Oxnard City Council
February 21, 2023

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 7 E. Lease Receivable ................................ 7 8 F . N o t e s R e c e i v a b l e ................................ 8 0 G . C a p i t a l A s s e t s .................................. 8 3 H. Long-term Debt ................................. 8 5 I. Compensated Absences ........................... 1 0 7 J. Fund Balances ................................. 1 0 8

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 9 B. Benefits Provided ............................... 1 1 0 C . C o n t r i b u t i o n s .................................. 1 1 0 D. Actuarial Methods and Assumptions Used to Determine
Total Pension Liability ........................... 1 1 3 E. Discount Rate and Long-Term Expected Rate of Return .......... 1 1 4 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 6 G. Sensitivity of the Net P ension Liability to Changes in the Discount Rate . 121 549

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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 2 1 B. Benefits Provided ............................... 1 2 2 C . C o n t r i b u t i o n s .................................. 1 2 3 D. Actuarial Methods and Assumptions Used to Determine
Total Pension Liability ........................... 1 2 4 E . D i s c o u n t R a t e ................................. 1 2 4 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 5 G. Sensitivity of the Ne t Pension Liability to Changes in the Discount Rate . 126

3. Deferred Compensation Plan .......................... 1 2 7

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 7 B. Benefits Provided ............................... 1 2 7 C. Employees Covered by Benefit Terms .................... 1 2 8 D . T o t a l O P E B L i a b i l i t y .............................. 1 2 8 E. Changes in Total OPEB Liability ....................... 1 2 9 F. OPEB Expense and Deferred Outflows/Inflows of Resources R e l a t e d t o O P E B .............................. 1 3 0

I V . R i s k M a n a g e m e n t ................................. 1 3 1 A. General Liability ................................ 1 3 1 B. Worker's Compensation ............................ 1 3 2

V. Other Information
A. Commitments and Contingencies ...................... 1 3 3 B. Risks and Uncertainties ............................ 1 3 5 C. Notes to the Financia l Statements - Successor Agency .......... 1 3 7 D. Notes to the Financial Stat ements - Retirement Enhancement Defined Benefit Retirement Trust Fund ................. 1 4 3

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REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Changes in Net Pensi on Liability and Related Ratios - CalPERS Miscellaneous Plan - Agent Multip le-Employer Defined Benefit Plan . . 145 Schedule of Changes in Net Pension Liability and Related Ratios - CalPERS Safety Plan (Police) - Agent Mu ltiple-Employer Defined Benefit Plan . . 146 Schedule of Proportionate Shar e 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 7 Schedule of Plan Contributions - CalPERS ........................ 1 4 8 Schedule of Changes in Net Pension Liability and Related Ratios Retirement Enhancement Plan - Single-Employer Defined Benefit Plan ...... 1 4 9 Schedule of Plan Contributions - Retirement Enhancement Plan ............ 1 5 0 Schedule of Changes in the City’s Tota l OPEB Liability and Related Ratios ...... 1 5 1 General Fund Group - Budgetar y Comparison Schedule ................. 1 5 2 Affordable Housing Fund – B udgetary Comparison Schedule .............. 1 5 4 Development Fees Special Revenue F und – Budgetary Comparison Schedule .... 1 5 5 State and Federal Grants Fund – Budgetary Comparison Schedule .......... 1 5 6

SUPPLEMENTARY INFORMATION
General Fund Group Funds ................................ 157 C o m b i n i n g B a l a n c e S h e e t ............................... 1 5 8 Combining Statement of Revenue s, Expenditures, and Changes in Fund Balances ................................... 1 6 0 General Fund - 101 - General Fund Budgetary Comparison Schedule ....... 1 6 2 General Fund - 104 - Half Cent Sale s Tax Budgetary Comparison Schedule ... 1 6 4 Nonmajor Governmental Funds ............................. 165 C o m b i n i n g B a l a n c e S h e e t ............................... 1 6 6 Combining Statement of Revenue s, Expenditures, and Changes in Fund Balances ................................... 1 6 8 Nonmajor - CDBG and HUD - Budgetary Comparison Schedule .......... 1 7 0 Nonmajor - Public Safety Retirement - Budgetary Comparison Schedule ...... 1 7 1 Nonmajor - State Gas Tax Funds - Budgetary Comparison Schedule ........ 1 7 2 Nonmajor - Debt Service F und - Budgetary Comparison Schedule ......... 1 7 3 Nonmajor - Capital Outlay Funds - Budgetary Comparison Schedule ........ 1 7 4 Nonmajor - CUPA - B udgetary Comparison Schedule ................ 1 7 5 Nonmajor - Traffic Safety - Budgetary Comparison Schedule ............ 1 7 6 Nonmajor - Transportation Development Fund - Budgetary Comparison Schedule 177 Nonmajor - Maintenance Assessment Distr icts - Budgetary Comparison Schedule 178 Internal Service Funds .................................. 1 7 9 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 8 0 Combining Statement of Revenues, Expenses, and Changes in Net Position ... 1 8 2 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 4 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 ......... 1 8 7 Combining Statement of C hanges in Fiduciary Net Position - Custodial Funds . . 188 551

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STATISTICAL SECTION (Unaudited) ........................... 189 Schedule I Net Position by Component ....................... 1 9 0 Schedule II Changes in Net Position ......................... 1 9 2 Schedule III Fund Balances of Governmental Funds ................. 1 9 6 Schedule IV Changes in Fund Ba lances of Governmental Funds .......... 1 9 8 Schedule V Governmental Activities Tax Revenues by Source ........... 2 0 0 Schedule VI Assessed Value and Esti mated Value of Taxable Property ...... 2 0 1 Schedule VII Direct and Over lapping Property Tax Rates .............. 2 0 2 Schedule VIII Principal Property Taxpayers ....................... 2 0 3 Schedule IX Property Tax Levies and Collections .................. 2 0 4 Schedule X Ratios of Outstanding Debt by Type ................... 2 0 5 Schedule XI Direct and Overlapping Governmental Activities Debt ......... 2 0 6 Schedule XII Legal Debt Margin Information ...................... 2 0 7 Schedule XIII Pl edged Revenue Coverage ....................... 2 0 8 Schedule XIV Demographi c and Economic Statistics ................. 2 1 0 Schedule XV Principal Employers ............................ 2 1 1 Schedule XVI Operating Indicators by Function .................... 2 1 2 Schedule XVII Capital Assets by Function ........................ 2 1 4 Schedule XVIII Full-Time Equivalent Ci ty Government Employees by Function .... 2 1 6 552

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INTRODUCTORY SECTION
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Alexander Nguyen
City Manager
Office of the City Manager
300 West Third Street Oxnard, CA 93030
(805) 385-7430
Fax (805) 385-7595
www.oxnard.org
January 19, 2023
Honorable Mayor, Members of the City Council and Residents of Oxnard:

I am pleased to present the Annual Comprehensive Finan cial Report (ACFR) of the City of Oxnard, California for the fiscal year ended June 30, 2022. 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 that 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 and 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, 2022. 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 significantly impacted by the aftermath of the COVID-19 healt h crisis, economic recession, 40-year high inflation, record high energy costs, supply chain disruptions, unusual labor shortages. Financially, the City's major funds continued recovery as City operations continued transition from pandemic response to pandemic recovery and the City received an influx of $59.4 million one-time federal COVID relief funding. City operations recovery is steady but slow due to the ex tremely competitive labor market that has made it challenging to fill vacant positions and supply chain disruption that have lengthened the time to receive necessary equipment, goods, and supplies, as well as inflation. 556
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CITY OF OXNARD PROFILE
The City of Oxnard is located on the Gold Coast of sunny California, approximately halfway between the cities of Los Angeles and Santa Barbara. Oxnard is known as the Gateway to the Channel Islands.

Named for the Oxnard brothers who began an agricultural community in the early twentieth century by opening a sugar beet factory, today Oxnard is a modern, thriving center of commerce, tourism and industry in Ventura County. Oxnard is the most populous city in Ventura County with a culturally diverse population of 210,000 residents.

While the City maintains steady growth with new development, it also promotes the preservation and economic health of its historic downtown, includi ng the unique Henry T. Oxnard Historic District, with beautifully preserved turn of the century homes. The completion of the Oxnard Boulevard and Rice Avenue interchanges at Highway 101 and Santa Clara River Bridge provides easier access to the City from all points. The City also operates more than fifty park facilities for its residents, as well as recreation facilities such as the River Ridge Golf Course. Oxnard’s elected Mayor and City Council has adopted a plan with vision and conviction for an exciting future to further enhance business development and the quality of life.

Oxnard is the only full-service city in Ventura County. Incorporated as a general law city in 1903, Oxnard operates under the council-manager form of government. The City consists of an elected Mayor and six council members elected by districts. Through the passage of Measure C by voters in 2022, the City enacted term limits for the City Council and Mayor requiring elected officials to take a two-year break after serving two consecutive four-year terms. The City’s other elected officials are the City Clerk and the City Treasurer. The City Council acts as the Community Development Commission’s Successor Agency and, supplemented by two tenant commissioners, as the Housing Authority. The City Council is advised by several citizen commissions and committees.

The City Council appoints the City Manager and City Attorney. The City Manager is responsible for assisting the City Council in its policy-making role, providing information and advice, implementing policy and managing City staff and approved services. The City Attorney advises City officials and staff regarding all legal matters pertaining to the City’s business.

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, 2022, are included at the back of the Introductory Section of the ACFR.

Oxnard developed a 2030 General Plan that strikes a unique balance between the beauty of its agricultural heritage while continuing to accommodate dynamic changes. The population has grown significantly in the last fifty years, providing many challenges. Oxnard continually offers many opportunities for its enterprising and forward-thinking business community, while maintaining a family friendly environment. The City will continue to strive to maintain a balance between its residents’ needs and being a
business-friendly community.
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The City provides the following government and business-type services:

Government Activities Business-Type Activities
Governance, including finance, human resources, risk
management, information technology, housing, City
Attorney, City Treasurer, City Clerk and City Manager
Water
– Planning, source and supply, treatment,
distribution, and conservation, and administration and
operation of the potable and 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

LONG-TER

M ECONOMIC OUTLOOK
The largest employers in the City of Oxnard include Amazon, Haas Automation, Reiter Affiliated, 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 16,000 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, completed construction of a new fulfillment center in January 2022 at the Sakioka Farms Business Park in Oxnard. The Amazon project brought 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 45,000 students combined. Oxnard is also home to Oxnard College, which is part of the Ventura County Community College District; Oxnard College 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 or National University, the latter two of which maintain satellite campuses in Oxnard. 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.
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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 $56.6 million in additional General Fund revenue in fiscal year 2021-22 compared to $12.6 million in fiscal year 2020- 21, an increase to overall General Fund revenue of 27%. 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 $19.3 million in fiscal year 2021-22 and is projected to generate $18.2 million in fiscal year 2022-23.

In May 2022, with interest rates remaining relatively low, and in conjunction with the U.S. Environmental Protection Agency (EPA) approval of a $48 million Water Infrastructure Finance and Innovation Act (WIFIA) loan to help expand the City’s recycled water supply to secure a climate-resilient and reliable water service, S&P Global Ratings (formerly Standard & Poor’s) affirmed the “A” rating on the City’s Water Fund and upgraded its outlook to “positive” from “stable.” In November 2021, the City issued new Water Revenue Refunding Bonds and refunded Series 2014 Water Revenue Refunding Bonds, which resulted in $1.9 million of cashflow savings.

S&P Global Ratings reaffirmed its ratings of “A-” for the General Fund lease revenue bonds and the City’s issuer credit rating of “A”, while maintaining a “stable” outlook.

In fiscal year 2021-22 the General Fund Group total fund balance increased by $38.1 million compared to a $18.5 million decrease in fiscal year 2020-21. The significant change was a result of the increase of sales tax revenues from full-year receipts of Measure E and stronger local economic growth. Additionally, the Infrastructure Use Fees payback (or reimbursement from the General Fund to the Utilities Funds) was fully reserved and its negative impact was reflected as a one-time reduction in fiscal year 2020-21.

Final Comments
I wish to exp
ress my appreciation to the City Council, the staff members in the Finance Department and other departments, and Eadie and 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. 559
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FINANCIAL SECTION
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3880 Lemon St., Ste. 300
Riverside, CA 92501
P.O. Box 1529
Riverside, CA 92502-1529
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 Audit of the Financial Statements

Opinions

We have audited the financial stat ements of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information of the City of Oxnard, California (City), as of and for the year ended June 30, 2022, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.

In our opinion, based on our audit and the report of the other auditor, the accompanying financial statements present fairly, in all material res pects, the respective fi nancial position of the governmental activities, the business-type ac tivities, each major fund, and the aggregate remaining fund information of the City, as of June 30, 2022, and the respective changes in financial position and, where applicable, cash flows for the year then ended in accordance with accounting principles generally accepted in the United States of America.

We did not audit the financial st atements of Oxnard Housing Au thority, a blended component unit, which represent 1.23% and 6.31%, respec tively, of the government-wide assets and revenues. Those financial statements were audited by other auditors whose report thereon 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. 568

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Basis for Opinions

We conducted our audit in accordance with auditing standards generally accepted in the United States of America (GAAS) and the standards applicable to financial audit contained in Government Auditing Standards , issued by the Comptroller genera l of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Stat ements section of our report. We are required to be independent of City of Oxnard, California, a nd to meet our other ethical res ponsibilities, in accordance with the relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinions.

Responsibilities of Management for the Financial Statements

The City’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for 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.

In preparing the financial statem ents, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City’s ability to continue as a going concern for one year after the date that t he financial statements are available to be issued.

Auditor’s Responsibilities for the Audit of the Financial Statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute assuranc e and therefore is not a guarant ee that an audit conducted in accordance with GAAS will always detect a material misstatement when it exists. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intent ional omissions, misrepresentations, or the override of internal control. Misstatements are considered materi al if there is a substantial likelihood that, individually or in the aggregate, they would influence the judgment made by a reasonable user based on the financial statements.

In performing an audit in accordance with GAAS, we:

 Exercise professional judgment and mainta in professional skepticism throughout the audit.
 Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, and design and perform audit procedures responsive to those risks.

Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements.
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 Obtain an understanding of inter nal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effe ctiveness of the City’s internal control. Accordingly, no such opinion is expressed.
 Evaluate the appropriateness of accounting policies us ed and the reasonableness of significant accounting estimates made by management, as well as evaluate the overall presentation of the financial statements.
 Conclude whether, in our judgm ent, there are conditions or events, considered in the aggregate, that raise substant ial doubt about the City’s abilit y to continue as a going concern for a reasonable period of time.

We are required to communica te with those charged with gover nance regarding, among other matters, the planned scope and timing of the audit, significant audit findings, and certain internal control–related matters that we identified during the audit.

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, Affordable Housing Fund, Development Fees Fund, and State and Federal Grants Fund, the schedules of changes in net pension liability and relate d ratios, the schedules of proportionate share of the net pension liability and relat ed ratios, the schedules of plan contributions, and the schedule of changes in total OPEB liability and related ratios on pages 5 through 24 and 145 through 156 be presented to supplement the basic financial statements.

Such information is the responsibility of m anagement and, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it
to be an essential part of financial reporting for placing the basic financial statements in an appropriate operational, econom ic, or historical context. We have applied certain limited procedures to the required suppl ementary 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.

Supplementary 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. The combining and individual General Fund Group and nonmajor fund financia l statements are presented for purposes of additional analysis 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 was derived from and relates di rectly to the underlying accounting and other records used to prepare the basic financial statements. 570
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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 a ccounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with audi ting standards generally accept ed in the United States of America. In our opinion, the combining and individual General Fund Group and nonmajor fund financial statements are fair ly stated, in all material respects, in relation to the basic financial statements as a whole.

Other Information Included in the Annual Comprehensive Financial Report Management is responsible for the other informa tion included in the Annual Comprehensive Financial Report. The other information comprises the introductory and statistical sections but does not include the financial stat ements and our auditor's report thereon. Our opinions on the financial statements do not cover the other information, and we do not express an opinion or any form of assurance thereon. In connection with our audit of th e financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other inform ation and the financial statement s, or the other information otherwise appears to be materially misstated. If, based on the work performed, we conclude that an uncorrected material misstatement of the other information exists, we are required to describe it in our report.

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 provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and compliance and the results of that testing, and not to provide an opinion on the effectiveness of internal control over financial reporting or on compliance.

That report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the City of Oxnar d, California's internal control over financial reporting and compliance.

Riverside, California
January 19, 2022
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MANAGEMENT’S

DISCUSSION AND ANALYSIS
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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 financ
ial activities of the City for the fiscal year ended
June 30, 2022. 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-iv 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, 2022, City assets and deferred outflows exceeded liabilities and deferred inflows by $2.3 billion (net pos ition). Of this amount, $2.2 bi llion is invested in capital assets and $153.0 million is restricted, offset by ($48.0) million that is unrestricted (Page 9).
 City total net position increas ed $65.1 million (2.9 percent ), during the fiscal year.

Governmental activities net position increa sed $65.6 million. Business-type activities decreased $0.5 millio
n (Page 12).

Fund Based
 At the close of fiscal year 2021-22, governmental funds reported combined ending fund balance of $188.6 million, an increase of $56. 0 million from the prio r year. The ending fund balance is primarily identified as: $3. 6 million nonspendable (1.9%), $108.7 million restricted (57.6%), $50.3 million committed (26.7%), and $26.0 million unassigned (13.8%). (Page 17).
 At the close of the fiscal year, fund balan ce for the General Fund group of funds was $58.0 millio
n consisting primarily of $3.6 million nonspendabl e, $28.3 million committed, and $26.1 million unassigned. (Page 17).
 General Fund group revenues for the year were $220.7 million. Total revenue s increased by $43.1 million or 24.2 percent from the prior year’s revenue of $177.7 million (Page 18), primarily due to one full-year receipts of Measure E sales tax compared to a quarter receipts from prior year, stronger growth of local economy with higher auto demand, rising fuel prices, as well as stronger retail consumption.
 General Fund group expenditures were $170.8 million. Total expenditures increased by $18.3 millio
n or 12.0 percent compared to the prior year’s expenditures of $152.5 million (Page 19), primarily due to increased staffing, vehicle and capital leasing, and investment on deferred maintenance of par ks, media, and streets and a lleyways related capital improvement projects.
 At the close of the fiscal year, the Wate r Fund’s net position wa s $141.7 million, a decrease of $9.7 million over the prior fiscal year (Page 21), primarily due to Infrastructure Use Fees (IUF) rate reduction and declaration of conservation and drought efforts. 574

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 At the close of the fiscal year, the Wastewater Fund’s net position was $191.3 million, an increase of $7.7 million over the prior fi scal year (Page 21), primarily due to delayed spending on multi-year capital improvement projects that will be carried over to the following fiscal year with offset from reduction in fees and charges impacted from IUF rate reduction.

 At the close of the fiscal year, the Environmental Resources Fund’s net position was $36.1 million, a decrease of $4. 0 million from the prior fiscal y ear (Page 21), primarily due to lower MRF recycling material materials and reduction of fees and charges impacted from IUF rate reduction.

 At the close of the fiscal y ear, the Golf Course Fund's net position was $48.2 million, an increase of $1.1 million from t he prior year (Page 21), primar ily due to increase of golf course revenues.

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 outfl ows 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 resources, 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, expenditu res, 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 governmental 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 166-169.

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 152-156, 162-164, and 170-178.

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 t he government-wide stat ements, only in more 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. 576

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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 179-185.

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 48-143 of this report. Note s providing additional detail about the CDC Successor Agency can be found on pages 137-143.

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 145-156.

Combining statements for the General Fund Group, non-major governmental funds, internal service funds, and custodial funds are present ed immediately following the RSI. Combining financial statements and schedules can be found on pages 157-188 of this report. 577

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Statistical tables regarding fiscal trends, revenue capacity, debt capacity, demographic and economic information, and operating information can be found on pages 189-216 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 $2.3 billion at the close of fiscal year 2021-22 as detailed below:

2022 2021 2022 2021 2022 2021
Assets:

Current and Other Assets 272,582$ 200,655$ 208,240$ 222,289$ 480,821$ 422,944$ Capital Assets (net of depreciation) 1,983,294 1,988,668 548,557 534,445 2,531,851 2,523,113 Properties Held for Resale 570 570 - - 570 570 Lease receivable 603 - - - 603 - Other Assets 77,325 82,594 33,186 38,915 110,511 121,509 Total Assets 2,334,373 2,272,487 789,983 795,648 3,124,356 3,068,135 Deferred Outflows of Resources:

Deferred Charges 2,417 2,554 2,187 2,307 4,604 4,861 Deferred Pension Items 45,601 50,641 10,982 10,446 56,583 61,087 Deferred OPEB Items 12,575 9,845 3,332 2,771 15,907 12,617 Total Deferred Outflows
of Resources 60,593 63,041 16,500 15,524 77,093 78,564 Liabilities:

Current and Other Liabilities 98,612 90,552 36,815 31,241 135,426 121,793 Noncurrent Liabilities 334,929 426,731 308,881 331,894 643,810 758,625 Total Liabilities 433,540 517,283 345,696 363,135 779,236 880,418 Deferred Inflows of Resources:

Deferred Pension Items 90,599 15,303 18,005 5,037 108,604 20,34 1 Deferred OPEB Items 2,604 1,111 720 414 3,324 1,525 Leases 796 - - - 796 - Deferred Gain on Refunding 609 653 - - 609 653 Total Deferred Inflows
of Resources 94,609 17,068 18,725 5,451 113,334 22,519 Net Position:

Net Investment in Capital Assets 1,901,675 1,945,377 302,265 259,186 2,203,941 2,204,563 Restricted 108,730 111,308 44,239 49,217 152,969 160,525 Unrestricted (143,588) (255,509) 95,558 134,184 (48,030) (121,325) Total Net Position 1,866,817$ 1,801,176$ 442,062$ 442,587$ 2,308,879$ 2,243,763$ Governmental Activities Business-Type Activities Total
Statement of Net Position
June 30, 2022
(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 related 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, since the capital assets themselv es cannot be used to liquidate these liabilities.
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Another portion of the City’s net position, $153.0 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 $48.0 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, 2022, 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 increase in capital assets for fiscal year 2021-22 was $8.7 million, which represents a 0.3% decrease from the prior year for governmental activities and a

2.6% increase in business-type activities. Additional information on the City’s capital assets can be found on pages 83-84 in the notes to the financial statements. Capital assets are summarized below:

2022 2021 2022 2021 2022 2021
Land 1,390,541$ 1,390,541$ 45,539$ 45,159$ 1,436,081$ 1,435,700$ Buildings 72,423 74,912 126,549 123,981 198,972 198,893 Improvements Other
than Buildings 56,630 58,641 18,019 18,623 74,649 77,264 Equipment and Machinery 5,714 4,590 64,249 56,272 69,964 60,862 Vehicles 7,176 6,018 - - 7,176 6,018 Infrastructure 416,814 433,114 259,018 266,779 675,832 699,893 Construction in Progress 33,996 20,851 35,181 23,631 69,178 44,482 Totals 1,983,294$ 1,988,668$ 548,557$ 534,445$ 2,531,851$ 2,523,113$ Governmental Activities Business-Type Activities Total
City of Oxnard
Capital Assets (net of accumulated depreciation)
June 30, 2022
(in thousands)

Major capital project activities during fiscal year 2021-22 included the following:

 The $13.1 million net increase in governmental activities construction in progress was primarily due to progress on the following projects: Neighborhood Street Resurfacing project, Arterial & Alleyway Street Resurfacing projects, La Colonia Green Alleyway project, Rice Ave. at 5th Street Grade project, Cypress Park Improvements, Mobility Plan Sustainability project, Counc il Chamber Remodel, Del Sol Park Improvement Phase I project, and Storm Water Catch Basins project.
 The $11.6 million net increase in business type activities construction in progress was primarily due to progress on the following projects: Water Backbone Hueneme II project, Aquifer Storage and Recovery (ASR) Co mpletion project, Central Trunk Manhole Replacement project, Activated Sludge Tank Rehab project, and DelNorte Facility Tipping Floor Improvement project.
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Long-Term Debt
At the end of fiscal year 2021-22 the City had total long-term debt outstanding of $374.9 million.

This reflects a decrease of $3.5 million, or 3.4 percent, in governmental activities and a decrease of $1.7 million, or 0.6 percent, in business-type activities.

The City's bonds are rated by S&P Global Ratings. As of June 30, 2022, 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. In May 2022, S&P raised the outlook for the outstanding Water Bonds from “Stable” to “Positive”. After the end of Fiscal Year 2021-22, S&P increased the City's issuer cr edit rating from “A” to “A+”. S&P also increased the credit ratings for General Fund Lease Revenue Bonds from “A-“ to “A”, and Wastewater Fund from “A- “ to “A”.

Additional information on long- term debt can be found on pages 85-106 in the notes to the financial statements. Long-term debt is summarized below:

2022 2021 2022 2021 2022 2021
Lease Revenue Bonds 62,539$ 66,134$ -$ -$ 62,539$ 66,134$ Revenue Bonds 18,382 19,126 265,176 275,140 283,558 294,267 Capital Leases 16,655 15,801 11,872 3,656 28,528 19,457 Note Payable - - 270 270 270 270 Totals 97,577$ 101,062$ 277,318$ 279,066$ 374,894$ 380,128$ City of Oxnard
Outstanding Debt (net of discounts/premiums)
June 30, 2022
(in thousands)
Governmental Activities Business-Type Activities Total

 Governmental activities lease revenue bo nds decreased $3.6 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.

 Governmental activities capital leases increased $0.8 million primarily due to addition of Draw#25 from Bank of Amer ica Lease 2022 for $3.3 million offset by $2.4 million of principal payments made during the year.

 Business-type activities long term debt decr eased $1.7 million primarily due to the $24 million issuance of Water Revenue Refunding Bonds, Series 2021, $10.3 million addition of Draw# 24 from Bank of America Capital Lease 2021, offset by $25.6 million of defeased for Water Revenue Project Bonds, Series 2014, 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 2021-

22. 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:

2022 2021 2022 2021 2022 2021
Revenues:

Program Revenues:

Charges for Services 31,014$ 52,570$ 155,747$ 168,950$ 186,761$ 221,520$ Operating Grants and Contributions 46,714 27,187 24,641 26,016 71,354 53,203 Capital Grants and Contributions 8,416 7,552 1,719 1,046 10,135 8,598 General Revenues:

Taxes 213,997 165,003 - - 213,997 165,003 Interest on Investments 1,056 968 684 834 1,739 1,803 Total Revenues 301,197 253,281 182,790 196,847 483,987 450,127 Expenses
General Government 46,053 51,433 - - 46,053 51,433 Public Safety 113,732 120,566 - - 113,732 120,566 Transportation Systems 13,087 11,427 - - 13,087 11,427 Community Development 21,690 22,206 - - 21,690 22,206 Culture, Leisure, and Libraries 37,403 31,219 - - 37,403 31,219 Interest on Long-Term Debt 3,722 3,850 - - 3,722 3,850 Loss from Disposal of Assets - - - - - - Water - - 66,845 57,774 66,845 57,774 Wast
ewater - - 35,837 34,084 35,837 34,084 Golf Course - - 46,956 4,742 46,956 4,742 Environmental Resources - - 5,335 50,609 5,335 50,609 Oxnard Housing Authority - - 28,212 30,783 28,212 30,783 Total Expenses 235,687 240,701 183,184 177,992 418,871 418,693 Change in Net Position Before Special Items
Contributed Capital, and Transfers 65,510 12,580 (394) 18,855 65,116 31,435 Transfers 131 (82,415) (131) 82,415 - - Change in Net Position 65,641 (69,835) (525) 101,270 65,116 31,435 Net Position, July 1 1,801,176 1,871,220 442,587 341,317 2,243,763 2,212,537 Prior Period Adjustment - (209) - - - (209) Net Position, June 30 1,866,817$ 1,801,176$ 442,062$ 442,587$ 2,308,879$ 2,243,763$ (in thousands)
Fiscal Year Ended June 30, 2022
Statement of Activities
Governmental Activities Business-Type Activities Total

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Governmental activities increased the City’s net position $65.6 million compared to prior fiscal year’s decrease of $69.8 million. With one-time IUF transfers recognized in fiscal year 2020-21 along with increase in program revenues and dec rease of expenses, the key elements of the increase in net position were as follows:

Program revenues decreased $1.2 million, or 1.3 percent, primarily due to decreases in charges for services, with the elimination of CFD#5 transfers in fiscal year 2021-22.

General revenues increased $49.1 million, or 29.6 percent, primarily due to increased sales tax revenues. Sales tax revenues increased by $50.2 million mainly from the one- full year receipts of Measure E imposed 1.5 cent local transaction and use, and stronger local economic growth.

The breakdown of governmental revenues by source is shown below:

Charges for Services
10%
Operating Grants and
Contributions
16%
Capital Grants and
Contributions
3%
Property Tax
26%
Sales Tax
39%
Other Taxes
6%
Other
0%
Revenues ‐ Governmental Activities
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Expenses decreased $4.5 million pr imarily due to decreases in general government, public works, capital projects, public safety expenses, and community development partially offset by an increase in culture, leisure, and libraries expenses. These changes are explained below:

 General government expenses decreased $4.9 million primarily due to pension liability credits because of higher earnings, i.e., increase on Interest on Total Pension Liability and Net Investment Income, on Miscellaneous Pension Plan during the measurement period of July 1, 2020 to July 30, 2021. The net pension liability reductions are expected to be offset in the subsequent fiscal year.

 Public safety expenses decreased $6.8 million primarily due to pension liability credits because of higher earnings, i.e., increase on Interest on Total Pension Liability and Net Investment Income, on Police Pension Plan during the meas urement period of July 1, 2020 to July 30, 2021. The net pension liability reductions are expected to be offset in the subsequent fiscal year.

 Transportation systems expenses increased $1.7 million primar ily due to increased personnel and contractual costs for traffic signal maintenance.

 Community development expenses decreas ed by $0.5 million primarily due to vacancy savings and delay spending on multi-year General Plan Maintenance projects.

 Culture, leisure, and libr aries expenses increased $6.2 million primarily due to increased spending for Street & Alleyways pr ojects under Council Strategic Priority, increased contractual spending for parks, trees, and medians and increased staffing.

The breakdown of governmental expenses by activity is shown below:

General Government
20%
Public Safety
48%
Transportation Systems
5%
Community
Development
9%
Culture, Leisure and
Libraries
16%
Interest on Long‐Term Debt
2%
Expenses ‐ Governmental Activities
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Business-type activities decreased the City’s net position by $0.5 million compared to prior fiscal year’s increase of $101.3 m illion. Key elements of net pos ition changes from the prior fiscal year were as follows:

 Water net position decreased $9. 7 million, from $151.4 mil lion to $141.7 million, compared to the prior fiscal year’s increase of $20.1 million. The decrease in net position is primarily due combination of Infrastructure Use Fee one-time reimbursement to customers and lower utility fees due to IUF rate reduction, and increase spending on capital projects.

 Wastewater net position increased $7.7 million, from $183.7 million to $191.3 million, compared to the prior fiscal year’s increase of $25.1 million. The increase in net position can primarily be attributed to delay of spending on multi-year capital improvement projects that will be carried over to the following fiscal year and decreased of operational costs from vacancy savings and chemicals costs.

 Environmental Resources net position decreased $4.0 m illion, from $40.1 million to $36.1 million, compared to the prior fiscal year’s decrease of $6.6 million. The decrease in net position is primarily due to lower MRF recycling materials and lower utility fees due to IUF rate reduction.

 Golf Course net position increased $1.1 million, from $47.1 million to $48.2 million. The increase is primarily due to increase in golf course revenues.

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 (85.6 percent), except for the Oxnard Housing Authority Fund, which is primarily funded with operating grants.

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$‐
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Water Wastewater Environmental
Resources
Golf Course Oxnard Housing
Authority
$57.2
$43.4  $43.4
$6.4
$31.7
$66.8
$35.8
$47.0
$5.3
$28.2
Program Revenues and Expenses - Business-Type Activities (in millions)
Program Revenue Expenses
Charges for Services, $157.2 ,

85.6%
Operating Grants and
Contributions, $24.6 , 13.4%
Capital Grants and Contributions,
$1.7 , 0.9%
Program Revenues by Source - Business-Type Activities
(in millions)
Total Revenues = $183.6
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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 requir
ements. 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 2021-22, City gover nmental funds reported a combined ending fund balance of $188.6 million, an increase of $56.0 million during fiscal year 2021-22 when compared to the prior fiscal year fund balance of $132.6 million. This increase was primarily due to increases in fund balances for General Fund of $38.1 million, Development Fee Fund of $1.4 million, and for Non-major Funds of $16.6 million. Fund balance consists of $3.6 million in nonspendable fund balance, $108.7 million in restricted fund balance, $50.3 million in committed fund balance and $26.0 million in unassigned fund balance. Refer to pages 25-35 for more detail on governmental funds.

TOTAL
2022 2021 2022 2021
Assets 104,141$ 76,234$ 345,236$ 292,704$

TOTAL ASSETS
AND DEFERRED OUTFLOWS 104,141$ 76,234$ 345,236$ 292,704$ Liabilities, Deferred Inflows
and Fund Balance
Liabilities 45,709$ 56,386$ 99,036$ 102,800$ Deferred inflows of resources 437 - 57,626 57,286 Total Liabilities
and Deferred Inflows 46,146 56,386 156,662 160,086 Fund Balances
Nonspendable 3,589 - 3,589 -
Restricted - - 108,730 111,308
Committed 28,281 22,896 50,292 24,505 Unassigned 26,125 (3,048) 25,962 (3,195) Total Fund Balances 57,996 19,848 188,573 132,618

TOTAL LIABILITIES, DEFERRED
INFLOWS AND FUND BALANCES 104,141$ 76,234$ 345,236$ 292,704$ * see table on page 20 for all other governmental funds.

Governmental Fund Balance Sheet Summary
(in thousands)
FUND GROUP GOVERNMENTAL FUNDS*

GENERAL
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General Fund Group – Fund Balance Analysis

The General Fund Group’s combined fund balance increased $38.1 million in fiscal year 2021- 22 primarily due to full-year receipts of Sales Tax Measure E and strong economic growth. The General Fund Group’s fund balance consists of nonspendable $3.6 million, $17.0 million in funds committed to Measure “O” eligible services, $11.3 million committed to capital projects, general plan maintenance and streets and traffic im provements/maintenance, and $26.1 million unassigned.

General Fund Group – Revenue and Expenditure Analysis

General Fund Group Revenues for fiscal year 2021-22 were $220.7 million, an increase of $43.1 million, or 24.2 percent, compared to the prior fiscal year.

Increase
(Decrease) % of Increase
Compared to (Decrease)
Fiscal Year Fiscal Year Prior Fiscal Over Prior
2021-22 2020-21 Year Fiscal Year
Taxes
Property Taxes 63,226$ 61,260$ 1,966$ 3.2% Sales Tax 118,084 67,923 50,160 73.8% Transient Occupancy Tax 5,117 4,267 850 19.9% Business License Tax 6,538 5,965 573 9.6% Franchise Tax 4,169 3,905 265 6.8% Deed Transfer Tax 978 911 67 7.4% Licenses and Permits 2,607 3,968 (1,361) (34.3%) Intergovernmental 2,209 6,172 (3,964) (64.2%) Charges for Services 16,117 18,017 (1,900) (10.5%) Fines and Forfeitures 2,542 1,852 689 37.2% Interest on Investments 300 348 (47) (13.7%) Special Assessments 509 492 16 3.3% Miscellaneous (1,653) 2,610 (4,263) (163.4%) Total 220,742$ 177,690$ 43,052$ 24.2%
Comparison of General Fund Group Revenues
(in thousands)

 Property tax revenue increased by $2.0 million, or 3.2 percent, primarily due to increases in assessed values for properties within the City.

 Sales tax revenue increased by $50.2 million, or 73.8 percent, primarily due to stronger sales tax and full-year receipts of Measure E.

 Transient occupancy tax revenue increased by $.8 million from t he recovery of the COVID-19 pandemic as Oxnard experienced in crease in travel for business and recreation due to the lift of the shelter at-home order from March of 2021.

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 Licenses and permits decreased $1.4 million, or 34.3 percent, primarily due to prior year delay of Cannabis Permit Fees of $0.4 million, decline of building permits by 0.5 million, decline of Fire Inspection Plan Check by $0.4 million.

 Intergovernmental revenues decreased $4.0 million, or 64.2 percent, primarily due to prior year one-time receipt of CARES ACT COVID Relief from the Stat e of $2.5 million and $1.4 million from COVID Relief from the County.

 Charges for services decreas ed $1.9 million, or 10. 5 percent, primarily due to cease of charging an Infrastructure Use Fee. The $1.9 million represent c harges from Street Maintenance Fund from fiscal year 2020-21.

 Fines and forfeitures revenue increased by $0. 7 million, or 37.2 per cent, primarily due COVID-19 Pandemic recovery of parking fines.

 Miscellaneous revenue decreased by $4.3 m illion, or 163.4%, pr imarily due to the adjustment of fair market va lue. In fiscal year 2019-20 the Federal Reserve decreased the federal funds benchmark rate on five separate occasions. This resulted in rates approaching zero in fiscal year 2019-20 with rates increasing only slightly in fiscal year 2020-21. Rates have since increased further resu lting in an overall decrease in the fair market value of the City's in vestment portfolio. However, because of the City's stated intention to hold securities until maturity, these will be short-term, unrealized losses.

General Fund Group Expenditures for fiscal year 2021-22 increased $18.3 million, or 12.0 percent, compared to the prior fiscal year.

Increase
(Decrease) % of Increase
Compared to (Decrease)
Fiscal Year Fiscal Year Prior Fiscal Over Prior
2021-22 2020-21 Year Fiscal Year
Current
General Government 18,096$ 16,501 $ 1,595$ 9.7% Public Safety 101,789 93,487 8,302 8.9% Transportation 7,215 6,151 1,064 17.3% Community Development 13,638 12,546 1,092 8.7% Culture, Leisure and Libraries 25,279 17,734 7,545 42.5% Capital Outlay 3,508 4,797 (1,290) (26.9%) Debt Service
Principal 850 820 30 3.7% Interest and Fiscal Charges 468 502 (33) (6.7%) Total 170,843$ 152,539$ 18,304$ 12.0%
Comparison of General Fund Group Expenditures
(in thousands)

 Expenditures for general government increased $1.6 million, or 9.7 percent, primarily due to increased labor cost and employee benefits.

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 Public safety expenditures increased $8.3 million, or 8.9 percent, primarily due to increased personnel costs for benefits and workers compensation, increased in staffing, Fire academy recruits, and Animal Shelter contractual costs.

 Transportation expenditures in creased $1.1 million, or 17.3 percent, primarily due to increase in contractual servic es for traffic signal maint enance, address traffic system deficiencies, and traffic signal replacement, and addition of positions for Traffic Engineers.

 Community Development expenditures increas ed $1.1 million, or 8. 7 percent, primarily due to increased contractual services for planning and building and additional positions for planning and code compliance.

 Culture, leisure and library services expenditures increased $7.5 million, or 42.5 percent, primarily due to $4.7 million to fund Street & Alleyways under Council Strategic Priority, $2.8 million to contractual of parks, trees, and medians to address deferred maintenance.

 Capital outlay expenditures decreased $1.3 m illion, or 26.9 percent, primarily due to spending down of CIP street projects from Street Maintenance Fund in fiscal year 2020- 2021.

Other Governmental Funds
2022 2021 2022 2021 2022 2021 2022 2021
Assets 37,027 $ 37,056 $ 70,625 $ 66,683 $ 48,975 $ 44,283 $ 84,467$ 68,448$

TOTAL ASSETS
AND DEFERRED OUTFLOWS 37,027$ 37,056$ 70,625$ 66,683$ 48,975$ 44,283 $ 84,467$ 68,448$ Liabilities, Deferred Inflows
and Fund Balance
Liabilities 11$ 11$ 4,215$ 1,674$ 42,613$ 37,438$ 6,488 $ 7,291$ Deferred inflows of resources 33,628 33,642 10,846 10,846 5,708 6,044 7,006 6,754 Total Liabilities
and Deferred Inflows 33,639 33,653 15,061 12,520 48,322 43,482 13,495 14,045 Fund Balances
Restricted 3,389$ 3,403 55,564$ 54,163 816$ 948 48,961 52,794 Committed - - - - - - 22,011 1,609 Unassigned - - - - (163) (147) - - Total Fund Balances 3,389 3,403 55,564 54,163 653 801 70,972 54,403

TOTAL LIABILITIES, DEFERRED
INFLOWS AND FUND BALANCES 37,027$ 37,056$ 70,625$ 66,683$ 48,975$ 44,283 $ 84,467$ 68,448$

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 stayed flat 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 $1.4 million compared to the prior year’s increase of $12.8 million due to the timing of various development projects. 589

-21-
State and Federal Grants Fund
The State and Federal Grants Fund fund balanc e decreased during the current year by approximately $0.1 million due to federal funds received in prior year from the American Rescue Plan Act (ARPA) Coronavirus State and Local Fiscal Recovery Funds (CSLFRF). Majority of the funds have been appropriated for spending.

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 141,686 $ (9,727) $
Wastewater 191,342 7,691
Environmental Resources 36,103 (4,005)
Golf Course 48,152 1,062
Oxnard Housing Authority 26,388 3,476
Totals 443,670 $ (1,503) $
Proprietary Funds
June 30, 2022
(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.

590

-22-

BUDGETARY HIGHLIGHTS

General Fund Group

The General Fund Group budget and actual report can be found on pages 152-153. The $46.7 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 63,384 $ 63,384 $ 63,226 $ (157) $ Sales Tax 105,785 105,785 118,084 12,298
Transient Occupancy Tax 4,550 4,550 5,117 567 Business License Tax 5,871 5,871 6,538 666 Franchise Tax 3,907 3,907 4,169 263 Deed Transfer Tax 1,147 1,147 978 (169) Licenses and Permits 2,746 2,746 2,607 (139) Intergovernmental 2,289 2,289 2,209 (80) Charges for Services 19,239 19,239 16,117 (3,123) Fines and Forfeitures 2,704 2,704 2,542 (162) Interest on Investments 1,293 1,293 300 (993) Special Assessments 415 415 509 94 Miscellaneous 5,401 6,107 (1,653) (7,760) Total Revenues 218,732 219,437 220,742 1,305 Expenditures
Current
General Government 22,090 21,672 18,096 3,576 Public Safety 106,172 106,028 101,789 4,239 Transportation 8,929 8,806 7,215 1,591 Community Development 18,012 20,531 13,638 6,893 Culture, Leisure and Library Services 34,160 29,412 25,27 9 4,133 Capital Outlay 4,130 7,707 3,508 4,199 Debt Service
Principal 850 850 850 - Interest and Fiscal Charges 501 468 468 - Total Expenditures 194,843 195,473 170,843 24,630 Excess of Revenues Over/(Under)
Expenditures 23,889 23,964 49,899 25,935 Other Financing Sources/(Uses)
Reimbursement of IUF Fees (12,000) (12,000) - 12,000 Net Transfers (15,487) (20,489) (11,751) 8,738 Total Other Financing Sources/(Uses) (27,487) (32,489) (11,751) 20,738 Net Change in Fund Balance (3,598)$ (8,525)$ 38,148$ 46,673$ General Fund Group Budget and Actual
(in thousands)

591

-23-
General Fund Group Revenues were $1.3 million, or 0.6 perce nt, higher than final budget as a result of higher than anticipated revenue in the following:

 Sales tax revenues were $12.3 million higher than both original and final budget primarily due to stronger recovery from the pandemic of local economy with higher auto demand, rising fuel prices, as well as stronger retail consumption.

 Transient occupancy tax revenue were $0.6 m illion higher than both original and final budget primarily due to the recovery of the COVID-19 pandemic as Oxnard experienced increase in travel for business and recreation due to the lift of the shelter at-home order from March of 2021.

 Business license tax revenue were $0.7 million higher than both original and final budget primarily due primarily due higher than anticipated growth in gross receipts as business recover from the pandemic and new businesses coming online.

These amounts were offset by unanticipated reductions in revenue in the following:

 Charges for services were $3.1 million lower than final budget primarily due to postponement of Emergency Medical Services (EMS) transport services.

 Interest on Investment were $1.0 million lower than original and final budget primarily due to lower interest rate yields on investments.

 Miscellaneous revenue were $7.8 million lower than final budget primarily driven by the inclusion of fair market value, which is a non-operational item. In fiscal year 2019-20 the Federal Reserve decreased the federal funds benchmark rate on five separate occasions.

This resulted in rates approaching zero in fiscal year 2019-20 with rates increasing only slightly in fiscal year 2020-21. Rates have since increased further resulting in an overall decrease in the fair market value of the City's investment portfolio. However, because of the City's stated intention to hold securities until maturity, these will be short-term, unrealized losses.

General Fund Group Expenditures were $24.6 million, or 12.6 percent, lower than final budget as a result of the following:

 General government expenditures were $3.6 m illion lower than budget primarily due to vacancy savings and lower contractual spending.

 Public safety expenditures were $4.2 million lower than budget primarily due to vacancy savings and postponement of Emergency Medical Services (EMS).

 Transportation costs were $1.6 million lower than budget primarily due to vacancy savings coupled with delayed spending on multi-year capital improvement projects.

 Community development expenditures were $6.9 million lower than budget primarily due to vacancy savings, lower spending on planning and building engineering consultant plan check services, and deferred spending on multi-year General Plan Maintenance projects and delayed spending on multi-year capital improvement projects that will be carried over to the following fiscal year.

592

-24-
 Culture, leisure and library services expen ditures were $4.1 million lower than budget primarily due to vacancy savings, lower co ntractual spending, and delayed spending on multi-year capital improvement projects that will be carried over to the following fiscal year.

 Capital outlay expenditures were $4.2 million lower than budget primarily due to multi- year capital improvement proj ects that were not completed in Fiscal Year 2021-22 and will be carried over to the following fiscal year.

 The General Fund included a budget of $12 milli on for the reimbursement of IUF fees.

However, in the General Fund fund financial st atements, this amount is reported as a reduction of advances from other funds.

ECONOMIC AND LEGAL FACTORS

The two main sources of General Fund rev enue -- property tax and sales tax. Property tax continued to show steady growth. As the busi nesses started to reopen after "shelter-in-place" mandates were lifted, Oxnard c ontinued to experience a strong rebounding of the economy.

Sales tax continued to increase, evidenced by the fact that resi dents, businesses, 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, Infrastructure User Fees one-time refunds and IUF reduction of Utility Fees continue to outstrip revenue growth in most funds other than the Water and Environmental Resources funds. The City does benefits subst antially 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 a ffect the City's finances. The status of each is described on pages 135-137.

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.

593

BASIC FINANCIAL

STATEMENTS
594
595

CITY OF OXNARD, CALIFORNIA

STATEMENT OF NET POSITION
JUNE 30, 2022

The accompanying notes are an integral part of the financial statements. -25-
Governmental Business-t ype
Activities Activities Total
ASSETS
Current Assets
Cash and investments 253,245,263$ 168,630,533 $ 421,875,796 $ Accounts and other receivables (net of allowance for doubtful accounts) 3,241,897 22,019,715 25,261,612 Internal balances (17,085,383) 17,085,383 - Due from other governments 32,690,115 - 32,690,115 Due from Successor Agency 315,865 - 315,865 Other assets 173,877 504,002 677,879 Total Current Assets 272,581,634 208,239,633 480,821,267 Noncurrent Assets
Lease receivable 602,682 - 602,682 Properties held for resale 570,000 - 570,000 Notes receivable (net of allowance for doubtful accounts) 63,744,192 4,346,930 68,091,122 Restricted: Investments with fiscal agents 13,580,833 28,839,539 42,420,372 Capital assets not being depreciated 1,424,537,474 80,720,853 1,505,258,327 Capital assets, net of accumulated depreciation 558,756,414 467,835,832 1,026,592,246 Total Noncurrent Assets 2,061,791,595 581,743,154 2,643,534,749 Total Assets 2,334,373,229 789,982,787 3,124,356,016

DEFERRED OUTFLOW OF RESOURCES
Deferred amount on refunding 2,416,703 2,186,856 4,603,559 Deferred outflow on pension plans 45,601,224 10,981,861 56,583,085 Deferred outflow on other post-employment benefit plans (OPEB) 12,574,957 3,331,580 15,906,537 Total Deferred Outflow of Resources 60,592,884 16,500,297 77,093,181

LIABILITIES
Current Liabilities
Accounts payable 14,609,709 16,208,859 30,818,568 Compensated absences payable - current 10,180,021 2,062,683 12,242,704 Self insurance claims - current 8,430,840 - 8,430,840 Unearned revenues 39,153,746 182,193 39,335,939 Other liabilities 19,873,926 5,125,808 24,999,734 Notes payable - current 23,602 - 23,602 Capital leases and revenue bonds - current 6,339,727 13,235,062 19,574,789 Total Current Liabilities 98,611,571 36,814,605 135,426,176 Noncurrent Liabilities
Compensated absences payable 5,172,219 1,334,665 6,506,884 Net pension liabilities 163,127,704 27,976,782 191,104,486 Other post-employment benefits payable 47,720,566 14,042,022 61,762,588 Self-insurance claims 27,671,127 - 27,671,127 Other liabilities - 1,445,054 1,445,054 Capital leases and revenue bonds, net of premiums and discount 91,237,119 264,082,558 355,319,677 Total Noncurrent Liabilities 334,928,735 308,881,081 643,809,816 Total Liabilities 433,540,306 345,695,686 779,235,992

DEFERRED INFLOW OF RESOURCES
Deferred inflow on pension plans 90,599,235 18,005,184 108,604,419 Deferred inflow on other post-employment benefit plans (OPEB) 2,604,133 720,019 3,324,152 Gain on refunding 609,388 - 609,388 Leases 795,760 - 795,760 Total Deferred Inflow of Resources 94,608,516 18,725,203 113,333,719

NET POSITION
Net investment in capital assets 1,901,675,190 302,265,460 2,203,940,650 Restricted for:

Debt service 23,376 3 ,375,904 3 ,399,280 Culture and leisure 9,952,280 - 9 ,952,280 Housing 7,736,076 379,370 8,115,446 Infrastructure developments 46,133,824 40,483,378 86,617,202 Maintenance districts 13,326,265 - 13,326,265 Public safety 8,334,806 - 8,334,806 Streets and traffic improvements/maintenance 20,992,904 - 20,992,904 Transportation systems 1,725,358 - 1,725,358 Grants 505,099 - 505,099 Unrestricted (143,587,887) 95,558,083 (48,029,804) TOTAL NET POSITION 1,866,817,291$ 442,062,195 $ 2,308,879,486$ 596

CITY OF OXNARD, CALIFORNIA

STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2022

The accompanying notes are an integral part of the financial statements. -26-
Program Revenues
Operating Capital Grants
Charges for Grants and and
Functions/Programs Expenses Services Contributions Contributions

PRIMARY GOVERNMENT
Governmental Activities
General government 46,053,309 $ 816,910 $ 37,313,530$ -$ Public safety 113,731,717 6,752,504 1,008,546 - Transportation systems 13, 087,346 3,084,378 - 7,870,776 Community development 21,689,712 11,617,112 5,879,608 - Culture, leisure and libraries 37,402,631 8,743,383 2,512,057 545,094 Interest on long-term debt 3,721,942 - - - Total Governmental Activities 235,686,657 31,014,287 46,713,741 8,415,870 Business-Type Activities
Water 66,845,048 57,211,384 - - Wastewater 35,836,577 43,448,032 - - Environmental Resources 46,956,163 43,365,998 - - Golf Course 5,334,578 6,398,280 - - Oxnard Housing Authority 28,211,702 5,323,254 24,640,627 1,719,118 Total Business-Type Activities 183,184,068 155,746,948 24,640,627 1,719,118 TOTAL PRIMARY GOVERNMENT 418,870,725$ 186,761,235 $ 71,354,368 $ 10,134,988 $

GENERAL REVENUES
Taxes
Property tax
Sales tax
Transient occupancy tax
Franchise tax
Deed transfer tax
Business license tax
Penalties and interest
Interest on investments

TRANSFERS

CHANGE IN NET POSITION
NET POSITION - JULY 1
NET POSITION - JUNE 30
Total General Revenues, Contributed Capital, and Transfers 597

-27-
Net (Expenses) Revenues and
Changes in Net Position
Primary Government
Governmental Business-type
Activities Activities Total Functions/Programs

PRIMARY GOVERNMENT
Governmental Activities
(7,922,869)$ - $ (7,922,869)$ General government (105,970,667) - (105,970,667) Public safety (2,132,192) - (2,132,192) Transportation systems (4,192,992) - (4,192,992) Community development (25,602,097) - (25,602,097) Culture, leisure and libraries (3,721,942) - (3,721,942) Interest on long-term debt (149,542,759) - (149,542,759) Total Governmental Activities Business-Type Activities
- (9,633,664) (9,633,664) Water - 7,611,455 7,611,455 Wastewater - (3,590,165) (3,590,165) Environmental resources - 1,063,702 1,063,702 Golf Course - 3,471,297 3,471,297 Oxnard Housing Authority - (1,077,375) (1,077,375) Total Business-Type Activities (149,542,759) (1,077,375) (150,620,134) TOTAL PRIMARY GOVERNMENT

GENERAL REVENUES
Taxes
78,630,717 - 78,630,717 Property tax 118,083,508 - 118,083,508 Sales tax 5,117,229 - 5,117,229 Transient occupancy tax 4,557,215 - 4,557,215 Franchise tax 978,170 - 978,170 Deed transfer tax 6,537,611 - 6,537,611 Business license tax 92,544 - 92,544 Penalties and interest 1,055,755 683,524 1,739,279 Interest on investments 130,897 (130,897) - TRANSFERS 215,183,646 552,627 215,736,273 Total General Revenues, Contributed Capital, and
Transfers
65,640,887 (524,748) 65,116,139 CHANGE IN NET POSITION 1,801,176,404 442,586,943 2,243,763,347 NET POSITION - JULY 1 1,866,817,291$ 442,062,195 $ 2,308,879,486$ NET POSITION - JUNE 30 598

CITY OF OXNARD, CALIFORNIA

BALANCE SHEET

GOVERNMENTAL FUNDS
JUNE 30, 2022

The accompanying notes are an integral part of the financial statements. -28-

DEVELOPMENT

AFFORDABLE FEES

GENERAL HOUSING FUND
ASSETS
Cash and investments 68,170,100$ 3,286,632$ 59,777,861$ Restricted investments with fiscal agents - - - Accounts and other receivables 3,013,563 112,646 1,069 Due from other funds 5,239,409 - - Due from other government 23,578,115 - - Due from Successor Agency 277,606 - - Lease receivable 273,552 - - Advances to other funds 3,589,072 - - Notes receivable - 33,628,083 10,846,230 Total Assets 104,141,417$ 37,027,361 $ 70,625,160 $

LIABILITIES AND DEFERRED INFLOWS OF RESOURCES

LIABILITIES
Accounts payable 7,034,781 $ 65 $ 145,022$ Other liabilities 13,672,641 3,185 4,069,749 Due to other funds 11,929,321 7,480 - Advances from other funds 13,059,769 - - Unearned revenues 12,411 - - Total Liabilities 45,708,923 10,730 4,214,771

DEFERRED INFLOW OF RESOURCES
Deferred inflow on loans - 33,628,083 10,846,230 Deferred inflow on leases 436,735 - - Total Deferred Inflow of Resources 436,735 33,628,083 10,846,230 Total Liabilities and Deferred Inflows of Resources 46,145,658$ 33,638,813 $ 15,061,001 $

FUND BALANCES
Nonspendable
Advances to other funds 3,589,072$ -$ -$ Restricted for:

Debt service - - - Culture and leisure - - 1,157,980 Housing - 3,388,548 4,206,070 Infrastructure developments - - 34,617,111 Maintenance districts - - - Public safety - - - Streets and traffic improvements/maintenance - - 15,582,998 Transportation systems - - - Grants - - - Committed to:

Measure "O" eligible services 17,028,266 - - Capital projects 8,472,939 - - General plan maintenance 751,990 - - Streets and traffic improvements/maintenance 2,028,122 - - Unassigned 26,125,370 - - Total Fund Balances 57,995,759 3,388,548 55,564,159 TOTAL LIABILITIES, DEFERRED INFOWS, AND FUND BALANCES 104,141,417$ 37,027,361 $ 70,625,160 $ 599

-29-

STATE AND

FEDERAL TOTAL

GRANTS FUND NONMAJOR GOVERNMENT
ASSETS
36,498,884$ 61,392,472$ 229,125,949$ Cash and investments - 13,580,833 13,580,833 Restricted investments with fiscal agents - 112,522 3,239,800 Accounts and other receivables - 21,610 5,261,019 Due from other funds 6,767,521 2,344,479 32,690,115 Due from other government - 38,259 315,865 Due from Successor Agency - 329,130 602,682 Lease receivable - - 3,589,072 Advances to other funds 5,708,497 6,647,402 56,830,212 Notes receivable 48,974,902$ 84,466,707 $ 345,235,547 $ Total Assets

LIABILITIES AND DEFERRED INFLOWS OF RESOURCES

LIABILITIES
2,809,276$ 2,613,854$ 12,602,998$ Accounts payable 214,638 998,516 18,958,729 Other liabilities 2,696,347 627,871 15,261,019 Due to other funds - - 13,059,769 Advances from other funds 36,893,137 2,248,198 39,153,746 Unearned revenues 42,613,398 6,488,439 99,036,261 Total Liabilities

DEFERRED INFLOW OF RESOURCES
5,708,497 6,647,402 56,830,212 Deferred inflow on loans - 359,025 795,760 Deferred inflow on leases 5,708,497 7,006,427 57,625,972 Total Deferred Inflow of Resources 48,321,895$ 13,494,866 $ 156,662,233 $ Total Liabilities and Deferred Inflows of Resources

FUND BALANCES
Nonspendable
-$ -$ 3,589,072$ Advances to other funds Restricted for:
- 23,376 23,376 Debt service - 8,794,300 9,952,280 Culture and leisure - 141,458 7,736,076 Housing - 11,516,713 46,133,824 Infrastructure developments - 13,326,265 13,326,265 Maintenance districts 311,299 8,023,507 8,334,806 Public safety - 5,409,906 20,992,904 Streets and traffic improvements/maintenance - 1,725,358 1,725,358 Transportation systems 505,099 - 505,099 Grants Committed to:
- - 17,028,266 Measure "O" eligible services - 22,010,958 30,483,897 Capital projects - - 751,990 General plan maintenance - - 2,028,122 Streets and traffic improvements/maintenance (163,391) - 25,961,979 Unassigned 653,007 70,971,841 188,573,314 Total Fund Balances 48,974,902$ 84,466,707 $ 345,235,547 $ TOTAL LIABILITIES, DEFERRED INFOWS, AND FUND BALANCES 600

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601

CITY OF OXNARD, CALIFORNIA

RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS

TO THE STATEMENT OF NET POSITION
JUNE 30, 2022

The accompanying notes are an integral part of the financial statements. -31-
Fund balances of governmental funds 188,573,314$
Amounts reported for governmental activities in the Statement of Net Position are different because:

Accounts receivable and other assets not reported in the funds 173,877 Land held for resale is not reported in the funds 570,000 Capital assets of $2,413,686,888 net of accumulated depreciation ($388,077,240) are not financial resources and, therefore, are not reported in the funds. 1,981,943,872 Deferred outflows for the following are not reported in the governmental funds:

Deferred loss on refunding 2,416,703$
Deferred outflow on pension and OPEB plans 53,887,660 56,304,363 Accrued interest payable for the current portion of interest due on long-term liabilities has not been reported in the governmental funds. (461,885) 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. 63,744,192
Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the funds:

Compensated absences (14,645,187)
Notes payable (23,602)
Other post-employment liability (43,035,938)
Net pension liabilities (151,673,638)
Capital leases and bonds payable, net of issuance discounts, issuance premium and prepaid insurance (97,576,846)
(306,955,211)
Deferred inflows for the following are not reported in the governmental funds Deferred gain on refunding (609,388)
Deferred inflow on pension and OPEB plans (88,088,598) (88,697,986) Internal service funds are used by managemen t 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. (28,377,245)

NET POSITION OF GOVERNMENTAL ACTIVITIES 1,866,817,291$
602

CITY OF OXNARD

STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES

GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2022

The accompanying notes are an integral part of the financial statements. -32-

AFFORDABLE DEVELOPMENT

GENERAL HOUSING FEE FUND

REVENUES
Taxes 198,112,426 $ - $ - $
Licenses and permits 2,607,236 - - Intergovernmental 2,208,645 - - Growth and development fees - - 4,084,445 Charges for services 16,116,832 - - Fines and forfeitures 2,541,622 - - Interest on investments 300,160 164,559 440,365 Special assessments 508,642 - 111,513 Miscellaneous (1,653,481) (96,440) (1,441,531) Total Revenues 220,742,082 68,119 3,194,792

EXPENDITURES
Current
General government 18,096,013 - 29,279 Public safety 101,788,984 - - Transportation 7,215,293 - 9,458 Community development 13,638,012 82,369 520,643 Culture, leisure and libraries 25,279,052 - 11,558 Capital Outlay 3,507,540 - 664,715 Debt Service
Principal 850,000 - - Interest and fiscal charges 468,045 - - Total Expenditures 170,842,939 82,369 1,235,653

EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 49,899,143 (14,250) 1,959,139

OTHER FINANCING SOURCES (USES)
Proceeds from debt issuance - - - Transfers in 2,808,840 - - Transfers out (14,560,290) - (557,369) Total Other Financing Sources (Uses) (11,751,450) - (557,369) NET CHANGE IN FUND BALANCES 38,147,693 (14,250) 1,401,770 FUND BALANCES, JULY 1 19,848,066 3,402,798 54,162,389 FUND BALANCES, JUNE 30 57,995,759$ 3,388,548 $ 55,564,159 $ 603

-33-

STATE AND

FEDERAL TOTAL

GRANTS FUND NONMAJOR GOVERNMENTAL

REVENUES
-$ 15,792,024$ 213,904,450 $ Taxes - 1,095,535 3,702,771 Licenses and permits 41,339,500 11,581,466 55,129,611 Intergovernmental - 20,430 4,104,875 Growth and development fees - 1,422,641 17,539,473 Charges for services 71,643 244 2,613,509 Fines and forfeitures 9,100 141,571 1,055,755 Interest on investments - 6,312,705 6,932,860 Special assessments 225,191 (976,213) (3,942,474) Miscellaneous 41,645,434 35,390,403 301,040,830 Total Revenues

EXPENDITURES
Current
3,050,818 357,657 21,533,767 General government 2,315,452 16,212,882 120,317,318 Public safety - 5,562,702 12,787,453 Transportation 4,136,364 1,719,090 20,096,478 Community development 2,726,993 7,465,406 35,483,009 Culture, leisure and libraries 8,123,194 15,796,999 28,092,448 Capital Outlay Debt Service
- 5,692,675 6,542,675 Principal - 3,405,051 3,873,096 Interest and fiscal charges 20,352,821 56,212,462 248,726,244 Total Expenditures

EXCESS OF REVENUES OVER
(UNDER)
21,292,613 (20,822,059) 52,314,586 EXPENDITURES

OTHER FINANCING SOURCES (USES)
- 3,300,000 3,300,000 Proceeds from debt issuance - 34,133,338 36,942,178 Transfers in (21,440,609) (43,370) (36,601,638) Transfers out (21,440,609) 37,389,968 3,640,540 Total Other Financing Sources (Uses) (147,996) 16,567,909 55,955,126 NET CHANGE IN FUND BALANCES 801,003 54,403,932 132,618,188 FUND BALANCES, JULY 1 653,007$ 70,971,841$ 188,573,314 $ FUND BALANCES, JUNE 30 604

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605

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, 2022

The accompanying notes are an integral part of the financial statements. -35-
Amounts reported for governmental activities in the statement of activities are different because:

Net Change in Fund Balances - Total Governmental Funds 55,955,126$ Governmental funds report capital outlays as expenditures. However, in the statement of (4,644,747)
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 (468,141)
In the governmental funds, the proceeds from disposal of capital assets are reflected regardless of whether a gain or loss is realized, whereas in the statement of activities, gains (losses) are reported.

Loss on sale of assets (324,864)
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 14,945
Change in deferred gains/losses on refunding (93,416)
Change in compensated absenses 1,212,863
Change in pension and OPEB liabilities 7,836,898
The issuance of long-term debt provides current financial resources to governmental funds, Total principal repayments net of bond (discount)/premium. 3,484,869 Net income of internal service funds is reported with governmental activities. 2,667,354
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 65,640,887$ 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 ($23,595,139) exceeded capital outlay ($18,950,392), that was capitalized in the current period.
606

CITY OF OXNARD, CALIFORNIA

STATEMENT OF NET POSITION

PROPRIETARY FUNDS
JUNE 30, 2022

The accompanying notes are an integral part of the financial statements. -36-

ENVIRONMENTAL

WATER WASTEWATER RESOURCES
ASSETS
Current Assets
Cash and investments 54,004,097$ 69,509,984$ 22,383,480$ Restricted investments with fiscal agent 19,026,300 114 7,139,788 Accounts and other receivable (net of allowance for doubtful accounts) 8,616,056 7,202,043 5,628,608 Due from other funds 4,426,904 3,989,030 2,751,714 Other assets 143,352 242,663 - Total Current Assets 86,216,709 80,943,834 37,903,590 Noncurrent Assets
Notes receivable (net of allowance for doubtful accounts) - 777,000 - Advances to other funds 4,473,526 2,838,194 2,606,065 Total Noncurrent Assets 4,473,526 3,615,194 2,606,065 Capital Assets
Land 1,960,229 2,310,476 3,851,164 Construction in progress 27,829,118 4,723,300 1,882,920 Buildings and improvements 63,971,156 131,500,051 23,246,557 Machinery, equipment and vehicles 55,651,318 42,996,082 26,069,754 Infrastructure 212,144,323 201,270,904 2,839,837 Less: Accumulated depreciation (120,191,291) (167,294,400) (25,405,539) Total Capital Assets (net of accumulated depreciation) 241,364,853 215,506,413 32,484,693 Total Assets 332,055,088 300,065,441 72,994,348

DEFERRED OUTFLOW OF RESOURCES
Deferred amount on refunding 1,806,537 380,319 - Deferred outflow on pension plans 1,983,490 2,531,309 4,608,712 Deferred outflow on other post-employment benefit plans 621,293 1,027,217 1,097,507 Total Deferred Outflow of Resources 4,411,320 3,938,845 5,706,219

LIABILITIES
Current Liabilities
Accounts payable 7,543,020 2,227,145 5,314,845 Compensated absences payable - current 385,365 471,702 964,556 Self-insurance claims - current - - - Deferred revenue - - 93,820 Other liabilities 1,554,268 891,933 1,080,775 Due to other funds 35,000 992,214 - Capital leases and revenue bonds - current 5,362,121 5,285,000 1,908,231 Total Current Liabilities 14,879,774 9,867,994 9,362,227 Noncurrent Liabilities
Compensated absences payable 205,707 251,793 514,878 Net pension liabilities 4,985,070 8,481,122 9,088,747 Other post-employment benefits payable 2,263,043 3,676,631 5,255,094 Self-insurance claims - - - Other liabilities 1,048,569 31,609 89,526 Advances from other funds - - - Capital leases and revenue bonds, net of current portion and discount/premium 167,650,552
86,038,079 9,963,927
Total Noncurrent Liabilities 176,152,941 98,479,234 24,912,172 Total Liabilities 191,032,715 108,347,228 34,274,399 607

-37-

OXNARD TOTAL INTERNAL

GOLF HOUSING CURRENT SERVICE

COURSE AUTHORITY YEAR FUNDS
ASSETS
Current Assets
6,639,551$ 16,093,421 $ 168,630,533 $ 24,119,314 $ Cash and investments - 2,673,337 28,839,539 - Restricted investments with fiscal a gent 8,863 564,145 22,019,715 2,097 Accounts and other receivable (net of allowance for
doubtful accounts)
- - 11,167,648 - Due from other funds - 117,987 504,002 - Other assets 6,648,414 19,448,890 231,161,437 24,121,411 Total Current Assets Noncurrent Assets
- 3,569,930 4,346,930 - Notes receivable (net of allowance for doubtful accounts) - - 9,917,785 777,488 Advances to other funds - 3,569,930 14,264,715 777,488 Total Noncurrent Assets Ca
pital Assets
28,117,344 9,300,258 45,539,471 - Land - 746,044 35,181,382 156,292 Construction in progress 29,381,197 40,656,565 288,755,526 435,410 Buildin gs and improvements 13,951 2,089,823 126,820,928 7,223,917 Machiner y, equipment and vehicles - - 416,255,064 - Infrastructure (13,846,716) (37,257,740) (363,995,686) (6,465,603) Less: Accumulated depreciation 43,665,776 15,534,950 548,556,685 1,350,016 Total Capital Assets (net of accumulated depreciation) 50,314,190 38,553,770 793,982,837 26,248,915 Total Assets

DEFERRED OUTFLOW OF RESOURCES
- - 2,186,856 - Deferred amount on refundin g - 1,858,350 10,981,861 3,088,957 Deferred outflow on pension plans - 585,563 3,331,580 1,199,564 Deferred outflow on other post-employment benefit plans - 2,443,913 16,500,297 4,288,521 Total Deferred Outflow of Resources

LIABILITIES
Current Liabilities
669,794 454,055 16,208,859 2,006,711 Accounts payable
- 241,060 2,062,683 460,982 Com pensated absences payable - current - - - 8,430,840 Self-insurance claims - current - 88,373 182,193 - Deferred revenue 905,129 693,703 5,125,808 453,312 Other liabilities 140,434 - 1,167,648 - Due to other funds - 679,710 13,235,062 - Capital leases and revenue bonds - current 1,715,357 2,156,901 37,982,253 11,351,845 Total Current Liabilities Noncurrent Liabilities
- 362,287 1,334,665 246,071 Com pensated absences payable - 5,421,843 27,976,782 11,454,066 Net pension liabilities - 2,847,254 14,042,022 4,684,628 Other post-employment benefits payable - - - 27,671,127 Self-insurance claims - 275,350 1,445,054 - Other liabilities 447,088 777,488 1,224,576 - Advances from other funds - 430,000 264,082,558 - Capital leases and revenue bonds, net of current portion and discount/premium
447,088 10,114,222 310,105,657 44,055,892 Total Noncurrent Liabilities 2,162,445 12,271,123 348,087,910 55,407,737 Total Liabilities

608
STATEMENT OF NET POSITION (Continued)

PROPRIETARY FUNDS

The accompanying notes are an integral part of the financial statements.

-38-

ENVIRONMENTAL

WATER WASTEWATER RESOURCES

DEFERRED INFLOW OF RESOURCES
Deferred inflow on pension plans 3,616,647$ 4,122,151$ 8,005,217$ Deferred inflow on other post-employment benefit plans 130,557 193,358 318,404 Total Deferred Inflow of Resources 3,747,204 4,315,509 8,323,621

NET POSITION
Net investment in capital assets 89,185,017 124,563,653 27,752,323 Restricted for housing assistance payments - - - Restricted for infrastructure development 22,813,346 14,301,915 1,776,209 Restricted for debt service 2,653,250 65,789 - Unrestricted 27,034,876 52,410,192 6,574,015 TOTAL NET POSITION 141,686,489$ 191,341,549 $ 36,102,547 $

NET POSITION OF BUSINESS-TYPE ACTIVITIES
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
609

-39-

OXNARD TOTAL INTERNAL

GOLF HOUSING CURRENT SERVICE

COURSE AUTHORITY YEAR FUNDS

DEFERRED INFLOW OF RESOURCES
-$ 2,261,169$ 18,005,184 $ 4,858,660 $ Deferred inflow on pension plans - 77,700 720,019 256,110 Deferred inflow on other post-employment benefit plans - 2,338,869 18,725,203 5,114,770 Total Deferred Inflow of Resources

NET POSITION
43,665,776 15,534,950 300,701,719 1,350,016 Net investment in ca pital assets - 379,370 379,370 - Restricted for housin g assistance payments - 1,591,908 40,483,378 - Restricted for infrastructure develo pment - 656,865 3,375,904 - Restricted for debt service 4,485,969 8,224,598 98,729,650 (31,335,087) Unrestricted 48,151,745$ 26,387,691 $ 443,670,021 (29,985,071) $ TOTAL NET POSITION (1,607,826)
442,062,195$ NET POSITION OF BUSINESS-TYPE ACTIVITIES Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
610

CITY OF OXNARD, CALIFORNIA

STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION

PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2022

The accompanying notes are an integral part of the financial statements.

-40-

ENVIRONMENTAL

WATER WASTEWATER RESOURCES

OPERATING REVENUES
Charges for services 59,327,493$ 45,164,950$ 44,369,246$ Connection fees 82,588 1,222,958 - Rental income - - - Grant revenue for operations - - - Miscellaneous and reimbursements (2,198,697) (2,939,876) (1,003,248) Total Operating Revenues 57,211,384 43,448,032 43,365,998

OPERATING EXPENSES
Salaries and wages 7,666,104 8,751,825 20,601,906 Contractual services 3,961,273 2,071,085 3,245,712 Housing assistance payments - - - Operating supplies 27,085,561 2,649,399 2,713,155 Utilities 1,066,984 4,211,837 9,199,875 Depreciation and amortization 7,195,129 7,735,086 1,755,063 General and administrative 4,032,387 4,389,923 5,559,369 Repairs and maintenance 9,212,121 2,409,170 4,268,618 Claims expenses - - - Total Operating Expenses 60,219,559 32,218,325 47,343,698 OPERATING INCOME (LOSS) (3,008,175) 11,229,707 (3,977,700)

NONOPERATING REVENUES (EXPENSES)
Grant revenue - noncapital - - - Fraud recovery - - - (Loss)/gain on disposition of capital assets (4,344) (103,755) - Interest on investments 232,737 327,986 118,146 Interest expense (6,798,611) (3,733,364) (70,647) Cost of issuance (122,000) - - Net Nonoperating Revenues (Expenses) (6,692,218) (3,509,133) 47,499

INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS (9,700,393) 7,720,574 (3,930,201)

CAPITAL CONTRIBUTIONS - - - TRANSFERS OUT (26,220) (29,757) (74,920) CHANGES IN NET POSITION (9,726,613) 7,690,817 (4,005,121) NET POSITION, JULY 1 151,413,102 183,650,732 40,107,668 NET POSITION, JUNE 30 141,686,489$ 191,341,549 $ 36,102,547 $

CHANGES IN NET POSITION OF BUSINESS-TYPE ACTIVITIES
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
611

-41-

OXNARD TOTAL INTERNAL

GOLF HOUSING CURRENT SERVICE

COURSE AUTHORITY YEAR FUND

OPERATING REVENUES
6,185,620$ -$ 155,047,309$ 39,327,331$ Charges for services - - 1,305,546 - Connection fees - 4,699,030 4,699,030 - Rental income - 24,456,627 24,456,627 - Grant revenue for operations 212,660 596,604 (5,332,557) 155,818 Miscellaneous and reimbursements 6,398,280 29,752,261 180,175,955 39,483,149 Total Operating Revenues

OPERATING EXPENSES
32,388 - 37,052,223 9,166,866 Salaries and wages 3,502,505 - 12,780,575 4,512,697 Contractual services - 21,463,147 21,463,147 - Housing assistance payments - - 32,448,115 4,741,277 Operating supplies 658,369 791,750 15,928,815 1,383,781 Utilities 582,917 765,952 18,034,147 379,644 Depreciation and amortization 279,350 3,786,794 18,047,823 6,365,106 General and administrative 257,559 1,927,987 18,075,455 1,055,525 Repairs and maintenance - - - 8,000,922 Claims expenses 5,313,088 28,735,630 173,830,300 35,605,818 Total Operating Expenses 1,085,192 1,016,631 6,345,655 3,877,331 OPERATING INCOME (LOSS)

NONOPERATING REVENUES (EXPENSES)
- 184,000 184,000 - Grant revenue - noncapital - 27,620 27,620 - Fraud recovery - 583,092 474,993 (22,312) (Loss)/gain on disposition of capital assets - 4,655 683,524 - Interest on investments (22,997) (59,164) (10,684,783) - Interest expense - - (122,000) - Cost of issuance (22,997) 740,203 (9,436,646) (22,312) Net Nonoperating Revenues (Expenses)

INCOME (LOSS) BEFORE CONTRIBUTIONS
1,062,195 1,756,834 (3,090,991) 3,855,019 AND TRANSFERS - 1,719,118 1,719,118 - CAPITAL CONTRIBUTIONS - - (130,897) (209,643) TRANSFERS OUT 1,062,195 3,475,952 (1,502,770) 3,645,376 CHANGES IN NET POSITION 47,089,550 22,911,739 (33,630,447) NET POSITION, JULY 1 48,151,745$ 26,387,691 $ (29,985,071) $ NET POSITION, JUNE 30 978,022
(524,748)$ CHANGES IN NET POSITION OF BUSINESS-TYPE ACTIVITIES Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
612

CITY OF OXNARD, CALIFORNIA

STATEMENT OF CASH FLOWS

PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2022

The accompanying notes are an integral part of the financial statements.

-42-

ENVIRONMENTAL

WATER WASTEWATER RESOURCES

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 54,296,410 $ 42,839,010 $ 43,223,517 $ Payments to suppliers (41,297,015) (14,712,854) (21,317,268) Payments to employees (8,593,315) (9,869,984) (23,338,265) Payments for housing assistance and notes receivable - - - Receipts from operating grants - - - Cash paid to claimants - - - Net Cash Provided By (Used In) Operating Activities 4,406,080 18,256,172 (1,432,016)

CASH FLOWS FROM NONCAPITAL FINANCING

ACTIVITIES
Collection/(issuance) of advances 5,238,106 3,596,180 3,302,057 Principal paid on long-term debt - - - Interest and other fees paid - - - Notes receivable collected - 22,200 - Cash received from noncapital grants - - - Transfers out (26,220) (29,757) (74,920) Net Cash Provided By (Used In) Noncapital Financing
Activities 5,211,886 3,588,623 3,227,137

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
Purchases of capital assets (17,016,944) (2,085,585) (11,454,358) Disposals of capital assets 107,404 41,905 126,974 Proceeds from long-term debt issued 24,159,946 - 10,255,000 Interest and issuance cost paid on long-term debt (7,306,160) (4,396,501) (64,835) Principal paid on long-term debt (27,583,263) (5,035,000) (2,038,615) Cash received from capital grants - - - Net Cash Provided By (Used In) Capital and Related
Financing Activities (27,639,017) (11,475,181) (3,175,834)

CASH FLOWS FROM INVESTING ACTIVITIES
Interest on investments 232,737 327,986 118,146 Net Cash Provided By (Used In) Investing Activities 232,737 327,986 118,146

NET INCREASE (DECREASE) IN CASH AND
INVESTMENTS (17,788,314) 10,697,600 (1,262,567) CASH AND INVESTMENTS, JULY 1 90,818,711 58,812,498 30,785,835 CASH AND INVESTMENTS, JUNE 30 73,030,397$ 69,510,098 $ 29,523,268 $ Cash and investments 54,004,097$ 69,509,984$ 22,383,480$ Restricted investments with fiscal agent 19,026,300 114 7,139,788 73,030,397$ 69,510,098 $ 29,523,268 $
613

-43-

OXNARD TOTAL INTERNAL

GOLF HOUSING CURRENT SERVICE

COURSE AUTHORITY YEAR FUNDS

CASH FLOWS FROM OPERATING ACTIVITIES
6,399,920$ 6,527,782 $ 153,286,639$ 39,499,568 $ Receipts from customers and users (3,249,134) (4,349,660) (84,925,931) (17,014,480) Payments to suppliers (32,508) (4,481,188) (46,315,260) (10,550,319) Payments to employees - (21,482,667) (21,482,667) - Payments for housing assistance and notes receivable - 24,312,242 24,312,242 - Receipts from operating grants - - - (7,163,530) Cash paid to claimants 3,118,278 526,509 24,875,023 4,771,239 Net Cash Provided By (Used In) Operating Activities

CASH FLOWS FROM NONCAPITAL FINANCING

ACTIVITIES
(136,345) - 11,999,998 50,613 Collection/(issuance) of advances - (390,000) (390,000) - Principal paid on long-term debt - (60,095) (60,095) - Interest and other fees paid - - 22,200 - Notes receivable collected - 184,000 184,000 - Cash received from noncapital grants - - (130,897) (209,643) Transfers out Net Cash Provided By (Used In) Noncapital Financing
(136,345) (266,095) 11,625,206 (159,030) Activities

CASH FLOWS FROM CAPITAL AND RELATED

FINANCING ACTIVITIES
- (1,393,296) (31,950,183) (6,096) Purchases of capital assets - 3,133 279,416 - Disposals of capital assets - - 34,414,946 - Proceeds from long-term debt issued (22,997) - (11,790,493) - Interest and issuance cost paid on long-term debt - - (34,656,878) - Principal paid on long-term debt - 1,719,118 1,719,118 - Cash received from capital grants Net Cash Provided By (Used In) Capital and Related
(22,997) 328,955 (41,984,074) (6,096) Financing Activities

CASH FLOWS FROM INVESTING ACTIVITIES
- 4,655 683,524 - Interest on investments - 4,655 683,524 - Net Cash Provided By (Used In) Investing Activities

NET INCREASE (DECREASE) IN CASH AND
2,958,936 594,024 (4,800,321) 4,606,113 INVESTMENTS 3,680,615
18,172,734 202,270,393 19,513,201 CASH AND INVESTMENTS, JULY 1 6,639,551$ 18,766,758 $ 197,470,072 $ 24,119,314 $ CASH AND INVESTMENTS, JUNE 30 6,639,551$ 16,093,421$ 168,630,533$ -$ Cash and investments - 2,673,337 28,839,539 - Restricted investments with fiscal agent 6,639,551$ 18,766,758 $ 197,470,072 $ - $ 614
STATEMENT OF CASH FLOWS (Continued)

PROPRIETARY FUNDS

The accompanying notes are an integral part of the financial statements.

-44-

ENVIRONMENTAL

WATER WASTEWATER RESOURCES

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET

CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
OPERATING INCOME (LOSS) (3,008,175)$ 11,229,707 $ (3,977,700) $ Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided By (Used In) Operating Activities
Depreciation and amortization 7,195,129 7,735,086 1,755,063 Other revenue - - - Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable and
due from other funds and governments 339,521 1,405,978 1,653,382 (Increase) decrease in other assets 9,944 20,000 - Increase (decrease) in accounts payable and
other liabilities 794,955 (1,068,578) 1,625,864 Increase (decrease) in compensated absences 28,318 (78,423) (78,187) Increase (decrease) in OPEB payable 130,016 217,482 219,846 Increase (decrease) in net pension liabilities (1,083,628) (1,205,080) (2,630,284) Increase (decrease) in self-insurance liabilities -
- -
Net Cash Provided By (Used In) Operating Activities 4,406,080$ 18,256,172 $ (1,432,016) $ 615

-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
1,085,192$ 1,016,631 $ 6,345,655 $ 3,877,331 $ OPERATING INCOME (LOSS) Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided By (Used In) Operating Activities
582,917 765,952 18,034,147 379,644 Depreciation and amortization - 27,620 27,620 - Other revenue Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable and
1,640 (253,931) 3,146,590 16,419 due from other funds - 806,877 836,821 120,375 (Increase) decrease in other assets Increase (decrease) in accounts payable and
1,448,529 (2,962) 2,797,808 807,729 other liabilities - (1,400) (129,692) (229,838) Increase (decrease) in compensated absences - 193,632 760,976 498,083 Increase (decrease) in OPEB payable - (2,025,910) (6,944,902) (1,535,896) Increase (decrease) in net pension liabilities - - - 837,392 Increase (decrease) in self-insurance liabilities 3,118,278$ 526,509 $ 24,875,023$ 4,771,239 $ Net Cash Provided By (Used In) Operating Activities 616

CITY OF OXNARD, CALIFORNIA

STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2022

The accompanying notes are an integral part of the financial statements.

-46-

OXNARD COMMUNITY

DEVELOPMENT

COMMISSION RETIREMENT

SUCCESSOR AGENCY ENHANCEMENT

PRIVATE PURPOSE DEFINED BENEFIT CUSTODIAL

TRUST FUND PENSION TRUST FUND FUNDS
ASSETS
Cash and investments 7,625,255 $ - $ 6,548,351$ Investment with fiscal agents
Certificates of deposit 3,372,582 - 2,662,984 Mutual funds - 96,494,313 - Total investment with fiscal agents 3,372,582 96,494,313 2,662,984 Accounts and other receivables - 173,404 - Due from other governments - 112,289 Notes receivable, net of uncollectible 571,563 - - Properties held for resale 921,192 - - Capital Assets
Buildings and improvements (net of
depreciation) 12,145,231 - - Infrastructure (net of depreciation) 17,798,397 - - Total Assets 42,434,220 96,667,717 9,323,624

LIABILITIES
Accounts payable 1,956,913 $ - $ 148,236$ Other liabilities 439,931 - - Due to City of Oxnard 314,482 - - Long-term debt - due within one year 1,920,000 - - Long-term debt - due in more than one year 25,370,000 - - Retainage Payable - - 4,154 TOTAL LIABILITIES 30,001,326 - 152,390

NET POSITION
Restricted for:

Held in trust for Successor Agency 12,432,894 - - Individuals, organizations, and other governments - - 9,171,234 Pensions - 96,667,717 - TOTAL NET POSITION 12,432,894$ 96,667,717 $ 9,171,234 $ 617

CITY OF OXNARD, CALIFORNIA

STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2022

The accompanying notes are an integral part of the financial statements.

-47-

OXNARD COMMUNITY

DEVELOPMENT RETIREMENT

COMMISSION ENHANCEMENT

SUCCESSOR AGENCY DEFINED BENEFIT

PRIVATE PURPOSE PENSION CUSTODIAL

TRUST FUND TRUST FUND FUNDS

ADDITIONS
Taxes 7,193,120$ - $ 696,855$ Special assessments - - 3,878,059 Contributions
Employer - 3,171,925 - Plan members - 1,610,537 - Investment income 127,146 (12,567,159) (60,580) Investment expense - (215,978) - Net investment income 127,146 (12,783,137) (60,580) Miscellaneous income 10,000 - 2,045 Total Additions 7,330,266 (8,000,675) 4,516,379

DEDUCTIONS
Administrative costs
Salaries and wages 34,752 - - Benefit distributions - 4,910,245 - Administrative costs 105,818 - 43,527 Professional services 97,023 - 17,709 Depreciation 1,301,788 - - Project improvements 3,565,939 - 83,070 Distributions to individuals, organizations, and bond trustees - - 6,103,758 Debt Service
Interest and fiscal charges 1,351,808 - - Total Deductions 6,457,128 4,910,245 6,248,064 CHANGE IN NET POSITION 873,138 (12,910,920) (1,731,685) NET POSITION - JULY 1, 2021 11,559,756 109,578,637 10,902,919 NET POSITION - JUNE 30, 2022 12,432,894$ 96,667,717 $ 9,171,234 $ 618

CITY OF OXNARD, CALIFORNIA

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2022

-48-
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 significance 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 consi dered 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.

619

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-49-
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 disadvantaged 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. 620

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-50-
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 the 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. 621

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-51-
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 du e 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.
622

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-52-
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.

623

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-53-
I. Summary of Significant Accounting Policies (Continued) B. Financial Statements Presentation (Continued)

Proprietary Fund Financial Statements (Continued)
• Wastewater Fund: This fund is used to acc ount 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 ac count 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 are 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 a nd 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 reported as nonoperating expenses. When both restricted and unrestricted re sources are available for use, it is the City's policy to use the restricted resources first, then unrestricted resources as they are needed.
624

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-54-
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.
625

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-55-
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
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. With the implementation of this stat ement, the City recognized leas es receivable and deferred inflow of resources on leases.

Statement No. 92, Omnibus 2020. GASB Statement No. 92 addr esses a variety of topics related to post-employment benefits and other issues. The adoption of this statement had no significant impact on the City’s financial statements.

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 adoption of this statem ent had no significant impact on the City’s financial statements.

626

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-56-
I. Summary of Significant Accounting Policies (Continued) C. New Accounting Pronouncements (Continued)
Adopted (Continued)
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 and 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 com pensation plans. The adoption of this statement had no significant impact on the City’s financial statements.

Not Adopted
The GASB issued several pronouncements prior to June 30, 2022, 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. 91, Conduit Debt Obligations . GASB Statement No. 91 clarifies the definition of conduit debt and establishes new rec ognition, meas urement, and disclosure requirements. The requirements of this Statement are effective for reporting periods beginning after December 15, 2021.

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.

627

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-57-
I. Summary of Significant Accounting Policies (Continued) C. New Accounting Pronouncements (Continued)
Not Adopted (Continued)
Statement No. 99, Omnibus 2022. GASB Statement No. 99 re quirements related to extension of the use of LI BOR, accounting for SNAP distributions, disclosures of nonmonetary transactions, pled ges of future revenues by pledging governments, clarification of certain provisions in Statement 34, as amended, and terminology updates related to Statement 53 and Statement 63 are e ffective upon issuance. Also, the requirements related to leases, PPPs, and SBITAs are effective for fiscal years beginning after June 15, 2022, and all reporti ng periods thereafter. The requirements also related to financial guarantees and the classification and reporting of derivative instruments within the scope of Statement 53 are effective for fiscal years beginning after June 15, 2023, and all reporting periods thereafter.

Statement No. 100, Accounting Changes and Error Corrections. GASB Statement No. 100 prescribes accounting and financial reporting for (1) eac h category of accounting change and (2) error corrections. Statement 101 also addresses how accounting changes and error corrections should be displayed in financial statements, disclosed in notes, and presented in required supplementary information. The requirements of this Statement are effective for periods beginning after June 15, 2023.

Statement No. 101, Compensated Absences . GASB Statement No. 101 aligns recognition and measurement guidance for a ll types of compensated absences under a unified model which will result in gover nments recognizing a liability that more appropriately reflects when they incur an obligation for compensated absences. The model also will lead to greater consistency in application and impr oved comparability across governments. The require ments of this Statement are effective for periods beginning after December 15, 2023.

628

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-58-
I. Summary of Significant Accounting 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 meas urements 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. 629

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-59-
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.

F. Leases
A lease is defined as a contract that conveys control of the right to use another entity’s nonfinancial asset (the underlying asset) as specified in the contract for a period of time in an exchange or exchange-like transaction. As a lessor, the City recognizes a lease receivable and a deferred inflow of resources at the commencement of the lease term, with certain exceptions for leases of assets held as investments, certain regulated leases, short-term leases, and leases that transfer ownership of the underlying asset.

The lease receivable is measured at the present value of lease payments expected to be received during the lease term. The deferred inflow of resources is measured at the value of the lease receivable plus any payments received at or before the commencement of the lease term that relate to future periods.

As a lessee, the City recognizes a le ase liability and a lease asset at the commencement of the lease term, unless the lease is a short-term lease or it transfers ownership of the underlying asset. The lease liability is measured at the present value of payments expected to be m ade during the lease term (le ss any lease incentives).

The lease asset is measured at the amount of t he initial measurement of the lease liability, plus any payments made to the lesso r at or before the commencement of the lease term and certain direct costs.
630

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-60-
I. Summary of Significant Accounting Policies (Continued) G. 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.

631

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-61-
I. Summary of Significant Accounting Policies (Continued) H. 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.

I. 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.

The General Fund is typically used to liqui date pension liabilities in the governmental activities.

632

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-62-
I. Summary of Significant Accounting Policies (Continued) J. 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.

The General Fund is typically used to liqui date OPEB liabilities in the governmental activities.

K. 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 assets 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 outflows on pension and OPEB plans are amortized over 4.8 to 5 year s 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 deferr ed and amortized over the shorter of the remaining 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 asse ts 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, OPEB, and gain on refunding r eported in the Government-Wide Statement of Net Position and the Proprietary Funds. The amounts related to pensions and OPEB are deferred and amortized over 4.8 to 5 years on a straight-line basis. 633

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-63-
I. Summary of Significant Accounting Policies (Continued) L. 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.

634

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-64-
I. Summary of Significant Accounting Policies (Continued) L. 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. 15,595, adopted June 21, 2022, 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.

635

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-65-
I. Summary of Significant Accounting Policies (Continued) M. 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 Ju ly 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.

636

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-66-
I. Summary of Significant Accounting Policies (Continued) M. 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 taxes 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. Appor tionments to local agencies 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.

N. Utility Revenue
Utility revenue is recorded when earned. Customers are billed monthly. The estimated value of services provided, but unbilled at year-end, is in cluded in accounts and other receivables in the accompanying basic financial statements.

O. 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 asse ts and liabilities at the date of the basic financial statements, and rev enues and expenses during t he reported period. Actual results could differ from those estimates.
637

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-67-
I. Summary of Significant Accounting Policies (Continued) P. 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 authority to amend the budget 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.

Q. Encumbrances
Appropriations in governmental fund types are encumbered upon issuance of purchase orders for goods and/or services. Even t hough unencumbered appropriations lapse at the end of the fiscal year, unfilled purchase or ders of the current year are carried forward and the next year's appropriations are likewise encumbered.

R. 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, 2022. 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, 2022, the JPA had total asse ts of $1,079,516, total net position of $996,445, and total change in net position of $(129,211) for the year then ended. 638

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-68-
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, 2022:

AMOUNT
Petty cash 17,989$
Deposits 71,375,712
Investments 364,655,701
Cash and investments 436,049,402
Restricted investments with fiscal agents 144,950,251
TOTAL 580,999,653$

The City's deposits and investments are reflected in the accompanying basic financial statements as follows:

GOVERNMENTAL BUSINESS-TYPE FIDICUARY

ACTIVITIES ACTIVITIES FUNDS TOTAL
Cash and investments 253,245,263$ 168,630,533$ 14,173,606$ 436,049,402$ Restricted investments with fiscal agents 13,580,833 28,839,539 102,529,879 144,950,251 TOTALS 266,826,096$ 197,470,072 $ 116,703,485 $ 580,999,653 $

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, 2022, the City has a bank balance of $60,977,234 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.

639

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-69-
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 419,955,983$
Restricted investments held with Fiscal Agents
Bond trustees for the City and its component units 45,782,599 Enhanced Retirement Trust Pool 96,494,313
Oxnard Housing Authority (includes investments held
by fiscal agents) 18,766,758
TOTAL 580,999,653$

640

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-70-
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 Authority), and cu stodial 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, 2022, 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 Invest ment 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 Emphasys Software's Synpro, 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.
641

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-71-
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 mem bers qualified by training and experience in the field of investment or finance and tw o members who 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 Count y 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 November 14, 2022 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. Two 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.
642

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-72-
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 t hat 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 14,888,980$ 211,830,070$ -$ 226,719,050$ Ventura County Investment Pool 31,079,552 - - 31,079,552 California Local Agency Investment Fund 74,034,406 - - 74,034,406 Negotiable CD 980,000 245,000 - 1,225,000 Medium Term Notes - 31,597,693 - 31,597,693 Held by Trustee
Money Market Fund 48,455,938 - - 48,455,938 TOTAL INVESTMENTS 169,438,876$ 243,672,763 $ - $ 413,111,639 Enhanced Retirement Trust 96,494,313
Cash in banks and on hand 71,393,701
TOTAL CASH AND INVESTMENTS 580,999,653$

643

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-73-
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, 2022:

INVESTMENT TYPE AAA AA+ AA- BBB+ A A- TOTAL
Federal Agency Securities 987,921$ 213,531,736$ -$ -$ -$ -$ 214,519,657$ Ventura County Investment Pool 31,079,552 - - - - - 31,079,552 Medium Term Notes - 910,436 1,372,057 1,761,769 943,588 6,666,495 11,654,345 TOTALS 32,067,473$ 214,442,172 $ 1,372,057 $ 1,761,769 $ 943,588 $ 6,666,495$ 257,253,554$

NOT RATED
Federal Agency Securities 12,199,393
Medium Term Notes 19,943,348
California Local Agency Investment Fund 74,034,406
Money Market Fund 48,455,938
Enhanced Retirement Trust 96,494,313
Negotiable CD 1,225,000
Total Investments 509,605,952
Cash in banks and on hand 71,393,701
TOTAL 580,999,653$

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, 2022:

ISSUER TYPE OF INVESTMENTS AMOUNTS
Federal Home Loan Mortgage Corporation Mortgage backed securities 27,594,999$ Federal Home Loan Bank Mortgage backed securities 165,239,631 Federal Farm Credit Bank Mortgage backed securities 24,360,366 Bank of America Corp Medium Term Note 18,454,353

644

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-74-
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, 2022:

INVESTMENTS AT FAIR VALUE
AS OF JUNE 30, 2022
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
Investment Type
Federal agency securities 226,719,050 $ - $ - $ 226,719,050$ Medium Term Notes 31,597,693 - - 31,597,693 California Local Agency Investment Fund - 74,034,406 - 74,034,406 Ventura County Investment Pool - 31,079,552 - 31,079,552 Negotiable CD 1,225,000 - - 1,225,000 259,541,743 105,113,958 - 364,655,701 Held by Trustees/Fiscal Agent
Money Market Fund 48,455,938 - - 48,455,938 Enhanced Retirement Trust
Mutual funds 96,494,313 - - 96,494,313 TOTAL INVESTMENTS AT FAIR VALUE 404,491,994$ 105,113,958 $ - $ 509,605,952$

645

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-75-
II. DETAILED NOTES ON ALL FUNDS (Continued)
B. Receivables and Payables
Accounts receivable and other receivables as of June 30, 2022 included in the accompanying Statement of Net Position primarily consist of the following:

GOVERNMENTAL BUSINESS-TYPE

ACTIVITIES ACTIVITIES

ACCOUNTS RECEIVABLE
Utilities receivable 3,758 $ 23,148,293$
Accounts receivable billed and accrued 5,689,151 2,050,523 Other receivables 68,371 24,885
5,761,280 25,223,701
Allowance for uncollectible receivables (2,519,383) (3,203,986) TOTALS 3,241,897$ 22,019,715 $

Accounts payable and other liabilities as of June 30, 2022 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) 14,609,709 $ 16,208,859 $ Other Liabilities
Accrued payroll and benefits 6,950,616 5,125,808 Contingent liabilities 6,138,878 -
Other payables 6,784,432 -
Total Other Liabilities 19,873,926 5,125,808
TOTALS 34,483,635$ 21,334,667 $

646

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-76-
II. DETAILED NOTES ON ALL FUNDS (Continued)
C. Interfund Receivables and Payables
Total interfund receivables and payables at June 30, 2022, 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 5,239,409$ (11,929,321)$ (6,689,912)$ (3,310,088)$ (10,000,000)$ Affordable Housing Fund - (7,480) (7,480) 7,480 - State and Federal Grants Fund - (2,696,347) (2,696,347) 2,696,347 - Nonmajor governmental funds 21,610 (627,871) (606,261) 606,261 - 5,261,019 (15,261,019) (10,000,000) - (10,000,000) Advances To/From Other Funds
General Fund 3,589,072 (13,059,769) (9,470,697) - (9,470,697) Internal Service Fund 2,385,314 - 2,385,314 - 2,385,314 5,974,386 (13,059,769) (7,085,383) - (7,085,383) Total Governmental Activities 11,235,405 (28,320,788) (17,085,383) - (17,085,383)

BUSINESS-TYPE ACTIVITIES
Due To/From Other Funds
Water 4,426,904 (35,000) 4,391,904 (140,434) 4,251,470 Wastewater 3,989,030 (992,214) 2,996,816 - 2,996,816 Environmental resource 2,751,714 - 2,751,714 - 2,751,714 Golf Course - (140,434) (140,434) 140,434 - 11,167,648 (1,167,648) 10,000,000 - 10,000,000 Advances To/From Other Funds
Water 4,473,526 - 4,473,526 (447,088) 4,026,438 Wastewater 2,838,194 - 2,838,194 - 2,838,194 Environmental resource 2,606,065 - 2,606,065 - 2,606,065 Golf Course - (447,088) (447,088) 447,088 - Oxnard Housing Authority - (777,488) (777,488) - (777,488) Internal Service Fund - (1,607,826) (1,607,826) - (1,607,826) 9,917,785 (2,832,402) 7,085,383 - 7,085,383 Total Business-type Activities 21,085,433 (4,000,050) 17,085,383 - 17,085,383 TOTALS 32,320,838$ (32,320,838) $ - $ - $ - $

The interfund balances at June 30, 2022 are loans to cover temporary cash deficits in various funds. Also included in the interfund balances is $1.6 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.

647

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-77-
II. DETAILED NOTES ON ALL FUNDS (Continued)
C. Interfund Receivables and Payables (Continued)
During the fiscal year 2021, 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 rece ived in prior years. During the year, $12 million was transferred from the general fund with the remaining balance to be paid over the next two years as follows:

ENVIRONMENTAL

FISCAL YEAR WATER WASTEWATER RESOURCE TOTAL
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 8,277,908$ 5,835,010 $ 5,357,779 $ 19,470,697 $

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, 2022:

TRANSFERS TRANSFERS NET

DESCRIPTION IN OUT TRANSFERS ELIMINATIONS TOTAL

GOVERNMENTAL ACTIVITIES
General Fund Program Support 2,808,840 (8,246,059) (5,437,219) $ 5,437,219 $ - $ General Fund Debt Service - (6,314,231) (6,314,231) 6,314,231 - Developer Fees Debt Service - (557,369) (557,369) 557,369 - Capital Outlay Funds Program Support 26,754,889 - 26,754,889 (26,754,889) - State and Federal Grants Fund Program Support - (21,440,609) (21,440,609) 21,440,609 - Nonmajor Governmental Funds Program Support 142,454 (19,512) 122,942 (122,942) - Nonmajor Governmental Funds Debt Service - (23,858) (23,858) 23,858 - COFA Debt Service 7,235,995 - 7,235,995 (7,105,098) 130,897 Internal Service Fund Debt Service - (209,643) (209,643) 209,643 - Total Governmental Activities 36,942,178 (36,811,281) 130,897 - 130,897

BUSINESS-TYPE ACTIVITIES
Water Program Support - (26,220) (26,220) - (26,220) Wastewater Program Support - (29,757) (29,757) - (29,757) Environmental Resource Program Support - (74,920) (74,920) - (74,920) Total Business-Type Activities - (130,897) (130,897) - (130,897)

TOTAL GOVERNMENT-WIDE
STATEMENTS 36,942,178$ (36,942,178) $ - $ - $ - $

648

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-78-
II. DETAILED NOTES ON ALL FUNDS (Continued)
E. Lease Receivable

As of July 1, 2021, the City has the following leases:

 24 month lease as Lessor for the use of South Oxnard Community Center. An initial lease receivable was recorded in the amount of $208,696. As of June 30, 2022, the value of the lease receivable is $105,771. The lessee is required to make monthly fixed payments of $8,614.00. The lease has an interest rate of 0.308%. The value of the deferred inflow of resources as of June 30, 2022 was $208,695. The lessee has one extension option for 36 months.

 66 month lease as Lessor for the use of 201 E Fourth Street, Suite 103A. An initial lease receivable was recorded in the amount of $66,981. As of June 30, 2022, the value of the lease receivable is $54,988. The lessee is required to make monthly variable principal and interest payments of $1,271. The lease has an interest rate of

0.815%. The value of the deferred inflow of resources as of June 30, 2022 was $66,981.

 16 month lease as Lessor for the use of 321 West 6th Street. An initial lease receivable was recorded in the amount of $16,803. As of June 30, 2022, the value of the lease receivable is $4,947. The lessee is required to make monthly fixed payments of $990. The lease has an interest rate of 0.245%. The value of the deferred inflow of resources as of June 30, 2022 was $16,803. The lessee has two extension options, each for 12 months.

 64 month lease as Lessor for the use of 350 S outh K Street (land). An initial lease receivable was recorded in the amount of $19,205. As of June 30, 2022, the value of the lease receivable is $12,773. The lessee is required to make monthly variable principal and interest payments of $3,248. The lease has an interest rate of 0.687%.

The value of the deferred inflow of resources as of June 30, 2022 was $19,205. The lessee has one extension option for 60 months.

 48 month lease as Lessor for the use of 1600 Camino Del Sol (land). An initial lease receivable was recorded in the amount of $192,032. As of June 30, 2022, the value of the lease receivable is $150,061. The le ssee is required to make monthly fixed payments of $3,571. The lease has an interest rate of 0.560%. The value of the deferred inflow of resources as of June 30, 2022 was $192,032. The lessee has one extension option for 60 months.
649

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

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II. DETAILED NOTES ON ALL FUNDS (Continued)
E. Lease Receivable (Continued)

 28 month lease as Lessor for the use of 201 East Fourth Street, Suite 102. An initial lease receivable was recorded in the amount of $14,124. As of June 30, 2022, the value of the lease receivable is $8,192. The lessee is required to make monthly fixed payments of $578. The lease has an interest rate of 0.308%. The value of the deferred inflow of resources as of June 30, 2022 was $14,124. The lessee has three extension options, each for 36 months.

 18 month lease as Lessor for the use of Oxnard Transit Center. An initial lease receivable was recorded in the amount of $17,965. As of June 30, 2022, the value of the lease receivable is $5,996. The lessee is required to make monthly fixed payments of $1,000. The lease has an interest rate of 0.245%. The value of the deferred inflow of resources as of June 30, 2022 was $17,965. The lessee has one extension option for 12 months. The le ssee had a termination period of one month as of the lease commencement.

On June 21, 2022, the City entered into a 60 month lease as lessor for the use of 255 and 273 East Fifth Street. An initial lease receivable was recorded in the amount of $259,955.

As of June 30, 2022, the value of the lease re ceivable is $259,955. The lessee is required to make monthly fixed payments of $4,583. The lease has an interest rate of 2.287%. The value of the deferred inflow of resources as of June 30, 2022 was $259,955. The lessee had a termination period of six months as of the lease commencement.

The future minimum lease payments receivable are as follows:

FISCAL YEAR PRINCIPAL INTEREST TOTAL
2023 235,978$ 6,501$ 242,479$
2024 116,948 5,092 122,040
2025 116,450 3,524 119,974
2026 72,772 2,032 74,804
2027 60,534 390 60,924
TOTALS 602,682$ 17,539 $ 620,221 $
Governmental Activities

650

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-80-
II. DETAILED NOTES ON ALL FUNDS (Continued)
F. Notes Receivable
At June 30, 2022, the City's net notes receivable consisted of the following:

BALANCE BALANCE
JULY 1, 2021 ADDITIONS DELETIONS JUNE 30, 2022

GOVERNMENTAL ACTIVITIES
Residential Notes Receivable
CalHOME Loans 2,784,339 $ 219,490 (349,675) 2,654,154 $ BEGIN Loans 3,259,812 31,531 (237,000) 3,054,343 CDBG Loans 3,807,568 (55,000) 3,752,568 HOME Loans 8,121,234 98,103 (1,228,128) 6,991,209 NSP Loans 297,550 - - 297,550 HERO Loans 118,473 - (4,000) 114,473 Other 2,883,674 - (108,612) 2,775,062 Allowance for doubtful accounts (9,881,356) 1,246,273 (68,555) (8,703,638) 11,391,294 1,595,397 (2,050,970) 10,935,721 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 Hous
e - PILOT 3,202,826 - - 3,202,826 Allowance for doubtful accounts (3,082,319) - - (3,082,319) 52,808,471 - - 52,808,471 64,199,765 1,595,397 (2,050,970) 63,744,192

BUSINESS-TYPE ACTIVITIES
Wastewater Loans 799,200 - (22,200) 777,000 Oxnard Housing Authority 4,382,619 - (812,689) 3,569,930 5,181,819 - (834,889) 4,346,930

TOTAL GOVERNMENT-WIDE
STATEMENTS 69,381,584$ 1,595,397 $ (2,885,859) $ 68,091,122 $ * Parties are related to the Oxnard Housing Authority
651

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-81-
II. DETAILED NOTES ON ALL FUNDS (Continued)
F. 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, 2022 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, 2022, are loans to parties related the Oxnard Housing Authority.
652

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-82-
II. DETAILED NOTES ON ALL FUNDS (Continued)
F. 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 bef ore April 2069. Principal due to the Authority at June 30, 2022 was $1,237,312.

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 a prior fiscal y ear, the Authority made $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, 2022 was $2,332,619 and $130,445, respectively.

653

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-83-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Capital Assets
Changes in the City's capital assets for the year ended June 30, 2022 consisted of the following:

BALANCE BALANCE
JULY 1, 2021 INCREASES DECREASES TRANSFERS JUNE 30, 2022

GOVERNMENTAL ACTIVITIES
Capital Assets, Not Being Depreciated
Land 1,390,541,135$ -$ -$ -$ 1,390,541,135$ Construction in progress 20,850,961 14,377,521 (1,232,143) - 33,996,339 Total Capital Assets, Not Being
Depreciated 1,411,392,096 14,377,521 (1,232,143) - 1,424,537,474 Capital Assets, Being Depreciated
Artwork 87,000 - - - 87,000 Buildings 119,818,228 - - - 119,818,228 Improvements other than buildings 83,016,605 - - - 83,016,605 Equipment and machinery 18,575,945 2,239,172 (358,385) - 20,456,732 Vehicles 24,826,541 2,759,787 (1,363,828) 32,913 26,255,413 Infrastructure 689,014,711 803,855 - - 689,818,566 Total Capital Assets, Being
Depreciated 935,339,030 5,802,814 (1,722,213) 32,913 939,452,544 Less: Accumulated Depreciation
Artwork (87,000) - - - (87,000) Buildings (44,982,571) (2,413,147) - - (47,395,718) Improvements other than buildings (24,298,797) (2,087,854) - - (26,386,651) Equipment and machinery (13,986,300) (1,110,270) 354,292 - (14,742,278) Vehicles (18,808,277) (1,259,188) 1,020,745 (32,913) (19,079,633) Infrastructure (255,900,526) (17,104,324) - - (273,004,850) Total Accumulated Depreciation (358,063,469) (23,974,783) 1,375,037 (32,913) (380,696,130) Total Capital Assets, Being
Depreciated, Net 577,275,560 (18,171,969) (347,176) - 558,756,414

GOVERNMENTAL ACTIVITIES CAPITAL
ASSETS, NET 1,988,667,656$ (3,794,448) $ (1,579,319) $ - $ 1,983,293,888$

654

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-84-
II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Capital Assets (Continued)

BALANCE BALANCE
JULY 1, 2021 INCREASES DECREASES TRANSFERS JUNE 30, 2022

BUSINESS-TYPE ACTIVITIES
Capital Assets, Not Being Depreciated
Land 45,159,421 $ 380,050 $ - $ - $ 45,539,471$ Construction in progress 23,631,341 21,621,762 (10,071,721) - 35,181,382 Total Capital Assets, Not Being
Depreciated 68,790,762 22,001,812 (10,071,721) - 80,720,853 Capital assets, Being Depreciated
Buildings 246,588,957 7,736,145 (175,972) - 254,149,130 Improvements other than buildings 34,606,396 - - - 34,606,396 Equipment and machinery 117,756,019 12,733,962 (3,636,140) (32,913) 126,820,928 Infrastructure 416,255,064 - - - 416,255,064 Total Capital Assets, Being
Depreciated 815,206,436 20,470,107 (3,812,112) (32,913) 831,831,518 Less: Accumulated Depreciation
Buildings (122,608,059) (5,167,809) 175,932 - (127,599,936) Improvements other than buildings (15,983,198) (604,239) - (16,587,437) Equipment and machinery (61,484,375) (4,501,970) 3,381,744 32,913 (62,571,688) Infrastructure (149,476,495) (7,760,130) - - (157,236,625) Total Accumulated Depreciation (349,552,127) (18,034,148) 3,557,676 32,913 (363,995,686) Total Capital Assets, Being
Depreciated, Net 465,654,309 2,435,959 (254,436) - 467,835,832

BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET 534,445,071 24,437,771 (10,326,157) - 548,556,685 TOTALS 2,523,112,727 20,643,323 (11,905,476) - 2,531,850,573

For the year ended June 30, 2022 depreciation expense on capital assets was charged as follows:

AMOUNT

GOVERNMENTAL ACTIVITIES
Administration and support 18,012,128 $
Public safety 1,493,995
Transportation (highways and streets) 389,095
Community development 1,323,206
Culture, leisure and libraries 2,376,715
Capital assets held by the City's internal service fund 379,644

TOTAL GOVERNMENTAL ACTIVITIES
DEPRECIATION EXPENSE 23,974,783$

BUSINESS-TYPE ACTIVITIES
Water 7,195,129$
Wastewater 7,735,086
Environmental resources 1,755,063
Golf Course 582,917
Oxnard Housing Authority 765,953

TOTAL BUSINESS-TYPE ACTIVITIES
DEPRECIATION EXPENSE 18,034,148$
655

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-85-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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, 2022:

BALANCE BALANCE DUE WITHIN
JULY 1, 2021 ADDITIONS REDUCTIONS JUNE 30, 2022 ONE YEAR

GOVERNMENTAL ACTIVITIES
Lease Revenue Bonds
Lease revenue project and refunding bonds,
series 2014 10,760,000 $ - $ (1,125,000)$ 9,635,000 $ 1,185,000 $ Lease revenue refunding bonds,
series 2018 23,750,000 - (1,430,000) 22,320,000 1,465,000 Lease revenue refunding bonds,
series 2019A 26,365,000 - (710,000) 25,655,000 755,000 Unamortized premiums 5,279,511 - (331,403) 4,948,108 - Unamortized discounts (20,197) - 1,014 (19,183) - Revenue Bonds
Gas Tax Revenue Refunding Bonds,
series 2020 16,240,000 - (710,000) 15,530,000 740,000 Unamortized Premiums 2,886,284 - (33,824) 2,852,460 - Lease Purchase Agreements
Capital Leases
B of A Capital Lease 2018, Draw #21 & #22 2,613,659 - (1,258,409) 1,355,250 654,385 B of A Capital Lease 2022, Draw #25 - 3,300,000 - 3,300,000 304,207 2012 Lease Purchase 2,640,763 - (337,247) 2,303,516 351,135 2014 Lease Purchase - Fire Station 8 10,546,695 - (850,000) 9,696,695 885,000 TOTAL GOVERNMENTAL ACTIVITIES 101,061,715$ 3,300,000 $ (6,784,869) $ 97,576,846 $ 6,339,727 $

656

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-86-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)

BALANCE BALANCE DUE WITHIN
30-Jun-21 ADDITIONS REDUCTIONS JUNE 30, 2022 ONE YEAR

BUSINESS-TYPE ACTIVITIES
Water Fund
Revenue Bonds
Water revenue project bonds,
series 2010B 83,670,000 - - 83,670,000 1,970,000 Water revenue refunding bonds,
series 2014 25,590,796 - (25,590,796) - - Water revenue refunding bonds,
series 2018 38,095,000 - (1,225,000) 36,870,000 1,280,000 Water Bond Series 2021A 22,580,000 - (705,000) 21,875,000 385,000 Water revenue refunding bonds,
series 2021 - 24,159,946 (62,467) 24,097,479 1,727,121 Unamortized premiums 7,437,123 - (443,973) 6,993,150 - Unamortized discounts (520,991) - 28,035 (492,956) - TOTAL WATER FUND 176,851,928$ 24,159,946 $ (27,999,201) $ 173,012,673 $ 5,362,121 $ Wastewater Fund
Revenue Bonds
Wastewater revenue refunding
bonds, series 2014 68,310,000 $ - $ (3,855,000)$ 64,455,000 $ 4,050,000 $ Wastewater revenue refunding
bonds, series 2018 20,820,000 - (1,180,000) 19,640,000 1,235,000 Unamortized premiums 7,928,447 - (700,368) 7,228,079 - TOTAL WASTEWATER FUND 97,058,447$ - $ (5,735,368)$ 91,323,079 $ 5,285,000 $ Environmental Resources Fund
Capital Leases
B of A Capital Lease 2018 3,655,774 $ - $ (585,046)$ 3,070,728 $ 493,970 $ B of A Capital Lease 2021 - 10,255,000 (1,453,570) 8,801,430 1,414,261

TOTAL ENVIRONMENTAL
RESOURCES FUND 3,655,774$ 10,255,000 $ (2,038,616) $ 11,872,158 $ 1,908,231 $ Oxnard Housing Authority Fund
Direct Borrowings
Notes Payable 269,710 $ - $ - $ 269,710$ 269,710 $ 2004 Capital Fund Revenue Bonds 1,230,000 - (390,000) 840,000 410,000

TOTAL OXNARD HOUSING
AUTHORITY FUND 1,499,710$ - $ (390,000)$ 1,109,710 $ 679,710 $

TOTAL BUSINESS-TYPE
ACTIVITIES 279,065,859$ 34,414,946 $ (36,163,185) $ 277,317,620 $ 13,235,062 $ TOTALS 380,127,574$ 37,714,946 $ (42,948,054) $ 374,894,466 $ 19,574,789 $

657

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-87-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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 2023 6,339,727$ 3,696,257$ 10,035,985$ 13,235,062$ 13,479,874$ 26,714,936$ 2024 6,283,387 3,437,192 9,720,579 13,503,599 12,899,304 26,402,902 2025 6,518,212 3,189,445 9,707,657 13,614,645 12,292,202 25,906,847 2026 6,408,143 2,934,696 9,342,838 14,173,427 11,679,960 25,853,387 2027 6,677,887 2,669,569 9,347,456 14,759,656 11,040,587 25,800,243 2028-2032 29,418,105 10,230,640 39,648,746 75,204,995 44,845,126 120,050,121 2033-2037 19,235,000 3,844,579 23,079,579 65,082,964 26,107,564 91,190,528 2038-2042 8,915,000 766,039 9,681,039 37,545,000 8,699,450 46,244,450 2043-2047 - - - 5,365,000 2,881,800 8,246,800 2048-2052 - - - 6,530,000 1,719,000 8,249,000 2053-2057 - - - 4,575,000 370,800 4,945,800 TOTALS 89,795,461$ 30,768,417 $ 120,563,878 $ 263,589,347 $ 146,015,667 $ 409,605,014 $

658

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-88-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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 purpos es of the bonds were to refund the outstanding Lease Revenue Re funding Bonds, Series 2003A, and finance the acquisition, construction, and improvement of certain streets and roadways 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, 2022, the total balance outstanding was $9,635,000.

As of June 30, 2022, 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
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 1,440,000 226,750 1,666,750
2028-2029 3,095,000 234,000 3,329,000 TOTALS 9,635,000$ 2,020,750 $ 11,655,750 $

659

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-89-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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, 2022, the total balance outstanding was $22,320,000.

As of June 30, 2022, the total future debt payments for the Lease Revenue Refunding Bonds, Series 2018, including interest thereon, are as follows:

PRINCIPAL INTEREST TOTAL
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 1,640,000 810,000 2,450,000
2028-2032 8,845,000 2,778,250 11,623,250 2033-2036 5,715,000 671,000 6,386,000 22,320,000$ 8,274,500 $ 30,594,500 $

LEASE REVENUE

REFUNDING BONDS
SERIES 2018

660

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-90-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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, 2022, the total balance outstanding was $25,655,000.

As of June 30, 2022, 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
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 970,000 775,952 1,745,952
2028-2032 5,845,000 3,415,499 9,260,499 2033-2037 7,865,000 2,336,479 10,201,479 2038-2041 7,645,000 740,639 8,385,639 TOTALS 25,655,000$ 10,584,607 $ 36,239,607 $

LEASE REVENUE

661

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-91-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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 annually 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, 2022, the total balance outstanding was $15,530,000.

As of June 30, 2022, 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
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 835,000 480,500 1,315,500
2028-2032 4,670,000 1,866,600 6,536,600 2033-2037 5,655,000 837,100 6,492,100 2038 1,270,000 25,400 1,295,400
TOTALS 15,530,000$ 5,373,363 $ 20,903,363 $

GAS TAX REVENUE BONDS
SERIES 2020

662

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-92-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)
Descriptions of Long-term Debt (Continued)
Bonds and Certificates of Participation – 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, 2022, Parity Obligations include the Series 2018, 2021A, and 2021 Water Revenue Bonds. These bonds we re issued on February 11, 2010 in the amount of $83,670,000. Thes e 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, 2022 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, 2022, 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
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 2,345,000 5,212,013 7,557,013
2028-2032 13,365,000 23,517,447 36,882,447 2033-2037 23,860,000 18,549,470 42,409,470 2038-2040 35,680,000 5,069,050 40,749,050 TOTALS 83,670,000$ 74,662,116 $ 158,332,116 $ *Interest is presented on a gross basis, excluding Build America Bonds subsidy from the US Treasury.

663

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-93-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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. As of June 30, 2022, Parity Ob ligations as described on these bonds are Series 2010B, 2021A, and 2021 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 flow savings of $6,558,001. The balance outstanding as of June 30, 2022 is $36,870,000.

As of June 30, 2022, 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
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 1,560,000 1,491,913 3,051,913
2028-2032 10,715,000 6,167,313 16,882,313 2033-2036 19,055,000 2,436,650 21,491,650 TOTALS 36,870,000$ 16,773,525 $ 53,643,525 $

664

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-94-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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. As of June 30, 2022, Parity Ob ligations as described on these bonds are Series 2010B, 2018, and 2021 Water Revenue B onds. 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 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 ref und all the outstanding pr incipal amount of $9,560,000 of the Water Re venue 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, 2022 is $21,875,000.

As of June 30, 2022, the total future debt payments for the Water Revenue Refunding Bonds, Series 2021A, including interest thereon, are as follows:

FISCAL YEAR PRINCIPAL INTEREST TOTAL
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 450,000 809,800 1,259,800 2028-2032 1,460,000 3,785,200 5,245,200 2033-2037 - 3,667,000 3,667,000 2038-2042 1,865,000 3,630,400 5,495,400 2043-2047 5,365,000 2,881,800 8,246,800 2048-2052 6,530,000 1,719,000 8,249,000 2053-2055 4,575,000 370,800 4,945,800 TOTALS 21,875,000$ 20,269,600 $ 42,144,600 $

WATER REVENUE

PROJECT BONDS,
SERIES 2021A

665

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-95-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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 2021
The City has pledged all net water revenues and all amounts on deposit in the Revenue Fund for the payment of the 2021 Insta llment Payments and the outstanding Parity Obligations. As of June 30, 2022, Parity Ob ligations as described on these bonds are Series 2010B, 2018 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 2, 2021 in the amount of $24,159,946. These bonds carry a net interest cost of 2. 700% and mature on June 1, 2034. A portion of the proceeds were used to advance refund all the outstanding principal amount of $24,031,946 of the Water Revenue Bonds, Series 2014. This refunding resulted in an economic gain of $1,098,806 and an estimated cash flow savings of $1,398,084. The balance outstanding as of June 30, 2022 is $24,097,479.

As of June 30, 2022, the total future debt payments for the Water Revenue Refunding Bonds, Series 2021, including interest thereon, are as follows:

WATER REVENUE

REFUNDING BONDS
SERIES 2021

FISCAL YEAR PRINCIPAL INTEREST TOTAL
2023 1,727,121$ 650,632$ 2,377,753$
2024 1,774,504 604,000 2,378,504 2025 1,818,916 556,088 2,375,004 2026 1,870,276 506,977 2,377,253 2027 1,923,274 456,480 2,379,754 2028-2032 10,415,424 1,475,344 11,890,768 2033-2034 4,567,964 185,794 4,753,758 TOTALS 24,097,479$ 4,435,315 $ 28,532,794 $

666

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-96-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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, 2022 is $64,455,000. 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, 2022, 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, 2022, 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
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 4,925,000 2,350,000 7,275,000
2028-2032 28,555,000 7,802,750 36,357,750 2033-2034 13,520,000 1,022,250 14,542,250 TOTALS 64,455,000$ 22,810,250 $ 87,265,250 $

667

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-97-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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, 2022, 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, 2022 is $19,640,000.

As of June 30, 2022, 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
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 1,500,000 655,500 2,155,500 2028-2032 8,730,000 2,071,250 10,801,250 2033-2034 4,080,000 246,400 4,326,400 TOTALS 19,640,000$ 6,277,650 $ 25,917,650 $

668

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-98-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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, 2022 is $840,000.

As of June 30, 2022, 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
2023 410,000$ 41,375$ 451,375$
2024 430,000 21,285 451,285 TOTALS 840,000$ 62,660 $ 902,660 $

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 inte rest 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, 2022. 669

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-99-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)

Credit Rating
As of June 30, 2022, the City's issuer credit rating was “A+” while maintaining ratings of “A”, “AA-”, “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 $11,020,330 and $13,674,303, respectively. The debt service coverage ratio of 124% 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 $9,431,500 and $22,438,100, respectively. The debt service coverage ratio of 238% 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.

670

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-100-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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 ov erall cash flow savings of $658,975 and economic gain of $566,623. The outstandi ng balance as of June 30, 2022 is $2,303,516. 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, 2022, 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
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 401,941 29,039 430,980
2028 418,369 14,810 433,179
TOTALS 2,303,516$ 293,561 $ 2,597,077 $

671

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-101-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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, 2022 is $9,696,695.

The base rental is equal to the principa l 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, 2022, the total future l ease payments for the 2014 Lease Purchase Agreement, including interest thereon, are as follows:

FISCAL YEAR PRINCIPAL INTEREST TOTAL
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 1,045,000 303,406 1,348,406
2028-2032 4,886,695 1,825,118 6,711,813 TOTALS 9,696,695$ 3,763,172 $ 13,459,867 $

PURCHASE
2014 LEASE

672

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-102-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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, 2022, the total outstanding balance on this line of credit was $1,355,250. T he lease payments constitute obligations of th e City’s General Fund. Such ob ligation 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, 2022, 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
2023 654,385$ 30,833 $ 685,218$
2024 345,718 16,658 362,377
2025 355,146 7,231 362,377
TOTALS 1,355,250$ 54,722 $ 1,409,972$

Bank of America Capital Lease 2022
On April 5, 2022, the City entered into an Equipment Lease/Purchase Agreement with Banc America Capital Corporation (BofA) in an amount of $3.3 million for the purpose of acquiring and upfitting fire vehicles. As of June 30, 2022, the total outstanding balance on this line of credit was $3,300,000. The lease payments constitute obligations of the City’s General Fund.

As of June 30, 2022, the total future lease payments for the B of A Capital Lease 2022, including interest thereon, are as follows:

B OF A
CAPITAL LEASE 2022

FISCAL YEAR PRINCIPAL INTEREST TOTAL
2023 304,207$ 85,661$ 389,868$
2024 323,103 66,764 389,868
2025 330,545 59,323 389,868
2026 338,158 51,710 389,868
2027 345,946 43,922 389,868
2028-2032 1,658,041 96,364 1,754,405 TOTALS 3,300,000$ 403,744 $ 3,703,744 $

673

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-103-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)
Direct Borrowings (Continued)
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, 2022, the total outstanding balance on this line of credit was $3,070,728. 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, 2022, 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
2023 493,970$ 90,105$ 584,075$
2024 509,183 74,892 584,075 2025 524,864 59,211 584,075 2026 541,028 43,047 584,075 2027 557,689 26,386 584,075 2028 443,995 9,211 453,205 TOTALS 3,070,728$ 302,852 $ 3,373,580$ 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.

674

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-104-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)
Direct Borrowings (Continued)
Capital Lease Obligations - Business-Type Activities (Continued)

B of A Capital Lease 2021
In October 2021, the City entered into an Equipment Lease/Purchase Agreement with Bank America Capital Corporation in an amount of $10,255,000 for the purpose of acquiring refuse loaders. As of June 30, 2022, the total outstanding balance on this line of credit was $8,801,431. The lease payments constitute obligations of the City’s Environmental Resources Fund. Such obligation exists through the maturity date of the lease on March 30, 2028. As of June 30, 2022, the total future lease payments for the B of A Capital Lease 2021, including interest thereon, are as follows:

B OF A

CAPITAL LEASE

FISCAL YEAR PRINCIPAL INTEREST TOTAL
2023 1,414,261$ 122,927$ 1,537,188$
2024 1,434,912 102,276 1,537,188 2025 1,455,865 81,323 1,537,188 2026 1,477,123 60,065 1,537,188 2027 1,498,693 38,496 1,537,189 2028 1,520,576 16,612 1,537,188 TOTALS 8,801,430$ 421,699 $ 9,223,129$ 2021

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.

675

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-105-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)

Notes Payable – Business-Type Activities

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. T here 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, 2022 is $269,710.
676

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-106-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. 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, 2022 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) 7,615,000$
City of Oxnard Community Facilities District 1 (Westport) Local Obligation Revenue Bonds (2012 Special District Bond Refinancing to refund CFD No. 2000-3 Bonds)
6,468,200
Oxnard Boulevard Interchange Community Facilities District 2000-3 Local Obligation Revenue Bonds (2012 Special District Bond Refinancing to refund CFD No. 1 Bonds)
4,680,000
Oxnard Boulevard/Highway 101 Interchange Assessment District 2000-1 1915 Act Improvement Limited Obligation Bonds 1,395,000 Community Facilities District No. 3
Special Tax Refunding Bond 2013 (Seabridge Mandalay Bay) 20,700,001

TOTAL 40,858,201$

677

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-107-
II. DETAILED NOTES ON ALL FUNDS (Continued)
I. Compensated Absences
The accrual for compensated absences was reported as follows as of June 30, 2022:

BALANCE BALANCE DUE WITHIN
JULY 1, 2021 ADDITIONS PAYMENTS JUNE 30, 2022 ONE YEAR

GOVERNMENTAL ACTIVITIES
General Fund 15,858,050 $ 4,613,013 $ (5,825,876) $ 14,645,187 $ 9,719,039 $ Internal Service Fund 936,889 305,746 (535,582) 707,053 460,982 16,794,941 4,918,759 (6,361,458) 15,352,240 10,180,021

BUSINESS-TYPE ACTIVITIES
Water 562,754 370,416 (342,098) 591,072 385,365 Wastewater 801,918 410,807 (489,230) 723,495 471,702 Environmental resources 1,557,621 640,006 (718,193) 1,479,434 964,556 Oxnard Housing Authority 608,746 225,692 (231,091) 603,347 241,060 3,531,039 1,646,921 (1,780,612) 3,397,348 2,062,683 TOTALS 20,325,980$ 6,565,680 $ (8,142,070) $ 18,749,588 $ 12,242,704 $

Accrued compensated absences includes an adj ustment of $490,553 for California Labor Code Section 4850 benefits for public employees in a specified class.

678

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-108-
II. DETAILED NOTES ON ALL FUNDS (Continued)
J. Fund Balances
The following funds/subfunds had deficit fund balances as of June 30, 2022:

AMOUNT
Public Liability / Property Damage (2,615,680)$
Workers' Compensation (16,537,438)
Utility Customer Service (90,631)
Information Services (1,862,100)
Facilities Maintenance (3,418,635)
Equipment Maintenance (5,460,587)

Deficits in the Public Liability / Property 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.

679

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-109-
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 $19,954,859 for the year ended June 30, 2022. Total pension liabilities, fiduciary net position, and net pension liabilities for all plans as of June 30, 2022 are as follows:

Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
Miscellaneous Plan 537,543,718$ 453,220,305$ 84,323,413$ Safety – Police 429,794,655 379,285,078 50,509,577 Safety – Fire 183,650,667 143,560,254 40,090,413 Retirement Enhancement Plan 112,615,803 96,434,720 16,181,083 TOTALS 1,263,604,843$ 1,072,500,357 $ 191,104,486 $

1. California Public Empl oyees' 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." 680

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-110-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement 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 Be nefit. 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.
681

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-111-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement 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, 2022, the City's total contributions for the Miscellaneous and Safety Plans were $38,365,353. The City's contributions recognized as part of the pension expense for the year ended J une 30, 2022 were $36,568,532 for the Miscellaneous and Safety Plans.

The Plan's provisions and benefits in effe ct at June 30, 2022 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 7.15% 7.50%
contribution rates plus 9.520% 9.520%
unfunded accrued liablity 11,266,153$ -$
Miscellaneous
Prior to On or After
Hire date January 1, 2013 January 1, 2013
Benefit formula
Benefit vesting schedule
Benefit payments
Retirement age
Monthly benefits, as a percentage
Required employee
Required employer
682

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-112-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement 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 10.38% 15.50%
contribution rates plus 25.900% 25.900%
unfunded accrued liablity 7,960,638$ -$ Required employee
Benefit payments
Monthly benefits as a percentage
Required employer
Retirement age
Prior to On or After
January 1, 2013Hire date
Benefit formula
Benefit vesting schedule
January 1, 2013

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 25.590% 13.980%
unfunded accrued liablity 4,819,177$ 14,710$ 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
Prior to On or After

683

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-113-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement System (Continued) C. Contributions (Continued)
At June 30, 2021 (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 847 228 113 Transferred 646 36 29 Terminated 1,410 44 16 Retired and beneficiaries 1,153 281 144 TOTALS 4,056 589 302 Number of Members

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
Asset Valuation Method Fair Value of Assets
Actuarial Assumptions
Discount Rate 7.15%
Inflation 2.50%
Salary Increases Varies by Entry Age and Service
Payroll Growth 2.75%
Investment Rate of Return

7.00% Net of Pension Plan Investment and Administrative Expenses; includes Inflation
Mortality Rate Table1
Derived using CalPERS Membership Data for all funds
Post Retirement Benefit Increase Contract COLA up to 2.75% until Purchasing Power Protection Allowance Floor on Purchasing Power applies

2.75% thereafter
1 The mortality table was developed based on CalPERS specific data. The table includes 15 years of mortality improvements using 90% of Society of Actuaries Scale MP-2016.

All other actuarial assumptions used in the June 30, 2020 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. 684

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-114-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement 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. 685

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-115-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement 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.

Current 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 - 0.77% 1.81%
Private Equity 8.00% 6.30% 7.23%
Real Assets 13.00% 3.75% 4.93%
Liquidity 1.00% - -0.92%
(1) An expected inflation of 2.0% used for this period
(2) An expected inflation of 2.92% used for this period

On November 17, 2021, CalPERS adopted changes to the strategic asset allocation as shown in the Policy Target Allocation below expressed as a percentage of total assets.

Global Equity Cap-weighted
Global EquityNon-cCap-weighted
Private Equity
Private Debt
Emerging Market Sovereign Bonds
High Yield Bonds
Investment Grade Corporates
Mortgage-backed Securities
Treasuries
Real Assets
Leverage

5.0%

15.0%
-5.0%

13.0%

5.0%

5.0%

5.0%

10.0%

5.0%

12.0%
Policy Target
Allocation Effective
Asset Class As of 11/17/2021

30.0%
686

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-116-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement 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, 2021, 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, 2020, rolled forward to June 30, 2021, 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, 2020 (Valuation Date) 519,922,892$ 377,608,104 $ 142,314,788 $ Changes Recognized for the Measurement Period
Service cost 9,098,206 - 9,098,206 Interest on the total pension liability 36,491,272 - 36,491,272 Changes of assumptions - - - Differences between expected and actual - - experience (240,462) - (240,462) Net Plan to plan resource movement - - - Employer contributions - 14,868,691 (14,868,691) Employee contributions (paid by employer) - 4,101,994 (4,101,994) Net investment income - 84,746,913 (84,746,913) Benefit payments, included refunds of -
employee contributions (27,728,190) (27,728,190) - Administrative expense - (377,207) 377,207 Other miscellaneous income/(expenses) - - - Net changes 17,620,826 75,612,201 (57,991,375) Balance at June 30, 2021 (Measurement Date) 537,543,718$ 453,220,305 $ 84,323,413 $

687

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-117-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement 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, 2020 (Valuation Date) 415,648,717$ 311,036,005 $ 104,612,712 $ Changes Recognized for the Measurement Period
Service cost 9,133,023 - 9,133,023 Interest on the total pension liability 29,032,165 - 29,032,165 Changes of assumptions - - - Differences between expected and actual - - experience (4,322,687) - (4,322,687) Net Plan to Plan Resource Movement - - - Employer contributions - 14,870,411 (14,870,411) Employee contributions (paid by employer) - 2,702,869 (2,702,869) Net investment income - 70,683,062 (70,683,062) Benefit payments, included refunds of -
employee contributions (19,696,563) (19,696,563) - Administrative expense - (310,706) 310,706 Other miscellaneous income/(expenses) - - - Net changes 14,145,938 68,249,073 (54,103,135) Balance at June 30, 2021 (Measurement Date) 429,794,655$ 379,285,078 $ 50,509,577 $

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, 2020
(Valuation Date) 177,546,739 $ 119,487,828 $ 58,058,911 $ 0.533609% Net changes during 2020-2021 6,103,928 24,072,426 (17,968,498) 0.207671% Balance at June 30, 2021
(Measurement Date) 183,650,667$ 143,560,254 $ 40,090,413 $ 0.741280%

688

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-118-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement 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, 2020 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, 2020 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, 2021, 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.

689

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-119-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement System (Continued) F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)

For the year ended June 30, 2022, the City recognized pension expense of $4,419,430, $2,290,550, $12, 884,879 for the Miscellaneous, Safety – Police, and Safety – Fire Plans, respectively. At June 30, 2022, 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 16,629,417 $ - $
Safety – Police 14,205,115 -
Safety – Fire 7,530,821 -
Net difference between projected and actual
earnings on pension plan investments:

Miscellaneous Plan - 41,981,062
Safety – Police - 35,130,253
Safety – Fire - 23,861,503
Changes of assumptions
Miscellaneous Plan - -
Safety – Police - 189,478
Safety – Fire - -
Differences between expected and actual experiences
Miscellaneous Plan 184,408 140,269
Safety – Police 805,610 5,690,761
Safety – Fire 6,849,412 -
Change in proportion
Safety – Fire 113,826 565,943
Difference between the employer's contributions and the employer's proportionate share of contributions
Safety – Fire 518,618 611,756
TOTALS 46,837,227$ 108,171,025 $

690

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-120-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement 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 $38,365,353 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
2022 (10,507,503)$
2023 (9,726,094)
2024 (10,083,371)
2025 (11,619,955)
2026 -
TOTAL (41,936,923)$
Deferred Outflows/
(Inflows) of Resources
2022 (10,834,786)$
2023 (9,789,161)
2024 (9,765,566)
2025 (9,815,369)
2026 -
TOTAL (40,204,882)$
Deferred Outflows/
(Inflows) of Resources
2022 (2,447,968)$
2023 (3,473,030)
2024 (5,069,995)
2025 (6,566,353)
2026 -
TOTAL (17,557,346)$
Measurement Period
Ending June 30
Miscellaneous Plan
Safety – Police
Safety – Fire
Measurement Period
Ending June 30
Measurement Period
Ending June 30

691

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-121-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement 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 155,416,298$ 84,323,413$ 25,776,308$ Safety – Police 110,662,396 50,509,577 1,360,323 Safety – Fire 64,811,378 40,090,413 19,785,195 TOTALS 330,890,072$ 174,923,403 $ 46,921,826 $

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.

692

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-122-
III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Retirement Enhancement Plan (Continued)
A. 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. 693

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

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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, 2022, the following employees were covered by the benefit:

Number of
Description Members
Active members 429
Inactives entitled to benefit payments 182
Inactives currently receiving benefit payments 251
TOTAL 862

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 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, 2022 was 16.2% of eligible employee gross wages. The City contributed $3,194,442 to REP for the year ended June 30, 2022.

694

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-124-
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, 2022 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 ADC
Discount Rate and Long-Term Expected Rate of
Rt A t
5 5% a Ju e 30, 0

5.75% at June 30, 2021
General Inflation 2.5% annually
Mortality, Retirement, Disability, Termination CalPERS 2000-2019 Experience Study Mortality Improvement
Mortality projected fully generational with Scale
MP-2021
Salary Increases Aggregate - 2.75% Annually
Merit - CalPERS 2000-2019 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%

695

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-125-
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, 2022, 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, 2021.

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 108,112,725$ 109,146,806 $ (1,034,081) $ Changes Recognized for the Measurement Period
Service cost 1,420,583 - 1,420,583 Interest on the total pension liability 6,161,761 - 6,161,761 Changes of assumptions (662,756) (662,756)
Differences between expected and actual
experience 2,327,996 - 2,327,996 Employer contributions - 3,194,442 (3,194,442) Employee contributions (paid by employer) - 1,610,537 (1,610,537) Net investment income - (12,582,805) 12,582,805 Benefit payments, included refunds of
employee contributions (4,744,506) (4,744,506) - Administrative expenses -
(189,753) 189,753
Net changes 4,503,078 (12,712,085) 17,215,163 Balance at June 30, 2021 (Measurement Date) 112,615,803$ 96,434,721 $ 16,181,082 $

696

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-126-
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, 2022, The City recognized pension expense of $1,911,046, for the Retirement Enhancement Plan. At June 30, 2022, the City reported deferred outflows of resources and deferred in flows 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 6,229,624$ -$
Changes in assumptions 1,948,904 433,394
Differences between expected and
actual experiences 1,567,330 -
TOTALS 9,745,858$ 433,394 $

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 2,977,897$
2023 1,648,727
2024 914,835
2025 3,771,005
TOTAL 9,312,464$

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 29,713,893$ 16,181,082 $ 4,919,693 $

697

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-127-
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 2022 and 2021 were $149 and $143, 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.

698

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-128-
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, 2021, the following employees were covered by the benefit terms:

Inactive employees or beneficiaries currently receiving benefit payments 405 Active plan members 1,179
1,584

D. Total OPEB Liability
The City's total OPEB liability of $61,762,596 was measured as of June 30, 2021, and was determined by an actuarial valuation as of July 1, 2021.

Actuarial assumptions and other inputs. The total OPEB liabi lity in the July 1, 2021 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified:

Inflation 2.75 percent
Salary increases 3.00 percent, average, including inflation Healthcare cost
trend rates

4.00 percent for 2021-2023; 5.20 percent for 2024-
2069; 4.00 percent for 2070 and later years; Medicare
ages: 4.00 percent for all 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, 2021 valuation were based on a review of plan experience during the period July 1, 2019 to June 30, 2021.

699

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-129-
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, 2020 55,141,842$
Changes for the year:

Service Cost 2,837,493
Interest 1,408,859
Changes of benefit terms -
Differences between expected and actual experience (2,378,752) Changes in assumptions or other inputs 5,708,702
Benefit payments (955,556)
Net changes 6,620,746
Balance at June 30, 2021 61,762,588$

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 (0.92 percent) or 1 percentage point higher (1.92 percent) than the current discount rate (2.92 percent):

1% Decrease Discount Rate 1% Increase
(0.92%) (1.92%) (2.92%)
Total OPEB liability 74,196,601$ 61,762,588$ 52,081,087$

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 (4.0 percent decreasing to 3.0 percent) or 1 percentage point higher (4.0 percent decreasing to 5.0 perc ent) than the current healthcare cost trend rates (4.0 percent):

-1% Current +1%

3.00% for 2021-2023, 4.00% for 2021-2023, 5.00% for 2021-2023,

4.20% for 2024-2069, 5.20% for 2024-2069, 6.20% for 2024-2069, and Decreasing and Decreasing and Decreasing
to 3.00%; to 4.00%; to 5.00%;
Medicare at 3.00% Medicare at 3.00% Medicare at 3.00%
for all years for all years for all years
Total OPEB Liability 50,707,430$ 61,762,596$ 76,485,979$ Trend Rate

700

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-130-
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, 2022, the City recognized an OPEB expense of $6,150,474. At June 30, 2022, 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 1,020,357$ -$
Differences between expected and
actual experience 2,221,930 2,098,978
Changes of assumptions or other inputs 12,664,250 1,225,174 Total 15,906,537$ 3,324,152 $

The deferred outflows of resources relat ed to OPEB contributions subsequent to the measurement date of $1,020,357 will be recognized as a reduction 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
2023 1,904,122$
2024 1,904,122
2025 1,904,122
2026 1,904,122
2027 2,137,488
Thereafter 1,808,052
11,562,028$

701

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-131-
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 $36,101,967 recor ded at June 30, 2022, 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 fr equency and amount of payouts, 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 limits of $25 million per occurrence. Self- insured general liability claims are administered through a third-party administrator, 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 2021-22, inclusive of brokerage fees, was $1,901,101. During the past five-year period, the average claims filed each year for general liability amounted to 182 claims totaling $1,448,210 per year (an average of $7,975 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.

702

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-132-
IV. RISK MANAGEMENT (Continued)
A. General Liability (Continued)
The total unpaid claims and claims adjustment expense liability (long-term obligations) recorded at June 30, 2022 was $6,518,368. The following schedule presents the changes in self-insurance claims liabilities for the past two years:

PUBLIC LIABILITY AND

PROPERTY DAMAGE
FY 2021-2022 FY 2020-2021
Unpaid claims and claims adjustment expenses - July 1 6,344,805$ 6,360,000 $ Incurred Claims and Claims Adjustment Expenses
Increase (decrease) in provision for insured events 162,903 1,677,443 Increase (decrease) in actuarially incurred but not
reported claims (IBNR) 10,660 (1,692,638)
Total Incurred Claims and Claims Adjustment Expenses 173,563 (15,195) Unpaid claims and claims adjustment expenses - June 30 6,518,368 $ 6,344,805 $ CLAIMS AND JUDGMENTS DUE WITHIN ONE YEAR 2,208,342$ 2,059,248 $

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 PRISM, 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 2021- 22 was $418,454.

Within the City's self-insur ed program for workers' comp ensation, there has been an average of 315 claims filed per year for t he past five years, with an average of approximately $4,874,783 per year in total reported losses (an average of $15,476 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, 2022 was $29,583,599.
703

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-133-
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 2021-2022 FY 2020-2021
Unpaid claims and claims adjustment expenses - July 1 28,919,771$ 26,819,000 $ Incurred Claims and Claims Adjustment Expenses
Increase (decrease) in provision for insured events (827,181) 3,112,932 Increase (decrease) in actuarially incurred but not
reported claims (IBNR) 1,491,009 (1,012,161)
Total Incurred Claims and Claims Adjustment Expenses 663,828 2,100,771 Unpaid claims and claims adjustment expenses - June 30 29,583,599 $ 28,919,771 $ CLAIMS AND JUDGMENTS DUE WITHIN ONE YEAR 6,222,498$ 5,855,740 $

V. OTHER INFORMATION
A. Commitments and Contingencies
As of June 30, 2022, the City had significant construction commitments as follows:

AMOUNT
Governmental Activities 251,088,726$
Water 69,109,814
Wastewater 40,727,434
Environmental Resources 13,952,157
Information Systems 452,000
TOTAL 375,330,131$

704

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-134-
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, 2022, total encumbrances for the governmental and proprietary funds are reported as follows:

AMOUNT

GOVERNMENTAL FUNDS
General Fund* 2,319,190 $
Developer Fees 1,706,049
State and Federal Grants 11,424,226
Nonmajor Funds 7,096,975
TOTAL GOVERNMENTAL FUNDS 22,546,440$

PROPRIETARY FUNDS
Water funds 18,020,572 $
Wastewater funds 5,605,578
Environmental resources funds 3,484,788

TOTAL PROPRIETARY FUNDS 27,110,938$
TOTAL INTERNAL SERVICE FUNDS 690,776$
* Includes $181,675 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, 2022.

705

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-135-
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 ut ility 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. Judgment on the merits was entered for the City. With the case resolved in the City’s favor, the City will not have to refund the amount of the incr eased rates collected while the temporary restraining order was in effect (up to $5.9 million dollars, which the City’s Wastewater Fund might have had to pay).

Infrastructure Use Fee Litigation
In Starr v. City of Oxnard, petitioner challenged the legalit y of the City’s collection of infrastructure use fees (IUF) paid by the City’s utility funds (water, wastewater and solid waste enterprise funds) to the City’s General Fund and Street Maintenance Fund to cover unique and quantifiable burdens utilities place on the City’s general services. The writ petition, filed in 2017, alleged the IUF was not bas ed on actual costs associated with utility operations, and was thus unlawfu l. The court agreed with petitioner, and issued a writ of mandate in March of 2021 or dering the City to take three actions (1) reduce utility rates as necessary to remove any IUF included in those rates, (2) cease IUF transfers from the City’s utility funds to ot her funds, and (3) reimburse the utility funds for transfers made since FY 2014-2015, completing $36,470,697 in total reimbursements over a three-year period or by the end of FY 2023-2024. The City has complied with these orders as follows: (1) the City Council approved (a) issuance of a refund to utility customers totaling $7,112,897 for IUFs paid through rates from January 2020 through August 2021, and (b) lowering utility rates effective September 2021, such that projected rate revenue through t he end of FY 2021-2022 were reduced by $3,556,448; (2) the City ceased IUF transfers fr om its utility funds to other funds; and (3) the City has transferred $17 million back to its utility funds. The City will continue to transfer approximately $2.5 million per quarter until the remaining balance of the amount ordered is reimbursed. The City also paid petitioner ’s counsel $355,000 in attorney fees and $16,335 toward his costs.

706

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-136-
V. OTHER INFORMATION (Continued)
B. Risk and Uncertainties (Continued)

The court issued its writ of mandate without prejudice to the City developing and implementing a credible and reasonable means of imposing an IUF that complies with Proposition 218. The Second Amended Final Judgm ent in the IUF litigation reserved the court’s jurisdiction to modify the judgment through a later evidentiary hearing and adjudication of whether a new IUF rectifies the deficiencies in the previous IUF.

Accordingly, the City has developed a new IUF methodology focused on street impacts of utility operations that it intends to present to the court. If the court finds the new IUF complies with Proposition 218, th e City will seek to modify the judgment to allow the City to implement the new IU F. If implemented, the new IUF would reduce the City’s reimbursement obligation and provide additi onal funding for street maintenance. The amount of such reduction or additional funding cannot be determined at this time, but would be substantially less than the previous IUF fee the court found to be invalid.

Standby Pay & Rate Litigation
Alvarez v. City of Oxnard is a class action lawsuit involving multiple City employees from the Streets, Fleet, Facilitie s and Parks divisions of the City who contend that the City violated state and federal wage laws by fail ing 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 com pensatory time-off credits pursuant to the Fair Labor Standards Act. At mediation in December, 2021, the parties agreed to settle this case for $3.5 million. The federal court judge assigned to the case has approved the proposed settlement agreement and once the settlement is finalized, the case will be resolved and the employees will be paid. The settlem ent amount has been accrued and liability recognized.

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)) all eging the City’s water 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 added provisions to the California Government Code establishing as declaratory of existing law that the costs of water service chargeable to property owners pr operly include the cost of infrastructure which provide fire protection for property. T he City was dismissed fr om the case when Judgment of Dismissal was filed on February 16, 2022.

707

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-137-
V. OTHER INFORMATION (Continued)
B. Risk and Uncertainties (Continued)
LMD Public Outreach and Education Litigation
In this action, Plaintiffs challenged the City's use of a portion of assessment revenues it collected from Landscape Maintenance Distri cts (“LMDs”) under the Landscaping & Lighting Act of 1972 (Sts. & Hy. Code, § 22500 et seq.) (the “L&L Act”). Specifically, the City used these revenues to fund public outreach and education to residents of fifteen of the City's LMDs, as the City received numerous complaints about LMD services and it wished to work with LMD residents on how best to improve those services given funding constraints. Plaintiffs argued this was unlawful because, they claimed, the public outreach and education at issue was not limit ed to the kind of planning the L&L Act permits. The Court issued a writ of mandate ordering the City to cease funding outreach and education services from the LMDs and to reimburse from the General Fund to the LMDs the funds previously charged for such services. The reimbursement amount is estimated to be $220,000, and the City must also pay Plaintiffs' attorneys fees and costs of suit of approximately $207,000.

Public Works Contracts
The City entered into three separate construction agreements for public projects within the City. A public project is subject to the requirements of the Public Contract Code and the Standards and Specifications for Public Works Construction. The projects were formally noticed, and requested contractors send a sealed bid to the City. The projects were formally bid pursuant to the Uniform Construction Cost Accounting Act. Typically, a contractor is locked into the bid or cont ract amount it submitte d to the City for the public project. There are circumstances w hen the contract price may increase when there is an increase in material costs, unforeseen circumstances that result in increased labor and equipment costs, or ex tra work. The Contractors on three separate projects requested additional funding for their work on the projects. The City has contested the Contractor's requests for additional funding. There is a set proced ure the contractor must follow prior to initiating any litigation against the City for funds in excess of the contract amount. In the matte r of the three projects the likelihood of an unfavorable outcome is possible and the contingent loss is estimated to range between $775,000 and $1,175,000.

C. 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 wi nding 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 beginning on July 1, 2018, all Oversight Boards in the County were consolidated into one Oversight B oard, the Ventura County Consolidated Oversight Board.
708

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-138-
V. OTHER INFORMATION (Continued)
C. Notes to the Financial Statements - Successor Agency (Continued) a. Reporting Entity (Continued)
The 7-member Oversight Board is comprised of representatives of the local agencies from Ventura County cities, special dist ricts, and K-14 educational agencies. The County Oversight Board members have a fi duciary responsibility to holders of enforceable obligations, as well as to the local agencies that would benefit from property tax distributions fr om 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, 2022:

FAIR
VALUE
Deposits and investments 7,625,255$
Restricted investments with fiscal agents 3,372,582
TOTAL 10,997,837$

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, 2021 ADDITIONS DELETIONS JULY 1, 2022
Heritage Square 66,982$ -$ -$ 66,982$ Baldwin Company 17,873 - - 17,873 Strand Cinemas 540,110 - (53,402) 486,708 Oxnard Theater Group 11,331,675 1,626,200 - 12,957,875 Allowance for uncollectible (11,331,675) (1,626,200) - (12,957,875) TOTALS 624,965$ - $ (53,402)$ 571,563 $

709

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

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V. OTHER INFORMATION (Continued)
C. 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, 2022 are as follows:

BALANCE BALANCE
JULY 1, 2021 INCREASES DECREASES JUNE 30, 2022

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 (576,018) (17,337) - (593,355) Improvements other than
buildings (5,098,693) (437,178) - (5,535,871) Equipment and machinery (34,013) - - (34,013) Infrastructure (14,461,519)
(847,274) - (15,308,793) Total Accumulated Depreciation (20,170,243) (1,301,789) - (21,472,032) Total Capital Assets, being
depreciated, net 31,245,416 (1,301,789) - 29,943,627 TOTALS 31,245,416$ (1,301,789) $ - $ 29,943,627$

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, 2022:

BALANCE BALANCE DUE WITNIN
JULY 1, 2021 ADDITIONS REDUCTIONS JUNE 30, 2022 ONE YEAR Tax allocation refunding
bonds Series 2004A 6,200,000$ -$ (915,000)$ 5,285,000$ 960,000$ Tax allocation bond
financing
Series 2006 13,705,000 - (645,000) 13,060,000 670,000 HERO project tax
allocation bonds
Series 2008 9,220,000
- (275,000) 8,945,000 290,000

TOTAL LONG-TERM
INDEBTEDNESS 29,125,000$ - $ (1,835,000)$ 27,290,000 $ 1,920,000 $

710

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-140-
V. OTHER INFORMATION (Continued)
C. 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
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 2,295,000 909,487 3,204,487
2028-2032 6,435,000 3,598,383 10,033,383 2033-2037 7,570,000 1,846,822 9,416,822
2038-2039 2,785,000 133,831 2,918,831 TOTALS 27,290,000$ 11,114,485 $ 38,404,485 $

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, 2022 is $5,285,000.

As of June 30, 2022, 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
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 1,160,000 28,710 1,188,710
TOTALS 5,285,000$ 678,241 $ 5,963,241$

711

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-141-
V. OTHER INFORMATION (Continued)
C. 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, 2022 is $13,060,000.

As of June 30, 2022, 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
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 785,000 519,082 1,304,082
2028-2032 4,475,000 2,050,978 6,525,978
2033-2037 4,950,000 849,815 5,799,815
TOTALS 13,060,000$ 5,805,303 $ 18,865,303 $

712

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-142-
V. OTHER INFORMATION (Continued)
C. 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, 2022 is $8,945,000.

As of June 30, 2022, 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
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 350,000 361,695 711,695
2028-2032 1,960,000 1,547,405 3,507,405 2033-2037 2,620,000 997,006 3,617,006 2038-2039 2,785,000 133,831 2,918,831 TOTALS 8,945,000$ 4,630,941 $ 13,575,941 $

713

CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2022

-143-
V. OTHER INFORMATION (Continued)
C. 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, 2022.

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, 2022, 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.

D. 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.
714

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SUPPLEMENTARY

INFORMATION
716
717

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

-145-
2022 2021 2020 2019 2018 2017 2016 2015
MEASUREMENT DATE June 30, 2021 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 9,098,206$ 8,599,200$ 8,704,606$ 8,114,517$ 7,747,249$ 7,242,480$ 7,317,452$ 7,507,381$ Interest 36,491,272 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 (240,462) 922,038 7,840,468 (1,859,096) (7,125,579) 1,414,899 (4,271,504) - Benefit Payments, Including Refunds of Member Contributions (27,728,190) (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 17,620,826 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 519,922,892 500,240,744 474,302,487 459,922,595 423,004,392 403,377,202 396,091,719 376,852,577 Total Pension Liability, End of Year 537,543,718 519,922,892 500,240,744 474,302,487 459,922,595 423,004,392 403,377,202 396,091,719 Plan Fiduciary Net Position
Contributions - Employee 4,101,994 3,375,086 4,232,480 3,693,461 3,542,435 3,490,315 3,701,640 3,730,681 Contributions - Employer 14,868,691 12,795,434 11,842,706 9,799,970 8,433,832 7,657,753 7,237,123 6,858,454 Net Investment Income 84,746,913 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 (27,728,190) (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 (377,207) (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 75,612,201 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 377,608,104 368,791,472 354,325,114 336,976,981 312,347,346 319,148,656 318,590,584 276,554,342 Total Plan Fiduciary Net Position, End of Year 453,220,305 377,608,104 368,791,472 354,325,114 336,976,981 312,347,346 319,148,656 318,590,584 Net Pension Liability - Ending 84,323,413 $ 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 84.31% 72.63% 73.72% 74.70% 73.27% 73.84% 79.12% 80.43% Covered Payroll4 56,545,716 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 149.12% 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 - 2021. In 2018, demographic assumption and inflation rate were changed in accordance to t he CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was redu ced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustm ent 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 reporte d 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, 2018-22; 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 be nefit changes as well as any offers of Two Year Additional Service Credit (a.k.a Golden Handshakes).
718

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

-146-
2022 2021 2020 2019 2018 2017 2016 2015
MEASUREMENT DATE June 30, 2021 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 9,133,023$ 9,489,708$ 9,248,622$ 8,907,068$ 9,267,287$ 8,500,329$ 8,136,777$ 8,379,851$ Interest 29,032,165 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 (4,322,687) (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 (19,696,563) (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 14,145,938 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 415,648,717 400,450,186 379,107,460 367,718,233 335,188,451 319,020,758 305,468,130 288,596,333 Total Pension Liability, End of Year 429,794,655 415,648,717 400,450,186 379,107,460 367,718,233 335,188,451 319,020,758 305,468,130 Plan Fiduciary Net Position
Contributions - Employee 2,702,869 2,674,167 2,828,130 2,612,259 2,604,837 2,556,415 2,531,718 2,505,819 Contributions - Employer 14,870,411 14,126,597 13,510,982 11,821,073 10,886,085 10,491,299 9,907,130 8,947,610 Net Investment Income 70,683,062 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 (19,696,563) (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 (310,706) (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 68,249,073 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 311,036,005 298,306,602 281,039,679 262,051,305 237,907,373 238,320,301 234,533,148 201,155,170 Total Plan Fiduciary Net Position, End of Year 379,285,078 311,036,005 298,306,602 281,039,679 262,051,305 237,907,373 238,320,301 234,533,148 Net Pension Liability - Ending 50,509,577$ 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 Percenta ge of Total Pension Liability 88.25% 74.83% 74.49% 74.13% 71.26% 70.98% 74.70% 76.78% Covered Payroll4 26,304,790 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 192.02% 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, 2018-22; 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 - 2021. In 2018, demographic as sumption and inflation rate were changed in accordance to t he CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduc ed 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 fo r pension plan administrative expense). In 2014, amounts reporte d were based on the 7.5 percent discount rate. 719

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

-147-
2022 2021 2020 2019 2018 2017 2016 2015
MEASUREMENT DATE June 30, 2021 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 0.74128% 0.53361% 0.52967% 0.53113% 0.51309% 0.52499% 54.96200% 0.53857% City's Proportionate Share of the Collective Net Pension Liability 40,090,413$ 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 12,212,495$ 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 328.27% 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 88.29% 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 - 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. 720

CITY OF OXNARD, CALIFORNIA

SCHEDULE OF PLAN CONTRIBUTIONS - CALPERS
FOR THE FISCAL YEARS ENDED JUNE 301

-148-
2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarially Determined Contribution2 16,629,417$ 14,868,691 $ 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 (16,629,417) (14,868,691) (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 60,433,739$ 56,545,716 $ 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 27.52% 26.29% 23.97% 21.81% 19 .10% 17.08% 14.66% 13.92% 13.48% Actuarially Determined Contribution2 14,205,155$ 14,870,411 $ 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 (14,205,155) (14,870,411) (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 25,133,431$ 26,304,790 $ 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 56.52% 56.53% 52.21% 51.55% 46 .67% 42.01% 39.53% 39.27% 36.22% Actuarially Determined Contribution2 7,530,821$ 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 (7,530,821) (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 13,392,657$ 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 56.23% 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, 2018-2022; 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. 721

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

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2022 2021 2020 2019 2018 2017 2016 2015
MEASUREMENT DATE June 30, 2022 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 1,420,583$ 1,399,285$ 1,495,654$ 1,696,694$ 1,881,000$ 2,007,000$ 2,043,000$ 2,220,000$ Interest 6,161,761 6,200,597 6,042,463 5,646,888 5,961,000 5,715,000 5,545,000 5,238,000 Changes in Assumptions (662,756) 5,197,076 - - 1,051,000 - 5,436,000 - Difference Between Expected and Actual Experience 2,327,996 - - - (6,118,000) - (3,736,000) - Benefit Payments, Including Refunds of Member Contributions (4,744,506) (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 4,503,078 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 108,112,725 100,304,779 97,600,861 90,818,000 91,612,000 87,958,000 81,536,000 76,677,000 Total Pension Liability, End of Year 112,615,803 108,112,725 100,304,779 93,832,628 90,818,000 91,612,000 87,958,000 81,536,000 Plan Fiduciary Net Position
Contributions - Employee 1,610,537 1,643,999 2,023,945 2,076,972 2,343,000 2,513,000 2,922,000 2,731,000 Contributions - Employer 3,194,442 3,427,026 4,346,415 4,392,047 4,172,000 6,586,000 1,043,000 985,000 Net Investment Income (12,582,805) 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 (4,744,506) (4,989,012) (4,834,199) (4,328,954) (3,569,000) (4,068,000) (2,866,000) (2,599,000) Administrative Expenses (189,753) (100,193) (77,483) (74,067) (72,000) (80,000) (68,000) (65,000) Net Change in Plan Fiduciary Net Position (12,712,085) 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 109,146,806 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 96,434,721 109,146,806 89,303,239 77,396,831 69,712,000 59,229,000 53,735,000 50,571,000 Net Pension Liability/(Asset) - Ending 16,181,082 $ (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 85.63% 100.96% 89.03% 82.48% 76.76% 64.65% 61.09% 62.02% Covered Payroll3 19,733,210 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 Percenta ge of Covered Payroll 82.00% -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 2019-2020, 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 da te 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 im pact 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).
722

CITY OF OXNARD, CALIFORNIA
SCHEDULE OF PLAN CONTRIBUTIONS - Retirement Enhancement Plan AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS1

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2022 2021 2020 2019 2018 2017 2016 2015
Actuarially Determined Contribution 3,194,442$ 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 (3,194,442) (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 19,733,210$ 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 16.19% 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, 2018-22; 3.00 percent payroll growth assumption for fiscal years ended June 30, 2014-17.
723

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

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2022 2021 2020 2019 2018
Total OPEB Liability
Service Cost 2,837,493$ 2,150,451$ 1,772,005$ 1,967,866$ 1,779,949$ Interest 1,408,859 1,513,925 1,340,211 1,116,107 1,055,268 Changes in Benefit Terms - - - - - Difference Between Expected and Actual Experience (2,378,752) (9,059) 3,528,946 - - Changes in Assumptions 5,708,710 5,726,271 5,299,408 (2,392,006) - Benefit Payments, Including Refunds of Member Contributions (955,556) (925,981) (1,000,579) (931,942) (851,701) Net Change in Total OPEB Liability 6,620,754 8,455,607 10,939,991 (239,975) 1,983,516 Total OPEB Liability, Beginning of Year, As Restated 55,141,842 46,686,235 35,746,244 36,120,738 34,137,222 Total OPEB Liability, End of Year 61,762,596 55,141,842 46,686,235 35,880,763 36,120,738 Plan Fiduciary Net Position
Contributions - Employer 955,556 925,981 1,000,579 931,942 - Net Investment Income - - - - - Benefit Payments, Including Implicit Subsidy (955,556) (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 61,762,596 $ 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% 0.00% Covered Employee Payroll 94,051,309 93,553,694 85,907,755 83,423,271 83,423,271 Net Pension Liability as a Percentage of Covered Payroll 65.67% 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, 2019 to June 30, 2021. The discount rate used to measure the City’s Total OPEB liability is based on the following information:

No assets are accumulated in a trust or equivalent arrangement to pay related benefits for the OPEB plan. 724

CITY OF OXNARD, CALIFORNIA

GENERAL FUND GROUP

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

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ORIGINAL FINAL ACTUAL VARIANCE WITH

BUDGET BUDGET AMOUNTS FINAL BUDGET

REVENUES
Taxes
Property 63,383,704$ 63,383,704$ 63,226,490$ (157,214)$ Sales 105,785,051 105,785,051 118,083,508 12,298,457
Transient occupancy 4,550,000 4,550,000 5,117,229 567,229 Business license (net of refund) 5,871,461 5,871,461 6,537,611 666,150 Franchise 3,906,860 3,906,860 4,169,418 262,558
Other taxes 1,147,170 1,147,170 978,170 (169,000)
Licenses and permits 2,746,194 2,746,194 2,607,236 (138,958) Intergovernmental 2,288,760 2,288,760 2,208,645 (80,115) Charges for services 19,239,411 19,239,411 16,116,832 (3,122,579) Fines and forfeitures 2,703,720 2,703,720 2,541,622 (162,098) Interest on investments 1,293,332 1,293,332 300,160 (993,172) Special assessments 415,000 415,000 508,642 93,642 Miscellaneous 5,401,134 6,106,749 (1,653,481) (7,760,230) Total Revenues 218,731,797 219,437,412 220,742,082 1,304,670

EXPENDITURES
General Government
Legislative
City Council 641,720 641,720 665,893 (24,173) City Clerk 661,235 681,014 643,201 37,813 Administrative and Support Services
Billing and licensing (City Treasurer) 1,334,513 1,334,513 1,157,125 177,388 City Manager 2,423,131 2,373,131 2,014,815 358,316 City Attorney 2,613,112 2,810,912 2,663,904 147,008 Finance 6,755,163 6,735,163 5,497,774 1,237,389 Human resources 3,424,306 3,424,306 3,073,552 350,754 Information technology 886,654 886,455 886,454 1 Nondepartmental 3,349,996 2,784,742 1,493,295 1,291,447 Public Safety
Police 74,188,200 74,408,820 70,262,392 4,146,428 Fire 31,984,171 31,619,060 31,526,592 92,468 Transportation systems 8,928,804 8,805,923 7,215,293 1,590,630 Community Development
Development services 14,538,814 15,511,121 11,904,136 3,606,985 Economic development and tourism service 70,766 70,766 70,627 139 Housing services 3,288,006 4,834,712 1,613,468 3,221,244 Community service 114,031 114,031 49,781 64,250 Culture, leisure and libraries
Recreation services 9,706,244 9,531,854 7,017,253 2,514,601 Park and public grounds 19,631,820 15,058,825 13,865,094 1,193,731 Library services 4,821,437 4,821,410 4,396,705 424,705 Capital outlay 4,130,
102 7,706,765 3,507,540 4,199,225 Principal 850,000 850,000 850,000 - Interest and fiscal charges 500,569 468,045 468,045 - Total Expenditures 194,842,794 195,473,288 170,842,939 24,630,349 EXCESS OF REVENUES OVER EXPENDITURES 23,889,003 23,964,124 49,899,143 25,935,019 725
GENERAL FUND GROUP (Continued)

BUDGETARY COMPARISON SCHEDULE

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ORIGINAL FINAL ACTUAL VARIANCE WITH

BUDGET BUDGET AMOUNTS FINAL BUDGET

OTHER FINANCING SOURCES (USES)
Reimbursement of IUF Fees (12,000,000)$ (12,000,000)$ - 12,000,000$ Transfers in 3,213,778 3,213,778 2,808,840 (404,938) Transfers out (18,701,093) (23,702,834) (14,560,290) 9,142,544 Net Other Financing Sources (Uses) (27,487,315) (32,489,056) (11,751,450) 20,737,606 NET CHANGE IN FUND BALANCES (3,598,312) (8,524,932) 38,147,693 46,672,625 FUND BALANCES, JULY 1 19,848,066 19,848,066 19,848,066 - FUND BALANCES, JUNE 30 16,249,754$ 11,323,134 $ 57,995,759 $ 46,672,625 $

Note to Budgetary Comparison Schedule:

Budgets are prepared using a current financial resources measuremen t focus and the modified accrua l basis of accounting consist ent with generally accepted accounting principles (GAAP).

Reimbursement of IUF fees were included in the City's budget as other financing uses. In the General Fund fund financial state ments, the reimbursement of IUF fees are reported as reductions of advances from other funds. 726

CITY OF OXNARD, CALIFORNIA

AFFORDABLE HOUSING FUND

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

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FINAL

ORIGINAL BUDGETED ACTUAL VARIANCE WITH

BUDGET AMOUNTS AMOUNTS FINAL BUDGET

REVENUES
Interest on investments (130,295)$ (130,295)$ 164,559$ 294,854$ Miscellaneous - - (96,440) (96,440) Total Revenues (130,295) (130,295) 68,119 198,414

EXPENDITURES
Community development 132,454 1,792,454 82,369 1,710,085 Total Expenditures 132,454 1,792,454 82,369 1,710,085

EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER)
EXPENDITURES (262,749) (1,922,749) (14,250) 1,908,499 NET CHANGE IN FUND BALANCES (262,749) (1,922,749) (14,250) 1,908,499 FUND BALANCES, JULY 1 3,402,798 3,402,798 3,402,798 - FUND BALANCES, JUNE 30 3,140,049$ 1,480,049 $ 3,388,548 $ 1,908,499 $

Note to Budgetary Comparison Schedule:

Budgets are prepared using a current financial resources measuremen t focus and the modified accrua l basis of accounting consist ent with generally accepted accounting principles (GAAP).
727

CITY OF OXNARD, CALIFORNIA

DEVELOPMENT FEES SPECIAL REVENUE FUND

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

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FINAL

ORIGINAL BUDGETED ACTUAL VARIANCE WITH

BUDGET AMOUNTS AMOUNTS FINAL BUDGET

REVENUES
Growth and development fees 2,716,653 $ 2,716,653 $ 4,084,445 $ 1,367,792 $ Special assessments 179,706 179,706 111,513 (68,193) Interest on investments 900,106 900,106 440,365 (459,741) Miscellaneous 288,283 288,283 (1,441,531) (1,729,814) Total Revenues 4,084,748 4,084,748 3,194,792 (889,956)

EXPENDITURES
General government - 48,301 29,279 19,022 Transportation systems 9,457 459,457 9,458 449,999 Community development 399,291 1,652,968 520,643 1,132,325 Culture, leisure and libraries 11,557 65,957 11,558 54,399 Capital outlay 4,538,525 14,881,766 664,715 14,217,051 Total Expenditures 4,958,830 17,108,449 1,235,653 15,872,796 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (874,082) (13,023,701) 1,959,139 14,982,840

OTHER FINANCING SOURCES (USES)
Transfers out (557,376) (557,376) (557,369) 7 Net Other Financing Sources (Uses) (557,376) (557,376) (557,369) 7 NET CHANGE IN FUND BALANCES (1,431,458) (13,581,077) 1,401,770 14,982,847 FUND BALANCES, JULY 1 54,162,389 54,162,389 54,162,389 - FUND BALANCES, JUNE 30 52,730,931$ 40,581,312 $ 55,564,159 $ 14,982,847 $

Note to Budgetary Comparison Schedule:

Budgets are prepared using a current financial resources measuremen t focus and the modified accrua l basis of accounting consist ent with generally accepted accounting principles (GAAP).
728

CITY OF OXNARD, CALIFORNIA

STATE AND FEDERAL GRANTS FUND

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

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FINAL

ORIGINAL BUDGETED ACTUAL VARIANCE WITH

BUDGET AMOUNTS AMOUNTS FINAL BUDGET

REVENUES
Intergovernmental 44,495,494$ 83,754,089 $ 41,339,500$ (42,414,589)$ Fines and forfeitures - - 71,643 71,643 Interest on investments 45,476 45,476 9,100 (36,376) Miscellaneous 299,564 263,365 225,191 (38,174) Total Revenues 44,840,534 84,062,930 41,645,434 (42,417,496)

EXPENDITURES
General government - 10,391,433 3,050,818 7,340,615 Public safety - 12,854,742 2,315,452 10,539,290 Community development 465,568 8,166,836 4,136,364 4,030,472 Culture, leisure and libraries 4,084,385 5,194,132 2,726,993 2,467,139 Capital outlay 8,245,105 45,691,074 8,123,194 37,567,880 Total Expenditures 12,795,058 83,072,693 20,352,821 62,719,872 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 32,045,476 990,237 21,292,613 20,302,376

OTHER FINANCING SOURCES (USES)
Transfers out - (28,405,000) (21,440,609) 6,964,391 Total Other Financing Sources (Uses) - (28,405,000) (21,440,609) 6,964,391 NET CHANGE IN FUND BALANCES 32,045,476 (27,414,763) (147,996) 27,266,767 FUND BALANCES, JULY 1 801,003 801,003 801,003 - FUND BALANCES, JUNE 30 32,846,479$ (26,613,760) $ 653,007 $ 27,266,767 $

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).
729

SUPPLEMENTARY

INFORMATION
730
731

GENERAL FUND GROUP
732
733

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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 prevent ion programs, acquiring pr operty 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 reimbur sement 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.

734

CITY OF OXNARD, CALIFORNIA

COMBINING BALANCE SHEET

GENERAL FUND GROUP
JUNE 30, 2022

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101 - General 104 - Half Cent 105 - Street 641 - Performing Fund Sales Tax Maintenance Arts Center
ASSETS
Cash and investments 51,710,677 $ 12,708,912 $ 2,433,425 $ 115,004 $ Accounts and other receivables 2,339,603 - - 9,555 Due from other funds 3,515,409 1,716,520 - - Due from other government 19,616,335 3,523,383 - - Due from Successor Agency 277,606 - - - Lease receivable 273,552 - - - Advances to other funds - 3,589,072 - - Total Assets 77,733,182$ 21,537,887 $ 2,433,425 $ 124,559 $

LIABILITIES AND DEFERRED INFLOWS OF RESOURCES

LIABILITIES
Accounts payable 6,126,341 $ 510,495 $ 316,342 $ (65) $ Other liabilities 12,024,672 410,054 88,961 - Due to other funds 11,741,384 - - - Advances from other funds 13,059,769 - - - Unearned revenues 12,411 - - - Total Liabilities 42,964,577 920,549 405,303 (65)

DEFERRED INFLOW OF RESOURCES
Deferred inflow on leases 436,735 - - - Total Liabilities and Deferred Inflows of Resources 43,401,312 920,549 405,303 (65)

FUND BALANCES
Nonspendable
Advances to other funds - 3,589,072 - - Committed to:

Measure "O" eligible services - 17,028,266 - - General plan maintenance 751,990 - - - Capital projects 8,472,939 - - - Streets maintenance - - 2,028,122 - Unassigned 25,106,941 - - 124,624 Total Fund Balances 34,331,870 20,617,338 2,028,122 124,624 TOTAL LIABILITIES AND FUND BALANCES 77,733,182$ 21,537,887 $ 2,433,425 $ 124,559 $ *

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). 735

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Other* Total
ASSETS
1,202,082$ 68,170,100 $ Cash and investments 664,405 3,013,563 Accounts and other receivables 7,480 5,239,409 Due from other funds 438,397 23,578,115 Due from other government - 277,606 Due from Successor Agency - 273,552 Lease receivable - 3,589,072 Advances to other funds 2,312,364$ 104,141,417$ Total Assets

LIABILITIES AND DEFERRED INFLOWS OF RESOURCES

LIABILITIES
81,668$ 7,034,781$ Accounts payable 1,148,954 13,672,641 Other liabilities 187,937 11,929,321 Due to other funds - 13,059,769 Advances from other funds - 12,411 Unearned revenues 1,418,559 45,708,923 Total Liabilities

DEFERRED INFLOW OF RESOURCES
- 436,735 Deferred inflow on leases 1,418,559 46,145,658 Total Liabilities and Deferred Inflows of Resources

FUND BALANCES
Nonspendable
- 3,589,072 Advances to other funds Committed to:
- 17,028,266 Measure "O" eligible services - 751,990 General plan maintenance - 8,472,939 Capital projects - 2,028,122 Streets maintenance 893,805 26,125,370 Unassigned
893,805 57,995,759 Total Fund Balances 2,312,364$ 104,141,417$ TOTAL LIABILITIES AND FUND BALANCES

GENERAL FUND
736

CITY OF OXNARD

COMBINING STATEMENT OF REVENUES, EXPENDITURES,

AND CHANGES IN FUND BALANCES

GENERAL FUND GROUP
FOR THE YEAR ENDED JUNE 30, 2022

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101 - General 104 - Half Cent 105 - Street 641 - Performing Fund Sales Tax Maintenance Arts Center

REVENUES
Taxes 178,841,461$ 19,270,965$ -$ -$ Licenses and permits 2,607,236 - - - Intergovernmental 2,181,368 - - - Charges for services 15,933,419 - (978) 184,391 Fines and forfeitures 2,541,622 - - - Interest on investments 246,796 53,364 - - Special assessments 70,245 - - - Miscellaneous (1,407,926) (473,879) - - Total Revenues 201,014,221 18,850,450 (978) 184,391

EXPENDITURES
Current
General government 17,052,030 912,132 - - Public safety 93,766,032 7,795,265 - - Transportation 6,559,817 468,001 187,475 - Community development 11,708,015 773,493 - - Culture, leisure and libraries 23,893,527 1,352,300 - 36,205 Capital Outlay 688,845 453,055 2,365,640 - Debt Service
Principal - 850,000 - - Interest and fiscal charges 209,164 258,881 - - Total Expenditures 153,877,430 12,863,127 2,553,115 36,205

EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 47,136,791 5,987,323 (2,554,093) 148,186

OTHER FINANCING SOURCES (USES)
Transfers in 1,428,936 - - - Transfers out (10,844,777) (3,684,260) - (31,253) Total Other Financing Sources (Uses) (9,415,841) (3,684,260) - (31,253) NET CHANGE IN FUND BALANCES 37,720,950 2,303,063 (2,554,093) 116,933 FUND BALANCES, JULY 1 (3,389,080) 18,314,275 4,582,215 7,691 FUND BALANCES, JUNE 30 34,331,870$ 20,617,338 $ 2,028,122 $ 124,624 $ *

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 Cor ps Trust (555), and Contributions/Donations Trust (571).
737

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Other* Total

REVENUES
-$ 198,112,426$ Taxes
- 2,607,236 Licenses and permits 27,277 2,208,645 Intergovernmental - 16,116,832 Charges for services - 2,541,622 Fines and forfeitures - 300,160 Interest on investments 438,397 508,642 Special assessments 228,324 (1,653,481) Miscellaneous 693,998 220,742,082 Total Revenues

EXPENDITURES
Current
131,851 18,096,013 General government 227,687 101,788,984 Public safety
- 7,215,293 Transportation 1,156,504 13,638,012 Community development (2,980) 25,279,052 Culture, leisure and libraries - 3,507,540 Capital Outlay Debt Service
- 850,000 Principal - 468,045 Interest and fiscal charges 1,513,062 170,842,939 Total Expenditures

EXCESS OF REVENUES OVER (UNDER)
(819,064) 49,899,143 EXPENDITURES

OTHER FINANCING SOURCES (USES)
1,379,904 2,808,840 Transfers in - (14,560,290) Transfers out 1,379,904 (11,751,450) Total Other Financing Sources (Uses) 560,840 38,147,693 NET CHANGE IN FUND BALANCES 332,965 19,848,066 FUND BALANCES, JULY 1 893,805$ 57,995,759$ FUND BALANCES, JUNE 30

GENERAL FUND
738

CITY OF OXNARD, CALIFORNIA
GENERAL FUND - 101 - GENERAL FUND

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

-162-

ORIGINAL FINAL ACTUAL VARIANCE WITH

BUDGET BUDGET AMOUNTS FINAL BUDGET

REVENUES
Taxes
Property 63,383,704 $ 63,383,704 $ 63,226,490 $ (157,214) $ Sales 88,453,241 88,453,241 98,812,543 10,359,302 Transient occupancy 4,550,000 4,550,000 5,117,229 567,229 Business license (net of refund) 5,871,461 5,871,461 6,537,611 666,150 Franchise 3,906,860 3,906,860 4,169,418 262,558 Other taxes 1,147,170 1,147,170 978,170 (169,000) Licenses and permits 2,746,194 2,746,194 2,607,236 (138,958) Intergovernmental 2,258,760 2,258,760 2,181,368 (77,392) Charges for services 18,991,411 18,991,411 15,933,419 (3,057,992) Fines and forfeitures 2,703,720 2,703,720 2,541,622 (162,098) Interest on investments 1,207,207 1,207,207 246,796 (960,411) Special assessments 70,000 70,000 70,245 245 Miscellaneous 3,199,134 3,904,749 (1,407,926) (5,312,675) Total Revenues 198,488,862 199,194,477 201,014,221 1,819,744

EXPENDITURES
General Government
Legislative
City Council 641,720 641,720 665,893 (24,173) City Clerk 661,235 681,014 643,201 37,813 Administrative and Support Services
Billing and licensing 1,334,513 1,334,513 1,157,125 177,388 City Manager 2,365,527 2,365,527 2,007,211 358,316 City Attorney 2,613,112 2,810,912 2,663,904 147,008 Finance 6,755,163 6,735,163 5,497,774 1,237,389 Human resources 3,424,306 3,424,306 3,073,552 350,754 Nondepartmental 3,330,578 2,766,668 1,343,370 1,423,298 Public Safety
Police 70,443,884 70,676,157 66,480,990 4,195,167 Fire 27,141,918 27,393,521 27,285,042 108,479 Transportation systems 8,105,397 7,592,081 6,559,817 1,032,264 Community Development
Development services 12,278,498 13,206,494 10,283,099 2,923,395 Economic development and tourism service 70,766 70,766 70,627 139 Housing services 2,184,459 2,184,459 1,304,508 879,951 Community service 114,031 114,031 49,781 64,250 Culture, leisure and libraries
Recreation services 8,903,839 8,865,339 6,543,567 2,321,772 Park and public grounds 18,782,313 14,207,613 13,014,762 1,192,851 Library services 4,759,904 4,759,904 4,335,198 424,706 Capital outlay 1,037,922 1,749,294 688,845 1,060,449 Principal 1,666,525 1,666,525 - 1,666,525 Interest and fiscal charges 209,164 209,164 209,164 - Total Expenditures 176,824,774 173,455,171 153,877,430 19,577,741 EXCESS OF REVENUES OVER EXPENDITURES 21,664,088 25,739,306 47,136,791 21,397,485 739
GENERAL FUND - 101 - GENERAL FUND (Continued)

BUDGETARY COMPARISON SCHEDULE

-163-

ORIGINAL FINAL ACTUAL VARIANCE WITH

BUDGET BUDGET AMOUNTS FINAL BUDGET

OTHER FINANCING SOURCES (USES)
Reimbursement of IUF Fees (5,000,000) $ (5,000,000) $ - $ 5,000,000$ Transfers in 1,514,671 1,514,671 1,428,936 (85,735) Transfers out (14,918,847) (20,018,574) (10,844,777) 9,173,797 Net Other Financing Sources (Uses) (18,404,176) (23,503,903) (9,415,841) 14,088,062 NET CHANGE IN FUND BALANCES 3,259,912 2,235,403 37,720,950 35,485,547 FUND BALANCES, JULY 1 (3,389,080) (3,389,080) (3,389,080) - FUND BALANCES, JUNE 30 (129,168)$ (1,153,677)$ 34,331,870 $ 35,485,547 $

Note to Budgetary Comparison Schedule:

Budgets are prepared using a current financial resources measuremen t focus and the modified accrua l basis of accounting consist ent with generally accepted accounting principles (GAAP).

Reimbursement of IUF fees were included in the City's budget as other financing uses. In the General Fund fund financial statements, the reimbursement of IUF fees are reported as reductions of advances from other funds. 740

CITY OF OXNARD, CALIFORNIA
GENERAL FUND - 104 - HALF CENT SALES TAX

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

-164-

ORIGINAL FINAL ACTUAL VARIANCE WITH

BUDGET BUDGET AMOUNTS FINAL BUDGET

REVENUES
Taxes
Sales 17,331,810 17,331,810 19,270,965 $ 1,939,155 $ Interest on investments 86,125 86,125 53,364 (32,761) Miscellaneous - - (473,879) (473,879) Total Revenues 17,417,935 17,417,935 18,850,450 1,432,515

EXPENDITURES
General Government
Administrative and Support Services
City Manager 57,604 7,604 7,604 - Information Technology 886,654 886,455 886,454 1 Nondepartmental 19,418 18,074 18,074 - Public Safety
Police 3,581,381 3,569,728 3,569,727 1 Fire 4,842,253 4,225,539 4,225,538 1 Transportation systems 519,384 468,001 468,001 - Community Development
Development services 311,837 356,148 311,148 45,000 Housing services 1,103,547 2,650,253 462,345 2,187,908 Culture, leisure and libraries
Recreation services 565,748 429,858 440,461 (10,603) Park and public grounds 849,507 851,212 850,332 880 Library services 61,533 61,506 61,507 (1) Capital outlay 175,980 2,172,576 453,055 1,719,521 Principal 850,000 850,000 850,000 - Interest and fiscal charges 291,405 258,881 258,881 - Total Expenditures 14,116,251 16,805,835 12,863,127 3,942,708 EXCESS OF REVENUES OVER EXPENDITURES 3,301,684 612,100 5,987,323 5,375,223

OTHER FINANCING SOURCES (USES)
Transfers in 1,666,525 1,666,525 - (1,666,525) Transfers out (3,782,246) (3,684,260) (3,684,260) - Net Other Financing Sources (Uses) (2,115,721) (2,017,735) (3,684,260) (1,666,525) NET CHANGE IN FUND BALANCES 1,185,963 (1,405,635) 2,303,063 3,708,698 FUND BALANCES, JULY 1 18,314,275 18,314,275 18,314,275 - FUND BALANCES, JUNE 30 19,500,238$ 16,908,640 $ 20,617,338 $ 3,708,698 $

Note to Budgetary Comparison Schedule:

Budgets are prepared using a current financial resources measuremen t focus and the modified accrua l basis of accounting consist ent with generally accepted accounting principles (GAAP).

Transfer in of $1,666,525 was included in the Fund 104's budget as other financing sources. In the fund financial statements, the transfer in from Fund 101 is reported as reductions of advance to Fund 101.
741

NONMAJOR

GOVERNMENTAL
FUNDS
742
743

-165-
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.
744

CITY OF OXNARD, CALIFORNIA

COMBINING BALANCE SHEET

NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2022

-166-
HUD

AND CDBG PUBLIC DEBT CAPITAL

GRANTS SAFETY STATE SERVICE OUTLAY

FUND RETIREMENT GAS TAX FUND FUND
ASSETS
Cash and cash equivalents 446,685$ 6,982,829$ 4,132,774$ 22,955$ 32,901,967$ Investments with fiscal agents - - 4 421 13,580,408 Accounts and other receivables - - - - 98,800 Due from other funds - - - - - Due from other government 868,203 247,796 1,079,771 - - Due from Successor Agency - - - - 38,259 Notes receivable 6,647,402 - - - - Lease receivable - - - - - Total Assets 7,962,290$ 7,230,625 $ 5,212,549 $ 23,376 $ 46,619,434$

LIABILITIES
Accounts payable 94,328 $ 4,710 $ 418,389$ - $ 1,035,675$ Other liabilities 52,110 298,459 100,538 - 445,468 Due to other funds 606,261 - - - - Unearned revenues 420,731 - - - - Total Liabilities 1,173,430 303,169 518,927 - 1,481,143

DEFERRED INFLOW OF RESOURCES
Deferred inflow on loans 6,647,402 - - - - Deferred inflow on leases - - - - - Total Deferred Inflow on Resources 6,647,402 - - - -

FUND BALANCES
Restricted for:

Debt Service - - - 23,376 - Transportation systems - - - - - Maintenance districts - - - - 2,446,041 Street and traffic improvements/
maintenance - - 4,693,622 - 370,279 Infrastructure developments - - - - 11,516,713 Housing 141,458 - - - - Culture and leisure - - - - 8,794,300 Public safety - 6,927,456 - - - Committed to:

Capital projects - - - - 22,010,958 Unassigned - - - - - Total Fund Balances 141,458 6,927,456 4,693,622 23,376 45,138,291

TOTAL LIABILITIES AND
FUND BALANCES 7,962,290$ 7,230,625 $ 5,212,549 $ 23,376 $ 46,619,434$ 745

-167-

TRANSPORTA-

TION MAINTENANCE TOTAL NONMAJOR

CUPA TRAFFIC DEVELOPMENT ASSESSMENT GOVERNMENTAL

FUND SAFETY FUND DISTRICTS FUND FUNDS
ASSETS
1,128,138$ 317,209$ 3,766,796$ 11,693,119$ 61,392,472$ Cash and cash equivalents - - - - 13,580,833 Investments with fiscal agents - - 13,722 - 112,522 Accounts and other receivables - - - 21,610 21,610 Due from other funds - 35,944 - 112,765 2,344,479 Due from other government - - - - 38,259 Due from Successor Agency - - - - 6,647,402 Notes receivable - - 329,130 - 329,130 Lease receivable 1,128,138$ 353,153 $ 4,109,648$ 11,827,494 $ 84,466,707 $ Total Assets

LIABILITIES
296$ 339 $ 194,029$ 866,088 $ 2,613,854$ Accounts payable 31,791 6,809 3,769 59,572 998,516 Other liabilities - - - 21,610 627,871 Due to other funds - - 1,827,467 - 2,248,198 Unearned revenues 32,087 7,148 2,025,265 947,270 6,488,439 Total Liabilities

DEFERRED INFLOW OF RESOURCES
- - - - 6,647,402 Deferred inflow on loans - - 359,025 - 359,025 Deferred inflow on leases - - 359,025 - 7,006,427 Total Deferred Inflow of Resources

FUND BALANCES
Restricted for:
- - - - 23,376 Debt Service - - 1,725,358 - 1,725,358 Transportation systems - - - 10,880,224 13,326,265 Maintenance districts - Street and traffic improvements/ - 346,005 - - 5,409,906 maintenance - - - - 11,516,713 Infrastructure developments - - - - 141,458 Housing - - - - 8,794,300 Culture and leisure 1,096,051 - - - 8,023,507 Public safety - Committed to:
- - - - 22,010,958 Capital projects -
- - - - Unassigned 1,096,051 346,005 1,725,358 10,880,224 70,971,841 Total Fund Balances

TOTAL LIABILITIES AND
1,128,138$ 353,153 $ 4,109,648$ 11,827,494 $ 84,466,707 $ FUND BALANCES 746

CITY OF OXNARD, CALIFORNIA

COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN

FUND BALANCES

NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2022

-168-
HUD

AND CDBG PUBLIC DEBT CAPITAL

GRANTS SAFETY STATE SERVICE OUTLAY

FUND RETIREMENT GAS TAX FUND FUND

REVENUES
Taxes - $ 15,404,227$ - $ - $ 387,797$ Licenses and permits - - - - - Intergovernmental 1,617,614 - 8,948,479 - - Growth and development fees - - - - - Charges for services - - 187,562 - - Fines and forfeitures - - - - - Interest on investments - - 15,396 394 49,688 Special assessments - - - - - Miscellaneous - - (126,642) - (408,202) Total Revenues 1,617,614 15,404,227 9,024,795 394 29,283

EXPENDITURES
Current
General government - - 112,657 - 245,000 Public safety - 14,300,740 - - 390,264 Transportation systems - - 4,354,415 - 257,551 Community development 1,206,131 - - - 89,945 Culture, leisure and libraries 87,557 - - - 20,153 Capital outlay 302,402 - 677,412 - 14,228,036 Debt Service
Principal - - 710,000 4,484,494 498,181 Interest and fiscal charges - - 607,725 2,751,501 45,825 Total Expenditures 1,596,090 14,300,740 6,462,209 7,235,995 15,774,955

EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 21,524 1,103,487 2,562,586 (7,235,601) (15,745,672)

OTHER FINANCING SOURCES (USES)
Proceeds from debt issuance - - - - 3,300,000 Transfers in - - - 7,235,995 26,754,889 Transfers out - - - - - Net Other Financing Sources (Uses) - - - 7,235,995 30,054,889 NET CHANGE IN FUND BALANCES 21,524 1,103,487 2,562,586 394 14,309,217 FUND BALANCES, JULY 1 119,934 5,823,969 2,131,036 22,982 30,829,074 FUND BALANCES, JUNE 30 141,458$ 6,927,456$ 4,693,622 $ 23,376 $ 45,138,291$ 747

-169-

TRANSPORTATION MAINTENANCE TOTAL NONMAJOR

CUPA TRAFFIC DEVELOPMENT ASSESSMENT GOVERNMENTAL

FUND SAFETY FUND DISTRICTS FUND FUNDS

REVENUES
-$ - $ - $ - $ 15,792,024$ Taxes 1,095,535 - - - 1,095,535 Licenses and permits - 239,930 775,443 - 11,581,466 Intergovernmental 20,430 - - - 20,430 Growth and development fees - - - 1,235,079 1,422,641 Charges for services 244 - - - 244 Fines and forfeitures 7,325 1,684 17,748 49,336 141,571 Interest on investments - - - 6,312,705 6,312,705 Special assessments (53,717) (17,662) 5,697 (375,687) (976,213) Miscellaneous 1,069,817 223,952 798,888 7,221,433 35,390,403 Total Revenues

EXPENDITURES
Current
- - - - 357,657 General government 866,658 388,622 - 266,598 16,212,882 Public safety - 38,316 779,951 132,469 5,562,702 Transportation systems - - - 423,014 1,719,090 Community development - - - 7,357,696 7,465,406 Cu lture, leisure and libraries - 13,898 298,871 276,380 15,796,999 Capital outlay Debt Service
- - - - 5,692,675 Principal - - - - 3,405,051 Interest and fiscal charges 866,658 440,836 1,078,822 8,456,157 56,212,462 Total Expenditures

EXCESS OF REVENUES OVER
203,159 (216,884) (279,934) (1,234,724) (20,822,059) (UNDER) EXPENDITURES

OTHER FINANCING SOURCES (USES)
- - - - 3,300,000 Proceeds from debt issuance - - - 142,454 34,133,338 Transfers in (23,858) - - (19,512) (43,370) Transfers out (23,858) - - 122,942 37,389,968 Net Other Financing Sources (Uses) 179,301 (216,884) (279,934) (1,111,782) 16,567,909 NET CHANGE IN FUND BALANCES 916,750 562,889 2,005,292 11,992,006 54,403,932 FUND BALANCES, JULY 1 1,096,051$ 346,005 $ 1,725,358$ 10,880,224 $ 70,971,841 $ FUND BALANCES, JUNE 30 748

CITY OF OXNARD, CALIFORNIA

NONMAJOR - CDBG AND HUD

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

-170-
FINAL

ORIGINAL BUDGETED ACTUAL VARIANCE WITH

BUDGET AMOUNTS AMOUNTS FINAL BUDGET

REVENUES
Intergovernmental 3,480,572$ 3,480,572 $ 1,617,614 $ (1,862,958) $ Total Revenues 3,480,572 3,480,572 1,617,614 (1,862,958)

EXPENDITURES
Public safety 76,505 - - - Community development 2,013,674 5,237,188 1,206,131 4,031,057 Culture, leisure and libraries 219,515 177,071 87,557 89,514 Capital outlay 1,170,878 3,387,769 302,402 3,085,367 Total Expenditures 3,480,572 8,802,028 1,596,090 7,205,938 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES - (5,321,456) 21,524 5,342,980 NET CHANGE IN FUND BALANCES - (5,321,456) 21,524 5,342,980 FUND BALANCES, JULY 1 119,934 119,934 119,934 - FUND BALANCES, JUNE 30 119,934$ (5,201,522)$ 141,458 $ 5,342,980 $

Note to Budgetary Comparison Schedule:

Budgets are prepared using a current financial resources measuremen t focus and the modified accrua l basis of accounting consist ent with generally accepted accounting principles (GAAP).
749

CITY OF OXNARD, CALIFORNIA

NONMAJOR - PUBLIC SAFETY RETIREMENT

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

-171-
FINAL

ORIGINAL BUDGETED ACTUAL VARIANCE WITH

BUDGET AMOUNTS AMOUNTS FINAL BUDGET

REVENUES
Taxes 17,190,577$ 17,190,577 $ 15,404,227 $ (1,786,350) $ Interest on investments - - - - Total Revenues 17,190,577 17,190,577 15,404,227 (1,786,350)

EXPENDITURES
Public safety 14,585,532 14,585,532 14,300,740 284,792 Total Expenditures 14,585,532 14,585,532 14,300,740 284,792

EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 2,605,045 2,605,045 1,103,487 (1,501,558) NET CHANGE IN FUND BALANCES 2,605,045 2,605,045 1,103,487 (1,501,558) FUND BALANCES, JULY 1 5,823,969 5,823,969 5,823,969 - FUND BALANCES, JUNE 30 8,429,014$ 8,429,014 $ 6,927,456 $ (1,501,558) $

Note to Budgetary Comparison Schedule:

Budgets are prepared using a current financial resources measuremen t focus and the modified accrua l basis of accounting consist ent with generally accepted accounting principles (GAAP).
750

CITY OF OXNARD, CALIFORNIA

NONMAJOR - STATE GAS TAX FUND

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

-172-
FINAL

ORIGINAL BUDGETED ACTUAL VARIANCE WITH

BUDGET AMOUNTS AMOUNTS FINAL BUDGET

REVENUES
Intergovernmental 9,465,541$ 9,465,541$ 8,948,479$ (517,062)$ Charges for services 750,000 750,000 187,562 (562,438) Interest on investments 81,192 81,192 15,396 (65,796) Miscellaneous - - (126,642) (126,642) Total Revenues 10,296,733 10,296,733 9,024,795 (1,271,938)

EXPENDITURES
General government 208,964 408,964 112,657 296,307
Transportation systems 5,567,082 5,559,207 4,354,415 1,204,792 Capital outlay 5,914,945 6,129,015 677,412 5,451,603 Debt Service
Principal 710,000 710,000 710,000 -
Interest 607,725 607,725 607,725 - Total Expenditures 13,008,716 13,414,911 6,462,209 6,952,702

EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (2,711,983) (3,118,178) 2,562,586 5,680,764 NET CHANGE IN FUND BALANCES (2,711,983) (3,118,178) 2,562,586 5,680,764 FUND BALANCES, JULY 1 2,131,036 2,131,036 2,131,036 - FUND BALANCES, JUNE 30 (580,947)$ (987,142) $ 4,693,622 $ 5,680,764 $ 751

CITY OF OXNARD, CALIFORNIA

NONMAJOR - DEBT SERVICE FUND

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

-173-
FINAL

ORIGINAL BUDGETED ACTUAL VARIANCE WITH

BUDGET AMOUNTS AMOUNTS FINAL BUDGET

REVENUES
Interest on investments 1,420 $ 1,420 $ 394 $ (1,026) $ Total Revenues 1,420 1,420 394 (1,026)

EXPENDITURES
Debt Service
Principal 4,284,301 4,497,453 4,484,494 12,959 Interest 2,743,801 2,756,820 2,751,501 5,319 Total Expenditures 7,028,102 7,254,273 7,235,995 18,278

EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (7,026,682) (7,252,853) (7,235,601) 17,252

OTHER FINANCING SOURCES (USES)
Transfers in 7,028,103 7,254,274 7,235,995 (18,279) Total Other Financing Sources (Uses) 7,028,103 7,254,274 7,235,995 (18,279) NET CHANGE IN FUND BALANCES1 1,421 1,421 394 (1,027) FUND BALANCES, JULY 1 22,982 22,982 22,982 - FUND BALANCES, JUNE 30 24,403$ 24,403 $ 23,376 $ (1,027) $

Note to Budgetary Comparison Schedule:

Budgets are prepared using a current financial resources measuremen t focus and the modified accrua l basis of accounting consist ent with generally accepted accounting principles (GAAP).
752

CITY OF OXNARD, CALIFORNIA

NONMAJOR - CAPITAL OUTLAY FUNDS

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

-174-
FINAL

ORIGINAL BUDGETED ACTUAL VARIANCE WITH

BUDGET AMOUNTS AMOUNTS FINAL BUDGET

REVENUES
Taxes 387,562 $ 387,562 $ 387,797 $ 235 $ Interest on investments 207,689 207,689 49,688 (158,001) Miscellaneous - - (408,202) (408,202) Total Revenues 595,251 595,251 29,283 (565,968)

EXPENDITURES
General government - 145,000 245,000 (100,000) Public safety 460,000 7,418,943 390,264 7,028,679 Transportation 1,350,000 4,891,196 257,551 4,633,645 Community development 200,342 446,568 89,945 356,623 Culture, leisure and libraries 50,000 5,325,000 20,153 5,304,847 Capital outlay 10,888,495 47,097,607 14,228,036 32,869,571 Debt Service
Principal - - 498,181 (498,181) Interest - - 45,825 (45,825) Total Expenditures 12,948,837 65,324,314 15,774,955 49,549,359

EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (12,353,586) (64,729,063) (15,745,672) 48,983,391

OTHER FINANCING SOURCES (USES)
Proceeds from bonds 3,510,000 3,563,359 3,300,000 (263,359) Transfers in 8,937,600 42,399,600 26,754,889 (15,644,711) Total Other Financing Sources (Uses) 12,447,600 45,962,959 30,054,889 (15,908,070) NET CHANGE IN FUND BALANCES 94,014 (18,766,104) 14,309,217 33,075,321 FUND BALANCES, JULY 1 30,829,074 30,829,074 30,829,074 - FUND BALANCES, JUNE 30 30,923,088$ 12,062,970 $ 45,138,291 $ 33,075,321 $ 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).
753

CITY OF OXNARD, CALIFORNIA

NONMAJOR - CUPA

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

-175-
FINAL

ORIGINAL BUDGETED ACTUAL VARIANCE WITH

BUDGET AMOUNTS AMOUNTS FINAL BUDGET

REVENUES
Licenses and permits 1,031,000$ 1,031,000$ 1,095,535$ 64,535$ Growth and development fees 35,000 35,000 20,430 (14,570) Fines and forfeitures 10,389 10,389 244 (10,145) Interest 18,589 18,589 7,325 (11,264) Miscellaneous 11,228 11,228 (53,717) (64,945) Total Revenues 1,106,206 1,106,206 1,069,817 (36,389)

EXPENDITURES
Public safety 1,100,458 1,100,458 866,658 233,800 Total Expenditures 1,100,458 1,100,458 866,658 233,800 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES 5,748 5,748 203,159 197,411

OTHER FINANCING SOURCES (USES)
Transfers out (23,911) (23,911) (23,858) 53 Total Other Financing Sources (Uses) (23,911) (23,911) (23,858) 53 NET CHANGE IN FUND BALANCES (18,163) (18,163) 179,301 197,464 FUND BALANCES, JULY 1 916,750 916,750 916,750 - FUND BALANCES, JUNE 30 898,587$ 898,587 $ 1,096,051$ 197,464 $ 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).
754

CITY OF OXNARD, CALIFORNIA

NONMAJOR - TRAFFIC SAFETY

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

-176-
FINAL

ORIGINAL BUDGETED ACTUAL VARIANCE WITH

BUDGET AMOUNTS AMOUNTS FINAL BUDGET

REVENUES
Intergovernmental 285,969 $ 285,969 $ 239,930 $ (46,039) $ Interest on investments 6,218 6,218 1,684 (4,534) Miscellaneous - - (17,662) (17,662) Total Revenues 292,187 292,187 223,952 (68,235)

EXPENDITURES
Public safety 587,489 587,489 388,622 198,867 Transportation systems - - 38,316 (38,316) Capital outlay - 103,413 13,898 89,515 Total Expenditures 587,489 690,902 440,836 250,066

EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (295,302) (398,715) (216,884) 181,831 NET CHANGE IN FUND BALANCES (295,302) (398,715) (216,884) 181,831 FUND BALANCES, JULY 1 562,889 562,889 562,889 - FUND BALANCES, JUNE 30 267,587 $ 164,174 $ 346,005 $ 181,831 $ 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).
755

CITY OF OXNARD, CALIFORNIA

NONMAJOR - TRANSPORTATION DEVELOPMENT FUND

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

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FINAL

ORIGINAL BUDGETED ACTUAL VARIANCE WITH

BUDGET AMOUNTS AMOUNTS FINAL BUDGET

REVENUES
Intergovernmental 645,690 $ 645,690 $ 775,443 $ 129,753 $ Interest on investments 51,196 51,196 17,748 (33,448) Miscellaneous 251,089 251,089 5,697 (245,392) Total Revenues 947,975 947,975 798,888 (149,087)

EXPENDITURES
Transportation systems 1,107,949 1,049,754 779,951 269,803 Capital outlay 473,846 2,773,430 298,871 2,474,559 Total Expenditures 1,581,795 3,823,184 1,078,822 2,744,362

EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (633,820) (2,875,209) (279,934) 2,595,275 NET CHANGE IN FUND BALANCES (633,820) (2,875,209) (279,934) 2,595,275 FUND BALANCES, JULY 1 2,005,292 2,005,292 2,005,292 - FUND BALANCES, JUNE 30 1,371,472$ (869,917) $ 1,725,358 $ 2,595,275 $ 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).
756

CITY OF OXNARD, CALIFORNIA

NONMAJOR - MAINTENANCE ASSESSMENT DISTRICTS

BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2022

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FINAL

ORIGINAL BUDGETED ACTUAL VARIANCE WITH

BUDGET AMOUNTS AMOUNTS FINAL BUDGET

REVENUES
Charges for services 935,925$ 935,925$ 1,235,079$ 299,154$ Interest on investments 187,170 187,170 49,336 (137,834) Special assessments 6,210,768 6,210,768 6,312,705 101,937 Miscellaneous 13,410 13,410 (375,687) (389,097) Total Revenues 7,347,273 7,347,273 7,221,433 (125,840)

EXPENDITURES
Public safety 391,908 391,908 266,598 125,310 Transportation systems 274,306 274,306 132,469 141,837 Community development 661,695 636,794 423,014 213,780 Culture, leisure and libraries 8,504,171 8,530,120 7,357,696 1,172,424 Capital outlay 465,000 1,690,280 276,380 1,413,900 Total Expenditures 10,297,080 11,523,408 8,456,157 3,067,251

EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES (2,949,807) (4,176,135) (1,234,724) 2,941,411

OTHER FINANCING SOURCES (USES)
Transfers in 248,267 248,267 142,454 (105,813) Transfer out (15,181) (15,181) (19,512) (4,331) Total Other Financing Sources (Uses) 233,086 233,086 122,942 (110,144) NET CHANGE IN FUND BALANCES (2,716,721) (3,943,049) (1,111,782) 2,831,267 FUND BALANCES, JULY 1 11,992,006 11,992,006 11,992,006 - FUND BALANCES, JUNE 30 9,275,285$ 8,048,957 $ 10,880,224 $ 2,831,267 $ 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).
757

INTERNAL SERVICE
FUNDS
758
759

-179-
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.
760

CITY OF OXNARD, CALIFORNIA

COMBINING STATEMENT OF NET POSITION

INTERNAL SERVICE FUNDS
JUNE 30, 2022

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PUBLIC

LIABILITY/ UTILITY

PROPERTY WORKERS' CU STOMER INFORMATION

DAMAGE COMPENSATION SERVICE SERVICES
ASSETS
Current Assets
Cash and investments 4,016,479 $ 13,355,677 $ 1,123,574 $ 2,138,648 $ Accounts and other receivables (net of allowance
for doubtful accounts) - - - - Total Current Assets 4,016,479 13,355,677 1,123,574 2,138,648 Noncurrent Assets
Advances to other funds - 777,488 - - Total Noncurrent Assets - 777,488 - -

CAPITAL ASSETS
Buildings and improvements - - - - Machinery, equipment, and vehicles 62,621 - - 2,088,838 Construction in progress - - - 156,292 Total Capital Assets 62,621 - - 2,245,130 Less: Accumulated depreciation 62,105 - - 1,765,934 Net Total Capital Assets (net of accumulated depreciation) 516 - - 479,196 Total Assets 4,016,995 14,133,165 1,123,574 2,617,844

DEFERRED OUTFLOW OF RESOURCES
Deferred outflow on pension plans 75,240 169,570 208,714 529,362 Deferred outflow on other post-employment benefit plans (OPEB) - 34,667 118,509 254,712 Total Deferred Outflow of Resources 75,240 204,237 327,223 784,074

LIABILITIES
Current Liabilities
Accounts payable 44,083 298,762 62,985 572,366 Other liabilities 14,395 16,141 55,877 133,570 Compensated absences payable - current - 16,018 65,936 146,804 Self-insurance claims - due within one year 2,208,342 6,222,498 - - Total Current Liabilities 2,266,820 6,553,419 184,798 852,740 Noncurrent Liabilities
Compensated absences payable - 8,550 35,197 78,364 Other post-employment benefits payable - 158,633 265,868 1,209,749 Net pension liabilities 44,369 634,166 608,499 1,276,853 Self-insurance claims 4,310,026 23,361,101 - - Total Noncurrent Liabilities 4,354,395 24,162,450 909,564 2,564,966 Total Liabilities 6,621,215 30,715,869 1,094,362 3,417,706

DEFERRED INFLOW OF RESOURCES
Deferred inflow on pension plans 86,700 150,233 432,912 1,781,211 Deferred inflow on other post-employment benefit plans (OPEB) - 8,738 14,154 65,101 Total Deferred Inflow of Resources 86,700 158,971 447,066 1,846,312

NET POSITION
Net investment in capital assets 516 - - 479,196 Unrestricted (2,616,196) (16,537,438) (90,631) (2,341,296) TOTAL NET POSITION (2,615,680)$ (16,537,438)$ (90,631) $ (1,862,100)$ 761

-181-

FACILITIES EQUIPMENT

MAINTENANCE MAINTENANCE TOTAL
ASSETS
Current Assets
1,922,508$ 1,562,428 $ 24,119,314 $ Cash and investments Accounts and other receivables (net of allowance
1,937 160 2,097 for doubtful accounts) 1,924,445 1,562,588 24,121,411 Total Current Assets Noncurrent Assets
- - 777,488 Advances to other funds - - 777,488 Total Noncurrent Assets

CAPITAL ASSETS
196,868 238,542 435,410 Buildings and improvements 440,545 4,631,913 7,223,917 Machinery, equipment, and vehicles - - 156,292 Construction in progress 637,413 4,870,455 7,815,619 Total Capital Assets 471,681 4,165,883 6,465,603 Less: Accumulated depreciation 165,732 704,572 1,350,016 Net Total Capital Assets (net of accumulated depreciation) 2,090,177 2,267,160 26,248,915 Total Assets

DEFERRED OUTFLOW OF RESOURCES
909,531 1,196,540 3,088,957 Deferred outflow on pension plans 406,412 385,264 1,199,564 Deferred outflow on other post-employment benefit plans (OPEB) 1,315,943 1,581,804 4,288,521 Total Deferred Outflow of Resources

LIABILITIES
Current Liabilities
227,861 800,654 2,006,711 Accounts payable 146,741 86,588 453,312 Other liabilities 153,557 78,667 460,982 Compensated absences payable - current - - 8,430,840 Self-insurance claims - due within one year 528,159 965,909 11,351,845 Total Current Liabilities Noncurrent Liabilities
81,968 41,992 246,071 Compensated absences payable 1,553,390 1,496,988 4,684,628 Other post-employment benefits payable 3,120,120 5,770,059 11,454,066 Net pension liabilities - - 27,671,127 Self-insurance claims 4,755,478 7,309,039 44,055,892 Total Noncurrent Liabilities 5,283,637 8,274,948 55,407,737 Total Liabilities

DEFERRED INFLOW OF RESOURCES
1,456,191 951,413 4,858,660 Deferred inflow on pension plans 84,927 83,190 256,110 Deferred inflow on other post-employment benefit plans (OPEB) 1,541,118 1,034,603 5,114,770 Total Deferred Inflow of Resources

NET POSITION
165,732 704,572 1,350,016 Net investment in capital assets (3,584,367) (6,165,159) (31,335,087) Unrestricted (3,418,635)$ (5,460,587) $ (29,985,071)$ TOTAL NET POSITION 762

CITY OF OXNARD, CALIFORNIA

COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN

NET POSITION

INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2022

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PUBLIC

LIABILITY/ UTILITY

PROPERTY WORKERS' CUSTOMER INFORMATION

DAMAGE COMPENSATION SERVICE SERVICES

OPERATING REVENUES
Charges for services 4,949,127 $ 9,794,209 $ 2,532,099 $ 8,173,341 $ Miscellaneous 98,030 - - - Total Operating Income 5,047,157 9,794,209 2,532,099 8,173,341

OPERATING EXPENSES
Salaries and wages 404,680 213,619 1,080,383 3,030,626 Contractual services 948,257 892,181 77,415 1,935,109 Operating supplies - - - 2,587 Utilities - 770 20,092 527,440 Depreciation 992 - - 174,174 General and administrative 2,068,504 718,237 922,586 1,345,470 Repairs and maintenance - - 38,433 646 Claims expense 2,367,274 5,633,648 - - Total Operating Expenses 5,789,707 7,458,455 2,138,909 7,016,052 OPERATING INCOME (LOSS) (742,550) 2,335,754 393,190 1,157,289

NONOPERATING REVENUES (EXPENSES)
Gain (loss) on disposal of assets - - - - Total Nonoperating Revenues (Expenses) - - - -

INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS (742,550) 2,335,754 393,190 1,157,289 TRANSFERS OUT - - (29,917) (179,726) CHANGES IN NET POSITION (742,550) 2,335,754 363,273 977,563 NET POSITION - JULY 1 (1,873,130) (18,873,192) (453,904) (2,839,663) NET POSITION - JUNE 30 (2,615,680)$ (16,537,438)$ (90,631) $ (1,862,100)$ 763

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FACILITIES EQUIPMENT

MAINTENANCE MAINTENANCE TOTAL

OPERATING REVENUES
5,577,705$ 8,300,850 $ 39,327,331 $ Charges for services 34,069 23,719 155,818 Miscellaneous 5,611,774 8,324,569 39,483,149 Total Operating Income

OPERATING EXPENSES
2,823,052 1,614,506 9,166,866 Salaries and wages 353,031 306,704 4,512,697 Contractual services 348,954 4,389,736 4,741,277 Operating supplies 819,134 16,345 1,383,781 Utilities 7,508 196,970 379,644 Depreciation 563,904 746,405 6,365,106 General and administrative 71,095 945,351 1,055,525 Repairs and maintenance - - 8,000,922 Claims expense 4,986,678 8,216,017 35,605,818 Total Operating Expenses 625,096 108,552 3,877,331 OPERATING INCOME (LOSS)

NONOPERATING REVENUES (EXPENSES)
(7,078) (15,234) (22,312) Gain (loss) on disposal of assets (7,078) (15,234) (22,312) Total Nonoperating Revenues (Expenses)

INCOME (LOSS) BEFORE CONTRIBUTIONS
618,018 93,318 3,855,019 AND TRANSFERS - - (209,643) TRANSFERS OUT 618,018 93,318 3,645,376 CHANGES IN NET POSITION (4,036,653) (5,553,905) (33,630,447) NET POSITION - JULY 1 (3,418,635)$ (5,460,587) $ (29,985,071)$ NET POSITION - JUNE 30

764

CITY OF OXNARD, CALIFORNIA

COMBINING STATEMENT OF CASH FLOWS

INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2022

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PUBLIC

LIABILITY/ UTILITY

PROPERTY WORKERS' CUSTOMER INFORMATION

DAMAGE COMPENSATION SERVICE SERVICES

CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers 5,048,905$ 9,794,209$ 2,532,099$ 8,173,341$ Payments to suppliers (3,012,964) (1,518,673) (1,038,192) (3,207,917) Payments to employees (451,120) (242,835) (1,206,566) (3,628,398) Cash paid to claimants (2,193,711) (4,969,820) - - Net Cash Provided By (Used In) Operating Activities (608,890) 3,062,881 287,341 1,337,026

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Collection/(issuance) of advances - 50,613 - - Transfers out - - (29,917) (179,726) Net Cash Provided By (Used In) Capital Financing Activities - 50,613 (29,917) (179,726)

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES (Purchases)/disposals of capital assets - - - (6,095) Net Cash Provided By (Used In) Capital Financing Activities - - - (6,095)

NET INCREASE (DECREASE) IN CASH AND
INVESTMENTS (608,890) 3,113,494 257,424 1,151,205 CASH AND INVESTMENTS - JULY 1 4,625,369 10,242,183 866,150 987,443 CASH AND INVESTMENTS - JUNE 30 4,016,479$ 13,355,677 $ 1,123,574 $ 2,138,648 $

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH

PROVIDED BY (USED IN) OPERATING ACTIVITIES
Operating income (loss) (742,550) $ 2,335,754 $ 393,190 $ 1,157,289 $ Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (Used In) Operating Activities
Depreciation and amortization 992 - - 174,174 Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable and due from other funds and governments 1,748 - - - (Increase) decrease in other assets - - - 120,375 Increase (decrease) in accounts payable and other liabilities 2,022 93,528 15,551 427,695 Increase (decrease) in compensated absences - (1,808) (12,385) (105,962) Increase (decrease) in other post-employment benefits payable - 14,096 51,688 103,376 Increase (decrease) in net pension liabilities (44,665) (42,517) (160,703) (539,921) Increase (decrease) in self-insurance liability 173,563 663,828 - - Net Cash Provided By (Used In) Operating Activities (608,890)$ 3,062,881 $ 287,341 $ 1,337,026 $ 765

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FACILITIES EQUIPMENT

MAINTENANCE MAINTENANCE TOTAL

CASH FLOWS FROM OPERATING ACTIVITIES
5,621,011$ 8,330,003 $ 39,499,568 $ Receipts from customers (2,048,426) (6,188,308) (17,014,480) Payments to suppliers (3,154,929) (1,866,471) (10,550,319) Payments to employees - 1 (7,163,530) Cash paid to claimants 417,656 275,225 4,771,239 Net Cash Provided By (Used In) Operating Activities

CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
- - 50,613 Collection/(issuance) of advances - - (209,643) Transfers out - - (159,030) Net Cash Provided By (Used In) Capital Financing Activities

CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES (1) - (6,096) (Purchases)/disposals of capital assets (1) - (6,096) Net Cash Provided By (Used In) Capital Financing Activities

NET INCREASE (DECREASE) IN CASH AND
417,655 275,225 4,606,113 INVESTMENTS 1,504,853 1,287,203 19,513,201 CASH AND INVESTMENTS - JULY 1 1,922,508$ 1,562,428 $ 24,119,314 $ CASH AND INVESTMENTS - JUNE 30

RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH

PROVIDED BY (USED IN) OPERATING ACTIVITIES
625,096$ 108,552 $ 3,877,331$ Operating income (loss) Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (Used In) Operating Activities
7,508 196,970 379,644 Depreciation and amortization Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable and due from other funds 9,237 5,434 16,419 and governments - - 120,375 (Increase) decrease in other assets 82,399 186,534 807,729 Increase (decrease) in accounts payable and other liabilities (28,063) (81,620) (229,838) Increase (decrease) in compensated absences 169,160 159,763 498,083 Increase (decrease) in other post-employment benefits payable (447,681) (300,409) (1,535,896) Increase (decrease) in net pension liabilities - 1 837,392 Increase (decrease) in self-insurance liability 417,656$ 275,225 $ 4,771,239$ Net Cash Provided By (Used In) Operating Activities 766

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THIS PAGE LEFT INTENTIONALLY BLANK

767

FIDUCIARY
FUNDS
768
769

CITY OF OXNARD, CALIFORNIA

COMBINING STATEMENT OF FIDUCIARY NET POSITION -

CUSTODIAL FUNDS
JUNE 30, 2022

-187-
OXNARD

OXNARD PD DOWNTOWN

PROPERTY MANAGEMENT RIVERPARK TOTAL

DISTRICTS ROOM DISTRICT JPA CUSTODIAL

FUND FUND FUND FUND FUNDS
ASSETS
Cash and investments 5,003,993 $ 349,006 $ 115,836 $ 1,079,516 $ 6,548,351 $ Investment with Fiscal Agents
Certificates of deposit 2,662,984 - - - 2,662,984 Total investment with fiscal agents 2,662,984 - - - 2,662,984 Due from other governments 98,822 - 13,467 - 112,289 Total Assets 7,765,799 349,006 129,303 1,079,516 9,323,624

LIABILITIES
Accounts payable - $ 69,319$ - $ 78,917$ 148,236 $ Retainage payable - - - 4,154 4,154 TOTAL LIABILITIES - 69,319 - 83,071 152,390

NET POSITION
Restricted for:

Individuals, organizations, and other governments 7,765,799 279,687 129,303 996,445 9,171,234 TOTAL NET POSITION 7,765,799$ 279,687 $ 129,303 $ 996,445 $ 9,171,234$ 770

CITY OF OXNARD, CALIFORNIA

COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION -

CUSTODIAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2022

-188-
OXNARD

OXNARD PD DOWNTOWN

IMPROVEMENT PROPERTY MANAGEMENT RIVERPARK TOTAL

DISTRICTS ROOM DISTRICT JPA CUSTODIAL

FUND FUND FUND FUND FUNDS

ADDITIONS
Taxes 696,855 $ - $ - $ - $ 696,855$ Special Assessments 3,512,925 - 365,134 - 3,878,059 Investment income (7,650) - (6,789) (46,141) (60,580) Miscellaneous income - 2,045 - - 2,045 Total Additions 4,202,130 2,045 358,345 (46,141) 4,516,379

DEDUCTIONS
Administrative Costs
Administrative costs 42,570 - 957 - 43,527 Professional services 17,709 - - - 17,709 Project improvements - - - 83,070 83,070 Distributions to individuals, organizations, and bond trustees 5,753,911 - 349,847 - 6,103,758 Total Deductions 5,814,190 - 350,804 83,070 6,248,064 CHANGE IN NET POSITION (1,612,060) 2,045 7,541 (129,211) (1,731,685) NET POSITION - JULY 1, 9,377,859 277,642 121,762 1,125,656 10,902,919 NET POSITION - JUNE 30, 2022 7,765,799$ 279,687 $ 129,303 $ 996,445 $ 9,171,234$ 771

STATISTICAL

SECTION
772
773

-189-
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

774
City of Oxnard, California

SCHEDULE I
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)

-190-
2013 2014 2015 2016 2017
Governmental activities
Net investment in capital assets 1,407,060,810 $ 1,400,890,107 $ 1,455,133,818 $ 1,422,282,798 $ 2,001,415,357 $ Restricted 28,720,391 45,801,395 112,198,502 112,286,017 130,642,696 Unrestricted 22,539,194 8,226,160 (220,258,407) (197,252,502) (185,857,985) Total governmental activities net assets 1,458,320,395$ 1,454,917,662 $ 1,347,073,913 $ 1,337,316,313 $ 1,946,200,068 $ Business-type activities
Net investment in capital assets 285,475,430 $ 287,649,591 $ 225,738,617 $ 223,977,717 $ 228,709,541 $ Restricted 16,577,898 17,096,075 15,400,679 38,064,498 41,732,645 Unrestricted 34,418,934 44,328,734 28,909,066 3,139,325 7,938,770 Total business-type activities net assets 336,472,262$ 349,074,400 $ 270,048,362 $ 265,181,540 $ 278,380,956 $ Primary government
Net investment in capital assets 1,692,536,240 $ 1,688,539,698 $ 1,680,872,435 $ 1,646,260,515 $ 2,230,124,898 $ Restricted 45,298,289 62,897,470 127,599,181 150,350,515 172,375,341 Unrestricted 56,958,128 52,554,894 (191,349,341) (194,113,177) (177,919,215) Total primary government net assets 1,794,792,657$ 1,803,992,062 $ 1,617,122,275 $ 1,602,497,853 $ 2,224,581,024 $ Fiscal Year
775
City of Oxnard, California

SCHEDULE I (Continued)
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)

-191-
2018 2019 2020 2021 2022
Governmental activities
1,994,002,850$ 1,993,824,011 $ 1,993,055,539 $ 1,945,377,175 $ 1,901,675,190 $ Net investment in capital assets 134,054,312 94,429,644 105,403,013 111,307,894 108,729,988 Restricted (234,226,319) (203,632,014) (227,238,168) (255,508,666) (143,587,887) Unrestricted 1,893,830,843$ 1,884,621,641 $ 1,871,220,384 $ 1,801,176,403 $ 1,866,817,291 $ Total governmental activities net assets Business-type activities
224,139,834$ 224,259,193 $ 232,190,732 $ 259,185,934 $ 302,265,460 $ Net investment in capital assets 48,789,711 54,283,623 51,610,199 49,217,330 44,238,652 Restricted 20,863,126 43,176,882 57,516,060 134,183,679 95,558,083 Unrestricted 293,792,671$ 321,719,698 $ 341,316,991 $ 442,586,943 $ 442,062,195 $ Total business-type activities net assets Primary government
2,218,142,684$ 2,218,083,204 $ 2,225,246,271 $ 2,204,563,109 $ 2,203,940,650 $ Net investment in capital assets 182,844,023 148,713,267 157,013,212 160,525,224 152,968,640 Restricted (213,363,193) (160,455,132) (169,722,108) (121,324,987) (48,029,804) Unrestricted 2,187,623,514$ 2,206,341,339 $ 2,212,537,375 $ 2,243,763,346 $ 2,308,879,486 $ Total primary government net assets Fiscal Year
776
City of Oxnard, California

SCHEDULE II
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)

-192-
2013 2014 2015 2016 2017
Expenses
Governmental activities:

General government 18,129,124 $ 17,851,478 $ 12,223,337 $ 8,354,282 $ 30,057,710 $ Public safety 103,079,427 105,886,922 97,913,468 90,250,713 95,103,088 Transportation 10,331,822 10,151,437 23,333,586 29,435,256 8,753,004 Community development 21,162,624 16,445,165 13,137,896 12,634,325 12,476,593 Culture, leisure and libraries 24,251,194 24,990,947 32,635,299 32,157,517 30,258,609 Interest on long-term debt 2,973,016 2,792,053 4,517,686 4,920,717 4,755,955 Total governmental activities expenses 179,927,207 178,118,002 183,761,272 177,752,810 181,404,959 Business-type activities:

Water 44,762,850$ 44,839,558$ 55,799,990$ 56,786,402$ 57,904,193$ Wastewater 34,396,819 34,959,148 37,993,468 34,807,726 32,926,365 Environmental resource 40,601,250 39,083,017 37,802,942 37,644,732 42,534,157 Performing arts and convention center* 1,534,353 1,543,601 - - - Oxnard housing authority 25,397,453 25,617,591 23,584,181 23,441,364 26,060,498 Municipal golf course* 6,150,325 6,399,227 - - - Total business-type activities expenses 152,843,050 152,442,142 155,180,581 152,680,224 159,425,213 Total primary government expenses 332,770,257$ 330,560,144$ 338,941,853$ 330,433,034$ 340,830,172$ Program Revenues
Governmental activities:

Charges for services:

General government 8,408,578$ 8,808,647$ 5,165,703$ 20,541,355$ 20,460,685$ Public safety 4,460,425 4,878,804 4,904,728 8,015,887 6,528,319 Transportation 3,152,660 3,345,515 2,630,954 5,930,798 3,072,659 C
ommunity development 4,316,880 7,767,004 16,542,075 10,212,020 13,353,523 Culture, leisure and libraries 5,095,031 5,334,160 8,453,994 4,297,074 10,903,104 Operating grants and contributions 27,406,424 32,350,516 29,420,545 9,526,620 16,948,122 Capital grants and contributions 8,313,758 7,486,869 12,300,850 9,925,337 3,276,277 Total governmental activities program revenues 61,153,756$ 69,971,515$ 79,418,849$ 68,449,091$ 74,542,689$ 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. 777
City of Oxnard, California

SCHEDULE II (Continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)

-193-
2018 2019 2020 2021 2022
Expenses
Governmental activities:
56,051,634$ 47,292,219 $ 49,736,893 $ 51,432,611 $ 46,053,309 $ General government 114,056,089 110,217,029 114,506,731 120,565,552 113,731,717 Public safety 13,352,627 11,366,628 11,604,027 11,426,788 13,087,346 Transportation 17,439,549 21,205,257 19,160,074 22,205,817 21,689,712 Community development 34,039,463 37,043,785 35,010,443 31,219,370 37,402,631 Culture, leisure and libraries 9,745,886 4,451,689 3,811,560 3,850,416 3,721,942 Interest on long-term debt 244,685,248 231,576,607 233,829,728 240,700,554 235,686,657 Total governmental activities expenses Business-type activities:
57,617,733$ 55,883,239 $ 56,202,066 $ 57,774,449 $ 66,845,048 $ Water 33,512,156 31,783,839 34,668,068 34,083,527 35,836,577 Wastewater 45,633,543 46,314,446 50,550,599 50,609,180 46,956,163 Environmental resource - - - - - Performing arts and convention center* 27,888,924 27,634,063 29,914,394 30,782,861 28,211,702 Oxnard housing authority - - - 4,741,945 5,334,578 Municipal golf course* 164,652,356 161,615,587 171,335,127 177,991,962 183,184,068 Total business-type activities expenses 409,337,604$ 393,192,194 $ 405,164,855 $ 418,692,516 $ 418,870,725 $ Total primary government expenses Program Revenues
Governmental activities:

Charges for services:
13,020,442$ 18,177,999 $ 15,639,751 $ 16,591,018 $ 816,910 $ General government 7,913,075 8,637,284 5,147,924 4,984,405 6,752,504 Public safety 1,883,525 2,008,345 2,697,018 5,023,139 3,084,378 Transportation
7,583,696 12,898,111 15,054,972 17,167,989 11,617,112 Community development 12,448,275 13,953,808 14,420,117 8,803,499 8,743,383 Culture, leisure and libraries 16,938,767 14,689,127 16,059,481 27,187,140 46,713,741 Operating grants and contributions 3,501,368 9,838,626 9,252,544 7,551,745 8,415,870 Capital grants and contributions 63,289,148$ 80,203,300$ 78,271,807$ 87,308,935$ 86,143,898$ 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. 778
City of Oxnard, California

SCHEDULE II (Continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)

-194-
2013 2014 2015 2016 2017
Business-type activities:

Charges for services:

Water 51,056,102$ 52,742,289$ 48,048,380$ 47,502,553$ 50,364,868$ Wastewater 30,998,260 31,335,380 32,074,140 30,622,683 39,565,773 Environmental resources 42,535,271 44,392,421 43,394,227 41,498,072 48,039,047 Performing arts and convention center 483,778 666,820 - - - Oxnard Housing Authority 5,173,132 26,158,985 - 6,569,503 5,267,343 Municipal golf course 4,157,668 4,471,706 5,168,698 - - Operating grants and contributions 18,595,158 53,734 17,853,909 19,655,951 21,177,738 Capital grants and contributions 966,935 671,012 919,149 946,347 963,291 Total business-like activities program revenues 153,966,304 160,492,347 147,458,503 146,795,109 165,378,060 Total primary government program revenues 215,120,060$ 230,463,862$ 226,877,352$ 215,244,200$ 239,920,749$ Net (expense) revenue
Governmental activities (118,773,451) (108,146,487) (104,342,423) (109,503,819) (106,862,270) Business-like activities 1,123,254 8,050,205 (7,722,078) (5,885,115) 5,952,847 Total primary government net expense (117,650,197)$ (100,096,282)$ (112,064,501)$ (115,388,934)$ (100,909,423)$ General Revenues and Other Changes in Net Assets
Governmental activities:

Taxes
Property taxes 55,148,254$ 54,783,756$ 58,633,590$ 61,571,660$ 60,802,119$ Sales taxes 35,156,013 38,330,268 40,624,737 43,163,411 44,092,707 Transient occupancy taxes 3,826,954 4,239,111 4,649,292 5,044,231 5,174,427 Franchise taxes 3,842,351 3,775,233 4,093,435 3,854,116 3,703,971 Deed transfer taxes 628,780 519,093 758,502 690,805 729,609 Business license taxes 4,562,692 5,125,801 5,104,859 5,422,499 5,348,086

Penalties on delinquent taxes 121,064 157,998 141,127 225,990 228,899 Investment earnings (21,216) 1,165,783 807,618 752,064 1,989,004 Sale of capital assets 119,184 114,348 - - - Special Items - - - - - Transfers (2,166,145) (2,207,463) 6,439,487 62,396 442,852 Extraordinary loss - - - - - Contributions to other government - - - - - Total governmental activities 101,217,931 106,003,928 121,252,647 120,787,172 122,511,674 Business-type activities:

Investment earnings 2,445,183 2,997,078 2,735,395 2,482,980 2,440,982 Sale of capital assets - - - - - Contributions from/(to) other government - - - - - Transfers 2,166,145 2,207,463 (6,439,487) (62,396) (442,852) Total business-type activities 4,611,328 5,204,541 (3,704,092) 2,420,584 1,998,130 Total primary program 105,829,259$ 111,208,469$ 117,548,555$ 123,207,756$ 124,509,804$ Change in Net Assets
Governmental activities (17,555,520) (2,142,559) 16,910,224 11,283,353 28,544,712 Business-type activities 5,734,582 13,254,746 (11,426,170) (3,464,531) 8,891,341 Total primary government (11,820,938)$ 11,112,187$ 5,484,054$ 7,818,822$ 37,436,053$ Fiscal Year
779
City of Oxnard, California

SCHEDULE II (Continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)

-195-
2018 2019 2020 2021 2022
Business-type activities:

Charges for services:
62,447,893$ 59,825,449$ 59,884,394$ 62,227,968$ 57,211,384$ Water 41,076,417 45,098,831 45,109,125 48,021,835 43,448,032 Wastewater 48,910,217 47,534,591 48,694,690 46,757,277 43,365,998 Environmental resources - - - - - Performing arts and convention center 5,968,193 5,976,701 4,740,597 6,184,299 5,323,254 Oxnard Housing Authority - - - 5,758,442 6,398,280 Municipal golf course 21,635,711 21,866,012 24,388,234 26,016,248 24,640,627 Operating grants and contributions 1,349,188 - - - 1,719,118 Capital grants and contributions 181,387,619 180,301,584 182,817,040 194,966,069 182,106,693 Total business-like activities program revenues 244,676,767$ 260,504,884$ 261,088,847$ 282,275,004$ 268,250,591$ Total primary government program revenues Net (expense) revenue
(181,396,100) (151,373,307) (155,557,921) (153,391,619) (149,542,759) Governmental activities 16,735,263 18,685,997 11,481,913 16,974,107 (1,077,375) Business-like activities (164,660,837)$ (132,687,310)$ (144,076,008)$ (136,417,512)$ (150,620,134)$ Total primary government net expense General Revenues and Other Changes in Net Assets
Governmental activities:

Taxes
67,165,834$ 70,227,546$ 72,208,270$ 81,447,932$ 78,630,717$ Property taxes 43,418,876 48,518,650 46,320,415 67,923,383 118,083,508 Sales taxes 5,749,572 5,557,470 4,302,491 4,267,463 5,117,229 Transient occupancy taxes 3,925,374 3,887,252 3,972,958 4,287,254 4,557,215 Franchise taxes 818,322 692,685 673,842 910,934 978,170 Deed transfer taxes 5,570,488 6,167,475 6,087,060 5,964,716 6,537,611 Business license taxes 313,847 361,488 406,774 201,657 92,544 Penalties on delinquent taxes 1,404,527 5,771,878 3,049,270 968,386 1,055,755 Investment earnings - (69,964) - - Sale of capital assets 10,657,104 - 1,514,213 - Special Items 200,818 243,045 107,452 (82,415,174) 130,897 Transfers - - - - Extraordinary loss (1,940,127) 789,392 - - Contributions to other government 137,284,635 142,146,917 138,642,745 83,556,551 215,183,646 Total governmental activities Business-type activities:
1,839,114 7,612,740 3,463,839 834,362 683,524 Investment earnings - (417,291) - - - Sale of capital assets 1,940,127 (221,058) 1,147,938 1,046,309 - Contributions from/(to) other government (200,818) (243,045) (107,452) 82,415,174 (130,897) Transfers 3,578,423 6,731,346 4,504,325 84,295,845 552,627 Total business-type activities 140,863,058$ 148,878,263$ 143,147,070$ 167,852,396$ 215,736,273$ Total primary program Change in Net Assets
(44,111,465) (9,226,390) (16,915,176) (69,835,068) 65,640,887 Governmental activities 20,313,686 25,417,343 15,986,238 101,269,952 (524,748) Business-type activities (23,797,779)$ 16,190,953$ (928,938)$ 31,434,884$ 65,116,139$ Total primary government Fiscal Year
780
City of Oxnard, California

SCHEDULE III
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)

-196-
Fiscal Year
2013 2014 2015 2016 2017
General Fund
Unreserved 4,714,203 $ 4,620,492 $ - $ - $ - $ Nonspendable 1,482,872 - - - Restricted - - - 550,000 835,296 Committed 14,658,123 18,409,417 11,315,859 15,879,092 23,283,091 Unassigned 11,359,847 13,916,093 13,459,906 17,858,980 22,150,403 Total general fund 32,215,045 $ 36,946,002 $ 24,775,765 $ 34,288,072 $ 46,268,790 $ All other governmental funds
Nonspendable 3,305,113 - - 104,736 - Restricted 27,237,519 49,083,954 74,810,464 69,258,707 80,403,821 Assigned 4,456,543 5,498,036 9,639,955 10,007,525 12,774,735 Unassigned 14,859,161 (2,062,158) (1,493,635) (290,834) (762,744) Total all other governmental funds 49,858,336$ 52,519,832$ 82,956,784$ 79,080,134$ 92,415,812$ 781
City of Oxnard, California

SCHEDULE III (Continued)
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)

-197-
Fiscal Year
2018 2019 2020 2021 2022
General Fund
-$ - $ - $ - $ - $ Unreserved - - - - 3,589,072 Nonspendable 10,558,537 10,527,983 - - - Restricted 12,662,261 22,843,065 33,066,407 22,896,490 28,281,317 Committed 17,241,635 8,863,430 5,274,097 (3,048,424) 26,125,370 Unassigned 40,462,433$ 42,234,478 $ 38,340,504 $ 19,848,066 $ 57,995,759 $ Total general fund All other governmental funds
- - - - - Nonspendable 73,585,992 83,901,661 105,403,013 111,307,894 108,729,988 Restricted 17,563,011 13,794,611 1,720,384 1,608,910 22,010,958 Committed - - (380,746) (146,682) (163,391) Unassigned 91,149,003$ 97,696,272$ 106,742,651$ 112,770,122$ 130,577,555$ Total all other governmental funds 782
City of Oxnard, California

SCHEDULE IV
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)

-198-
Fiscal Year
2013 2014 2015 2016 2017
Revenues
Taxes 103,286,108$ 106,888,431$ 113,864,415$ 119,746,722$ 119,850,919$ Licenses and permits 2,702,302 3,628,916 3,092,838 3,402,217 4,222,838 Intergovernmental 38,740,617 40,960,669 41,721,395 21,455,873 20,224,399 Growth and development fees 1,828,294 3,512,534 3,442,898 4,452,750 7,100,771 Charges for services 9,175,312 9,617,645 11,144,204 25,471,392 23,969,821 Fines and forfeitures 977,098 699,521 765,857 1,413,718 2,537,822 Interest on investments (21,216) 1,165,783 657,609 657,140 1,949,489 Special assessments 7,971,903 8,022,913 7,993,871 9,613,886 8,367,032 Rental income - - - - - Investment income - - - - - Miscellaneous 4,359,097 6,803,374 11,233,279 4,987,667 8,588,557 Total revenues 169,019,515 181,299,786 193,916,366 191,201,365 196,811,648 Expenditures
General government 10,438,952 9,926,024 13,384,549 11,368,350 13,360,687 Public safety 91,190,673 93,875,139 95,777,400 93,676,090 94,676,659 Transportation 9,659,263 9,495,806 9,228,976 7,325,513 8,314,157 Community development 20,333,591 15,495,566 12,680,862 12,268,857 16,462,067 Culture, leisure and libraries 22,114,924 22,745,632 28,845,257 26,937,798 27, 534,000 Capital outlay 33,897,212 13,983,543 13,835,114 20,898,762 8,737,398 Debt Service:

Principal 3,451,261 3,764,935 6,884,661 6,641,368 5,573,572 Interest 2,941,600 2,776,612 4,225,920 4,530,126 4,932,901 Total expenditures 194,027,476 172,063,257 184,862,739 183,646,864 179,591,441 Excess of revenues over (under) expenditures (25,007,961) 9,236,529 9,053,627 7,554,501 17,220,207 Other Financing Sources (Uses)
Proceeds from financing sources - - - - - Payment to escrow agent (6,197,285) - - - - Proceeds from sale of bonds 6,802,986 363,387 23,765,460 - - Cost of issuance - - (3,764,693) - - Bond discount 48,238 - - - - Transfers in 5,869,128 5,570,120 14,594,844 10,964,565 9,632,647 Transfers out (8,035,273) (7,777,583) (19,495,238) (11,125,968) (9,957,565) Total other financing sources (uses) (1,512,206) (1,844,076) 15,100,373 (161,403) (324,918) Special items:

Bond proceeds from Successor Agency - - - - - Contributions from other funds - - - - - Contributions to other funds - - - - - Capital con
tributions - - - - - Extraordinary loss - - - - - Total special items - - - - - Net change in fund balances (26,520,167)$ 7,392,453$ 24,154,000$ 7,393,098$ 16,895,289$ Debt service as a percentage of noncapital expenditures 3.99% 4.14% 6.50% 6.47% 6.44% *Correction of prior year amounts
783
City of Oxnard, California

SCHEDULE IV (Continued)
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)

-199-
Fiscal Year
2018 2019 2020 2021 2022
Revenues
126,648,408$ 135,051,078$ 133,565,036$ 164,801,682$ 213,904,450 Taxes 3,306,324 4,057,972 3,852,280 5,019,520 3,702,771 Licenses and permits 20,440,135 24,527,753 25,312,025 34,738,885 55,129,611 Intergovernmental 2,342,768 6,310,510 2,313,182 12,036,333 4,104,875 Growth and development fees 20,570,129 21,302,912 23,772,644 19,339,452 17,539,473 Charges for services 2,438,772 2,693,405 3,381,758 1,924,384 2,613,509 Fines and forfeitures 1,271,263 5,293,976 3,049,270 968,386 1,055,755 Interest on investments 9,018,025 9,142,871 8,223,416 7,461,211 6,932,860 Special assessments - - - - - Rental income - - - - - Investment income 6,339,266 10,982,388 5,615,546 6,580,337 (3,942,474) Miscellaneous 192,375,090 219,362,865 209,085,157 252,870,190 301,040,830 Total revenues Expenditures
17,769,349 17,566,664 21,597,780 16,558,258 21,533,767 General government 102,770,375 103,505,038 111,150,931 113,774,066 120,317,318 Public safety 12,346,380 10,808,214 11,198,258 11,093,922 12,787,453 Transportation 15,832,210 19,402,262 17,755,657 23,840,597 20,096,478 Community development 30,504,647 32,696,129 31,859,562 28,871,680 35,483,009 Culture, leisure and libraries 16,767,682 16,277,911 8,992,813 23,579,052 28,092,448 Capital outlay Debt Service:
5,278,145 * 6,121,274 5,952,119 5,835,030 6,542,675 Principal 9,276,932 4,957,649 5,714,456 4,086,553 3,873,096 Interest 210,545,720 211,335,141 214,221,576 227,639,158 248,726,244 Total expenditures (18,170,630) 8,027,724 (5,136,419) 25,231,032 52,314,586 Excess of revenues over (under) expenditures Other Financing Sources (Uses)
- - - - 3,300,000.00 Proceeds from financing sources (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 13,140,181 12,370,626 13,668,887 9,801,455 36,942,178 Transfers in (13,639,820) (12,096,584) (13,494,482) (47,288,541) (36,601,638) Transfers out 9,323,943 274,042 6,891,853 (37,487,086) 3,640,540 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 1,049,611$ 8,301,766$ 3,269,647$ (12,256,054)$ 55,955,126$ Net change in fund balances

6.10% 5.68% 5.52% 4.50% 4.36% Debt service as a percentage of noncapital expenditures *Correction of prior year amounts
784
City of Oxnard, California

SCHEDULE V
Governmental Activities Tax Revenues by Source
Last Ten Fiscal Years
(modified accrual basis of accounting)

-200-
Fiscal Pro perty Sales Business Transient Franchise Deed Penalties Year Tax Tax License Occu pancy Tax Tax Transfer Tax and Interest Total 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 2022 78,630,717 118,083,508 6,537,644 5,117,229 4,557,215 978,170 92,544 213,996,994 785
City of Oxnard, California

SCHEDULE VI
Assessed Value and Estimated Value of Taxable Property
Last Ten Fiscal Years

-201-
Fiscal Personal Less: Tax Exem pt Total Taxable Total Direct Year Land Im provements Pro perty Real Property Assessed Value Tax Rate 2013 6,304,938,777 8,677,033,769 617,612,672 422,079,822 15,177,505,396 1.20424% 2014 6,551,413,092 9,120,556,468 638,670,637 694,237,291 15,616,402,906 1.23154% 2015 7,084,272,773 9,694,262,028 631,218,103 708,835,243 16,700,917,661 1.22204% 2016 7,653,508,229 10,068,135,286 652,518,246 753,110,464 17,621,051,297 1.24681% 2017 8,130,791,365 10,403,624,296 664,679,543 784,759,788 18,414,335,416 1.22456% 2018 8,649,933,708 10,789,755,377 656,241,587 840,285,136 19,255,645,536 1.22618% 2019 9,158,364,520 11,207,158,483 695,095,800 896,108,612 20,164,510,191 1.24170% 2020 9,521,436,348 11,777,652,006 754,828,010 971,603,310 21,082,313,054 1.23896% 2021 10,007,398,417 12,192,935,872 784,723,628 1,041,411,917 21,943,646,000 1.24885% 2022 10,517,196,744 12,768,851,940 840,576,868 1,138,267,594 22,988,357,958 1.22788% NOTE: The County does not provide the breakdown of residential and commercial assessed values to the cities. 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
786
City of Oxnard, California

SCHEDULE VII
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years

-202-
Fiscal Total Direct &
Year Basic (1) Debt Service (2) Total Direct (3) School District s (4) Water Districts (5) Total Overlapping Overlapping Rates 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% 2022 1.00000% 0.22788% 1.22788% 0.34750% 0.00350% 0.35100% 1.57888% NOTE:

* Correction of prior year data
Source: County of Ventura, Office of the Auditor-Controller HdL, Coren & Cone
(4) The school district rates are for applicable school districts (5) Overlapping rate for Metroploitan Water District and Calleguas Muni Water Annex#16. Reflects actual overlapping rate.

Not all overlapping rates apply to all city property owners. (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 aircraft. Beginning in 2013/14 the Total Direct Rate no longer includes revenue generated from the former redevelopment tax rates.

Challenges to recognized enforceable obligations are assumed to have been resolved during 2012/13. For report purposes, residual revenue is assumed to have been distributed to the City in the same proportion as General Fund Revenue. (3) Total Direct rate as presented is the Basic Levy plus Direct Debt Service City Direct Rates Overlapping Rates
787
City of Oxnard, California

SCHEDULE VIII
Principal Property Taxpayers
Current Year and Nine Years Ago

-203-
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 309,153,413 1 1.34% 268,098,003 1 1.75% Genon California South LP 239,900,000 2 1.04% - 0.00% Essex Arbors LP 229,907,524 3 0.99% 197,972,713 3 1.29% SOCM I LLC 129,372,841 4 0.56% 91,198,200 4 0.60% Serenade Apts Properties Owners LLC 117,278,309 5 0.51% - 0.00% HAAS Automation Inc 104,331,400 6 0.45% 82,295,400.00 7 0.54% 2060 Zocolo LLC 94,225,158 7 0.41% -
G-I IX Esplanade Property LP 94,033,800 8 0.41% -
California Resources Petroleum Corp 87,549,022 9 0.38% - New-Indy Oxnard LLC 84,239,044 10 0.36% - 0.00% ST Johns Reg Medical Center - 230,115,059 2 1.50% Sunbelt Enterprises LLC - 86,539,573 5 0.56% Capri of KW Serenade LLC - 83,068,300 6 0.54% GS Paz Mar LP - 70,530,594.00 8 0.46% Duesenberg Investment Company - 67,133,520 9 0.44% Genon Energy West LP - Ormond Beach - 66,700,000 10 0.44% Other taxpayers 21,641,707,705 93.56% 14,074,261,994 91.88% Totals 23,131,698,216 100.00% 15,317,913,356 100.00%
Source: HdL Coren & Cone
^ Pending appeals on parcels.
2022 2013
788
City of Oxnard, California

SCHEDULE IX
Property Tax Levies and Collections
Last Ten Fiscal Years

-204-
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 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% 2022 79,699,659 75,775,563 95.08% 1,323,291 77,098,854 96.74% 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 Fiscal Year of the Levy Total Collections to Date
Collected within the
789
City of Oxnard, California

SCHEDULE X
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years

-205-

CEGI K MN O Q S
(1)
Fiscal Revenue Certificates of Tax Allocation Ca pital Revenue Ca pital Notes Total Primar y Percentage of (2) Year Bonds Partici pation Bonds Leases Bonds Leases Pa yable Government Personal Income Per Ca pita 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 - - 15,801,116 273,910,375 3,655,774 269,710 378,897,573 7.599% 1,851 2022 80,921,385 - - 16,655,461 265,175,762 11,872,159 269,710 374,894,477 7.310% 1,874 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 HDL Coren & Coen * Corrected to use 2018 Per Capita not 2017 per HDL Coren & Coen Source: Finance Department, City of Oxnard
HDL Coren & Coen
Governmental Activities Business-type Activities
790
City of Oxnard, California

SCHEDULE XI
Direct and Overlapping Governmental Activities Debt
As of June 30, 2022

-206-
Estimated Estimated
Debt Percentage Share of
Governmental Unit Outstanding Applicable Overla pping Debt City of Oxnard Overlapping Tax Debt (1):

Metropolitan Water District 20,175,000 0.674% 135,980
Ventura County Community College District 257,457,000 15.193% 39,115,442 Oxnard Union High School District 352,767,016 46.630% 164,495,260 Oxnard School District 270,584,228 92.455% 250,168,648
Rio School District 101,511,277 85.671% 86,965,726
Rio School District Community Facilities District No 1 64,805,000 100.000% 64,805,000 Hueneme School District 38,042,954 42.401% 16,130,593
Ocean View School District 9,770,366 45.024% 4,399,010
City of Oxnard Community Facilities District 1 6,540,000 100.000% 6,540,000 City of Oxnard Community Facilities District 3 22,400,000 100.000% 22,400,000 City of Oxnard Boulevard Highway Communities Facilities District 4,680,000 100.000% 4,680,000 City of Oxnard - Rice Avenue/Hwy 101 Assessment District 2001-1 7,615,000 100.000% 7,615,000 City of Oxnard - Oxnard Blvd/Hwy 101 Assessment District 2000-1 1,395,000 100.000% 1,395,000 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 116,816 100.000% 116,816 Ventura County General Fund Obligations 304,565,000 15.188% 46,257,332 Ventura County Superintendent of Schools - Certificates of Participation 7,850,000 15.188% 1,192,258 Oxnard Union High School District - Certificates of Participation 60,811,289 46.630% 28,356,304 Ocean View School District - Certificates of Participation 5,280,800 45.024% 2,377,627 Oxnard School District - Certificates of Participation 10,132,700 92.455% 9,368,188 Rio School District - Certificates of Participation 970,000 85.671% 831,009 Successor Agency - Tax Increment Debt 27,290,000 99.827% 27,242,705 Subtotal - Overlapping Debt 1,590,484,446 800,312,897
City of Oxnard Direct Debt (2):

City of Oxnard Lease Revenue Bonds 62,538,925.24
City of Oxnard Gas Tax Revenue Bonds 18,405,258
City of Oxnard Lease Purchase Agreements 12,000,211
City of Oxnard Capital Lease Obligations 4,655,250
Subtotal - Direct Debt 97,599,644
Total Direct and Overlapping Debt 897,912,541
Notes:
(1) The percentage of overlapping debt appicable to the City is estimated using assessed property values. Applicable percentages were estimated by determining the portion of the overlapping District's assessed value that is within the boundaries of the City divided by the District's total taxable assessed value.
(2) Excludes debt for business-type activities
Source: California Municipal Statistics, Inc.
791
City of Oxnard, California

SCHEDULE XII
Legal Debt Margin Information
Last Ten Fiscal Years
(in thousands)

-207-
2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
Debt limit 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 3,448,254 Total net debt applicable to limit ---------
Legal debt margin 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 3,448,254 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 2022
Assessed value 17,841,644,015
Add back: exempt real property 5,146,713,943
Total assessed value 22,988,357,958
Debt limit (15% of total assessed value) 3,448,253,694
Debt applicable to limit:

General obligation bonds 345,279,936
Less: assets in debt service funds for principal payments Revenue bonds - governmental activities (80,944,184)
Revenue bonds - business-type activities (264,335,753)
Tax allocation bonds-community development commission 0 Certificates of participation 0
Total net debt applicable limit 0
Legal debt margin 3,448,253,694
Source: County of Ventura
Finance Department, City of Oxnard
792
City of Oxnard, California

SCHEDULE XIII (Continued)
Pledged Revenue Coverage
Last Ten Fiscal Years

-208-
Fiscal Gross Less: Operating Net Available Debt Service Year Revenues *** Expenses Revenues Principal Interest*** Coverage 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 2022 57,841,672 44,167,359 13,674,313 3,551,317 7,469,013 1.24 Fiscal Gross Less: Operating Net Available Debt Service Interest Year Revenues Expenses Revenues Principal Expense Coverage 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* - - - - - - 2022* - - - - - - 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
Water Revenue Bonds**
Environmental Resources Revenue Bonds
793
City of Oxnard, California

SCHEDULE XIII (Continued)
Pledged Revenue Coverage
Last Ten Fiscal Years

-209-
Gross Less: Operating Net Available Debt Service Interest Fiscal Revenues Expenses Revenues Principal Expense Coverage Year 29,473,039 17,170,928 12,302,11 1 3,709,555 6,882,148 1.16 2013 30,274,729 17,888,757 12,385,97 2 4,316,967 6,738,688 1.12 2014 31,973,678 20,731,227 11,242,45 1 4,193,581 6,586,349 1.04 2015 30,204,121 19,472,569 10,731,55 2 4,302,474 4,731,254 1.19 2016 37,100,396 18,374,360 18,726,03 6 4,353,176 4,643,123 2.08 2017 40,284,050 19,768,048 20,516,00 2 4,481,192 4,963,668 2.17 2018 43,701,872 16,722,471 26,979,40 1 4,433,905 4,293,796 3.09 2019 44,268,629 21,522,952 22,745,67 7 4,661,097 4,119,088 2.59 2020 48,284,979 21,738,622 26,546,35 7 4,795,000 4,636,250 2.81 2021 46,356,596 23,918,496 22,438,10 0 5,035,000 4,396,500 2.38 2022 Gross Less: Operating Net Available Debt Service Fiscal Revenues Expenses Revenues Principal Interest Coverage Year 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 29,752,261 28,735,630 1,016,631 390,000 59,164 2.26 2022 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
Wastewater Revenue Bonds**
Oxnard Housing Authority Revenue Bonds
794
City of Oxnard, California

SCHEDULE XIV
Demographic and Economic Statistics
Last Ten Fiscal Years

-210-
(1) (2) (2) (2) (3) (4)
Fiscal Personal Per Capita Median School Unemployment
Year Population Income (in thous) Income Age Enrollment Rate 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% 2022 200,050 5,128,178 25,634 32.8 35,227 4.7% 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%.
795
City of Oxnard, California

SCHEDULE XV
Principal Employers
Current Year and Nine Years Ago

-211-
Employer
Reiter 2,467 2.51% DATA NOT AVAILABLE DATA NOT AVAILABLE Amazon 2,000 2.03% DATA NOT AVAILABLE DATA NOT AVAILABLE Oxnard Union High School 1,586 1.61% DATA NOT AVAILABLE DATA NOT AVAILABLE HAAS Automation 1,580 1.61% DATA NOT AVAILABLE DATA NOT AVAILABLE St. John's Regional Medical Center 1,413 1.44% DATA NOT AVAILABLE DATA NOT AVAILABLE City of Oxnard 1,400 1.42% DATA NOT AVAILABLE DATA NOT AVAILABLE Oxnard School District 895 0.91% DATA NOT AVAILABLE DATA NOT AVAILABLE ColourPop 667 0.68% DATA NOT AVAILABLE DATA NOT AVAILABLE Oxnard College 618 0.63% DATA NOT AVAILABLE DATA NOT AVAILABLE Rio School District 548 0.56% DATA NOT AVAILABLE DATA NOT AVAILABLE Subtotal 13,174 13.39% 0 0.00%
Rest of Oxnard 85,226 86.61% 0 100.00%
Total 98,400 100.00% 0 100.00%
Source: EDD & Oxnard Businesses
Number of
Employees
Percent of Total
Employment Number of Employees Percent of Total
Employment
2022 2013
796
City of Oxnard, California

SCHEDULE XVI (Continued)
Operating Indicators by Function
Last Ten Fiscal Years

-212-
Function 2013 2014 2015 2016 2017
Police
Physical arrests 6,790 6,169 7,388 7,063 6,641
Parking violations 32,120 25,130 26,033 32,288 32,273
Traffic violations 15,800 17,775 18,596 15,845 16,935
Fire
Number of calls answered 14,127 14,770 15,560 17,678 17,974 Inspections 5,000 3,588 3,030 2,296 1,463
Highways and streets
Potholes repaired 13,000 13,500 13,000 12,500 12,500
Sanitation
Total number of customers 44,312 44,677 44,944 45,266 45,537 Refuse collected (tons/day) 569 582 605 608 626
Recyclables collected (tons/day) 98 101 98 101 104
Culture and recreation
Community center admissions 29,910 22,980 35,857 28,896 26,343 Water
Total number of customers 41,019 41,319 41,437 41,635 42,301 Average daily consumption (gallons/day) 23,578,792 24,041,322 21,014,055 21,701,750 22,130,222 Wastewater
Total number of customers 38,712 38,971 39,210 39,374 39,580 Average daily sewerage treatment (gallons/day) 23,000,000 19,700,000 19,700,000 19,700,000 18,800,000 Source: Various departments, City of Oxnard
* 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. ^ Includes total admissions for Palm Vista Senior Center which opened in 2019. ** Decrease due to staffing decrease and Covid-19 limitations ^^Senior Center Admissions - 57,828; Youth Centers Admissions - 6,089 797
City of Oxnard, California

SCHEDULE XVI (Continued)
Operating Indicators by Function
Last Ten Fiscal Years

-213-
2018 2019 2020 2021 2022 Function
Police
6,495 6,997 6,018 3,298 3,337 Physical arrests 25,663 36,159 21,709 14,221 29,848 Parking violations 18,745 17,804 14,231 11,025 15,743 Traffic violations Fire
25,005 28,528 30,391 27,424 26,331 Number of calls answered 3,710 3,107 1,817 4,866 3,128 Inspections Highways and streets
12,500 2,000* 1,300** 1,400 596 Potholes repaired
Sanitation
45,773 46,043 46,576 35,218 39,040 Total number of customers 645 706 733 741 716 Refuse collected (tons/day)
125 131 144 154 157 Recyclables collected (tons/day) Culture and recreation
26,196 40,760 ^ 34,707 0 63,917^^ Community center admissions Water
42,041 42,122 42,804 42,958 43,069 Total number of customers 22,444,527 20,691,499 20,099,230 21,773,583 21,494,262 Average daily consumption Wastewater
39,735 39,808 39,962 40,177 38,650 Total number of customers 19,080,000 19,700,000 17,300,000 18,000,000 16,410,000 Average daily sewerage treatment Source: Various departments, City of Oxnard
* 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. ^ Includes total admissions for Palm Vista Senior Center which opened in 2019. ** Decrease due to staffing decrease and Covid-19 limitations ^^Senior Center Admissions - 57,828; Youth Centers Admissions - 6,089 798
City of Oxnard, California

SCHEDULE XVII (Continued)
Capital Assets by Function
Last Ten Fiscal Years

-214-
Function 2013 2014 2015 2016 2017
Public safety
Police
Stations 1 1 1 1 1
Police vehicles 268 268 311 233 236
Fire
Stations 7 7 8 8 8
Fire Trucks 16 16 17 17 17
Hydrants ^ 5,500 5,500 5,500 5,500 5,551
Sanitation
Collection trucks 51 51 50 52 52
Highways and streets
Streets (miles) 400 400 400 432 432
City-owned streetlights 974 974 972 980 1,025
SCE-owned streetlights ^^ 10,067 10,192 10,225 10,225 10,240 Culture and recreation
Parks acreage 550 550 555 561 561
Parks 58 58 59 62 61
B a l l d i a m o n d s 3 73 73 7 2 22 7
Basketball courts 47 47 48 25 30
Craft/Activity buildings 10 10 10 2 2
G y m n a s i u m 222 22
Swimming pools 1 1 1 1 1
Tennis courts 30 30 30 25 33
Community centers 3 3 3 2 3
Library
Number of books 337,015 325,906 318,644 316,646 333,016 Number of microfilms 8,726 8,729 8,729 5,885 8,323
Number of audiotapes 20,060 20,423 19,618 18,902 10,922 Number of videotapes 14,688 15,025 14,167 14,259 -
Number of DVD * - - - - 19,249 Number of CD-ROMS (data disk) 438 447 16 3,072 -
Water
Water mains (miles) 600 600 600 600 624
Maximum daily treatment capacity 18,600,000 18,600,000 18,600,000 18,600,000 18,600,000 Sewer
Miles of sewer lines 445 430 430 430 430
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
799
City of Oxnard, California

SCHEDULE XVII (Continued)
Capital Assets by Function
Last Ten Fiscal Years

-215-
2018 2019 2020 2021 2022 Function
Public safety
Police
1 1 1 1 1 Stations
236 240 242 224 211 Police vehicles
Fire
8 8 8 8 8 Stations
17 17 17 17 17 Fire Trucks
5,551 5,676 5,678 5,690 6,279 Hydrants
Sanitation
50 56 56 52 57 Collection trucks
Highways and streets
451 452 484.5 400 455 Streets (miles)
1,025 1,025 1,025 972 607 City-owned streetlights
10,242 10,242 9,950 10,225 9,800 SCE-owned streetlights Culture and recreation
561 539 438** 438 438 Parks acreage
61 56 53 53 53 Parks
29 30 30 30 30 Ball diamonds
30 30 30 30 30 Basketball courts
2 2 2 2 2 Craft/Activity buildings
2 2 2 2 2 Gymnasium
1 1 1 1 1 Swimming pools
32 32 32 32 32 Tennis courts
3 3 3 3 3 Community centers
Library
366,051 411,482 334,016 331,204 271,862 Number of books 7,822 8,377 8,377 21,700 41,947 Number of microfilms 13,003 20,528 8,996 8,634 8,271 Number of audiobooks - - - 134 50 Number of videotapes 17,947 21,162 17,522 17,009 16,358 Number of DVD
- - - 111 111 Number of CD-ROMS (data disk) Water
624 563^^^ 563 525 527 Water mains (miles)
18,600,000 18,600,000 18,600,000 18,600,000 18,600,000 Maximum daily treatment capacity Sewer
430 430 405*** 406 406 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
800
City of Oxnard, California

SCHEDULE XVIII
Full-Time Equivalent City Government Employees by Function Last Ten Fiscal Years

-216-
Function 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 General government 227 230 230 228 224 288 279 250.5 253.4 302 Public Safety
Police
Officers 252 249 252 243 252 268 258 258 274 271
Civilians 155 159 157 151 110 114 117 115 84 87
Fire
Firefighters & officers 101 110 125 125 125 150 123 124 123 121 C i v i l i a n s 33333 4 8 7 1 0 1 3
T r a n s p o r t a t i o n 4 94 44 32 51 6 2 7 3 9 3 9 2 3 . 5 1 0 Community development 60 58 59 50 52 57 58 62 62 63
Culture, Leisure, and Libraries 83 83 81 67 55 95 92.5 79 79.3 108 Utilities
W a t e r 5 15 05 05 25 3 5 6 5 2 6 0 7 6 . 3 7 8
Wastewater 76 79 80 81 81 74 73 73.5 76.8 79
Environmental Resources 79 80 118 113 118 175 172 173 195 199 H o u s i n g 8 28 28 18 08 1 7 0 7 1 7 1 7 1 6 9
Total 1,217 1,226 1,278 1,218 1,171 1,378 1,342.5 1,312 1,328.3 1400 Note: The numbers above represent authorized positions by the City Council.

Source: HR Department, City of Oxnard
801

AUDIT REPORT FOR FYE
JUNE 30, 2022
City Council Meeting | February 21, 2023
802
Agenda
Independent Auditor’s Opinion ……………..……………………………………….

Significant Audit Matters ………….………………………………………………...

ACFR Highlights ………………………………...……..…………….......................

Revenues - General Fund Group ……………..……………………………….......

Expenditures - General Fund Group ....…………..……………………………….. 2 3
5 10
11 803
INDEPENDENT AUDITOR’S OPINION
“Clean Opinion”
for June 30, 2022
see pages 1 – 4 of ACFR
2 804

SIGNIFICANT AUDIT MATTERS
➢Accounting estimates
• Allowances for doubtful accounts
• Pension & OPEB
• Self-insurance claims payable
• Depreciation expense and
accumulated depreciation
➢Significant disclosures
• Deficit fund balances
• Pension & OPEB related
• Commitments and contingencies
• Risks and uncertainties
3 805

SIGNIFICANT AUDIT MATTERS
➢Challenges encountered during audit
➢Audit adjustments
➢New accounting pronouncements
• GASB 87, Leases
➢Internal control report -- tentative March 2023
4 806

ACFR HIGHLIGHTS -
Assets and Deferred
Outflows of Resources,
$3,147
Liabilities and
Deferred Inflows
of Resources,
$903
Net Position,
$2,244
2021
Assets and Deferred
Outflows of
Resources
$3,201
Liabilities and
Deferred Inflows
of Resources
$893
Net Position
$2,309
2022
5 Net Position ($ millions)
807

ACFR HIGHLIGHTS -
Charges for Services
10%
Operating Grants and
Contributions
16%
Capital Grants and
Contributions
3%
Property Tax
26%
Sales Tax
39%
Other Taxes
6%
Other
0%
6 Revenues – Governmental Activities
808
General Government
20%
Public Safety
48%
Transportation Systems
5%
Community Development
9%
Culture, Leisure and
Libraries
16%
Interest on Long-Term
Debt
2%
7 ACFR HIGHLIGHTS - Expenses – Governmental Activities
809
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Water Wastewater Environmental
Resources
Golf Course Oxnard Housing
Authority
$57.2
$43.4 $43.4
$6.4
$31.7
$66.8
$35.8
$47.0
$5.3
$28.2
Program Revenue Expenses
8 ACFR HIGHLIGHTS - Revenues and Expenses Business-Type Activities ($ millions)
810

ACFR HIGHLIGHTS -
9 General Fund Group ($ millions)
$178
$221
$196
$183
$-
$50
$100
$150
$200
$250
2021 2022
Revenues Expenditures/Net Transfers
811
Revenues -
Taxes
$198
Charges for Services
$16 Other
$7
2022
10 Taxes, $144
Charges for
Services, $18
Other, $15
2021
General Fund Group ($ millions)
812
General Government,
$17
Public Safety, $93
Transportation, $6
Community
Development, $13
Culture, Leisure &
Libraries, $18
Capital Outlay, $5
Debt Service, $1
Transfers, $43
2021
General
Government,
$18
Public Safety, $102
Transportation, $7
Community
Development, $14
Culture, Leisure &
Libraries, $25
Capital Outlay, $4
Debt Service, $1 Transfers, $12
2022
11 EXPENDITURES - General Fund ($ millions)
813
THANK
YOU!
Eden C. Casareno
[email protected]
909.809.7662
814

CITY COUNCIL AGENDA REPORT

REPORTS
AGENDA ITEM NO. L.2

DATE: February 21, 2023

TO: City Council

FROM: Michael Wolfe, Public Works Director, (805) 385-8055, [email protected]

SUBJECT: Carryover of Encumbered Funds from Fiscal Year 2021-22 and Amended Budget Appropriations for Public Works for Fiscal Year 2022-23. (20 minutes)

RECOMMENDATION

That the City Council approve:

1. The carryover of encumbered funds from Fiscal Year 2021-22 to Fiscal Year 2022-23 from available fund balances in the amounts of: A) $957,184 to the General Fund (101); B) $232,001 to the Wastewater Fund (611): and C) $115,181 to the Environmental Resources Fund (631) due to supply chain delays;

2. Fiscal Year 2022-23 budget appropriations from available fund balances in the amount of $115,811 to the Special Districts Fund (120) for new work and budget appropriation transfer of $7,300 from the General Fund (101) to Special Districts Fund (120) as the General Benefit contribution for applicable Districts; and

3. A Fiscal Year 2022-23 budget un-appropriation in the amount of $5,175,000 from the Water Bond Fund (609).

(The Finance and Governance Committee approved 3-0 and the Public Works and Transportation Committee approved 2-0.)

(This item is not subject to the California Environmental Quality Act.)

Please click the following link to view the required Measure M pre-recorded presentation video:
https://youtu.be/rEe5hhUsO5A

BACKGROUND

The City’s Public Works Department reviewed its Adopted Budget for Fiscal Year (FY) 2022-23 and is requesting to adjust the budget for various funds for several reasons that have come up since the City Council originally approved the FY operating budget on June 21, 2022. Supply chain delays for equipment ordered in FY 2021-22 but not received by June 30, 2022, is the primary reason for these requests. Additionally, capital projects are no longer being bonded and needed services is another reason.

DISCUSSION

General Fund (101)

Expenditures: Due to supply chain delays in FY 2021-22, some capital equipment ordered was not delivered by June 30, 2022. Therefore, there is a request to roll over the unspent funds from FY 2021-2022 into FY 2022-23 for the purchase and payment of these equipment items.

815
Streets:

The request to roll over unspent funds of $616,515 from FY 2021-22 into FY 2022-23 is for the purchase of two Pothole Patch Trucks with PB Loader Corp and for the purchase of a Compact Track Skid Steer with Quinn Company. The fully equipped PB Patch Trucks are the most effective technique for permanent pothole repairs and the anticipated delivery date is June 2023. The Compact Track Skid Steer was delivered on November 28, 2022. This piece of equipment is used for paving application repairs, concrete repairs, and beach sand removal. The City Council previously approved the purchase of these vehicles as follows:

1. Two Pothole Patch Trucks at the November 16, 2021, City Council meeting

2. One Compact Track Skid Steer at the April 19, 2022, City Council meeting

Parks:

Due to supply chain delays in FY 2021-22, some capital equipment ordered was not delivered by June 30, 2022.

Therefore, there is a request to rollover the unspent funds of $213,669 from FY 2021-22 into FY 2022-23 for the purchase and payment of one 4WD Diamond A Equipment tractor and one 6130M John Deere Cab Tractor. These funds were part of the FY 2021-22 General Fund Adopted Budget in the Parks Division.

In addition, there was also non-capital equipment ordered in FY 2021-22 for amenity replacements. However, they were not delivered by June 30, 2022. Therefore, there is a request to roll over the unspent funds of $127,000 from FY 2021- 2022 into FY 2022-23 for the purchase and payment of 62 anti-tamper trash can receptacles from Great Western Recreation.

The following table summarizes the Streets and Parks items noted above:

Table 1.

Fund/Division Account Purchase
Order #
Vendor Qty/Item Amount
General Fund -
Streets
1013401-
56040
8385 PB Loader Corp. 2 Patch Trucks $496,346
General Fund -
Streets
1013401-
56040
8583 Quinn Company 1 Skid Steer $120,169
General Fund -
Parks
1013301-
56040
8479 Diamond A Equip 1 4WD Tractor $79,083
General Fund -
Parks
1013301-
56040
8511 John Deere
Company
1 6130M Cab Tractor $134,586
General Fund -
Parks
1013301-
52400
8620 Great Western
Recreation
62 Anti-Tamper Trash Can
Receptacles
$127,000
TOTAL $957,184

Available Fund Balance: These funds were budgeted and committed in FY 2021-22 but not spent.

Water Bond Fund (609)

Expenditures: The FY 2022-23 Adopted Budget included Water Bonds totaling $5.2M as part of the approved 2022-27 City of Oxnard Five Year Capital Improvement Program (CIP). During the development of the 2022-2027 CIP, it was assumed new bonds would be issued in FY 2022-23 to fund various projects. However, due to the prioritization of critical Water CIP projects over others with the limited funding currently available, it was determined new bond issuance 816
would not be feasible. Therefore, there is a request to unappropriate these funds from FY 2022-23. The option of re- appropriating funds from a different funding source in the future is still available if approved by the City Council.

Table 2.

Fund/
Division
Funding Source Project # Project Name Amount
Water 609 – Water
Bonds
C2026 206509 WATER SYS SCADA IMPROV ($1,650,000)
Water 609 – Water
Bonds
C2115 216508 EXISTING DESALTER
UPGRDS
($2,225,000)
Water 609 – Water
Bonds
C2226 226501 CMWD TRANSMISSION MAIN ($1,300,000)
TOTAL ($5,175,000)

Wastewater Fund (611)

Expenditures: Due to supply chain delays in FY 2021-22, some capital equipment ordered was not delivered by June 30, 2022. Therefore, there is a request to rollover the unspent funds of $232,001 from FY 2021-22 into FY 2022-23 for the purchase and payment of one Nixon Egli crane truck. This heavy equipment is used by the Wastewater Division as an in- house crane to assist with the removal and installation of pumps and machinery. The City Council previously approved the purchase of this heavy equipment at the March 2, 2021, City Council meeting.

Table 3.

Fund/Division Account Purchase Order # Vendor Amount
Wastewater 6113615-56040 7989 Nixon-Egli Equipment $232,001

Available Fund Balance: These funds were budgeted and committed in FY 2021-22 but not spent.

Environmental Resources (ER) Fund (631)

Expenditures: Due to supply chain delays in FY 2021-22, capital equipment ordered in the amount of $115,181 was not delivered by June 30, 2022. Therefore, there is a request to roll over the unspent funds from FY 2021-2022 into FY 2022- 23 for the purchase and payment of one skid steer and one damper bucket with grappler for utilization at the Del Norte Material Recovery Facility. The City Council previously approved the purchase of this equipment as follows:

1. One Skid Steer at the April 19, 2022, City Council meeting

2. One Damper Bucket at the April 19, 2022, City Council meeting

The skid steer assists in sorting material on the tipping floor, placing recycled material on the conveyor infeed for processing and assisting in the self-haul area. The damper bucket with grappler attaches to an existing 950 wheel loader, allowing the wheel loader to quickly reach into the refuse trailer if necessary and remove excess refuse material. This ensures that the maximum weight of the refuse trailer is not exceeded when exiting the facility en route to the landfill for disposal.
817

Table 4.

Fund/Division Account Purchase Order # Vendor Qty/Item Amount ER 6313636-56040 8583 Quinn Company 1 Skid Steer $73,297 ER 6313636-56040 8583 Quinn Company 1 Damper Bucket $41,884 TOTAL FOR ER $115,181

Available Fund Balance: These funds were budgeted and committed in FY 2021-22 but not spent.

Special Districts Fund (120) and General Fund (101) Contribution

Revenues: Landscape Maintenance Districts (LMDs) require a General Benefit Contribution from the General Fund as identified in the City’s Annual Engineer’s Report. The FY 2022-23 Adopted Budget includes a transfer from the General Fund to respective LMDs in the total amount of $197,407. Due to the needed repairs in the expenditures outlined in the next section, an additional General Fund contribution in the amount of $7,300 is needed for four of the LMDs.

Table 5.

Fund/Division Amount of General
Fund
Special Districts - LMD 14 (California Cove) $25
Special Districts - LMD 36 (Villa Santa Cruz & Villa Carmel) $5,014 Special Districts - LMD 39 (Sueno/Promesa) $444
Special Districts - LMD 51 (Pfeiler) $1,817
TOTAL TRANSFERS FROM GENERAL FUND (101) TO SPECIAL
DISTRICTS FUND (120)
$7,300

Expenditures: Due to unidentified maintenance repairs needed on fencing throughout specific LMDs, this request is to fund these repairs for a total amount of $115,811 of which $7,300 will be offset from the General Benefit Contribution from the General Fund (101). The Division has received estimates for repairs and the contractor will honor the estimates through the end of February 2023 to account for this budget adjustment process. The Division has also applied for a grant to offset these expenses.

Table 6.

Fund/Division Funding Source Services Amount
Special Districts - LMD 14
(California Cove)
LMD 14 Reserve Balance Fence Repair $321
Fence Repair $650 Special Districts - LMD 36
(Villa Santa Cruz & Villa Carmel)
LMD 36 Reserve Balance
Tree - Grid Pruning $59,636
818
Special Districts - LMD 39 (Sueno/Promesa) LMD 39 Reserve Balance Fence Repair $22,166 Fence Repair $3,320 Special Districts - LMD 51
(Pfeiler)
LMD 51 Reserve Balance
Tree - Grid Pruning $29,718
TOTAL $115,811

Available Fund Balance: There are sufficient fund balances from each respective LMD for these additional appropriations in this fiscal year.

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

The financial impact of each recommended action is spelled out in the Discussion section that describes that action and also depicted in the following tables.

Fund Name/Number Carryover/Additional Budget Appropriations for FY 2022-23
General Fund - 101 $957,184
Wastewater Fund - 611 $232,001
Environmental Resources Fund - 631 $115,181
Special Districts Fund - 120 $115,811

TOTAL CARRYOVER/ADDITIONAL BUDGET

APPROPRIATIONS
$1,420,177

Fund Name/Number Project Budget Un-appropriations for FY 2022- 23 Water Bond Fund - 609 ($5,175,000)

TOTAL PROJECT BUDGET

UNAPPROPRIATIONS
($5,175,000)

Fund Name/Number Appropriation Transfers for
FY 2022-23
Special Districts (120) - Transfers In Revenue from General Fund (101) $7,300 819
General Fund (101) - Transfers Out Expense to Special Districts (120) $7,300

COMMITTEE OUTCOME

The Finance and Governance Committee approved 3-0 and the Public Works and Transportation Committee approved 2- 0 on January 24, 2023 to approve the staff recommendation and to forward the item for Council approval.

Prepared by: Brian Yanez, Assistant Public Works Director, Steve Howlett, Assistant Public Works Director, Joseph Marcinko, Assistant Public Works Director

ATTACHMENTS

1. Presentation

820
Carryover of Encumbered Funds from Fiscal
Year 2021-22 and Amended Budget
Appropriations for Public Works for Fiscal Year
2022-23
Finance and Governance Committee
Public Works and Transportation Committee
January 24, 2023
City Council
February 21, 2023
Michael L. Wolfe, P .E.

Director of Public Works
821
That the Finance and Governance Committee recommend that the City Council approve:

1. The carryover of encumbered funds from Fiscal Year 2021-22 to Fiscal Year 2022-23 from available fund balances in the amounts of: A) $957,184 to the General Fund (101); B) $232,001 to the Wastewater Fund (611):
and C) $115,181 to the Environmental Resources Fund (631) due to supply chain delays;

2. Fiscal Year 2022-23 budget appropriations from available fund balances in the amount of $115,811 to the Special Districts Fund (120) for new work and budget appropriation transfer of $7,300 from the General Fund (101) to Special Districts Fund (120) as the General Benefit contribution for applicable Districts; and

3. A Fiscal Year 2022-23 budget un-appropriation in the amount of $5,175,000 from the Water Bond Fund (609).

RECOMMENDATION - FINANCE & GOVERNANCE COMMITTEE 2
822
That the Public Works and Transportation Committee recommend that the City Council approve:

1. The carryover of encumbered funds from Fiscal Year 2021-22 to Fiscal Year 2022-23 from available fund balances in the amounts of: A) $957,184 to the General Fund (101); B) $232,001 to the Wastewater Fund (611):
and C) $115,181 to the Environmental Resources Fund (631) due to supply chain delays;

2. Fiscal Year 2022-23 budget appropriations from available fund balances in the amount of $115,811 to the Special Districts Fund (120) for new work and budget appropriation transfer of $7,300 from the General Fund (101) to Special Districts Fund (120) as the General Benefit contribution for applicable Districts; and

3. A Fiscal Year 2022-23 budget un-appropriation in the amount of $5,175,000 from the Water Bond Fund (609).

RECOMMENDATION - PUBLIC WORKS & TRANSPORTATION

COMMITTEE
3 823
That the City Council approve:

1. The carryover of encumbered funds from Fiscal Year 2021-22 to Fiscal Year 2022-23 from available fund balances in the amounts of: A) $957,184 to the General Fund (101); B) $232,001 to the Wastewater Fund (611):
and C) $115,181 to the Environmental Resources Fund (631) due to supply chain delays;

2. Fiscal Year 2022-23 budget appropriations from available fund balances in the amount of $115,811 to the Special Districts Fund (120) for new work and budget appropriation transfer of $7,300 from the General Fund (101) to Special Districts Fund (120) as the General Benefit contribution for applicable Districts; and

3. A Fiscal Year 2022-23 budget un-appropriation in the amount of $5,175,000 from the Water Bond Fund (609).

RECOMMENDATION - CITY COUNCIL 4
824
• City’s Public Works Department reviewed its Adopted Budget for Fiscal Year (FY) 2022-23
• Staff is requesting to adjust the budget for various funds for several reasons
• Supply chain delays for equipment ordered in FY 2021-22 but not received by June 30, 2022 is the primary reason for these requests.
• Capital projects not anticipated to need bonding this FY • Repair services needed in several landscape maintenance districts BACKGROUND 5
825
GENERAL FUND (101)
Request to rollover unspent funds for $957,184 from FY
2021-2022 into FY 2022-23 for the purchase and payment of equipment items due to supply chain delays:
• Streets: T wo Pothole Patch Trucks for $496,346
• Streets: One Compact Track Skid Steer for $120,169
• Parks: One 4WD Tractor for $79,083
• Parks: One 6130M Cab Tractor for $134,586
• Parks: 62 Anti-Tamper Trash Can receptacles for $127,000 DISCUSSION 6
826
WATER BOND FUND (609)
Request to unappropriate unspent project funds for $5,175,000 from FY 2022-23 due to not issuing new bonds:
• Water: Project 206509 ($1,650,000)
• Water: Project 216508 ($2,25,000)
• Water: Project 226501 ($1,300,000)
City has the option to re-appropriate funds from a different funding source in the future if approved by Council
DISCUSSION 7
827
WASTEWATER FUND (611)
Request to rollover the unspent funds for $232,001 from FY 2021-2022 into FY 2022-23 for the purchase and payment of heavy equipment due to supply chain delays:
• One Nixon Egli Crane Truck for $232,001
DISCUSSION 8
828
ENVIRONMENTAL RESOURCES FUND (631)
Request to rollover the unspent funds for $115,181 from FY 2021-2022 into FY 2022-23 for the purchase and payment of equipment due to supply chain delays:
• One Skid Steer for $73,297
• One Damper Bucket for $41,884
DISCUSSION 9
829
SPECIAL DISTRICTS FUND (120)

1. Request to appropriate funds for $115,811 in FY 2022-23 for repairs needed in several landscape maintenance districts:
• LMD 14 for $321
• LMD 36 for $60,286
• LMD 39 for $22,166
• LMD 51 for $33,038

2. Request for budget appropriate transfer of $7,300 in FY 2022-23 from the General Fund to the Special Districts Fund for an increased General Benefit Contribution for these repairs DISCUSSION 10
830
• T otal amount of carryover/additional budget appropriations is $1,420,177 for all funds
• General Fund: $957,184
• Wastewater Fund: $232,001
• Environmental Resources Fund: $115,181
• Special Districts Fund: $115,811
• T otal amount of project budget un-appropriations is $5,175,000 • Water Bond Fund: ($5,175,000)
• T otal amount of budget appropriations transfers is $7,300 from General Fund to Special Districts Fund
FINANCIAL IMPACT 11
831

QUESTIONS
12 832

CITY COUNCIL AGENDA REPORT

REPORTS
AGENDA ITEM NO. L.3

DATE: February 21, 2023

TO: City Council

FROM: Emilio Ramirez, Housing Director, (805) 385-8094, [email protected]

SUBJECT: Authorize the Housing Director to Execute HOME and CDBG Loan Agreements with Peoples’ Self- Help Housing for Cypress Place at Garden City Phase I, a 90 Unit Affordable Rental Housing Project. (10 minutes)

RECOMMENDATION

That the City Council:

1. Adopt a resolution authorizing the Housing Director to execute a $1,600,000 HOME Loan Agreement and a $1,500,000 CDBG Loan Agreement, and any and all related documents thereto, with Peoples’ Self-Help Housing for the construction of Phase I of Cypress Place at Garden City, a ninety (90) unit affordable rental housing project located at 5536 and 5482 Cypress Road; and

2. Find that approval of the resolution and the acts authorized therein are exempt from the California Environmental Quality Act (CEQA) pursuant to Public Resources Code sections 21159.21 and 21159.23.

(This item did not originate in Committee.)

Please click the following link to view the required Measure M pre-recorded presentation video: https://youtu.be/sYn_BdoPikw

BACKGROUND

Peoples’ Self-Help Housing (PSSH) is a non-profit housing organization that works to provide affordable rental and for- sale housing to low-income households. For the past fifty-two years PSSH has been one of the leading nonprofit housing developers in San Luis Obispo, Santa Barbara, Monterey, and Ventura counties. PSSH has created over 1,200 homeownership opportunities through its “sweat equity” program and has developed over 2,000 rental units. PSHH proposes to develop and operate Cypress Place at Garden City Apartments.

PSSH received Design Development Review Permit approval for Cypress Place at Garden City, a 150-unit affordable rental housing project, on February 3, 2021 and received approval for a Density Bonus Permit on February 18, 2021. The project is located on an All-Affordable Housing Opportunity Program designated site, allowing for a density of up to twenty-four units per acre, not counting Density Bonus. As part of the Density Bonus Permit, PSSH received an additional 20% density, bringing the project to a total of 150 units comprised of 148 affordable rental units for households with incomes between 30% and 80% of area median income for 55 years and 2 manager units.

PSSH is proposing to develop Cypress Place at Garden City Apartments on a 5.24-acre site that is currently occupied by abandoned residential structures and a nursery that will be demolished. The project consists of 148 affordable rental units, comprising 27 one-bedroom units, 73 two-bedroom units, and 48 three-bedroom units, plus 2 two-bedroom manager’s units. The units range from 562 to 1,012 square feet in size. On-site amenities include a two-story 7,967 square foot community room with centralized laundry, computer lab, community kitchen and outdoor recreational space. 833

DISCUSSION

PSSH intends to develop Cypress Place at Garden City in two phases. Phase I will consist of 90 units comprising 89 affordable rental units targeting low-income and farmworker families earning between 30% and 80% of the area median income, one manager unit and all of the Project’s proposed amenities. In Phase II, PSSH will develop the remaining 60 units they are entitled which consists of 59 affordable rental units, 1 manager unit, and parking.

PSSH has successfully obtained a majority of the funding necessary to develop Phase I. The primary funding sources come from the California Department of Housing and Community Development which will provide a $36,287,635 forgivable equity loan under the new Housing Accelerator Program and an $8,180,344 loan under the Joe Serna Farmworker Housing Program. The United States Department of Agriculture also agreed to provide a $5,000,000 loan to the Project. PSSH also plans to take out a $13,000,000 permanent loan.

While the majority of the funding needed to complete the Project has been obtained from varying Federal and State resources, a financial gap still exists. To address the gap, PSSH submitted a funding application requesting $1,600,000 in HOME funds and $1,500,000 in CDBG funds to close the gap and make the Project viable. The total development costs for the Project are $66,134,167. Internal staff and consultation fees will not be part of the permanent loan structure as they are separate funds in support of the project that are identified for HUD-compliance purposes.

Staff seeks authorization for the Housing Director to execute HOME and CDBG Loan Agreements and companion necessary documents with Peoples Self Help Housing. The Loan Agreements provide the following terms:

1. HOME Loan Amount of $1,600,000 and CDBG Loan amount of $1,500,000;

2. Both loans will carry a fifty-year term and charge 3% simple interest;

3. Regulatory agreement terms of twenty-years for the HOME Loan and five-years for the CDBG Loan; and

4. Repayment of the City Loan will be on a residual receipts basis to be paid after all operating expenses, reserves, debt service with mandatory payments, investor management fee, deferred developer fee, and partnership management fee, with 50% of the residual receipts split pro-rata among all soft lenders based on the original principal amount of each soft lender loan.

The development will have fifteen HOME restricted units for twenty years. The HOME-assisted units will require financial reporting and analysis annually to comply with HOME program regulations. Monitoring fees for the twenty years of the HOME program are included in the Developer’s Budget.

If approved by Council, the loan documents would be executed by the Housing Director and PSSH concurrently with the close of construction financing, which is anticipated in February 2023. Additionally, any material changes to either of the Loan Agreements will be brought back to City Council for review and consideration.

STRATEGIC PRIORITIES

This agenda item supports the Quality of Life strategy. The purpose of the Quality of Life strategy is to restore and increase quality services and programs that enrich Oxnard's diverse community, promotes safe neighborhoods, encourages community engagement, and supports our residents in their efforts to improve their quality of life.

FINANCIAL IMPACT

There is no financial impact to the General Fund for adoption of this recommendation. The Housing Department has the available HOME and CDBG program funds necessary to funds the loans. To reflect the funds in the associated projects and as part of the Council’s consideration of Housing's mid-year reallocation budget, staff is seeking Council’s approval for the use of $1,655,900 in HOME funding (which includes $55,900 for internal staff, and consulting fees), and $1,527,500 in CDBG funding (which includes $27,500 for internal staff, and consulting fees) for Cypress Place activities described in this report.

834
For Finance Use Only: $1,655,900 - HOME Fund (Org. 2028105), Project # TBD, $1,527,500 (Org. 2018105), Project # TBD

COMMITTEE OUTCOME

This item did not originate in Committee.

Prepared by: Emilio Ramirez, Housing Director

ATTACHMENTS

1. HOME Loan Agreement, Promissory Note, and Regulatory Agreement

2. Presentation

3. HOME-CDBG Loans Resolution

835

HOME LOAN AGREEMENT
Between

CITY OF OXNARD
and
CYPRESS PLACE AT GARDEN CITY, L.P.
836

TABLE OF CONTENTS
Page
Table of Contents - 1
ARTICLE 1. DEFINITIONS AND EXHIBITS ............................................................................. 2 Section 1.1 Definitions................................................................................................... 2 Section 1.2 Exhibits. ...................................................................................................... 6 ARTICLE 2. LOAN PROVISIONS ............................................................................................... 6 Section 2.1 Loan. ........................................................................................................... 6 Section 2.2 Interest......................................................................................................... 7 Section 2.3 Use of Loan Funds. ..................................................................................... 7 Section 2.4 Security. ...................................................................................................... 7 Section 2.5 Conditions Precedent to Disbursement of Loan Funds............................... 7 Section 2.6 Repayment Schedule. .................................................................................. 8 Section 2.7 Non-Recourse. ............................................................................................ 8 Section 2.8 Subordination. ............................................................................................. 9 ARTICLE 3. CONSTRUCTION OF THE IMPROVEMENTS .................................................... 9 Section 3.1 Schedule of Performance. ........................................................................... 9 Section 3.2 Permits and Approvals. ............................................................................... 9 Section 3.3 Commencement of Construction. ............................................................. 10 Section 3.4 Completion of Construction. ..................................................................... 10 Section 3.5 Compliance with Applicable Laws. .......................................................... 10 Section 3.6 Equal Opportunity. .................................................................................... 11 Section 3.7 Minority and Women-Owned Contractors. .............................................. 12 Section 3.8 Construction Responsibilities. .................................................................. 12 Section 3.9 Mechanics Liens, Stop Notices, and Notices of Completion.................... 12 Section 3.10 Inspections. ............................................................................................... 13 Section 3.11 Approved Financing Plan. ........................................................................ 13 Section 3.12 Development Fee. ..................................................................................... 13 Section 3.13 Marketing Plan. ......................................................................................... 14 ARTICLE 4. LOAN REQUIREMENTS ...................................................................................... 14 Section 4.1 HOME Match and Per Unit Subsidy Requirement. .................................. 14 Section 4.2 Financial Accountings and Post-Completion Audits. ............................... 14 Section 4.3 Annual Operating Budget. ........................................................................ 15 Section 4.4 Information. .............................................................................................. 15 Section 4.5 Records. .................................................................................................... 15 Section 4.6 City Audits. ............................................................................................... 16 Section 4.7 HOME Requirements................................................................................ 16 Section 4.8 Hazardous Materials. ................................................................................ 21 Section 4.9 Maintenance and Damage. ........................................................................ 22 Section 4.10 Fees and Taxes. ......................................................................................... 22 Section 4.11 Operation of Development as Affordable Housing. ................................. 23 Section 4.12 Nondiscrimination..................................................................................... 23 Section 4.13 Transfer. .................................................................................................... 24 837

TABLE OF CONTENTS
Page
Table of Contents - 2
Section 4.14 Insurance Requirements. ........................................................................... 25 Section 4.15 Anti-Lobbying Certification. .................................................................... 25 Section 4.16 Affordability and Project Monitoring. ...................................................... 25 ARTICLE 5. DEFAULT AND REMEDIES ................................................................................ 26 Section 5.1 Events of Default. ..................................................................................... 26 Section 5.2 Remedies. .................................................................................................. 27 Section 5.3 Right of Contest. ....................................................................................... 28 Section 5.4 Remedies Cumulative. .............................................................................. 28 ARTICLE 6. GENERAL PROVISIONS ..................................................................................... 28 Section 6.1 Relationship of Parties. ............................................................................. 28 Section 6.2 No Claims. ................................................................................................ 29 Section 6.3 Indemnification. ........................................................................................ 29 Section 6.4 Non-Liability of City Officials, Employees and Agents. ......................... 29 Section 6.5 No Third Party Beneficiaries. ................................................................... 29 Section 6.6 Conflict of Interest. ................................................................................... 29 Section 6.7 Notices, Demands and Communications. ................................................. 30 Section 6.8 Amendments. ............................................................................................ 31 Section 6.9 Action by City. .......................................................................................... 31 Section 6.10 Applicable Law and Venue. ...................................................................... 31 Section 6.11 Parties Bound. ........................................................................................... 31 Section 6.12 Attorneys' Fees. ......................................................................................... 32 Section 6.13 Severability. .............................................................................................. 32 Section 6.14 Force Majeure. .......................................................................................... 32 Section 6.15 Waivers. .................................................................................................... 32 Section 6.16 Title of Parts and Sections. ....................................................................... 33 Section 6.17 Entire Understanding of the Parties. ......................................................... 33 Section 6.18 Multiple Originals; Counterpart. ............................................................... 33

Exhibit A: Legal Description of the Property

Exhibit B: Schedule of Performance

Exhibit C: Insurance Requirements
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1 HOME LOAN AGREEMENT
This HOME Loan Agreement (the “Agreement”) is dated as of , 2023, (the “Effective Date”), and is made by and between the City of Oxnard , a municipal corporation (the “City”) and Cypress Place at Garden City, L.P. , a California limited partnership ( the “Borrower”). The City and the Borrower shall collectively be referred to hereinafter as the “Parties”.

RECITALS
A. Defined terms used but not defined in these recitals are as defined in Article 1 of this Agreement.

B. The City has received Home Investment Partnerships Act funds from the United States Department of Housing and Urban Development ( “HUD”) pursuant to the Cranston- Gonzales National Housing Act of 1990 (“HOME Funds”). The HOME Funds must be used by the City in accordance with 24 C.F.R. Part 92 (the “HOME Regulations”).

C. The Borrower owns that certain real property located at 5536 and 5482 Cypress Road, Oxnard, California 93030, as more particularly described in Exhibit A (the “Property”).

Borrower intends to construct one hundred fifty (150) units of affordable housing, including two (2) managers’ units, (the “Improvements”) on the Property in two phases: (1) the first phase will consist of development of ninety (90) units of affordable housing including one (1) manager’s unit (“Phase 1”), and (2) the second phase will consist of development of sixty (60) units of affordable housing including one (1) manager’s unit . The Property and the Improvements are collectively referred to as the “Development.”
D. Borrower desires to borrow from the City and the City desires to lend to Borrower One Million Six Hundred Thousand Dollars ($ 1,600,000) of HOME F unds (the “Loan”) for eligible activities for Phase 1 of the Development as allowed under 24 C.F.R. 92.206. The Loan will be evidenced by the Note and secured by the Deed of Trust, as defined below.

E. The Loan is being made to finance the construction costs associated with Phase 1 of the Development. The Development will increase the supply of affordable rental housing in City of Oxnard. Due to the assistance provided to Borrower pursuant to this Agreement, the City has designated fifteen (15) units as HOME-assisted units (each such unit a “ HOME-Assisted Unit”), which Units are “floating” Units as defined in 24 C.F.R. 92.252(j). The HOME-Assisted Units are required to include four (4) one-bedroom Units, size (6) two-bedroom Units, and five (5) three-bedroom Units, of which nine (9) will be designated as High HOME Units, and six (6) will be designated as Low HOME Units.

NOW THEREFORE, IN CONSIDERATION of the mutual agreements, obligations, and representations, and in further consideration for the making of the Loan, Borrower and City hereby agree as follows:

AGREEMENT
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2 ARTICLE 1.

DEFINITIONS AND EXHIBITS
Section 1.1 Definitions.

The following terms have the following meanings:
(a) “Annual Financial Statement” means the financial statement for each calendar year prepared at Borrower’s expense and prepared under accounting principles generally accepted in the United States of America and audited by Certified Public Accountants reasonably acceptable to Lender, which shall form the basis for determining the Residual Receipts. (b) “Affiliate” means an entity that is Controlling or Controlled by Borrower. (c) “Agreement” means this HOME Loan Agreement, as such may be amended from time to time.
(d) “Annual Operating Expenses” means with respect to a particular calendar year the following costs reasonably and actually incurred for operation and maintenance of the Development, using generally accepted accounting principles: debt service currently due on a non-optional basis (excluding debt service due from residual receipts, cash flow or surplus cash of the Development) on loans associated with development of the Development and approved by the City in the Approved Financing; property and other taxes and assessments imposed on t he Development; premiums for property damage and liability insurance; utility services not paid for directly by tenants, including water, sewer, trash collection, gas, and electricity; maintenance and repair, including but not limited to , pest control, landscaping and grounds maintenance, painting and decorating, cleaning, common systems repairs, general repairs, janitorial supplies and maintenance oversight fee; any annual license or certificate of occupancy fees required for operation of the Development; general administrative expenses including , but not limited to , advertising and marketing, security services and systems, professional fees for legal, audit, accounting and tax returns; bookkeeping fees, property management fees not to exceed eight percent (8%) of gross revenues from the Development plus reimbursements including on- site manager costs and reimbursements which are standard in the industry; reasonable fees for any services required to be provided by any other lender set forth on the Financing Plan; any fees or costs in connection with resident/social services provided; social services oversight fee in a reasonable amount given comparable fees for such services at that time; cash deposited into a reserve for capital replacements of Development improvements in such reasonable amounts as are approved by Senior Lenders to the Development ; any current and accrued annual partnership management fee, or similar fee, paid to the managing general partner of the Borrower, with annual earnings in an amount not to exceed Thirty-Three Thousand Dollars ($33,000) increasing annually by three percent (3%); payment of any previously unpaid portion of the Development Fee due; cash deposited into an operating reserve in such reasonable amounts as are approved by Seni or Lenders to the Development ; repayment of any advances or loans made by a partner to fund operating shortfalls; extraordinary operating costs specifically approved by the City; and other ordinary and reasonable operating expenses not listed above. Annua l Operating Expenses shall not include the following: depreciation, amortization, depletion or other non-cash expenses or any amount expended from a reserve account.
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3 (e) “Annual Payment” has the meaning set forth in Section 2.6(a). (f) “Approved Financing” means all of the following loans, grants and equity obtained by Borrower and approved by the City for the purpose of financing the Development, which include the following loans: construction loan from Wells Fargo Community Lending and Investment in the a pproximate amount of $50,869,702, a forgivable loan from the State of California Housing Accelerator Program in the approximate amount of $36,287,635, a permanent loan from California Community Re investment Company in the approximate amount of $13,100,000, the Serna Loan, the City HOME Loan, the City CDBG Loan, any other financing approved by City in writing, and any refinancing of any such loan in an amount not to exceed the then outstanding principal balance of such loan plus closing costs. (g) “Approved Financing Plan” means the financing plan approved by the City.
(h) “Borrower” has the meaning set forth in the first paragraph of this Agreement.
(i) “Certificate of Completion ” means the final Certificate of Completion issued by the City on the Completion of Construction.
(j) “City” has the meaning set forth in the first paragraph of this Agreement. (k) “City Council” means City of Oxnard's City Council. (l) “City CDBG Loan ” means the loan to Borrower from the City made concurrently herewith under the Community Development Block Grant program in the original principal amount of One Million Five Hundred Thousand Dollars ($1,500,000) , and collectively with the City HOME Loan, the “City Loans.”
(m) “City HOME Loan” means the Loan from the City hereunder in the original principal amount of One Million Six Hundred Thousand Dollars ($ 1,600,000), and collectively with the City CDBG Loan, the “City Loans.” (n) “Closing” means the date that the Deed of Trust is recorded against the Borrower's interest in the Property.
(o) “Commencement of Construction” has the meaning set forth in Section 3.3.
(p) “Completion Date” means the date that all of the following have occurred:
(1) a temporary or final certificate of occupancy , or equivalent document is issued by the C ity to certify Completion of Construction; (2) the final disbursement of HOME funds for the Development has been made; (3) the City has verified that Phase 1 of the Development complies with the property standards set forth in 24 CFR 92.251 and all other requirements in Subpart F of the HOME Regulations; and (4) all project completion information has been entered by the City into the Integrated Disbursement and Information System (IDIS). City shall process completion information promptly after receiving complete information from the Borrower. 841

4 (q) “Completion of Construction” has the meaning set forth in Section 3.4. (r) “Control” means (1) direct or indirect management or control of the managing member or members in the case of a limited liability company; (2) direct or indirect management or control of a general partner or general partners in the case of a partnership; and (3) direct or indirect control of a majority of the directors in the case of a corporation (s) “Deed of Trust ” means the Deed of Trust with Assignment of Rents, Security Agreement, and Fixture Filing, dated as of , 2023, among Borrower, as trustor, Title Co mpany as trustee, and the C ity, as beneficiary, that will encumber the Borrower's interest in the Property to secure repayment of the Loan and performance of the covenants of the Loan Documents. (t) “Default Rate” has the meaning set forth in Section 5.2(a)(4). (u) “Development Fee” means that Development Fee approved by City. (v) “Development” has the meaning set forth in Recital C. (w) “Escrow” means the escrow account established by the Borrower for the closing of Development financing with Title Company at its office located at , CA, or another escrow company satisfactory to the City. (x) “Event of Default” has the meaning set forth in Section 5.1. (y) “Final Cost Certification” has the meaning set forth in Section 4.2(b). (z) “Gross Revenue” means for each calendar year, all revenue, income, receipts, and other consideration actually received by Borrower from operation and leasing of the Development. Gross Revenue includes, but is not limited to: (i) all rents, fees and charges paid by tenants, payments or other rental subsidy payments received for the dwelling units, deposits forfeited by tenants, all cancellation fees, price index adjustments and any other rental adjustments to leases or rental agreements resulting in actual income to Borrower; (ii) the proceeds of business interruption or similar insurance; (iii) the proceeds of casualty insurance to the extent not utilized to repair or rebuild the Development (or applied toward the cost of recovering such proceeds); (iv) condemnation awards for a taking of part or all of the Development for a temporary period. Gross Revenue shall exclude tenants ' security deposits, loan proceeds, capital contributions or other similar advances.
(aa) “Hazardous Materials” has the meaning set forth in Section 4.8. (bb) “Hazardous Materials Claims” has the meaning set forth in Section 4.8. (cc) “Hazardous Materials Law” has the meaning set forth in Section 4.8. (dd) “High HOME Unit s” mean HOME-Assisted Units rented in accordance with the limits set forth in 24 C.F.R. § 92.252(a).
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5 (ee) “HOME” means the HOME Investment Partnerships Act Program pursuant to the Cranston-Gonzales National Affordable Housing Act of 1990 (42 U.S.C. 12705 et seq.), as amended.
(ff) “HOME-Assisted Units” has the meaning set forth in Recital E. (gg) “HOME Funds” has the meaning set forth in Recital B. (hh) “HOME Percentage” means : (i) while the Serna Loan is made and outstanding, twenty-seven and forty-eight hundredths percent ( 27.48%) of the Lenders' Share of Residual Receipts; and (ii) if the Serna Loan is not made or at such time as the Serna Loan has been fully satisfied, all of the Lenders' Share of Residual Receipts . Further, in allocation of the paydown of the two City Loans, the priority of repayment shall be first repayment in full of the City HOME Loan, and thereafter repayment in full of the City CDBG Loan. (ii) “HOME Reporting Term” means the period beginning on the date of this Agreement and ending on the twentieth (20th) anniversary of the Completion Date, unless sooner terminated in accordance with this Agreement.
(jj) “HOME Loan Term” means the period beginning on the date of this Agreement and ending on the fifty-fifth (55th) anniversary of the Completion Date, unless sooner terminated in accordance with this Agreement.
(kk) “HOME Regulations” has the meaning set forth in Recital B. (ll) “Housing Director” means the Housing Director of the City. (mm) “HUD” has the meaning set forth in Recital B.
(nn) “Improvements” has the meaning set forth in Recital C. (oo) “Lenders' Share of Residual Receipts” means fifty percent (50%) of the Residual Receipts.
(pp) “Loan” has the meaning set forth in Recital D.
(qq) “Loan Documents ” means this Agreement, the Note, the Regulatory Agreement, and the Deed of Trust.
(rr) “Low HOME Unit s” mean HOME-Assisted Units rented in accord ance with the limits set forth in 24 C.F.R. § 92.252(b).
(ss) “Marketing Plan” has the meaning set forth in Section 3.13. (tt) “NEPA” has the meaning set forth in Recital F.
(uu) “Note” means the promissory note, dated as of , 2023, that evidences Borrower's obligation to repay the Loan. 843

6 (vv) “Notice of Completion ” means the Notice of Completion executed by Borrower in the form specified in California Civil Code Section 8182. (ww) “Permitted Transfer” has the meaning set forth in Section 4.13(c). (xx) “Property” has the meaning set forth in Recital C. (yy) “Regulatory Agreement ” means the Regulatory Agreement and Declaration of Restrictive Covenants, dated as of , 2023, between the City and Borrower related to the Loan, to be recorded against the Borrower's interest in the Property. (zz) “Residual Receipts” in a particular calendar year shall mean the amount by which Gross Revenue exceeds Annual Operating Expenses.
(aaa) “Schedule of Performance” means the schedule for performance as set forth in the attached Exhibit B.
(bbb) “Senior Lender” means any lender, its successors and assigns , making a loan under the Approved Financing, except for the State of California and the City of Oxnard. (ccc) “Senior Lien” has the meaning set forth in Section 2.4. (ddd) “Serna Loan ” means the loan to Borrower fro m the Joe Serna, Jr.

Farmworker Housing Grant Program in the approximate amount of $8,180,344 . (eee) “Tenant” means the tenant household that occupies a unit in the Development.
(fff) “Transfer” has the meaning set forth in Section 4.13.

Section 1.2 Exhibits.

The following exhibits are attached to this Agreement and incorporated into this Agreement by this reference:

Exhibit A: Legal Description of the Property
Exhibit B: Schedule of Performance
Exhibit C: Insurance Requirements
Exhibit D: Disbursement Schedule
ARTICLE 2.

LOAN PROVISIONS
Section 2.1 Loan.
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7 Subject to the satisfaction of the conditions set forth in this Article, the City shall lend to Borrower the Loan for the purposes set forth in Section 2.3 of this Agreement. Borrower 's obligation to repay the Loan is evidenced by the Note.

Section 2.2 Interest.

Simple interest will accrue on the outstanding principal balance of the Loan at a per annum rate of simple interest at three percent (3%) commencing on the date of each disbursement.

Section 2.3 Use of Loan Funds.
(a) Borrower shall use the Loan funds to pay for the predevelopment activities and construction costs for Phase 1 of the Development as set forth in the Approved Financing Plan and consistent with 24 C.F.R. Section 301(b). Borrower shall not use the Loan funds for any other purpose without the prior written consent of the City. Borrower agrees and acknowledges that no portion of the Loan funds may be used to assist any portion of the Development not restricted for occupancy by low-income households.
(b) During the entire HOME Reporting Term, the Borrower shall comply with the applicable HOME Regulations , the Regulatory Agreement, and this Agreement in the use of the Loan funds
Section 2.4 Security. The Deed of Trust will secure the Loan. At the Closing, the Deed of Trust shall be recorded against the Borrower 's interest in the Property. Borrower shall secure its obligation to repay the Loan, as evidenced by the Note, by executing the Deed of Trust, and causing or permitting it to be recorded as a lien against the interest in the Property in lien position junior to the liens and regulatory agreements related to the loans made by Senior Lenders and the State of California and such other exceptions reasonably authorized by the Housing Director (each, a “Senior Lien”) provided the conditions in Section 2.8 are met. Borrower shall also cause or permit the Regulatory Agreement to be recorded against the interest in the Property , in a lien position junior to each Senior Lien provided the conditions in Section 2.8 are met.

Section 2.5 Conditions Precedent to Disbursement of Loan Funds. (a) Disbursement of Loan proceeds shall not exceed One Million Six Hundred Thousand Dollars ($1,600,000). The disbursement shall be made in accordance with the Disbursement Schedule attached hereto as Exhibit D, and each disbursement shall be approved by the City prior to such disbursement based upon documentation submitted to the City by Borrower; provided that the City shall not be obligated to make any disbursements of Loan funds or take any other action under the Loan Documents unless the following conditions precedent are satisfied prior disbursement of Loan funds:
(1) The Borrower has caused to be executed and delivered to the C ity all Loan Documents and any other instruments, and policies required under the Loan Documents; (2) The Deed of Trust and the Regulatory Agreement will be recorded against the Property in the Office of the Recorder of the County of Ventura through the Closing of Escrow as liens subject only to each Senior Lien; and
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8 (3) A title insurer reasonably acceptable to the Housing Director is unconditionally and irrevocably committed to issuing a n ALTA Lender 's Policy of insurance insuring the lien priority of the Deed of Trust in the amount of the Loan, subject only to each Senior Lien and such exceptions and exclusions as may be reasonably acceptable to the City and containing such endorsements as the Housing Director may reasonably require. (b) Notwithstanding any other provisions of this Agreement, the City shall have no further obligation to disburse any portion of the Loan to Borrower under this Agreement following: (i) termination of this Agreement; (ii) notification by the City to the Borrower of an Event of Default (excluding any Event of Default of the City) under terms of this Agreement until such time as the Event of Default has been cured.