5,493,639$ 174,216,474$ 30,784,725$ Receipts from customers and users (3,890,879) (3,591,832) (90,726,318) (12,423,697) Payments to suppliers (25,624) (4,879,010) (40,008,385) (8,914,664) Payments to employees - (23,757,627) (23,757,627) - Payments for housing assistance and notes receivable - 26,068,748 26,068,748 - Receipts from operating grants - - - (5,715,874) Cash paid to claimants 1,843,702 (666,082) 45,792,892 3,730,490 Net Cash Provided By (Used In) Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES
(132,372) - - 53,904 Collection/(issuance) of advances - (370,000) (370,000) - Principal paid on long-term debt - (77,485) (77,485) - Interest and other fees paid - - 44,400 - Notes receivable collected - 72,000 72,000 - Cash received from noncapital grants - - 5,000,000 - Reimbursement of IUF fees - - - 122,000 Transfers in - (128,261) (213,697) Transfers out Net Cash Provided By (Used In) Noncapital Financing
(132,372) (375,485) 4,540,654 (37,793) Activities
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
- (679,014) (7,568,858) (2,427) Purchases of capital assets - - 9,540 - Disposals of capital assets - - 27,506,858 - Proceeds from long-term debt issued (26,968) - (12,484,515) - Interest and issuance cost paid on long-term debt - - (18,209,960) - Principal paid on long-term debt - 1,174,075 1,174,075 - Insurance proceeds received - 1,046,309 1,046,309 - Cash received from capital grants Net Cash Provided By (Used In) Capital and Related
(26,968) 1,541,370 (8,526,551) (2,427) Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES
- 83,950 732,605 - Interest on investments - 83,950 732,605 - Net Cash Provided By (Used In) Investing Activities
NET INCREASE (DECREASE) IN CASH AND
1,684,362 583,753 42,539,600 3,690,270 INVESTMENTS 1,996,251
17,588,981 159,730,791 15,822,931 CASH AND INVESTMENTS, JULY 1 3,680,613$ 18,172,734 $ 202,270,391 $ 19,513,201 $ CASH AND INVESTMENTS, JUNE 30 79 The accompanying notes are an integral part of the financial statements.
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STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
ENVIRONMENTAL
WATER WASTEWATER RESOURCES
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
OPERATING INCOME (LOSS) 11,206,702$ 17,842,432$ (3,440,212)$ Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided By (Used In) Operating Activities
Depreciation and amortization 7,191,357 7,643,869 1,535,639 Other revenue - - - Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable and
due from other funds and governments (1,092,235) (1,480,837) 1,422,083 (Increase) decrease in other assets 480,195 19,999 - Increase (decrease) in accounts payable and
other liabilities (1,009,230) 943,460 1,844,453 Increase (decrease) in compensated absences 116,440 88,054 313,506 Increase (decrease) in OPEB payable 175,482 293,533 296,723 Increase (decrease) in net pension liabilities 40,317 (133,029) 316,571 Increase (decrease) in self-insurance liabilities -
- -
Net Cash Provided By (Used In) Operating Activities 17,109,028$ 25,217,481 $ 2,288,763 $ 80 -45-
OXNARD TOTAL INTERNAL
GOLF HOUSING CURRENT SERVICE
COURSE AUTHORITY YEAR FUNDS
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
1,047,725$ 234,604 $ 26,891,251$ 859,111 $ OPERATING INCOME (LOSS) Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided By (Used In) Operating Activities
583,753 685,230 17,639,848 424,808 Depreciation and amortization - 141,308 141,308 - Other revenue Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable and
1,763 122,147 (1,027,079) 7,661 due from other funds 445,563 (2,056,335) (1,110,578) (25,994) (Increase) decrease in other assets Increase (decrease) in accounts payable and
(235,102) (7,446) 1,536,135 215,917 other liabilities - 51,020 569,020 (29,619) Increase (decrease) in compensated absences - 180,337 946,075 636,122 Increase (decrease) in OPEB payable - (16,947) 206,912 (443,093) Increase (decrease) in net pension liabilities - - - 2,085,577 Increase (decrease) in self-insurance liabilities 1,843,702$ (666,082) $ 45,792,892$ 3,730,490 $ Net Cash Provided By (Used In) Operating Activities 81 The accompanying notes are an integral part of the financial statements.
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CITY OF OXNARD, CALIFORNIA
STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2021
OXNARD COMMUNITY
DEVELOPMENT
COMMISSION RETIREMENT
SUCCESSOR AGENCY ENHANCEMENT
PRIVATE PURPOSE DEFINED BENEFIT CUSTODIAL
TRUST FUND PENSION TRUST FUND FUNDS
ASSETS
Cash and investments 6,736,841 $ - $ 8,324,370$ Investment with fiscal agents
Certificates of deposit 3,271,232 - 2,664,242 Mutual funds - 109,183,284 - Total investment with fiscal agents 3,271,232 109,183,284 2,664,242 Accounts and other receivables - 395,353 - Due from other governments 481,200 127,778 Notes receivable, net of uncollectible 624,965 - - Properties held for resale 921,192 - - Capital Assets
Buildings and improvements (net of
depreciation) 12,599,746 - - Infrastructure (net of depreciation) 18,645,670 - - Total Assets 43,280,846 109,578,637 11,116,390
LIABILITIES
Accounts payable 1,931,356 $ - $ 213,470$ Other liabilities 466,503 - - Due to City of Oxnard 198,231 - - Long-term debt - due within one year 1,835,000 - - Long-term debt - due in more than one year 27,290,000 - - TOTAL LIABILITIES 31,721,090 - 213,470
NET POSITION
Restricted for:
Held in trust for Successor Agency 11,559,756 - - Individuals, organizations, and other governments - - 10,902,920 Pensions - 109,578,637 - TOTAL NET POSITION 11,559,756$ 109,578,637 $ 10,902,920 $ 82 The accompanying notes are an integral part of the financial statements.
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CITY OF OXNARD, CALIFORNIA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2021
OXNARD COMMUNITY
DEVELOPMENT RETIREMENT
COMMISSION ENHANCEMENT
SUCCESSOR AGENCY DEFINED BENEFIT
PRIVATE PURPOSE PENSION CUSTODIAL
TRUST FUND TRUST FUND FUNDS
ADDITIONS
Taxes 7,042,673$ - $ 695,007$ Special Assessments - - 5,734,163 Contributions
Employer - 3,703,269 - Plan members - 1,724,357 - Investment income 127,908 19,906,881 10,833 Investment expense - (148,918) - Net investment income 127,908 19,757,963 10,833 Miscellaneous income - - 12,967 Total Additions 7,170,581 25,185,589 6,452,970
DEDUCTIONS
Administrative Costs
Salaries and wages 26,987 - - Benefit distributions - 5,172,107 - Administrative costs 169,056 - 36,025 Professional services 76,402 - 25,766 Depreciation 1,301,788 - - Project improvements 3,868,474 - - Distributions to individuals, organizations, and bond trustees - - 4,423,331 Debt Service
Interest and fiscal charges 1,431,875 - - Total Deductions 6,874,582 5,172,107 4,485,122 CHANGE IN NET POSITION 295,999 20,013,482 1,967,848 NET POSITION - JULY 1, 2020, AS PREVIOUSLY STATED 11,263,757 89,565,155 - PRIOR-PERIOD ADJUSTMENT - - 8,935,072 FUND BALANCES, JULY 1, AS RESTATED 11,263,757 89,565,155 8,935,072 NET POSITION - JUNE 30, 2021 11,559,756$ 109,578,637 $ 10,902,920 $ 83 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies
A. Reporting Entity
The City of Oxnard, California (City) was incorporated as a general law city on June 30, 1903 and operates under the c ouncil-manager form of government. The City is governed by an elected Mayor and six Council members. Other elected positions include the City Clerk and City Treasurer. The accompanying basic financial statements present the financial position and results of operations of the City (the primary government) and its component units. For fi nancial reporting pur poses, the City has included all funds, organizations, agencies, boards, commissions, and authorities, and has considered all potentia l component units for which the City is financially accountable, and other organizations for which the nature and sign ificance of their relationship with the City are such that exclusion would cause the City's financial statements to be misleading or incomplete . The Governmental Accounting Standards Board has set forth criteria to be consider ed in determining financial accountability.
These criteria include appointing a voting majority of an organization's governing body and (1) the ability of the City to impose its wil l on that organization; or (2) the potential for the organization to provide specific financial benefits to, or impose specific financial burdens on the City.
Blended Component Units
City of Oxnard Financing Author ity. The Oxnard Financing Au thority (Authority) is a separate government entity whose purpose is to assist with the financing or refinancing of certain public capital fa cilities within the City. The Authority has the power to purchase bonds issued by any local agency at public or negotiated sales and may sell such bonds to public or private purchasers at public or negotiated sales. The Authority is controlled by the City and has the same governing body as the City and the City has operational responsibility for the Authority. City staff perform all accounting and administrative functions of the Authority. The debt service of the Authority is included in the Debt Service Fund, Water Enterprise Fund, Wastewater Enterprise Fund, and Environmental Resources Enterprise Fund.
84 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) A. Reporting Entity (Continued)
Blended Component Units (Continued)
Housing Authority of the City of Oxnard. The Housing Author ity of the City of Oxnard (Housing Authority) was established in April 1945 by ordinance of the City Council. The Housing Authority is a public entity organized under the laws of California's Health and Safety Code for the purpose of providing safe, decent, and sanitary housing for qualified economically disadv
antaged and elderly individuals in areas where a shortage of such housing exists. To accomplish this purpose, the Housing Authority entered into Annual Contributions Contracts with the U.S. Department of Housing and Urban Development (HUD) to operate assisted housing programs, such as Local Housing Authority Owned Housing, Section 8, and Modernizati on. The City Council and two tenant representatives serve as t he governing board of the Hous ing Authority. The Housing Authority's governing body is substantively the same as the governing body of the City and the City has operational responsibility for the Housing Authority. The Housing Authority's operations have been included in the Cit y's business-type activities in the accompanying Government-Wide Financia l Statements. The Housing Authority prepares separate financial statements, which can be obt ained from the Housing Authority's Financial Services Division at 435 S. D St., Oxnard, CA 93030.
B. Financial Statements Presentation
In accordance with Governmental Accounting Standards Board Statement No. 34, the City's basic financial statements consist of the following:
• Government-Wide Financial Statements;
• Fund Financial Statements; and
• Notes to the Basic Financial Statements.
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 financial information for the City as a whole, while distinguishi ng between governmental and business-type activities. Fiduciary activities of the City are not included in these statements.
Most of the City's basic services are considered to be governmental activities, including general government, public safety, transporta tion, community development, culture, leisure, and library services. Property tax, sales tax, transient occupancy tax, franchise tax, business license tax, and user fees and charges financially support these activities. 85 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) B. Financial Statements Presentation (Continued)
Government-Wide Financial Statements (Continued)
The City's enterprise operations are classi fied as business-type activities. These operations consist of water, wastewater, environmental resources, golf course, and housing. These activities generally recover the cost of providing services from customer fees and charges.
Government-Wide Financial Statements are presented on an "economic resources" measurement focus and the accrual basis of a ccounting. Accordingly, all of the City's assets, deferred outflows of resources, liabi lities, and deferred inflows of resources, including capital 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. The types of transactions reporte d as program revenu es for the City are reported in three categories: (1) charges for services; (2) operating grants and other contributions; and (3) capital grants and contributions.
The Statement of Activities demonstrates the degree to which expenses, both direct and indirect, of a given function or segm ent is offset by program revenues. Direct expenses are those that are cl early identifiable with a specific function or segment.
Indirect expenses are allocated based on the City's cost allocation plan. Program revenues include: (1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment; and (2) operating and capital grants and contributi ons that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.
Certain eliminations have been made in regards to interfund activities, payables, and receivables. All internal balances in t he Statement of Net Position have been eliminated, with the except ion of those representi ng balances between the governmental activities and the business-type activities. In the Statement of Activities, net internal service fund transactions hav e been allocated back to the governmental and business-type activities generating the net income or loss. In the Statement of Net Position, internal service assets and liabilities have been combined with the governmental funds and presented as governmental activities. 86 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) B. Financial Statements Presentation (Continued)
Government-Wide Financial Statements (Continued)
A reconciliation of the difference between the Governmental Fund Financial Statements and the Government-Wide Fi nancial Statements is provided as part of the Governmental Fund Financial Statements.
Fund Financial Statements
The accounts of the City ar e organized on the basis of f unds, each of which is considered a separate account ing entity. The operations of each fund are accounted for with a separate set of self-balancing a ccounts that comprise its assets, deferred outflows of resources, liabilities, deferred inflow of resources, 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.
Governmental Fund Financial Statements
Governmental Fund Financial Statements in clude a Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund Balances for the major governmental funds. Non-Major Governmental Funds are combined for presentation in Governmental Fund Statements. The following funds have been determined to be the City's major governmental funds:
• General Fund: This fund group is always a major fund and is used to account for all financial resources traditionally asso ciated with government activities, which are not legally required to be accounted for in another fund. • The Affordable Housing Fund was created due to the dissolution of the Oxnard Redevelopment Agency. In accordance with Health and Safety Code Section 34176(b)(2), on February 1, 2013, all rights, powers, assets, liabilities, duties, and obligations of the Low and Moderate Income Housing Fund (previously part of the former Oxnard Redevelopment Agency) were transferred to the Affordable Housing special revenue fund. The fund is used to account for funds to be used for low and moderate income housing projects.
• Development Fees Fund is a special revenue fund that accounts for development fees that the City collects on new development to provide resources for special projects such as parks, storm drainage fa cilities, traffic im provements, utility undergrounding, and community development.
87 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) B. Financial Statements Presentation (Continued)
Governmental Fund Financial Statements (Continued)
• State and Federal Grants Fund is a special revenue fund that accounts for state and federal grants.
Governmental funds are accounted for using a "current financial resources" measurement focus and the modified accrual basis of accounting. Accordingly, only current assets, deferred outflows of resource s, current liabilities, and deferred inflows of resources are included on the Balanc e 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 accr ual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the curr ent period. The City considers revenues available if they are collected within 60 days after year-end. Proper ty tax, sales tax, intergovernmental revenues, and other taxe s are accrued as appropriate. Grants and similar items are recognized as revenue as soon as all eligibilit y requirements have been met. The availability period for reven ue recognition for grants receivable is one year after the year-end. Expenditures are recorded in the accounting period in which the related fund liability is incurred and du e within one year, except for unmatured principal and interest on long-term debt, which is recognized when due.
Proprietary Fund Financial Statements
Proprietary Fund Financial Statements include a Statement of Net Position, Statement of Revenues, Expenses and Changes in Net Position, and a Statement of Cash Flows for each major fund. A column representing In ternal Service Funds in total is also presented in these statements.
The proprietary funds are used to account for operations that are financed and operated in a manner similar to private business en terprises wherein the cost of goods and services to the general public are financed or recovered primarily through user charges.
The following enterprise funds have been determined to be the City's major proprietary funds:
• Water Fund: This fund is used to account for all activities of the City's water production, treatment, and distribution system. Revenues are derived mainly from metered water services, connection fees, and installation charges.
88 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) B. Financial Statements Presentation (Continued)
Proprietary Fund Financial Statements (Continued)
• Wastewater Fund: This fund is used to ac count for all sewer activities related to conveyance and treatment services. Rev enues are derived mainly from sewer service charges, connection fees, and treatment plant charges. • Environmental Resources Fund: This fund is used to account for the activities related to collection and disposal of re fuse throughout the City. Revenues are mainly derived from collection service fees and sales of recyclable materials. • Golf Course Fund: This fund is used to account for the activities related to the operation and maintenance of the City’s River Ridge golf course. Revenues are derived from golfing fees, merchandise, and facility rentals and food & beverage sales for private events.
• Oxnard Housing Authority: This fund is used to account for the receipts and disbursements of funds received from the U.S. Department of Housing and Urban Development (HUD) to provide housing assistance, such as the rental assistance programs for low income residents and seni or citizens under Section 8 of the Federal Housing Act of 1937, as amended.
Proprietary funds are accounted for usi ng the "economic resources" measurement focus and the accrual basis of accounting. Accordingly, all assets, deferred outflows of resources, liabilities, and deferred inflows of resources (whether current or noncurrent) are included within the Stat ement of Net Position. T he Statement of Revenues, Expenses, and Changes in Net Position pres ent increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recognized in the period in which they ar e earned, while expenses are recognized in the period in which the liability is incurred.
Operating revenues in the proprietary funds are those revenues that are generated from the primary operations of the fund. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with proprietary funds’ principal ongoing operations. All other revenues are reported as nonoperating revenues. Operating expenses are those expenses that are essential to the primary operations of the fund. All ot her expenses are repo rted as nonoperating expenses. When both restricted and unrestricted resources are available for use, it is the City's policy to use the restricted resources first, then unrestricted resources as they are needed.
89 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) B. Financial Statements Presentation (Continued)
Proprietary Fund Financial Statements (Continued)
Internal service funds account for services to other departments on a cost-recovery basis. Internal service funds include workers' compensation, public liability and property damage, utility customer services, informat ion systems, facilities maintenance, and equipment maintenance. Internal service funds are accounted for using the "economic resources" measurement focus and the accrual basis of accounting. Internal service funds are reported in total on the proprietary funds statements.
Fiduciary Fund Financial Statements
Fiduciary fund financial statements include a Statement of Fiduciary Net Position and Statement of Changes in Fiduciary Net Position. The City's fiduciary funds consist of a Private Purpose Trust Fund, a Pension Tr ust Fund, and Custodial Funds. The Trust Funds are as follows:
• Oxnard Community Development Co mmission Successor Agency Private Purpose Trust Fund: This fund accounts for the assets and activities of the former redevelopment agency pursuant to AB 1X 26.
• Retirement Enhancement Defined Benefit Pension Trust Fund: This fund accounts for the assets and activities of the Mass Mutual Retirement Enhancement Plan.
The Custodial Funds are used to report fiduciary activities that are not required to be reported in pension trust funds, investment trust funds, or private-purpose trust funds.
The City's custodial funds are as follows:
• Improvement Districts Fund: This fund is used to account for various limited obligation improvement bonds issued by the Improvement Districts and Mello- Roos Community Facilities Districts within the City, wherein bond proceeds are used to finance land acquisition and p ublic improvements of the various assessment districts within the City. Neither the faith, credit, nor the taxing power of the City or any of its political subdivi sions is pledged to the payment of the bonds. Property owners within the assessment district are assessed through the County property tax bills and the money collected is used to pay the annual debt service requirements.
90 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) B. Financial Statements Presentation (Continued)
Fiduciary Fund Financial Statements (Continued)
• Oxnard PD Property Room Fund: This fund accounts for assets held in temporary police custody.
• Oxnard Downtown Management District Fund: This fund accounts for property tax collected within the downtown area for downtown improvements and revitalizations. Funds are collected and distributed to the Oxnard Downtown Management District, a non-profit corporation.
• Riverpark JPA Fund: This fund is used to account for assets and liabilities of the Riverpark Reclamation and Recharge Authority.
The fiduciary funds are accounted for usi ng the "economic resources" measurement focus and the accrual basis of accounting.
C. New Accounting Pronouncements
Adopted
The City implemented G ASB Statement No. 84, Fiduciary Activities for the fiscal year ended June 30, 2021. This Stat ement establishes criteria for identifying fiduciary activities of all state and local governments. The focus of the criteria generally is on: (1) whether a government is contro lling the assets of the fiduc iary activity; and (2) the beneficiaries with whom a fiduciary relationship exists. Separate criteria are included to identify fiduciary component units and post-employment benefit arrangements that are fiduciary activities. The provisions of th is Statement are effective for fiscal years beginning after December 15, 2019. The Ci ty determined that the Oxnard Community Development Commission Successor Agency and the Retirement Enhancement Defined Benefit Pension Trust are fiduciary in nature under the provisions of GASB Statement No. 84. There were changes in the recognition and presentation of fiduciary fund statements of the custodial funds as a result of implementing this standard. Also see Note II.J. detailing the prior-period adjustments.
The City also implemented GASB Statement No. 98, The Annual Comprehensive Financial Report. This Statement establishes the term annual comprehensive financial report and its acronym ACFR. That new term and acronym replace instances of comprehensive annual financial report and its acronym in generally accepted accounting principles for state and local governments.
91 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) C. New Accounting Pronouncements (Continued)
Not Adopted
The GASB issued several pronouncements prior to June 30, 2021, that have effective dates that may impact future financial presentations. The impact of the implementation of these Statements to the City's financial statements has not been assessed at this time.
Statement No. 87, Leases. This statement establishes a single model for lease accounting based on the foundational principle that leases are financings of the right to use an underlying asset. Under this statement, a lessee is required to recognize a lease liability and an intangible right-to-use lease asset, and a lessor is required to recognize a lease receivable and deferr ed inflow of resources, thereby enhancing the relevance and consistency of information about governments’ leasing activities. The requirements of this statement are effective for reporting periods beginning after June 15, 2021.
Statement No. 91, Conduit Debt Obligations . GASB Statement No. 91 clarifies the definition of conduit debt and establishes new rec ognition, measurement, and disclosure requirements. The requirements of this Statement are effective for reporting periods beginning after December 15, 2021.
Statement No. 92, Omnibus 2020. GASB Statement No. 92 addr esses a variety of topics related to post-employment benefits and other issues. The requirements of this Statement are effective for periods beginning after June 15, 2021.
Statement No. 93, Replacement of Interbank Offered Rates . GASB Statement No. 93 addresses the accounting and fin ancial reporting effects of replacement of interbank offering rates with other reference rates in agreements which reference an interbank offering rate. The requirements of this Statement are effe ctive for periods beginning after June 15, 2021.
92 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) C. New Accounting Pronouncements (Continued)
Statement No. 94, Public-Private and Public-Public Partnerships and Availability Payment Arrangements. GASB Statement No. 94 estab lishes standards for public- private and public-public part nerships (PPPs) and availability payment arrangements.
A PPP is an arrangement in which a government contracts with an operator to provide public services by conveying control of the right to operate or use a nonfinancial asset, such as infrastructure or other capital asset (the underlying PPP asset), for a period of time in an exchange or exchange-like transaction. An availability payment arrangement is an arrangement in which a government compensates an operator for services that may include designing, constructing, financing, maintaining, or operating an underlying nonfinancial asset for a period of time in an exchange or exchange-like transaction. The new standard requires reporting of related a ssets and deferred inflows that currently are not reported and is effective for periods beginning after June 15, 2022.
Statement No. 96, Subscription-Based Information Technology Arrangements . GASB Statement No. 96 defines such arrangements as contracts t hat convey control of the right to use another party’s information tec hnology software, alone or in combination with tangible capital assets, as specified in the contract for a period of time in an exchange or exchange-like trans action. The new standard is effective for periods beginning after June 15, 2022.
Statement No. 97, Certain Component Unit Criter ia, and Accounting and Financial Reporting for Internal Revenue Code Se ction 457 Deferred Compensation Plans—an amendment of GASB Statements No. 14 an d No. 84, and a supersession of GASB Statement No. 32. GASB Statement No. 97 clarifies t he criteria used in determining whether a fiduciary component unit exists and clarifies financial reporting for Internal Revenue Code section 457 deferred compensation plans. The new standard is effective for periods beginning after June 15, 2021.
93 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Acc ounting Policies (Continued) D. Cash and Investments
Cash and Cash Equivalents
For reporting purposes, cash and cash equivalents include cash in bank accounts and investments held by the City Treasurer in a cash management pool with maturities less than one year. These amounts are readily available for use by the respective funds.
Investments
The City's investments are stated at fair value.
The City categorizes its fair value measur ements within the fair value hierarchy established by generally accepted accounting principles. These principles recognize a three-tiered fair value hierarchy, as follows:
Level 1: Investments reflect prices quoted in active markets; Level 2: Investments reflect prices that are based on similar observable assets either directly or indirectly, which may include inputs in markets that are not considered to be active; and
Level 3: Investments reflect prices based upon unobservable sources.
Debt and equity securities classified as Level 1 are valued using prices quoted in active markets for those securities. Debt and equity securities classified in Level 2 are valued using the following approaches: (1) debt securities are normally valued based on price data obtained from observed transactions and market price quotations from broker dealers and/or pricing vendors; (2) equity se curities are valued using fair value per share for each fund. Certificates of deposit classified in level 2 are valued using broker quotes that utilize observable market inputs. Securities classified as Level 3 have limited trade information, these securities are priced using the last trade price or estimated using recent trade prices.
Investment Income
Investment income earned on pooled cash and investments is allocated monthly to the General Fund and those other funds for which such allocation is a legal contractual requirement based on the average month-end cash balances. Investment income from cash and investments with fiscal agents is credited directly to the related fund. Income from non-pooled investments is recorded in the appropriate fund based on the specific investments held by the trust ee of the fund. Changes in t he fair value of investments are recognized in investment income at the end of each fiscal year. 94 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) E. Receivables
Activity between funds that are representative of le nding/borrowing arrangements outstanding at the end of the fiscal year is reported as "advances to/from other funds." All other outstanding balances between funds are reported as "due to/from other funds." Any residual balances outstanding between the governmental activities and business- type activities are reported in the governm ent-wide financial statements as "internal balances."
Amounts due from individuals, organizations or other governmental units are recorded as receivables at year-end. These amounts include charges for services rendered, or for goods and material provided by the Cit y, including amounts for unbilled services.
Receivables are shown net of an allowance for uncollectible accounts where applicable.
Notes receivable include both the current and long-term portions of loans issued by the City. Business development loans are repor ted in both special revenue and fiduciary funds. Notes receivable are reported as an asset in the amount of loan proceeds disbursed, net of allowance. Depending on the original funding source, the City reports unavailable revenue equal to the loan amount and recognizes a revenue when principal payments are received.
In the government-wide financia l statements, receivables are recognized as revenue when earned. Receivables of the proprietary funds are recognized as revenue when earned, including services provided but not billed.
95 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) F. Capital Assets
The City's assets for governmental, business-type and fiduciary activities are capitalized at historical cost or estima ted historical cost. The cost of normal maintenance and repairs that do not add to the value of the asset or materially extend asset lives are not capitalized. City policy has set the capitalization threshold at $5,000 for equipment and machinery, $20,000 for bu ildings and improvements and $100,000 for infrastructure. Depreciation is recorded on a straight-line basis over the estimated useful lives of the assets as follows:
Buildings 45 years
Improvements
Paving, curbs, and lighting 20 years
Parks improvements 20 years
Sports courts 20 years
Landscaping 20-50 years
Equipment and machinery 3-50 years
Vehicles 10 years
Infrastructure Assets
Roadway network 30-100 years
Waterways/seawalls 75 years
Storm drain system 50 years
Water and sewer systems 50 years
Infrastructure assets are defined as "long-liv ed capital assets" that are stationary in nature and normally can be preserved for a signi ficantly greater number of years than most capital assets.
Examples of infrastructure assets incl ude roads, bridges, tunnels, drainage systems, water and sewer systems, dams, and lighting systems. Land is valued at original cost without depreciation.
Donated capital assets, donated works of art and similar items, and capital assets received in a service concession arrangement are reported at acquisition value.
96 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) G. Compensated Absences
Vacation leave and annual leave compensation pay is recorded as a liability when incurred within the Government-Wide and Pr oprietary Funds Financial Statements.
Sick leave, which does not vest, is recorded in all funds when leave is taken. A liability for these amounts is reported in the Governmental Funds Financial Statements only if they have matured and are paid by the City subsequent to year-end.
Compensated absences are liquidated by the f und that has recorded the liability. The long-term portion of governmental activiti es compensated absences is liquidated primarily by the General Fund.
H. Net Pension Liability
For purposes of measuring the net pension liability, deferred outflows and inflows of resources related to pensions and pension expense, information about the fiduciary net position and additions to/deductions from the fiduciary net position have been determined on the same basis as they are reported by CalPERS and Mass Mutual. For this purpose, benefit payment s (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms.
Investments are reported at fair value.
I. Other Post-Employment Benefits (OPEB)
For purposes of measuring t he 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 CalPERS plan governed by the Public Employees' Medical & Hospital Care Act (PEMHCA) and additions to/deductions from the PEMHCA plan fiduciary net position have been dete rmined on the same basis as they are reported by CalPERS.
For this purpose, CalPERS recognizes benefit payments when due and payable in accordance with the benefit terms. Investments are reported at fair value, except for money market investments and participating interest-earning investment contracts that have a maturity at the time of purchase of one year or less, which are reported at cost.
97 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) J. Deferred Outflows/Inflows of Resources
In addition to assets, the Statements of Net Position and Governmental Fund Balance Sheet report a separate secti on for deferred outflows of re sources. Deferred outflows of resources represent a consumption of net position that applies to a future period(s) and so will not be recognized as an outflow of resources (expense/expenditure) until then. The City reports deferred outflows of resources related to pensions and OPEB, deferred outflows for charges on debt refund ing, and deferred outflows on derivative instruments in the Government-Wide and Proprietary Fund Statements of Net Position.
Deferred outflows for pension and OPEB cont ributions will be recognized in the subsequent fiscal year. Other deferred outfl ows on pension plans are amortized over
4.8 to 5 years on a straight-line basis. A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the remaini ng life of the refunded or refunding debt.
In addition to liabilities, the Statements of Net Position and Governmental Fund Balance Sheet report a separate section for deferred inflows of res ources. Deferred inflows of resources represent an acquisition of net position that applies to a future period(s) and will not be recognized as an inflow of resources (revenue) until that time. The City has one item that qualifies for reporting in this category in the Governmental Fund Balance Sheet - unavailable revenues. The governmental funds report unav ailable revenues from the following sources: receivables and loans. These amounts are deferred and recognized as an inflow of resources in the period that the amounts become available.
In addition, the City has deferred inflows of resources relating to the net pension obligation and gain on refunding reported in the Government-Wide Statement of Net Position and the Proprietary Funds. The amounts related to pensions are deferred and amortized over 4.8 to 5 years on a straight-line basis. 98 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) K. Fund Equity
The accompanying financial statements re port the components of fund balances for governmental funds consistent with GASB 54.
Nonspendable fund balance - This includes amounts that cannot be spent because they are either not spendabl e in form (such as prepaid items) or legally or contractually required to be maintained intact (such as endowments).
Restricted fund balance - This includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.
Committed fund balance - This includes amounts that can be used only for specific purposes pursuant to constraints imposed by formal action of the government's highest level of decision-making authorit y, the City Council. Commitments may be changed or removed by the City Council by a resolution.
Assigned fund balance - This includes amounts that are constrained by the government's intent to be used for specific purposes, but are neither restricted nor committed. The City Council delegated, per Resolution No. 15,359, the Chief Financial Officer to assign fund balance. Use of this component would be based on related Council documents that identifies an intent to use funds for a specific purpose that was not part of the formal resolution or ordinance of the Council.
Unassigned fund balance - this includes all amounts not included in other classifications. The General Fund is the only fund that reports a positive unassigned fund balance.
99 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) K. Fund Equity (Continued)
In the Government-Wide Financial Statements, net position of the City includes the following categories:
Net investment in capital assets - This category groups all capital assets, including infrastructure, into one component of net position. Accumulated depreciation and the outstanding balances of debt that are attributable to the acquisition, construction, or improvement of these assets reduce this category.
Restricted net position - This category presents external restrictions imposed by creditors, grantors, contributor s, or laws or regulations of other governments, and restrictions imposed by law through constitutional provisions or enabling legislation.
Unrestricted net position - This resulting category pres ents the remaining City net position, and this measure of equity is unrestricted, legally or otherwise.
The accounting policies of the City consi der restricted funds spent first when expenditure is incurred for purposes for whic h both restricted and unrestricted funds are available. When an expenditure is incurred for a purpose for which amounts in any of the unrestricted classifications of f und balance could be used, the City considers committed amounts to be reduced first, followed by assigned amounts and then unassigned amounts.
Per Resolution No. 15,472, adopted June 29, 2021, the City Council will endeavor to maintain an operating reserve equal to 12% of General Fund operating budget. The operating reserve shall be available to: (1) cover cash flow requirements; (2) meet unanticipated revenue shortfalls; (3) take advantage of unexpected opportunities; (4) invest in projects with a rapid payback; (5) ensure against physical or natural disasters; (6) and provide interest earnings. The City will also endeavor to maintain operating reserves in the utility enterprise funds equal to 25% of operating budgets.
100
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) L. Property Taxes
Property taxes are assessed and collected eac h fiscal year according to the following property tax calendar:
Valuation Date January 1
Property Tax Year July 1 to June 30
Due Dates November 1 (first installment) and
February 1 (second installment)
Delinquent Dates December 10 (first installment), April 10 (second installment, and August 31 (unsecured)
Property taxes in the State of California are administered for all local agencies at the county level and consist of secured, unsecured, and utility tax rolls.
Property Valuation
Valuations are establishe d by the Assessor of the County for the secured and unsecured property tax rolls; the utility property tax roll is valued by the California State Board of Equalization. Under t he provisions of Article XIIIA of the State Constitution, properties are assessed at 100% of full value. The value of real taxable property is based on fiscal year 1976 levels. From this base of assessment, subsequent annual increases in valuation are limited to a maximum of 2%. However, increases to full value are allowed for property improvements or upon change in ownership. Personal property is excluded from these limitations, and is subject to annual reappraisal.
Tax Levies
The county-wide tax levy for general revenue purposes is limited to 1% of full value, for a tax rate of $1.00 per $100 of assessed valuation. Tax rates for voter-approved indebtedness prior to passage of Proposition 13 are excluded from this limitation. Taxes are levied July 1 for both real and unsecured personal property based upon the assessed valuation as of the previous January 1 (lien date).
Property taxes are recognized as revenue in the period for which the taxes are levied.
Therefore, the City recognizes revenue and a receivable, less any allowance for doubtful accounts deemed appropriate, for the entire tax levy in the period for which the taxes are levied.
101
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) L. Property Taxes (Continued)
Tax Lien Dates
All lien dates attach annually on January 1 preceding the fiscal year for which the taxes are levied. Liens against real estate, and ta xes on personal property, are not relieved by subsequent renewal or change in ownership.
Tax Collections
The County Treasurer-Tax Collector is responsible for all property tax collections.
Taxes and assessments on the secured and utility rolls, which constitute a lien against the property, may be paid in two installment s: (1) the first installment is due on November 1 of the fiscal year and is delin quent if not paid by December 10; (2) the second installment is due on February 1 of the fiscal year and is delinquent if not paid by April 10. Unsecured pers onal property taxes do not constitute a lien against real property unless the taxes become delinquent. Payment must be paid in one installment, which is delinquent if not paid by August 31 of the fiscal year. Significant penalties are imposed for late payments.
Tax Apportionments and Special District Augmentation Fund (SDAF) Due to the nature of the county-wide maximum levy, it is not possible to identify general purpose tax rates for specific entities. A pportionments to local age ncies are made by the County Auditor-Controller, based prim arily on the ratio that each agency represented of the total county-wide levy for t he three years prior to fiscal year 1979.
The SDAF was established in order to provide greater flexibility in the allocation of the total levy to special districts under this basic apportionment method. Each special district makes a contribution from its base tax levy apportionment to the SDAF.
Oversight governments of the special districts (cities or the county) can then reallocate this pool among special districts based on financing needs.
M. Utility Revenue
Utility revenue is recorded when earned. Customers are billed monthly. The estimated value of services provided, but unbilled at year-end, is included in the accompanying basic financial statements.
N. Use of Estimates
The preparation of the City's basic financ ial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of res ources, liabilities, deferred inflows of resources, the disclosure of contingent assets and liabilities at the date of the basic financial statements, and rev enues and expenses during the reported period. Actual results could differ from those estimates.
102
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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I. Summary of Significant Accounting Policies (Continued) O. Budgets and Budgetary Accounting
The City develops and presents a one-year budget to the City Council. Annual operating and capital improvement expenditures are adopt ed by resolution. This resolution constitutes the authorized expenditures for the fiscal year. The City's annual budget is the legally-adopted expenditure control document of the City. Budgets are prepared on the modified accrual basis of accounting, consistent with generally accepted accounting principles (GAAP).
The City Council generally reauthorizes appr opriations for continuing projects and activities. The City Council has the legal au thority to amend the bud get of any fund at any time during the fiscal year. The budgetary legal level of control (the level on which expenditures may not legally exceed appropria tions) is generally at the fund level.
Budgeted expenditures may be reallocated within a fund by the City Manager and within a department by the department director.
P. Encumbrances
Appropriations in governmental fund types are encumbered upon issuance of purchase orders for goods and/or services. Even though unencumbered appropriations lapse at the end of the fiscal year, unfilled purchase orders of the current year are carried forward and the next year's appropriations are likewise encumbered.
Q. Joint Ventures
The City participates in the Riverpark Reclamation and Recharge Authority (Riverpark JPA), which is a jointly-governed or ganization between the City and United Water Conservation District (UWCD). The Riverpark JPA was established for the purpose of joint ownership, financing, and administration of the development of land located within the City; and for the purpose of creating a public entity to secure grant funding and other public and private funding to reclaim mini ng pits for water recharge purposes to implement the Recharge Pr ogram and Reclamation Plan, and to undertake other groundwater recharge, groundwater quality, and water supply programs as the Board of Directors may find to be within the public interest. The Riverpark JPA is controlled by a four-member board consisting of two representatives each from the City and UWCD.
None of the member entities exercise specific control over the budgeting and financing of the Authority's activities beyond thei r representation on the Board. Accounting services are provided by the City. The City has no financial responsibility for any of the JPA's liabilities. The City made no monetary contributions to assist in the operational expenses of the Authority during fiscal y ear ended June 30, 2021. Complete financial statements may be obtained from the Finance Department, City of Oxnard, 300 W. 3 rd
St, Oxnard, CA 93030.
As of June 30, 2021, the JPA had total asse ts of $1,125,656, total net position of $1,125,656, and total change in net position of $9,827 for the year then ended. 103
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS
A. Cash and Investments
The City's cash and investments, including restricted investments with fiscal agents, consist of the following at June 30, 2021:
AMOUNT
Petty cash 71,894$
Deposits 67,276,478
Investments 306,976,379
Cash and investments 374,324,751
Restricted investments with fiscal agents 167,246,195
TOTAL 541,570,946$
The City's deposits and investments are refl ected in the accompanying basic financial statements as follows:
GOVERNMENTAL BUSINESS-TYPE FIDICUARY
ACTIVITIES ACTIVITIES FUNDS TOTAL
Cash and investments 190,725,860$ 168,537,680$ 15,061,211$ 374,324,751$ Restricted investments with fiscal agents 18,394,726 33,732,711 115,118,758 167,246,195 TOTALS 209,120,586$ 202,270,391 $ 130,179,969 $ 541,570,946 $
Deposits Custodial Credit Risks
Custodial credit risk is the risk that in the event of a bank failure, the City's deposits may not be returned to it. The City's deposit policy requires deposits to be covered by federal depository insurance and collateral having a fa ir value of 110% of the uninsured deposit. As of June 30, 2021, the City has a bank balance of $51,410,902 in four bank accounts; of the bank balance, $500,000 was insured and the balance was secured by collateral held by the City's agent in the agent's name. Deposits held by the Housing Authority are also insured or secured by collateral held by the Housing Authority's agent in the agent's name.
104
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash and Investments (Continued)
Investment Policy
The City's investment policy is intended to provide guidelines for the prudent investment of City funds, and to outline the policies for maximizing the efficiency of the City's cash management system. The policy of the City is to invest public funds in a manner which will provide high investment re turn with the maximum security while meeting the daily cash flow demands of the City and conforming to all state and local statutes governing the investment of public f unds. The primary goals of the Cit y are safety, liquidity, and yield in that priority order. The investment policy applies to the City's pooled investment fund which encompasses all monies under the direct oversight of the City Treasurer, including the General Fund, Special Revenue Funds, Capital Project Funds, Enterprise Funds, Internal Service Funds, and Fiduciary Funds, excluding restricted investments with fiscal agents and Oxnard Housing Authority funds.
Authorized Investments
The City's investments are managed by the City Treasurer, fiscal agents (bond trustees acting in accordance with bond covenants), and authorized representatives of the Housing Authority. Inve stments managed by the City Treasurer and the Housing Authority are invested in accordance with t he City and Housing Authority's investment policies, respectively. Investments m anaged by bond trustees are invested in accordance with provisions of the respec tive bond agreements. Investments in the City's Retirement Enhancement Defined Benef it Plan (Enhanced Retirement Trust Pool) are not subject to the City's investment policy.
The City's cash and investments by investments manager are as follows:
AMOUNT
City Treasurer 358,891,175$
Restricted investments held with Fiscal Agents
Bond trustees for the City and its component units 55,323,753 Enhanced Retirement Trust Pool 109,183,284
Oxnard Housing Authority (includes investments held
by fiscal agents) 18,172,734
TOTAL 541,570,946$
105
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash and Investments (Continued)
Authorized Investments (Continued)
The City Treasurer has direct oversight over the City's pooled investment fund, which covers cash and investments of the City' s governmental funds, proprietary funds (except for the Housing Aut hority), and trust and agency funds , which are invested in accordance with the City's investment policy. Allowable investments are detailed in the following table. The exception is the Enha nced Retirement Trust Pool, which is not subject to Government Code Section 53601.
AUTHORIZED MAXIMUM
BY MAXIMUM MAXIMUM INVESTMENT
INVESTMENT TYPES INVESTMENT MATURITY PERCENTAGE IN ONE MINIMUM AUTHORIZED BY SECTION 53601 POLICY (YEARS) OF PORTFOLIO ISSUER RATINGS U.S. Treasury and agencies Yes 5 None None None
Local agency bonds, notes Yes N/A 15% None None
Other bonds, notes, or evidences
of indebtedness Yes N/A 15% None None
Bankers acceptances Yes 180 days 40% 30% None
Commercial paper Yes 270 days 15% 10% P1/A1
Negotiable CDs Yes 5 30% None Aa/AA-
Certificate of deposit (CDs) Yes N/A 30% None A
Repurchase agreements Yes 90 days 20% None None
Medium term notes Yes 5 30% None A
Mutual funds Yes N/A 20% None None
LAIF, VCIP, CalTrust Yes N/A None None None
The Housing Authority's investment policy, which is substantially the same as the City's, and related disclosures regarding its invest ments at June 30, 2021, are more fully disclosed in the financial statements for the Housing Authority, which may be obtained from the Housing Authority's Financial Services Division at 435 S D St, Oxnard, CA 93030.
The City Treasurer's investment pool is comprised of pooled deposits, investments, the State of California Local Agency Investment Fund (LAIF), and Ventura County Investment Pool (VCIP) investments. The City Treasurer's pooled investments are carried at fair value. The fair value is determined utilizing SunGard Securities Systems, the vendor providing invest ment reporting capability for the City Treasurer's Office, which provides pricing data from multiple industry sources. The fair value of LAIF and VCIP is determined by allocating the City's share of the investment pools’ fair value as reported by LAIF and VCIP.
106
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash and Investments (Continued)
Authorized Investments (Continued)
The City is a voluntary participant in LAIF which is considered an external investment pool. LAIF is part of the State's Pooled Mo ney Investment Account (PMIA) which was established in 1953. Oversight of the PMIA is provided by the Pooled Money Investment Board (PMIB) and an in-house Investment Committee. The PMIB members are the State Treasurer, Director of Finance, and State Controller.
Direct oversight for LAIF is provided by the Local Investment Advisory Board. The board consists of five members as designated by statute. The Chair is the State Treasurer or his/her designated representative. Two me mbers qualified by training and experience in the field of investment or finance and two members w ho are treasurers, finance or fiscal officers, or business managers employed by any county, city, or local district or municipal corporation of this state, are appointed by t he State Treasurer. LAIF is required to invest in accordance with state statute.
The City is a voluntary participant in Ventura County Investment Pool (VCIP) which is considered an external investment pool. VCIP is for local public government agencies and school districts within Ventura C ounty and is managed by the Ventura County Treasurer-Tax Collector. VCIP’s portfolio must comply with the County’s Investment Policy which is governed by the Ventura County Board of Supervisors. VCIP is rated by Standard and Poor’s; the most recent rating report is dated January 15, 2021 and is available via the Office of Ventura County Treasurer-Tax Collector’s website.
Investments with fiscal agents are investment s held by the bond trus tee on behalf of the City or its component units and the Enhanced Retirement Trust Pool. In the case of bond trustees, the City selects the investment under the terms of the applicable trust agreement, directs the bond trustee to acqui re the investment, and the bond trustee then holds the investment on behalf of the City and/or its component units. Proceeds of bonds administered by bond trustees are also generally covered under the City Treasurer's investment policy; however, specific provisions of each issuance are usually used in managing such investments. Several of the major differences are as follows:
Allowance of investments in guaranteed investment contracts Allowance of investment maturities in excess of five years
For purposes of the Statement of Cash Flow s of the proprietary fund types, cash and cash equivalents include all investments as the City operates an internal cash management pool which maintains the general characteristics of the demand deposit account.
107
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash and Investments (Continued)
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Normally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates, and the greater the interest rate risk. One of the ways t he City manages its exposure to interest rate risk is by purchasing a combination of s horter-term and longer-term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations or debt service requirements.
Information about the sensitivit y of the fair value of the City's investments (including restricted investments held by bond trustees) to market interest rate fluctuation is provided by the following table that shows t he distribution of the City's investments by maturity:
INVESTMENT MATURITIES
(IN YEARS)
LESS MORE
THAN 1 1-5 THAN 5 TOTAL
Federal agency securities 37,660,618$ 176,764,940$ -$ 214,425,558$ Municipal bonds 250,000 - - 250,000 Ventura County Investment Pool 1,000,000 - - 1,000,000 California Local Agency Investment Fund 88,851,945 - - 88,851,945 Negotiable CD 1,223,876 1,225,000 - 2,448,876 Held by Trustee
Money Market Fund 55,996,702 - - 55,996,702 California Local Agency Investment Fund 2,066,209 - - 2,066,209 TOTAL INVESTMENTS 187,049,350$ 177,989,940 $ - $ 365,039,290 Enhanced Retirement Trust 109,183,284
Cash in banks and on hand 67,348,372
TOTAL CASH AND INVESTMENTS 541,570,946$
108
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash and Investments (Continued)
Credit Risk
Credit risk is the risk that an issuer of an in vestment will not fulfill its obligation to the holder of the investment. This is measured by the assignment of a rating by a nationally recognized statistical rating organization. T he City's investments that are not rated include negotiable CDs; however, these investments are covered by FDIC insurance.
Presented below are the S&P Gl obal ratings for each investment type as of June 30, 2021:
INVESTMENT TYPE AAA AA+ AA- A TOTAL
Federal agency securities . 214,425,558 -$ -$ 214,425,558$ Ventura County Investment Pool 1,000,000 - - - 1,000,000 Municipal Bonds - - 250,000 - 250,000 TOTALS 1,000,000$ 214,425,558$ 250,000 $ - $ 215,675,558
NOT RATED
California Local Agency Investment Fund 90,918,154
Money Market Fund 55,996,702
Enhanced Retirement Trust 109,183,284
Negotiable CD 2,448,876
Total Investments 474,222,574
Cash in banks and on hand 67,348,372
TOTAL 541,570,946$
Concentration of Credit Risk
Investments in the securities of any individual issuer, other than U.S. Treasury securities, mutual funds, and external invest ment funds that repres ent 5% or more of total entity-wide investments are as follows at June 30, 2021:
ISSUER TYPE OF INVESTMENTS AMOUNTS
Federal National Mortgage Assn Mortgage backed securities 5,998,640$ Federal Home Loan Bank Mortgage backed securities 154,189,678 Federal Farm Credit Bank Mortgage backed securities 33,936,140
109
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash and Investments (Continued)
Custodial Credit Risk
For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the City will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The California Government Code and the City's investment policy do not contain legal or policy requirements that would limit the exposure of custodial credit risk for deposits or investments, other than the provisions for deposits in the California Government Code that require that financial institutions secure deposits made by st ate 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 fair 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 value of 150% of the secured public deposits.
For investments identified herein as held by fiscal agent, the trustee selects the investment under the terms of the applicable trust agreement, acquires the investment, and holds the investment on behalf of the reporting government.
Fair Value Measurements
The City has the following recurring fair value measurements as of June 30, 2021:
INVESTMENTS AT FAIR VALUE
AS OF JUNE 30, 2021
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
Investment Type
Federal agency securities 214,425,558 $ - $ - $ 214,425,558$ Municipal bonds 250,000 - - 250,000 California Local Agency Investment Fund - 88,851,945 - 88,851,945 Ventura County Investment Pool - 1,000,000 - 1,000,000 Negotiable CD 2,448,876 - - 2,448,876 217,124,434 89,851,945 - 306,976,379 Held by Trustees/Fiscal Agent
Money Market Fund 55,996,702 - - 55,996,702 California Local Agency Investment Fund - 2,066,209 - 2,066,209 55,996,702 2,066,209 - 58,062,911 Enhanced Retire
ment Trust
Mutual funds 109,183,284 - - 109,183,284 109,183,284 - - 109,183,284 TOTAL INVESTMENTS AT FAIR VALUE 382,304,420$ 91,918,154 $ - $ 474,222,574$
110
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
B. Receivables and Payables
Accounts receivable and other receivables as of June 30, 2021 included in the accompanying Statement of Net Position primarily consist of the following:
GOVERNMENTAL BUSINESS-TYPE
ACTIVITIES ACTIVITIES
ACCOUNTS RECEIVABLE
Utilities receivable 2,727 $ 24,765,401$
Accounts receivable billed and accrued 5,142,245 2,017,705 Other receivables 566,338 343,505
5,711,310 27,126,611
Allowance for uncollectible receivables (2,016,526) (1,960,918) TOTALS 3,694,784$ 25,165,693 $
Accounts payable and other liabilities as of June 30, 2021 repor ted on the Statement of Net Position primarily consist of the following:
GOVERNMENTAL BUSINESS-TYPE
ACTIVITIES ACTIVITIES
ACCOUNTS PAYABLE AND
OTHER LIABILITIES
Accounts payable (due to vendors) 12,190,756$ 7,516,367 $ Other Liabilities
Accrued payroll and benefits 8,767,372 2,585,709 Contingent liabilities 7,284,357 7,212,439
Other payables 3,184,710 2,738,161
Total Other Liabilities 19,236,439 12,536,309
TOTALS 31,427,195$ 20,052,676 $
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CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
C. Interfund Receivables and Payables
Total interfund receivables and payables at June 30, 2021, which are included in the Fund Financial Statements as due to/from other funds and advances to/from other funds, before eliminations, consist of the following:
INTERFUND INTERFUND INTERFUND
RECEIVABLE PAYABLE BALANCE ELIMINATION TOTAL
GOVERNMENTAL ACTIVITIES
Due To/From Other Funds
General Fund 8,150,400$ (14,371,920)$ (6,221,520)$ (5,778,480)$ (12,000,000)$ Affordable Housing Fund - (7,480) (7,480) 7,480 - State and Federal Grants Fund - (4,938,099) (4,938,099) 4,938,099 - Nonmajor governmental funds - (832,901) (832,901) 832,901 - 8,150,400 (20,150,400) (12,000,000) - (12,000,000) Advances To/From Other Funds
General Fund - (19,470,697) (19,470,697) - (19,470,697) Internal Service Fund 3,413,949 - 3,413,949 - 3,413,949 3,413,949 (19,470,697) (16,056,748) - (16,056,748) Total Governmental Activities 11,564,349 (39,621,097) (28,056,748) - (28,056,748)
BUSINESS-TYPE ACTIVITIES
Due To/From Other Funds
Water 5,238,106 - 5,238,106 (136,343) 5,101,763 Wastewater 3,710,856 (114,676) 3,596,180 - 3,596,180 Environmental resource 3,302,057 - 3,302,057 - 3,302,057 Golf Course - (136,343) (136,343) 136,343 - 12,251,019 (251,019) 12,000,000 - 12,000,000 Advances To/From Other Funds
Water 8,865,430 - 8,865,430 (587,522) 8,277,908 Wastewater 5,835,010 - 5,835,010 - 5,835,010 Environmental resource 5,357,779 - 5,357,779 - 5,357,779 Golf Course - (587,522) (587,522) 587,522 - Oxnard Housing Authority - (828,101) (828,101) - (828,101) Internal Service Fund - (2,585,848) (2,585,848) - (2,585,848) 20,058,219 (4,001,471) 16,056,748 - 16,056,748 Total Business-type Activities 32,309,238 (4,252,490) 28,056,748 - 28,056,748 TOTALS 43,873,587$ (43,873,587) $ - $ - $ - $
The interfund balances at June 30, 2021 are loans to cover temporary cash deficits in various funds. Also included in the interfund balances is $2.6 million net internal receivable from business-type activities to governmental activiti es representing the portion of the net deficit of internal service funds attributable to business-type activities.
112
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
C. Interfund Receivables and Payables (Continued)
During the current year the general fund was court-ordered to repay the water, wastewater, and environmental resource fund a total of approximately $36.5 million for Infrastructure Use Fees (IUF) payments received in prior years. During the year $5 million was transferred from the general fund with the remaining balance to be paid over the next three years as follows:
ENVIRONMENTAL
FISCAL YEAR WATER WASTEWATER RESOURCE TOTAL
2022 5,101,763$ 3,596,180$ 3,302,057$ 12,000,000$ 2023 4,251,470 2,996,816 2,751,714 10,000,000 2024 4,026,438 2,838,194 2,606,065 9,470,697 TOTALS 13,379,671$ 9,431,190 $ 8,659,836 $ 31,470,697 $ 113
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
D. Interfund Transfers
Interfund transfers generally fall within one of the following categories:
Debt service payments made from a debt service fund but funded from an operating fund;
Program support that generally reflects subsidies and allocations between funds; and
Transfers of capital assets between governmental activities and enterprise funds.
The following transfers in and out are reflected in the Fund Financial Statements for the year ended June 30, 2021:
TRANSFERS TRANSFERS NET
DESCRIPTION IN OUT TRANSFERS ELIMINATIONS TOTAL
GOVERNMENTAL ACTIVITIES
General Fund Program support 1,609,003 $ (988,703) $ 620,300 $ (620,300) $ - $ General Fund Debt service - (6,348,524) (6,348,524) 6,348,524 - Developer Fees Debt service - (563,651) (563,651) 563,651 - State and Federal Grants Fund Program support 207,927 - 207,927 (207,927) - Nonmajor governmental funds Program support 706,266 (1,656,493) (950,227) 950,227 - Nonmajor governmental funds Debt service - (24,126) (24,126) 24,126 - Debt Service Fund Debt Service 7,278,259 - 7,278,259 (7,149,998) 128,261 Internal Service Fund Debt Service - (213,697) (213,697) 213,697 - Internal Service Fund Program support 122,000 - 122,000 (122,000) - Total Governmental Activities 9,923,455 (9,795,194) 128,261 - 128,261
BUSINESS-TYPE ACTIVITIES
Water Debt service - (25,692) (25,692) - (25,692) Wastewater Debt service - (29,158) (29,158) - (29,158) Environmental Resource Debt service - (73,411) (73,411) - (73,411) Total Business-Type Activities - (128,261) (128,261) - (128,261)
TOTAL GOVERNMENT-WIDE
STATEMENTS 9,923,455$ (9,923,455) $ - $ - $ - $
During the current year, asset balances of $1,236,347 along with capital assets of $44,836,391 were transferred from the general fund and governmental activities to segregate golf course activities into a separate enterprise fund. 114
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
E. Notes Receivable
At June 30, 2021, the City's net notes receivable consisted of the following:
BALANCE BALANCE
JULY 1, 2020 ADDITIONS DELETIONS JUNE 30, 2021
GOVERNMENTAL ACTIVITIES
Residential Notes Receivable
CalHOME Loans 2,971,938 $ 53,763 $ (241,362) $ 2,784,339 $ BEGIN Loans 3,395,394 81,000 (216,582) 3,259,812 CDBG Loans 3,857,068 - (49,500) 3,807,568 HOME Loans 8,926,072 174,534 (979,372) 8,121,234 NSP Loans 297,550 - - 297,550 HERO Loans 128,088 - (9,615) 118,473 Other 2,978,886 - (95,212) 2,883,674 Allowance for doubtful accounts (10,085,020) (207,899) 411,563 (9,881,356) 12,469,976 101,398 (1,180,080) 11,391,294 Developer Notes Receivable
* Las Villas de Paseo Nuevo 7,000,000 - - 7,000,000 CRFL Family Apartments 14,277,022 - - 14,277,022 Colonial House 4,200,000 - - 4,200,000 Paseo Santa Clara 2,200,000 - - 2,200,000 Paseo Del Rio 2,700,000 - - 2,700,000 * Terraza de Las Cortes 3,300,000 - - 3,300,000 * Las Cortes 3,672,319 - - 3,672,319 Villa Madera 1,600,000 - - 1,600,000 Sonata at Riverpark 3,000,000 - - 3,000,000 Sonata at Riverpark-PILOT 3,711,154 - - 3,711,154 Many Mansions - Ormond Beach Villas 992,624 - - 992,624 Many Mansions-110 N D St 299,500 - - 299,500 Many Mansions-Terry's Place 367,159 - - 367,159 Camino Gonzales 1,623,840 - - 1,623,840 Cesar Chavez 860,000 - - 860,000 Villa Solimar 805,000 - - 805,000 Villa Solimar-Cypress Court 162,000 - - 162,000 Villa Victoria 1,101,500 - - 1,101,500 Mercy Housing - 720,846 - 720,846 Meta Street Apartments - 95,000 - 95,000 Colonial House - PILOT -
3,202,826 - 3,202,826
Allowance for doubtful accounts (3,082,319) - - (3,082,319) 48,789,799 4,018,672 - 52,808,471 61,259,775 4,120,070 (1,180,080) 64,199,765
BUSINESS-TYPE ACTIVITIES
Wastewater Loans 843 ,600 - (44,400) 799,200 Oxnard Housing Authority 2,050,000 2,332,619 - 4,382,619 2,893,600 2,332,619 (44,400) 5,181,819
TOTAL GOVERNMENT-WIDE
STATEMENTS 64,153,375$ 6,452,689 $ (1,224,480) $ 69,381,584 $ * Parties are related to the Oxnard Housing Authority
115
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-80-
II. DETAILED NOTES ON ALL FUNDS (Continued)
E. Notes Receivable (Continued)
GOVERNMENTAL ACTIVITIES
Residential Notes Receivable
The City offers loans to qualifying lo w-income individuals and families who require financial assistanc e for home-buying, home repa irs, or mobile home replacements (no longer offered). Re sidential outstanding loans at June 30, 2021 include the following programs: Home Investment Partnership Program (HOME), Community Development Block Grants (CDBG), Building Equity and Growth in Neighborhoods Program (B EGIN), Neighborhood Stabilization Program (NSP), Historic Enhancement Revitalization of Oxnard (HERO), and CalHome Program. Summarized in the table below are these programs' average outstanding loan amount, interest rate, average outstanding term, and forgiveness policy. A majority of the home loan programs are forgivable at the end of term. Any default on the agreement, such as transfer of ownership or failure of homeowner to live in the unit causes the loan to be due and payable immediately. The City secures these loans by placing a lien on the property by recording a Deed of Trust with the Vent ura County Recorder's Office for the loan amount.
PROGRAM AMOUNT INTEREST TERM FORGIVABLE
CalHOME 29,000$ 3% 30 No
BEGIN 26,000 3% 30 No
CDBG 24,000 0% 20 Yes
HOME 19,000 0% 12 Yes
NSP 41,000 0% 20 Yes
HERO 11,000 0% 6 Yes
Other 17,000 0% 24 Yes
Developer Notes Receivable
The City entered into loan agreements wit h several developers for affordable housing and mixed-use projects. The terms of the loans include annual installments from residual receipts. The loans bear simple interest at a rate of 1%-4% per year maturing between 24-55 years from the completion of the project. The City secured these loans with a deed of trust for the loan amount.
Three of the affordable housing loans in the aggregate amount of $13,972,319, net of allowance of $3,082,319 as of June 30, 2021, are loans to parties related the Oxnard Housing Authority.
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CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
E. Notes Receivable (Continued)
BUSINESS-TYPE ACTIVITIES
Septic to Sewer Project
The City provided financial assistance to property owners affected by the California Regional Water Quality Control Board Resolution No. 99-13 of 1999, which prohibited the installation of new septic systems and called for the removal of existing septic systems in the area by 2008. The loans are interest free and payment plans are based on individual agreements.
Oxnard Housing Authority
In April 2014, the Authority issued a promissory note of $2,050,000 to Terraza De Las Cortes, L.P. for certain land t he Authority received in a land exchange with the City. The note accrues interest at a rate of 5% compounded annually on the amount of the outstanding balance of the loan. Annual payments of 85% of the annual net cash flow of the pr operty are made. All outstanding principal and accrued interest are payable on or before April 2069. Principal and interest due to the Authority at June 30, 2021 was $2,050,000 and $64,168, respectively.
In June 2020, the Authority entered into a note agreement with A0592 Oxnard LP (Developer). The Authority is to provide up to $2,500,000 in reimbursement for costs associated wit h demolition costs of the Los Cortes phase II development. During the fiscal year, the Authority m ade $2,332,619 in reimbursements. The note accrues interest at a rate of 3% simple interest per annum. Principal and interest due to the Authority at June 30, 2021 was $2,332,619 and $60,466, respectively.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
F. Capital Assets
Changes in the City's capital assets for the year ended June 30, 2021 consisted of the following:
BALANCE BALANCE
JULY 1, 2020 INCREASES DECREASES TRANSFERS JUNE 30, 2021
GOVERNMENTAL ACTIVITIES
Capital Assets, Not Being Depreciated
Land 1,418,658,479 $ - $ - $ (28,117,344)$ 1,390,541,135$ Construction in progress 14,612,376 8,011,534 (1,772,949) - 20,850,961 Total Capital Assets, Not Being
Depreciated 1,433,270,855 8,011,534 (1,772,949) (28,117,344) 1,411,392,096 Capital Assets, Being Depreciated
Artwork 87,000 - - - 87,000 Buildings 123,745,190 - - (3,926,962) 119,818,228 Improvements other than buildings 108,181,155 297,091 - (25,461,641) 83,016,605 Equipment and machinery 18,356,004 1,166,346 (932,455) (13,950) 18,575,945 Vehicles 26,190,140 616,946 (1,980,545) - 24,826,541 Infrastructure 687,529,383 1,485,328 - - 689,014,711 Total Capital Assets, Being
Depreciated 964,088,872 3,565,711 (2,913,000) (29,402,553) 935,339,030 Less: Accumulated Depreciation
Artwork (87,000) - - - (87,000) Buildings (44,848,729) (2,414,275) - 2,280,433 (44,982,571) Improvements other than buildings (32,612,184) (2,075,392) - 10,389,819 (24,297,757) Equipment and machinery (13,786,055) (1,056,241) 841,705 13,252 (13,987,339) Vehicles (19,497,234) (1,225,615) 1,914,572 - (18,808,277) Infrastructure (238,806,453) (17,094,073) - - (255,900,526) Total Accumulated Depreciation (349,637,655) (23,865,596) 2,756,278 12,683,504 (358,063,469) Total Capital Assets, Being
Depreciated, Net 614,451,217 (20,299,885) (156,722) (16,719,049) 577,275,560
GOVERNMENTAL ACTIVITIES CAPITAL
ASSETS, NET 2,047,722,072$ (12,288,351) $ (1,929,672) $ (44,836,393) $ 1,988,667,656$
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CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-83-
II. DETAILED NOTES ON ALL FUNDS (Continued)
F. Capital Assets (Continued)
BALANCE BALANCE
JULY 1, 2020 INCREASES DECREASES TRANSFERS JUNE 30, 2021
BUSINESS-TYPE ACTIVITIES
Capital Assets, Not Being Depreciated
Land 17,042,077 $ - $ - $ 28,117,344$ 45,159,421 $ Construction in progress 25,046,977 3,955,535 (5,371,171) - 23,631,341 Total Capital Assets, Not Being
Depreciated 42,089,054 3,955,535 (5,371,171) 28,117,344 68,790,762 Capital assets, Being Depreciated
Buildings 245,317,715 716,278 (3,371,998) 3,926,962 246,588,957 Improvements other than buildings 9,152,161 - (7,406) 25,461,641 34,606,396 Equipment and machinery 116,059,162 3,642,122 (1,959,215) 13,950 117,756,019 Infrastructure 411,620,483 4,634,581 - 416,255,064 Total Capital Assets, Being
Depreciated 782,149,521 8,992,981 (5,338,619) 29,402,553 815,206,436 Less: Accumulated Depreciation
Buildings (118,542,508) (5,130,290) 3,345,172 (2,280,433) (122,608,059) Improvements other than buildings (4,992,414) (604,425) 3,460 (10,389,819) (15,983,198) Equipment and machinery (59,275,773) (4,127,202) 1,931,852 (13,252) (61,484,375) Infrastructure (141,698,564) (7,777,931) - - (149,476,495) Total Accumulated Depreciation (324,509,259) (17,639,848) 5,280,484 (12,683,504) (349,552,127) Total Capital Assets, Being
Depreciated, Net 457,640,262 (8,646,867) (58,135) 16,719,049 465,654,309
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET 499,729,316 (4,691,332) (5,429,306) 44,836,393 534,445,071 TOTALS 2,547,451,388 (16,979,683) (7,358,978) - 2,523,112,727
For the year ended June 30, 2021 depreciation expense on capital assets was charged as follows:
AMOUNT
GOVERNMENTAL ACTIVITIES
Administration and support 18,020,823$
Public safety 1,268,980
Transportation (highways and streets) 400,461
Community development 1,326,797
Culture, leisure and libraries 2,423,727
Capital assets held by the City's internal service fund 424,808
TOTAL GOVERNMENTAL ACTIVITIES
DEPRECIATION EXPENSE 23,865,596$
BUSINESS-TYPE ACTIVITIES
Water 7,191,357$
Wastewater 7,643,869
Environmental resources 1,535,639
Golf Course 583,753
Oxnard Housing Authority 685,230
TOTAL BUSINESS-TYPE ACTIVITIES
DEPRECIATION EXPENSE 17,639,848$
119
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt
The following is a summary of changes in long-term debt. Certain long-term debt provides financing to both governmental and business-type activities. The following tables present balances and activity for the City's fiscal year ended June 30, 2021:
BALANCE BALANCE DUE WITHIN
JULY 1, 2020 ADDITIONS REDUCTIONS JUNE 30, 2021 ONE YEAR
GOVERNMENTAL ACTIVITIES
Lease Revenue Bonds
Lease revenue project and refunding bonds,
series 2014 11,835,000 $ - $ (1,075,000)$ 10,760,000 $ 1,125,000 $ Lease revenue refunding bonds,
series 2018 25,140,000 - (1,390,000) 23,750,000 1,430,000 Lease revenue refunding bonds,
series 2019A 27,030,000 - (665,000) 26,365,000 710,000 Unamortized premiums 5,577,438 - (297,927) 5,279,511 - Unamortized discounts (21,212) - 1,015 (20,197) - Revenue Bonds
Gas Tax Revenue Refunding Bonds,
series 2020 16,905,000 - (665,000) 16,240,000 710,000 Unamortized Premiums 2,897,310 - (11,026) 2,886,284 - Lease Purchase Agreements
Capital Leases
B of A Capital Lease 2009
2009 CIP lease purchase, draw #10 61,639 - (61,639) - - B of A Capital Lease 2018, draw #21 & #22 3,454,885 - (841,226) 2,613,659 837,961 2012 Lease Purchase 2,968,737 - (327,974) 2,640,763 337,247 2014 Lease Purchase - Fire Station 8 11,366,695 - (820,000) 10,546,695 850,000 TOTAL GOVERNMENTAL ACTIVITIES 107,215,492$ - $ (6,153,777)$ 101,061,715 $ 6,000,208 $
120
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
BALANCE BALANCE DUE WITHIN
JULY 1, 2020 ADDITIONS REDUCTIONS JUNE 30, 2021 ONE YEAR
BUSINESS-TYPE ACTIVITIES
Water Fund
Revenue Bonds
Water revenue project bonds,
series 2010A 3,635,000$ -$ (3,635,000)$ -$ -$ Water revenue project bonds,
series 2010B 83,670,000 - - 83,670,000 - Water revenue refunding bonds,
series 2012 5,925,000 - (5,925,000) - - Water revenue refunding bonds,
series 2014 27,094,023 - (1,503,227) 25,590,796 1,558,850 Water revenue refunding bonds,
series 2018 39,260,000 - (1,165,000) 38,095,000 1,225,000 Water Bond Series 2021A - 23,305,000 (725,000) 22,580,000 705,000 Unamortized premiums 3,986,308 4,201,858 (751,042) 7,437,124 - Unamortized discounts (587,965) - 66,973 (520,992) - TOTAL WATER FUND 162,982,366$ 27,506,858 $ (13,637,296) $ 176,851,928 $ 3,488,850 $ Wastewater Fund
Revenue Bonds
Wastewater revenue refunding
bonds, series 2014 71,985,000 - (3,675,000) 68,310,000 3,855,000 Wastewater revenue refunding
bonds, series 2018 21,940,000 - (1,120,000) 20,820,000 1,180,000 Unamortized premiums 8,641,370 - (712,923) 7,928,447 - TOTAL WASTEWATER FUND 102,566,370$ - $ (5,507,923)$ 97,058,447 $ 5,035,000 $ Environmental Resources Fund
Capital Leases
B of A Capital Lease 2018 4,117,506 $ - $ (461,733)$ 3,655,773 $ 475,952
TOTAL ENVIRONMENTAL
RESOURCES FUND 4,117,506$ - $ (461,733)$ 3,655,773 $ 475,952 $ Oxnard Housing Authority Fund
Direct Borrowings
Notes Payable 269,710 $ - $ - $ 269,710$ 269,710 $ 2004 Capital Fund Revenue Bonds 1,600,000 - (370,000) 1,230,000 390,000
TOTAL OXNARD HOUSING
AUTHORITY FUND 1,869,710$ - $ (370,000)$ 1,499,710 $ 659,710 $
TOTAL BUSINESS-TYPE
ACTIVITIES 271,535,952$ 27,506,858 $ (19,976,952) $ 279,065,858 $ 9,659,512 $ TOTALS 378,751,444$ 27,506,858 $ (26,130,729) $ 380,127,573 $ 15,659,720 $
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CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
The summary annual debt service requirements are shown below for all long-term debt:
GOVERNMENTAL BUSINESS-TYPE
ACTIVITIES ACTIVITIES
FISCAL YEAR PRINCIPAL INTEREST TOTAL PRINCIPAL INTEREST TOTAL 2022 6,000,208$ 3,861,816$ 9,862,024$ 9,659,512$ 14,056,703$ 23,716,215$ 2023 6,241,297 3,621,579 9,862,876 11,438,446 13,622,890 25,061,336 2024 6,066,175 3,375,530 9,441,705 11,970,783 13,048,229 25,019,012 2025 6,296,447 3,132,336 9,428,783 12,076,701 12,446,255 24,522,956 2026 6,069,985 2,882,985 8,952,970 12,631,140 11,838,357 24,469,497 2027-2031 29,685,310 10,357,092 40,042,402 70,914,648 49,106,666 120,021,314 2032-2036 20,676,695 5,817,633 26,494,328 70,640,049 29,795,145 100,435,194 2037-2041 11,880,000 1,195,817 13,075,817 47,470,000 11,994,900 59,464,900 2042-2046 - - - 5,155,000 3,088,000 8,243,000 2047-2051 - - - 6,280,000 1,970,200 8,250,200 2052-2055 - - - 5,985,000 6,595,200 TOTALS 92,916,117$ 34,244,789 $ 127,160,906 $ 264,221,279 $ 161,577,543 $ 425,798,822 $
122
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Descriptions of Long-term Debt
Bonds and Certificates of Partic ipation - Governmental Activities
Lease Revenue Project and Refunding Bonds, Series 2014
On November 4, 2014, the Authority issued $21,225,000 of Lease Revenue Project and Refunding Bonds, Series 2014. The purposes of the bonds were to refund the outstanding Lease Revenue Refunding Bonds, Series 2003A, finance the acquisition, construction, and improvement of certai n streets and roadw ays within certain residential neighborhoods with the City. The refunding resulted in an economic gain (difference between the present value of the debt service on the old bonds and the present value of the debt service on the new bonds) of $4,962 and debt service savings of $11,715. The lease payment s on these bonds constitute obligations of the City's General Fund. The bonds mature annually in amounts ranging from $2,925,000 on June 1, 2015 to $1,585,000 on June 1, 2029. Interest on the bonds is payable on June 1 and December 1 of each year, with interest rates ranging from 2 percent to 5 percent.
As of June 30, 2021, the total balance outstanding was $10,760,000.
As of June 30, 2021, the total future debt payments for the Lease Revenue Project and Refunding Bonds, Series 2014, including interest thereon, are as follows:
LEASE REVENUE PROJECT AND
REFUNDING BONDS
SERIES 2014
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 1,125,000$ 538,000$ 1,663,000$
2023 1,185,000 481,750 1,666,750
2024 1,240,000 422,500 1,662,500
2025 1,305,000 360,500 1,665,500
2026 1,370,000 295,250 1,665,250
2027-2029 4,535,000 460,750 4,995,750 TOTALS 10,760,000$ 2,558,750 $ 13,318,750 $
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Descriptions of Long-term Debt (Continued)
Bonds and Certificates of Participati on - Governmental Activities (Continued)
Lease Revenue Refunding Bonds, Series 2018
On April 20, 2018, the Au thority issued $28,810,000 of Lease Revenue Refunding Bonds, Series 2018. The purpose of the bonds was to pay for the principal and interest on the Variable Rate Demand Lease Revenue Bonds, Series 2003B and 2006. The refunding resulted in an economic gain of $965,987 and an estimated cash flow savings of $1,160,111. The lease payments on these bonds constitute obligations of the City's General Fund. The bonds mature annually in amounts ranging from $985,000 on June 1, 2018 to $1,310,000 on June 1, 2036. Interest on the bonds is payable on June 1 and December 1 of each year, with interest rates ranging from 3 percent to 5 percent.
As of June 30, 2021, the total balance outstanding was $23,750,000.
As of June 30, 2021, the total future debt payments for the Lease Revenue Refunding Bonds, Series 2018, including interest thereon, are as follows:
PRINCIPAL INTEREST TOTAL
2022 1,430,000$ 1,187,500$ 2,617,500$
2023 1,465,000 1,116,000 2,581,000
2024 1,515,000 1,042,750 2,557,750
2025 1,550,000 967,000 2,517,000
2026 1,590,000 889,500 2,479,500
2027-2031 8,625,000 3,209,500 11,834,500 2032-2036 7,575,000 1,049,750 8,624,750 23,750,000$ 9,462,000 $ 33,212,000 $
LEASE REVENUE
REFUNDING BONDS
SERIES 2018
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CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-89-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Descriptions of Long-term Debt (Continued)
Bonds and Certificates of Participati on - Governmental Activities (Continued)
Lease Revenue Refunding Bonds, Series 2019A
On December 1, 2019, the Authority issued $27,615,000 of Lease Revenue Refunding Bonds, Series 2019A. The purpose of the b onds was to finance upfront payments of the City’s Enterprise Resource Planning project and pay for the principal and interest on the Lease Revenue Refunding Bonds, Series 2011. The refunding resulted in an economic gain of $1,746,065 and total additional cash flow of $311,375 due to $6.9 million of additional proceeds obtained. The lease payments on these bonds constitute obligations of the City’s General Fund. The bonds mature annually in amounts ranging from $585,000 on June 1, 2020 to $2,020,000 on June 1, 2041. Interest on the bonds is payable on June 1 and December 1 of each year, with interest rates ranging from
1.944 percent to 3.804 percent. As of June 30, 2021, the total balance outstanding was $26,365,000.
As of June 30, 2021, the total future debt payments for the Lease Revenue Refunding Bonds, Series 2019A, including interest thereon, are as follows:
REFUNDING BONDS
SERIES 2019A
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 710,000$ 870,523$ 1,580,523$
2023 755,000 855,876 1,610,876
2024 805,000 839,386 1,644,386
2025 860,000 821,000 1,681,000
2026 910,000 799,775 1,709,775
2027-2031 5,500,000 3,580,499 9,080,499 2032-2036 7,435,000 2,592,853 10,027,853 2037-2041 9,390,000 1,095,217 10,485,217 TOTALS 26,365,000$ 11,455,129 $
LEASE REVENUE
125
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-90-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Descriptions of Long-term Debt (Continued)
Bonds and Certificates of Participati on - Governmental Activities (Continued)
Gas Tax Revenue Refunding Bonds, Series 2020
On February 20, 2020, the Authority issued $16,905,000 of Gas Tax Revenue Refunding Bonds, Series 2020. The purpose of these bonds was to pay for the principal and interest on the Gas Tax Revenue Certific ates of Participation. The refunding resulted in an economic gain of $4,843,757 and an estimated total cash flow savings of $5,721,089. The bonds are secured solely by gas tax revenues received from the State of California. The bonds mature annual ly in amounts ranging from $665,000 on September 1, 2020 to $1,270,000 on September 1, 2037. In terest on the bonds is payable on March 1 and September 1 of each year, with interest rates ranging from 1.5 percent to 4.0 percent. As of June 30, 2021, the total balance outstanding was $16,240,000.
As of June 30, 2021, the total future debt payments for the Gas Tax Revenue Refunding Bonds, Series 2020, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 710,000$ 607,725 $ 1,317,725$
2023 740,000 578,725 1,318,725
2024 770,000 548,525 1,318,525
2025 785,000 527,238 1,312,238
2026 805,000 509,275 1,314,275
2027-2031 4,495,000 2,049,900 6,544,900 2032-2036 5,445,000 1,059,100 6,504,100 2037-2038 2,490,000 100,600 2,590,600 TOTALS 16,240,000$ 5,981,088 $ 22,221,088 $
GAS TAX REVENUE BONDS
SERIES 2020
126
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-91-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Descriptions of Long-term Debt (Continued)
Bonds and Certificates of Particip ation – Business-Type Activities
Water Revenue Project Bonds, Series 2010B
The City has pledged all net water revenues and all amounts on deposit in the Revenue Fund for the payment of the 2010 Insta llment Payments and the outstanding Parity Obligations. As of June 30, 2021, Parity Obligations include the Series 2014, 2018, and 2021A Water Revenue Bonds. These bonds were issued on February 11, 2010 in the amount of $83,670,000. These bonds, issued as Federally Taxable Build America Bonds under the American Recovery and Reinvestment Act of 2008, carry a net interest cost of 4.5287% and mature on June 1, 2040. The City receives an interest subsidy directly from the United States Treasury equal to 35% of each interest payment. Since 2013, approximately 5.9% - 8.7% of the expected subsidy has been sequestered by the U.S. Treasury, effectively reducing the interest subsidy to 32.9%. The proceeds from the sale of the bonds were used to finance a portion of the cost of certain capital improvements related to the GREAT program. The balance outstanding as of June 30, 2021 is $83,670,000. The Installment Payments on these bonds are secured by a first priority lien on the net system revenues (as defined in the trust indenture) of the City's water fund. Such obligation exists through t he maturity date of the bonds at June 1, 2040.
As of June 30, 2021, the total future debt payments for the Water Revenue Project Bonds, Series 2010B, including interest thereon, are as follows:
WATER REVENUE
PROJECT BONDS
SERIES 2010B
FISCAL YEAR PRINCIPAL INTEREST* TOTAL
2022 -$ 5,786,173$ 5,786,173$ 2023 1,970,000 5,786,173 7,756,173
2024 2,060,000 5,651,838 7,711,838
2025 2,150,000 5,511,367 7,661,367
2026 2,240,000 5,364,758 7,604,758
2027-2031 12,800,000 24,389,750 37,189,750 2032-2036 15,895,000 19,630,330 35,525,330 2037-2040 46,555,000 8,327,900 54,882,900 83,670,000$ 80,448,289 $ 164,118,289 $
*Interest is presented on a gross basis, excluding Build America Bonds subsidy from the US Treasury.
127
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-92-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Descriptions of Long-term Debt (Continued)
Bonds and Certificates of Participati on – Business-Type Activities (Continued)
Water Revenue Refunding Bonds, Series 2014
The City has pledged all net water revenues and all amounts on deposit in the Revenue Fund for the payment of the 2014 Installm ent Payments and the outstanding Parity Obligations. As of June 30, 2021, Parity Obligations include the Series 2010B, 2018 and 2021A Water Revenue Bonds. The Insta llment Payments on these bonds are secured by a first priority lien on the net system revenues of the City's water fund. These bonds were issued on June 3, 2014 in the amount of $35,025,340. These bonds carry a net interest cost of 3.8% and mature on June 1, 2034. A portion of the proceeds were used to advance refund all the outstanding principal amount of $37,840,000 of the Water Revenue Project Bonds, Series 2004. This refunding resulted in an economic gain of $3,308,313 and a cash flow savings of $3,808,815. The balance outstanding as of June 30, 2021 is $25,590,796.
As of June 30, 2021, the total future debt payments for the Water Revenue Refunding Bonds, Series 2014, including interest thereon, are as follows:
WATER REVENUE
REFUNDING BONDS
SERIES 2014
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 1,558,850$ 972,450$ 2,531,300$
2023 1,617,836 913,214 2,531,050 2024 1,680,064 851,736 2,531,800 2025 1,740,407 787,894 2,528,301 2026 1,808,792 721,758 2,530,550 2027-2031 10,134,798 2,523,454 12,658,252 2032-2034 7,050,049 542,352 7,592,401 25,590,796$ 7,312,858 $ 32,903,654 $
128
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-93-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Descriptions of Long-term Debt (Continued)
Bonds and Certificates of Participati on – Business-Type Activities (Continued)
Water Revenue Refunding Bonds, Series 2018
The City has pledged all net water revenues and all amounts on deposit in the Revenue Fund for the payment of the 2018 Installm ent Payments and the outstanding Parity Obligations. Parity Obligations as descri bed on these bonds are Series 2010B, 2014, and 2021A Water Revenue Bonds. The Installment Payments on these bonds are secured by a first priority lien on the net system revenues of the City's water fund. These bonds were issued on November 14, 2018 in the amount of $40,370,000. These bonds carry a net interest cost of 3.9% and mature on June 1, 2036. A portion of the proceeds were used to advance refund all the outstanding principal amount of $45,095,000 of the Water Revenue Project Bonds, Series 2006. This refunding resulted in an economic gain of $4,833,224 and an estimated cash fl ow savings of $6,558,001. The balance outstanding as of June 30, 2021 is $38,095,000.
As of June 30, 2021, the total future debt payments for the Water Revenue Refunding Bonds, Series 2018, including interest thereon, are as follows:
WATER REVENUE
REFUNDING BONDS
SERIES 2018
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 1,225,000$ 1,830,163$ 3,055,163$
2023 1,280,000 1,768,913 3,048,913
2024 1,350,000 1,704,913 3,054,913
2025 1,420,000 1,637,413 3,057,413
2026 1,490,000 1,566,413 3,056,413
2027-2031 9,435,000 6,639,063 16,074,063 2032-2036 21,895,000 3,456,813 25,351,813 TOTALS 38,095,000$ 18,603,691 $ 56,698,691 $
129
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-94-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Descriptions of Long-term Debt (Continued)
Bonds and Certificates of Participati on – Business-Type Activities (Continued)
Water Revenue Refunding Bonds, Series 2021A
The City has pledged all net water revenues and all amounts on deposit in the Revenue Fund for the payment of the 2021A Installm ent Payments and the outstanding Parity Obligations. Parity Obligations as descri bed on these bonds are Series 2010B, 2014, and 2018 Water Revenue Bonds. The Insta llment Payments on these bonds are secured by a first priority lien on the net system revenues of the City's water fund. These bonds were issued on March 3, 2021 in the amount of $23,305,000. These bonds carry a net interest cost of 3.2321% and mature on June 1, 2055. A portion of the proceeds were used to advance refund all the outstanding principal amount of $9,560,000 of the Water Revenue Project Bonds, Series 2010A and 2012. This refunding resulted in an economic gain of $5,090,929 and an estimated cash flow savings of $5,172,226. The balance outstanding as of June 30, 2021 is $22,580,000.
As of June 30, 2021, the total future debt payments for the Water Revenue Refunding Bonds, Series 2021A, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 705,000$ 903,200$ 1,608,200$ 2023 385,000 875,000 1,260,000 2024 395,000 859,600 1,254,600 2025 415,000 843,800 1,258,800 2026 435,000 827,200 1,262,200 2027-2031 1,910,000 3,861,600 5,771,600 2032-2036 - 3,667,000 3,667,000 2037-2041 915,000 3,667,000 4,582,000 2042-2046 5,155,000 3,088,000 8,243,000 2047-2051 6,280,000 1,970,200 8,250,200 2052-2055 5,985,000 610,200 6,595,200 TOTALS 22,580,000$ 21,172,800 $ 43,752,800 $
WATER REVENUE
PROJECT BONDS,
SERIES 2021A
130
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-95-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Descriptions of Long-term Debt (Continued)
Bonds and Certificates of Participati on – Business-Type Activities (Continued)
Wastewater Revenue Refunding Bonds, Series 2014
Wastewater Revenue Refunding Bonds, Seri es 2014 were issued on November 18, 2014 in the amount of $71,985, 000 to refund the Wastewat er Revenue Refunding Bonds, Series 2004 issued on June 22, 2004 with outstanding balance of $80,000,000.
These bonds carry a net interest cost of 4.211% and mature on June 1, 2034. The balance outstanding as of June 30, 2021 is $68,310,000. The City has pledged all net wastewater revenues and all amounts on deposit in the Revenue Fund for the payment of the 2014 Installment Payments and the outstanding Parity Obligations.
As of June 30, 2021, Parity Obligations include the 2018 Wastewater Revenue Bonds.
The Installment Payments on the 2014 Bonds are secured by a first priority lien on the net system revenues (as defined in the trust indenture) of the City' s wastewater fund.
Such obligation exists through the maturity date of the bonds at June 1, 2034.
As of June 30, 2021, the total future debt payments for the Wastewater Revenue Refunding Bonds, Series 2014, including interest thereon, are as follows:
WASTEWATER REVENUE
REFUNDING BONDS
SERIES 2014
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 3,855,000$ 3,415,500$ 7,270,500$
2023 4,050,000 3,222,750 7,272,750
2024 4,250,000 3,020,250 7,270,250
2025 4,465,000 2,807,750 7,272,750
2026 4,690,000 2,584,500 7,274,500
2027-2031 27,200,000 9,162,750 36,362,750 2032-2034 19,800,000 2,012,250 21,812,250 TOTALS 68,310,000$ 26,225,750 $ 94,535,750 $
131
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-96-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Descriptions of Long-term Debt (Continued)
Bonds and Certificates of Participati on – Business-Type Activities (Continued)
Wastewater Revenue Refunding Bonds, Series 2018
The City has pledged all net wastewater re venues and all amounts on deposit in the Revenue Fund for the payment of the 2018 Installment Payments and outstanding Parity Obligations. As of June 30, 2021, Parity Obligations include the 2014 Wastewater Revenue Bonds. The Installment Payments on these bonds are secured by a first priority lien on the net system revenues of the City's wastewater fund. These bonds were issued on November 14, 2018 in the amount of $24,550,000. These bonds carry a net interest cost of 3.6% and mature on June 1, 2034. A portion of the proceeds were used to advance refund all the outstanding principal amount of $14,675,000 of the Wastewater Revenue Project Bonds, Series 2004B and $9,385,000 of the Wastewater Revenue Project Bonds, Series 2006 and finance the termination payment with respect to an interest rate swap relating to the 2004 Bonds. This refunding resulted in an economic gain of $1,812,042 and a cash flow savings of $2,282,549. The balance outstanding as of June 30, 2021 is $20,820,000.
As of June 30, 2021, the total future debt payments for the Wastewater Revenue Refunding Bonds, Series 2018, including interest thereon, are as follows:
WASTEWATER REVENUE
REFUNDING BONDS
SERIES 2018
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 1,180,000$ 981,000$ 2,161,000$
2023 1,235,000 922,000 2,157,000
2024 1,300,000 860,250 2,160,250
2025 1,365,000 795,250 2,160,250
2026 1,430,000 727,000 2,157,000
2027-2031 8,310,000 2,486,750 10,796,750 2032-2034 6,000,000 486,400 6,486,400 TOTALS 20,820,000$ 7,258,650 $ 28,078,650 $
132
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-97-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Descriptions of Long-term Debt (Continued)
Bonds and Certificates of Participati on – Business-Type Activities (Continued)
Housing Authority 2004 Capital Fund Revenue Bonds
The Oxnard Housing Authority issued Affo rdable Housing Agency Certificates of Participation, Series 2004 (Oxnard's Santa Clara Projec ts) on April 26, 2004 in the amount of $10,370,000, evidencing a proportionate ownership interest in debt service payments to be made with respect to certain Capital Fund Revenue Bonds, Series 2004, issued by the Oxnard an d Santa Clara Housing Aut horities in the amounts of $5,820,000 and $4,550,000, respectively. Each certificate represents a proportionate ownership interest of the holder in the right to receive debt service payments made with respect to the bonds. The obligation of the housing authorities under their respective bond indentures are independent and neither is obligated for the payment of principal or interest on the bonds of the other housing aut hority. The bonds were issued to finance certain capital projects of the Hous ing Authority, with interest ranging from
2.00% to 4.95%, maturing on April 1, 2024. The outstanding balance as of June 30, 2021 is $1,230,000.
As of June 30, 2021, the total future debt payments for the Housing Authority 2004 Capital Fund Revenue Bonds, including interest thereon, are as follows:
HOUSING AUTHORITY
2004 CAPITAL FUND
REVENUE BONDS
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 390,000$ 60,095$ 450,095$
2023 410,000 41,375 451,375 2024 430,000 21,285 451,285 TOTALS 1,230,000$ 122,755 $ 1,352,755$
Arbitrage
The Tax Reform Act of 1986 instituted certain arbitrage restrictions with respect to the issuance of tax exempt bonds after Augus t 31, 1986. Arbitrage r egulations deal with the investment of all tax ex empt bond proceeds at an interest yield greater than the interest yield paid to bondholders. Generally, all interest paid to bondholders can be retroactively rendered taxabl e if applicable rebates are not reported and paid to the Internal Revenue Service (IRS) at least every five years. During the current year, the City performed calculations of excess inve stment earnings on various bonds and financings. Potential liabilities were calculated for the issues and rebate payments were made as appropriate. No arbitrage liability existed at June 30, 2021. 133
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-98-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Credit Rating
As of June 30, 2021, the City's issuer credit rating was “A” while maintaining ratings of “A-”, “A+”, “A” and “A-” for General (Lease Revenue), Gas Tax, Water and Wastewater Bonds, respectively.
Debt with Pledged Revenue
The City has pledged all net water system revenues and all amounts on deposit in the Revenue Fund for the payment of the bond Installment Payments and the outstanding Parity Obligations. The net water system revenues will not be used for any other purpose while any of the Installment Payments remain unpaid provided, however, that out of the net water system revenues, t here may be apportioned such sums for purposes as permitted by the Installment Purchase Agreements.
Principal and interest (less BABs subsidy on Series 2010B) paid for the current year and net water revenue were $10,513,722 and $17,596,076, respectively. The debt service coverage ratio of 167% is in co mpliance with the ratio required by bond covenants. Those covenants require coverage equal to at least 100% of debt payments plus unrestricted reserves equal to the difference between 125% of principal and interest payments and net water revenues. If the debt service coverage ratio is below 100% of principal and interest payments th e trustee can declare the bonds in default and pursue remedies provided for in the Installment Purchase Agreement.
The City has pledged all net wastewater system revenues and all amounts on deposit in the Revenue Fund for the payment of the bond Installment Payments and the outstanding Parity Obligations. The net wa stewater system revenues will not be used for any other purpose while any of the Inst allment Payments remain unpaid provided, however, that out of the net wastewater system revenues, there may be apportioned such sums for purposes as permitted by the Installment Purchase Agreements.
Principal and interest paid for the curr ent year and net wast ewater revenue were $9,431,250 and $26,546,357, respectively. The debt service coverage ratio of 281% is in compliance with the ratio required by bond covenants. Those covenants require coverage equal to at least 100% of debt paym ents plus unrestricted reserves equal to the difference between 125% of principal and interest pay ments and net wastewater revenues. If the debt service coverage ratio is below 100% of principal and interest payments the trustee can declare the bonds in default and pursue remedies provided for in the Installment Purchase Agreement.
134
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-99-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Debt with Pledged Revenue (Continued)
The U.S. Department of Housing and Urban Development has approved the issuance of the Oxnard Housing Au thority bonds and the certific ates and has authorized the Authority to pledge and assign its Capital Fund Program monies to the payment of the bonds and, therefore, the certificates. During the year, $1,292,275 of Capital Fund Grant revenue was earned, of which, $370,000 was applied to the repayment of the bonds.
Capital Lease Obligations - Governmental Activities
2012 Lease Purchase Agreement
On August 1, 2012, the City entered into a Lease Purchas e Agreement with Capital One Public Funding, LLC in the amount of $5,570,838, for the purpose of refinancing the 1999 Certificate of Participation, with interest rate of 3.54% and final maturity date on June 1, 2028. The refunding resulted in an overall cash flow savings of $658,975 and economic gain of $566,623. The outstandi ng balance as of June 30, 2021 is $2,640,763. These lease payments constitute obligations of the City's General Fund.
Such obligation exists through the maturity date of the lease at June 1, 2028.
As of June 30, 2021, the total future l ease payments for the 2012 Lease Purchase Agreement, including interest thereon, are as follows:
2012 LEASE
PURCHASE
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 337,247$ 93,483$ 430,730$
2023 351,135 81,544 432,679
2024 364,565 69,114 433,679
2025 377,521 56,209 433,730
2026 389,985 42,844 432,829
2027-2028 820,310 43,849 864,159 TOTALS 2,640,763$ 387,043 $
135
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-100-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Capital Lease Obligations - Gover nmental Activities (Continued)
2014 Lease Purchase Agreement
On January 1, 2014, the City entered into a Lease Agreement with Oxnard Fire Station, LLC for the lease of the Oxnard Fire Stat ion #8 in the amount of $13,813,065. Total lease payments beginning June 1, 2016 th rough December 31, 2031 amount to $20,359,994, including interest of $6,063, 301. These lease payments constitute obligations of the City's General Fund. The outstanding balance as of June 30, 2021 is $10,546,695.
The base rental is equal to the principal and interest payable with respect to the Revenue Bonds (Oxnard Fi re Station Project) 2014 Series A and Revenue Bonds (Oxnard Fire Station Project) 2014 Series B (Taxable) issued by the California Municipal Finance Authority (Authority) in the amount of $15,160,000 and $220,000 respectively. The Authority loaned the proceeds of the bonds to Oxnard Fire Station, LLC to finance the construction of the Oxnard Fire Station #8.
As of June 30, 2021, the total future lease payments for the 2014 Lease Purchase Agreement, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 850,000$ 500,569 $ 1,350,569$
2023 885,000 465,869 1,350,869
2024 920,000 431,494 1,351,494
2025 955,000 390,944 1,345,944
2026 1,005,000 346,341 1,351,341
2027-2031 5,710,000 1,012,594 6,722,594 2032 221,695 1,115,930 1,337,625
TOTALS 10,546,695$ 4,263,741 $ 14,810,436 $
PURCHASE
2014 LEASE
136
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-101-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Capital Lease Obligations - Governmental Activities (Continued)
Bank of America Capital Lease 2018
On March 30, 2018, the City entered into an Equipment Lease/Purchase Agreement with Banc America Capital Corporation (BofA) in an amount not to exceed $5 million for the purpose of acquiring public safety comm unication equipment and vehicles, fire apparatus and vehicles, and other capital assets. As of June 30, 2021, the total outstanding balance on this line of credit was $2,613,659. T he lease payments constitute obligations of th e City’s General Fund. Such obligation exists through the maturity date of the lease, $2 million due on March 30, 2023 and $3 million due on March 30, 2025.
As of June 30, 2021, the total future lease payments for the B of A Capital Lease 2018, including interest thereon, are as follows:
B OF A
CAPITAL LEASE 2018
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 837,961$ 64,016$ 901,977$
2023 860,162 41,815 901,977
2024 451,610 21,761 473,371
2025 463,926 9,446 473,372
TOTALS 2,613,659$ 137,038 $ 2,750,696 $
137
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-102-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Direct Borrowings
Capital Lease Obligations - Business-Type Activities
B of A Capital Lease 2018
On March 30, 2018, the City entered into an Equipment Lease/Purchase Agreement with Banc America Capital Corporation in an amount not to exceed $5 million for the purpose of acquiring refuse trucks and vehi cles. As of June 30, 2021, the total outstanding balance on this line of credit was $3,655,773. T he lease payments constitute obligations of the City’s Envi ronmental Resources Fund. Such obligation exists through the maturity date of the leas e on March 30, 2028. As of June 30, 2021, the total future lease payments for the B of A Capital Lease 2018, including interest thereon, are as follows:
B OF A
CAPITAL LEASE
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2022 475,952$ 108,122$ 584,074$
2023 490,610 93,465 584,075 2024 505,719 78,356 584,075 2025 521,294 62,781 584,075 2026 537,348 46,727 584,075 2027-2028 1,124,850 43,299 1,168,149 TOTALS 3,655,773$ 432,750 $ 4,088,523$ 2018
Capital lease obligations are collateralized by equipment purchased and unspent proceeds held in escrow. In the event of default, the lender has the right to seize the collateral and/or call the debt.
Housing Authority Community Development Commission Note Payable The Authority entered into a note agreement dated July 21, 2009, secured by a deed of trust, in the amount of $350,000 payab le to the City of Oxnard Community Development Commission (“CDC”) to finance the development of affordable housing units on Cuesta del Mar in the Southwinds Redevelopment Project Area. The principal balance on the note bears intere st at the rate of intere st paid in the Local Agency Investment Fund (LAIF) plus 1% per annum. Payments are to be made annually, commencing on January 30, of the year following the issuance of the first Certificate of Occupancy for the project, and each January 30 t hereafter. As of June 30, 2014, the project was considered permanently stall ed and would not be comple ted. The loan is to be payable in one lump sum payment due sixty (60) days after the anniversary of the failure to complete project determination. There is an option to extend the repayment date for a period not to exceed two years as approved by the CDC’s Director. The outstanding balance at June 30, 2021 is $269,710.
138
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Long-term Debt (Continued)
Special Assessment Bonds
There are various 1915 Act Improvement Districts and Mello-Roos Community Facilities Districts within the City, which have issued special assessment or special tax debt. The debt is secured by liens of special assessments or special taxes on the properties in the districts and is paid by the property owners. The City is not liable under any circumstance for the repayment of the debt, but is only acting as agent for the property owners in collecting the asse ssments and special taxes, forw arding the collections to fiscal agents to pay the bondholders, and in itiating foreclosure proceedings when appropriate.
Accordingly, such special assessment debt is not reflected in the accompanying basic financial statements. Special assessment debt outstandi ng at June 30, 2021 is as follows:
AMOUNT
Rice Avenue/Highway 101 Interchange Assessment District Local Obligation Revenue Bonds (2012 Special District Bond Refinancing to refund 1915 Act Limited Obligation Bonds) 8,150,000$
City of Oxnard Community Facilities District 1 (Westport) Local Obligation Revenue Bonds (2012 Special District Bond Refinancing to refund CFD No. 2000-3 Bonds)
6,798,200
Oxnard Boulevard Interchange Community Facilities District 2000-3 Local Obligation Revenue Bonds (2012 Special District Bond Refinancing to refund CFD No. 1 Bonds)
5,010,000
Oxnard Boulevard/Highway 101 Interchange Assessment District 2000-1 1915 Act Improvement Limited Obligation Bonds 1,475,000 Community Facilities District No. 3
Special Tax Refunding Bond 2013 (Seabridge Mandalay Bay) 23,263,800 TOTAL 44,697,000$
139
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Compensated Absences
The accrual for compensated absences was reported as follows as of June 30, 2021:
BALANCE BALANCE DUE WITHIN
JULY 1, 2020 ADDITIONS PAYMENTS JUNE 30, 2021 ONE YEAR
GOVERNMENTAL ACTIVITIES
General Fund 15,263,166$ 6,927,135$ (6,332,249)$ 15,858,052$ 10,678,672$ Internal Service Fund 966,509 556,411 (586,031) 936,889 618,347 16,229,675 7,483,546 (6,918,280) 16,794,941 11,297,019
BUSINESS-TYPE ACTIVITIES
Water 446,31
4 490,602 (374,163) 562,753 371,418 Wastewater 713,864 620,549 (532,494) 801,919 529,266 Environmental resources 1,244,116 1,095,579 (782,074) 1,557,621 1,028,030 Oxnard Housing Authority 553,727 314,292 (263,272) 604,747 41,080 2,958,021 2,521,022 (1,952,003) 3,527,040 1,969,794 TOTALS 19,187,696$ 10,004,568 $ (8,870,283) $ 20,321,981 $ 13,266,813 $
Accrued compensated absences includes an adj ustment of $624,585 for California Labor Code Section 4850 benefits for public employees in a specified class.
140
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
I. Fund Balances
The following funds/subfunds had deficit fund balances as of June 30, 2021:
AMOUNT
Public Liability / Property Damage (1,873,130)$
Workers' Compensation (18,873,192)
Utility Customer Service (453,904)
Information Services (2,839,663)
Facilities Maintenance (4,036,653)
Equipment Maintenance (5,553,905)
Deficits in the Public Liability / Proper ty Damage and Workers’ Compensation Funds result from implementing conservative actuarial assumptions regarding claims liabilities, including incurred but not reported claims. The City expects to replenish the reserve over a 10-year period.
Deficits in Utility Customer Service, Info rmation Services, Facilities Maintenance, and Equipment Maintenance resulted from accr ual of pension and OPEB liabilities. The deficits in these internal service funds are primarily attributable to the implementation of GASB Statements 68 and 75 to record liabilities for employee pensions and other post-employment benefits. These liabilities will be liquidated with revenue received in future years that cannot be accrued in these financial statements.
141
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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II. DETAILED NOTES ON ALL FUNDS (Continued)
J. Prior-Period Adjustments
Governmental and Business-type Activities
Prior-period adjustments reflec ted on the Statement of Activities resulted from the implementation of GASB Standard No. 84 as detailed below. The net effect on prior year net income as a result of these changes was omitted as it is not practical to calculate.
Governmental Fiduciary
Activities Activities
Net Position, July 1, 2020 1,871,220,384$ -$
Change in Accounting Method:
To Reflect Change in Fiduciary Activities,
Custodial Funds and GASB 84 Implementation (208,913) 8,935,069 Net Position, July 1, 2020, As Restated 1,871,011,471$ 8,935,069$
Governmental Funds
Prior-period adjustments reflected on the Statement of Revenues, Expenditures, and Changes in Fund Balances show a $208,913 decrease to the General Fund beginning fund balance to reflect a reclassification of certain activities to fund balance and a $208,913 increase to Custodial Funds beginni ng net position to reflect fiduciary custodial funds per GASB 84 in prior year.
General Custodial
Fund Funds
Fund Balance/Net Position, July 1, 2020 38,340,504$ -$ Change in Accounting Method:
To Reflect Change in Fiduciary Activities,
Custodial Funds and GASB 84 Implementation (208,913) 8,935,069 Fund Balance/Net Position, July 1, 2020, As Restated 38,131,591$ 8,935,069$
142
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS
The City provides pension bene fits to its employees thr ough four defined benefit plans:
CalPERS Miscellaneous Plan, CalPERS Police Plan, CalPERS Fire, and the Retirement Enhancement Plan. Pension expense for all plans totaled $53,023,507 for the year ended June 30, 2021. Total pension liabilities, fiduciary net position, and net pension liabilities for all plans as of June 30, 2021 are as follows:
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
Miscellaneous Plan 519,922,892$ 377,608,104$ 142,314,788$ Safety – Police 415,648,717 311,036,005 104,612,712 Safety – Fire 177,546,739 119,487,828 58,058,911 Retirement Enhancement Plan 108,112,725 109,146,806 (1,034,081) TOTALS 1,221,231,073$ 917,278,743 $ 303,952,330 $
1. California Public Employ ees' Retirement System
A. Retirement Plan Description
The City contributes to the California Public Employees' Retirement System (CalPERS), an agent multiple-employer pub lic employee defined benefit plan, which acts as a common investment and administrative agent for participating public entities within the State of California. The City participates in agent multiple-employer plans for its Miscellaneous 2% at 55 and 2% at 62 and Police 3% at 50 and 2.7% at 57, and in the cost-sharing plan for its Fire 3% at 50 and 2.7% at 57. Benefit provisions and all other requirements are estab lished by State stat utes within the Pu blic Employees' Retirement Law. City of Ox nard selects optimal benefit provisions and adopts those benefits through local ordinance. Copies of CalPERS' annua l financial report may be obtained from the CalPERS Executive Office , 400 "P" Street, Sacramento, CA 95814 or from the CalPERS website http://www.calpers.ca.gov. During the year ended June 30, 2013, the California's Public Employees' Pension Reform Act (PEPRA) went into effect. PEPRA requires new benefits and member contributions for new members as defined by PEPRA that are hired after January 1, 2013. Employees who were CalPERS members before January 1, 2013 are considered "Classic Members." 143
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Retirement System (Continued) 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.
Classic members or PEPRA Safety members with five years of total service are eligible to retire at age 50 with statutorily reduced benefits. PEPRA Miscellaneous members become eligible for retirement at age 52 with at least five years of service. The service retirement benefit is a monthl y allowance taking into acc ount the benefit factor, years of service, and final compensation. The be nefit factor depends on the benefit formula specified in the employer's contract. The years of service is the amount credited by CalPERS to a member while he or she is employed in this group. The final compensation is the monthly average of the member's highest 12 consecutive months' full-time equivalent monthly pay.
All members are eligible for nonduty disabi lity benefits after 5 years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The standard death benefit for Safety members is the Special Death Benefit. The cost of living adjustments for each plan are applied as specified by the Public Employees' Retirement Law.
C. Contributions
Section 20814(c) of the California Public Employees' Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on the Ju ly 1 following notice of a change in the rate. The total plan contributions are determined through the 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 dete rmined rate and the contribution rate of employees.
144
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Retirement System (Continued) C. Contributions (Continued)
Participants in the Miscellaneous and Safety plans are required to contribute a percentage of their annual covered salary. The City pays a portion of the contributions required of City employees on their behalf in accordance with respective memoranda of understanding (MOUs). The City is required to contribute the actuarially determined remaining amounts necessary to fund the benefits for its members.
For the year ended June 30, 2021, the City's total contributions for the Miscellaneous and Safety Plans were $36,544,053. The City's contributions recognized as part of the pension expense for the year ended J une 30, 2021 were $34,811,449 for the Miscellaneous and Safety Plans.
The Plan's provisions and benefits in effe ct at June 30, 2021 are summarized as follows:
2.0% at 55 2.0% at 62
5 years of service 5 years of service
monthly for life monthly for life
50 - 67+ 52 - 67+
of eligible compensation 1.43% to 2.42% 1.00% to 2.50%
contribution rates 7.00% 7.00%
contribution rates plus 9.585% 9.585%
unfunded accrued liablity 9,779,341$ -$
Required employee
Required employer
Benefit formula
Benefit vesting schedule
Benefit payments
Retirement age
Monthly benefits, as a percentage
Miscellaneous
Prior to On or After
Hire date January 1, 2013 January 1, 2013
145
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Retirement System (Continued) C. Contributions (Continued)
Safety – Police
3.0% at 50 2.7% at 57
5 years of service 5 years of service
monthly for life monthly for life
50 - 55+ 50 - 57+
of eligible compensation 3.00% 2.00% to 2.70%
contribution rates 9.00% 15.50%
contribution rates plus 26.565% 26.565%
unfunded accrued liablity 8,413,764$ -$
Hire date
Benefit formula
Benefit vesting schedule
Prior to On or After
January 1, 2013
January 1, 2013
Required employee
Benefit payments
Monthly benefits as a percentage
Required employer
Retirement age
Safety – Fire
3.0% at 50 2.7% at 57
5 years of service 5 years of service
Monthly for life Monthly for life
50 - 55+ 50 - 57+
of eligible compensation 3.00% 2.00% to 2.70%
contribution rates 9.00% 13.75%
contribution rates plus 25.540% 13.884%
unfunded accrued liablity 4,236,750$ 11,979$ Prior to On or After
Required employer
January 1, 2013 January 1, 2013
Benefit vesting schedule
Benefit payments
Retirement age
Monthly benefits as a percentage
Required employee
Hire date
Benefit formula
146
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Retirement System (Continued) C. Contributions (Continued)
At June 30, 2020 (measurement date), the following employees were covered by the benefit terms of the Plan:
Plan Members
Miscellaneous
Plan Safety Plan - Police Safety Plan - Fire
Active 870 218 108 Transferred 642 36 29 Terminated 1,376 43 13 Retired and beneficiaries 1,121 292 144 TOTALS 4,009 589 294 Number of Members
D. Actuarial Methods and Assumptions Used to Determine Total Pension Liability The June 30, 2020 total pension liabilities were based on the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal
Asset Valuation Method Fair Value
Actuarial Assumptions
Discount Rate 7.15%
Inflation 2.625%
Salary Increases Varies by Entry Age and Service
Payroll Growth 3.000%
Investment Rate of Return
Mortality Rate Table1 Derived using CalPERS Membership Data for all funds Post Retirement Benefit Increase
1 The mortality table was developed based on CalPERS specific data. The table includes 15 years of mortality improvements using Society of Actuaries Scale BB.
7.25% Net of Pension Plan Investment and Administrative Expenses; includes Inflation
Contract COLA up to 2.75% until Purchasing Power
Protection Allowance Floor on Purchasing Power applies
2.75% thereafter
All other actuarial assumptions used in the June 30, 2019 valuation were based on the results of an actuarial exper ience study for the period from 1997 to 2011, including updates to salary increase, mortality, and retirement rates. The Experience Study report can be obtained at CalPERS' website under Forms and Publications. 147
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-112-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Retirement System (Continued) E. Discount Rate and Long-Term Expected Rate of Return
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.
The long-term expected rate of return on pension plan investments was determined using a building block method in which expect ed 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, CalPERS took into account both short-term and long-term market return expectations as well as the expected pension fund cash flows. Using historical returns of all of the funds’ asse t classes, 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 fund. The expected rate of return was set by calculating the rounded 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. 148
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-113-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Retirement System (Continued) E. Discount Rate and Long-Term Expected Rate of Return (Continued) The table below reflects long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation. These geometric rates of return are net of administrative expenses.
New Strategic Rate of Return(1) Rate of Return(2)
Asset Class Allocation Years 1 - 10 Years 11+
Global Equity 50.00% 4.80% 5.98%
Global Fixed Income 28.00% 1.00% 2.62%
Inflation Assets 0.00% 0.77% 1.81%
Private Equity 8.00% 6.30% 7.23%
Real Assets 13.00% 3.75% 4.93%
Liquidity 1.00% 0.00% -0.92%
(1) An expected inflation of 2.0% used for this period
(2) An expected inflation of 2.92% used for this period
149
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-114-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Retirement System (Continued) F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions
The City's net pension liability is measured as the total pension liability less the pension plan's fiduciary net position. The net pension liability of each of the Plans is measured as of June 30, 2020, and the total pension liability for the Plan used to calculate the net pension liability was determined by an actuaria l valuation as of June 30, 2019, rolled forward to June 30, 2020, using standard update procedures. The following tables show the plan fiduciary net position and the net pensi on liabilities for the Miscellaneous and Safety-Police Plans and the respective c hanges in net pension liabilities recognized over the measurement period.
Miscellaneous Plan Total Pension Plan Fiduciary Net Pension Liability Net Position Liability/(Asset)
Balance at June 30, 2019 (Valuation Date) 500,506,010$ 368,791,472 $ 131,714,538 $ Changes Recognized for the Measurement Period
Service cost 8,599,200 - 8,599,200 Interest on the total pension liability 35,253,001 - 35,253,001 Changes of assumptions - - - Differences between expected and actual -
experience 922,038 - 922,038 Net Plan to plan resource movement - 215,792 (215,792) Employer contributions - 12,795,434 (12,795,434) Employee contributions (paid by employer) - 3,375,086 (3,375,086) Net investment income - 18,307,582 (18,307,582) Benefit payments, included refunds of -
employee contributions (25,357,357) (25,357,357) - Administrative expense - (519,905) 519,905 Other miscellaneous income/(expenses) - - - Net changes 19,416,882 8,816,632 10,600,250 Balance at June 30, 2020 (Measurement Date) 519,922,892$ 377,608,104 $ 142,314,788 $
150
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-115-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Retirement System (Continued) F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
Safety – Police Plan Total Pension Plan Fiduciary Net Pension Liability Net Position Liability/(Asset)
Balance at June 30, 2019 (Valuation Date) 400,450,186$ 298,306,602 $ 102,143,584 $ Changes Recognized for the Measurement Period
Service cost 9,489,708 - 9,489,708 Interest on the total pension liability 28,039,082 - 28,039,082 Changes of assumptions - - - Differences between expected and actual -
experience (3,749,835) - (3,749,835) Net Plan to Plan Resource Movement - - - Employer contributions - 14,126,597 (14,126,597) Employee contributions (paid by employer) - 2,674,167 (2,674,167) Net investment income - 14,929,602 (14,929,602) Benefit payments, included refunds of -
employee contributions (18,580,424) (18,580,424) - Administrative expense - (420,539) 420,539 Other miscellaneous income/(expenses) - - - Net changes 15,198,531 12,729,403 2,469,128 Balance at June 30, 2020 (Measurement Date) 415,648,717$ 311,036,005 $ 104,612,712 $
The following shows the Safety – Fire Plan's proportionate share of the risk pool collective net pension liability over the measurement period.
Safety – Fire Plan Proportionate
Share of the
Total Pension Plan Fiduciary Net Pension Collective Net Liability Net Position Liability/(Asset) Pension Liability Balance at June 30, 2019
(Valuation Date) 167,694,244 $ 113,418,438 $ 54,275,806 $ 0.529673% Net changes during 2019-2020 9,852,495 6,069,390 3,783,105 0.003936% Balance at June 30, 2020
(Measurement Date) 177,546,739$ 119,487,828 $ 58,058,911 $ 0.533609%
151
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-116-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Retirement System (Continued) F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
The City's proportionate share of the collective net pension liability was determined by CalPERS based on the following allocation methodology:
The schedules of employer allocation by rate plan include three ratios:
(1) Actuarial Accrued Liability - Determined based on the Actuarial Accrued Liability from the most recent Actuarial Valuation Report as of June 30, 2019 used for funding purposes.
(2) Market Value of Assets - Determined based on the sum of the Market Value of Assets (MVA) from the most recent Actuarial Valuation as June 30, 2019 used for funding purposes plus supplemental payments made by employers during the current measurement period to reduce their unfunded actuarial accrued liabilities.
(3) Contributions - Determined based on the legally or statutorily required employer contributions for the fiscal year ended June 30, 2020, including reported contribution adjustments and suspended payroll information. Legally or statutorily required employer contributions were determined by multiplying the employer's contribution rate by the annual benefit compensat ion (payroll) for the fiscal year and excluding payments for benefit improvements known as Golden Handshakes, which CalPERS cons iders to be separately financed employer-specific liabilities.
The total pension liability was allocated based on the rate plan's share of the Actuarial Accrued Liability. The fiduciary net position was allocated based on the rate plan's share of the Market Value of Assets. The net pension liability was derived by subtracting the fiduciary net position from the total pension liability. Deferred outflows of resources, deferred inflows of resources, and pension expense were allocated based on the rate plan's share of contributions.
152
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-117-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Retirement System (Continued) F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
For the year ended June 30, 2021, t he City recognized pension expense of $20,080,502, $17,096,405 and $9,231,552 for the Miscellaneous, Safety – Police, and Safety – Fire Plans, respectively. At June 30, 2021, the City reported deferred outflows of resources and deferred inflows of resource s related to pensions from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Pension contributions subsequent
to the measurement date:
Miscellaneous Plan 14,839,309 $ - $
Safety – Police 14,873,314 -
Safety – Fire 6,831,430 -
Net difference between projected and actual
earnings on pension plan investments:
Miscellaneous Plan 3,019,254 -
Safety – Police 2,706,746 -
Safety – Fire 1,261,865 -
Changes of assumptions
Miscellaneous Plan - -
Safety – Police 3,667,495 663,171
Safety – Fire - 193,395
Differences between expected and actual experiences
Miscellaneous Plan 2,585,937 -
Safety – Police 1,342,684 5,735,362
Safety – Fire 4,502,174 -
Change in proportion
Safety – Fire 177,063 265,182
Difference between the employer's contributions and the employer's proportionate share of contributions
Safety – Fire 982,075 -
TOTALS 56,789,346$ 6,857,110 $
153
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-118-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Retirement System (Continued) F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
The deferred outflows of resources relat ed to contributions subsequent to the measurement date of $36,544,053 will be recognized as a reduction of the net pension liability in the year ending June 30, 2022. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Deferred Outflows/
(Inflows) of Resources
2021 922,019$
2022 1,212,647
2023 1,933,939
2024 1,536,586
2025 -
TOTAL 5,605,191$
Deferred Outflows/
(Inflows) of Resources
2021 (584,857)$
2022 (70,532)
2023 975,093
2024 998,688
2025 -
TOTAL 1,318,392$
Deferred Outflows/
(Inflows) of Resources
2021 1,642,607$
2022 2,506,231
2023 1,683,497
2024 632,265
2025 -
TOTAL 6,464,600$
Measurement Period
Ending June 30
Miscellaneous Plan
Safety – Police
Safety – Fire
Measurement Period
Ending June 30
Measurement Period
Ending June 30
154
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
-119-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Retirement System (Continued) G. Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability of the Plan as of the measurement date, calculated using the discount rate of 7.15% , as well as what t he net pension liability would be if it were calculated using a disc ount rate that is 1 percentage-point lower (6.15%) or 1 percentage-point higher (8.15%) than the current rate:
Discount Current Discount
Rate - 1% Discount Rate Rate + 1%
(6.15%) (7.15%) (8.15%)
Net Pension Liability (Asset)
Miscellaneous Plan 211,376,148$ 142,314,788$ 85,439,375$ Safety – Police 163,498,611 104,612,712 56,550,695 Safety – Fire 82,170,416 58,058,911 38,273,139 TOTALS 457,045,175$ 304,986,411 $ 180,263,209 $
2. Retirement Enhancement Plan
A. Plan Description
The City established a Retirement Enhancement Plan (REP), single-employer defined benefit pension plan, effectiv e January 1, 2003 for selected groups of miscellaneous employees (non-safety), Service Employees International Union (SEIU), International Union of Operating Engi neers (IUOE), Management, and one of the two groups of Confidential employees. REP is a defined be nefit 401(a) tax-qualified multiple agency trust. It meets the requirem ents of a pension trust under the California Government Code. The plan provides supplemental reti rement benefits in addition to PERS. A separate report was not issued for the Retirement Enhancement Plan; therefore, the notes to the financial statem ents are included below. The Cit y reports the Retirement Enhancement Plan as a pension trust fund in the fiduciary funds financial statements.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Retirement Enhancement Plan (Continued)
Plan Description (Continued)
Authorized Investments
For the Retirement Enhancement Plan, the specific investments are managed by the trustee under guidelines approved by the City as follows:
Risk tolerance Market risk
Time horizon Long term
Income of liquidity needs As requested
Account of trust restrictions None
Unique needs and circumstances None
Investment objective Balanced
Strategic ranges 0%-20% Cash
25%-45% Fixed income
50%-70% Equity
Acceptable investments Individual stocks
Individual bonds
Trustee funds
External funds
Index-based securities including
Exchange-Traded Funds (ETF)
Fixed income guidelines Maturity range 2-15 years
Duration range 4-7 years
Investment grade - minimum credit quality
Equity guidelines The core portion of the equity allocation will consist of individual issues. Actively-
managed mutual funds will be utilized for
other market segments in accordance
with the trustee's tactical strategy.
The primary goals of the balanc ed investment objective are growth of principal and income. It is expected that dividend and interest income will comprise a significant portion of the total return, although growth through capital appreciation is equally important.
B. Benefits Provided
For employees meeting the eligibility requirements, the plan provides a benefit equal to the "3% at 60" plan factor (formula is a static 3% at age 60 and older), less the PERS "2% at 55" plan factors for all years of City service plus any military service purchased through PERS (prior to July 1, 2003) while an employee of the City of Oxnard. 156
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Retirement Enhancement Plan (Continued)
B. Benefits Provided (Continued)
Eligibility for an immediate benefit is defined as reaching age 50, completing five years of Oxnard service, and retiring concurrently from both the City and PERS after leaving City employment. In addition, a deferred benefit would be available to participants who complete five years of service. The City has full discretionary authority to control, amend, modify, or terminate this plan at any time.
At June 30, 2021, the following employees were covered by the benefit:
Number of
Description Members
Active members 278
Inactives entitled to benefit payments 178
Inactives currently receiving benefit payments 414
TOTAL 870
C. Contributions
Employees and the City contribute a total of 8% of eligible employees' gross wages.
Current employee and City contributions by employee groups are as follows:
City Employee
Contributions
IUOE 2.70% 5.30%
SEIU 3.50% 4.50%
Management and confidential 3.00% 5.00%
Confidential - hourly 2.50% 5.50%
In addition, the City is required to contribute the remaining amounts necessary to fund the benefit to its members using the actu arial basis recommended by REP actuarial consultants. The actuarially determined contribution for the fiscal year ended June 30, 2021 was 16.7% of eligible employee gross wages. The City contributed $3,427,026 to REP for the year ended June 30, 2021.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Retirement Enhancement Plan (Continued)
D. Actuarial Methods and Assumptions Used to Determine Total Pension Liability The June 30, 2021 total pension liabilities were based on the following actuarial methods and assumptions:
Actuarial Cost Method Entry Age Normal, Level % of pay
Actuarial Assumptions
Contribution Policy City contributes full Actuarially Determined Contibutions (ADC) Discount Rate 6.25% at June 30, 2020 and 5.75% at June 30, 2021 Expected Rate of Return on Assets Expected City contributions projected to keep suffcient plan assets to pay all benefits from trust
General Inflation 2.5% annually
Mortality, Retirement, Disability, Termination CalPERS 1997-2015 Experience Study Mortality Improvement Post-retirement mortality projected fully generational with Scale MP-2018
Salary Increases Aggregate - 3% Annually
Merit - CalPERS 1999-2015 Experience Study
E. Discount Rate
The discount rate used to measure the tota l pension liability for the Plan was 5.75%.
The pension trust is projected to have suffici ent assets to pay benefits per the Plan's current contribution policy.
The table below reflects long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation. These geometric rates of return are net of administrative expenses.
Target Expected Real
Asset Class Allocation Rate of Return
Global Equity 60.00% 4.56%
Fixed Income 40.00% 0.78%
Assumed Long-Term Rate of Inflation 2.50%
Expected Long-Term Net Rate of Return, Rounded 5.75%
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Retirement Enhancement Plan (Continued)
F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions
The City's net pension liability is measured as the total pension liability less the pension plan's fiduciary net position. The net pensio n liability of the Retirement Enhancement Plan is measured as of June 30, 2021, and the total pension liability for the Plan used to calculate the net pension lia bility was determined by an actuarial valuation as of June 30, 2019.
The following table shows the net pension liabi lities for the Plan and the respective changes in net pension liabilities recognized over the measurement period.
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability/(Asset)
Balance at June 30, 2020 100,304,779$ 89,303,239 $ 11,001,540 $ Changes Recognized for the Measurement Period
Service cost 1,399,285 - 1,399,285 Interest on the total pension liability 6,200,597 - 6,200,597 Changes of assumptions 5,197,076 5,197,076
Differences between expected and actual
experience - - - Employer contributions - 3,427,026 (3,427,026) Employee contributions (paid by employer) - 1,643,999 (1,643,999) Net investment income - 19,861,747 (19,861,747) Benefit payments, included refunds of
employee contributions (4,989,012) (4,989,012) - Administrative expenses -
(100,193) 100,193
Net changes 7,807,946 19,843,567 (12,035,621) Balance at June 30, 2021 (Measurement Date) 108,112,725$ 109,146,806 $ (1,034,081) $
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Retirement Enhancement Plan (Continued)
F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
For the year ended June 30, 2021, the City recognized pension benefit of $1,811,860, for the Retirement Enhancement Plan. At June 30, 2021, the Cit y reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Net difference between projected
and actual earnings on pension
plan investments - $ 12,708,802$ Changes in assumptions 3,687,990 96,616
Differences between expected and
actual experiences 609,333 678,000
TOTALS 4,297,323$ 13,483,418 $
Amounts reported as deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Measurement Period Deferred Outflows/
Ending June 30 (Inflows) of Resources
2022 (2,366,052)$
2023 (1,409,865)
2024 (2,554,007)
2025 (2,856,171)
TOTAL (9,186,095)$
G. Sensitivity of the Net Pension Liability to Changes in the Discount Rate The following presents the net pension liability of the Plan as of the measurement date, calculated using the discount rate of 5.75% , as well as what t he net pension liability would be if it were calculated using a disc ount rate that is 1 percentage-point lower (4.75%) or 1 percentage-point higher (6.75%) than the current rate:
Current
Discount Rate - 1% Discount Rate Discount Rate + 1%
(4.75%) (5.75%) (6.75%)
Net Pension Liability 12,284,842$ (1,034,081) $ (12,043,008)$ 160
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued)
3. Deferred Compensation Plan
The City sponsors a deferred compensation plan that qualifies under Section 457(b) of the Internal Revenue Code (IRC). The Plan accepts payroll-deducted contributions for participant-directed investing. Contributions are limited to an annual maximum amount as established under the IRC. Employee salary reduction contributions are tax deferred and are immediately 100% vested. The assets of the Plan are held in trust for the exclusive benefit of plan participants and thei r beneficiaries. Plan assets are not the property of the City or subject to the claims of the City's general creditors.
4. Post-employment Benefits Other than Pensions (OPEB)
A. Plan Description
The City has established the City of Oxnard Retiree Health Insurance Plan, a single- employer defined benefit health care plan administered through CalPERS.
Employees who retire from the City and receive a CalPERS pension are eligible for post-employment medical benefits. Retirees can enroll in any of the available CalPERS medical plans. This benefit continues for t he life of the retiree and surviving spouse.
Benefit provisions for CalPERS are established by the Public Employees Medical and Hospital Care Act (PEMHCA).
B. Benefits Provided
The City contributes the minimum amount allowed under Government Code Section 22825 of the Public Employees Medical and Ho spital Care Act. The City's required monthly contributions for calendar years 2020 and 2019 were $139 and $136, respectively. The statutory contribution will be indexed by the Medical CPI each year.
The required contribution is based on pay-a s-you-go financing requirements. Retirees must contribute any premium amounts in excess of the City contribution.
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Post-employment Benefits Other than Pensions (OPEB) (Continued) C. Employees Covered by Benefit Terms
At June 30, 2019, the following employees were covered by the benefit terms:
Inactive employees or beneficiaries currently receiving benefit payments 394 Active plan members 1,104
1,498
D. Total OPEB Liability
The City's total OPEB liability of $55,141,842 was measured as of June 30, 2020, and was determined by an actuarial valuation as of July 1, 2019.
Actuarial assumptions and other inputs. The total OPEB liabi lity in the July 1, 2019 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified:
Inflation 3.00 percent
Salary increases 3.00 percent, average, including inflation Healthcare cost
trend rates
5.90 percent for 2020; 5.80 percent for 2021; 5.70
percent for 2022; and decreasing 0.10 percent per
year to an ultimate rate of 5.00 percent for 2029 and
later years
The discount rate was based on the Municipal Bond 20-Year High Grade Rate Index of
3.13%.
Pre-retirement mortality rates were based on the CalPERS Pre-Re tirement Mortality Miscellaneous and Schools (1997-2015) rate s for miscellaneous employees and CalPERS Pre-Retirement Mortality Safety (1997-2015) rates for safety employees.
Post-retirement mortality rates were based on the CalPERS Post-Retirement Mortality Miscellaneous and Schools (1997-2015) rate s for miscellaneous employees and CalPERS Post-Retirement Mortality Safety (1997-2015) rates for safety employees.
The actuarial assumptions used in the July 1, 2019 valuation were based on a review of plan experience during the period July 1, 2017 to June 30, 2019.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Post-employment Benefits Other than Pensions (OPEB) (Continued) E. Changes in the Total OPEB Liability
Total OPEB
Liability
Balance at June 30, 2019 46,686,235$
Changes for the year:
Service Cost 2,150,451
Interest 1,513,925
Changes of benefit terms -
Differences between expected and actual experience (9,059) Changes in assumptions or other inputs 5,726,271
Benefit payments (925,981)
Net changes 8,455,607
Balance at June 30, 2020 55,141,842$
Sensitivity of the total OPEB liability to changes in the discount rate. The following presents the total OPEB liability of the City, as well as what the City’s total OPEB liability would be if it were calculated using a disc ount rate that is 1 percentage point lower (1.45 percent) or 1 percentage point higher (2.45 percent) than the current discount rate (3.45 percent):
1% Decrease Discount Rate 1% Increase
(1.45%) (2.45%) (3.45%)
Total OPEB liability 65,445,491$ 55,141,842$ 47,016,991$
Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates. The following presents the total OPEB liability of the City, as well as what the City's total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 percentage point lower (5.0 percent decreasing to 4.0 percent) or 1 percentage point higher (7.0 percent decreasing to 6.0 perc ent) than the current healthcare cost trend rates (6.0 percent decreasing to 5.0 percent):
1% Decrease Trend Rate 1% Increase
(5.0% decreasing (6.0% decreasing (7.0% decreasing
to 4.0%) to 5.0%) to 6.0.%)
Total OPEB liability 45,471,694$ 55,141,842$ 67,872,709$
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Post-employment Benefits Other than Pensions (OPEB) (Continued) F. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the year ended June 30, 2021, the City recognized an OPEB expense of $5,174,715. At June 30, 2021, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
OPEB contributions subsequent
to the measurement date 955,555$ -$
Differences between expected and
actual experience 2,657,602 (7,941)
Changes of assumptions or other inputs 9,003,413 (1,516,882) Total 12,616,570$ (1,524,823) $
The deferred outflows of resources relat ed to OPEB contributions subsequent to the measurement date of $955,555 wil l be recognized as a reduc tion of the total OPEB liability in the year ending June 30, 2022.
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
Year ended June 30
2022 1,502,923$
2023 1,502,923
2024 1,502,923
2025 1,502,923
2026 1,502,923
Thereafter 2,621,577
10,136,192$
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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IV. RISK MANAGEMENT
The City provides general liability and workers' compensation insurance under self- insurance programs with an annual limit per occurrence of $1 million for each program.
Excess insurance in the layer of $1 million to $15 million per occurrence/$18 million annual aggregate is purchased for general liability claims and statutory coverage is purchased for workers' compensation claims. The City contracts with outside service agencies to assist in the administration of the se lf-insurance programs. Estima ted liabilities related to outstanding workers' compensat ion and public liability claims , including estimates for incurred but not reported clai ms, are based upon actuarial studies and are recorded in internal service funds.
All funds of the City participate in general liability and workers' compensation insurance programs and make payments to internal service funds on the basis of loss experience and exposure. The total unpaid claims and claims adjustment expense liability (long-term obligations) of $32,782,000 recor ded at June 30, 2021, is based on results of actuarial studies and includes an estimate for claims in curred but not reported at the balance sheet date. Claims liabilities ar e calculated considering the effect s of inflation, recent claims settlement trends including frequency and amount of pay outs, and other economic and societal factors. General liability and workers' compensation liabilities are carried at present value using a discount rate of 1.0%.
In addition, the City is in compliance with the requirements of G ASB Statement No. 10, which requires that a liability for claims be reported if informa tion prior to the issuance of the financial statements indicates that it is probable that a liability has been incurred as of the date of the financial statements and the amount of the loss can be reasonably estimated.
A. General Liability
The City is self-insured for general liability claims up to $1,000,000. The City purchases commercial excess liability insurance with li mits of $15 million per occurrence with an aggregate limit of $18 million annually. Self-insured general liability claims are administered through a third-party administr ator, with the City Attorney’s approval required for settlements over $15,000. Litigated claims are settled directly through the City Attorney’s Office.
The City's excess general liability insurance premium for Fiscal Year 2020-21, inclusive of brokerage fees, was $719,800. During the past five-year period, the average claims filed each year for general liability amounted to 207 claims totaling $1,280,143 per year (an average of $6,172 per claim). In addition, there have been no insurance settlements that have exceeded the City's insurance coverage for each of the past three years.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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IV. RISK MANAGEMENT (Continued)
A. General Liability (Continued)
The total unpaid claims and claims adjustment expense liability (long-term obligations) recorded at June 30, 2021 was $6,344,805. The following schedule presents the changes in self-insurance claims liabilities for the past two years:
PUBLIC LIABILITY AND
PROPERTY DAMAGE
FY 2020-2021 FY 2019-2020
Unpaid claims and claims adjustment expenses - July 1 6,360,000$ 6,947,159 $ Incurred Claims and Claims Adjustment Expenses
Increase (decrease) in provision for insured events 1,677,443 (24,098) Increase (decrease) in actuarially incurred but not
reported claims (IBNR) (1,692,638) (563,061)
Total Incurred Claims and Claims Adjustment Expenses (15,195) (587,159) Unpaid claims and claims adjustment expenses - June 30 6,344,805 $ 6,360,000 $ CLAIMS AND JUDGMENTS DUE WITHIN ONE YEAR 2,059,248$ 2,218,210 $
B. Workers' Compensation
The City is self-insured for workers' compensation claims up to $1,000,000. For claims over $1,000,000, the City has purchased excess workers' compensation insurance through CSAC-EIA, a California risk-sharing Jo int Powers Authority. The claims are processed by a third-party administrator similar to general liability claims.
The City's premium for workers' compensation insurance coverage in Fiscal Year 2020- 21 was $309,659.
Within the City's self-insur ed program for workers' comp ensation, there has been an average of 313 claims filed per year for t he past five years, with an average of approximately $4,688,681 per year in total reported losses (an average of $14,980 per claim). In addition, there have been no settlements that have exceeded the City's insurance coverage for each of the past three years.
The total unpaid claims and claims adjustment expense liability (long-term obligations) recorded at June 30, 2021 was $28,919,771.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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IV. RISK MANAGEMENT (Continued)
B. Workers' Compensation (Continued)
The following schedule presents the changes in self-insuranc e claims liabilities for the past two years:
WORKERS'
COMPENSATION
FY 2020-2021 FY 2019-2020
Unpaid claims and claims adjustment expenses - July 1 26,819,000$ 24,765,144 $ Incurred Claims and Claims Adjustment Expenses
Increase (decrease) in provision for insured events 3,112,932 9,350,774 Increase (decrease) in actuarially incurred but not
reported claims (IBNR) (1,012,161) (7,296,918)
Total Incurred Claims and Claims Adjustment Expenses 2,100,771 Unpaid claims and claims adjustment expenses - June 30 28,919,771 $ 26,819,000 $ CLAIMS AND JUDGMENTS DUE WITHIN ONE YEAR 5,855,740$ 5,702,371 $
V. OTHER INFORMATION
A. Commitments and Contingencies
As of June 30, 2021, the City had significant construction commitments as follows:
AMOUNT
Governmental Activities 168,387,651$
Water 48,435,935
Wastewater 41,299,608
Environmental Resources 5,325,941
Information Systems 452,000
TOTAL 263,901,135$
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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V. OTHER INFORMATION (Continued)
A. Commitments and Contingencies (Continued)
The City uses “encumbrances” to contro l expenditure commitments for the year.
Encumbrances represent commitments rela ted to contracts not yet performed and purchase orders not yet filled. Commitments for such expenditures are encumbered to reserve applicable appropriations. As of June 30, 2021, total encumbrances for the governmental and proprietary funds are reported as follows:
AMOUNT
GOVERNMENTAL FUNDS
General Fund* 1,875,573 $
Developer Fees 2,141,385
State and Federal Grants 3,503,045
Nonmajor Funds 6,731,108
TOTAL GOVERNMENTAL FUNDS 14,251,111$
PROPRIETARY FUNDS
Water funds 24,347,923 $
Wastewater funds 6,603,379
Environmental resources funds 11,386,687
TOTAL PROPRIETARY FUNDS 42,337,989$
TOTAL INTERNAL SERVICE FUNDS 250,848$
* Includes $443,024 of Measure "O" Encumbrances
There are various lawsuits and claims pending against the City. Management believes that all contingencies requiring accrual or disclosure are reflected in these financial statements.
The City has received significant financial assistance from numerous federal and state agencies in the form of grants and entitlements. The disbursement of funds received under these programs generally require compliance with terms and conditions specified in the grant agreements and are subject to audit by grantor agencies. Any disallowed claims resulting from such audits could becom e a liability of the City. However, in the opinion of management, liabilities resulting from disallowed claims, if any, will not have a material effect on the City's financial position at June 30, 2021.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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V. OTHER INFORMATION (Continued)
B. Risk and Uncertainties
Measure M Litigation
In City of Oxnard v. Starr, the City sought a court determination that Measure M, a voter initiative that rolled back wastewater utility rates adopted in 2016, was illegal because it would force the City to violate legal and contractual obligations. Following the adoption of Measure M, the court iss ued a temporary restraining order staying its enforcement, and the City subsequently adopted new wastewater rates that are currently in effect.
The Ventura County Superior Court ruled against the City, and the City appealed that judgment. On October 13, 2020, the Court of Appeal issued an opinion reversing the trial court’s ruling against the City. The proponent missed the filing deadline to petition the California Supreme Court to review the case and the Supreme Court denied proponent’s request for relief from default. The Court of Appeal issued its remittitur on December 23, 2020. On July 14, 2021, the trial court denied proponent’s motion for retrial and ordered the City is entitled to $22,208 toward its costs. Entry of judgment is pending following the trial court’s review of the form of judgment the City has prepared.
With the case resolved in the City’s favor, the City will not have to refund the amount of the increased rates collected while the temporary restraining order was in effect (up to $5.9 million dollars).
Standby Pay & Rate Litigation
Alvarez v. City of Oxnard is a putative class action laws uit involving multiple City employees from the Streets, Fleet, Facilities and Pa rks divisions of the City who contend that the City violated state and federal wage laws by failing to pay them at the proper rate for “controlled standby hours” and because the City allegedly failed to pay the full amount of overtime wages or compensatory time-off credits pursuant to the Fair Labor Standards Act. In December of 2020, th e court granted the Plaintiffs’ motion for preliminary and conditional class certific ation. The parties reached an agreement during mediation on December 2, 2021. Amounts estimated to be paid out have been accrued at year end and are included in other liabilities. The agreement is in Federal Court pending approval, which is expected to occur by mid-2022.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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V. OTHER INFORMATION (Continued)
B. Risk and Uncertainties (Continued)
Multi-Agency Defendant Water Rate Litigation
In February of 2020, the City was named with more than 80 other public agencies as a defendant in a lawsuit (Kessner et al. v. City of Santa Clara et al. (Santa Clara County Superior Court Case No. 20CV364054)) a lleging the City’s wa ter rates violated Proposition 218 in that they exceed the cost of service and subsidize water service to government agencies, and irrigators, and public fi re hydrant service. Plaintiffs filed a Second Amended Complaint on June 24, 2021, which alleges the same claims. Senate Bill 1386 (“SB 1386”) was signed into law in 2020, which may assist the City in defending this case. SB 1386 adds provisions to the California Government Code establishing as declaratory of existing law that the costs of water service chargeable to property owners properly include the cost of infrastructure which provide fire protection for property. The litigation is at its earliest stages, and the City is vigorously defending the case and denies liability. As such, potential liability in the event of an adverse ruling against the City cannot be estimated at this time. The current round of briefings will test whether venue in Santa Clara County and joinder of all plaintiffs and defendants is proper. Decision on that phase is expected in early 2022. To the ex tent the complaint survives that briefing, an additional phase of briefing at the pleading stage is expected to occur in the first half of 2022.
C. Subsequent Events
In the preparation of these financial statements, the City considered subsequent events through December 30, 2021, which is the date these financial statements were available to be issued. No further events occurred through this date requiring disclosure.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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V. OTHER INFORMATION (Continued)
D. Notes to the Financial Statements - Successor Agency a. Reporting Entity
On January 10, 2012, the City Council elected to become the Successor Agency for the former redevelopment agency in acco rdance with AB 1X 26 as part of City resolution number 14,135, to oversee the winding down of the agency's affairs and liquidation of the agency's assets effect ive February 1, 2012. AB 1484 essentially transferred authority over the Successor Agency to an Oversight Board, also established pursuant to AB 1X 26 and the California Department of Finance. As specified in California Senate Bill 107 and begi nning on July 1, 2018, all Oversight Boards in the County were consolidated into one Oversight B oard, the Ventura County Consolidated Oversight Board. The 7-member Oversight Board is comprised of representatives of the local agencies from Ventura County cities, special districts, and K-14 educational agencies. The County Oversight Board members have a fiduciary responsibility to holders of enforce able obligations, as well as to the local agencies that would benefit from property tax distributions from the former redevelopment project areas . Oversight boards direct the staff and approve the actions of the Successor Agency.
b. Cash and Investments
Cash and investments with fiscal agents of the Successor Agency are comprised of the following at June 30, 2021:
FAIR
VALUE
Deposits and investments 6,736,841$
Restricted investments with fiscal agents 3,271,232
TOTAL 10,008,073$
Detailed notes on cash and cash investments can be found in the City's notes to the financial statements.
c. Notes Receivable
Notes receivable consists of the following:
BALANCE BALANCE
JULY 1, 2020 ADDITIONS DELETIONS JULY 1, 2021
Heritage Square 66,982$ -$ -$ 66,982$ Baldwin Company 17,873 - - 17,873 Strand Cinemas 590,913 - (50,803) 540,110 Oxnard Theater Group 9,514,875 1,816,800 - 11,331,675 Allowance for uncollectible (9,514,875) (1,816,800) - (11,331,675) TOTALS 675,768$ - $ (50,803)$ 624,965 $
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CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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V. OTHER INFORMATION (Continued)
D. Notes to the Financial Statements - Successor Agency (Continued) d. Capital Assets
Changes in the Successor Agency's capital assets for the year ended June 30, 2021 are as follows:
BALANCE BALANCE
JULY 1, 2020 INCREASES DECREASES JUNE 30, 2021
FIDUCIARY ACTIVITIES
Capital Assets, being depreciated
Buildings 905,636$ -$ -$ 905,636$ Improvements other than
buildings 17,368,821 - - 17,368,821 Equipment and machinery 34,013 - - 34,013 Infrastructure 33,107,189 - - 33,107,189 Total Capital Assets, Being
Depreciated 51,415,659 - - 51,415,659 Less: Accumulated Depreciation
Buildings (558,681) (17,337) - (576,018) Improvements other than
buildings (4,661,515) (437,178) - (5,098,693) Equipment and machinery (34,013) - - (34,013) Infrastructure (13,614,245)
(847,274) - (14,461,519) Total Accumulated Depreciation (18,868,454) (1,301,789) - (20,170,243) Total Capital Assets, being
depreciated, net 32,547,205 (1,301,789) - 31,245,416 TOTALS 32,547,205$ (1,301,789) $ - $ 31,245,416$
e. Long-Term Debt
The following is a summary of changes in the Successor Agency's long-term debt for the year ended June 30, 2021:
BALANCE BALANCE DUE WITNIN
JULY 1, 2020 ADDITIONS REDUCTIONS JUNE 30, 2021 ONE YEAR Tax allocation refunding
bonds Series 2004A 7,075,000$ -$ (875,000)$ 6,200,000$ 915,000$ Tax allocation bond
financing
Series 2006 14,325,000 - (620,000) 13,705,000 645,000 HERO project tax
allocation bonds
Series 2008 9,490,000
- (270,000) 9,220,000 275,000
TOTAL LONG-TERM
INDEBTEDNESS 30,890,000$ - $ (1,765,000)$ 29,125,000 $ 1,835,000 $
172
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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V. OTHER INFORMATION (Continued)
D. Notes to the Financial Statements - Successor Agency (Continued) e. Long-Term Debt (Continued)
The summary annual debt service require ments are shown below for Successor Agency long-term debt:
FISCAL
YEAR PRINCIPAL INTEREST TOTAL
2022 1,835,000$ 1,378,380$ 3,213,380$
2023 1,920,000 1,294,832 3,214,832
2024 2,000,000 1,205,881 3,205,881
2025 2,095,000 1,111,949 3,206,949
2026 2,190,000 1,013,301 3,203,301
2027-2031 7,330,000 3,905,875 11,235,875 2032-2036 7,700,000 2,271,183 9,971,183
2037-2039 4,055,000 311,464 4,366,464 TOTALS 29,125,000$ 12,492,865 $ 41,617,865 $
Description of Long-term Debt
Tax Allocation Refunding Bonds, Series 2004A
Tax Allocation Refunding Bonds, Series 200 4A were issued on May 4, 2004 in the amount of $19,185,000. These are twenty-two-year bonds with a net interest cost of
4.58%. The bonds were issued to refinanc e the Tax Allocation Refunding Bonds, Series 1994A and to finance additional redeve lopment activities within the Central City Revitalization and Downtown Project Area. The balance outstanding as of June 30, 2021 is $6,200,000.
As of June 30, 2021, the total future debt payments for the Tax Allocation Refunding Bonds, Series 2004A, including interest thereon, are as follows:
TAX ALLOCATION
REFUNDING BONDS
FISCAL 2004A
YEAR PRINCIPAL INTEREST TOTAL
2022 915,000$ 282,283$ 1,197,283$
2023 960,000 237,320 1,197,320
2024 1,005,000 189,213 1,194,213
2025 1,055,000 138,229 1,193,229
2026 1,105,000 84,769 1,189,769
2027-2028 1,160,000 28,710 1,188,710
TOTALS 6,200,000$ 960,524 $ 7,160,524$
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CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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V. OTHER INFORMATION (Continued)
D. Notes to the Financial Statements - Successor Agency (Continued) e. Long-Term Debt (Continued)
Description of Long-term Debt (Continued)
2006 Tax Allocation Bond Financings
Local Obligation Revenue Bonds (2006 Tax Allocation Bond Financings) in the amount of $20,530,000 were issued on December 1, 2006 to purchase the following obligations being issued simultaneously for: (1) the Oxnard Community Development Commission Ormond Beach Project Area Tax Allocation Bonds, Series 2006 in the amount of $5,750,000; (2) the Oxnard Community Development Commission Southwinds Project Area Tax Allocati on Bonds, Series 2006 in the amount of $3,290,000; and (3) the Oxnard Community Development Commission Historic Enhancement and Revitalization of Oxnard (HERO) Project Area Tax Allocation Bonds, Series 2006 in the amount of $11,490,000. The bonds were issued to finance redevelopment activities (street improvement projects) in the Ormond Beach Project Area, Southwinds Project Area and the HERO Redevelopment Project Areas. These bonds carry a net interest cost of 4. 424%, maturing on September 1, 2036. The outstanding balance as of June 30, 2021 is $13,705,000.
As of June 30, 2021, the total future debt payments for the Tax Allocation Bonds, Series 2006, including interest thereon, are as follows:
TAX ALLOCATION
BONDS
FISCAL SERIES 2006
YEAR PRINCIPAL INTEREST TOTAL
2022 645,000$ 666,434 $ 1,311,434$
2023 670,000 639,860 1,309,860
2024 700,000 611,740 1,311,740
2025 725,000 582,292 1,307,292
2026 755,000 551,537 1,306,537
2027-2031 4,290,000 2,237,865 6,527,865
2032-2036 5,290,000 1,151,864 6,441,864
2037 630,000 30,146 660,146
TOTALS 13,705,000$ 6,471,737 $ 20,176,737 $
174
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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V. OTHER INFORMATION (Continued)
D. Notes to the Financial Statements - Successor Agency (Continued) e. Long-Term Debt (Continued)
Description of Long-term Debt (Continued)
Tax Allocation Bonds, Series 2008
Tax Allocation Bonds, Series 2008 were issued on July 1, 2008 in the amount of $11,790,000 for the Oxnard Community Development Commission Historic Enhancement and Revitalization of Oxnard (HERO) Project Area. Proceeds from the sale of bonds are to be used to finance a 500-space parking structure to service a mixed-use retail/commercial development located within the River Park Specific Plan Area. These bonds carry a net interest cost of 4.849%, with a final maturity of September 1, 2038. The outstanding balance as of June 30, 2021 is $9,220,000.
As of June 30, 2021, the total future debt payments for the Tax Allocation Bonds, Series 2008, including interest thereon, are as follows:
HERO PROJECT TAX
ALLOCATION BONDS
FISCAL SERIES 2008
YEAR PRINCIPAL INTEREST TOTAL
2022 275,000$ 429,663 $ 704,663 $
2023 290,000 417,653 707,653
2024 295,000 404,928 699,928
2025 315,000 391,429 706,429
2026 330,000 376,995 706,995
2027-2031 1,880,000 1,639,300 3,519,300
2032-2036 2,410,000 1,119,319 3,529,319
2037-2039 3,425,000 281,319 3,706,319 TOTALS 9,220,000$ 5,060,604 $ 14,280,604 $
175
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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V. OTHER INFORMATION (Continued)
D. Notes to the Financial Statements - Successor Agency (Continued) f. Arbitrage
The Tax Reform Act of 1986 instituted certain arbitrage restrictions with respect to the issuance of tax exempt bonds after August 31, 1986. Arbitrage regulations deal with the investment of all tax exempt bond proceeds at an interest yield greater than the interest yield paid to bondholders. Generally, all interest paid to bondholders can be retroactively rendered taxable if applicable rebates are not reported and paid to the Internal Revenue Service (IRS) at least every five years. During the current year, the City performed calculations of excess investment earnings on various bonds and financings. Liabilities were calculated for the issues and rebate payments were made as appropriate. No arbitrage liability existed at June 30, 2021.
The Successor Agency is in compliance with all significant covenants related to its debt issues.
g. Commitments and Contingencies
The Successor Agency is a defendant in various claims and legal actions arising in the normal course of operations. In the opinion of the Successor Agency Attorney and Oversight Board, the ultimate liability from such actions and claims will not have a material adverse effect on the Successor Agency's financial position or operations.
The Successor Agency entered into an agreement with a developer that includes a guarantee to cover its lease expense up to $111,300 a month when the developer's revenues are not sufficient to cover its lease expense for a period of 25 years.
The Successor Agency has a reimbursem ent agreement with the developer of RiverPark to reimburse public improv ements (up to $10 million) and affordable housing (up to $4.25 million) for a combined maximum of $14.25 million. Through June 30, 2021, a total of $6.0 million has been repaid on the $10 million infrastructure amount, and a total of $2.7 million repaid on the $4.25 million affordable housing amount. Therefore, the remaining balance on the combined maximum commitment is $5.6 million.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2021
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E. Notes to the Financial Statements - Retirement Enhancement Defined Benefit Retirement Trust Fund
The City joined the Retirement Enhancement Plan (REP) effective January 1, 2003 for selected employee groups (see Note III for additional information on REP). Investments for the benefit of eligible employees are in a segregated account and invested under the guidelines authorized by the City.
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SUPPLEMENTARY
INFORMATION
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
CALPERS MISCELLANEOUS PLAN - AGENT MULTIPLE-EMPLOYER DEFINED BENEFIT PLAN AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS1
2021 2020 2019 2018 2017 2016 2015
MEASUREMENT DATE June 30, 2020 June 30, 2019 June 30, 201 8 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 Total Pension Liability
Service Cost 8,599,200$ 8,704,606$ 8,114,517$ 7,747,249$ 7,242,480$ 7,317,452$ 7,507,381$ Interest 35,518,267 33,651,896 32,139,899 31,142,639 30,496,717 29,025,141 27,937,746 Changes in Assumptions - - (1,207,957) 26,464,012 - (7,345,091) - Difference Between Expected and Actual Experience 922,038 7,840,468 (1,859,096) (7,125,579) 1,414,899 (4,271,504) - Benefit Payments, Including Refunds of Member Contributions (25,357,357) (24,258,713) (22,807,471) (21,310,118) (19,526,906) (17,440,515) (16,205,985) Net Change in Total Pension Liability 19, 682,148 25,938,257 14,379,892 36,918,203 19,627,190 7,285,483 19,239,142 Total Pension Liability, Beginning of Year 500,240,744 474,302,487 459,922,595 423,004,392 403,377,202 396,091,719 376,852,577 Total Pension Liability, End of Year 519,922,892 500,240,744 474,302,487 459,922,595 423,004,392 403,377,202 396,091,719 Plan Fiduciary Net Position
Contributions - Employee 3,375,086 4,232,480 3,693,461 3,542,435 3,490,315 3,701,640 3,730,681 Contributions - Employer 12,795,434 11,842,706 9,799,970 8,433,832 7,657,753 7,237,123 6,858,454 Net Investment Income 18,307,582 22,997,256 28,185,278 34,461,764 1,772,032 7,288,474 47,653,092 Benefit Payments, Including Refunds of Member Contributions (25,357,357) (24,258,713) (22,807,471) (21,310,118) (19,526,906) (17,440,515) (16,205,985) Plan to Plan Resource Movement 215,792 (95,340) (823) (37,118) - 216,371 - Administrative Expenses (519,905) (252,854) (525,103) (461,160) (194,504) (445,021) - Other Miscellaneous Income/(Expenses)2 - 823 (997,179) - - - - Net Change in Plan Fiduciary Net Position 8,816,632 14,466,358 17,348,133 24,629,635 (6,801,310) 558,072 42,036,242 Total Plan Fiduciary Net Position, Beginning of Year3 368,791,472 354,325,114 336,976,981 312,347,346 319,148,656 318,590,584 276,554,342 Total Plan Fiduciary Net Position, End of Year 377,608,104 368,791,472 354,325,114 336,976,981 312,347,346 319,148,656 318,590,584 Net Pension Liability - Ending 142,314,788$ 131,449,272$ 119,977,373$ 122,945,614$ 110,657,046$ 84,228,546$ 77,501,135$ Plan Fiduciary Net Position as a Percentage of Total Pension Liability 72.63% 73.72% 74.70% 73.27% 73.84% 79.12% 80.43% Covered Payroll4 53,378,028 54,291,812 51,315,482 49,376,987 52,250,772 51,974,236 50,863,015 Net Pension Liability as a Percentage of Covered Payroll 266.62% 242.12% 233.80% 248.99% 211.78% 162.06% 152.37% 1 2
3 Includes any beginning of year adjustment.
4 Notes to Schedule:
Changes of Assumptions: None in 2019 and 2020. In 2018, demographic assumption and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate.
During Fiscal Year 2017-18, as a result of Governmental Accounting Standards Board Statement (GASB) No. 75, Accounting and Financial Reporting for Postemployment Benefit Plans Other than Pensions (GASB 75), CalPERS reported its proportionate share of activity related to postemployment benefits for participation in the State of California's agent OPEB plan. Accordingly, CalPERS recorded a one-time expense as a result of the adoption of GASB 75.
Additionally, CalPERS employees participate in various State of California agent pension plans and during Fiscal Year 2017-18, CalPERS recorded a correction to previously reported financial statements to properly reflect its proportionate share of activity related to pensions in accordance with GASB Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68).
GASB Statement No. 68, which requires ten years of history for this schedule, was implemented during fiscal year ended June 30, 2015. Additional Years will be added as they become available in the future.
For the year ended on the measurement date. Includes one year's payroll growth using 2.75 percent payroll growth assumption for fiscal years ended June 30, 2018-19; 3.00 percent payroll growth assumption for fiscal years ended June 30, 2014-17
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes, which occurred after June 30, 2017. This applies for voluntary benefit changes as well as any offers of Two Year Additional Service Credit (a.k.a Golden Handshakes). 181
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
CALPERS SAFETY PLAN (POLICE) - AGENT MULTIPLE-EMPLOYER DEFINED BENEFIT PLAN AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS1
2021 2020 2019 2018 2017 2016 2015
MEASUREMENT DATE June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 Total Pension Liability
Service Cost 9,489,708$ 9,248,622$ 8,907,068$ 9,267,287$ 8,500,329$ 8,136,777$ 8,379,851$ Interest 28,039,082 26,990,670 25,547,337 24,738,857 24,033,111 22,863,767 21,472,209 Changes in Assumptions - - (2,084,250) 22,004,979 - (5,993,052) - Difference Between Expected and Actual Experience (3,749,835) 2,416,832 (4,583,299) (8,176,814) (1,859,473) 2,113,477 - Benefit Payments, Including Refunds of Member Contributions (18,580,424) (17,313,398) (16,397,629) (15,304,527) (14,506,274) (13,568,341) (12,980,263) Net Change in Total Pension Liability 15,198,531 21,342,726 11,389,227 32,529,782 16,167,693 13,552,628 16,871,797 Total Pension Liability, Beginning of Year 400,450,186 379,107,460 367,718,233 335,188,451 319,020,758 305,468,130 288,596,333 Total Pension Liability, End of Year 415,648,717 400,450,186 379,107,460 367,718,233 335,188,451 319,020,758 305,468,130 Plan Fiduciary Net Position
Contributions - Employee 2,674,167 2,828,130 2,612,259 2,604,837 2,556,415 2,531,718 2,505,819 Contributions - Employer 14,126,597 13,510,982 11,821,073 10,886,085 10,491,299 9,907,130 8,947,610 Net Investment Income 14,929,602 18,441,113 22,137,131 26,271,673 1,190,876 5,184,911 34,904,812 Benefit Payments, Including Refunds of Member Contributions (18,580,424) (17,313,398) (16,397,629) (15,304,527) (14,506,274) (13,568,341) (12,980,263) Plan to Plan Resource Movement - - (652) 37,118 - - - Administrative Expenses (420,539) (200,556) (408,348) (351,254) (145,244) (268,265) - Other Miscellaneous Income/(Expenses)2 - 652 (775,460) - - - - Net Change in Plan Fiduciary Net Position 12,729,403 17,266,923 18,988,374 24,143,932 (412,928) 3,787,153 33,377,978 Total Plan Fiduciary Net Position, Beginning of Year3 298,306,602 281,039,679 262,051,305 237,907,373 238,320,301 234,533,148 201,155,170 Total Plan Fiduciary Net Position, End of Year 311,036,005 298,306,602 281,039,679 262,051,305 237,907,373 238,320,301 234,533,148 Net Pension Liability - Ending 104,612,712 $ 102,143,584 $ 98,067,781 $ 105,666,928 $ 97,281,078 $ 80,700,457 $ 70,934,982 $ Plan Fiduciary Net Position as a Percentage of Total Pension Liability 74.83% 74.49% 74.13% 71.26% 70.98% 74.70% 76.78% Covered Payroll4 27,059,334 26,209,714 25,330,075 25,914,507 26,539,474 25,228,753 24,705,477 Net Pension Liability as a Percentage of Covered Payroll 386.60% 389.72% 387.16% 407.75% 366.55% 319.87% 287.12% 1 2
3 Includes any beginning of year adjustment.
4 Notes to Schedule:
GASB Statement No. 68, which requires ten years of history for this schedule, was implemented during fiscal year ended June 30, 2015. Additional Years will be added as they become available in the future.
During Fiscal Year 2017-18, as a result of Governmental Accounting Standards Board Statement (GASB) No. 75, Accounting and Financial Reporting for Postemployment Benefit Plans Other than Pensions (GASB 75), CalPERS reported its proportionate share of activity related to postemployment benefits for participation in the State of California's agent OPEB plan. Accordingly, CalPERS recorded a one-time expense as a result of the adoption of GASB 75.
Additionally, CalPERS employees participate in various State of California agent pension plans and during Fiscal Year 2017-18, CalPERS recorded a correction to previously reported financial statements to properly reflect its proportionate share of activity related to pensions in accordance with GASB Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68).
For the year ended on the measurement date. Includes one year's payroll growth using 2.75 percent payroll growth assumption for fiscal years ended June 30, 2018-19; 3.00 percent payroll growth assumption for fiscal years ended June 30, 2014-17
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes, which occurred after June 30, 2017. This applies for voluntary benefit changes as well as any offers of Two Year Additional Service Credit (a.k.a Golden Handshakes).
Changes of Assumptions: None in 2019 and 2020. In 2018, demographic assumption and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate.
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY AND RELATED RATIOS
CALPERS SAFETY PLAN (FIRE) - COST SHARING PLAN
AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS1
2021 2020 2019 2018 2017 2016 2015
MEASUREMENT DATE June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 City's Proportion of the Collective Net Pension Liability 0.53361% 0.52967% 0.53113% 0.51309% 0.52499% 54.96200% 0.53857% City's Proportionate Share of the Collective Net Pension Liability 58,058,911$ 54,275,806$ 51,180,914$ 50,884,705$ 45,427,479$ 37,725,705$ 33,512,523$ City's Covered Payroll2 12,319,847$ 12,168,197 $ 11,824,780 $ 10,987,654 $ 9,030,122 $ 9,283,898 $ 9,105,774 $ City's Proportionate Share of the Collective Net Pension Liability as a Percentage of its Covered Payroll 471.26% 446.05% 432.83% 463.11% 503.07% 406.36% 368.04% Plan Fiduciary Net Position as a Percentage of the Plan's Total Pension Liability 75.10% 75. 26% 75.26% 73.31% 74.06% 78.40% 79.82% 1 2
Notes to Schedule:
For the year ended on the measurement date.
GASB Statement No. 68, which requires ten years of history for this schedule, was implemented during fiscal year ended June 30, 2015. Additional Years will be added as they become available in the future.
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes, which occurred after June 30, 2017. This applies for voluntary benefit changes as well as any offers of Two Year Additional Service Credit (a.k.a Golden Handshakes).
Changes of Assumptions: None in 2019 and 2020. In 2018, demographic assumption and inflation rate were changed in accordance to the CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate.
183
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF PLAN CONTRIBUTIONS - CALPERS
FOR THE FISCAL YEARS ENDED JUNE 301
2021 2020 2019 2018 2017 2016 2015 2014
Actuarially Determined Contribution2 14,839,309$ 12,795,434 $ 11,842,706 $ 9,799,970 $ 8,433,832 $ 7,657,753 $ 7,237,123 $ 6,858,454 $ Contributions in Relation to the Actuarially
Determined Contribution (14,839,309) (12,795,434) (11,842,706) (9,799,970) (8,433,832) (7,657,753) (7,237,123) (6,858,454) Contribution Deficiency - $ - $ - $ - $ - $ - $ - $ - $ Covered Payroll3 56,468,391$ 53,378,028 $ 54,291,812 $ 51,315,482 $ 49,376,987 $ 52,250,772 $ 51,974,236 $ 50,863,015 $ Contributions as a Percentage of Covered Payroll 26.28% 23.97% 21.81% 19. 10% 17.08% 14.66% 13.92% 13.48% Actuarially Determined Contribution2 14,873,314$ 14,126,597 $ 13,510,982 $ 11,821,073 $ 10,886,085 $ 10,491,299 $ 9,907,130 $ 8,947,610 $ Contributions in Relation to the Actuarially
Determined Contribution (14,873,314) (14,126,597) (13,510,982) (11,821,073) (10,886,085) (10,491,299) (9,907,130) (8,947,610) Contribution Deficiency - $ - $ - $ - $ - $ - $ - $ - $ Covered Payroll3 25,370,424$ 27,059,334 $ 26,209,714 $ 25,330,075 $ 25,914,507 $ 26,539,474 $ 25,228,753 $ 24,705,477 $ Contributions as a Percentage of Covered Payroll 58.62% 52.21% 51.55% 46. 67% 42.01% 39.53% 39.27% 36.22% Actuarially Determined Contribution2 6,831,430$ 6,970,489$ 5,669,614$ 4,922,875$ 4,565,809$ 4,204,589$ 4,004,186$ 4,004,186$ Contributions in Relation to the Actuarially
Determined Contribution (6,831,430) (6,970,489) (5,669,614) (4,922,875) (4,565,809) (4,204,589) (4,004,186) (4,004,186) Contribution Deficiency -$ -$ -$ -$ -$ -$ -$ -$ Covered Payroll3 12,212,495$ 12,319,847 $ 12,168,197 $ 11,824,780 $ 10,987,654 $ 9,030,122 $ 9,283,898 $ 9,105,774 $ Contributions as a Percentage of Covered Payroll 55.94% 56.58% 46.59% 41. 63% 41.55% 46.56% 43.13% 43.97% 1 2
3 For the year ended on the measurement date. Includes one year's payroll growth using 2.75 percent payroll growth assumption for fiscal years ended June 30, 2018-19; 3.00 percent payroll growth assumption for fiscal years ended June 30, 2014-17.
MISCELLANEOUS PLAN
SAFETY PLAN - POLICE
SAFETY PLAN - FIRE
GASB Statement No. 68, which requires ten years of history for this schedule, was implemented during fiscal year ended June 30, 2015. Additional Years will be added as they become available in the future.
Employers are assumed to make contributions equal to the actuarially determined contributions. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed the actuarially determined contributions. 184
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
RETIREMENT ENHANCEMENT PLAN - SINGLE-EMPLOYER DEFINED BENEFIT PLAN AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS1
2021 2020 2019 2018 2017 2016 2015
MEASUREMENT DATE June 30, 2021 June 30, 2020 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 Total Pension Liability
Service Cost 1,399,285$ 1,495,654$ 1,696,694$ 1,881,000$ 2,007,000$ 2,043,000$ 2,220,000$ Interest 6,200,597 6,042,463 5,646,888 5,961,000 5,715,000 5,545,000 5,238,000 Changes in Assumptions 5,197,076 - - 1,051,000 - 5,436,000 - Difference Between Expected and Actual Experience - - - (6,118,000) - (3,736,000) - Benefit Payments, Including Refunds of Member Contributions (4,989,012) (4,834,199) (4,328,954) (3,569,000) (4,068,000) 2,866,000) (2,599,000) Net Change in Total Pension Liability 7,807,946 2,703,918 3,014,628 (794,000) 3,654,000 6,422,000 4,859,000 Total Pension Liability, Beginning of Year, As Restated2 100,304,779 97,600,861 90,818,000 91,612,000 87,958,000 81,536,000 76,677,000 Total Pension Liability, End of Year 108,112,725 100,304,779 93,832,628 90,818,000 91,612,000 87,958,000 81,536,000 Plan Fiduciary Net Position
Contributions - Employee 1,643,999 2,023,945 2,076,972 2,343,000 2,513,000 2,922,000 2,731,000 Contributions - Employer 3,427,026 4,346,415 4,392,047 4,172,000 6,586,000 1,043,000 985,000 Net Investment Income 19,861,747 5,524,378 5,618,833 7,609,000 543,000 2,133,000 6,805,000 Benefit Payments, Including Refunds of Member Contributions (4,989,012) (4,834,199) (4,328,954) (3,569,000) (4,068,000) (2,866,000) (2,599,000) Administrative Expenses (100,193) (77,483) (74,067) (72,000) (80,000) (68,000) (65,000) Net Change in Plan Fiduciary Net Position 19,843,567 6,983,056 7,684,831 10,483,000 5,494,000 3,164,000 7,857,000 Total Plan Fiduciary Net Position, Beginning of Year, As Restated2 89,303,239 82,320,183 69,712,000 59,229,000 53,735,000 50,571,000 42,714,000 Total Plan Fiduciary Net Position, End of Year 109,146,806 89,303,239 77,396,831 69,712,000 59,229,000 53,735,000 50,571,000 Net Pension Liability/(Asset) - Ending (1,034,081) $ 11,001,540 $ 16,435,797 $ 21,106,000 $ 32,383,000 $ 34,223,000 $ 30,965,000 $ Plan Fiduciary Net Position as a Percentage of Total Pension Liability 100.96% 89.03% 82.48% 76.76% 64.65% 61.09% 62.02% Covered Payroll3 20,566,553 23,372,218 26,737,000 28,874,000 31,089,909 36,519,391 31,157,782 Net Pension Liability/(Asset) as a Percentage of Covered Payroll -5.03% 47.07% 61.47% 73.10% 104.16% 93.71% 99.38% 1 2
3 Notes to Schedule:
For the year ended on the measurement date.
GASB Statement No. 68, which requires ten years of history for this schedule, was implemented during fiscal year ended June 30, 2015. Additional Years will be added as they become available in the future.
During Fiscal Year 2019-20, the City moved the supplemental pension plan from PARS to Mass Mutual. The plan is a single-employer plan, which triggered the presentation and valuation requirements from GASB 67, Financial Reporting for Pension Plans. To present the plan in accordance with GASB 67 and GASB 68, an actuarial adjustment was recorded to change the measurement date and valuation date of the plan. The measurement date and valuation date are now the same date.
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes, which occurred after June 30, 2017. This applies for voluntary benefit changes as well as any offers of Two Year Additional Service Credit (a.k.a Golden Handshakes). 185
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF PLAN CONTRIBUTIONS - Retirement Enhancement Plan AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS1
2021 2020 2019 2018 2017 2016 2015
Actuarially Determined Contribution 3,515,000$ 4,223,000$ 4,203,000$ 4,406,000$ 4,376,000$ 3,589,787$ 4,184,000$ Contributions in Relation to the Actuarially
Determined Contribution (3,427,026) (4,346,415) (4,271,191) (4,392,047) (4,314,000) (3,589,787) (1,043,000) Contribution Deficiency/(Surplus)2
87,974$ (123,415)$ (68,191)$ 13,953$ 62,000$ -$ 3,141,000$ Covered Payroll3 20,566,553$ 23,372,218 $ 24,892,511 $ 26,737,000 $ 28,874,000 $ 31,089,909 $ 36,519,391 $ Contributions as a Percentage of Covered Payroll 17.09% 18.07% 16. 88% 16.48% 15.16% 11.55% 11.46% 1 2
3 GASB Statement No. 68, which requires ten years of history for this schedule, was implemented during fiscal year ended June 30, 2015. Additional Years will be added as they become available in the future. As prescribed by GASB 68, paragraph 46, the information presented in the Schedule of Plan Contributions should also be presented as of the employer's most recent fiscal year-end. The employer is responsible for determining this information as prescribed by the standard as this data is not available to CalPERS.
Employers are assumed to make contributions equal to the actuarially determined contributions. However, some employers may choose to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed the actuarially determined contributions.
For the year ended on the measurement date. Includes one year's payroll growth using 2.75 percent payroll growth assumption for fiscal years ended June 30, 2018-19; 3.00 percent payroll growth assumption for fiscal years ended June 30, 2014-17. 186
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF CHANGES IN THE CITY'S
TOTAL OPEB LIABILITY AND RELATED RATIOS
AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS1
2021 2020 2019 2018
Total OPEB Liability
Service Cost 2,150,451$ 1,772,005$ 1,967,866$ 1,779,949$ Interest 1,513,925 1,340,211 1,116,107 1,055,268 Changes in Benefit Terms - - - - Difference Between Expected and Actual Experience (9,059) 3,528,946 - - Changes in Assumptions 5,726,271 5,299,408 (2,392,006) - Benefit Payments, Including Refunds of Member Contributions (925,981) (1,000,579) (931,942) (851,701) Net Change in Total OPEB Liability 8,455,607 10,939,991 (239,975) 1,983,516 Total OPEB Liabilit , Beginning of Year, As Restated 46,686,235 35,746,244 36,120,738 34,137,222 Total OPEB Liability, End of Year 55,141,842 46,686,235 35,880,763 36,120,738 Plan Fiduciary Net Position
Contributions - Employer 925,981 1,000,579 931,942 - Net Investment Income - - - - Benefit Payments, Including Implicit Subsidy (925,981) (1,000,579) (931,942) - Trustee Fees - - - - Administrative Expenses - - - - Net Change in Plan Fiduciary Net Position - - - - Total Plan Fiduciary Net Position, Beginning of Year - - - - Total Plan Fiduciary Net Position, End of Year - - - - Net OPEB Liability - Ending 55,141,842$ 46,686,235$ 35,880,763$ 36,120,738$ Plan Fiduciary Net Position as a Percentage of Total Pension Liability 0.00% 0.00% 0.00% 0.00% Covered Payroll 93,553,694 85,907,755 83,423,271 83,423,271 Net Pension Liability as a Percentage of Covered Payroll 58.94% 54.34% 43.01% 43.30% 1 Notes to Schedule:
GASB Statement No. 75, which requires ten years of history for this schedule, was implemented during fiscal year ended June 30, 2018.
Additional years will be added as they become available in the future.
Changes in Benefit Terms: None
Changes of Assumptions: Based on a review of plan experience during the period July 1, 2015 to June 30, 2017, actuarial assumptions increased the discount rate to 3.62%.
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CITY OF OXNARD, CALIFORNIA
GENERAL FUND GROUP
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2021
ORIGINAL FINAL ACTUAL VARIANCE WITH
BUDGET BUDGET AMOUNTS FINAL BUDGET
REVENUES
Taxes
Property 61,113,742 $ 61,113,742 $ 61,260,103 $ 146,361 $ Sales 43,093,872 43,093,872 67,923,383 24,829,511 Transient occupancy 4,786,000 4,786,000 4,267,463 (518,537) Business license (net of refund) 5,904,500 5,904,500 5,964,716 60,216 Franchise 3,843,679 3,843,679 3,904,884 61,205 Other taxes 706,539 706,539 910,934 204,395 Licenses and permits 2,667,651 3,020,561 3,967,887 947,326 Intergovernmental 2,116,011 2,116,011 6,172,234 4,056,223 Charges for services 19,196,918 20,088,918 18,016,882 (2,072,036) Fines and forfeitures 2,932,504 2,932,504 1,852,220 (1,080,284) Interest on investments 473,051 473,051 347,612 (125,439) Special assessments 445,000 445,000 492,244 47,244 Miscellaneous 2,360,430 3,421,295 2,609,806 (811,489) Total Revenues 149,639,897 151,945,672 177,690,368 25,744,696
EXPENDITURES
General Government
Legislative
City Council 508,611 566,615 513,299 53,316 City Clerk 739,444 776,154 770,197 5,957 Administrative and Support Services
Billing and licensing 1,104,601 1,104,136 970,792 133,344 City Manager 1,889,411 1,857,837 1,900,512 (42,675) City Attorney 2,019,589 2,109,711 2,090,155 19,556 Finance 5,064,125 5,406,488 5,486,612 (80,124) Human resources 2,738,046 2,730,506 2,670,839 59,667 Information technology 883,897 838,220 838,220 - Nondepartmental 3,535,184 2,007,960 1,260,379 747,581 Public Safety
Police 66,194,847 65,530,028 64,165,321 1,364,707 Fire 24,885,666 27,932,232 29,321,841 (1,389,609) Transportation systems 6,712,101 6,952,221 6,150,873 801,348 Community Development
Development services 11,070,877 13,101,029 11,035,639 2,065,390 Economic development and tourism service 70,766 77,766 70,686 7,080 Housing services 1,479,850 2,833,440 1,364,055 1,469,385 Community service 81,493 81,331 75,769 5,562 Culture, leisure and libraries
Recreation services 7,223,709 6,981,806 5,838,852 1,142,954 Park and public grounds 8,237,719 8,236,060 8,063,938 172,122 Library services 4,020,024 4,000,758 3,831,690 169,068 Capital outlay 7,305,247 8,007,268 4,797,421 3 ,209,847
Principal 711,534 711,534 820,000 (108,466) Interest and fiscal charges 533,969 509,462 501,535 7,927 Total Expenditures 157,010,710 162,352,562 152,538,625 9,813,937 EXCESS OF REVENUES OVER EXPENDITURES (7,370,813) (10,406,890) 25,151,743 35,558,633 188
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GENERAL FUND GROUP (Continued)
BUDGETARY COMPARISON SCHEDULE
ORIGINAL FINAL ACTUAL VARIANCE WITH
BUDGET BUDGET AMOUNTS FINAL BUDGET
OTHER FINANCING SOURCES (USES)
Reimbursement of IUF Fees -$ (5,000,000)$ (36,470,697)$ (31,470,697)$ Transfer out golf course - - (1,236,347) (1,236,347) Transfers in 284,735 300,669 1,609,003 1,308,334 Transfers out (6,740,568) (7,083,405) (7,337,227) (253,822) Net Other Financing Sources (Uses) (6,455,833) (11,782,736) (43,435,268) (31,652,532) NET CHANGE IN FUND BALANCES (13,826,646) (22,189,626) (18,283,525) 3,906,101 FUND BALANCES, JULY 1 38,340,504 38,340,504 38,340,504 - PRIOR-PERIOD ADJUSTMENT - - (208,913) - FUND BALANCES, JUNE 30 24,513,858$ 16,150,878 $ 19,848,066 $ 3,906,101 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
The City does not prepare a budget for the Affordable Housing Fund. 189
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CITY OF OXNARD, CALIFORNIA
DEVELOPMENT FEES SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2021
FINAL
ORIGINAL BUDGETED ACTUAL VARIANCE WITH
BUDGET AMOUNTS AMOUNTS FINAL BUDGET
REVENUES
Growth and development fees 4,105,009$ 4,218,009$ 12,014,746$ 7,796,737$ Special assessments - 176,182 65,182 (111,000) Interest on investments 720,280 720,280 382,221 (338,059) Miscellaneous 299,864 299,864 3,259,049 2,959,185 Total Revenues 5,125,153 5,414,335 15,721,198 10,306,863
EXPENDITURES
General government 17,000 120,054 54,753 65,301 Transportation systems 9,115 9,115 9,115 - Community development 389,076 1,766,324 655,878 1,110,446 Culture, leisure and libraries 11,139 179,139 124,739 54,400 Capital outlay 4,099,129 11,562,172 1,547,449 10,014,723 Total Expenditures 4,525,459 13,636,804 2,391,934 11,244,870 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 599,694 (8,222,469) 13,329,264 21,551,733
OTHER FINANCING SOURCES (USES)
Transfers out (563,651) (563,651) (563,651) - Net Other Financing Sources (Uses) (563,651) (563,651) (563,651) - NET CHANGE IN FUND BALANCES 36,043 (8,786,120) 12,765,613 21,551,733 FUND BALANCES, JULY 1 41,396,776 41,396,776 41,396,776 - FUND BALANCES, JUNE 30 41,432,819$ 32,610,656 $ 54,162,389 $ 21,551,733 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
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CITY OF OXNARD, CALIFORNIA
STATE AND FEDERAL GRANTS FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2021
FINAL
ORIGINAL BUDGETED ACTUAL VARIANCE WITH
BUDGET AMOUNTS AMOUNTS FINAL BUDGET
REVENUES
Intergovernmental 17,031,342 $ 36,154,342 $ 15,936,831 $ (20,217,511) $ Fines and forfeitures - - 63,600 63,600 Interest on investments 45,174 45,174 19,784 (25,390) Miscellaneous 297,132 309,107 438,682 129,575 Total Revenues 17,373,648 36,508,623 16,458,897 (20,049,726)
EXPENDITURES
Public safety 636 4,268,075 2,023,062 2,245,013 Community development 1,037,445 13,599,242 8,061,499 5,537,743 Culture, leisure and libraries 3,047,114 3,241,180 3,086,915 154,265 Capital outlay 13,183,546 30,815,328 3,206,135 27,609,193 Total Expenditures 17,268,741 51,923,825 16,377,611 35,546,214 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 104,907 (15,415,202) 81,286 15,496,488
OTHER FINANCING SOURCES (USES)
Transfers in - - 207,927 207,927 Total Other Financing Sources (Uses) - - 207,927 207,927 NET CHANGE IN FUND BALANCES 104,907 (15,415,202) 289,213 15,704,415 FUND BALANCES, JULY 1 511,790 511,790 511,790 - FUND BALANCES, JUNE 30 616,697$ (14,903,412)$ 801,003 $ 15,704,415 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
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SUPPLEMENTARY
INFORMATION
193
194
GENERAL FUND GROUP
195
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General Fund Group Funds
The general fund accounts for a government’s main operating fund.
General Fund - This fund is used to account for all financ ial resources traditionally associated with government activities that are not required l egally to be accounted for in another fund.
Principal sources of revenues ar e property tax, sales tax, tr ansient occupancy (hotel) tax, business license tax, franchise fees, licenses and permits, and State shared revenues and billings for outside and interfund services. Expenditures in the General Fund primarily consist of general administration, police and fire protection, parks and streets maintenance, recreation and transportation services, and community development.
Half Cent Sales Tax “Measure O” Fund – On November 4, 2008, Oxnard voters approved a general purpose sales tax for one half cent for twenty years. Its purpose is “to protect, maintain, and enhance vital City services including police, fire and emergency response, increasing street paving and sidewalk/pothole repair to improve tr affic flow, expanding y outh recreation, after- school and anti-gang preventi on programs, acquiring prope rty for parks/open space preservation, upgrading storm water drains, improving senior services, increasing building code compliance, and other general City services."
Street Maintenance Fund - This fund is used for the reimburse ment of costs imposed by the City’s utility enterprise funds (water, wastewater, environmental resources) on the public right- of-way.
Performing Arts & Convention Center Fund - This fund accounts for the City's cultural activities related to artistic and recreational performances. Revenues are derived mainly from admission tickets and contributions from patrons. These revenues are used to pay for operating expenditures, capital improvement projects, acquisition of equipment and sound systems.
Other General Funds – These funds account for Oxnard Police Department Training program, system payroll control, donations to the City from private parti es for specified purposes and developer deposits.
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CITY OF OXNARD, CALIFORNIA
COMBINING BALANCE SHEET
GENERAL FUND GROUP
JUNE 30, 2021
101 - General 104 - Half Cent 105 - Street 641 - Performing Fund Sales Tax Maintenance Arts Center
ASSETS
Cash and investments 17,319,978 $ 9,026,750 $ 12,593,265 $ - $ Accounts and other receivables 2,938,851 - - 7,691 Due from other funds 6,476,395 1,666,525 - - Due from other government 20,833,980 3,215,836 - - Due from Successor Agency 182,760 - - - Total Assets 47,751,964$ 13,909,111 $ 12,593,265 $ 7,691 $
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES
LIABILITIES
Accounts payable 5,202,904 $ 292,431 $ 836,044 $ - $ Other liabilities 14,277,805 607,998 175,006 - Due to other funds 6,666,525 - 7,000,000 - Advances from other funds 24,776,290 (5,305,593) - - Unearned revenues 217,520 - - Total Liabilities 51,141,044 (4,405,164) 8,011,050 - Total Liabilities and Deferred Inflows of Resources 51,141,044 (4,405,164) 8,011,050 -
FUND BALANCES
Committed to:
Measure "O" eligible services - $ 18,314,275$ - $ - $ Streets and traffic improvements/maintenance - - 4,582,215 - Unassigned (3,389,080) - - 7,691 Total Fund Balances (3,389,080) 18,314,275 4,582,215 7,691 TOTAL LIABILITIES AND FUND BALANCES 47,751,964$ 13,909,111 $ 12,593,265 $ 7,691 $ *
GENERAL FUND
Other funds include: General Fund Carryover (102), Oxnard Police Department (OPD) Training (103), Stormwater Management (114), Payroll Clearing Trust (542), Carnegie Art Trust (543), Housing Payroll Trust (545), City Artworks Trust (546), City Corps Trust (555), and Contributions/Donations Trust (571). 198
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Other* Total
ASSETS
972,578$ 39,912,571$ Cash and investments 564,796 3,511,338 Accounts and other receivables 7,480 8,150,400 Due from other funds 427,321 24,477,137 Due from other government - 182,760 Due from Successor Agency 1,972,175$ 76,234,206 $ Total Assets
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES
LIABILITIES
26,340$ 6,357,719$ Accounts payable 907,475 15,968,284 Other liabilities 705,395 14,371,920 Due to other funds - 19,470,697 Advances from other funds - 217,520 Unearned revenues 1,639,210 56,386,140 Total Liabilities 1,639,210 56,386,140 Total Liabilities and Deferred Inflows of Resources
FUND BALANCES
Committed to:
-$ 18,314,275$ Measure "O" eligible services - 4,582,215 Streets and traffic improvements/maintenance 332,965 (3,048,424) Unassigned
332,965 19,848,066 Total Fund Balances 1,972,175$ 76,234,206 $ TOTAL LIABILITIES AND FUND BALANCES
GENERAL FUND
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CITY OF OXNARD
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GENERAL FUND GROUP
FOR THE YEAR ENDED JUNE 30, 2021
101 - General 104 - Half Cent 105 - Street 641 - Performing Fund Sales Tax Maintenance Arts Center
REVENUES
Taxes 126,827,163 $ 17,404,320 $ - $ - $ Licenses and permits 3,967,887 - - - Intergovernmental 6,128,181 - - - Charges for services 15,963,993 - 2,040,000 12,889 Fines and forfeitures 1,852,220 - - - Interest on investments 312,031 35,581 - - Special assessments 64,923 - - - Miscellaneous 2,375,654 (52,774) 18,455 - Total Revenues 157,492,052 17,387,127 2,058,455 12,889
EXPENDITURES
Current
General government 15,528,903 891,595 - - Public safety 84,962,447 8,413,399 - - Transportation 4,878,410 506,714 765,749 - Community development 10,076,369 1,137,637 - - Culture, leisure and libraries 16,562,904 1,127,970 - 38,328 Capital Outlay 769,753 268,213 3,628,095 - Debt Service
Principal 1,617,985 (797,985) - - Interest and fiscal charges 257,703 243,832 - - Total Expenditures 134,654,474 11,791,375 4,393,844 38,328
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 22,837,578 5,595,752 (2,335,389) (25,439)
OTHER FINANCING SOURCES (USES)
Reimbursement of IUF fees (27,852,712) (1,617,985) (7,000,000) - Transfers to Golf Course Fund - - - - Transfers in 2,050,086 (1,413,002) - - Transfers out (5,103,343) (2,271,325) - 31,253 Total Other Financing Sources (Uses) (30,905,969) (5,302,312) (7,000,000) 31,253 NET CHANGE IN FUND BALANCES (8,068,391) 293,440 (9,335,389) 5,814 FUND BALANCES, JULY 1, AS PREVIOUSLY STATED 4,679,311 18,020,835 13,917,604 1,877
PRIOR-PERIOD ADJUSTMENT - - - - FUND BALANCES, JULY 1, AS RESTATED 4,679,311 18,020,835 13,917,604 1,877 FUND BALANCES, JUNE 30 (3,389,080)$ 18,314,275 $ 4,582,215 $ 7,691 $ *
GENERAL FUND
Other funds include: General Fund Carryover (102), Oxnard Police Department (OPD) Training (103), Stormwater Management (114), Payroll Clearing Trust (542), Carnegie Art Trust (543), Housing Payroll Trust (545), City Artworks Trust (546), City Corps Trust (555), and Contributions/Donations Trust (571).
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651 - Golf
Course Other* Total
REVENUES
-$ - $ 144,231,483$ Taxes - - 3,967,887 Licenses and permits - 44,053 6,172,234 Intergovernmental - - 18,016,882 Charges for services - - 1,852,220 Fines and forfeitures - - 347,612 Interest on investments - 427,321 492,244 Special assessments - 268,471 2,609,806 Miscellaneous - 739,845 177,690,368 Total Revenues
EXPENDITURES
Current
- 80,507 16,501,005 General government - 111,316 93,487,162 Public safety - - 6,150,873 Transportation - 1,332,143 12,546,149 Community development - 5,278 17,734,480 Culture, leisure and libraries - 131,360 4,797,421 Capital Outlay Debt Service
- - 820,000 Principal - - 501,535 Interest and fiscal charges - 1,660,604 152,538,625 Total Expenditures
EXCESS OF REVENUES OVER
(UNDER)
- (920,759) 25,151,743 EXPENDITURES
OTHER FINANCING SOURCES (USES)
- - (36,470,697) Reimbursement of IUF fees (1,236,347) - (1,236,347) Transfers to Golf Course Fund - 971,919 1,609,003 Transfers in - 6,188 (7,337,227) Transfers out (1,236,347) 978,107 (43,435,268) Total Other Financing Sources (Uses) (1,236,347) 57,348 (18,283,525) NET CHANGE IN FUND BALANCES 1,236,347 484,530 38,340,504 FUND BALANCES, JULY 1, AS PREVIOUSLY STATED - (208,913) (208,913) PRIOR-PERIOD ADJUSTMENT 1,236,347 275,617 38,131,591 FUND BALANCES, JULY 1, AS RESTATED -$ 332,965$ 19,848,066$ FUND BALANCES, JUNE 30
GENERAL FUND
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CITY OF OXNARD, CALIFORNIA
GENERAL FUND - 101 - GENERAL FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2021
ORIGINAL FINAL ACTUAL VARIANCE WITH
BUDGET BUDGET AMOUNTS FINAL BUDGET
REVENUES
Taxes
Property 61,113,742 $ 61,113,742 $ 61,260,103 $ 146,361 $ Sales 29,914,872 29,914,872 50,519,063 20,604,191 Transient occupancy 4,786,000 4,786,000 4,267,463 (518,537) Business license (net of refund) 5,904,500 5,904,500 5,964,716 60,216 Franchise 3,843,679 3,843,679 3,904,884 61,205 Other taxes 706,539 706,539 910,934 204,395 Licenses and permits 2,667,651 3,020,561 3,967,887 947,326 Intergovernmental 2,101,011 2,101,011 6,128,181 4,027,170 Charges for services 14,868,918 15,760,918 15,963,993 203,075 Fines and forfeitures 2,932,504 2,932,504 1,852,220 (1,080,284) Interest on investments 290,000 290,000 312,031 22,031 Special assessments 70,000 70,000 64,923 (5,077) Miscellaneous 2,358,430 3,319,295 2,375,654 (943,641) Total Revenues 131,557,846 133,763,621 157,492,052 23,728,431
EXPENDITURES
General Government
Legislative
City Council 508,611 566,615 513,299 53,316 City Clerk 739,444 776,154 770,197 5,957 Administrative and Support Services
Billing and licensing 1,104,601 1,104,136 970,792 133,344 City Manager 1,832,082 1,815,964 1,858,639 (42,675) City Attorney 2,019,589 2,109,711 2,090,155 19,556 Finance 5,064,125 5,406,488 5,486,612 (80,124) Human resources 2,738,046 2,730,506 2,670,839 59,667 Nondepartmental 3,515,023 1,996,454 1,168,370 828,084 Public Safety
Police 62,841,663 62,232,638 60,859,256 1,373,382 Fire 20,253,248 22,579,389 24,103,191 (1,523,802) Transportation systems 5,188,000 5,212,056 4,878,410 333,646 Community Development
Development services 9,223,904 11,285,177 9,481,346 1,803,831 Economic development and tourism service 70,766 77,766 70,686 7,080 Housing services 376,303 392,926 448,568 (55,642) Community service 81,493 81,331 75,769 5,562 Culture, leisure and libraries
Recreation services 6,427,223 6,384,235 5,445,338 938,897 Park and public grounds 7,436,445 7,493,766 7,330,324 163,442 Library services 3,964,490 3,955,309 3,787,242 168,067 Capital outlay - 656,351 769,753 (113,402) Principal 1,509,519 1,509,519 1,617,985 (108,466) Interest and fiscal charges 257,703 257,703 257,703 - Total Expenditures 135,152,278 138,624,194 134,654,474 3,969,720 EXCESS OF REVENUES OVER EXPENDITURES (3,594,432) (4,860,573) 22,837,578 27,698,151 202
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GENERAL FUND - 101 - GENERAL FUND (Continued)
BUDGETARY COMPARISON SCHEDULE
ORIGINAL FINAL ACTUAL VARIANCE WITH
BUDGET BUDGET AMOUNTS FINAL BUDGET
OTHER FINANCING SOURCES (USES)
Reimbursement of IUF Fees - $ (5,000,000)$ (27,852,712)$ (22,852,712) $ Transfers in 1,713,671 1,713,671 2,050,086 336,415 Transfers out (5,558,954) (5,901,791) (5,103,343) 798,448 Net Other Financing Sources (Uses) (3,845,283) (9,188,120) (30,905,969) (21,717,849) NET CHANGE IN FUND BALANCES (7,439,715) (14,048,693) (8,068,391) 5,980,302 FUND BALANCES, JULY 1 4,679,311 4,679,311 4,679,311 - FUND BALANCES, JUNE 30 (2,760,404)$ (9,369,382) $ (3,389,080) $ 5,980,302 $ 203
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CITY OF OXNARD, CALIFORNIA
GENERAL FUND - 104 - HALF CENT SALES TAX
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2021
ORIGINAL FINAL ACTUAL VARIANCE WITH
BUDGET BUDGET AMOUNTS FINAL BUDGET
REVENUES
Taxes
Sales 13,179,000 $ 13,179,000 $ 17,404,320 $ 4,225,320 $ Interest on investments 183,051 183,051 35,581 (147,470) Miscellaneous - - (52,774) (52,774) Total Revenues 13,362,051 13,362,051 17,387,127 4,025,076
EXPENDITURES
General Government
Administrative and Support Services
City Manager 57,329 41,873 41,873 - Information Technology 883,897 838,220 838,220 - Nondepartmental 20,161 11,506 11,502 4 Public Safety
Police 3,250,543 3,194,749 3,194,749 - Fire 4,632,418 5,352,843 5,218,650 134,193 Transportation systems 519,384 506,716 506,714 2 Community Development
Development services 287,185 288,828 243,829 44,999 Housing services 1,103,547 2,440,514 893,808 1,546,706 Culture, leisure and libraries
Recreation services 554,486 355,571 349,908 5,663 Park and public grounds 801,274 742,294 733,614 8,680 Library services 55,534 45,449 44,448 1,001 Capital outlay 174,980 2,758,873 268,213 2,490,660 Principal (797,985) (797,985) (797,985) - Interest and fiscal charges 276,266 251,759 243,832 7,927 Total Expenditures 11,819,019 16,031,210 11,791,375 4,239,835 EXCESS OF REVENUES OVER EXPENDITURES 1,543,032 (2,669,159) 5,595,752 8,264,911
OTHER FINANCING SOURCES (USES)
Reimbursement of IUF fees - - (1,617,985) (1,617,985) Transfers in (1,514,671) (1,413,002) (1,413,002) - Transfers out (2,271,327) (2,271,327) (2,271,325) 2 Net Other Financing Sources (Uses) (3,785,998) (3,684,329) (5,302,312) (1,617,983) NET CHANGE IN FUND BALANCES (2,242,966) (6,353,488) 293,440 6,646,928 FUND BALANCES, JULY 1 18,020,835 18,020,835 18,020,835 - FUND BALANCES, JUNE 30 15,777,869$ 11,667,347 $ 18,314,275 $ 6,646,928 $ 204
NONMAJOR
GOVERNMENTAL
FUNDS
205
206
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Nonmajor Governmental Funds
Special revenue funds are used to account for th e proceeds of specific revenue sources (other than capital outlay and debt service funds that are legally restricted to expenditures for particular purposes).
HUD and CDBG Grants Fund - This special revenue fund is used to account for federal entitlement that is used to pr ovide housing loans to low/moderate income families and community development block grants to develop viable urban communities.
Public Safety Retirement Fund - This special revenue fund is used to account for voter- approved property tax for public safety uniformed employees' retirement.
State Gas Tax Fund - This special revenue fund is used to account for the allocated share of Gas Tax Revenue. Spending of gas tax is legally restricted to be used for maintenance and improvement of public streets.
Debt Service Fund - This fund accounts for the accumula tion of resources and payments of principal and interest of the City's general long-term debt.
Capital Outlay Fund - This fund accounts for financing and construction of general government capital projects.
Certified Unified Program Agencies (CUPA) Fund - This special revenue fund is used to account for fees collected for regulation and management of hazardous materials in the City.
Fees are to be used in the administration of the CUPA program.
Traffic Safety Fund - This special revenue fund is used to account for shared revenues received from fines and forfeitures under t he State of California Vehicle Co de. Fund is restricted to be expended only for improvement and maintenance of traffic control equipment/devices.
Transportation Development Fund - This special revenue fund is used to account for Transportation Development Act revenues and to be used for street maintenance and road improvements, and construction of pedestrian and bike facilities.
Maintenance Assessment Districts - This special revenue fund is used to account for assessment revenues and expenditures related to waterways and landscape maintenance of various district areas in the City.
207
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CITY OF OXNARD, CALIFORNIA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2021
HUD
AND CDBG PUBLIC DEBT CAPITAL
GRANTS SAFETY STATE SERVICE OUTLAY
FUND RETIREMENT GAS TAX FUND FUND
ASSETS
Cash and cash equivalents 325,471$ 5,777,834$ 2,066,934$ 22,982$ 13,688,077$ Investments with fiscal agents - - - - 18,394,726 Accounts and other receivables 40,000 - 398 - 94,934 Notes receivable 6,753,706 - - - - Due from other government 1,361,111 418,140 697,110 - - Due from Successor Agency - - - - 15,471 Total Assets 8,480,288$ 6,195,974 $ 2,764,442 $ 22,982 $ 32,193,208$
LIABILITIES
Accounts payable 505,047 $ 5,190 $ 263,473$ - $ 1,172,235$ Other liabilities 77,376 366,815 369,933 - 191,899 Due to other funds 832,901 - - - - Unearned revenues 191,325 - - - - Total Liabilities 1,606,649 372,005 633,406 - 1,364,134
DEFERRED INFLOW OF RESOURCES
Deferred inflow on loans 6,753,705 - - - - Total Deferred Inflow on Loans 6,753,705 - - - -
FUND BALANCES
Restricted for:
Debt Service - - - 22,982 - Transportation systems - - - - - Maintenance districts - - - - 2,452,307 Street and traffic improvements/
maintenance - - 2,131,036 - 371,362 Infrastructure developments - - - - 16,829,647 Housing 119,934 - - - - Culture and leisure - - - - 9,566,848 Public safety - 5,823,969 - - - Committed to:
Capital projects - - - - 1,608,910 Total Fund Balances 119,934 5,823,969 2,131,036 22,982 30,829,074
TOTAL LIABILITIES AND
FUND BALANCES 8,480,288$ 6,195,974 $ 2,764,442 $ 22,982 $ 32,193,208$ 208
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TRANSPORTA-
TION MAINTENANCE TOTAL NONMAJOR
CUPA TRAFFIC DEVELOPMENT ASSESSMENT GOVERNMENTAL
FUND SAFETY FUND DISTRICTS FUND FUNDS
ASSETS
969,891$ 515,701 $ 4,023,428$ 13,101,706 $ 40,492,024 $ Cash and cash equivalents - - - - 18,394,726 Investments with fiscal agents - - 20,161 - 155,493 Accounts and other receivables - - - - 6,753,706 Notes receivable - 50,196 - 110,707 2,637,264 Due from other government - - - - 15,471 Due from Successor Agency 969,891$ 565,897 $ 4,043,589$ 13,212,413 $ 68,448,684 $ Total Assets
LIABILITIES
1,334$ 368 $ 83,140$ 1,160,984$ 3,191,771 $ Accounts payable 51,807 2,640 1,457 59,423 1,121,350 Other liabilities - - - - 832,901 Due to other funds - - 1,953,700 - 2,145,025 Unearned revenues 53,141 3,008 2,038,297 1,220,407 7,291,047 Total Liabilities
DEFERRED INFLOW OF RESOURCES
- - - - 6,753,705 Deferred inflow on loans - - - - 6,753,705 Total Deferred Inflow on Loans
FUND BALANCES
Restricted for:
- - - - 22,982 Debt Service - 2,005,292 - 2,005,292 Transportation systems - - - 11,992,006 14,444,313 Maintenance districts - Street and traffic improvements/ - 562,889 - - 3,065,287 maintenance - - - - 16,829,647 Infrastructure developments - - - - 119,934 Housing - - - - 9,566,848 Culture and leisure 916,750 - - - 6,740,719 Public safety - Committed to:
- - - - 1,608,910 Capital projects 916,750 562,889 2,005,292 11,992,006 54,403,932 Total Fund Balances
TOTAL LIABILITIES AND
969,891$ 565,897 $ 4,043,589$ 13,212,413 $ 68,448,684 $ FUND BALANCES 209
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CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2021
HUD
AND CDBG PUBLIC DEBT CAPITAL
GRANTS SAFETY STATE SERVICE OUTLAY
FUND RETIREMENT GAS TAX FUND FUND
REVENUES
Taxes - $ 20,187,829$ - $ - $ 382,370$ Licenses and permits - - - - - Intergovernmental 3,576,948 - 8,354,156 - - Growth and development fees - - - - - Charges for services - - 680,888 - - Fines and forfeitures - - - - - Interest on investments - - 7,161 (12,698) 67,846 Special assessments - - - - - Miscellaneous - - (14,759) - (61,984) Total Revenues 3,576,948 20,187,829 9,027,446 (12,698) 388,232
EXPENDITURES
Current
General government - - 2,500 - - Public safety 208,701 16,275,640 - - 338,333 Transportation systems - - 3,794,427 - - Community development 1,863,563 - - - 181,268 Culture, leisure and libraries 311,248 - - - - Capital outlay 1,070,499 - 5,887,969 - 5,521,915 Debt Service
Principal - - 665,000 4,350,030 - Interest and fiscal charges - - 655,041 2,929,977 - Total Expenditures 3,454,011 16,275,640 11,004,937 7,280,007 6,041,516
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 122,937 3,912,189 (1,977,491) (7,292,705) (5,653,284)
OTHER FINANCING SOURCES (USES)
Transfers in - - - 7,278,259 349,098 Transfers out - - - - - Net Other Financing Sources (Uses) - - - 7,278,259 349,098 NET CHANGE IN FUND BALANCES 122,937 3,912,189 (1,977,491) (14,446) (5,304,186) FUND BALANCES, JULY 1 (3,003) 1,911,780 4,108,527 37,428 36,133,260 FUND BALANCES, JUNE 30 119,934$ 5,823,969$ 2,131,036 $ 22,982 $ 30,829,074$ 210
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TRANSPORTATION MAINTENANCE TOTAL NONMAJOR
CUPA TRAFFIC DEVELOPMENT ASSESSMENT GOVERNMENTAL
FUND SAFETY FUND DISTRICTS FUND FUNDS
REVENUES
-$ - $ - $ - $ 20,570,199$ Taxes 1,051,633 - - - 1,051,633 Licenses and permits - 260,743 437,973 - 12,629,820 Intergovernmental 21,587 - - - 21,587 Growth and development fees - - - 641,682 1,322,570 Charges for services 8,564 - - - 8,564 Fines and forfeitures 7,763 2,348 19,444 55,540 147,404 Interest on investments - - - 6,903,785 6,903,785 Special assessments 6,504 (3,513) 203,599 (88,670) 41,177 Miscellaneous 1,096,051 259,578 661,016 7,512,337 42,696,739 Total Revenues
EXPENDITURES
Current
- - - - 2,500 General government 959,512 217,605 - 264,051 18,263,842 Public safety - - 950,336 189,171 4,933,934 Transportation systems - - - 459,274 2,504,105 Community development - - - 7,614,298 7,925,546 Culture, leisure and libraries - 47,278 141,356 1,359,030 14,028,047 Capital outlay Debt Service
- - - - 5,015,030 Principal - - - - 3,585,018 Interest and fiscal charges 959,512 264,883 1,091,692 9,885,824 56,258,022 Total Expenditures
EXCESS OF REVENUES OVER
136,539
(5,305) (430,676) (2,373,487) (13,561,283) (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
- - - 357,168 7,984,525 Transfers in (24,126) - - (1,656,493) (1,680,619) Transfers out (24,126) - - (1,299,325) 6,303,906 Net Other Financing Sources (Uses) 112,413 (5,305) (430,676) (3,672,812) (7,257,377) NET CHANGE IN FUND BALANCES 804,337 568,194 2,435,968 15,664,818 61,661,309 FUND BALANCES, JULY 1 916,750$ 562,889 $ 2,005,292$ 11,992,006 $ 54,403,932 $ FUND BALANCES, JUNE 30 211
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CITY OF OXNARD, CALIFORNIA
NONMAJOR - CDBG AND HUD
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2021
FINAL
ORIGINAL BUDGETED ACTUAL VARIANCE WITH
BUDGET AMOUNTS AMOUNTS FINAL BUDGET
REVENUES
Intergovernmental 5,276,164$ 7,597,978 $ 3,576,948 $ (4,021,030) $ Total Revenues 5,276,164 7,597,978 3,576,948 (4,021,030)
EXPENDITURES
Public safety 200,350 257,160 208,701 48,459 Community development 3, 775,514 5,802,376 1,863,563 3,938,813 Culture, leisure and libraries 219,300 491,594 311,248 180,346 Capital outlay 1,081,000 4,370,536 1,070,499 3,300,037 Total Expenditures 5,276,164 10,921,666 3,454,011 7,467,655 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES - (3,323,688) 122,937 3,446,625 NET CHANGE IN FUND BALANCES - (3,323,688) 122,937 3,446,625 FUND BALANCES, JULY 1 (3,003) (3,003) (3,003) - FUND BALANCES, JUNE 30 (3,003)$ (3,326,691)$ 119,934 $ 3,446,625 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
212
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CITY OF OXNARD, CALIFORNIA
NONMAJOR - PUBLIC SAFETY RETIREMENT
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2021
FINAL
ORIGINAL BUDGETED ACTUAL VARIANCE WITH
BUDGET AMOUNTS AMOUNTS FINAL BUDGET
REVENUES
Taxes 16,675,310 $ 16,675,310 $ 20,187,829 $ 3,512,519 $ Interest on investments 6,709 6,709 - (6,709) Total Revenues 16,682,019 16,682,019 20,187,829 3,505,810
EXPENDITURES
Public safety 16,815,537 16,815,537 16,275,640 539,897 Total Expenditures 16,815,537 16,815,537 16,275,640 539,897
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (133,518) (133,518) 3,912,189 4,045,707 NET CHANGE IN FUND BALANCES (133,518) (133,518) 3,912,189 4,045,707 FUND BALANCES, JULY 1 1,911,780 1,911,780 1,911,780 - FUND BALANCES, JUNE 30 1,778,262$ 1,778,262 $ 5,823,969 $ 4,045,707 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
213
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CITY OF OXNARD, CALIFORNIA
NONMAJOR - STATE GAS TAX FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2021
FINAL
ORIGINAL BUDGETED ACTUAL VARIANCE WITH
BUDGET AMOUNTS AMOUNTS FINAL BUDGET
REVENUES
Intergovernmental 8,563,585$ 8,563,585$ 8,354,156$ (209,429)$ Charges for services - 1,000,000 680,888 (319,112) Interest on investments 115,286 115,286 7,161 (108,125) Miscellaneous - - (14,759) (14,759) Total Revenues 8,678,871 9,678,871 9,027,446 (651,425)
EXPENDITURES
General government 11,500 11,500 2,500 9,000
Transportation systems 4,642,218 4,650,946 3,794,427 856,519 Capital outlay - 7,158,620 5,887,969 1,270,651 Debt Service
Principal 665,000 665,000 665,000 -
Interest 655,041 655,041 655,041 - Total Expenditures 5,973,759 13,141,107 11,004,937 2,136,170
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 2,705,112 (3,462,236) (1,977,491) 1,484,745 NET CHANGE IN FUND BALANCES 2,705,112 (3,462,236) (1,977,491) 1,484,745 FUND BALANCES, JULY 1 4,108,527 4,108,527 4,108,527 - FUND BALANCES, JUNE 30 6,813,639$ 646,291 $ 2,131,036$ 1,484,745 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
214
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CITY OF OXNARD, CALIFORNIA
NONMAJOR - CAPITAL OUTLAY FUNDS
FOR THE YEAR ENDED JUNE 30, 2021
FINAL
ORIGINAL BUDGETED ACTUAL VARIANCE WITH
BUDGET AMOUNTS AMOUNTS FINAL BUDGET
REVENUES
Taxes 379,963 $ 379,963 $ 382,370 $ 2,407 $ Interest on investments 578,997 578,997 67,846 (511,151) Miscellaneous - - (61,984) (61,984) Total Revenues 958,960 958,960 388,232 (570,728)
EXPENDITURES
Public safety - 200,000 338,333 (138,333) Community development 240,097 509,410 181,268 328,142 Capital outlay 9,647,640 24,504,612 5,521,915 18,982,697 Total Expenditures 9,887,737 25,214,022 6,041,516 19,172,506
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (8,928,777) (24,255,062) (5,653,284) 18,601,778
OTHER FINANCING SOURCES (USES)
Transfers in - 249,058 349,098 100,040 Total Other Financing Sources (Uses) - 249,058 349,098 100,040 NET CHANGE IN FUND BALANCES (8,928,777) (24,006,004) (5,304,186) 18,701,818 FUND BALANCES, JULY 1 36,133,260 36,133,260 36,133,260 - FUND BALANCES, JUNE 30 27,204,483$ 12,127,256 $ 30,829,074 $ 18,701,818 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
BUDGETARY COMPARISON SCHEDULE
215
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CITY OF OXNARD, CALIFORNIA
NONMAJOR - CUPA
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2021
FINAL
ORIGINAL BUDGETED ACTUAL VARIANCE WITH
BUDGET AMOUNTS AMOUNTS FINAL BUDGET
REVENUES
Licenses and permits 1,099,115$ 1,099,115$ 1,051,633$ (47,482)$ Intergovernmental 1,634 1,634 - (1,634) Growth and development fees 35,000 35,000 21,587 (13,413) Fines and forfeitures - - 8,564 8,564 Interest 26,439 26,439 7,763 (18,676) Miscellaneous 11,228 11,228 6,504 (4,724) Total Revenues 1,173,416 1,173,416 1,096,051 (77,365)
EXPENDITURES
Public safety 1,033,120 1,020,185 959,512 60,673 Total Expenditures 1,033,120 1,020,185 959,512 60,673 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 140,296 153,231 136,539 (16,692)
OTHER FINANCING SOURCES (USES)
Transfers out (24,126) (24,126) (24,126) - Total Other Financing Sources (Uses) (24,126) (24,126) (24,126) - NET CHANGE IN FUND BALANCES 116,170 129,105 112,413 (16,692) FUND BALANCES, JULY 1 804,337 804,337 804,337 - FUND BALANCES, JUNE 30 920,507$ 933,442 $ 916,750 $ (16,692) $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
216
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CITY OF OXNARD, CALIFORNIA
NONMAJOR - TRAFFIC SAFETY
FOR THE YEAR ENDED JUNE 30, 2021
FINAL
ORIGINAL BUDGETED ACTUAL VARIANCE WITH
BUDGET AMOUNTS AMOUNTS FINAL BUDGET
REVENUES
Intergovernmental 295,800$ 295,800 $ 260,743$ (35,057)$ Interest on investments 12,122 12,122 2,348 (9,774) Miscellaneous - - (3,513) (3,513) Total Revenues 307,922 307,922 259,578 (48,344)
EXPENDITURES
Public safety 512,277 504,181 217,605 286,576 Capital outlay - 150,691 47,278 103,413 Total Expenditures 512,277 654,872 264,883 389,989
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (204,355) (346,950) (5,305) 341,645 NET CHANGE IN FUND BALANCES (204,355) (346,950) (5,305) 341,645 FUND BALANCES, JULY 1 568,194 568,194 568,194 - FUND BALANCES, JUNE 30 363,839$ 221,244 $ 562,889 $ 341,645 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
BUDGETARY COMPARISON SCHEDULE
217
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CITY OF OXNARD, CALIFORNIA
NONMAJOR - TRANSPORTATION DEVELOPMENT FUND
FOR THE YEAR ENDED JUNE 30, 2021
FINAL
ORIGINAL BUDGETED ACTUAL VARIANCE WITH
BUDGET AMOUNTS AMOUNTS FINAL BUDGET
REVENUES
Intergovernmental 578,544$ 578,544$ 437,973$ (140,571)$ Interest on investments 85,871 85,871 19,444 (66,427) Miscellaneous 246,166 246,166 203,599 (42,567) Total Revenues 910,581 910,581 661,016 (249,565)
EXPENDITURES
Transportation systems 745,540 767,745 950,336 (182,591) Capital outlay - 2,279,538 141,356 2,138,182 Total Expenditures 745,540 3,047,283 1,091,692 1,955,591
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 165,041 (2,136,702) (430,676) 1,706,026 NET CHANGE IN FUND BALANCES 165,041 (2,136,702) (430,676) 1,706,026 FUND BALANCES, JULY 1 1,927,123 1,927,123 2,435,968 508,845 FUND BALANCES, JUNE 30 2,092,164$ (209,579) $ 2,005,292 $ 2,214,871 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
BUDGETARY COMPARISON SCHEDULE
218
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CITY OF OXNARD, CALIFORNIA
NONMAJOR - MAINTENANCE ASSESSMENT DISTRICTS
FOR THE YEAR ENDED JUNE 30, 2021
FINAL
ORIGINAL BUDGETED ACTUAL VARIANCE WITH
BUDGET AMOUNTS AMOUNTS FINAL BUDGET
REVENUES
Charges for services - $ 917,574$ 641,682 $ (275,892) $ Interest on investments 308,209 308,209 55,540 (252,669) Special assessments 6,833,226 6,833,226 6,903,785 70,559 Miscellaneous 13,584 18,437 (88,670) (107,107) Total Revenues 7,155,019 8,077,446 7,512,337 (565,109)
EXPENDITURES
Public safety 380,182 380,182 264,051 116,131 Transportation systems 204,845 218,239 189,171 29,068 Community development 743,010 794,113 459,274 334,839 Culture, leisure and libraries 8,224,117 9,166,391 7,614,298 1,552,093 Capital outlay 1,155,000 3,005,414 1,359,030 1,646,384 Total Expenditures 10,707,154 13,564,339 9,885,824 3,678,515
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (3,552,135) (5,486,893) (2,373,487) 3,113,406
OTHER FINANCING SOURCES (USES)
Transfers in 273,482 273,482 357,168 83,686 Transfer out (1,622,238) (1,622,238) (1,656,493) (34,255) Total Other Financing Sources (Uses) (1,348,756) (1,348,756) (1,299,325) 49,431 NET CHANGE IN FUND BALANCES (4,900,891) (6,835,649) (3,672,812) 3,162,837 FUND BALANCES, JULY 1 15,664,818 15,664,818 15,664,818 - FUND BALANCES, JUNE 30 10,763,927$ 8,829,169 $ 11,992,006 $ 3,162,837 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
BUDGETARY COMPARISON SCHEDULE
219
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220
INTERNAL SERVICE
FUNDS
221
222
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Internal Service Funds
Internal Service Funds are established to account for goods and services provided by one City department to other City departments or related entities, generally on a cost-recovery basis.
Public Liability and Property Damage Fund - This fund is used to account for the City's self- insurance program of providi ng public liability and property damage insurance coverage and claims adjustment services to the City's operating funds.
Workers' Compensation Fund - This fund is used to account for the City's self-insurance program for workers' compensation claims.
Utility Customer Services Fund - This fund is used to account for the costs associated with administering the operation of the Customer Services Division and to distribute these costs to the various City utilities such as water, sewer, and refuse.
Information Services Fund - This fund is used to account fo r the costs associ ated with the City's information technology and financial system s and to distribute these costs to the departments using the systems on a pro-rata basis. Included are costs for hardware and software maintenance, cloud comput ing and computer oper ation costs, and some centralized supplies.
Facilities Maintenance Fund - This fund is used to account for the operation and maintenance of City facilities, properties, and related capital projects.
Equipment Maintenance Fund - This fund is used to account for automotive fleet maintenance and services provided to City departments.
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CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2021
PUBLIC
LIABILITY/ UTILITY
PROPERTY WORKERS' CUSTOMER INFORMATION
DAMAGE COMPENSATION SERVICE SERVICES
ASSETS
Current Assets
Cash and investments 4,625,369$ 10,242,183$ 866,150$ 987,443$ Accounts and other receivables (net of allowance
for doubtful accounts) 1,748 - - - Other assets - - - 120,375 Total Current Assets 4,627,117 10,242,183 866,150 1,107,818 Noncurrent Assets
Advances to other funds - 828,101 - - Total Noncurrent Assets - 828,101 - -
CAPITAL ASSETS
Buildings and improvements - - - - Machinery, equipment, and vehicles 62,621 - - 2,136,059 Construction in progress - - - 156,027 Total Capital Assets 62,621 - - 2,292,086 Less: Accumulated depreciation 61,113 - - 1,644,811 Net Total Capital Assets (net of accumulated depreciation) 1,508 - - 647,275 Total Assets 4,628,625 11,070,284 866,150 1,755,093
DEFERRED OUTFLOW OF RESOURCES
Deferred outflow on pension plans 41,273 163,753 181,817 548,546 Deferred outflow on other post-employment benefit plans (OPEB) - 27,663 92,824 203,342 Total Deferred Outflow of Resources 41,273 191,416 274,641 751,888
LIABILITIES
Current Liabilities
Accounts payable 40,286 206,247 42,651 89,406 Other liabilities 16,170 15,128 60,660 188,835 Compensated absences payable - current - 17,408 74,922 218,546 Total Current Liabilities 2,115,704 6,094,523 178,233 496,787 Noncurrent Liabilities
Compensated absences payable - 8,968 38,596 112,584 Other post-employment benefits payable - 144,537 214,180 1,106,373 Net pension liabilities 67,302 750,695 1,030,580 3,188,961 Self-insurance claims 4,285,557 23,064,031 - - Total Noncurrent Liabilities 4,352,859 1,283,356 4,407,918 Total Liabilities 6,468,563 30,062,754 1,461,589 4,904,705
DEFERRED INFLOW OF RESOURCES
Deferred inflow on pension plans 74,465 67,231 132,999 404,933 Deferred inflow on other post-employment benefit plans (OPEB) - 4,907 107 37,006 Total Deferred Inflow of Resources 74,465 72,138 133,106 441,939
NET POSITION
Net investment in capital assets 1,508 - - 647,275 Unrestricted (1,874,638) (18,873,192) (453,904) (3,486,938) TOTAL NET POSITION (1,873,130)$ (18,873,192)$ (453,904) $ (2,839,663)$ 224
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FACILITIES EQUIPMENT
MAINTENANCE MAINTENANCE TOTAL
ASSETS
Current Assets
1,504,853$ 1,287,203$ 19,513,201$ Cash and investments Accounts and other receivables (net of allowance
11,174 5,594 18,516 for doubtful accounts) - - 120,375 Other assets 1,516,027 1,292,797 19,652,092 Total Current Assets Noncurrent Assets
- - 828,101 Advances to other funds - - 828,101 Total Noncurrent Assets
CAPITAL ASSETS
196,868 238,542 435,410 Buildings and improvements 468,671 4,795,823 7,463,174 Machinery, equipment, and vehicles - - 156,027 Construction in progress 665,539 5,034,365 8,054,611 Total Capital Assets 485,222 4,117,589 6,308,735 Less: Accumulated depreciation 180,317 916,776 1,745,876 Net Total Capital Assets (net of accumulated depreciation) 1,696,344 2,209,573 22,226,069 Total Assets
DEFERRED OUTFLOW OF RESOURCES
760,557 1,052,306 2,748,252 Deferred outflow on pension plans 322,353 305,875 952,057 Deferred outflow on other post-employment benefit plans (OPEB) 1,082,910 1,358,181 3,700,309 Total Deferred Outflow of Resources
LIABILITIES
Current Liabilities
120,169 584,420 1,083,179 Accounts payable 172,034 116,287 569,114 Other liabilities 173,968 133,504 618,348 Compensated absences payable - current 466,171 834,211 10,185,629 Total Current Liabilities Noncurrent Liabilities
89,620 68,775 318,543 Compensated absences payable 1,384,230 1,337,225 4,186,545 Other post-employment benefits payable 3,979,890 6,133,088 15,150,516 Net pension liabilities - - 27,349,588 Self-insurance claims 5,453,740 7,539,088 47,005,192 Total Noncurrent Liabilities 5,919,911 8,373,299 57,190,821 Total Liabilities
DEFERRED INFLOW OF RESOURCES
857,042 708,589 2,245,259 Deferred inflow on pension plans 38,954 39,771 120,745 Deferred inflow on other post-employment benefit plans (OPEB) 895,996 748,360 2,366,004 Total Deferred Inflow of Resources
NET POSITION
180,317 916,776 1,745,876 Net investment in capital assets (4,216,970) (6,470,681) (35,376,323) Unrestricted (4,036,653)$ (5,553,905) $ (33,630,447)$ 225
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CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2021
PUBLIC
LIABILITY/ UTILITY
PROPERTY WORKERS' CUSTOMER INFORMATION
DAMAGE COMPENSATION SERVICE SERVICES
OPERATING REVENUES
Charges for services 4,202,533$ 7,283,185$ 2,292,254$ 5,254,394$ Miscellaneous 14,795 - - 262,799 Total Operating Income 4,217,328 7,283,185 2,292,254 5,517,193
OPERATING EXPENSES
Salaries and wages 228,036 216,495 1,026,401 3,240,830 Contractual services 725,726 783,984 67,543 669,638 Operating supplies - - - 22,546 Utilities 117 782 18,484 584,559 Depreciation 992 - - 180,180 General and administrative 921,751 540,748 804,685 440,053 Repairs and maintenance - - 31,836 68,739 Claims expense 1,124,018 6,677,433 - - Total Operating Expenses 3,000,640 8,219,442 1,948,949 5,206,545 OPERATING INCOME (LOSS) 1,216,688 (936,257) 343,305 310,648
NONOPERATING REVENUES (EXPENSES)
Gain (loss) on disposal of assets - - - (1,079) Total Nonoperating Revenues (Expenses) - - (1,079)
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS 1,216,688 (936,257) 343,305 309,569 TRANSFERS IN - - - 122,000 TRANSFERS OUT - - (30,254) (183,443) CHANGES IN NET POSITION 1,216,688 (936,257) 313,051 248,126 NET POSITION - JULY 1 (3,089,818) (17,936,935) (766,955) (3,087,789) NET POSITION - JUNE 30 (1,873,130)$ (18,873,192)$ (453,904) $ (2,839,663)$ 226
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FACILITIES EQUIPMENT
MAINTENANCE MAINTENANCE TOTAL
OPERATING REVENUES
4,800,221$ 6,534,007$ 30,366,594$ Charges for services 37,137 95,739 410,470 Miscellaneous 4,837,358 6,629,746 30,777,064 Total Operating Income
OPERATING EXPENSES
2,642,642 1,789,788 9,144,192 Salaries and wages 178,765 288,480 2,714,136 Contractual services 325,347 3,582,775 3,930,668 Operating supplies 600,573 16,335 1,220,850 Utilities 8,670 234,966 424,808 Depreciation 459,151 638,890 3,805,278 General and administrative 40,644 735,351 876,570 Repairs and maintenance - - 7,801,451 Claims expense 4,255,792 7,286,585 29,917,953 Total Operating Expenses 581,566 (656,839) 859,111 OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
1,733 (62,880) (62,226) Gain (loss) on disposal of assets 1,733 (62,880) (62,226) Total Nonoperating Revenues (Expenses)
INCOME (LOSS) BEFORE CONTRIBUTIONS
583,299 (719,719) 796,885 AND TRANSFERS - - 122,000 TRANSFERS IN - - (213,697) TRANSFERS OUT 583,299 (719,719) 705,188 CHANGES IN NET POSITION (4,619,952) (4,834,186) (34,335,635) NET POSITION - JULY 1 (4,036,653)$ (5,553,905) $ (33,630,447)$ NET POSITION - JUNE 30
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CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2021
PUBLIC
LIABILITY/ UTILITY
PROPERTY WORKERS' CUSTOMER INFORMATION
DAMAGE COMPENSATION SERVICE SERVICES
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 4,227,657 $ 7,283,185 $ 2,292,254 $ 5,517,193 $ Payments to suppliers (1,720,458) (1,253,332) (916,465) (1,923,785) Payments to employees (241,009) (205,536) (984,974) (3,036,738) Cash paid to claimants (1,139,212) (4,576,662) - - Net Cash Provided By (Used In) Operating Activities 1,126,978 1,247,655 390,815 556,670
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Collection/(issuance) of advances - 53,807 - - Transfers in - - - 122,000 Transfers out - - (30,254) (183,443) Net Cash Provided By (Used In) Capital Financing Activities - 53,807 (30,254) (61,443)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES (Purchases)/disposals of capital assets - - - (4,295) Net Cash Provided By (Used In) Capital Financing Activities - - - (4,295)
NET INCREASE (DECREASE) IN CASH AND
INVESTMENTS 1,126,978 1,301,462 360,561 490,932 CASH AND INVESTMENTS - JULY 1 3,498,391 8,940,721 505,589 496,511 CASH AND INVESTMENTS - JUNE 30 4,625,369$ 10,242,183 $ 866,150 $
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES
Operating income (loss) 1,216,688 $ (936,257) $ 343,305 $ 310,648 $ Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (Used In) Operating Activities
Depreciation and amortization 992 - - 180,180 Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable and due from other funds and governments 10,329 - - - (Increase) decrease in other assets - - - (25,994) Increase (decrease) in accounts payable and other liabilities (63,852) 71,118 11,608 (84,423) Increase (decrease) in compensated absences - 1,044 8,265 33,463 Increase (decrease) in other post-employment benefits payable - 18,004 66,012 132,026 Increase (decrease) in net pension liabilities (21,985) (7,025) (38,375) 10,770 Increase (decrease) in self-insurance liability (15,194) 2,100,771 - - Net Cash Provided By (Used In) Operating Activities 1,126,978$ 1,247,655 $ 390,815 $ 556,670 $ 228
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FACILITIES EQUIPMENT
MAINTENANCE MAINTENANCE TOTAL
CASH FLOWS FROM OPERATING ACTIVITIES
4,832,284$ 6,632,152 $ 30,784,725$ Receipts from customers (1,574,432) (5,035,225) (12,423,697) Payments to suppliers (2,530,681) (1,915,726) (8,914,664) Payments to employees - - (5,715,874) Cash paid to claimants 727,171 (318,799) 3,730,490 Net Cash Provided By (Used In) Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
- 97 53,904 Collection/(issuance) of advances - - 122,000 Transfers in - - (213,697) Transfers out - 97 (37,793) Net Cash Provided By (Used In) Capital Financing Activities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES 1,734
134 (2,427) (Purchases)/disposals of capital assets 1,734 134 (2,427) Net Cash Provided By (Used In) Capital Financing Activities
NET INCREASE (DECREASE) IN CASH AND
728,905 (318,568) 3,690,270 INVESTMENTS 775,948
1,605,771 15,822,931 CASH AND INVESTMENTS - JULY 1 1,504,853$ 1,287,203 $ 19,513,201 $ CASH AND INVESTMENTS - JUNE 30
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES
581,566$ (656,839) $ 859,111$ Operating income (loss) Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (Used In) Operating Activities
8,670 234,966 424,808 Depreciation and amortization Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable and due from other funds (5,074) 2,406 7,661 and governments - - (25,994) (Increase) decrease in other assets 82,191 199,275 215,917 Increase (decrease) in accounts payable and other liabilities 31,289 (103,680) (29,619) Increase (decrease) in compensated absences 216,041 204,039 636,122 Increase (decrease) in other post-employment benefits payable (187,512) (198,966) (443,093) Increase (decrease) in net pension liabilities -
- 2,085,577 Increase (decrease) in self-insurance liability 727,171$ (318,799) $ 3,730,490 $ Net Cash Provided By (Used In) Operating Activities 229
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FIDUCIARY
FUNDS
231
232
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CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF FIDUCIARY NET POSITION -
CUSTODIAL FUNDS
JUNE 30, 2021
OXNARD
OXNARD PD DOWNTOWN
PROPERTY MANAGEMENT RIVERPARK TOTAL
DISTRICTS ROOM DISTRICT JPA CUSTODIAL
FUND FUND FUND FUND FUNDS
ASSETS
Cash and investments 6,608,271$ 347,095 $ 243,348 $ 1,125,656$ 8,324,370 $ Investment with Fiscal Agents
Certificates of deposit 2,664,242 - - - 2,664,242 Total investment with fiscal agents 2,664,242 - - - 2,664,242 Due from other governments 109,276 - 18,502 - 127,778 Total Assets 9,381,789 347,095 261,850 1,125,656 11,116,390
LIABILITIES
Accounts payable 3,929$ 69,453 $ 140,088 $ - $ 213,470$ TOTAL LIABILITIES 3,929 69,453 140,088 - 213,470
NET POSITION
Restricted for:
Individuals, organizations, and other governments 9,377,860 277,642 121,762 1,125,656 10,902,920 TOTAL NET POSITION 9,377,860$ 277,642 $ 121,762 $ 1,125,656$ 10,902,920 $ 233
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CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION -
CUSTODIAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2021
OXNARD
OXNARD PD DOWNTOWN
IMPROVEMENT PROPERTY MANAGEMENT RIVERPARK TOTAL
DISTRICTS ROOM DISTRICT JPA CUSTODIAL
FUND FUND FUND FUND FUNDS
ADDITIONS
Taxes 695,007$ -$ -$ -$ 695,007$
Special Assessments 5,366,665 - 367,498 - 5,734,163 Investment income 1,261 - (255) 9,827 10,833
Miscellaneous income - 12,967 - - 12,967
Total Additions 6,062,933 12,967 367,243 9,827 6,452,970
DEDUCTIONS
Administrative Costs
Administrative costs 35,055 - 970 - 36,025
Professional services 25,766 - - - 25,766
Distributions to individuals, organizations, and bond trustees 4,074,381 - 348,950 - 4,423,331 Total Deductions 4,135,202 - 349,920 - 4,485,122
CHANGE IN NET POSITION 1,927,731 12,967 17,323 9,827 1,967,848 NET POSITION - JULY 1, 2020, AS PREVIOUSLY STATED - - - - - PRIOR-PERIOD ADJUSTMENT 7,450,129 264,675 104,439 1,115,829 8,935,072 FUND BALANCES, JULY 1, AS RESTATED 7,450,129 264,675 104,439 1,115,829 8,935,072 NET POSITION - JUNE 30, 2021 9,377,860$ 277,642 $ 121,762 $ 1,125,656$ 10,902,920 $ 234
STATISTICAL
SECTION
235
236
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Statistical Section
(Unaudited)
Financial Trends
These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time.
Schedule I Net Position by Component
Schedule II Changes in Net Position
Schedule III Fund Balances of Governmental Funds
Schedule IV Changes in Fund Ba lances of Government Funds Schedule V Government Activities Tax Revenue by Source
Revenue Capacity
These schedules contain information to help the reader assess the City’s most significant local revenue source, the property tax.
Schedule VI Assessed Value and Esti mated Value of Taxable Property Schedule VII Direct and Over lapping Property Tax Rates Schedule VIII Principal Property Taxpayers
Schedule IX Property Tax Levies and Collections
Debt Capacity
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.
Schedule X Ratios of Outstanding Debt by Type
Schedule XI Direct and Overlapping Government Activities Debt Schedule XII Legal Debt Margin Information
Schedule XIII Pledged Revenue Coverage
Demographic and Economic Information
These schedules offer demographic and economic indicators to help the reader understand the environment within which the City’s financial activities take place.
Schedule XIV Demographic and Economic Statistics
Schedule XV Principal Employers
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs.
Schedule XVI Operating Indicators by Function
Schedule XVII Capital Assets by Function
Schedule XVIII Full-time Equivalent City Government Employees by Function
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2012 2013 2014 2015 2016
Governmental activities
Net investment in capital assets 1,386,189,664 $ 1,407,060,810 $ 1,400,890,107 $ 1,455,133,818 $ 1,422,282,798 $ Restricted 18,707,789 28,720,391 45,801,395 112,198,502 112,286,017 Unrestricted 58,748,720 22,539,194 8,226,160 (220,258,407) (197,252,502) Total governmental activities net assets 1,463,646,173$ 1,458,320,395 $ 1,454,917,662 $ 1,347,073,913 $ 1,337,316,313 $ Business-type activities
Net investment in capital assets 264,692,784 $ 285,475,430 $ 287,649,591 $ 225,738,617 $ 223,977,717 $ Restricted 17,602,552 16,577,898 17,096,075 15,400,679 38,064,498 Unrestricted 50,315,899 34,418,934 44,328,734 28,909,066 3,139,325 Total business-type activities net assets 332,611,235$ 336,472,262 $ 349,074,400 $ 270,048,362 $ 265,181,540 $ Primary government
Net investment in capital assets 1,650,882,448 $ 1,692,536,240 $ 1,688,539,698 $ 1,680,872,435 $ 1,646,260,515 $ Restricted 36,310,341 45,298,289 62,897,470 127,599,181 150,350,515 Unrestricted 109,064,619 56,958,128 52,554,894 (191,349,341) (194,113,177) Total primary government net assets 1,796,257,408$ 1,794,792,657 $ 1,803,992,062 $ 1,617,122,275 $ 1,602,497,853 $ City of Oxnard, California
Fiscal Year
SCHEDULE I
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
238
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2017 2018 2019 2020 2021
Governmental activities
2,001,415,357$ 1,994,002,850 $ 1,993,824,011 $ 1,993,055,539 $ 1,945,377,175 $ Net investment in capital assets 130,642,696 134,054,312 94,429,644 105,403,013 111,307,894 Restricted (185,857,985) (234,226,319) (203,632,014) (227,238,168) (255,508,666) Unrestricted 1,946,200,068$ 1,893,830,843 $ 1,884,621,641 $ 1,871,220,384 $ 1,801,176,403 $ Total governmental activities net assets Business-type activities
228,709,541$ 224,139,834 $ 224,259,193 $ 232,190,732 $ 259,185,934 $ Net investment in capital assets 41,732,645 48,789,711 54,283,623 51,610,199 49,217,330 Restricted 7,938,770 20,863,126 43,176,882 57,516,060 134,183,679 Unrestricted 278,380,956$ 293,792,671 $ 321,719,698 $ 341,316,991 $ 442,586,943 $ Total business-type activities net assets Primary government
2,230,124,898$ 2,218,142,684 $ 2,218,083,204 $ 2,225,246,271 $ 2,204,563,109 $ Net investment in capital assets 172,375,341 182,844,023 148,713,267 157,013,212 160,525,224 Restricted (177,919,215) (213,363,193) (160,455,132) (169,722,108) (121,324,987) Unrestricted 2,224,581,024$ 2,187,623,514 $ 2,206,341,339 $ 2,212,537,375 $ 2,243,763,346 $ Total primary government net assets City of Oxnard, California
SCHEDULE I (Continued)
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year
239
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2012 2013 2014 2015 2016
Expenses
Governmental activities:
General government 18,680,585$ 18,129,124$ 17,851,478$ 12,223,337$ 8,354,282$ Public safety 98,603,456 103,079,427 105,886,922 97,913,468 90,250,713 Transportation 11,030,990 10,331,822 10,151,437 23,333,586 29,435,256 Community development 33,705,121 21,162,624 16,445,165 13,137,896 12,634,325 Culture, leisure and libraries 24,062,012 24,251,194 24,990,947 32,635,299 32,157,517 Interest on long-term debt 3,532,902 2,973,016 2,792,053 4,517,686 4,920,717 Total governmental activities expenses 189,615,066 179,927,207 178,118,002 183,761,272 177,752,810 Business-type activities:
Water 37,910,096$ 44,762,850$ 44,839,558$ 55,799,990$ 56,786,402$ Wastewater 29,078,392 34,396,819 34,959,148 37,993,468 34,807,726 Environmental resource 41,581,865 40,601,250 39,083,017 37,802,942 37,644,732 Performing arts and convention center* 1,587,496 1,534,353 1,543,601 - - Oxnard housing authority 24,398,669 25,397,453 25,617,591 23,584,181 23,441,364 Municipal golf course* 6,048,938 6,150,325 6,399,227 - - Total business-type activities expenses 140,605,456 152,843,050 152,442,142 155,180,581 152,680,224 Total primary government expenses 330,220,522$ 332,770,257$ 330,560,144$ 338,941,853$ 330,433,034$ Program Revenues
Governmental activities:
Charges for services:
General government 9,471,575$ 8,408,578$ 8,808,647$ 5,165,703$ 20,541,355$ Public safety 4,426,984 4,460,425 4,878,804 4,904,728 8,015,887 Transportation 2,145,431 3,152,660 3,345,515 2,630,954 5,930,798 Community de
velopment 12,576,655 4,316,880 7,767,004 16,542,075 10,212,020 Culture, leisure and libraries 5,983,870 5,095,031 5,334,160 8,453,994 4,297,074 Operating grants and contributions 30,155,325 27,406,424 32,350,516 29,420,545 9,526,620 Capital grants and contributions 16,598,931 8,313,758 7,486,869 12,300,850 9,925,337 Total governmental activities program revenues 81,358,771$ 61,153,756$ 69,971,515$ 79,418,849$ 68,449,091$ City of Oxnard, California
SCHEDULE II
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
Fiscal Year
* Activities from the performing arts and convention center and the municipal golf course were reclassed from business-type activities to governmental (culture, leisure, and libraries) in fiscal year 2015. In 2021 the municipal golf course was transferred back to a business-type activity. 240
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2017 2018 2019 2020 2021
Expenses
Governmental activities:
30,057,710$ 56,051,634 $ 47,292,219 $ 49,736,893 $ 51,432,611 $ General government 95,103,088 114,056,089 110,217,029 114,506,731 120,565,552 Public safety 8,753,004 13,352,627 11,366,628 11,604,027 11,426,788 Transportation 12,476,593 17,439,549 21,205,257 19,160,074 22,205,817 Community development 30,258,609 34,039,463 37,043,785 35,010,443 31,219,370 Culture, leisure and libraries 4,755,955 9,745,886 4,451,689 3,811,560 3,850,416 Interest on long-term debt 181,404,959 244,685,248 231,576,607 233,829,728 240,700,554 Total governmental activities expenses Business-type activities:
57,904,193$ 57,617,733 $ 55,883,239 $ 56,202,066 $ 57,774,449 $ Water 32,926,365 33,512,156 31,783,839 34,668,068 34,083,527 Wastewater 42,534,157 45,633,543 46,314,446 50,550,599 50,609,180 Environmental resource - - - - - Performing arts and convention center* 26,060,498 27,888,924 27,634,063 29,914,394 30,782,861 Oxnard housing authority - - - - 4,741,945 Municipal golf course* 159,425,213 164,652,356 161,615,587 171,335, 127 177,991,962 Total business- type activities expenses 340,830,172$ 409,337,604$ 393,192,194$ 405,164,855$ 418,692,516$ Total primary government expenses Program Revenues
Governmental activities:
Charges for services:
20,460,685$ 13,020,442$ 18,177,999$ 15,639,751$ 16,591,018$ General government 6,528,319 7,913,075 8,637,284 5,147,924 4,984,405 Public safety 3,072,659 1,883,525
2,008,345 2,697,018 5,023,139 Transportation 13,353,523 7,583,696 12,898,111 15,054,972 17,167,989 Community development 10,903,104 12,448,275 13,953,808 14,420,117 8,803,499 Culture, leisure and libraries 16,948,122 16,938,767 14,689,127 16,059,481 27,187,140 Operating grants and contributions 3,276,277 3,501,368 9,838,626 9,252,544 7,551,745 Capital grants and contributions 74,542,689$ 63,289,148$ 80,203,300$ 78,271,807$ 87,308,935$ Total governmental activities program revenues Fiscal Year
* Activities from the performing arts and convention center and the municipal golf course were reclassed from business-type activities to governmental (culture, leisure, and libraries) in fiscal year 2015. In 2021 the municipal golf course was transferred back to a business-type activity.
City of Oxnard, California
SCHEDULE II (Continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
241
-192-
2012 2013 2014 2015 2016
Business-type activities:
Charges for services:
Water 46,769,748 $ 51,056,102 $ 52,742,289 $ 48,048,380 $ 47,502,553 $ Wastewater 31,528,171 30,998,260 31,335,380 32,074,140 30,622,683 Environmental resources 44,217,775 42,535,271 44,392,421 43,394,227 41,498,072 Performing arts and convention center 545,270 483,778 666,820 - - Oxnard Housing Authority 5,157,388 5,173,132 26,158,985 - 6,569,503 Municipal golf course 4,063,299 4,157,668 4,471,706 5,168,698 - Operating grants and contributions 18,727,259 18,595,158 53,734 17,853,909 19,655,951 Capital grants and contributions 1,002,582 966,935 671,012 919,149 946,347 Total business-like activities program revenues 152,011,492 153,966,304 160,492,347 147,458,503 146,795,109 Total primary government program revenues 233,370,263 $ 215,120,060 $ 230,463,862 $ 226,877,352 $ 215,244,200 $ Net (expense) revenue
Governmental activities (108,256,295) (118,773,451) (108,146,487) (104,342,423) (109,503,819) Business-like activities 11,406,036 1,123,254 8,050,205 (7,722,078) (5,885,115) Total primary government net expense (96,850,259) $ (117,650,197) $ (100,096,282) $ (112,064,501) $ (115,388,934) $ General Revenues and Other Changes in Net Assets
Governmental activities:
Taxes
Property taxes 63,176,888 $ 55,148,254 $ 54,783,756 $ 58,633,590 $ 61,571,660 $ Sales taxes 37,453,124 35,156,013 38,330,268 40,624,737 43,163,411 Transient occupancy taxes 3,402,793 3,826,954 4,239,111 4,649,292 5,044,231 Franchise taxes 3,435,823 3,842,351 3,775,233 4,093,435 3,854,116 Deed transfer taxes 412,471 628,780 519,093 758,502 690,805 Business license taxes 6,125,278 4,562,692 5,125,801 5,104,859 5,422,499
Penalties on delinquent taxes 126,609 121,064 157,998 141,127 225,990 Investment earnings 1,354,128 (21,216) 1,165,783 807,618 752,064 Sale of capital assets 57,768 119,184 114,348 - - Special Items - - - - - Transfers (2,184,229) (2,166,145) (2,207,463) 6,439,487 62,396 Extraordinary loss (65,066,037) - - - - Contributions to other government (14,627) - - - - Total governmental activities 48,279,989 101,217,931 106,003,928 121,252,647 120,787,172 Business-type activities:
Investment earnings 3,168,662 2,445,183 2,997,078 2,735,395 2,482,980 Sale of capital assets - - - - - Contributions from/(to) other government - - - - - Transfers 2,184,229 2,166,145 2,207,463 (6,439,487) (62,396) Total business-type activities 5,352,891 4,611,328 5,204,541 (3,704,092) 2,420,584 Total primary program 53,632,880$ 105,829,259$ 111,208,469$ 117,548,555$ 123,207,756$ Change in Net Assets
Governmental activities (59,976,306) (17,555,520) (2,142,559) 16,910,224 11,283,353 Business-type activities 16,758,927 5,734,582 13,254,746 (11,426,170) (3,464,531) Total primary government (43,217,379)$ (11,820,938)$ 11,112,187$ 5,484,054$ 7,818,822$ Fiscal Year
City of Oxnard, California
SCHEDULE II (Continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
242
-193-
2017 2018 2019 2020 2021
Business-type activities:
Charges for services:
50,364,868$ 62,447,893$ 59,825,449$ 59,884,394$ 62,227,968$ Water 39,565,773 41,076,417 45,098,831 45,109,125 48,021,835 Wastewater 48,039,047 48,910,217 47,534,591 48,694,690 46,757,277 Environmental resources - - - - - Performing arts and convention center 5,267,343 5,968,193 5,976,701 4,740,597 6,184,299 Oxnard Housing Authority - - - - 5,758,442 Municipal golf course 21,177,738 21,635,711 21,866,012 24,388,234 26,016,248 Operating grants and contributions 963,291 1,349,188 - - - Capital grants and contributions 165,378,060 181,387,619 180,301,584 182,817,040 194,966,069 Total business-like activities program revenues 239,920,749$ 244,676,767$ 260,504,884$ 261,088,847$ 282,275,004$ Total primary government program revenues Net (expense) revenue
(106,862,270) (181,396,100) (151,373,307) (155,557,921) (153,391,619) Governmental activities 5,952,847 16,735,263 18,685,997 11,481,913 16,974,107 Business-like activities (100,909,423)$ (164,660,837)$ (132,687,310)$ (144,076,008)$ (136,417,512)$ Total primary government net expense General Revenues and Other Changes in Net Assets
Governmental activities:
Taxes
60,802,119$ 67,165,834$ 70,227,546$ 72,208,270$ 81,447,932$ Property taxes 44,092,707 43,418,876 48,518,650 46,320,415 67,923,383 Sales taxes 5,174,427 5,749,572 5,557,470 4,302,491 4,267,463 Transient occupancy taxes 3,703,971 3,925,374 3,887,252 3,972,958 4,287,254 Franchise taxes 729,609 818,322 692,685 673,842 910,934 Deed transfer taxes 5,348,086 5,570,488 6,167,475 6,087,060 5,964,716 Business license taxes 228,899 313,847 361,488 406,774 201,657 Penalties on delinquent taxes 1,989,004 1,404,527 5,771,878 3,049,270 968,386 Investment earnings - - (69,964) - - Sale of capital assets - 10,657,104 - 1,514,213 - Special Items 442,852 200,818 243,045 107,452 (82,415,174) Transfers - - - - - Extraordinary loss - (1,940,127) 789,392 - - Contributions to other government 122,511,674 137,284,635 142,146,917 138,642,745 83,556,551 Total governmental activities Business-type activities:
2,440,982 1,839,114 7,612,740 3,463,839 834,362 Investment earnings - - (417,291) - - Sale of capital assets - 1,940,127 (221,058) 1,147,938 1,046,309 Contributions from/(to) other government (442,852) (200,818) (243,045) (107,452) 82,415,174 Transfers 1,998,130 3,578,423 6,731,346 4,504,325 84,295,845 Total business-type activities 124,509,804$ 140,863,058$ 148,878,263$ 143,147,070$ 167,852,396$ Total primary program Change in Net Assets
28,544,712 (44,111,465) (9,226,390) (16,915,176) (69,835,068) Governmental activities 8,891,341 20,313,686 25,417,343 15,986,238 101,269,952 Business-type activities 37,436,053$ (23,797,779)$ 16,190,953$ (928,938)$ 31,434,884$ Total primary government Fiscal Year
City of Oxnard, California
SCHEDULE II (Continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
243
-194-
City of Oxnard, California
SCHEDULE III
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2012 2013 2014 2015 2016
General Fund
Unreserved - $ 4,714,203$ 4,620,492 $ - $ - $ Nonspendable - 1,482,872 - - Restricted - - - - 550,000 Committed 18,093,783 14,658,123 18,409,417 11,315,859 15,879,092 Unassigned 15,666,268 11,359,847 13,916,093 13,459,906 17,858,980 Total general fund 33,760,051 $ 32,215,045 $ 36,946,002 $ 24,775,765 $ 34,288,072 $ All other governmental funds
Nonspendable - 3,305,113 - - 104,736 Restricted 18,707,789 27,237,519 49,083,954 74,810,464 69,258,707 Assigned 51,415,603 4,456,543 5,498,036 9,639,955 10,007,525 Unassigned (6,386,154) 14,859,161 (2,062,158) (1,493,635) (290,834) Total all other governmental funds 63,737,238 $ 49,858,336 $ 52,519,832 $ 82,956,784 $ 79,080,134 $ 244
-195-
City of Oxnard, California
SCHEDULE III (Continued)
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
Fiscal Year
2017 2018 2019 2020 2021
General Fund
-$ - $ - $ - $ - $ Unreserved - - - - - Nonspendable 835,296 10,558,537 10,527,983 - - Restricted 23,283,091 12,662,261 22,843,065 33,066,407 22,896,490 Committed 22,150,403 17,241,635 8,863,430 5,274, 097 (3,048,424) Unassigned 46,268,790$ 40,462,433 $ 42,234,478 $ 38,340,504 $ 19,848,066 $ Total general fund All other governmental funds
- - - - - Nonspendable 80,403,821 73,585,992 83,901,661 105,403,013 111,307,894 Restricted 12,774,735 17,563,011 13,794,611 1,720,384 1,608,910 Committed (762,744) - - (380,746) (146,682) Unassigned 92,415,812$ 91,149,003$ 97,696,272$ 106,742,651$ 112,770,122$ Total all other governmental funds 245
-196-
Fiscal Year
2012 2013 2014 2015 2016
Revenues
Taxes 114,132,986$ 103,286,108$ 106,888,431$ 113,864,415$ 119,746,722$ Licenses and permits 3,662,851 2,702,302 3,628,916 3,092,838 3,402,217 Intergovernmental 39,321,626 38,740,617 40,960,669 41,721,395 21,455,873 Growth and development fees 5,979,605 1,828,294 3,512,534 3,442,898 4,452,750 Charges for services 9,967,288 9,175,312 9,617,645 11,144,204 25,471,392 Fines and forfeitures 1,311,689 977,098 699,521 765,857 1,413,718 Interest on investments 1,105,534 (21,216) 1,165,783 657,609 657,140 Special assessments 8,084,122 7,971,903 8,022,913 7,993,871 9,613,886 Rental income 148,993 - - - - Investment income 248,594 - - - - Miscellaneous 8,304,617 4,359,097 6,803,374 11,233,279 4,987,667 Total revenues 192,267,905 169,019,515 181,299,786 193,916,366 191,201,365 Expenditures
General government 10,355,408 10,438,952 9,926,024 13,384,549 11,368,350 Public safety 86,218,656 91,190,673 93,875,139 95,777,400 93,676,090 Transportation 10,347,787 9,659,263 9,495,806 9,228,976 7,325,513 Community development 22,357,237 20,333,591 15,495,566 12,680,862 12,268,857 Culture, leisure and libraries 21,729,072 22,114,924 22,745,632 28,845,257 26,937,798 Cap
ital outlay 46,868,230 33,897,212 13,983,543 13,835,114 20,898,762 Debt Service:
Principal 4,362,740 3,451,261 3,764,935 6,884,661 6,641,368 Interest 4,061,894 2,941,600 2,776,612 4,225,920 4,530,126 Total expenditures 206,301,024 194,027,476 172,063,257 184,862,739 183,646,864 Excess of revenues over (under) expenditures (14,033,119) (25,007,961) 9,236,529 9,053,627 7,554,501 Other Financing Sources (Uses)
Payment to escrow agent - (6,197,285) - - - Proceeds from sale of bonds 3,680,714 6,802,986 363,387 23,765,460 - Cost of issuance - - - (3,764,693) - Bond discount - 48,238 - - - Transfers in 6,108,518 5,869,128 5,570,120 14,594,844 10,964,565 Transfers out (8,292,747) (8,035,273) (7,777,583) (19,495,238) (11,125,968) Total other financing sources (uses) 1,496,485 (1,512,206) (1,844,076) 15,100,373 (161,403) Special items:
Bond proceeds from Successor Agency - - - - - Contributions from other funds 76,891,362 - - - - Contributions to other funds (76,891,362) - - - - Capital contributions (14,627) - - - - Extraordinary loss (48,861,208) - - - -
Total special items (48,875,835) - - - - Net change in fund balances (61,412,469)$ (26,520,167)$ 7,392,453$ 24,154,000$ 7,393,098$ Debt service as a percentage of noncapital expenditures 5.28% 3.99% 4.14% 6.47% 6.44% *Correction of prior year amounts
(modified accrual basis of accounting)
Last Ten Fiscal Years
Changes in Fund Balances of Governmental Funds
SCHEDULE IV
City of Oxnard, California
246
-197-
Fiscal Year
2017 2018 2019 2020 2021
Revenues
119,850,919$ 126,648,408$ 135,051,078$ 133,565,036$ 164,801,682$ Taxes 4,222,838 3,306,324 4,057,972 3,852,280 5,019,520 Licenses and permits 20,224,399 20,440,135 24,527,753 25,312,025 34,738,885 Intergovernmental 7,100,771 2,342,768 6,310,510 2,313,182 12,036,333 Growth and development fees 23,969,821 20,570,129 21,302,912 23,772,644 19,339,452 Charges for services 2,537,822 2,438,772 2,693,405 3,381,758 1,924,384 Fines and forfeitures 1,949,489 1,271,263 5,293,976 3,049,270 968,386 Interest on investments 8,367,032 9,018,025 9,142,871 8,223,416 7,461,211 Special assessments - - - - - Rental income - - - - - Investment income 8,588,557 6,339,266 10,982,388 5,615,546 6,580,337 Miscellaneous 196,811,648 192,375,090 219,362,865 209,085,157 252,870,190 Total revenues Expenditures
13,360,687 17,769,349 17,566,664 21,597,780 16,558,258 General government 94,676,659 102,770,375 103,505,038 111,150,931 113,774,066 Public safety 8,314,157 12,346,380 10,808,214 11,198,258 11,093,922 Transportation 16,462,067 15,832,210 19,402,262 17,755,657 23,840,597 Community development 27,534,000 30,504,647 32,696,129 31,859,562 28,871,680 Culture, leisure and libraries 8,737,398 16,767,682 16,277,911 8,992,813 23,579,052 Capital outlay Debt Service:
5,573,572 5,278,145 * 6,121,274 5,952,119 5,835,030 Principal 4,932,901 9,276,932 4,957,649 5,714,456 4,086,553 Interest 179,591,441 210,545,720 211,335,141 214,221,576 227,639,158 Total expenditures 17,220,207 (18,170,630) 8,027,724 (5,136,419) 25,231,032 Excess of revenues over (under) expenditures Other Financing Sources (Uses)
- (27,785,000) * - (39,695,000) - Payment to escrow agent - 37,608,582 - 44,520,000 - Proceeds from sale of bonds - - - (983,059) - Cost of issuance - - - 2,875,507 - Bond discount/premuim 9,632,647 13,140,181 12,370,626 13,668,887 9,801,455 Transfers in (9,957,565) (13,639,820) (12,096,584) (13,494,482) (47,288,541) Transfers out (324,918) 9,323,943 274,042 6,891,853 (37,487,086) Total other financing sources (uses) Special items:
- 9,896,298 - 1,514,213 - Bond proceeds from Successor Agency - - - - - Contributions from other funds - - - - - Contributions to other funds - - - - - Capital contributions - - - - - Extraordinary loss - 9,896,298 - 1,514,213 - Total special items 16,895,289$ 1,049,611$ 8,301,766$ 3,269,647$ (12,256,054)$ Net change in fund balances
6.10% 7.51% 5.52% 5.63% 4.55% Debt service as a percentage of noncapital expenditures *Correction of prior year amounts
SCHEDULE IV (Continued)
(modified accrual basis of accounting)
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
City of Oxnard, California
247
-198-
Fiscal Pro perty Sales Business Transient Franchise Deed Penalties Year Tax Tax License Occu pancy Tax Tax Transfer Tax and Interest Total 2012 63,176,888 37,453,124 6,125,278 3,402,793 3,435,823 412,471 126,609 114,132,986 2013 55,148,254 35,156,013 4,562,692 3,826,954 3,842,351 628,780 121,064 103,286,108 2014 54,783,756 38,287,439 5,125,801 4,239,111 3,775,233 519,093 157,998 106,888,431 2015 58,633,590 40,624,737 5,104,859 4,649,292 4,093,435 758,502 142,127 114,006,542 2016 61,571,660 43,163,411 5,422,499 5,044,231 3,854,116 690,805 225,990 119,972,712 2017 60,802,119 44,092,707 5,348,086 5,174,427 3,703,971 729,609 228,899 120,079,818 2018 67,165,834 43,418,876 5,570,488 5,749,572 3,925,374 818,322 313,847 126,962,313 2019 70,227,546 48,518,650 6,167,475 5,557,470 3,887,252 692,685 361,488 135,412,566 2020 72,208,270 46,320,415 6,087,060 4,302,491 3,972,958 673,842 406,774 133,971,810 2021 81,447,932 67,923,383 5,964,716 4,267,463 4,287,254 910,934 201,657 165,003,339 (modified accrual basis of accounting)
City of Oxnard, California
SCHEDULE V
Governmental Activities Tax Revenues by Source
Last Ten Fiscal Years
248
-199-
Fiscal Personal Less: Tax Exem pt Total Taxable Total Direct Year Land Im provements Pro perty Real Property Assessed Value Tax Rate 2012 6,423,814,010 8,584,579,684 596,771,651 673,465,559 14,931,699,786 1.34224% 2013 6,304,938,777 8,677,033,769 617,612,672 422,079,822 15,177,505,396 1.32754% 2014 6,551,413,092 9,120,556,468 638,670,637 694,237,291 15,616,402,906 1.37644% 2015 7,084,272,773 9,694,262,028 631,218,103 708,835,243 16,700,917,661 1.34614% 2016 7,653,508,229 10,068,135,286 652,518,246 753,110,464 17,621,051,297 1.37671% 2017 8,130,791,365 10,403,624,296 664,679,543 784,759,788 18,414,335,416 1.36646% 2018 8,649,933,708 10,789,755,377 656,241,587 840,285,136 19,255,645,536 1.52078% 2019 9,158,364,520 11,207,158,483 695,095,800 896,108,612 20,164,510,191 1.57640% 2020 9,521,436,348 11,777,652,006 754,828,010 971,603,310 21,082,313,054 1.60686% 2021 10,007,398,417 12,192,935,872 784,723,628 1,041,411,917 21,943,646,000 1.24885% NOTE: The County does not provide the breakdown of residential and commercial assessed values. The City also no longer has the information available for the residential and commercial assessed values. The personal property amounts include assessed values for boats and aircraft.
Source: County of Ventura, Office of the Auditor-Controller Finance Department, City of Oxnard; HdL Coren & Cone
City of Oxnard, California
SCHEDULE VI
Assessed Value and Estimated Value of Taxable Property
Last Ten Fiscal Years
249
-200-
Fiscal Total Direct &
Year Basic (1) Debt Service Total Direct (2) School Districts (3) Water Districts (4) Total Overlapping Overlapping Rates 2012 1.00000% 0.20544% 1.20544% 0.12200% 0.01480% 0.13680% 1.34224% 2013 1.00000% 0.20424% 1.20424% 0.11980% 0.00350% 0.12330% 1.32754% 2014 1.00000% 0.23154% 1.23154% 0.14140% 0.00350% 0.14490% 1.37644% 2015 1.00000% 0.22204% 1.22204% 0.12060% 0.00350% 0.12410% 1.34614% 2016 1.00000% 0.24681% * 1.24681% 0.12640% 0.00350% 0.12990% 1.37671% 2017 1.00000% 0.22456% 1.22456% 0.13840% 0.00350% 0.14190% 1.36646% 2018 1.00000% 0.22618% 1.22618% 0.29110% 0.00350% 0.29460% 1.52078% 2019 1.00000% 0.24170% 1.24170% 0.33120% 0.00350% * 0.33470% 1.57640% 2020 1.00000% 0.23896% 1.23896% 0.36440% 0.00350% 0.36790% 1.60686% 2021 1.00000% 0.24885% 1.24885% 0.38390% 0.00350% 0.38740% 1.63625% NOTE:
* Correction of prior year data
Source: County of Ventura, Office of the Auditor-Controller HdL, Coren & Cone
(4) Overlapping rate for Metropolitan Water District and Calleguas Muni Water Annex#16. Reflects actual overlapping rate.
Not all overlapping rates apply to all city property owners.
City Direct Rates Overlapping Rates
City of Oxnard, California
SCHEDULE VII
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
(1) The passage of Proposition 13 on June 6, 1978 established a maximum countywide levy of 1% of market value or $1.00 per $100 of assessed value. (2) Total Direct Rate is the weighted average of all individual direct rates applied by the Entity preparing the statistical section and excludes revenues derived from aircarft. Beginning in 2013/14 the Total Direct Rate no longer includes revenue generated from the former redevelopment tax rates. assumed to have been distributed to the City in the same proportion as General Fund Revenue. (3) The school district rates are for applicable school districts Total Direct rate as presented is the Basic Levy plus Direct Debt Service.
Challenges to recognized enforceable obligations are assumed to have been resolved during 2012/13. For report purposes, residual revenue is 250
-201-
Taxable Percentage of Taxable Percentage of
Taxpayer Assessed Total Taxable Assessed Total Taxable
Value Rank Assessed Value Value Rank Assessed Value
Procter & Gamble Paper Products 316,482,826$ 1 1.43% 262,293,542$ 1 1.74% Essex Arbors LP 227,354,461 2 1.03% 77,728,243 5 0.52% SOCM I LLC 133,606,603 3 0.60% 90,000,000 2 0.60% Serenade Apts Properties Owners LLC 116,088,168 4 0.53% - HAAS Automation Inc 111,346,900 5 0.50% 76,095,800 6 0.50% G-I IX Esplanade Property LP 96,890,957 6 0.44% - California Resources Petrolium Corp^ 85,501,514 7 0.39% - New-Indy Oxnard LLC 83,281,530 8 0.38% -
450 Forest Park Apartments LLC 78,628,740 9 0.36% - Duesenberg Investment Company 78,242,020 10 0.35% 66,911,518 9 0.44% Genon Energy West LP- Mandalay - 64,618,584 10 0.43% Essex Terra Vista LP - 83,289,069 3 0.55% GS Paz Mar LP - 69,297,082 8 0.46% MEF Realty LLC - -
Capri of KW Serenade LLC - 81,500,000 4 0.54% Sunbelt Enterprises LLC 69,824,554 7 0.46% Other taxpayers 20,760,776,709 93.99% 14,133,483,458 93.75% Totals 22,088,200,428$ 100.00% 15,075,041,850$ 100.00% Source: HdL Coren & Cone
^ Pending appeals on parcels.
City of Oxnard, California
SCHEDULE VIII
Principal Property Taxpayers
Current Year and Nine Years Ago
2021 2012
251
-202-
Year Collections in
Ended Total Tax Levy Subsequent
June 30 for Fiscal Year (1) * Amount (2) * Percentage of Levy Years (1) Amount Percentage of Levy 2012 53,563,816 49,187,070 91.83% 9,629 49,196,699 91.85% 2013 55,896,537 55,894,803 100.00% 1,560 55,896,363 100.00% 2014 55,460,847 54,486,910 98.24% 456,769 54,943,679 99.07% 2015 59,303,044 57,509,993 96.98% 910,819 58,420,812 98.51% 2016 62,235,867 61,750,178 99.22% 350,407 62,100,585 99.78% 2017 61,751,329 58,086,482 94.07 % 1,523,414 59,609,896 96.53% 2018 68,260,701 65,473,266 95.92% 903,482 66,376,748 97.24% 2019 71,278,856 68,423,547 95.99 % 1,290,711 69,714,258 97.80% 2020 73,286,724 71,206,672 97.16 % 1,175,364 72,382,036 98.77% 2021 82,559,732 77,736,649 94.16 % 1,714,499 79,451,148 96.23% Source: (1) Finance Department, City of Oxnard
(2) County of Ventura
Correction * Property tax levy and collection amounts include secured and unsecured property taxes, property tax in lieu of vehicle license fee (VLF), public safety property tax and distributions from the Redevelopment Property Tax Trust Fund (RPTTF), and exclude special assessments City of Oxnard, California
Fiscal Year of the Levy Total Collections to Date
Collected within the
SCHEDULE IX
Property Tax Levies and Collections
Last Ten Fiscal Years
252
-203-
(1) (2)
Fiscal Revenue Certificates of Tax Allocation Ca pital Revenue Ca pital Total Primar y Percentage of (2) Year Bonds Partici pation Bonds Leases Bonds Leases Government Personal Income Per Ca pita 2012 35,781,802 32,010,000 - 5,665,006 372,713,206 2,963,438 449,133,452 11.319% 2,241 2013 34,146,715 25,335,000 - 11,101,548 361,808,291 2,620,593 435,012,147 10.825% 2,166 2014 32,453,939 24,755,000 - 9,943,968 347,340,473 2,093,846 416,587,226 10.252% 2,046 2015 71,026,930 24,064,918 - 22,159,563 316,333,774 1,546,350 435,131,535 10.581% 2,139 2016 66,823,533 23,464,945 - 21,558,130 305,514,850 1,034,692 418,396,150 10.043% 2,021 2017 64,280,135 22,839,973 - 19,873,684 295,626,652 552,843 403,173,287 9.716% 1,940 2018 66,940,356 22,180,000 - 22,695,103 285,697,297 5,073,701 402,586,457 9.318% 1,948* 2019 63,984,454 21,460,000 - 20,060,511 278,192,906 4,590,375 388,288,245 8.434% 1,850 2020 89,363,537 - - 17,827,064 267,148,736 4,117,507 378,456,844 7.957% 1,834 2021 85,260,598 - - 15,801,117 275,140,375 3,655,774 379,857,864 7.618% 1,856 NOTE: (1) Details regarding the City's outstanding debt can be found in the notes to the financial statements. (2) Demographic and Economic Statistics for personal income and population data provided by HdL Coren & Cone * Corrected to use 2018 Per Capita not 2017 per HdL Coren & Cone Source: Finance Department, City of Oxnard
HdL Coren & Cone
Governmental Activities Business-type Activities
City of Oxnard, California
SCHEDULE X
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
253
-204-
Estimated Estimated
Debt Percentage Share of
Governmental Unit Outs tandi ng Appl i cabl e Overl appi ng De bt City of Oxnard Overlapping Tax Debt (1):
Metropolitan Water District 26,830,000 $ 0.670% 179,761 $ V entura County Com m unity College District 269,969,464 15.048% 40,625,005 Oxnard Union High School District 347,177,016 46.628% 161,881,699 Ox nard School District 278,209,228 92.439% 257,173,828 Rio School District 89,164,659 87.063% 77,629,427
Rio School District Com m unity Facilities District No 1 66,430,000 100.000% 66,430,000 Hueneme School District 40,875,264 42.621% 17,421,446
Ocean V iew School District 10,460,247 42.748% 4,471,546 City of Oxnard Community Facilities District 1 6,870,000 100.000% 6,870,000 City of Oxnard Community Facilities District 3 23,305,000 100.000% 23,305,000 City of Oxnard Boulevard Highway Communities Facilities District 5,010,000 100.000% 5,010,000 City of Oxnard - Oxnard Blvd/Hwy 101 Assessment District 2000-1 1,475,000 100.000% 1,475,000 California Statewide Community Development Authority District No. 2018-1 15,725,000 100.000% 15,725,000 California Statewide Community Development Authority 1915 Act Bond 123,256 100.000% 123,256 V entura County G eneral Fund Obligations 319,290,000 15.043% 48,030,795 V entura County Superintendent of Schools - Certificates of Participation 8,325,000 15.043% 1,252,330 Oxnard Union High School District - Certificates of Participation 64,882,854 46.628% 30,253,577 Ocean V iew School District - Certificates of Participation 5,688,300 42.748% 2,431,634 Ox nard School District - Certificates of Participation 10,497,900 92.439% 9,704,154 Rio School District - Certificates of Participation 1,860,000 87.063% 1,619,372 Successor Agency - Tax Increment Debt 29,125,000 99.828% 29,074,865 Subtotal - Overlapping Debt 1,629,443,188 808,837,696
City of Oxnard Direct Debt (2):
City of Ox nard Lease Revenue Bonds 66,134,314
City of Ox nard G as Tax Revenue Bonds 19,126,284
City of Ox nard Lease Purchase Agreem ents 13,187,458
City of Ox nard Capital Lease Obligations 2,613,658
Subtotal - Direct Debt 101,061,714
Total Direct and Ov erlapping Debt 909,899,410$
Notes:
(1) The percentage of overlapping debt appicable to the City is estim ated using assessed property values. Applicable percentage s were estim ated by determ ining the portion of the overlapping District's assessed value that is within the boundaries of th e City divided by the Di stri ct's total tax abl e assessed value.
(2) Ex cludes debt for business-type activities
Source: California Municipal Statistics, Inc.
City of Oxnard, California
As of June 30, 2021
SCHEDULE XI
Direct and Overlapping Governmental Activities Debt
254
-205-
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
Debt limit 2,322,196 $ 2,319,396 $ 2,427,380 $ 2,593,772 $ 2,643,158 $ 2,762,153$ 2,888,347$ 3,024,677$ 3,162,347$ 3,291,547$ Total net debt applicable to limit --------- -
Legal debt margin 2,322,196$ 2,319,396$ 2,427,380 $ 2,593,772 $ 2,643,158 $ 2,762,153$ 2,888,347$ 3,024,677$ 3,162,347$ 3,291,547$ Total net debt applicable to the limit
as a percentage of debt limit 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% 0.00% Legal Debt Margin Calculation for Fiscal Year 2021
Assessed value 17,357,033$
Add back: exempt real property 4,586,613
Total assessed value 21,943,646$
Debt limit (15% of total assessed value) 3,291,547 $
Debt applicable to limit:
General obligation bonds 359,171
Less: assets in debt service funds for principal payments Revenue bonds - governmental activities (85,261)
Revenue bonds - business-type activities (273,910)
Total net debt applicable limit -
Legal debt margin 3,291,547$ Source: County of Ventura Finance Department, City of Oxnard
SCHEDULE XII
Legal Debt Margin Information
Last Ten Fiscal Years
($ in thousands)
City of Oxnard, California
255
-206-
Fiscal Gross Less: Operating Net Available Debt Service Year Revenues*** Expenses Revenues Principal Interest*** Coverage 2012 48,520,396 29,542,012 18,978,384 3,195,568 11,858,798 1.26 2013 52,118,399 34,436,062 17,682,337 3,479,490 10,524,675 1.26 2014 53,964,322 35,057,157 18,907,165 3,858,359 10,838,887 1.29 2015 48,512,000 35,981,736 12,530,264 4,017,916 8,602,946 0.99 2016 47,725,068 36,729,222 10,995,846 4,144,638 8,371,561 0.88 2017 50,683,078 37,479,875 13,203,203 4,290,245 8,253,814 1.05 2018 62,750,295 37,781,641 24,968,654 4,474,671 8,960,800 1.86 2019 61,615,626 37,586,305 24,029,321 3,457,368 7,318,141 2.23 2020 61,222,220 39,746,165 21,476,055 4,726,028 7,036,758 1.83 2021 60,368,949 42,772,873 17,596,076 3,393,227 7,120,495 1.67 Fiscal Gross Less: Operating Net Available Debt Service Year Revenues Expenses Revenues Principal Interest Coverage 2012 44,403,042 38,874,986 5,528,056 2,651,878 929,973 1.54 2013 42,668,594 38,235,619 4,432,975 2,729,777 763,442 1.27 2014 44,670,034 36,624,969 8,045,065 2,681,421 752,146 2.34 2015 43,578,972 35,911,447 7,667,525 2,813,015 254,592 2.50 2016 41,677,411 36,427,580 5,249,831 1,930,153 250,937 2.41 2017* - - - - - - 2018* - - - - - - 2019* - - - - - - 2020* - - - - - - 2021* - - - - - - Note: The above gross revenues include operating revenues (excluding connection fees) and investment income.
The above operating expenses do not include depreciation, debt service and infrastructure use fee payments The City's bond obligations are secured by the pledge of net system revenues * There were no pledged revenues during this year
** Correction of previously reported amounts
*** For Water Revenue Bonds, BAB subsidy is excluded from gross revenues and net against interest expense starting 2015 Source: Finance Department, City of Oxnard
Environmental Resources Revenue Bonds
City of Oxnard, California
Water Revenue Bonds**
SCHEDULE XIII
Pledged Revenue Coverage
Last Ten Fiscal Years
256
-207-
Gross Less: Operating Net Available Debt Service Fiscal Revenues Expenses Revenues Principal Interest Coverage Year 25,402,431 17,161,967 8,240,464 3,532,784 7,060,378 0.78 2012 29,473,039 17,170,928 12,302,111 3,709,555 6,882,148 1.16 2013 30,274,729 17,888,757 12,385,972 4,316,967 6,738,688 1.12 2014 31,973,678 20,731,227 11,242,451 4,193,581 6,586,349 1.04 2015 30,204,121 19,472,569 10,731,552 4,302,474 4,731,254 1.19 2016 37,100,396 18,374,360 18,726,036 4,353,176 4,643,123 2.08 2017 40,284,050 19,768,048 20,516,002 4,481,192 4,963,668 2.17 2018 43,701,872 16,722,471 26,979,401 4,433,905 4,293,796 3.09 2019 44,268,629 21,522,952 22,745,677 4,661,097 4,119,088 2.59 2020 48,284,979 21,738,622 26,546,357 4,795,000 4,636,250 2.81 2021 Gross Less: Operating Net Available Debt Service Fiscal Revenues Expenses Revenues Principal Interest Coverage Year 23,905,239 23,029,780 875,459 250,000 189,204 1.99 2012 23,782,397 23,948,254 (165,857) 260,000 180,456 (0.38) 2013 26,172,885 24,332,827 1,840,058 270,000 168,169 4.20 2014 23,119,454 22,346,820 772,634 280,000 160,170 1.76 2015 23,119,454 22,587,321 532,133 295,000 149,436 1.20 2016 26,476,702 25,300,241 1,176,461 310,000 132,968 2.66 2017 27,712,683 27,085,179 627,504 320,000 130,683 1.39 2018 27,767,016 26,848,409 ** 918,607 335,000 114,345 2.04 2019 29,554,251 29,171,840 382,411 335,000 97,905 0.88 2020 31,100,628 29,995,087 1,105,541 370,000 77,345 2.47 2021 Note: The above gross revenues include operating revenues (excluding connection fees) and investment income.
The above operating expenses do not include depreciation, debt service and infrastructure use fee payments The City's bond obligations are secured by the pledge of net system revenues * There were no pledged revenues during this year
** Correction of previously reported amounts
*** For Water Revenue Bonds, BAB subsidy is excluded from gross revenues and net against interest expense starting 2015 Source: Finance Department, City of Oxnard
Oxnard Housing Authority Revenue Bonds
City of Oxnard, California
Wastewater Revenue Bonds**
SCHEDULE XIII (Continued)
Pledged Revenue Coverage
Last Ten Fiscal Years
257
-208-
(1) (2) (2) (2) (3) (4)
Fiscal Personal Per Capita Median School Unemployment
Year Population Income (in thous) Income Age Enrollmen t Rate 2012 200,390 3,968,123 19,802 30.3 39,231 13.0% 2013 200,855 4,018,506 20,007 30.1 38,813 10.1% 2014 203,645 4,063,329 19,953 30.3 39,418 8.6% 2015 206,148 4,112,210 20,210 30.5 39,266 5.8% 2016 206,997 4,166,242 20,127 30.7 39,425 6.2% 2017 207,772 4,149,665 19,972 30.8 41,338 5.6% 2018 206,499 4,320,613 20,923 31.4 39,461 5.1% 2019 209,879 4,603,746 21,935 31.7 39,578 4.8% 2020 206,352 4,756,228 23,049 32.1 39,525 7.7%* 2021 204,675 4,986,380 24,362 32.3 37,761 9.3% Sources: (1) California Department of Finance, Demographic Research Unit. - Provided by HdL Coren & Cone (2) Demographic and Economic Statistics for personal income and population data provided by HdL Coren & Cone (3) Oxnard School Districts (Elementary) and Oxnard Union High School District, Oxnard College (4) California Employment Development Department - Provided by HdL Coren & Cone * Calculated based on monthly unemployment data from California EDD for the fiscal year. The rate at the end of the fiscal year was 11.8%.
City of Oxnard, California
SCHEDULE XIV
Demographic and Economic Statistics
Last Ten Fiscal Years
258
-209-
Employer
Oxnard School District 3,870 3.85% 2,201 3.60%
Reiter 2,447 2.43% DATA NOT AVAILABLE DATA NOT AVAILABLE City of Oxnard 1,960 1.95% 1,200 1.96%
Commonsprit Health 1,933 1.92% DATA NOT AVAILABLE DATA NOT AVAILABLE The Procter & Gamble company 1,898 1.89% DATA NOT AVAILABLE DATA NOT AVAILABLE St. John's Regional Medical Center 1,500 1.49% DATA NOT AVAILABLE DATA NOT AVAILABLE HAAS Automation 1,390 1.38% DATA NOT AVAILABLE DATA NOT AVAILABLE Oxnard Union High School 1,203 1.20% 1,265 2.07%
Spatz Laboratories 1,117 1.11% DATA NOT AVAILABLE DATA NOT AVAILABLE Raypak 557 0.55% DATA NOT AVAILABLE DATA NOT AVAILABLE
Subtotal 17,875 17.77% 4,666 7.63%
Rest of Oxnard 82,700 82.23% 56,484 92.37%
Total 100,575 100.00% 61,150 100.00%
Source: EDD & Oxnard Businesses
Number of
Employees
Percent of Total
Employment
Number of
Employees
Percent of Total
Employment
City of Oxnard, California
SCHEDULE XV
Principal Employers
Current Year and Nine Years Ago
2021 2012
259
-210-
Function 2012 2013 2014 2015 2016
Police
Physical arrests 7,278 6,790 6,169 7,388 7,063
Parking violations 34,914 32,120 25,130 26,033 32,288
Traffic violations 22,294 15,800 17,775 18,596 15,845
Fire
Number of calls answered 13,381 14,127 14,770 15,560 17,678 Inspections 4,212 5,000 3,588 3,030 2,296
Highways and streets
Potholes repaired 14,000 13,000 13,500 13,000 12,500
Sanitation
Total number of customers 44,034 44,312 44,677 44,944 45,266 Refuse collected (tons/day) 558 569 582 605 608
Recyclables collected (tons/day) 98 98 101 98 101
Culture and recreation
Community center admissions 33,751 29,910 22,980 35,857 28,896 Water
Total number of customers 41,064 41,019 41,319 41,437 41,635 Average daily consumption (gallons/day) 23,094,489 23,578,792 24,041,322 21,014,055 21,701,750 Wastewater
Total number of customers 38,379 38,712 38,971 39,210 39,374 Average daily sewerage treatment (gallons/day) 23,000,000 23,000,000 19,700,000 19,700,000 19,700,000 Source: Various departments, City of Oxnard
^ Includes total admissions for Palm Vista Senior Center which opened in 2019 ** Decrease due to staffing decrease and Covid-19 limitations ^^ Community Centers were closed from 02/2020 on due to Covid-19 * Starting fiscal year 2019, the City began using a new method calculating the number of potholes repaired. The new method is based on the total quantity of materials used for the year and average quantity of materials used per pothole.
City of Oxnard, California
SCHEDULE XVI
Operating Indicators by Function
Last Ten Fiscal Years
260
-211-
2017 2018 2019 2020 2021 Function
Police
6,641 6,495 6,997 6,018 3,298 Physical arrests
32,273 25,663 36,159 21,709 14,221 Parking violations 16,935 18,745 17,804 14,231 11,025 Traffic violations Fire
17,974 25,005 28,528 30,391 27,424 Number of calls answered 1,463 3,710 3,107 1,817 4,866 Inspections
Highways and streets
12,500 12,500 2,000* 1,300** 1,400 Potholes repaired Sanitation
45,537 45,773 46,043 46,576 35,218 Total number of customers 626 645 706 733 741 Refuse collected (tons/day)
104 125 131 144 154 Recyclables collected (tons/day) Culture and recreation
26,343 26,196 40,760^ 34,707^^ 0^^ Community center admissions Water
42,301 42,041 42,122 42,804 42,958 Total number of customers 22,130,222 22,444,527 20,691,499 20,099,230 21,773,583 Average daily consumption (gallons/day) Wastewater
39,580 39,735 39,808 39,962 40,177 Total number of customers 18,800,000 19,080,000 19,700,000 17,300,000 18,000,000 Average daily sewerage treatment (gallons/day) Source: Various departments, City of Oxnard
^ Includes total admissions for Palm Vista Senior Center which opened in 2019 ** Decrease due to staffing decrease and Covid-19 limitations ^^ Community Centers were closed from 02/2020 on due to Covid-19 * Starting fiscal year 2019, the City began using a new method calculating the number of potholes repaired. The new method is based on the total quantity of materials used for the year and average quantity of materials used per pothole.
City of Oxnard, California
SCHEDULE XVI (Continued)
Operating Indicators by Function
Last Ten Fiscal Years
261
-212-
Function 2012 2013 2014 2015 2016
Public safety
Police
Stations 1 1 1 1 1
Police vehicles 275 268 268 311 233
Fire
Stations 7 7 7 8 8
Fire Trucks 16 16 16 17 17
Hydrants ^ 5,430 5,500 5,500 5,500 5,500
Sanitation
Collection trucks 51 51 51 50 52
Highways and streets
Streets (miles) 400 400 400 400 432
City-owned streetlights 674 974 974 972 980
SCE-owned streetlights ^^ 10,005 10,067 10,192 10,225 10,225 Culture and recreation
Parks acreage 550 550 550 555 561
Parks 585 85 85 96 2
Ball diamonds 37 37 37 37 22
Basketball courts 47 47 47 48 25
Craft/Activity buildings 10 10 10 10 2
Gymnasium 2 2 2 2 2
Swimming pools 1 1 1 1 1
Tennis courts 30 30 30 30 25
Community centers 33332
Library
Number of books 362,753 337,015 325,906 318,644 316,646 Number of microfilms 8,708 8,726 8,729 8,729 5,885
Number of audiotapes 21,676 20,060 20,423 19,618 18,902 Number of videotapes 17,288 14,688 15,025 14,167 14,259 Number of DVD * - - - - -
Number of CD-ROMS (data disk) 620 438 447 16 3,072
Water
Water mains (miles) 597 600 600 600 600
Maximum daily treatment capacity 18,600,000 18,600,000 18,600,000 18,600,000 18,600,000 Sewer
Miles of sewer lines 445 445 430 430 430
Source: Various departments, City of Oxnard
^ Total includes only City-owned fire hydrants
* Transitioned from video tapes to DVD's
^^ Totals provided by Southern California Edison with accompanying location map for each light ** Decrease in Acreage due to expired contract with County of Ventura to maintain beach front areas ^^^ Decrease due to update to GIS system adjusting for mains owned by water districts previously listed as City owned *** Decrease due to abandoned sewer lines
City of Oxnard, California
SCHEDULE XVII
Capital Assets by Function
Last Ten Fiscal Years
262
-213-
2017 2018 2019 2020 2021 Function
Public safety
Police
11111 S t a t i o n s
236 236 240 242 224 Police vehicles
Fire
88888 S t a t i o n s
17 17 17 17 17 Fire Trucks
5,551 5,551 5,676 5,678 5,690 Hydrants ^
Sanitation
52 50 56 56 52 Collection trucks
Highways and streets
432 451 452 485 400 Streets (miles)
1,025 1,025 1,025 1,025 972 City-owned streetlights 10,240 10,242 10,242 9,950 10,225 SCE-owned streetlights ^^ Culture and recreation
561 561 539 438** 438 Parks acreage
61 61 56 53 53 Parks
27 29 30 30 30 Ball diamonds
30 30 30 30 30 Basketball courts
22222 C r a f t / A c t i v i t y b u i l d i n g s 22222 G y m n a s i u m
11111 S w i m m i n g p o o l s
33 32 32 32 32 Tennis courts
33333 C o m m u n i t y c e n t e r s
Library
333,016 366,051 411,482 334,016 331,204 Number of books 8,323 7,822 8,377 8,377 21,700 Number of microfilms 10,922 13,003 20,528 8,996 8,634 Number of audiotapes ---- 1 3 4 N u m b e r o f v i d e o t a p e s
19,249 17,947 21,162 17,522 17,009 Number of DVD * ---- 1 1 1 N u m b e r o f C D - R O M S ( d a t a d i s k ) Water
624 624 563^^^ 563 525 Water mains (miles)
18,600,000 18,600,000 18,600,000 18,600,000 18,600,000 Maximum daily treatment capacity Sewer
430 430 430 405*** 406 Miles of sewer lines
Source: Various departments, City of Oxnard
^ Total includes only City-owned fire hydrants
* Transitioned from video tapes to DVD's
^^ Totals provided by Southern California Edison with accompanying location map for each light ** Decrease in Acreage due to expired contract with County of Ventura to maintain beach front areas ^^^ Decrease due to update to GIS system adjusting for mains owned by water districts previously listed as City owned *** Decrease due to abandoned sewer lines
City of Oxnard, California
SCHEDULE XVII (Continued)
Capital Assets by Function
Last Ten Fiscal Years
263
-214-
Function 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 General government 228 227 230 230 228 224 288 279 251 253 Public Safety
Police
Officers 236 252 249 252 243 252 268 258 258 274
Civilians 151 155 159 157 151 110 114 117 115 84
Fire
Firefighters & officers 101 101 110 125 125 125 150 123 124 123 C i v i l i a n s 333333 4 8 7 1 0
T r a n s p o r t a t i o n 4 94 94 44 32 51 6 2 7 3 9 3 9 2 4 C o m m u n i t y d e v e l o p m e n t 6 66 05 85 95 05 2 5 7 5 8 6 2 6 2 C u l t u r e , l e i s u r e a n d l i b r a r i e s 8 38 38 38 16 75 5 9 59 2 . 5 7 9 7 9 Utilities
W a t e r 5 15 15 05 05 25 3 5 6 5 2 6 0 7 6
Wastewater 70 76 79 80 81 81 74 73 73.5 77
Environmental Resources 79 79 80 118 113 118 175 172 173 195 H o u s i n g 8 38 28 28 18 08 1 7 0 7 1 7 1 7 1
Total 1,200 1,217 1,226 1,278 1,218 1,171 1,378 1,343 1,312 1,328 Note: The numbers above represent authorized positions by the City Council.
Source: HR Department, City of Oxnard
SCHEDULE XVIII
Full-Time Equivalent City Government Employees by Function Last Ten Fiscal Years
City of Oxnard, California
264
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AUDIT REPORT FOR FYE
JUNE 30, 2021
Finance & Governance Committee Meeting | January 11, 2022 269
2 Finance & Governance Committee Meeting | January 11, 2022 AGENDA
Independent Auditor’s Opinion ……………..……………………………………….
ACFR Highlights ………………………………...……..…………….......................
Revenues - General Fund Group ……………..……………………………….......
Expenditures - General Fund Group ....…………..………………………………..
General Fund Group Combining Schedule ………….…………………………….
Critical Audit Matters ………….…………………………………………………….
3 4
8 9
10 11
270
Finance & Governance Committee Meeting | January 11, 2022 INDEPENDENT AUDITOR’S OPINION
3 “Clean Opinion”
for June 30, 2021
see pages 1 – 4 of ACFR
271
Finance & Governance Committee Meeting | January 11, 2022 ACFR HIGHLIGHTS - Net Position ($ millions)
4 Assets and Deferred
Outflows of Resources,
$3,057
Liabilities and Deferred Inflows of
Resources, $845
Net Position, $2,212
2020
Assets and Deferred
Outflows of Resources,
$3,147
Liabilities and Deferred Inflows of
Resources, $903
Net Position, $2,244
2021
272
Finance & Governance Committee Meeting | January 11, 2022 5 Revenues - Governmental Activities Expenses - Governmental Activities
ACFR HIGHLIGHTS
Governmental Activities Revenues & Expenses
Charges for Services
21%
Operating Grants
and Contributions
11%
Capital Grants and
Contributions
3%
Property Tax
32%
Sales Tax
27%
Other Taxes
5%
Other
1%
General
Government
21%
Public Safety
50%
Transportation Systems
5%
Community
Development
9%
Culture, Leisure
and Libraries
13%
Interest on Long-Term
Debt
2%
273
Finance & Governance Committee Meeting | January 11, 2022 ACFR HIGHLIGHTS - ($ millions)
6 2021
Revenues Expenses
Business-Type Activities Revenues & Expenses
0 10 20 30 40 50 60 70
Water
Wastewater
Environmental Resources
Oxnard Housing Authority
2020
$ Millions0 10 20 30 40 50 60 70
Water
Wastewater
Environmental Resources
Oxnard Housing Authority
Golf Course
$ Millions
274
Finance & Governance Committee Meeting | January 11, 2022 ACFR HIGHLIGHTS - General Fund Group ($ millions)
7 $120
$130
$140
$150
$160
$170
$180
$190
$200
Expenditures / Net TransfersRevenues
2020
178
2021
155
153
155
275
Finance & Governance Committee Meeting | January 11, 2022 REVENUES – General Fund Group ($ millions)
8 Taxes, $119
Charges for
Services, $23
Other, $14
2020
Taxes, $144
Charges for
Services, $18
Other, $15
2021
276
Finance & Governance Committee Meeting | January 11, 2022 EXPENDITURES - General Fund ($ millions)
9 General
Government, $21
Public Safety, $92
Transportation, $6
Community
Development, $12
Culture, Leisure,
and Library
Services, $21 Other, $3
2020
General Government,
$17
Public Safety, $93
Transportation, $6
Community
Development, $13
Other, $6
Culture, Leisure and
Libraries, $18
2021
277
Finance & Governance Committee Meeting | January 11, 2022 (in thousands)
GENERAL FUND GROUP COMBINING SCHEDULE
10 101 - General 104 - Half Cent 105 - Street
641 -
Performing 651 - Golf
Fund Sales Tax Maintenance Arts Center Course Other* Total Assets 47,752$ 13,909$ 12,593$ 8$ -$ 1,972$ 76,234$ Liabilities & Deferred Inflows 51,141$ (4,405)$ 8,011$ -$ -$ 1,639$ 56,386$ Fund Balances (3,389)$ 18,314$ 4,582$ 8$ -$ 333$ 19,848$ Revenues 157,492$ 17,387$ 2,058$ 13$ -$ 740$ 177,690$ Total Expenditures 134,654 11,791 4,394 38 - 1,661 152,539 Other Financing Sources (Uses) (30,906) (5,302) (7,000) 31 (1,236) 978 (43,435) Net Changes in Fund Balances (8,068)$ 293$ (9,335)$ 6$ (1,236)$ 57$ (18,284)$ *
Schedule might not foot due to rounding.
Other funds include: General Fund Carryover (102), Oxnard Police Department (OPD) Training (103), Stormw ater Management (114), Payroll Clearing Trust (542), Carnegie Art Trust (543), Housing Payroll Trust (545), City Artw orks Trust (546), City Corps Trust (555), and Contributions/Donations Trust (571).
278
11 Finance & Governance Committee Meeting | January 11, 2022
CRITICAL AUDIT MATTERS
Accounting estimates
Allowances for doubtful accounts
Pension & OPEB
Self-insurance claims payable
Depreciation expense and accumulated depreciation
Significant disclosures
Deficit fund balances
Prior-period adjustments
Pension & OPEB related
Commitments and contingencies, risks and uncertainties, and subsequent events 279
12 Finance & Governance Committee Meeting | January 11, 2022
CRITICAL AUDIT MATTERS
Challenges encountered during audit
Audit adjustments
New accounting pronouncements
GASB 84, Fiduciary Activities
GASB 98, The Annual Comprehensive Financial Report (ACFR) Other audit findings
Internal control report – tentative March 2022
IT assessment & vulnerability scan
280
Mary Maxion
[email protected]
909.557.8385
Eden C. Casareno
[email protected]
909.809.7662
Hong N. Nguyen
[email protected]
909.809.9061
281
FINANCE AND GOVERNANCE COMMITTEE
AGENDA REPORT
REPORTS
AGENDA ITEM NO. D.2
DATE: January 11, 2022
TO: Finance & Governance Committee
FROM: Stephen Fischer, City Attorney, (805) 385-7483, [email protected]
SUBJECT: Council Procedures Manual Update. (0/10/10)
RECOMMENDATION
That the Finance and Governance Committee provide additional direction on the proposed update to the Council Procedures Manual and recommend that the City Council approve the proposed update to the Council Procedures Manual with such additional direction.
BACKGROUND
The City Council adopted the current version of the Council Procedures Manual on November 19, 2019. As stated in Chapter 1 of the Procedures Manual, it was anticipated that the document would be reviewed every two years and revised from time to time. Proposed revisions to the Procedures Manual at this time include stylistic changes and use of consistent terms, updates to links and numerical data, and conforming certain policies to the Council's current practices and recent changes to applicable laws. As also noted in Chapter 1, the Procedures Manual provides a summary of certain aspects of Council activities and is not intended to incorporate all material and information relating to Council business.
At its December 14, 2021 meeting, the proposed update to the Procedures Manual was presented to the Finance and Governance Committee, which provided input that has been incorporated into the attached redline draft. At its January 11, 2022 meeting, the Committee has the opportunity to provide any additional input and recommend advancing the proposed update with such additional input to Council for its consideration.
STRATEGIC PRIORITIES
This agenda item is a routine operational item or does not relate to the five strategic priorities adopted by City Council on March 16, 2021.
FINANCIAL IMPACT
There is no financial impact.
Prepared by: Stephen Fischer, City Attorney
ATTACHMENTS
1. City Council Procedures Manual.2021 Update.v3
282
1 Procedures Manual
City of Oxnard City Council
Adopted May 10, 2016
(City Council Resolution No. 14,915; see also, Housing
Authority Resolution No. 1,291)
Revised November 19, 2019
(City Council Resolution No. 15,279)
Revised ________, 2022
(City Council Resolution No. _____)
283
2 CITY OF OXNARD
Mission Statement
It is the mission of the City government to ensure that Oxnard will have clean, safe, prosperous and attractive neighborhoods with open, transparent government.
Specifically, the City fulfills its function by:
Addressing the needs of the residents through the City Council, the appointed commissions, and the City staff.
Providing easy and open access to information and encouraging dialogue, enabling residents to actively engage in civic life.
Providing for the safety of its residents, businesses, and visitors. Providing timely and responsive service.
Providing special assistance to those in need.
Functioning effectively, efficiently and with accountability. Creating a positive and desirable workplace environment for City employees. Managing change for the betterment of the City.
Creating and maintaining a viable revenue stream, and providing for the unpredictable nature of our economy.
Implementing and maintaining City infrastructure, facilities, and programs. Formulating sound environmental policies.
Recognizing and supporting the City’s diverse neighborhoods and population. Acting as a responsible member of the greater region.
The City Council formed the Oxnard City Council Procedures Committee in January 2011, and appointed Mayor Pro Tempore Irene Pinkard and Councilman Tim Flynn to serve on the Committee. The Committee adopted the following mission statement on March 3, 2011.
OXNARD CITY COUNCIL PROCEDURES COMMITTEE
Mission Statement
It is the mission of the City government to ensure Oxnard is a desirable, safe, and vibrant community in which to live and conduct business and to respond to the values and priorities of the residents in an open and transparent manner. In order to accomplish this mission, the Oxnard Council Procedures Committee has been created to develop guidelines and rules under which Councilmembers will operate and perform their role as legislators of the City of Oxnard.
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3 Chapter 1
Introduction
Purpose of the Procedures Manual .................................... 5 Overview of City Documents ........................................... 5 Orientation of New Councilmembers ............................... 6 League of California Cities Guide ..................................... 6
Chapter 2
Oxnard City Council: Powers and Responsibilities
City Council Generally ..................................................... 7 Role of Mayor & Mayor Pro Tempore ............................. 7 Appointment of City Manager and City Attorney ............ 8 Role in Disaster ................................................................. 8 Appointment of Advisory Bodies … ................................. 8
Chapter 3
City Council Meetings
General Procedures ............................................................ 9 Meeting Schedule ............................................................ 10 Special Meetings ............................................................. 10 Development of Agenda .................................................. 10 Placing Items on Agenda ................................................ 10 Notification and Advertising............................................ 11 Order of Business ............................................................ 11 Discussion Rules ............................................................. 13 Voting Procedures ............................................................ 15 Other Guidelines ............................................................. 15 Open Meeting Laws (the “Brown Act”) .......................... 16
Chapter 4
Council Communications
Overview ......................................................................... 18 Correspondence from Councilmembers ......................... 18 Speaking for “The City” ................................................. 18 Local Ballot Measures .................................................... 19 State Legislation, Propositions ........................................ 19
285
4 Chapter 5
Interaction with City Staff
Overview ......................................................................... 20 Council-Manager Form of Government ......................... 20 Council-Manager Relationship ....................................... 20 City Manager Code of Ethics .......................................... 21 City Council-City Attorney Relationship ....................... 21 Roles and Information Flow ........................................... 21 Dissemination of Information ......................................... 22 Staff Relationship with Advisory Bodies ....................... 22
Chapter 6
Support Provided to City Council
Staff Support ................................................................... 23 Office Equipment ............................................................ 23 Meeting Rooms ............................................................... 23 Mail, Deliveries ............................................................... 24
Chapter 7
Financial Matters
Council Compensation .................................................... 25 Expenditure Allowance ................................................... 25 Expenditure Guidelines ................................................... 25
Chapter 8
Conflicts & Liability
Conflict of Interest .......................................................... 26 City Attorney Advice ...................................................... 26 Conflict of Interest Forms ............................................... 27 Liability ........................................................................... 27
Chapter 9
Additional Training & Resource Materials
League of California Cities ............................................. 28 Local Government Commission ..................................... 28 International City/County Management Association ....... 28 Other Resources for Reference Material .......................... 28
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5 Introduction
The Oxnard City Council establishes policies and priorities for the community and is responsible for the fiscal health of a public corporation with an annual budget, including as of the date of last approved revision of this Procedures Manual an operating and capital improvement budget of nearly $500633 million per year. Oxnard is a “full service” city, with its own police, fire, water, wastewater and environmental resources (solid waste) departments, and is an organization with more than 1,300 full-time equivalent employees that has Citywide assets totaling nearly $3 billion in value (roads, buildings, parks, etc).
Purpose of the Procedures Manual
By developing and agreeing to adhere to the following guidelines and procedures, the effective administration of City Council affairs will be greatly enhanced. This Procedures Manual shall also apply when the Council acts as the Successor Agency to the Oxnard Community Development Commission, as well as to the proceedings of the Oxnard Housing Authority and the other public entities for which the City Council acts as the governing body.
While attempting not to be overly restrictive, procedures are established so that expectations and practices can be clearly articulated to guide the Mayor and Councilmembers in their actions. It is anticipated that this Procedures Manual will be reviewed every two years by the City Council and may be revised from time to time.
Overview of City Documents
This pProcedures mManual provides a summary of important aspects of City Council activities. However, it cannot incorporate all material and information necessary for undertaking the business of a city council. Many other laws, policies, plans and documents exist which bind the City Council to certain courses of action and practices. A summary of some of the most notable documents that establish City Council direction is provided below.
City Code: The City Code contains local laws and regulations adopted by ordinances. The Administrative Chapter of the Code shall incorporate by reference the rules and procedures established herein including the roles of the Mayor, Mayor Pro Tempore and City Council.
Included in the Administrative Chapter of the Code is appointment of certain city staff positions and the establishment, qualifications, appointment and terms applicable to certain advisory commissions. In addition to these administrative matters, the City Code contains a variety of laws. The City Code is available either on the City’s website or from the City Clerk.
California Government Code: The California Government Code contains many statutes that set forth requirements for the operation of city government. Many of these requirements are also replicated within the City Code to ensure there is broad awareness of such requirements. Oxnard is a “general law” city, which means it is organized in accordance with provisions of the Government Code. The Government Code provides for Oxnard’s City Council-City Manager form of government, which was adopted as the City’s form of government by ordinance approved by the City’s voters. Basically, this form of government prescribes that a city council’s role is to establish polices and priorities, while the role of the City Manager is to oversee the operations of the city government.
287
6 Annual Budget: The City’s annual budget provides a description of City services and the resources used to provide services. The document contains both a broad overview of the budget, and detailed descriptions of programs and services, organized for convenience by lead departments. The City operates on a July 1st through June 30th fiscal year with a budget that includes governmental funds like the General Fund; special revenue funds; enterprise funds like Water, Wastewater and Environmental Resources; and internal service funds.
General Plan: The General Plan is comprised of a number of elements, such as land use, circulation, open-space, and housing, all in accordance with State requirements, and provides a policy framework for various matters that fall within these areas. A separate planning document, the Coastal Land Use Plan, applies in selected regulatory areas in the City’s Coastal Zone.
Orientation of New Councilmembers
It is important that members of the Council have an understanding of the full range of services and programs provided by the organization. As new members join the City Council the City Manager arranges for new member training, conferences and familiarization with all facets of City government.
League of California Cities Guide
A publication that provides additional useful information is the New Mayors and Council Members Resource Guide updated annually and available through the League of California Cities website: http://www.calcities.org/. The Guide contains general information on the role and responsibilities of city councilmembers and on the specific requirements and laws that govern Council actions.
288
7 Oxnard City Council:
Powers and Responsibilities
City Council Generally
The powers of a city council in California to establish policy are quite broad. Essentially, councils may undertake any action related to the establishment of city policies that affect city affairs other than those that are denied by the California Constitution and general laws or are preempted by state or federal law. Specifically, the Council shall have the power, in the name of the City, to do and perform all acts and things appropriate to a municipal corporation and the general welfare of its inhabitants, subject to statutory limitations and which are not specifically forbidden by the Constitution and laws of the State of California.
It is important to note that the City Council acts as a body. No member has any extraordinary powers beyond those of other members. While the Mayor and Mayor Pro Tempore have some additional ceremonial and administrative responsibilities as described below, in the establishment of policies, voting and in other significant areas, all members are equal. It is also important to note that policy is established by at least a majority vote of the Council. While individual members may disagree with decisions of the majority, a decision of the majority does bind the Council to a course of action. In turn, it is staff’s responsibility to ensure the policy of the Council is upheld. Actions of staff to pursue the policy direction established by a majority of Council does not reflect any bias against Councilmembers who held a minority opinion on an issue.
The City Council has occasionally debated whether it should take positions of a broader nature or limit itself to purely municipal functions. Historically, Oxnard City Councils have chosen to not take positions on issues outside of their immediate authority to effect. The propensity of the City Council to involve itself in such issues reflects the personalities and outlooks of the members who are elected to four-year Councilmember terms and a two-year Mayoral term.
Limitations are imposed on a Councilmember’s ability to serve on appointed boards of the City.
State law expresses that no member of the Council shall serve as a voting member of any city board, committee, or commission, whether composed of citizen volunteers, city employees, or a combination of both. This is not construed as prohibiting members of the Council from serving on committees or subcommittees of the Council itself, or of agencies representing other levels of government. In fact, Councilmembers often participate and provide leadership in regional and state programs and meetings. Councilmembers are strongly encouraged to provide a written reports to theduring Council meetings on matters discussed at subcommittees and other regional or state board/agency/group activities in which they have been involved.
Role of Mayor & Mayor Pro Tempore
Mayor: The Mayor is to preside at all meetings of the City Council. The Mayor does not possess any power of veto. As presiding officer of the Council, the Mayor is to faithfully communicate the will of the Council majority in matters of policy. The Mayor is also recognized as the official head of the City for ceremonial purposes only.
289
8 The Mayor, unless unavailable, shall sign all ordinances, and other documents that have been adopted by the City Council and require an official signature; except in those instances when the City Manager, or other staff, have been authorized by Council action to sign documents. In the event the Mayor is unavailable, the Mayor Pro Tempore’s signature will be used.
Mayor Pro Tempore: The City Council has specified that the Mayor Pro Tempore shall perform the duties of the Mayor during the Mayor's absence or disability. The Mayor Pro Tempore shall serve in this capacity at the pleasure of the City Council.
Appointment of City Manager and City Attorney
The City Council only has the authority to appoint only two positions within the City organization: the City Manager and the City Attorney. Both positions serve at the will of the City Council. The City Manager and City Attorney is anare employees of the City and has have an employment agreements that specifyies certain terms of employment including an annual evaluations by the City Council. The City Manager is responsible for all other personnel appointments within the City. The current City Attorney is an employee of the City and has an employment agreement that specifies certain terms of employment including regular evaluation by the City Council.
Role in Disaster
In consultation with the City Manager, the City Council may be asked to participate at the City’s Emergency Operations Center (EOC), located within the Fire Department, to provide policy guidance and to receive information in an emergency. The California Emergency Services Act (California Government Code Sections 8550 et seq.) provides for the preservation of local government during an emergency and specifies the duties and powers of local government to appoint contingency successors in office for various public officials, including the City Council and the City Manager, to serve when the elected or appointed incumbent is unavailable during an emergency.
Appointment of Advisory Bodies
The City has a number of standing advisory bodies, the rules, regulation and requirements of which can be found in the Administrative Chapter (Chapter 2) of the City Code. The Mayor, "with the approval of the city council, shall make all appointments to boards, commissions, and committees unless otherwise specifically provided by statute." California Government Code Section 40605. For appointments to Citizen Advisory Groups (CAGs) each Councilmember shall strive to nominate a commissioner from the Councilmember’s district to serve on each CAG. The Mayor shall nominate one commissioner at-large for each CAG.
290
9 City Council Meetings
General Procedures
Rules of Order: Except as otherwise provided by applicable law or as specifically provided in this Procedures Manual, the latest revised current edition of "Rosenbergt’s Rules of Order Newly Revised" shall govern the conduct of City Council the meetings of City Council.
Presiding Officer:
a. The Mayor or in the Mayor's absence, the Mayor Pro Tempore, or a temporary presiding officer in appropriate circumstances, shall be the presiding officer of the City Council.
b. In the absence of the Mayor and Mayor Pro Tempore, the City Clerk shall call the City Council to order. The temporary presiding officer shall be the Councilmember present with the greatest length of service on the City Council. Upon the arrival of the Mayor or the Mayor Pro Tempore, the temporary presiding officer shall relinquish the chair at the conclusion of the business then before the City Council.
c. The presiding officer shall assume the chair at the hour appointed for the meeting and shall call the City Council to order.
d. The presiding officer shall preserve strict order and decorum at all City Council meetings, state questions before the City Council, and announce the City Council's decision on all matters.
e. The presiding officer shall decide all questions of order, subject however, to an appeal by any Councilmember to the City Council as a whole, in which event a majority vote of the City Council shall govern and conclusively determine questions of order.
f. Unless prohibited by State law, the presiding officer shall vote on all questions before the City Council.
g. The presiding officer may move, second and debate from the chair, subject only to such limitations of debate as are imposed on all Councilmembers by this resolutionProcedures Manual.
h. The presiding officer shall not be deprived of any of the rights or privileges of a Councilmember by reason of acting as presiding officer.
Seating arrangement of the Council: The Mayor Pro Tempore is seated immediately next to the Mayor. The Mayor, with the approval of individual Councilmembers, shall establish the seating arrangement for regular Council meetings.
Quorum: Four-sevenths of the Councilmembers constitute a quorum for the transaction of business. When there is no quorum, any Councilmember shall adjourn such meeting or, if no Councilmember is present, the City Clerk shall adjourn the meeting.
291
10 Minutes: The minutes of City Council meetings shall be prepared by the City Clerk and shall be maintained in a book as a record of each particular type of business transacted. The City Clerk shall be required to make a record only of such business as was actually passed upon by a vote of the City Council and shall not be required to record any remarks of Councilmembers or of any other person except at the special request of a Councilmember. If provided, the City Clerk shall record the name of any person addressing the City Council or submitting a written speaker card. As soon as possible after each City Council meeting, the City Clerk shall cause a copy of the minutes thereof to be forwarded to each Councilmember and the City Manager. Unless the reading of the minutes of a City Council meeting is requested by a Councilmember, such minutes may be approved without reading, if the City Clerk has previously furnished each Councilmember with a copy thereof. Any Councilmember, upon request, shall have entered in the minutes the right to have personal reasons for support for, dissent from, or protest against, any action of the City Council.
Meeting Schedule
By Ordinance No. 2,949 the City Council has established their regular meeting calendar, which provides that unless otherwise approved by City Council action, the Council shall conduct regular meetings in the Council Chambers, at 305 West Third Street on the first and third Tuesdays of every month. Regular meetings begin no earlier than 4:30 p.m. Closed sessions are generally held, as needed, at the beginning of the regular meeting.
Regular meetings throughout the year may be cancelled. The Mayor and Councilmembers should inform the City Manager’s secretary as soon as possible if they intend to be out of town on a set meeting date.
Special Meetings
Special meetings may be called by the Mayor or a majority of the City Council in compliance with the Brown Act, which is discussed in more detail later in this Chapter. Written notice typically must be given to the public, and to the media requesting such notice, at least seven (7) days prior to a special meeting. No business other than that officially noticed may be discussed.
The Mayor or City Council may call a special meeting to discuss goals and priorities for the upcoming year.
Development of Agenda
Subject to certain exceptions set forth in the City Code, a copy of the agenda for Council meetings is transmitted to the Council and posted to the City’s website twelve days prior to a regular meeting and seven days prior to a special meeting. All agenda materials are posted with the agenda on the City’s website and are also available after posting during normal business hours at the Main Branch of the Public Library and in the Office of the City Clerk.
Placing Items on Agenda
Inclusion of Item on Future Agenda by City Council:
While most agenda items are scheduled through the City Manager’s Office based on the administrative needs of the City, the intent of this policy is to provide an orderly means through which an individual Councilmember can raise an issue for discussion and possible City Council direction or action. A Councilmember requesting an item to be placed on a future Council meeting agenda may (1) briefly announce their request during the City Council 292
11 Business/Committee Reports portion of a Council meeting agenda, (2) submit a detailed request in writing to the City Clerk, or (3) both. Each request shall be referred to the City Council Committee most related to the subject of the request, unless the need for action requires the item to be considered sooner in which case the item may be placed on the agenda for the next Council meeting at the discretion of the Mayor and Mayor Pro Tempore.
If a majority of such committee agrees the City Council should consider the item, the City Manager will determine when to place the item on a future agenda based on time necessary to complete the research and staff workload considerations and the effect on City Council established priorities.
Emergency and Non-Agendized items: Emergency and non-agendized items may be added to an agenda only in accordance with state law. Emergency items are only those matters affecting public health or safety such as work stoppages, disasters and other severe emergencies.
Adding an emergency item requires a majority vote. Emergency items are very rare. More likely, after the agenda has been posted an item arises that the Council would like to act on.
Non-agendized items may be added to the agenda only if the Council makes findings that (1) the need to consider the item arose after the posting of the agenda, and; (2) there is a need to take immediate action at this meeting of the City Council. These findings must be approved by a two-thirds vote of members present; if less than five members of Council are present, the findings require a unanimous vote of those present.
Notification and Advertising
The City will continue to publicize matters of significant neighborhood or community public interest that appear on a City Council agenda, as well as all matters where advertising is required by law.
Order of Business
At every meeting, the order of business shall be discussed and acted upon in substantially the following manner, provided that the presiding officer may alter the order of business with City Council concurrence.
Roll call/posting of agenda
Public comments on closed session items
Closed session
Appointment items
Opening ceremonies / Pledge of Allegiance
Ceremonial calendar
Public comments on matters not on the agenda and within the subject matter jurisdiction of City Council
City Manager's report
City Council business/committee reports
Review of information/consent agenda
Public comments on information/consent agenda
Information/consent agenda
Public hearings to commence at 6:15 p.m.
Reports
Study session
293
12 Adjournment