Written materials relating to an item on this agenda that are distributed to the legislative bodies within 72 hours before the item is to be considered at its regularly scheduled meeting will be made available for public inspection at the City Clerk’s Office, 300 West Third Street 4th Floor during customary business hours. Agenda reports are also on the City of Oxnard web site at www.oxnard.org.
In compliance with the Americans with Disabilities Act, if you require special assistance to participate in a meeting, please contact the City Clerk’s Office at 385-7803. Notice at least 72 hours prior to the meeting will enable the City to reasonably arrange for your accessibility to the meeting.
Agenda Item Time Estimates include: (Minutes for Presentation + Council Discussion + Public Comment)
AGENDA
OXNARD CITY COUNCIL
FINANCE AND GOVERNANCE COMMITTEE
Council Chambers, 305 West Third Street
March 11, 2025
Regular Meeting - 5:00 PM to 6:30 PM
Zoom details to call-in for public comment during a meeting:
1. Dial Phone Number: (888) 475-4499
2. Enter Meeting ID: 815 9812 6747
3. Passcode: 973181
If you wish to speak during public comments or a particular item on the agenda, please sign-on by following the zoom call-in steps listed above. Once the presiding officer calls for public speakers, press *9 to raise your hand to inform the City Clerk you would like to speak during the public speaking section for that particular item on the agenda, while in the zoom waiting room. Press *6 when asked to unmute. Listen to the instructions provided virtually on the phone while on hold in the zoom waiting room. Please note that there is a slight time delay when viewing the meeting via television.
IN ACCORDANCE WITH ASSEMBLY BILL 2449, MEMBERS OF THE LEGISLATIVE BODY MAY MEET IN-PERSON OR REMOTELY. TO PARTICIPATE REMOTELY VISIT WWW.OXNARD.ORG.
To find out how you may provide public comment, please refer to the instructions below or at www.https://www.oxnard.org/city-meetings/.
The public may view the meeting from home on Spectrum channel 10, Frontier channel 35, or YouTube at Youtube.com/oxnardnews.
Video recordings of the meeting are typically available online following the meeting at the City’s website at www.oxnard.org/city- meetings.
*Please see the link for the Measure M pre-recorded presentation video for each item listed on this agenda.
YOU MAY PARTICIPATE IN THE MEETING IN THE FOLLOWING WAYS:
1. ATTEND THE MEETING AT THE LOCATION LISTED ABOVE: Submit a speaker card to the City Clerk.
2. EMAIL COMMENTS OR SIGN UP TO SPEAK REMOTELY BEFORE THE MEETING
a. Submit a request to speak remotely by 3 p.m. on the day of the meeting by using the form available at www.oxnard.org/citymeetings.
b. Submit an email to [email protected] by 3 p.m. on the day of the meeting (indicate the agenda item number in the subject line). All email correspondence will be forwarded to the legislative body prior to the start of the meeting and made part of the legislative record.
c. Contact the City Clerk’s Office at (805) 385-7803 to submit your request.
3. PROVIDING PUBLIC COMMENTS REMOTELY DURING THE MEETING
a. Follow Zoom details listed above.
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March 11, 2025 - Page 2
b. Public comments on agenda items will be taken following the announcement of the item. After the item is announced, members of the public may register or otherwise be recognized for the purpose of providing public comment.
Please review the Zoom instructions on the registration page to help ensure there are no technical difficulties during your comments and help you understand public comment procedures using Zoom. Detailed participation instructions can be found at www.oxnard.org/city-meetings.
In the event of a disruption which prevents a legislative body of the City of Oxnard from broadcasting a meeting using a call-in option or internet- based service option, or in the event of a disruption within the City’s control which prevents members of the public from offering public comment using the call-in option or internet-based service option, the legislative body shall take no further action on items appearing on a meeting agenda until public access to the meeting via the call-in option or internet-based service option is restored. However, if any of the broadcast options are disrupted, but any of the other broadcast options is still available to the public, the legislative body may take further action on items appearing on a meeting agenda without waiting for the disrupted broadcast option(s) to be restored.
A. ROLL CALL, POSTING OF AGENDA, FLAG SALUTE
Consideration of Teleconference Participation pursuant to Assembly Bill 2449.
B. PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA
A person may address the legislative body only on matters not appearing on the agenda and within the subject matter jurisdiction of the legislative body. Speaker requests shall be submitted as set forth on the first page of this agenda. Speakers are limited to three minutes. After 30 minutes, if all speakers have not had the opportunity to speak, the remaining speakers will be given an opportunity to speak prior to adjournment of the meeting. The legislative body cannot enter into a detailed discussion or take action on any items presented during public comments at this time. Such items may only be referred to the City Manager/Executive Director/Secretary for administrative action or scheduled on a subsequent agenda for discussion. Persons wishing to speak on public hearing items should do so at the time of the hearing.
C. CONSENT AGENDA
1. City Clerk Department
SUBJECT: Approval of Minutes.
RECOMMENDATION: That the Finance & Governance Committee approve the minutes of the February 25, 2025 regular meeting as presented.
Contact: Luly Lopez, (805) 385-7805
D. REPORTS
1. Finance Department
SUBJECT: FY 2023-24 Annual Comprehensive Financial Report and Summary Presentation. (10 minutes)
RECOMMENDATION: That the Finance and Governance Committee receive, and recommend that staff proceed to the full City Council with, the FY 23-24 Annual Comprehensive Financial Report (ACFR) and summary presentation from the City's external financial auditors, Eadie + Payne, LLP.
(Presentation will be live upon consultant's request).
Contact: Javier Chagoyen-Lazaro, (805) 200-5400
2. Community Development Department
SUBJECT: Planning Commission Stipend Discussion. (20 minutes)
RECOMMENDATION: That the Finance and Governance Committee:
1. Determine whether to recommend to the City Council the provision of a monetary stipend for members of the Planning Commission in recognition of their service; and 2 OXNARD CITY COUNCIL: FINANCE & GOVERNANCE COMMITTEE
March 11, 2025 - Page 3
2. If the Committee recommends a stipend, provide specific recommendations to the City Council regarding the details of the stipend, such as the amount and whether it should be paid on a monthly basis or per meeting attended.
Please click the following link to view the required Measure M pre-recorded presentation video: https://youtu.be/hmduscD_GBs
Contact: Jeff Pengilley, (805) 385-8208
3. City Attorney Department
SUBJECT: Committee Bylaws Revision. (10 minutes)
RECOMMENDATION: That the Finance and Governance Committee recommend that the City Council adopt a resolution amending the bylaws for City Council committees.
Please click the following link to view the required Measure M pre-recorded presentation video: https://youtu.be/WRTtTtyeKqM
Contact: Stephen Fischer, (805) 385-7483
E. ITEMS FOR FUTURE AGENDAS
F. ADJOURNMENT
3 FINANCE AND GOVERNANCE COMMITTEE
AGENDA REPORT
CONSENT AGENDA
AGENDA ITEM NO. C.1
DATE: March 11, 2025
TO: Finance & Governance Committee
FROM: Luly Lopez, City Clerk, (805) 385-7805, [email protected]
SUBJECT: Approval of Minutes.
RECOMMENDATION
That the Finance & Governance Committee approve the minutes of the February 25, 2025 regular meeting as presented.
BACKGROUND
Approval of minutes.
STRATEGIC PRIORITIES
This agenda item is a routine operational item or does not relate to the five strategic priorities adopted by City Council on March 16, 2021.
FINANCIAL IMPACT
There is no financial impact.
Prepared by: Luly Lopez, City Clerk
ATTACHMENTS
1. Finance & Governance Committee Meeting - February 25, 2025
4 MINUTES
OXNARD CITY COUNCIL
FINANCE AND GOVERNANCE COMMITTEE
February 25, 2025
A. ROLL CALL, POSTING OF AGENDA, FLAG SALUTE
At 5:03 p.m., Chair Luis Mc Arthur called to order the regular meeting of the Oxnard City Council Finance and Governance Committee in the City Hall Council Chambers at 305 West Third Street, Oxnard, California. The City Clerk called the roll and announced the posting of the agenda. Chair Luis Mc Arthur, Member Gabriela Rodriguez and Member Aaron Starr were present.
Member Starr led the pledge of allegiance.
Staff members present were Alexander Nguyen, City Manager; Eric Sonstegard, Assistant City Manager; Stephen Fischer, City Attorney; Michelle McCarron, Assistant City Attorney; Michael Wolfe, Public Works Director; Javier Chagoyen-Lázaro, Chief Financial Officer and Lourdes A. López, City Clerk.
Consideration of Teleconference Participation pursuant to Assembly Bill 2449.
B. PUBLIC COMMENTS ON ITEMS NOT ON THE AGENDA
No public comments were received.
C. CONSENT AGENDA
1. City Clerk Department
SUBJECT: Approval of Minutes.
RECOMMENDATION: That the Finance and Governance Committee approve the minutes of the January 28, 2025 regular meeting as presented.
No public comments were received.
It was moved by Member Rodriguez, seconded by Chair Mc Arthur, to approve the Information/Consent item as presented. VOTE: Rodriguez, Mc Arthur, and Starr voted in favor; the motion passed 3-0.
D. REPORTS
1. City Attorney Department
SUBJECT: Ordinance Amending the City’s Purchasing System (City Code Chapter 4). (10 minutes)
RECOMMENDATION: That the Finance and Governance Committee review the proposed ordinance that will repeal and replace the City’s current purchasing system that is codified in Chapter 4 of the Oxnard City Code, and recommend that the City Council approve the first reading by title only and waive further reading of the proposed Ordinance titled:
5 OXNARD CITY COUNCIL: FINANCE & GOVERNANCE COMMITTEE
February 25, 2025 Page 2
“AN ORDINANCE OF THE CITY COUNCIL OF THE CITY OF OXNARD REPEALING AND REPLACING CHAPTER 4, ARTICLES I THROUGH V OF
THE OXNARD CITY CODE FOR PURCHASING, CONTRACTING AND
PUBLIC PROJECTS.”
Michelle McCarron, Assistant City Attorney and Michael Wolfe, Public Works Director were available to answer the committee’s questions. No public comments were received. Discussion ensued among the Committee and staff.
It was moved by Member Starr, seconded by Member Rodriguez, to approve the recommended action as presented. VOTE: Starr, Rodriguez, and Mc Arthur voted in favor; the motion passed 3-0.
2. Finance Department
SUBJECT: Sales Tax Contract Addendum For Sales Tax Audit Services Payment. (10 minutes)
RECOMMENDATION: That the Finance and Governance Committee recommend that the City Council:
1. Approve Addendum to Agreement No. 7748-17-FN between the City of Oxnard and Hinderliter, de Llamas and Associates (HdL Coren & Cone); and
2. Approve budget appropriation in the General Fund (101) in the amount of $64,155.00 to sales tax audit services.
Javier Chagoyen-Lázaro, Chief Financial Officer was available to answer the committee’s questions. No public comments were received. Discussion ensued among the Committee and staff.
It was moved by Chair Mc Arthur, seconded by Member Rodriguez, to approve the recommended action as presented. VOTE: Mc Arthur, Rodriguez, and Starr voted in favor; the motion passed 3-0.
E. ITEMS FOR FUTURE AGENDAS
No requests were made.
F. ADJOURNMENT
There being no further business on the agenda, and without objection, Chair Mc Arthur adjourned the meeting at 5:50 p.m.
_______________________________ _____________________________
LOURDES A. LÓPEZ LUIS MC ARTHUR City Clerk Mayor 6 FINANCE AND GOVERNANCE COMMITTEE
AGENDA REPORT
REPORTS
AGENDA ITEM NO. D.1
DATE: March 11, 2025
TO: Finance & Governance Committee
FROM: Javier Chagoyen-Lazaro, Chief Financial Officer, (805) 200-5400, [email protected]
SUBJECT: FY 2023-24 Annual Comprehensive Financial Report and Summary Presentation. (10 minutes)
RECOMMENDATION
That the Finance and Governance Committee receive, and recommend that staff proceed to the full City Council with, the FY 23-24 Annual Comprehensive Financial Report (ACFR) and summary presentation from the City's external financial auditors, Eadie + Payne, LLP.
(Presentation will be live upon consultant's request).
BACKGROUND
Eadie + Payne, LLP will present its audit opinion of the City of Oxnard’s financial statements, which consists of the respective financial position of the governmental activities, the business-type activities, each major fund, and the aggregate remaining fund information as of June 30, 2024, and the respective changes in financial position.
STRATEGIC PRIORITIES
This agenda item is a routine operational item or does not relate to the five strategic priorities adopted by City Council on March 16, 2021.
FINANCIAL IMPACT
There is no financial impact.
Prepared by: Javier Chagoyen-Lazaro, Chief Financial Officer
ATTACHMENTS
1. Annual Comprehensive Financial Report - Fiscal Year Ended June 30, 2024 (1)
2. Presentation
7 ANNUAL COMPREHENSIVE
FINANCIAL REPORT
Fiscal Year Ended June 30, 2024
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9 CITY OF OXNARD, CALIFORNIA
CONTENTS
JUNE 30, 2024
PAGE
INTRODUCTORY SECTION
L e t t e r o f T r a n s m i t t a l ...................................... i Certificate of Achievement for Excellence in Financial Reporting . . . . . . . . . . . . . vii E l e c t e d O f f i c i a l s ....................................... i x City of Oxnard Organizational Chart . . . . . . . ....................... x
FINANCIAL SECTION
Independent Auditor's Report ................................. 1 Management's Discussion and Analysis . . . . . ...................... 5
Basic Financial Statements
Government-Wide Financial Statements:
S t a t e m e n t o f N e t P o s i t i o n ................................ 2 8 S t a t e m e n t o f A c t i v i t i e s .................................. 2 9 Fund Financial Statements
Governmental Funds
B a l a n c e S h e e t .................................... 3 1 Reconciliation of the Balance Sh eet of Governmental Funds to the S t a t e m e n t o f N e t P o s i t i o n ............................ 3 4 Statement of Revenues, Expenditures, and Changes in Fund Balances . . . . 35 Reconciliation of the Change in Fund Balances of the Governmental Funds t o t h e S t a t e m e n t o f A c t i v i t i e s .......................... 3 8 Proprietary Funds
S t a t e m e n t o f N e t P o s i t i o n .............................. 3 9 Statement of Revenues, Expenses, and Changes in Net Position . . . . . . . . 43 S t a t e m e n t o f C a s h F l o w s .............................. 4 5 Fiduciary Funds
Statement of Fiduciary Net Position ......................... 4 9 Statement of Changes in Fiduciary Net Position . . . . . . . . . . . . . . . . . . 50
Notes to the Basic Financial Statements
I. Summary of Significant Accounting Policies
A. Reporting Entity ................................. 5 1 B. Financial Stat ements Presentation . ...................... 5 2 C . N e w A c c o u n t i n g P r o n o u n c e m e n t s ....................... 5 8 D. Cash and Investments .............................. 6 0 E . R e c e i v a b l e s ................................... 6 1 F. Leases ...................................... 6 1
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Notes to the Basic Financial Statements (Continued)
G . C a p i t a l A s s e t s .................................. 6 2 H. Subscription-based Informati on Technology Arrangements (SBITA) . . . . . 63 I. Compensated Absences . . . . . . ...................... 6 3 J . N e t P e n s i o n L i a b i l i t y ............................... 6 3 K. Other Post-Employment Benefits (OPEB) . . . . . . . . . . . . . . . . . . 64 L. Deferred Outflows/Inflows of Resources . . . . . . . . . . . . . . . . . . . . 64 M. Fund Equity . . ................................. 6 5 N. Property Taxes . ................................. 6 7 O. Utility Revenue . ................................. 6 8 P . U s e o f E s t i m a t e s ................................. 6 8 Q. Budgets and Budgetary Accounting ...................... 6 9 R . E n c u m b r a n c e s .................................. 6 9 S . J o i n t V e n t u r e s .................................. 6 9
II. Detailed Notes on All Funds
A. Cash and Investments .............................. 7 0 B. Receivables and Payables . . . . . ...................... 7 7 C. Interfund Receivables and Payables ...................... 7 8 D. Interfund Transfers ............................... 7 9 E. Lease Receivable ................................ 8 0 F . N o t e s R e c e i v a b l e ................................ 8 1 G . C a p i t a l A s s e t s .................................. 8 4 H. Long-term Debt ................................. 8 6 I. Compensated Absences . . . . . . ..................... 1 0 9 J . S u b s c r i p t i o n L i a b i l i t i e s ............................. 1 0 9 K. Fund Balances . ................................ 1 1 1 L . P r i o r P e r i o d A d j u s t m e n t s ........................... 1 1 1
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 1 4 B. Benefits Provided ............................... 1 1 5 C . C o n t r i b u t i o n s .................................. 1 1 5 D. Actuarial Methods and Assumptions Used to Determine
Total Pension Liability ........................... 118 E. Discount Rate and Long-Term Expected Rate of Return . . . . . . . . . . 119 F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions . . . . . . . . . . . . . . . . . . . . 121 G. Sensitivity of the Net Pension Liability to Changes in the Discount Rate . 126
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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 6 B. Benefits Provided ............................... 1 2 7 C . C o n t r i b u t i o n s .................................. 1 2 8 D. Actuarial Methods and Assumptions Used to Determine
Total Pension Liability ........................... 1 2 9 E . D i s c o u n t R a t e ................................. 1 2 9 F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions . . . . . . . . . . . . . . . . . . . . 130 G. Sensitivity of the Net Pension Liability to Changes in the Discount Rate . 131
3. Deferred Compensation Plan .......................... 1 3 2
4. Post-Employment Health Care Benefits
A . P l a n D e s c r i p t i o n ................................ 1 3 2 B. Benefits Provided ............................... 1 3 2 C. Employees Covered by Benefit Terms . . . . . . . . . . . . . . . . . . . . 132 D . T o t a l O P E B L i a b i l i t y .............................. 1 3 3 E. Changes in Total OPEB Liability . . ..................... 1 3 4 F. OPEB Expense and Deferr ed Outflows/Inflows of Resources R e l a t e d t o O P E B .............................. 1 3 5
IV. Risk Management
A. General Liability ................................ 1 3 6 B. Worker's Compensation . . . . . . . ..................... 1 3 7
V. Other Information
A. Commitments and Contingencies . ..................... 1 3 8 B. Risks and Uncertainties . . . . . . . ..................... 1 4 0 C. Notes to the Financial Statem ents - Successor Agency . . . . . . . . . . 142 D. Notes to the Financial St atements - Retirement Enhancement Defined Benefit Retirement Trust Fund . . . . . . . . . . . . . . . . . 148
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REQUIRED SUPPLEMENTARY INFORMATION
Schedule of Changes in Net Pensi on Liability and Related Ratios - CalPERS Miscellaneous Plan - Agent Multiple-Employer Defined Benefit Plan . . 150 Schedule of Changes in Net Pension Liability and Related Ratios - CalPERS Safety Plan (Police) - Agent Mu ltiple-Employer Defined Benefit Plan . . 151 Schedule of Proportionate Shar e of the Net Pension Liability and Related Ratios - CalPERS Safety Plan (Fire) - Cost Sharing Plan . . . . . . . . . . . . . . . . . . . 152 Schedule of Plan Contributions - CalPERS . . . ..................... 1 5 3 Schedule of Changes in Net Pension Liability and Related Ratios Retirement Enhancement Plan - Single-E mployer Defined Benefit Plan . . . . . . 154 Schedule of Plan Contributions - Retire ment Enhancement Plan . . . . . . . . . . . . 155 Schedule of Changes in Total OPEB Liability and Related Ratios . . . . . . . . . . . . 156 General Fund Group - Budgetary Comparison Schedule ................. 1 5 7 Affordable Housing Fund - Budgetary Co mparison Schedule . . . . . . . . . . . . . . 158 Development Fees Special Revenue Fund - Budgetary Comparison Schedule . . . . 159 State and Federal Grants Fund - Budgetary Comparison Schedule . . . . . . . . . . . 160 Capital Improvements F und - Budgetary Comparison Schedule . . . . . . . . . . . . . 161
SUPPLEMENTARY INFORMATION
General Fund Group Funds ................................ 162 C o m b i n i n g B a l a n c e S h e e t ............................... 1 6 3 Combining Statement of Revenue s, Expenditures, and Changes in Fund Balances . . . ................................ 1 6 5 General Fund - 101 - General Fund B udgetary Comparison Schedule . . . . . . . 167 General Fund - 104 - Half Cent Sales Tax Budgetary Comparison Schedule . . . 169 Nonmajor Governmental Funds ............................. 170 C o m b i n i n g B a l a n c e S h e e t ............................... 1 7 1 Combining Statement of Revenue s, Expenditures, and Changes in Fund Balances . . . ................................ 1 7 3 Nonmajor - Public Safety Retirement - Budgetary Comparison Schedule ...... 1 7 5 Nonmajor - State Gas Tax Funds - Budgetary Comparison Schedule ........ 1 7 6 Nonmajor - Debt Service Fund - Budget ary Comparison Schedule . . . . . . . . . 177 Nonmajor - Capital Outlay Funds - Budgetary Comparison Schedule . . . . . . . . 178 Nonmajor - CUPA - Budgetary Comparison Schedule . . . . . . . . . . . . . . . . 179 Nonmajor - Traffic Safety - Budgetary Comparison Schedule . . . . . . . . . . . . 180 Nonmajor - Transportation Development Fund - Budgetary Comparison Schedule 181 Nonmajor - Maintenance Assessment Dist ricts - Budgetary Comparison Schedule 182 Internal Service Funds .................................. 1 8 3 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 4 Combining Statement of Revenues, Expenses, and Changes in Net Position . . . 186 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 8 Fiduciary Funds
Combining Statement of Fiduciary Net Position - Custodial Funds . . . . . . . . . 191 Combining Statement of C hanges in Fiduciary Net Position - Custodial Funds . . 192
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STATISTICAL SECTION (Unaudited) ........................... 193 Schedule I Net Position by Component . . ..................... 1 9 4 Schedule II Changes in Net Position . . . . ..................... 1 9 6 Schedule III Fund Balances of Governmental Funds . . . . . . . . . . . . . . . . . 200 Schedule IV Changes in Fund Balances of Governmental Funds . . . . . . . . . . 202 Schedule V Governmental Activities Tax Revenues by Source . . . . . . . . . . . 204 Schedule VI Assessed Value and Estimated Value of Taxable Property . . . . . . 205 Schedule VII Direct and Overlapping Property Tax Rates . . . . . . . . . . . . . . 206 Schedule VIII Principal Property Taxpayers ....................... 2 0 7 Schedule IX Property Tax Levies and Collections . . . . . . . . . . . . . . . . . . 208 Schedule X Ratios of Outstanding Debt by Type . . . . . . . . . . . . . . . . . . . 209 Schedule XI Direct and Overlapping Govern mental Activities Debt . . . . . . . . . 210 Schedule XII Legal Debt Margin Information . ..................... 2 1 1 Schedule XIII Pled ged Revenue Coverage . . ..................... 2 1 2 Schedule XIV Demographic and Economic Statistics . . . . . . . . . . . . . . . . . 214 Schedule XV Principal Employers . . . . . . . ..................... 2 1 5 Schedule XVI Operating Indicators by Function . . . . . . . . . . . . . . . . . . . . 216 Schedule XVII Capital Assets by Function . . . ..................... 2 1 8 Schedule XVIII Full-Time Equivalent City Government Employees by Function . . . . 220
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15 -i-
Alexander Nguyen
City Manager
Office of the City Manager
300 West Third Street
Oxnard, CA 93030
(805) 285-7430
Fax (805) 385-7595
www.oxnard.org
March 18, 2025
Honorable Mayor, Members of the City Council and Residents of Oxnard:
I am pleased to present the Annual Comprehensive Financial Report (ACFR) of the City of Oxnard, California, for the fiscal year ended June 30, 2024. 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.
INTRODUCTION
The accuracy of the City's financial statements and the completeness and fa irness 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 t hat assets are safeguarded against loss or unauthorized use and t he financial records can be relied upon to produce financial statements in accordance with accounting principles generally accepted in the Uni ted States of America (GMP). The concept of reasonable assurance recognizes that the cost of maintaining the system of internal accounting controls should not exceed the benefits likely to be derived.
Eadie + Payne LLP, Certified Public Accountants, has issued an unmodifi ed opinion on the City's financial statements for the fiscal year ended June 30, 2024. The independent auditor's report is located at the front of the Financial Section of this report.
Management's Discussion and Analysis (MD&A) immediatel y follows the independent auditor report and provides a narrative introduction, overview, and analysis to accomp any the basic financial stat ements. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it.
Fiscal Year 2023-24 HIGHLIGHTS
Budget Surplus
During the FY 2024-25 budget cycl e, the City of Oxnard ap proved a general f und budget with a remarkable $35 million surplus, reflecting prudent fiscal management and economic resilience. This surplus allows the City to make substantial headway on long-term fiscal health by directing funds to reduce its pension liability, addressing one of its most pressing financial obligations.
Additionally, a portion of the surplus has been allocated to strengthen the City 's operating reserve, which will help safeguard against future economic uncertainties, enhance financial flexibilit y, and position Oxnard to respond effectively to unforeseen challenges.
Restoring infrastructure and services
By focusing on infrastructure restoration, the City addresses years of deferred maintenance and service gaps, ensuring that residents benefit from well- maintained facilities, safer streets, and more reliable city services that enhance the quality of life across all neighborhoods.
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Investments in street and alley restoration
Recognizing the community's need for improved road quality and accessib ility, Oxnard has made substantial investments in street and alley restoration. These projects focus on repairing damaged pavements, reducing hazardous conditions, and improving transportation networks within residential and commercial areas. By prioritizing street and alley restorations, the City aims to extend the life of its road in frastructure, decrease vehicle wear and tear for residents, and promote a cleaner, more attractive environment for all.
Grants for critical infrastructure to start in FY 2024 -25 (Harbor study on water contamination, Santa Clara Levee repair, Rice Avenue Overpass)
Oxnard has secured grants for critical infrastructure improvements, with major projects scheduled to begin in FY 2024-25. These grants will fund essential studies and construction efforts, including a harbor study to address water contamination, the repair of the Sant a Clara Levee to protect against flood risk s, and the construction of the Rice Avenue Overpass to enhance transportation safety and efficiency. Each of these initiatives is integral to the City's vision of creating a safe, sustainable, and resilient infrastructure that meets current and future demands.
First year of newly adopted water rates FY 2023-24 marked the implementation of the City's newly adopted water rates, a carefully structured adjustment aimed at ensuring the sustainability and reliability of Oxnard's water system.
These new rates are designed to generate the necessary revenue for ongoing maintenance, system upgrades, and compliance with state and federal regulations. By updating water rates, Oxnard is taking proactive steps to preserve water quality, address infrastructure needs, and ensure that residents and businesses have access to a reliable water supply for years to come.
Started Paving and Restoring Gonzalez Road
Oxnard has initiated the long- awaited paving and restoration of Gonzalez Road, a critical artery within the city's transportation network. This project aims to improve road conditions, r educe traffic congestion, and increase pedestrian and cyclist safety. By enhancing this major roadway, the City is improving the ov erall transportation experience for residents and visitors, supporting local commerce, and reinforcing Oxnard's commitment to safe and efficient infrastructure.
Fire at Former Sunkist Packaging Plant
A significant incident occurred with the fi re at the former Sunkist Packaging Plant, a historical site within the city.
The fire underscored the importance of continuous public safety investments and the need for effective emergency response protocols. The City's fire and emergency services teams responded swiftly, mitigating potential risks to nearby properties and ensuring community safety. This event highlights t he City's commitment to readiness and resilience, as well as the ongoing efforts to address safety hazards in aging or unused properties.
Commissioned Study by UCLA Chicano Studies Research Center to evaluate challenges facing Oxnard's Young Adults.
In an effort to understand and address the unique challe nges faced by young adults in Oxnard, the City commissioned a comprehensive study by the UCLA Chicano Studies Research Center. This study will analyze key socioeconomic and educational factors impacting young people in the community , providing valuable insights that will guide future policy and program development. By partnering with a reputable research institution, Oxnard is taking proactive steps to invest in its youth, with the ultimate goal of fostering a supportive environment where young residents can thrive and contribute positively to the community.
CITY OF OXNARD PROFILE
The City of Oxnard is a full-service city located on the "Gold Coast" of Ca lifornia, approximately halfway between Los Angeles and Santa Barbara. It is the gateway to the Channel Islands National Park. Oxnard was founded in 1903 near the sugar beet processing facility owned by the Oxnard brothers. Henry T. Oxnard, the founder of Crystal Sugar, led the effort to incorporate the City. Shortly after incorporation, the City opened the Oxnard Library.
The adjacent Oxnard Plain is one of the most productive agricultural areas in the country. It produces one-third of the California strawberry crop, which represents 85% of the U.S. market. Other hi gh-value crops produced nearby include avocados, lemons, Brussels sprouts, and artichok es, so Oxnard remains a leading agricultural and food center. The City is home to the West Coast operations of Procter and Gamble and Sysco.
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The Port of Hueneme, the only navigable port between Los Angeles and San Francisco, and the Naval Base Ventura County have attracted defense and aerospace businesses that served as a foundation for Oxnard's aerospace, technology, and manufacturing sectors. Oxnard's harbor and beaches support a strong tourism industry in normal times. When not afflicted by a Statewide or national recession, the local economy is diverse and robust.
Oxnard is the most populous of Ventura County's ten cities. The last US Census Bureau data available as of July 1, 2022, estimates a population above 200,000 residents, and approximately 75% of its residents consider themselves Hispanic or Latino. Oxnard's housing cost is rising, but remains less expensive than the County average.
Lower costs and available flat land near the Pacific coas t have prompted major housing developments in recent years.
The City operates under a City Council - City Manager form of government. The Council is responsible for policy and approves the annual budget. The City Manager is responsi ble for the daily operations of the City. The City Council appoints the City Manager and City Attorney. The City Council consists of the Mayor and six district-elected Councilmembers. The term of office is four years for all elected officials, with elections held every two years for three City Council seats at a time. The Mayor is elected at large during presidential election years. The City Treasurer is elected Citywide at the same time as the Mayor. The City Clerk, also elected citywide at the same time as the Mayor, manages the City Council and Committee meeting agenda process, official records, and elections.
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Names and photographs of the Mayor, Ci ty Councilmembers, City Treasurer, and Ci ty Clerk, plus an organization chart with the names of appointed City officials as of June 30, 2024, are included at the back of the Introductory Section of the ACFR.
The City provides the following government and business-type services:
Government Activities Business-Type Activities
Governance, including finance, human
resources, risk management, information
technology, City Attorney, City Treasurer, City
Clerk and City Manager
Water - Planning, source and supply,
treatment, distribution, and conservation, and
administration and operation of the recycled
water program
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Police - including records, dispatch, patrol,
investigations, traffic enforcement and animal
safety
Wastewater - Collection, treatment of
wastewater (sewer) and administration and
operation of stormwater 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 districts 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-TERM 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 Medi cal Center, and the City of Oxnard.
Other major employers in and near the City include the Naval Base Ventura County, which employs over 20,000 people, the County of Ventura, which employs more than 8,000, household names such as Procter and Gamble; and agricultural beacons such as Boskovich Farms, Gill's Onions, and Mission Produce.
Four districts provide K-8 education to Oxnard residents; the Oxnard Union High School District educates more than 45,000 students combined. Oxnard is also home to Oxnard College, which is part of the Ventura County Community College District and has an enrollment of approximately 7,000 students. In addition, many Oxnard students continue their post-secondary education at nearby universities such as California State University Channel Islands, University of California, Santa Barbara, California Lutheran University, and universities with satellite campuses in Oxnard such as National University and Azusa Pacific University. The City devel oped 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 tour ist destination and support many t ourist-serving businesses in normal circumstances. In addition, Oxnard's mi x of agricultural, manufacturing, and retail sectors provides a strong and diverse economic base on which to build future economic activity. Busine sses located in Oxnard are further strengthened by the steady increase in residential and commercial development throughout the City.
Oxnard's economic growth is driven by its diverse economic base, strategic location, and investments in key sectors.
The City continues to support initiatives to foster economic development, attract investment, and enhance the quality of life for residents and businesses alike, such as the continued development of Sakioka Business Park, residential and commercial construction in downt own Oxnard, and the renovation cam paign for Zachari Dunes on Mandalay Beach.
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Central to our economic development effort is the drive to make our residents more employable at any higher-paying business. To accomplish this require s the City to work closely with Oxnard Community College to provide the necessary education and training to up-skill many of our residents.
The City continued the multiyear process of updating its information system s through the implementation of a new ERP system that includes Finance, Human Capital Management Permitting and Licensing, Asset Management, and Utility Billing to streamline operations, improve data visibility and a ccuracy, and enhance collaboration and communication among departments.
FISCAL CONDITION
The City's voters have supported rest oring service levels by approving a 1.5% supplemental transaction and use tax on November 3, 2020, for the General Fund. The new citywide tax rate became effective on April 1, 2021. The supplemental transactions and use tax, known as Measure E, generated $12.6 million in additional General Fund revenue in the fiscal year 2020-21 and has generated $56.6 million in the fiscal year 2021- 22, $56.8 million in the fiscal year 2022-23 and $56.2 million in the fiscal year 2023-24, to support the restoration of pre-pandemic service levels. In 2008, the City's voters approved a 20-year 0.5% supplementa l transactions and use tax, known as Measure 0, that sunsets in March 2029. The Measure 0 supplemental transactions and use tax generated revenue of $19.0 million in fiscal year 2022-23 and $18.8 million in fiscal year 2023-24.
Fiscal year 2023-24 has been the second full year of oper ations for the new Amazon fulfillment center with a significant source of new employment for the City. The Amazon center and the pandemic recovery have increased commercial activity and have had a positiv e impact on the economic gr owth of the City. The City will continue to monitor the impact of potential changes in tax apportionment rules on future sales tax proceeds, as well as the opening of competing commercial businesses in neighboring communities.
Standard and Poor's Global Ratings upgraded the City's issuer Credit Rating From "A+" to "AA-" on December 17, 2024. The report also revised its long-term underlying rating on the City's lease revenue bonds from "A" to "A+," the City's Gas Tax Bond from "AA-" to "AA" and assigned a "stable" outlook to all three. The City was sued by Moving Oxnard Forward to invalidate the appr ovals of lease revenue bonds and pension obligation bonds, restricting its ability to issue municipal bonds. This has limited the City's access to capita l markets and prevented the City from securing funds that most American cities and counties rely on for major capital improvements. While the litigation is ongoing, the City will be cash-funding major capital infrastructure projects.
In fiscal year 2023-24, the General Fund Group total fund balance increased by $40.1 million due to the increase in sales tax revenue driven by the Am azon fulfillment center and the reco very to pre-pandemic levels. The improvement in fund balance will need to be dedicated to supporting the execution of the much-needed capital improvement projects in the upcoming fiscal years until the bond litigation is resolved while supporting reserve levels and reducing long-term debt.
Final Comments
I wish to express my appreciation to the City Counc il, the staff members in the Finance Department and other departments, and Eadie and Payne's audit staff for assuring that the City's Annual Comprehensive Financial Report meets the highest standard of reporting and provides useful information about our City.
Respectfully submitted,
Alexander Nguyen
City Manager
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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 ac tivities, 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, 2024, 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 repor t of the other auditors, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the business-type ac tivities, each major fund, and the aggregate remaining fund information of the City of Oxnard, California, as of June 30, 2024, and the respective changes in financial position and, wher e 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 statements of Oxnard Housing Authority, a blended component unit, which represent 1.59% and 8.28%, 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 am ounts included for Oxnard Housing Authority, is based solely on the report of the other auditors.
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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 general of the United States. Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements 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 financia l 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 s ubstantial doubt about the City’s ability to continue as a going concern for one y ear after the date that the 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 fra ud 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 assurance and therefore is not a guarantee that an audit conducted in accordance with GAAS and Government Auditing Standards will always detect a material misstatement when it exists. The risk of not det ecting a material misstatement resulting from fraud is higher than for one result ing from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Misstatements are considered material 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 and Government Auditing Standards, we:
Exercise professional judgment and maintain 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 ci rcumstances, but not for the purpose of expressing an opinion on the effectiveness of t he City’s internal control. Accordingly, no such opinion is expressed.
Evaluate the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by m anagement, as well as evaluate the overall presentation of the financial statements.
Conclude whether, in our judgment, there ar e conditions or events, considered in the aggregate, that raise substant ial doubt about the City’s abi lity to continue as a going concern for a reasonable period of time.
We are required to communicate with thos e charged with governance 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, State and Federal Grants Fund and Capital Improvement Fund, the schedules of changes in net pension liability and related ratios, the schedules of proportionate share of the net pension liability and related ratios, the schedules of plan contributions, and the schedule of changes in total OPEB liability and related ratios on pages 5 through 27 and 150 through 161 be presented to supplement the basic financial statements.
Such information is the responsibility of management 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 t he information and comparing the information for consistency with management’s responses to our inquiries , the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the info rmation because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of form ing opinions on the financial statements that collectively comprise the City’s basic financial statements. The combining and individual General Fund Group, nonmajor funds, internal service funds and fiduciary funds financial 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, nonmajor funds, internal service funds and fiduciary funds financial statements are the responsibility of management and were derived from and relate directly to the underlying accounti ng and other records us ed to prepare the basic financial statements.
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The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certai n additional procedures, includi ng comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselv es, and other additional procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the combining an d individual General Fund Group nonmajor, funds, internal service funds and fiduciary funds financial statements are fa irly 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 info rmation included in the Annual Comprehensive Financial Report. The other information comprises the introductory and statistical sections but does not include the financial st atements 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 the financial statements, our responsibility is to read the other informatio n and consider whether a material inconsistency exists between the other inform ation and the financial statements, 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’s in ternal 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’s internal control over financial reporting and compliance.
Riverside, California
February XX, 2025
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MANAGEMENT'S DISCUSSION AND ANALYSIS
As management of the City of Oxnard (City), we offer readers of the City’s financial statements this narrative overview and analysis of the financial activities of the City for the fiscal year ended June 30, 2024. We encourage readers to consider the i
nformation presented here in conjunction
with additional information that we have furnished in our Letter of Transmittal, which can be found on pages i-vi 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, 2024, the City’s assets and deferred outflows exceeded liabilities and deferred inflows by $2.5 billion (net position). Of this amount, $2.3 billion is invested in capital ass
ets and $175.3 million is restricted, offset by $(8.9) million that is unrestricted (Page 10).
● The City’s total net position increased $85.3 million (3.6 percent), during the fiscal year.
Governmental activities net position increased by $62.3 million. Business-type activities increased by $22.9 million (Page 13).
● Beginning net position – governmental activi ties was restated to include a $17.8 million capital asset associated with the transfer of Successor Agency capital assets from the former redevelopment agency into governmental activities. Additionally, $14.4 million was recorded for construction in progress and $2. 2 million capitalized as Infrastructure, reflecting capital improvement expenses from prior periods related to both governmental and business-type activities. The total net e ffect of the restatements increased the governmental-wide net position by $34.5 million. Refer to Note II. L on page 111 for further details.
Fund Based
● At the close of fiscal y
ear 2023-24, governmental funds reported a combined ending fund balance of $262.6 million, an incr ease of $55.3 million from t he prior year. The ending fund balance is primarily identified as: $0.05 million non-spendable (0.02 percent), $111.7 million restricted (42.5 perc ent), $77.6 million committed (29.5 percent), $57.3 million assigned (21.8 percent), and $15.9 million unassigned (6.0 percent). (Page 19). ● At the close of the fiscal year, fund balan ce for the General Fund group of funds was $132.7 million consisting primar ily of $0.04 million non-spendabl e (0.03 percent), $5.08 million restricted (3.8 perc ent), $54.4 million committed (41 percent), $57.3 million assigned (43.2 percent), and $15.9 million unassigned (12 percent). (Page 19). ● General Fund group revenues for the year were $265.4 million compared to FY23 of $240.5 million. The City’s General Fund group revenues are comprised of a wide variety of sources. The two largest revenue sources are sales tax, which represent slightly more than half (51 percent), and prope rty tax, which represent cl ose to one-third (27 percent)
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including 1 percent Bradley Burns and 1.5 percent Measure E sales and use tax, is largely generated from three industry categories: 1) auto, fuel, and transportation, 2) general consumer goods, and 3) restaur ants and hotels, and also enc ompasses cannabis tax.
Total revenues increased by $24.9 million or 10.3 percent from the prior year’s revenue of $240.5 million (Page 20). The City cont inues to experience increased sales tax revenues driven by higher sales from the Amazon distribution center, and elevated inflation on consumer goods.
● General Fund group expenditures were $202.5 million. Total expenditures increased by $11.2 million or 5.8 percent compared to th e prior year’s expenditures of $191.3 million (Page 21). The increases are driven by higher wages along with fewer vacancies compared to FY23, increased funding for street sweeping, Measure O one-time funding for IT contractors, and increased maintenance and fixed charges relating to Liability Insurance, Facilities, Fleet, and IT central support services.
● General Fund group net transfers increased by $6.9 million reaching $22.9 million compared to $16 million in the prior year. This increase is primarily due to a $3.3 million one-time transfer to restore the State Gas Tax Fund balance deficit (Page 23), along with an approximate $2.2 million incr ease in contributions to the capital fund to cash-funded capital improvement projects prim arily focused on neighborhood and alleyway resurfacing.
● At the close of the fiscal year, the Water Fund Group net position was $150.1 million, an increase of $4.5 million over the prior fisc al year (Page 24), primarily due to the implementation of new water rates effective in FY24.
● At the close of the fiscal year, the Wastewater Fund Group net position was $219.2 million, an increase of $19.1 million over the prior fiscal year (Page 24). This is primarily attributed to steady revenues exceeding spendi ng, particularly due to timing of capital expenditures for multi-year capi tal improvement projec ts that will be carried over to the next fiscal year.
● At the close of the fiscal year, the Envi ronmental Resources Fund Group net position was $11.8 million, a decrease of $9.2 million from the prior year (Page 24), mainly due to operating revenues lagging behind operating expenditures.
● At the close of the fiscal y ear, the Golf Course Fund Group net position was $49.5 million, an increase of $0.8 million from the prior year (Page 24), primarily driven by the increase in golf course net operating revenues of $0.8 million in FY24.
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 statem ents, and 3) notes to basic financial statements. Th is report also contains other suppl ementary information in addition to the basic financial statements themselves.
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Government-wide financial statements
The government-wide financial statements are designed to pr ovide readers with a broad overview of the City's finances, in a manner similar to a private-sector business financial statement. The focus of these statements is to report all financ ial resources and obligations of the City.
The statement of net position presents information on all of the City's assets and deferred outflows, and liabilities and deferred inflows, wi th the difference reported as net position.
Generally, deferred inflows and outflows represent amounts related to differences in the 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 informat ion 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 leaves or taxes collected by other entities not yet remitted to the City.)
Government-wide financial statements 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 the City includ e general government, public safety, public works, housing, community development, culture, leisure, and library services. Business-type activities of the City include water, wastewater, so lid waste management, golf course, and the Oxnard Housing Authority component unit. The government-wide financial statements can be found on pages 28-30 of this report.
Fund financial statements
Fund financial statements are designed to r eport information about groupings of related accounts used to maintain control over resources that have been segregated for specific activities or objectives. The City, like other state and local governments, uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements. 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 resour ces, as well as on balances of spendable resources available at the end of the fiscal year. Such informat ion 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 fi nancial statements.
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By doing so, readers may better understand the long-term impact of the government's near-term financing decisions. A reconciliation between governmental funds and gov ernmental activities
in the government-wide financial statements is provided for both the governmental funds balance sheet and the governmental funds statement of revenues, expen ditures, and changes in fund balances.
The City maintains many indiv
idual government al funds organized by their type (special revenues, debt service, and capital improvement f unds). The City has fi ve governmental fund groups classified as major funds requiring separate presentation in the basic financial statements: the General Fund, the Affordable Housing Fund, the Development Fees Fund, the State and Federal Grants Fund, and Capital Improvement Funds. The Capital Improvement Fund accounts for revenues and expenses related to major infrastructure projects such as equipment purchases and capital improvements. Data from the remaining governmental funds are combined into a single, aggregated presentation as nonmajor governmental funds.
Individual fund data for each of the nonmajor governmental funds is provided in the form of combining statements shown on pages 171-174
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 157-161, 167-169, and 175-182.
The basic governmental funds financial statements can be found on pages 31-38 of this report.
Proprietary funds are generally used to account for services for which the City charges fees to outside customers or internal departments of the City. Proprietary funds provide the same type of information as shown in the government-wide statem ents, 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.
The City uses enterprise funds to account for the operations of water, wastewater, environmental resources, the City’s golf course, and the Oxnard Housing Authority component unit.
o The Oxnard Housing Authority is audited separately. Readers should contact the Authority at Housing Administrative Services, 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, ut ility customer billing, info rmation technology services, and facilities and equipment maintenance (primari ly 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 financia l statements. Individual fund data for the internal service funds is provided in the form of combining statements found on pages 183-189.
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The basic proprietary funds financial statements can be found on pages 39-48 of this report.
Fiduciary funds are used to account for resources hel d 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, for an employee pension pl an and the Community Development Commission (CDC) Successor Agen cy. The basic fiduciary funds financial statements can be found on pages 49-50 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 51-148 of this report. Note s providing additional detail about the CDC Successor Agency can be found on pages 142-148.
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 150-161.
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 163-192 of this report.
Statistical tables regarding fiscal trends, re venue capacity, debt capacity, demographic and economic information, and operating information can be found on pages 194-220 of this report.
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2023 2023 2023
2024 As Restated 2024 As Restated 2024 As Restated
Assets:
Current and Other Assets 348,686$ 300,726$ 197,251$ 208,477$ 545,937$ 509,203$ Capital Assets (net of depreciation) 2,034,378 2,025,407 592,281 562,545 2,626,659 2,587,952 Properties Held for Resale 570 570 - - 570 570 Lease receivable 986 734 - - 986 734
Other Assets 78,767 78,363 19,467 19,653 98,234 98,016 Total Assets 2,463,387 2,405,800 808,999 790,675 3,272,386 3,196,475 Deferred Outflow s of Resources:
Deferred Charges 2,142 2,279 1,958 2,070 4,100 4,349 Deferred Pension Items 94,671 104,039 18,310 22,748 112,981 126,787 Deferred OPEB Items 21,624 10,507 5,974 2,951 27,598 13,458 Total Deferred Outflow s
of Resources 118,437 116,825 26,242 27,769 144,679 144,594 Liabilities:
Current and Other Liabilities 101,869 111,013 41,636 33,744 143,505 144,757 Noncurrent Liabilities 456,518 447,756 320,530 333,575 777,048 781,331 Total Liabilities 558,387 558,769 362,166 367,319 920,553 926,088 Deferred I nflow s of Resources:
Deferred Pension Items 10,748 11,703 692 1,109 11,440 12,812 Deferred OPEB Items 11,441 13,436 3,161 3,720 14,602 17,156 Deferred Gain on Refunding 521 565 - - 521 565 Leases 942 709 - - 942 709
Total Deferred Inflow s
of Resources 23,652 26,413 3,853 4,829 27,505 31,242 Net Position:
Net Investment in Capital Assets 1,953,421 1,941,136 349,626 304,641 2,303,047 2,245,777 Restricted 111,742 113,608 63,582 63,932 175,324 177,540 Unrestricted (65,378) (117,301) 56,014 77,723 (9,364) (39,578) Total Net Position 1,999,785$ 1,937,443$ 469,222$ 446,296$ 2,469,007$ 2,383,739$ Governmental Activities Business-Type Activities Total
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 $2.5 billion at the close of the fiscal year 2023-24 as detailed below:
Statement of Net Position
June 30, 2024
(in thousands)
The largest portion of the City’s net position reflects its net investment of $2.3 billion in capital assets (land, buildings and improvements, equipm ent and machinery, vehicles, infrastructure, and construction in progress, net of accumula ted depreciation), less related outstanding debt used to acquire those assets. The City uses these capital assets to provide services to residents; consequently, these assets are not available for future spending. Although the City’s investment in capital assets is reported net of related debt, resources needed to repay this debt must be provided from other sources, since the capita l assets themselves cannot be used to liquidate these liabilities.
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2023 2023 2023
2024 As Restated 2024 As Restated 2024 As Restated
Land 1,391,721$ 1,391,721$ 47,481$ 46,103$ 1,439,202$ 1,437,824$ Buildings and Improvements 136,696 136,501 138,490 140,998 275,186 277,499 Equipment, Machinery
and Vehicles 15,987 13,561 59,400 61,549 75,387 75,110 Intangible assets 11,089 2,379 15 35 11,104 2,414 Infrastructure 395,499 410,881 270,652 276,901 666,151 687,782 Construction in Progress 83,386 70,364 76,243 36,959 159,629 107,323 Totals 2,034,378$ 2,025,407$ 592,281$ 562,545$ 2,626,659$ 2,587,952$ Governmental Activities Business-Type Activities Total
Another portion of the City’s net position, $175.3 million, repres ents resources that are subject to external restrictions on t heir use. The remaining balance of unrestricted net position is negative $ 8.9 million.
This unrestricted net position is 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 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, 2024 totaled $2.6 billion (net of accumulated depreciation). This investment in capital assets includes land, buildings and improvements, equipment and machinery, vehicles, infrastructure, and construction in progress. The total increase in capital assets for the fiscal year 2023-24 was $38.5 million, which represents $9 million or 0. 4 percent increase from the prior year for governmental activities and $29.5 million or 5.2 percent increase in business-type activities.
Additional information on the City's capital a ssets can be found on pages 84-85 in the notes to the financial statements. Capital assets are summarized below:
City of Oxnard
Cap
ital Asset s (net o f accumulated deprec iation)
June 30, 2024
(in thousands)
Major capital project activities during fiscal year 2023-24 included the following:
● Governmental activities construction in progress increased by $13 million, with $30.2 million added for ongoing projects such as Rice Ave at 5th Street, Mandalay Bay Channel Island bridge, Edison Canal, ER P Implementation Phase II, Arte rial Street Re surfacing,
Neighborhood Street Resurfaci ng, Adaptive Traffic Signals, and Aquatic Center South Oxnard. This was offset by $17.2 million fo r completed projects, including Ventura Blvd Sidewalk Improvements, Comm unity Center East Park Improvements, the Council Chamber Remodel, ERP Impl ementation Phase I, and Various Roof Replacement projects that were capitalized and added to the assets. ● The $39.3 million net increase in business-ty pe activities construction in progress was primarily due to progress on the following projects: Aquifer Storage and Recovery Completion project, Automat ed Meter Infrastructure Repl acement project, Blending
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Station Improvements, Kamala Park Pipe Replacement, Central Trunk Sewer Pipe Replacement, Well 20 Rehabilitation, OWTP Reliability Improvement, Lift Station Improvements, and Scale House Refurbishing.
● The prior year's capital assets balance was restated and increased by $34.4 million due to a $17.8 million transfer of Successor Agency assets to governmental activities.
Additionally, $14.4 million was added as construction in progress including projects Advanced Metering Infrastructure (AMI) replacements, Mandalay Bay Channel Island bridge, Edison Canal, and Street resurfacing, and $2.2 million was capitalized as Infrastructure for prior period capital improvement expenses related to the Cast Iron replacement project. Of this, $6.3 million relates to gove rnmental activities and $10.3 million to business-type activities. Additional information on these restatements can be found on pages 111-113 in the notes to the financial statement - Prior Period Adjustments section.
Long-Term Debt
At the end of fiscal year 2023-24 the City had total long-term debt outstanding of $340.8 million.
This reflects a decrease of $7.1 million, or 7.2 percent, in governmental activities and a decrease of $14.6 million, or 5.5 percent, in business-type activities.
The City's bonds are rated by S&P Global Ratings. As of June 30, 2024, the City's issuer credit rating was "A+" while maintain ing ratings of "A" for General Lease Revenue Bonds, "AA-" for Gas Tax, "A" for Water, and "A" for Wastewater Bonds.
Additional information on l ong-term debt can be found on pages 86-108 in the notes to the financial statements. Long-term debt is summarized below:
2023 2023
2024 As Restated 2024 2023 2024 As Restated
Lease Revenue Bonds 54,820$ 58,773$ -$ -$ 54,820$ 58,773$ Revenue Bonds 16,731 17,585 240,400 253,026 257,131 270,611 Lease Purchase Agreements 18,306 20,759 8,020 9,964 26,326 30,723 Subscription Liabilities 2,235 2,102 12 24 2,247 2,126 Note Payable - - 482 270 482 270
Totals 92,092$ 99,219$ 248,914$ 263,284$ 341,006$ 362,503$ City of Oxnard
Outstanding Debt (net of discounts/premiums)
June 30, 2024
(in thousands)
Governmental Activities Business-Type Activities Total
● Governmental activities’ Long-Term Debt decreased $7.1 million due to principal payments made during the year.
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● Governmental activities' subscription liabili ties increased $0.1 million primarily due to the addition of new subscriptions for $1.4 milli on offset by $1.3 million of subscription payments made during the year.
● As of July 1, 2023, the City recorded a prior period adjustm ent to correct the liability related to the Lease Purchase Agreement fo r Series 2014 A&B – Fire Station 8. Please refer to pages 111-113 in the notes to the financial statement - Prior Period Adjustments section.
● Business-type activities’ long-term debt decr eased $14.6 million primarily due to principal payments made during the year.
Statement of Activities
The statement of activities shows how the Ci ty’s net position changed during fiscal year 2023-
24. 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:
2023 2023 2023
2024 As Restated 2024 As Restated 2024 As Restated
Revenues:
Program Revenues:
Charges for Services 49,863 $ 37,758 $ 168,176 $ 156,041 $ 218,039 $ 193,799 $ Operating Grants and Contributions 62,042 46,187 36,873 28,635 98,915 74,822 Capital Grants and Contributions - - 4,629 2,558 4,629 2,558 General Revenues:
Taxes 241,919 225,610 - - 241,919 225,610 Gain on disposition of assets 2 2 59 1,658 61 1,660 Investment income 14,250 757 10,242 2,076 24,492 2,833 Total Revenues 368,076 310,314 219,979 190,968 588,055 501,282 Expenses
General Government 29,314 26,046 - - 29,314 26,046 Public Safety 148,805 132,980 - - 148,805 132,980 Public Works 67,394 59,151 - - 67,394 59,151 Community Development 13,754 10,058 - - 13,754 10,058 Culture, Leisure, and Libraries 21,287 17,401 - - 21,287 17,401 Housing 13,771 10,181 - - 13,771 10,181 Interest on Long-Term Debt 3,307 3,548 - - 3,307 3,548 Wat
er - - 60,545 64,460 60,545 64,460 Wastew ater - - 38,547 37,234 38,547 37,234 Golf Course - - 57,877 50,482 57,877 50,482 Environmental Resources - - 6,789 5,694 6,789 5,694 Oxnard Housing Authority - - 41,397 34,438 41,397 34,438 Total Expenses 297,632 259,365 205,155 192,308 502,787 451,673 Change in Net Position Before Special Items
Contributed Capital, and Transfers 70,444 50,949 14,824 (1,340) 85,268 49,609 Transfers (8,102) (12,082) 8,102 9,728 - (2,354) Change in Net Position 62,342 38,867 22,926 8,388 85,268 47,255 Net Position, July 1 1,937,443 1,874,378 446,296 427,588 2,383,739 2,301,966 Pr ior Per iod A djus tment - 24,198 - 10,320 - 34,518 Net Position, June 30 1,999,785$ 1,937,443$ 469,222$ 446,296$ 2,469,007$ 2,383,739$ (in thousands)
Fiscal Year Ended June 30, 2023
Statement of Activities
Governmental Activities Business-Type Activities Total
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Governmental activities increased the City’s net position $62.3 million compared to the prior fiscal year’s increase of $38.9 million. This is driven by a combination of higher revenues compared to expenses, partially offset by transfers to business-type activities. The key elements of the changes in net position were as follows:
General revenues increased $29.8 million, or 13.2 per cent, mainly due to higher sales tax revenue driven by economic growth, infl ation, and the pres ence of the Amazon distribution center. Additional factors in cluded higher property tax revenues, increased cannabis-related revenues, and greater investm ent income due to higher yields, more securities invested, and increase in the fair market value of the City's investments at fiscal year-end.
Program revenues increased $28 million, or 33.3 percent, driven by an $12 million increase in charges for services, primarily due to higher revenues from licenses, permits, and impact fees associated with new projects and construction, such as apartment units, restaurants, and a new hotel. Additionally, gr ant revenues increas ed by $15.8 million, reflecting departments securing new awar ds and increased spending on grant-funded projects, such as OWTP Reliability Improvement, Edison Cana l Bridge, Housing Encampment Resolution, Afterschool, PLHA, and CDBG Grants. The City also recognized $10.2 million in ARPA funds during this fiscal year compared to $9.6 million in FY23.
The breakdown of governmental revenues by source is shown below:
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Expenses increased by $38.3 million, reflecting higher spending across multiple departments, including General Government, Public Works, and Public Safety. The changes are explained below:
● Public safety expenses increas ed by $15.8 million, driven primarily by increased salaries and benefits resulting from fewer vacancie s, annual salary adjustments per approved MOUs, higher pension liabilitie s, increase costs for professional services and internal support services, and increases to the net pension and compensated absence liabilities.
● General Government expenses increased $3.3 million primarily due to increase contractual services, compensated absences liabilities, and contributions to other agencies, including a $2 million contribution to VTA Family Justice Center. Notably, the increase in expenses also includes a $2 mill ion decrease to the net pension liabilities, reflecting a slight rebound in the CalPERS in vestment portfolio as the stock market continued leveling out.
● Public Works Department's expenses incr eased by $8.2 million, driven primarily by increase in salaries and benefits resulti ng from reduced vacancies, annual salary increases per approved MOUs, as well as increases in contractual services, utility costs, and internal support service costs.
● Culture, leisure and library services expens es increased by $3.9 million primarily due to higher personnel costs driven by increas ed staffing levels and fewer vacancies compared to the prior year, as well as an increase in grant-funded spending.
● Housing department expenses increased by $3.6 million primarily due to increase in grant spending.
● Community Development expenses increased by $3.7 million primarily due to increase in salaries and benefits due to lower vacancies.
.
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The breakdown of governmental expenses by activity is shown below:
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Business-type activities increased the City’s net position by $22.9 million compared to the prior fiscal year’s increase of $8.4 million. Key elements of net position changes from the prior fiscal year were as follows:
● Water’s net position increased by $4.5 million, rising from $145.7 million to $150.1 million, in contrast to a decrease of $6.1 million in the prior year. This increase is primarily due to a net operating income of $7 million, resulting from operating revenues exceeding expenses following the implem entation of newly adopted water rates effective in FY24, partially offset by $2.5 million in non-oper ating expenses and transfers, largely from annual interest payments on long-term debt. The prior year net position was impacted by restatement of $8.2 million for constr uction in progress and $2.2 million for the capitalization of cast iron pipe project, both related to prior year capital expenditures.
● Wastewater’s net position increased by $19.1 million, from $200.1 million to $219.2 million, due to a combination of net operating income of $10. 2 million, timing of capital expenditures for multi-year projects that will be carried over to the next fiscal year, a $7.5 million transfer from grant funds to the wastewater capital fund for the OWTP Reliability Improvement project, and $1.4 million in non-operating income, primarily from investment interest.
● Environmental Resources’ net position decreased by $9.2 million from $21 million to $11.8 million, compared to the prior year decrease of $15.1 million. This decrease was primarily due to operating reve nues lagging behind operati ng expenses, partially offset by non-operating income and transfers, driven by interest on investm ents. On April 16, 2024, Ordinance No. 3043 was approved and adopted by the City Council to establish new solid waste rates and fees for customer use from the City’s Environmental Resources Division. The new rates and fees became effective on July 1, 2024, and are supported by a Cost of Services Study completed by th e City’s Public Works Department. The new rates and fees span a five-year financial plan for the Environmental Resources Enterprise Fund to ensure financial sufficiency, meet o perations and maintenance costs, provide funding for capital replacement, and improve the financial health of the enterprise.
● The Golf Course’s net position increased $0.8 million, from $48.7 million to $49.5 million.
This increase is primarily driven by net operating revenues.
● The Oxnard Housing Authority’s net position increased $7.3 million, from $30.9 million to $38.2 million, compared to the prior fiscal year’s increase of $4.5 million.
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 (80.2 percent), except for the Oxnard Housing Authority Fund, which is primarily funded with operating grants.
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TOTAL
2024 2023
As Restated
2024 2023
As Restated
Assets 152,919 $ 123,662$ 395,541$ 360,010$
TOTAL ASSETS
AND DEFERRED OUTFLOWS 152,919$ 123,662$ 395,541$ 360,010$ Liabilities, Deferred Inflows
and Fund Balance
Liabilities 19,065$ 30,590$ 70,919$ 92,600$
Deferred inflows of resources 1,172 458 62,003 60,076 Total Liabilities
and Deferred Inflows 20,237 31,048 132,922 152,676 Fund Balances
Nonspendable 40 400 48 403
Restricted 5,078 - 111,742 113,608
Committed 54,384 43,631 77,649 44,739
Assigned 57,267 27,812 57,267 27,812
Unassigned 15,913 20,771 15,913 20,772
Total Fund Balances 132,682 92,614 262,619 207,334
TOTAL LIABILITIES, DEFERRED
INFLOWS AND FUND BALANCES 152,919$ 123,662$ 395,541$ 360,010$ * see table on page 22 for all other governmental funds.
FUND FINANCIAL ANALYSIS
As noted earlier, the City uses fund accoun ting to ensure and demonstrate compliance with finance-related legal requirements.
Governmental funds
The focus of the City’s governmental funds is to provide information on near-term inflows, outflows, and balances of spendable resources. Su ch information is useful in assessing the City’s financing requirements. In particular, unassigned fund balance may serve as a useful measure of a government’s net resources available for spending at the end of the fiscal year.
At the close of fiscal year 2023-24, City gov ernmental funds reported a combined ending fund balance of $262.6 million, an increase of $55.3 million during fiscal year 2023-24 when compared to the prior fiscal year fund balance of $207.3 million. This increase was primarily due to increase in fund balances for the General Fund Group by $40.1 million, Development Fee Fund by $10 million, and Non-major Fund by $4.7 million. Fund balance consists of $0.05 million in non- spendable fund balance, $111.7 million in restri cted fund balance, $77.6 million in committed fund balance, $57.3 million in assigned fund balance and $15.9 million in unassigned fund balance. Refer to pages 31-38 for more details on governmental funds.
Governmental Fund Balance S heet Summary
(in th ou sa nd s)
FUND GROUP GOVERNMENTAL FUNDS*
GENERAL
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General Fund Group – Fund Balance Analysis
The General Fund Group’s combined fund balance incr
eased $40.1 million in fiscal year 2023-
2024, reaching $132.7 mill ion, primarily driven by robust sales tax revenues from Amazon distribution center fueled by inflation and econom ic growth, along with an increase in property tax revenues, cannabis tax, and higher investm ent income. The General Fund Group’s fund balance consists of $0.04 million in non-spendable, $5.08 million in restricted fund balance, $27.9 million in funds committed to multi-year capital projects, $26.5 million committed to Measure O eligible services, $20 million assigned to pension per City Council approved action, $37.3 million assigned to operating reserves, and $15.9 million as unassigned.
General Fund Group – Revenue and Expenditure Analysis
General Fund Group Revenues for fiscal year 2023-24 were $265.4 million, an increase of $24.9 million, or 10.3 percent, compared to the prior fiscal year.
Increase
(Decrease) % of Increase
Compared to (Decrease)
Fiscal Year Fiscal Year Prior Fiscal Over Prior
2024 2023 Year Fiscal Year
Taxes
Property Taxes 71,585 $ 67,668 $ 3,917 $ 5.8% Sales Tax 134,508 128,534 5,974 4.6%
Transient Occupancy Tax 5,385 5,271 114 2.2% Business License Tax 7,692 6,677 1,015 15.2% Franchise Tax 4,849 4,934 (85) (1.7%)
Other Taxes 534 680 (146) (21.5%)
Licenses and Permits 5,522 4,274 1,248 29.2% Intergov ernmental 2,485 2,342 143 6.1% Charges for Services 12,931 11,962 969 8.1% Fines and Forfeitures 1,878 2,815 (937) (33.3%) Interest on Inv estments 8,884 (95) 8,979 (9451.6%) Special Assessments 409 350 59 16.9% Miscellaneous 8,753 5,127 3,626 70.7% Total 265,415$ 240,539$ 24,876$ 10.3%
Comparison of General Fund Group Revenues
(in thousands)
● Sales tax revenue increased by $5.9 million, or 4.6 percent, primarily driven by Amazon's distribution center and overall inflation. Also, Cannabis sales tax contributed $0.9 million of this growth, reflecting an increase from two dispensaries operating for six months in FY23 to seven in FY24.
● Property tax revenue increased by $3.9 million, or 5.8 percent, primarily due to growth in assessed property valuation, including supplemental assessments, as well as an increase in residual distribution from the Successor Agency. Median housing price in Oxnard increased by 4.1% compared to FY23.
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● Licenses and Permits and Charges for Services increased by $2.2 million, or 13.7 percent, primarily due to increased building permits and fire inspections attributed to demand in construction activities. Additionally, Business License fees increased by $1 million mainly due to a one-time fee adjustment for Amazon, higher business gross receipts, and the effects of inflation.
● Investment income increased by $9 million, primarily due to a $7.2 million unrealized gain from the fair market value adjustments and a $1.7 million increase in interest earnings. This increase is attributed to a rise in securities held and higher interest rates, with the average yield increasing from 2.43% in FY23 to 2.65% in FY24. ● Miscellaneous revenue rose by $3.6 million, driven by a contribution for Ormond Beach development, restricted for the Ormond Beach public beach park development, contribution to the Harbor Water Quality Mitigation, and a million increase in cannabis revenues, which has been earmarked for improvements to the Colonia Multi-Service Center Building.
General Fund Group Expenditures for fiscal year 2023-24 increased $11.2 million, or 5.8 percent, compared to the prior fiscal year.
Increase
(Decrease) % of Increase
Compared to (Decrease)
Fiscal Year Fiscal Year Prior Fiscal Over Prior
2024 2023 Year Fiscal Year
Current
General Government 23,504$ 21,685$ 1,819$ 8.4% Public Safety 115,626 111,414 4,212 3.8% Public Works 30,163 25,554 4,609 18.0% Community Development 12,620 12,251 369 3.0% Culture, Leisure and Libraries 14,756 13,055 1,701 13.0% Housing 3,022 4,231 (1,209) (28.6%) Capital Outlay 715 1,212 (497) (41.0%) Debt Service
Principal 1,581 1,447 134 9.3% Interest and Fiscal Charges 476 456 20 4.4% Total 202,463$ 191,305 $ 11,158$ 5.8%
Comparison of General Fund Group Expenditures
(in thousands)
● General government expenditures increased $1.8 million or 8.4 percent compared to the prior year, primarily driven by increase in salaries and benefits, contractual services, and IT central support charges.
● Public safety expenditu
res increased $4.2 million, or 3.8 percent, primarily due to higher personnel costs for wages and benefits per the MOUs along with fewer vacancies
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compared to FY23, and rising internal support costs, including fleet, liability insurance, and IT central support.
● Community Development expenditures increas ed by $0.4 million, or 3 percent, mainly due to higher personnel costs in the Buil ding and Engineering Divi sion resulting from fewer vacancies compared to the prior year which was partially offset by lower contractual services.
● Culture Community Services expenditures increased $1.7 million, or 13 percent, primarily due to increase in personnel cost driven by increased staffing and fewer vacancies compared to the prior year, as well as hig her central support service costs, such as facilities, liabilities insurance charges and IT support.
● Public Works expenditures increased by $4.6 million, or 18 percent, primarily due to increase in personnel costs driven by wage adjustments per the MOU, fewer vacancies compared to FY23, additional support for capi tal projects, and the reallocation of the illegal dumping cleanup program from the Environmental Resources Fund to the General Fund. Other contributing factors include a $0.3 million reallocation of the citywide street sweeping program from the Environmental Resources Fund to the General Fund, a $0.9 million rise in costs to meet the state’s prevailing wage mandate, a $0.95 million increase in internal central support services such as facilities and liability insurance, and a $0.6 million increase in utility costs.
● Housing expenditures decreased by $1.2 mill ion, or 28.6 percent, primarily due to reduced contractual services for Measure O homeless programs, which were one-time costs in the prior year.
Other Governmental Funds
2024 2023 2024 2023 2024 2023
As R estated
2024 2023 2024 2023
As R estated
2024 2023
Assets 37,362 $ 37,084 $ 82,075 $ 71,524 $ 54,159 $ 60,111 $ 7,135$ 10,362 $ 61,892 $ 57,266 $ 242,623 $ 236,347 $
TOTAL ASSE TS
AND DEFERRED OUTFLOWS 37,362$ 37,084 $ 82,075 $ 71,524 $ 54,159 $ 60,111$ 7,135$ 10,362 $ 61,892 $ 57,266 $ 242,623 $ 236,347 $ Liabilities, Deferred Inflow s
and Fund Balance
Liabilities 11$ 10 $ 5,037$ 4,854 $ 37,590$ 53,933$ 6,027$ 9,254 $ 3,189 $ (6,043)$ 51,854$ 62,009$ Deferred inflow s of resources 33,563 33,628 11,233 10,846 15,826 5,664 - - 209 9,480 60,831 59,618 Total Liabilities
and Deferred Inflows 33,574 33,638 16,270 15,700 53,416 59,597 6,027 9,254 3,398 3,437 112,685 121,627 Fund Balances
Nonspendable - - - - - - - - 8 4 8 4 Restricted 3,788 3,446 65,805 55,824 743 514 - - 58,486 53,825 128,822 113,608 C
ommitted - - - - - - 1,108 1,108 - - 1,108 1,108 Unassigned - - - - - - - - - - - - Total Fund Balances 3,788 3,446 65,805 55,824 743 514 1,108 1,108 58,494 53,829 129,938 114,720
TOTAL LIABILITIE S, DE FE RRE D
INFLOWS AND FUND BALANCES 37,362$ 37,084 $ 82,075 $ 71,524 $ 54,159 $ 60,111$ 7,135$ 10,362 $ 61,892 $ 57,266 $ 242,623 $ 236,347 $ Other Governmental Funds Balance Sheet Summary
(in thousands)
AFFOR D ABLE
HOUSING
DEV ELOPMENT
FEES
CA PITA L
IMPROV EMENT FUND
OTHER
GOVE R N M E N TAL
STATE AN D FE D E R AL
GRANTS FUND TOTAL
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Affordable Housing
The Affordable Housing Fund balance increased by $0.3 million compared to the prior year, primarily due to an increase in fair market va lue adjustments, interest income, and residual receipts from developer notes.
Development Fees Fund
The Development Fees Fund acc ounts for development fees that 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 balance increased by $10 million, compared to the prior year’s increase of $0.3 million. This increase was primarily driven by revenues from new projects and construction,
including apartment units, restaurants, and a new hotel, as well as an unrealized gain from fair market value adjustments and increased interest earnings.
State and Federal Grants Fund
The State and Federal Grants Fund balance increased during the current year by approximately $0.2 million due to revenue recognition associated wi th the prior year's spending related to the State program for gang violence suppression.
Capital Improvement Fund
The Capital Improvement Fund captures all capital-related projects for governmental funds and has been identified as a major fund beginning in FY23. In fiscal year 2023-2024, Capital Improvement Fund expenditures totaled $35 million, reflecting a $8.7 million decrease compared to prior year’s expenditures of $43.4 million. The FY24 expenditures includes $12.6 million for neighborhood and alleyway resurfacing, $3.3 million for ERP implementation, $4.3 million for the Mandalay Bay Channel Island bridge and Ed ison Canal, $3.3 million for Police Radio Communication upgrade, $3.1 million for traffic signals, $1.4 million for the aquatic center, $1.3 million for roof replacements, and $0.8 million for parks, play ground replacements, and public restroom im
provements.
Nonmajor Governmental Funds
The Nonmajor Governmental Fund balance increased by approximately $4.7 million during the year. This increase was primarily due to a one-time General Fund transfer to the Gas Tax Fund approved by City Council June 4 th 2024, and net operating income generated by the CUPA Funds.
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Proprietary Funds
The City’s proprietary funds financial statements provide the same type of information found in the government-wide financial statements for business-type activities with greater detail.
Details on the net positions for the Water, Wastewater, Environmental Resources, and Oxnard Housing Authority funds are provided below:
Current Change Prior Period Total Change
Net Position in Net Position Adjustment In Net Position Water 150,117 $ 4,456 $ 10,031 $ 14,487 $ Wastewater 219,236 19,096 289 19,385 Environmental Resources 11,785 (9,230) - (9,230) Golf Course 49,499 751 - 751 Oxnard Housing Authority 38,180 7,278 - 7,278 Totals 468,817$ 22,351$ 10,320$ 32,671$ City of Oxnard
Proprietary Funds
June 30, 2024
(in thousands)
Please refer to the business- type activities discussion on pages 17-18 for analysis of the changes in these funds. Proprietary financial statements can be found on pages 39-48.
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BUDGETARY HIGHLIGHTS
General Fund Group
The General Fund Group budget and actual r eport can be found on pages 157. The $30.8 million change in the General Fund Group fund balance between the original and final budget is the result of City Council-approved budget adjus tments. Major differ ences are highlighted below:
Variance
With Final
Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues
Taxes
Property Taxes 68,746 $ 68,746 $ 71,585 $ 2,839$
Sales Tax 128,841 128,841 134,508 5,667
Transient Occupancy Tax 5,460 5,460 5,385 (75) Business License Tax 6,500 6,500 7,692 1,192 Franchise Tax 4,787 4,787 4,849 62
Other Taxes 703 703 534 (169) Licenses and Permits 4,372 4,372 5,522 1,150 Intergovernmental 2,427 2,589 2,485 (104) Charges for Services 12,820 12,820 12,931 111 Fines and Forfeitures 2,502 2,502 1,878 (624) Investment income 1,092 1,092 8,884 7,792 Special Assessments 332 332 408 76 Miscellaneous 3,508 6,828 8,753 1,925 Total Revenues 242,090 245,572 265,414 19,842
E xpenditures
Current
General Government 26,646 26,373 23,504 2,869 Public Safety 113,267 114,353 115,626 (1,273)
Public Works 31,096 35,789 30,163 5,626
Community Development 15,872 16,442 12,620 3,822 Culture, Leisure and Library Services 15,485 15,792 14, 756 1,036 Housing 4,463 5,492 3,022 2,470
Capital Outlay 465 768 715 53 Debt Service
Pr inc ipal 920 920 1,581 (661) Interest and Fiscal Charges 431 431 476 (45) Total E xpenditures 208,645 216,360 202,463 13,897 E xcess of R evenues O ver/(U nder)
E xpenditures 33,445 29,212 62,951 33,739
Other Financing Sources/(Uses)
Proceeds from sale of assets - - - - Inception of subscription liabilities - - 222 222 Transfer from fiduciary fund - - - - Net Transfers (37,985) (64,530) (23,106) 41,425 Total Other Financing Sources/(Uses) (37,985) (64,530) (22,884) 41,647 Net Change in Fund Balance (4,540)$ (35,318)$ 40,067 $ 75,386 $ General Fund Group Budget and Actual
(in thousands)
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General Fund Group Revenues were $19.8 million, or 8.1 percent, higher than final budget as a result of combination of higher than antici pated sales and property tax revenue along with higher investment income.
● Sales tax revenues were $5.7 million higher than both original and final budget primarily driven by presence of the Amazon distribution center, and overall inflation.
● Property taxes were $2.8 million higher than both original and final budget due to greater than anticipated growth in assessed proper ty valuation, including supplemental assessments, as well as an increase in residual distribution from the successor agency.
● Investment income was $7.8 million higher than both original and final budget primarily due to unrealized gain related to fair market value adjustment, increase in securities invested and higher interest rates.
● License and Permit revenue were $1.2 million higher than both original and final budget primarily due to increase in building permits and fire inspections. Additionally, Business License Fee revenue was $1.2 million higher than projections, due to higher business gross receipts, and the effects of inflation.
General Fund Group Expenditures were $13.9 million, or 6.4 percent, lower than final budget as a result of the following:
● General Government expendit ures were $2.9 million lower than budget primarily due to vacancy savings and lower contractual spending.
● Public Safety expenditures exceeded the budget by $1.3 million, primarily due to higher personnel costs as the Fire Department could not achieve the anticipated salary savings because of staffing needs and mutual aid assistance, with Police overtime partially offset by unrealized vacancy savings.
● Public Works cost were $5.6 million lo wer than budget primarily lower contractual spending and multi-year projects that will be carried over to the next fiscal year.
● Community Development expenditures were $3.8 million lower than budget primarily due to lower spending on planning and building engineering consultant plan check services, deferred spending on multi-year General Plan Maintenance proj ects that will be carried over to the following fiscal year.
● Culture, Leisure and Library Services ex penditures were $1 million lower than budget primarily due to vacancy savings and lower contractual spending.
● Housing expenditures were $2.5 million lo wer than budget primarily due to vacancy savings, lower contractual spending, and t he timing of multi-year Homeless programs expenditures, which will be carried over to the following fiscal year.
● The Debt Service actuals include entries related to GASB 96 subscriptions, which are offset by current-year actual expenditures and other financing sources/uses.
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ECONOMIC AND LEGAL FACTORS
The local economy in the City of Oxnard has continued its trajectory of growth since its recovery from the pandemic, largely driven by higher sales tax, particularly Bradley Burns, and property tax revenues. High consumer confidence, str onger consumer spending, increased of demand for goods and services continues to expand ec onomic growth, along wi th higher inflation resulting in the City ending the fiscal year in higher positive financial position. The expansion of new businesses and development, such as new commercial and apartment home units and expansion of Amazon Warehouse Distribution Center, continue growth of the General Fund revenue base for the two main sources of General Fund revenue – sales tax and property. Sales tax, including Measure E, is the City’s larges t General Fund revenue source with revenues of $134.5 million, an increase of 4.6 percent over the prior fiscal year. Property tax is the second largest with revenues of $71.6 million, an increase of 5.8 percent over the prior fiscal year.
On the expenditure side, spending is below budget. Like many California cities, pension costs, forecasted retirement benefits, health costs, and worker’s compensation remain a concern and will be addressed in future budget. It is expected that annual increases in labor costs, particularly for pensions and healthcare benefits, will continue to outstrip revenue growth in most funds. The City does benefit from a public safety property tax established by voters in 1951, which provide relieves of fiscal burden on the General Fund imposed by rising pension costs.
The continued growth of major revenues and prudent fiscal practices have contributed to stronger reserves for the Gener al Fund group. In the Adopt ed Budget of 2023-2024, the City Council established a General Fund minimum operating reserve of 13% with annual one percent increments beginning in FY2023-24 to meet a target of 16.6% by FY 2027-28. Subsequently, the City Council accelerated the timeline of the endeavor to maintain the 16.6% General Fund unrestricted operating reserve fund balance from FY 2024-25 to FY2027-28.
While most local taxes showed strong performance in FY2023-24, economic uncertainty remains high, as local government may be faced with federal and state cut backs with the new incoming Federal administration, homelessness crisis and climate change may put further strain on City resources, and inflation and high interest rate s continue to affect consumer behavior.
Additionally, the City will enter into new labor negotiation, starting with OPOA prior to beginning of FY 2024-25, and the rest of the bargaining units in the coming fiscal years.
Several ongoing lawsuits could affe ct the City’s finances. The status of each is described on pages 140-142.
CONTACTING THE CITY'S FINANCIAL MANAGEMENT
This financial report is designed to provide elected officials, residents, 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.
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STATEMENT OF NET POSITION
JUNE 30, 2024
The accompanying notes are an integral part of the financial statements. -28-
Governmental Business-type
Activities Activities Total
ASSETS
Current Assets
Cash and investments 290,251,544$ 174,736,888 $ 464,988,432 $ Accounts and other receivables (net of allow ance for doubtful accounts) 6,128,187 21,481,366 27,609,553 Internal balances 248,959 (273,437) (24,478) Due from other governments 51,905,360 - 51,905,360 Due from fiduciary fund 15 - 15 Other assets 151,739 1,306,127 1,457,866 Total Current Assets 348,685,804 197,250,944 545,936,748 Noncurrent Assets
Lease receivable 985,843 - 985,843 Pr operties held for resale 570,000 - 570,000 Notes receivable (net of allow ance for doubtful accounts) 67,846,413 3,865,106 71,711,519 Restricted: Investments w ith fiscal agents 10,920,559 15,602,369 26,522,928 Capital assets not being depreciated 1,475,107,539 123,724,567 1,598,832,106 Capital assets, net of accumulated depreciation 559,270,492 468,556,406 1,027,826,898 Total Noncurrent Assets 2,114,700,846 611,748,448 2,726,449,294 Total Assets 2,463,386,650 808,999,392 3,272,386,042
DEFERRED OUTFLOW OF RESOURCES
Deferred amount on refunding 2,141,766 1,958,182 4,099,948 Deferred outflow on pension plans 94,671,409 18,309,876 112,981,285 Deferred outflow on other post-employment benefit plan (OPEB) 21,624,156 5,974,064 27,598,220 Total Deferred Outflow of Resources 118,437,331 26,242,122 144,679,453
LIABILITIES
Current Liabilities
Accounts payable 21,101,262 18,766,122 39,867,384 Other current liabilities 13,679,127 5,542,455 19,221,582 Unearned revenues 32,139,246 92,779 32,232,025 Compensated absences payable - current 15,925,401 3,189,816 19,115,217 Other post-employment benefits payable - current 680,866 148,014 828,880 Self insurance claims - current 10,025,475 - 10,025,475 Notes payable - current 23,603 269,710 293,313 Subscription liabilities - current 1,274,764 12,458 1,287,222 Lease purchase and revenue bonds - current 7,019,688 13,614,644 20,634,332 Total Current Liabilities 101,869,432 41,635,998 143,505,430 Noncurrent Liabilities
Compensated absences payable 2,179,172 836,657 3,015,829 Net pension liabilities 277,540,697 69,018,683 346,559,380 Other post-employment benefits payable 55,140,369 15,273,612 70,413,981 Self-insurance claims 37,860,150 - 37,860,150 Other noncurrent liabilities - 383,110 383,110 Subscription lliabilities 960,339 - 960,339 Notes payable - 212,740 212,740 Lease purchase and revenue bonds, net of premiums and discount 82,836,933 234,804,743 317,641,676 Total Noncurrent Liabilities 456,517,660 320,529,545 777,047,205 Total Liabilities 558,387,092 362,165,543 920,552,635
DEFERRED INFLOW OF RESOURCES
Deferred inflow on pension plans 10,747,541 692,549 11,440,090 Deferred inflow on other post-employment benefit plan (OPEB) 11,441,259 3,160,855 14,602,114 Deferred gain on refunding 521,284 - 521,284 Deferred inflow on leases 940,841 - 940,841 Total Deferred Inflow of Resources 23,650,925 3,853,404 27,504,329
NE T POSITION
Net investment in capital assets 1,953,421,408 349,626,489 2,303,047,897 R estricted for:
Debt service 6,246,609 19,148,412 25,395,021 Housing 3,788,089 69,156 3,857,245 Maintenance districts 11,030,058 - 11,030,058 Public safety 4,541,274 - 4,541,274 Public w orks - transportation 6,618,910 - 6,618,910 Infrastructure 79,026,729 44,364,859 123,391,588 Grants 490,730 - 490,730 Unrestricted (65,377,843) 56,013,651 (9,364,192) TOTAL NE T POSITION 1,999,785,964$ 469,222,567 $ 2,469,008,531 $
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STATEMENT OF ACTIVITIES
FOR THE YEAR ENDED JUNE 30, 2024
The accompanying notes are an integral part of the financial statements. -29-
Program Revenues
Operating Capital Grants
Charges for Grants and and
Functions/Programs Expenses Services Contributions Contributions
PRIMARY GOVERNMENT
Governmental Activities
General government 29,314,458$ 15,831,816$ 24,052,363$ -$ Public safety 148,804,588 4,627,668 4,446,922 - Public w orks 67,393,789 14,240,335 16,264,351 - Community development 13,753,751 13,247,370 234,947 - Culture, leisure and libraries 21,286,555 1,282,763 6,326,608 - Housing 13,771,438 632,953 10,717,205 - Interest on long-term debt 3,307,188 - - - Total Governmental Activities 297,631,767 49,862,905 62,042,396 - Business-Type Activities
Water 60,545,102 61,092,764 - - Wastew ater 38,547,260 45,676,124 - - Environmental Resources 57,876,616 47,859,745 - - Golf Course 6,788,868 7,538,015 - - Oxnard Housing Authority 41,397,196 6,008,965 36,872,771 4,628,539 Total Business-Type Activities 205,155,042 168,175,613 36,872,771 4,628,539 TOTAL PRIMARY GOVE RNME NT 502,786,809$ 218,038,518 $ 98,915,167 $ 4,628,539 $
GENERAL REV ENUES
Taxes
Property tax
Sales tax
Transient occupancy tax
Franchise tax
Deed transfer tax
Business license tax
Penalties and interest
Gain on disposition of assets
I nvestm ent incom e
TRANSFE RS
CHANGE IN NET POSITION
NET POSITION - JULY 1, AS PREVIOUSLY STATED
REST AT EM ENT FOR CORREC T ION OF AN ERROR
NE T POSITION, JULY 1, RE STATE D
NET POSITION - JUNE 30
Total General Revenues, Contributed Capital, and Transfers
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Net (Expenses) Revenues and
Changes in Net Position
Primary Government
Governmental Business-type
Activities Activities Total Functions/Programs
PRIMARY GOVERNMENT
Governmental Activities
10,569,721$ - $ 10,569,721$ General government (139,729,998) - (139,729,998) Public safety (36,889,103) - (36,889,103) Public w orks (271,434) - (271,434) Community development (13,677,184) - (13,677,184) Culture, leisure and libraries (2,421,280) - (2,421,280) Housing (3,307,188) - (3,307,188) Interest on long-term debt (185,726,466) - (185,726,466) Total Governmental Activities B usiness-Type Activities
- 547,662 547,662 Water - 7,128,864 7,128,864 Wastew ater - (10,016,871) (10,016,871) Environmental resources - 749,147 749,147 Golf Course - 6,113,079 6,113,079 Oxnard Housing Authority - 4,521,881 4,521,881 Total Business-Type Activities (185,726,466) 4,521,881 (181,204,585) TOTAL PRIMARY GOVE RNME NT
GENERAL REV ENUES
Taxes
88,396,161 - 88,396,161 Property tax 134,507,792 - 134,507,792 Sales tax 5,384,870 - 5,384,870 Transient occupancy tax 5,173,575 - 5,173,575 Franchise tax 533,889 - 533,889 Deed transfer tax 7,691,735 - 7,691,735 Business license tax 231,024 - 231,024 Penalties and interest 1,994 58,928 60,922 Gain on disposition of assets 14,249,759 10,243,030 24,492,789 Investment income (8,102,197) 8,102,197 - TRANSFE RS 248,068,602 18,404,155 266,472,757 Total General Revenues, Contributed Capital, and Transfers 62,342,136 22,926,036 85,268,172 CHANGE IN NET POSITION 1,913,245,699 435,976,194 2,349,221,893 NE T POSITION - JULY 1, AS PRE VIOUSLY STATE D 24,198,129 10,320,337 34,518,466 RESTATEM ENT FOR CORRECTION OF AN ERROR 1,937,443,828 446,296,531 2,383,740,359 NE T POSITION, JULY 1, RE STATE D 1,999,785,964$ 469,222,567 $ 2,469,008,531$ NET POSITION - JUNE 30
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BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2024
The accompanying notes are an integral part of the financial statements. -31-
DEVELOPMENT
AFFORDABLE FEES
GENERAL HOUSING FUND
ASSETS
Cash and investments 117,475,849$ 3,766,076 $ 70,316,204 $ Restricted investments with fiscal agents 1,388,712 - - Accounts and other receivables 4,885,815 33,339 525,898 Due from other funds 2,225,101 - - Due from other government 25,731,252 - - Prepaid expenses 3,000 - - Lease receivable 768,943 - - Notes receivable 439,921 33,562,550 11,232,828 Total Assets 152,918,593$ 37,361,965 $ 82,074,930 $
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES
LIABILITIES
Accounts payable 8,365,681$ 11,138$ 767,197$ Other liabilities 8,316,803 188 4,269,584 Due to other funds 2,174,635 - - Unearned revenues 207,704 - - Total Liabilities 19,064,823 11,326 5,036,781
DEFERRED INFLOW OF RESOURCES
Deferred inflow on loans 439,921 33,562,550 11,232,828 Deferred inflow on leases 731,979 - - Total Deferred Inflow of Resources 1,171,900 33,562,550 11,232,828 Total Liabilities and Deferred Inflows of Resources 20,236,723$ 33,573,876 $ 16,269,609 $
FUND BALANCES
Nonspendable
Prepaid expenses 3,000$ - $ - $ Lease receivable, net 36,964 - - Restricted for:
Debt service 1,388,712 - - Housing - 3,788,089 - Maintenance districts - - - Public safety - - - Public works - transportation - - - Infrastructure development 3,689,632 - 65,805,321 Grants - - - Committed to:
Measure "O" eligible services 26,455,363 - - Capital/multi-year projects 27,928,693 - - Streets and traffic improvements/maintenance - - - Assigned to:
Operating reserves 37,266,695 - - Pension 20,000,000
Unassigned 15,912,811 - - Total Fund Balances 132,681,870 3,788,089 65,805,321 TOTAL LIABILITIES, DEFERRED INFOWS, AND FUND BALANCES 152,918,593$ 37,361,965 $ 82,074,930 $
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STATE AND CAPITAL
FEDERAL IMPROVEMENT TOTAL
GRANTS FUND FUND NONMAJOR GOVERNMENT
ASSETS
2,021,747$ 7,135,206 $ 49,489,384 $ 250,204,466 $ Cash and investments - - 9,531,847 10,920,559 Restricted investments with fiscal agents 10,079 - 667,661 6,122,792 Accounts and other receivables 12,112,262 - - 14,337,363 Due from other funds 24,188,181 - 1,985,927 51,905,360 Due from other government - - - 3,000 Prepaid expenses - - 216,900 985,843 Lease receivable 15,826,448 - - 61,061,747 Notes receivable 54,158,717$ 7,135,206 $ 61,891,719 $ 395,541,130 $ Total Assets
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES
LIABILITIES
1,920,685$ 6,027,463$ 1,252,050$ 18,344,214$ Accounts payable 114,645 - 311,101 13,012,321 Other liabilities 12,112,262 - 50,466 14,337,363 Due to other funds 23,441,936 - 1,575,626 25,225,266 Unearned revenues 37,589,528 6,027,463 3,189,243 70,919,164 Total Liabilities
DEFERRED INFLOW OF RESOURCES
15,826,449 - - 61,061,748 Deferred inflow on loans - - 208,862 940,841 Deferred inflow on leases 15,826,449 - 208,862 62,002,589 Total Deferred Inflow of Resources 53,415,977$ 6,027,463 $ 3,398,105 $ 132,921,753$ Total Liabilities and Deferred Inflows of Resources
FUND BALANCES
Nonspendable
-$ -$ - $ 3,000$ Prepaid expenses - - 8,038 45,002 Lease receivable, net Restricted for:
- - 4,857,897 6,246,609 Debt service - - - 3,788,089 Housing - - 11,030,058 11,030,058 Maintenance districts 252,010 - 4,289,264 4,541,274 Public safety - - 6,618,910 6,618,910 Public works - transportation - - 9,531,776 79,026,729 Infrastructure development 490,730 - - 490,730 Grants Committed to:
- - - 26,455,363 Measure "O" eligible services - 1,107,743 22,157,670 51,194,106 Capital/multi-year projects - - - - Streets and traffic improvements/maintenance Assigned to:
- - - 37,266,695 Operating reserves 20,000,000 Pension
- - 1 15,912,812 Unassigned 742,740 1,107,743 58,493,614 262,619,377 Total Fund Balances 54,158,717$ 7,135,206 $ 61,891,719 $ 395,541,130 $ TOTAL LIABILITIES, DEFERRED INFOWS, AND FUND BALANCES
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60 CITY OF OXNARD, CALIFORNIA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
JUNE 30, 2024
The accompanying notes are an integral part of the financial statements. -34-
Fund balances of governmental funds 262,619,377$
Amounts reported for governmental activities in the Statement of Net Position are different because:
Accounts receivable and other assets not reported in the governmental funds 148,739 Land held for resale is not reported in the governmental funds 570,000 Capital assets of $2,463,750,471 net of accumulated depreciation ($432,205,726) are not financial resources and, therefore, are not reported in the governmental funds. 2,031,544,745 Deferred outflows for the following are not reported in the governmental funds:
Deferred loss on refunding 2,141,766$
Deferred outflow on pension and OPEB plans 109,874,904 112,016,670 Accrued interest payable for the current portion of interest due on long-term liabilities has not been reported in the governmental funds. (414,234) 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. 60,932,434
Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the governmental funds:
Subscription liabilities (745,037)
Compensated absences (17,301,340)
Notes payable (23,603)
Other post-employment liability (50,461,589)
Net pension liabilities (261,160,095)
Leases and bonds payable, net of issuance discounts,
issuance premium and prepaid insurance (89,856,621)
(419,548,285)
Deferred inflows for the following are not reported in the governmental funds Deferred gain on refunding (521,284)
Deferred inflow on pension and OPEB plans (20,905,839) (21,427,123) Internal service funds are used by management to charge the costs of certain activities, such as insurance, information services, facilities, and equipment maintenance. The assets and liabilities of the internal service funds are included in the government activities in the statement of net position. Amounts are net of internal payable representing charges in excess of cost to business-type activities. (26,656,359)
NET POSITION OF GOVERNMENTAL ACTIVITIES 1,999,785,964$
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STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
The accompanying notes are an integral part of the financial statements. -35-
AFFORDABLE DEVELOPMENT
GENERAL HOUSING FEE FUND
REVENUES
Taxes 224,552,541 $ - $ - $ Licenses and permits 5,522,267 - - Intergovernmental 2,484,758 76,083 - Growth and development fees - - 10,387,136 Charges for services 12,931,131 - - Fines and forfeitures 1,877,639 - - Investment income (loss) 8,883,767 216,889 3,084,340 Special assessments 408,937 - - Miscellaneous 8,752,865 86,387 203,929 Total Revenues 265,413,905 379,359 13,675,405
EXPENDITURES
Current
General government 23,503,539 - 17,682 Public safety 115,625,620 - - Public works 30,163,448 - 9,756 Community development 12,619,822 - 353,948 Culture, leisure and libraries 14,756,101 - 1,116 Housing 3,021,941 36,833 1,222,726 Capital Outlay 714,895 - - Debt Service
Principal 1,581,460 - - Interest and fiscal charges 476,048 - - Total Expenditures 202,462,874 36,833 1,605,228
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 62,951,031 342,526 12,070,177
OTHER FINANCING SOURCES (USES)
Inception of subscription-based IT arrangements 221,832 - - Transfers in from other funds 2,793,356 - 9,946,964 Transfers out to other funds (25,898,832) - (12,035,595) Total Other F inancing Sources (Uses) (22,883,644) - (2,088,631) NET CHANGE IN FUND BALANCES 40,067,387 342,526 9,981,546 FUND BALANCES, JULY 1 91,230,310 3,445,563 55,823,775 RESTATEMENT FOR CORRECTION OF AN ERROR 1,384,173 - - FUND BALANCES, JULY 1, AS RESTATED 92,614,483 3,445,563 55,823,775 FUND BALANCES, JUNE 30 132,681,870$ 3,788,089 $ 65,805,321 $
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STATE AND CAPITAL
FEDERAL IMPROVEMENT TOTAL
GRANTS FUND FUND NONMAJOR GOVERNMENTAL
REVENUES
-$ - $ 17,135,481$ 241,688,022 $ Taxes - - 1,190,081 6,712,348 Licenses and permits 47,547,471 - 11,934,084 62,042,396 Intergovernmental - - - 10,387,136 Growth and development fees - - 586,562 13,517,693 Charges for services - - 125,000 2,002,639 Fines and forfeitures 50,714 - 2,014,049 14,249,759 Investment income (loss) - - 7,088,620 7,497,557 Special assessments 6,696 - 393,357 9,443,234 Miscellaneous 47,604,881 - 40,467,234 367,540,784 Total Revenues
EXPENDITURES
Current
301,012 - 2,168,288 25,990,521 General government 3,088,741 - 18,437,380 137,151,741 Public safety 1,105,122 - 14,442,548 45,720,874 Public works 286,680 - - 13,260,450 Community development 5,375,041 - - 20,132,258 Culture, leisure and libraries 10,861,193 - 6,256 15,148,949 Housing 123,437 34,978,607 122,889 35,939,828 Capital Outlay Debt Service
19,035 - 5,862,020 7,462,515 Principal 565 - 3,194,574 3,671,187 Interest and fiscal charges 21,160,826 34,978,607 44,233,955 304,478,323 Total Expenditures
EXCESS OF REVENUES OVER (UNDER)
26,444,055 (34,978,607) (3,766,721) 63,062,461 EXPENDITURES
OTHER FINANCING SOURCES (USES)
- - - 221,832 Inception of subscription-based IT arrangements 113,703 34,978,608 20,573,671 68,406,302 Transfers in from other funds (26,328,648) - (12,142,438) (76,405,513) Transfers out to other funds (26,214,945) 34,978,608 8,431,233 (7,777,379) Total Other F inancing Sources (Uses) 229,110 1 4,664,512 55,285,082 NET CHANGE IN FUND BALANCES 306,542 1,107,742 54,036,190 205,950,122 FUND BALANCES, JULY 1 207,088 - (207,088) 1,384,173 RESTATEMENT FOR CORRECTION OF AN ERROR 513,630 1,107,742 53,829,102 207,334,295 FUND BALANCES, JULY 1, AS RESTATED 742,740$ 1,107,743 $ 58,493,614 $ 262,619,377 $ FUND BALANCES, JUNE 30
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64 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, 2024
The accompanying notes are an integral part of the financial statements. -38-
Net Change in Fund Balances - Total Governmental Funds 55,285,082$ Amounts reported for governmental activities in the statement of activities are different because:
Governmental funds report capital outlays as expenditures. However, in the statement of 8,502,485
Revenues in the statement of activities that do not provide current financial resources are not reported as revenues in the governmental funds.
Change in accounts and notes receivables 1,565,136
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 379,526
Change in compensated absenses (1,059,106)
Change in pension and OPEB liabilities, deferred outflows and inflows (10,637,665) The issuance of long-term debt provides current financial resources to governmental funds, Issuance of long-term debt (221,832)
Subscription expense 262,497
Total principal repayments 7,446,988
Net income of internal service funds is reported with governmental activ ities. 819,025
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 62,342,136$ 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 and amortization expense ($26,491,479) is less than capital outlay ($34,993,964) that was capitalized in the current period.
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65 CITY OF OXNARD, CALIFORNIA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2024
The accompanying notes are an integral part of the financial statements. -39-
ENVIRONMENTAL
WATER WASTEWATER RESOURCES
ASSETS
Current Assets
Cash and investments 55,815,222$ 76,543,908 $ 15,506,898 $ Restricted investments with fiscal agent 13,277,771 3,136 - Accounts and other receivable (net of allowance for doubtful accounts) 7,870,150 6,042,633 5,902,960 Due from other funds 298,414 17,769,097 - Due from fiduciary fund - - - Other assets 123,465 202,663 - Total Current Assets 77,385,022 100,561,437 21,409,858 Noncurrent Assets
Notes receivable (net of allowance for doubtful accounts) - 743,700 - Advances to other funds 153,456 - - Total Noncurrent Assets 153,456 743,700 - Capital Assets
Land 1,960,229 2,310,476 3,851,164 Construction in progress 32,178,839 38,549,221 2,251,491 Buildings and improvements 63,971,156 131,480,620 24,362,826 Machinery, equipment and vehicles 55,911,354 45,236,946 26,636,368 Infrastructure 239,085,158 202,485,713 2,839,837 Intangible assets 35,594 - - Less: Accumulated depreciation (135,503,907) (182,713,928) (29,881,371) Total Capital Assets (net of accumulated depreciation) 257,638,423 237,349,048 30,060,315 Total Assets 335,176,901 338,654,185 51,470,173
DEFERRED OUTFLOW OF RESOURCES
Deferred amount on refunding 1,681,745 276,437 - Deferred outflow on pension plans 3,734,866 4,421,982 7,889,610 Deferred outflow on other post-employment benefit plan 1,077,290 1,802,013 1,821,600 Total Deferred Outflow of Resources 6,493,901 6,500,432 9,711,210
LIABILITIES
Current Liabilities
Accounts payable 9,298,128 5,161,142 2,470,095 Other current liabilities 2,464,886 579,800 1,425,859 Due to other funds 149,428 17,769,097 - Deferred revenue - 2,900 - Compensated absences payable - current 602,820 734,280 1,559,592 Other post-employment benefits payable - current 33,920 56,738 57,356 Self-insurance claims - current - - - Subscription liabilities - current 12,458 - - Note payable - current - - - Lease purchase and revenue bonds - current 5,803,916 5,830,000 1,980,728 Total Current Liabilities 18,365,556 30,133,957 7,493,630 Noncurrent Liabilities
Advances from other funds - - - Other noncurrent liabilities 103,270 - - Compensated absences payable 88,364 107,634 228,612 Other post-employment benefits payable 2,747,029 4,595,031 4,644,976 Net pension liabilities 14,076,956 16,667,672 29,737,681 Self-insurance claims - - - Subscription liabilities - - - Note payable - - - Lease purchase and revenue bonds, net of current portion and discount/premium 155,467,998 73,297,641 6,039,104 Total Noncurrent Liabilities 172,483,617 94,667,978 40,650,373 Total Liabilities 190,849,173$ 124,801,935 $ 48,144,003 $
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OXNA RD TOTA L INTERNA L
GOLF HOUSING CURREN T SERVICE
COURSE AU TH OR I TY YE AR FUNDS
ASSETS
Current Assets
6,646,192$ 20,224,668 $ 174,736,888 $ 40,047,078 $ Cash and investments - 2,321,462 15,602,369 - Restricted investments w ith fiscal a gent 74,081 1,591,542 21,481,366 5,395 Accounts and other receivable (net of allow ance for doubtful accounts) - - 18,067,511 - Due from other funds - - - 15 Due from fiduciar y fund 885,460 94,539 1,306,127 - Other assets 7,605,733 24,232,211 231,194,261 40,052,488 Total Current Assets N oncurrent Assets
- 3,121,406 3,865,106 - Notes receivable (net of allow ance for doubtful accounts) - - 153,456 654,808 Advances to other funds - 3,121,406 4,018,562 654,808 Total N oncurrent Assets Ca
pital Assets
28,117,344 11,242,276 47,481,489 - Land 110,373 3,153,154 76,243,078 420,742 Construction in progress 29,381,198 45,373,815 294,569,615 435,410 Buildin gs and improvements 26,729 2,010,726 129,822,123 6,864,270 Machiner y, equipment and vehicles - - 444,410,708 - Infrastructure - - 35,594 2,579,673 Intan gible assets (15,030,072) (37,152,356) (400,281,634) (7,466,809) Less: Accumulated depreciation 42,605,572 24,627,615 592,280,973 2,833,286 Total Capital Assets (net of accumulated depreciation) 50,211,305 51,981,232 827,493,796 43,540,582 Total Assets
DEFERRED OUTFLOW OF RESOURCES
- - 1,958,182 - Deferred amount on refundin g 15,134 2,248,284 18,309,876 4,344,431 Deferred outflow on pension plans - 1,273,161 5,974,064 2,076,230 Deferred outflow on other post-employment benefit plan 15,134 3,521,445 26,242,122 6,420,661 Total Deferred Outflow of Resources
LIABILITIES
Current Liabilities
363,603 1,473,154 18,766,122 2,757,048 Accounts payable 562 1,071,348 5,542,455 252,572 Other current liabilities 148,986 - 18,067,511 - Due to other funds - 89,879 92,779 - Deferred revenue 3,083 290,041 3,189,816 700,544 Compensated absences payable - current - - 148,014 65,375 Other post-employment benefits payable - current - - - 10,025,475 Self-insurance claims - current - - 12,458 682,119 Subscription liabilities - current - 269,710 269,710 - Note payable - current - - 13,614,644 - Lease purchase and revenue bonds - current 516,234 3,194,132 59,703,509 14,483,133 Total Current Liabilities Noncurrent Liabilities
153,455 679,287 832,742 - Advances from other funds - 279,840 383,110 - Other noncurrent liab ilities 452 411,595 836,657 102,689 Compensated absences payable - 3,286,576 15,273,612 5,294,271 Other post-employment benefits payable 56,976 8,479,398 69,018,683 16,380,602 Net pension liabilities - - - 37,860,150 Self-insurance claims - - - 807,947 Subscription liabilities - 212,740 212,740 - Note payable - - 234,804,743 - Lease purchase and revenue bonds, net of current portion and discount/premium 210,883 13,349,436 321,362,287 60,445,659 Total Noncurrent Liabilities 727,117$ 16,543,568$ 381,065,796 $ 74,928,792 $ Total Liabilities
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67 STATEMENT OF NET POSITION (Continued)
PROPRIETARY FUNDS
The accompanying notes are an integral part of the financial statements.
-41-
ENV IRONMENTA L
WATER WA STEWA TER RESOURCES
DEFERRED INFLOW OF RESOURCES
Deferred inflow on pension plans 134,159$ 163,145$ 289,027$ Deferred inflow on other post-employment benefit plan 569,990 953,438 963,802 Total Deferred Inflow of Resources 704,149 1,116,583 1,252,829
NET POSITION
N et investm ent in capital assets 101,854,972 158,497,845 22,040,485 Restricted for housing assistance payments - - - Restricted for infrastructure develo pment 24,527,869 17,179,331 1,083,481 Restricted for debt service 18,439,656 - - Unrestricted 5,294,983 43,558,923 (11,339,415) TOTAL NE T POSITION 150,117,480$ 219,236,099 $ 11,784,551 $
NE T POSITION OF BUSINE SS-TYPE ACTIVITIE S
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
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68 -42-
OXNARD TOTAL INTERNAL
GOLF HOUSING CURREN T SERVICE
COURSE AU TH OR I TY YE AR FUNDS
DEFERRED INFLOW OF RESOURCES
243$ 105,975$ 692,549 $ 184,435 $ Deferred inflow on pension plans - 673,625 3,160,855 1,098,526 Deferred inflow on other post-employment benefit plan 243 779,600 3,853,404 1,282,961 Total Deferred Inflow of Resources
NET POSITION
42,605,572 24,627,615 349,626,489 1,343,220 Net investment in ca pital assets - 69,156 69,156 - Restricted for housin g assistance payments - 1,574,178 44,364,859 - Restricted for infrastructure develo pment - 708,756 19,148,412 - Restricted for debt service 6,893,507 11,199,804 55,607,802 (27,593,730) Unrestricted 49,499,079$ 38,179,509 $ 468,816,718 (26,250,510) $ TOTAL NE T POSITION 405,849
469,222,567$ NET POSITION OF BUSINESS-TYPE ACTIVITIES Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
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69 CITY OF OXNARD, CALIFORNIA
STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
The accompan
ying notes are an integral part of the financial statements. -43-
ENV IRONMENTA L
WATER WA STEWA TER RESOURCES
OPERATING REV ENUES
Charges for services 60,265,196 $ 42,520,399 $ 47,448,755 $ Connection fees 122,096 2,809,487 - Rental income - - -
Grant revenue for operations - - -
Miscellaneous and reimbursements 705,472 346,238 410,990 Total Operating Revenues 61,092,764 45,676,124 47,859,745
OPERAT ING EXPENSES
10,585,939 13,071,760 25,856,005
3,825,796 2,984,942 4,664,913
- - -
24,591,233 3,535,141 3,055,016
1,895,855 3,757,714 10,689,504
7,907,075 7,844,071 2,647,563
5,195,510 3,996,141 10,740,769
113,403 253,672 323,725
Salaries and wages
Contractual services
Housing assistance payments
Operating supplies
Utilities
Depreciation and amortization
General and administrative
Repairs and maintenance
Claims expenses - - -
Total Operating E xpenses 54,114,811 35,443,441 57,977,495 OPERATING INCOME (LOSS) 6,977,953 10,232,683 (10,117,750)
NONOPERATING REV ENUES (EXPENSES)
Grant revenue - noncapital - - -
Fraud recovery - - -
Gain on disposition of capital assets - 36,588 12,025
Investment income 3,406,783 4,570,905 1,106,728 Interest expense (6,596,932) (3,255,356) (153,928) Casualty loss - - -
Ne t Nonope r ating Re ve nue s (Expe ns e s ) (3,190,149) 1,352,137 964,825
INCOM E (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS 3,787,804 11,584,820 (9,152,925)
CAPITAL CONTRIBUTIONS - - -
TRANSFE RS IN 16,541,131 23,957,097 454,390 TRANSFE RS OUT (15,872,956) (16,445,697) (531,768) CHANGES IN NET POSITION 4,455,979 19,096,220 (9,230,303) NET POSITION, JULY 1, AS PREVIOUSLY STATED 135,630,088 199,850,955 21,014,854 RESTATEMENT FOR CORRECTION OF AN ERROR 10,031,413 288,924 - NET POSITION, JULY 1, RESTATED 145,661,501 200,139,879 21,014,854 NET POSITION, JUNE 30 150,117,480$ 219,236,099 $ 11,784,551 $
CHANGE S IN NE T POSITION OF BUSINE SS-TYPE ACTIVITIE S Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
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70 -44-
OXNA RD TOTA L INTERNA L
GOLF HOUSING CURRENT SERV ICE
COURSE AU TH OR I TY YE AR FUND
OPERATING REV ENUES
7,292,577$ - $ 157,526,927$ 51,028,300 $ Charges for services - - 2,931,583 - Connection fees - 5,400,838 5,400,838 - Rental income - 33,783,691 33,783,691 - Grant revenue for operations 245,438 602,785 2,310,923 533,322 Miscellaneous and reimbursements 7,538,015 39,787,314 201,953,962 51,561,622 Total Operating Revenues
OPERAT ING EXPENSES
33,899 - 49,547,603 13,299,286 Salaries and w ages 4,865,368 - 16,341,019 3,267,496 Contractual services - 30,115,824 30,115,824 - Housing assistance payments 405,381 - 31,586,771 5,262,317 Operating supplies 516,463 881,068 17,740,604 2,075,671 Utilities 593,098 1,075,057 20,066,864 998,530 Depreciation and amortization 335,331 6,642,795 26,910,546 10,507,187 General and administrative 26,552 2,652,265 3,369,617 1,760,857 Repairs and maintenance - - - 12,895,358 Claims expenses 6,776,092 41,367,009 195,678,848 50,066,702 Total Operating E xpenses 761,923 (1,579,695) 6,275,114 1,494,920 OPERATING INCOME (LOSS)
NONOPERATING REV ENUES (EXPENSES)
- 3,089,080 3,089,080 - Grant revenue - noncapital - 5,342 5,342 - Fraud recovery - 10,317 58,930 1,994 Gain on disposition of capital assets 3,940 1,154,674 10,243,030 - Investment income (14,694) (29,746) (10,050,656) - Interest expense - (443) (443) - Casualty loss (10,754) 4,229,224 3,345,283 1,994 Net Nonoperating Revenues (E xpenses)
INCOM E (LOSS) BEFORE CONTRIBUTIONS
751,169 2,649,529 9,620,397 1,496,914 AND TRANSFERS - 4,628,539 4,628,539 - CAPITAL CONTRIBUTIONS - - 40,952,618 4,384 TRANSFE RS IN - - (32,850,421) (107,370) TRANSFE RS OUT 751,169 7,278,068 22,351,133 1,393,928 CHANGES IN NET POSITION 48,747,910 30,901,441 (27,644,438) NE T POSITION, JULY 1, AS PRE VIOUSLY STATE D - - - RESTATEM ENT FOR CORRECTION OF AN ERROR 48,747,910 30,901,441 (27,644,438) NE T POSITION, JULY 1 49,499,079$ 38,179,509 $ (26,250,510) $ NET POSITION, JUNE 30 574,903
22,926,036$ CHANGE S IN NE T POSITION OF BUSINE SS-TYPE ACTIVITIE S Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
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71 CITY OF OXNARD, CALIFORNIA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
The accompanying notes are an integral part of the financial statements. -45-
ENVIRONMENTAL
WATER WASTEWATER RESOURCES
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 60,096,949 $ 45,975,635 $ 47,529,615 $ Payments to suppliers (32,587,289) (13,342,220) (27,763,736) Payments to employees (10,114,442) (11,875,993) (25,223,157) Payments for housing assistance and notes receivable - - - Receipts from operating grants - - -
Cash paid to claimants - - -
Net Cash Provided By (Used In) Operating Activities 17,395,218 20,757,422 (5,457,278)
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES
Collection/(issuance) of advances 2,407,181 2,838,194 2,606,065 Notes receivable collected - 33,300 -
Principal paid on long-term debt - - -
Interest and other fees paid - - -
Cash received from noncapital grants - - -
Transfers in 16,541,131 23,957,097 454,390
Transfers out (15,872,956) (16,445,697) (531,768)
Net Cash Provided By (Used In) Noncapital F inancing
Activities 3,075,356 10,382,894 2,528,687
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Purchases of capital assets (16,822,298) (25,161,842) (603,900) Gain on acquisition of capital assets - - -
Interest and issuance cost paid on long-term debt (6,910,571) (3,900,499) (159,354) Principal paid on long-term debt (5,590,960) (5,550,000) (1,944,094) Cash received from capital grants - - -
Net Cash Provided By (Used In) Capital and Related
Financing Activities (29,323,829) (34,612,341) (2,707,348)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment income 3,406,783 4,570,905 1,106,728
Net Cash Provided By (Used In) Investing Activities 3,406,783 4,570,905 1,106,728
NET INCREASE (DECREASE) IN CASH AND
INVESTMENTS (5,446,472) 1,098,880 (4,529,211)
CASH AND INVESTMENTS, JULY 1 74,539,465 75,448,164 20,036,109 CASH AND INVESTMENTS, JUNE 30 69,092,993$ 76,547,044 $ 15,506,898 $ Cash and investments 55,815,222 $ 76,543,908 $ 15,506,898 $ Restricted investments with fiscal agent 13,277,771 3,136 - 69,092,993$ 76,547,044 $ 15,506,898 $
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72 -46-
OXNARD TOTAL INTERNAL
GOLF HOUSING CURRENT SERVICE
COURSE AUTHORITY YEAR FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES
7,471,797$ 6,924,781 $ 167,998,777$ 51,546,279 $ Receipts from customers and users (6,699,612) (4,177,283) (84,570,140) (22,961,446) Payments to suppliers (34,118) (5,292,557) (52,540,267) (11,599,656) Payments to employees - (30,111,509) (30,111,509) - Payments for housing assistance and notes receivable - 33,639,963 33,639,963 - Receipts from operating grants - - - (9,568,965) Cash paid to claimants 738,067 983,395 34,416,824 7,416,212 Net Cash Provided By (Used In) Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES
(144,649) - 7,706,791 21 Collection/(issuance) of advances - - 33,300 - Notes receivable collected - (430,000) (430,000) - Principal paid on long-term debt - (21,285) (21,285) - Interest and other fees paid - 3,089,080 3,089,080 - Cash received from noncapital grants - - 40,952,618 4,384 Transfers in - - (32,850,421) (107,370) Transfers out Net Cash Provided By (Used In) Noncapital Financing
(144,649) 2,637,795 18,480,083 (102,965) Activities
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
(61,938) (6,891,627) (49,541,605) (650,784) Purchases of capital assets - 10,317 10,317 - Gain on acquisition of capital assets (14,694) - (10,985,118) - Interest and issuance cost paid on long-term debt - - (13,085,054) - Principal paid on long-term debt - 4,628,539 4,628,539 - Cash received from capital grants Net Cash Provided By (Used In) Capital and Related
(76,632) (2,252,771) (68,972,921) (650,784) Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES
3,940 1,154,674 10,243,030 - Inv estment income 3,940 1,154,674 10,243,030 - Net Cash Provided By (Used In) Investing Activities
NET INCREASE (DECREASE) IN CASH AND
520,726 2,523,093 (5,832,984) 6,662,463 INVESTMENTS 6,125,466
20,023,037 196,172,241 33,384,615 CASH AND INVESTMENTS, JULY 1 6,646,192$ 22,546,130 $ 190,339,257 $ 40,047,078 $ CASH AND INVESTMENTS, JUNE 30 6,646,192$ 20,224,668 $ 174,736,888 $ 40,047,078 $ Cash and investments - 2,321,462 15,602,369 - Restricted investments with fiscal agent 6,646,192$ 22,546,130 $ 190,339,257 $ 40,047,078 $
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73 STATEMENT OF CASH FLOWS (Continued)
PROPRIETARY FUNDS
The accompanying notes are an integral part of the financial statements.
-47-
ENV IRONMENTA L
WATER WA STEWA TER RESOURCES
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
OPERATING INCOME (LOSS) 6,977,953$ 10,232,683 $ (10,117,750) $ Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided By (Used In) Operating Activities
Depreciation and amortization 7,907,075 7,844,071 2,647,563 Other revenue - - - Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable and
due from other funds and governments (970,736) 302,411 (330,130) (Increase) decrease in other assets 9,944 20,000 - Increase (decrease) in accounts payable and
other liabilities 3,008,346 1,199,258 1,734,672 Increase (decrease) in compensated absences 58,238 92,971 94,023 Increase (decrease) in OPEB payable 315,046 524,085 531,294 Increase (decrease) in net pension liabilities 89,352 541,943 (16,950) Increase (decrease) in self-insurance liabilities -
- -
N et Cash Provided B y (U sed In) O perating Activities 17,395,218$ 20,757,422 $ (5,457,278) $
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OXNA RD TOTA L INTERNA L
GOLF HOUSING CURRENT SERV ICE
COURSE AU TH OR I TY YE AR FUNDS
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
761,923$ (1,579,695)$ 6,275,114 $ 1,494,920 $ OPERATING INCOME (LOSS) Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided By (Used In) Operating Activities
593,098 1,075,057 20,066,864 998,530 Depreciation and amortization - 4,899 4,899 - Other revenue Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable and
(66,218) 146,417 (918,256) (15,343) due from other funds (641,632) (41,106) (652,794) - (Increase) decrease in other assets Increase (decrease) in accounts payable and
90,989 495,843 6,529,108 (38,017) other liabilities 57 (3,071) 242,218 58,729 Increase (decrease) in compensated absences - 1,027,611 2,398,036 1,671,662 Increase (decrease) in OPEB payable (150) (142,560) 471,635 (80,662) Increase (decrease) in net pension liab ilities - - - 3,326,393 Increase (decrease) in self-insurance liabilities 738,067$ 983,395 $ 34,416,824$ 7,416,212 $ Net Cash Provided By (Used In) Operating Activities
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75 CITY OF OXNARD, CALIFORNIA
STATEMENT OF FIDUCIARY NET POSITION
JUNE 30, 2024
The accompanying notes are an integral part of the financial statements.
-49-
OXNA RD COMMUNITY
DEV ELOPMENT
COMMISSION RETIREMENT
SUCCESSOR A GENCY ENHA NCEMENT
PRIV A TE PURPOSE DEFINED BENEFIT CUSTODIA L
TRUST FUND PENSION TRUST FUND FUNDS
ASSETS
Cash and investments 7,704,736 $ - $ 8,377,963$ Investment w ith fiscal agents
Certificates of deposit - - 1,102,889 Money market funds 3,876,228 - - Mutual f unds - 116,538,403 - Total investment w ith fiscal agents 3,876,228 116,538,403 1,102,889 Accounts and other receivables - 113,363 10,830 Due from other governments - - 122,425 Notes receivable, net of uncollectible 456,423 - - Total Assets 12,037,387 116,651,766 9,614,107
LIABILITIES
Accounts payable 2,168,668 - 697,332 Other liabilities 397,437 - - Due to City of Oxnard 15 - - Long-term debt - due w ithin one year 2,095,000 - - Long-term debt - due in more than one year 21,275,000 - - TOTAL LIABILITIES 25,936,120 - 697,332
NET POSITION
Restricted for:
Held in trust for Successor Agency (13,898,733) - - Individuals, organizations, and other governments - - 8,916,775 Pensions - 116,651,766 - TOTAL NE T POSITION (13,898,733)$ 116,651,766 $ 8,916,775 $
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76 CITY OF OXNARD, CALIFORNIA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FOR THE YEAR ENDED JUNE 30, 2024
The accompanying notes are an integral part of the financial statements.
-50-
OXNA RD COMMUNITY
DEV ELOPMENT RETIREMENT
COMMISSION ENHA NCEMENT
SUCCESSOR A GENCY DEFINED BENEFIT
PRIV A TE PURPOSE PENSION CUSTODIA L
TRUST FUND TRUST FUND FUNDS
ADDITIONS
Taxes 6,967,824$ - $ - $ Special assessments - - 4,364,611 Contributions
Employer - 3,351,887 - Employee - 1,512,042 - Investment income 317,751 21,499,213 127,972 Investment expense - (636,358) - Net investment income 317,751 20,862,855 127,972 Miscellaneous income 10,000 - - Total Additions 7,295,575 25,726,784 4,492,583
DEDUCTIONS
Adm inistrative costs
Salaries and w ages 16,063 - - Benefit distributions - 14,158,418 - Adm inistrative costs 88,939 - 84,946 Professional services 85,826 - 13,660 Project improvements 3,822,864 - 95,278 Distributions to individuals, organizations, and bond trustees - - 4,836,765 Debt service
Interest and fiscal charges 1,175,757 - - Total Deductions 5,189,449 14,158,418 5,030,649 CHANGE IN NET POSITION 2,106,126 11,568,366 (538,066) NET POSITION, JULY 1, AS PREVIOUSLY STATED 12,625,116 105,083,400 9,454,841 REST AT EM ENT FOR CORRECT ION OF AN ERROR (28,629,975) - - FUND BALANCES, JULY 1, AS RESTATED (16,004,859) 105,083,400 9,454,841 NET POSITION - JUNE 30, 2024 (13,898,733)$ 116,651,766 $ 8,916,775 $
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
A. Reporting Entity
The City of Oxnard, California (City) was incorporated as a general law city on June 30, 1903 and operates under the council-manager fo rm 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 purposes, the City has included all funds, organizations, agencies, boards, commissions, and authorities, and has considered all potential component units for which the City is financially accountable, and other organizations for which the nature and significance of their relationship with the City ar e 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 will 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 Authority. The Ox nard Financing Authority (Authority) is a separate government entity whose purpose is to assist with the financing or refinancing of certain public capital facilities within the City. The Author ity 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.
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) A. Reporting Entity (Continued)
Blended Component Units (Continued)
Housing Authority of the City of Oxnard. T he Housing Authority 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 the governing board of the Housing 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 City's business-type activities in the accompanying Government-Wide Financia l Statements. The Housing Authority prepares separate financial st atements, which can be obtained 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 St atement 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.
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Financial Statements Presentation (Continued)
Government-Wide Financial Statements (Continued)
The City's enterprise operations are clas sified 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 ar e 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 liabi lities, 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 recogniz ed in the period in which the liability is incurred. The types of transactions reporte d as program revenues 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 segment 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 t he 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 regar ds to interfund activities, payables, and receivables. All internal balances in the Statement of Net Position have been eliminated, with the exception of those representing balances between the governmental activities and the business-type ac tivities. 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.
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Financial Statements Presentation (Continued)
Government-Wide Financial Statements (Continued)
A reconciliation of the difference between the Governmental Fund Financial Statements and the Government-Wide Financial Stat ements is provided as part of the Governmental Fund Financial Statements.
Fund Financial Statements
The accounts of the City are organized on the basis of funds, each of which is considered a separate acc ounting entity. The operations of each fund are accounted for with a separate set of se lf-balancing accounts 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 hav e 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 associ ated with government activities, which are not legally required to be accounted for in another fund. • The Affordable Housing Fund was created due to the dissolution of the Oxnard Redevelopment Agency. In accordance with Health and Safety Code Section 34176(b)(2), on February 1, 2013, all rights, powers, assets, liabilities, duties, and obligations of the Low and Moderate Inco me 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 re venue fund that accounts for development fees that the City collects on new devel opment to provide resources for special projects such as parks, storm drainage facilities, traffic improvements, utility undergrounding, and community development.
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Financial Statements Presentation (Continued)
Governmental Fund Financial Statements (Continued)
• State and Federal Grants Fund is a spec ial revenue fund that accounts for state and federal grants.
• Capital Improvements Fund is a capital project fund that accounts for financial resources designated for the acquisition and construction of general government capital projects.
Governmental funds are accounted for us ing 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 ta xes are accrued as appropriate. Grants and similar items are recognized as revenue as soon as all eligibility 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 enterprises 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.
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Financial Statements Presentation (Continued)
Proprietary Fund Financial Statements (Continued)
• Wastewater Fund: This fund is used to ac count for all sewer activities related to conveyance and treatment services. Revenues 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 refuse throughout the City. Revenues are mainly derived from collection service fees and sales of recyclable materials. • Golf Course Fund: This fund is used to account for the activities related to the operation and maintenance of the City’s River Ridge golf course. Revenues are derived from golfing fees, merchandise, an d 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 Statement of Net Position. The Statement of Revenues, Expenses, and Changes in Net Position pr esent increases (revenues) and decreases (expenses) in total net position. Under the accrual basis of accounting, revenues are recognized in the period in which they ar e earned, while expenses are recognized in the period in which the liability is incurred.
Operating revenues in the proprietary funds are those revenues that are generated from the primary operations of the fund. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with proprietary funds’ principal ongoing operations. All other revenues are reported as nonoperating revenues. Operating expenses are those expenses that are essential to the primary operations of the fund. All other 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.
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Financial Statements Presentation (Continued)
Proprietary Fund Financial Statements (Continued)
Internal service funds account for servic es to other department s 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 Commission 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 Benefi t Pension Trust Fund: This fund accounts for the assets and activities of the Retirement Enhancement Plan. • The Custodial Funds are used to report fiduc iary 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:
o 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 public 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 subdivisions is pledged to the pa yment 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.
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) B. Financial Statements Presentation (Continued)
Fiduciary Fund Financial Statements (Continued)
o Oxnard PD Property Room Fund: This fund accounts for assets held in temporary police custody.
o 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. o 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. 99, Omnibus 2022. GASB Statement No. 99 re quirements related to extension of the use of LIBOR, accounti ng for SNAP distributions, disclosures of nonmonetary transactions, pledges 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 effective 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. The implementation of this statement had no material impact to the City’s financial statements.
Statement No. 100, Accounting Changes and Error Corrections. GASB Statement No. 100 prescribes accounting and financial reporting for (1) each 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. The City adopted the new pronouncement in account ing and financial reporting for error corrections as of July 1, 2023.
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. New Accounting Pronouncements (Continued)
Not Adopted
The GASB issued several pronouncements prior to June 30, 2024 and shortly thereafter, 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. 101, Compensated Absences . GASB Statement No. 101 aligns recognition and measurement guidance for all types of compensated absences under a unified model which will result in gover nments recognizing a lia bility that more appropriately reflects when they incur an obligation for compensated absences. The model also will lead to greater consist ency in application and im proved comparability across governments. The requirements of this Statement are e ffective for periods beginning after December 15, 2023.
Statement No. 102, Certain Risk Disclosures . GASB Statement No. 102 requires a government to assess whether a concentration or constraint makes the primary government reporting unit or other reporting units that report a liability for revenue debt vulnerable to the risk of a substantial impact. Additionally, this Statement requires a government to assess whether an event or events associated with a concentration or constraint that could cause the substantial impact have occurred, have begun to occur, or are more likely than not to begin to occu r within 12 months of the date the financial statements are issued. The requirements of this Statement are effective for periods beginning after June 15, 2024.
Statement No. 103, Financial Reporting M odel Improvements . GASB Statement No. 103 aims to improve key components of th e financial reporting model to enhance its effectiveness in providing information t hat is essential for decision making and assessing a government’s accountability. This Statement requires changes in the Management’s Discussion and Analysis, presentation of unusual or infrequent items, proprietary fund statement of revenues, ex penses, and changes in fund net position, statement of net position and statement of activities , and budgetary comparison information. The requirements of this Statement are effective for periods beginning after June 15, 2025.
Statement No. 104, Disclosure of Certain Capital Assets. GASB Statement No. 104 requires certain types of capital assets to be disclosed separately in the capital assets note disclosures required by Statement 34. Lease assets recognized in accordance with Statement No. 87, Leases, and intangible right-to-use assets recognized in accordance with Statement No. 94, Public-Private and Public-Publi c Partnerships and Availability Payment Arrangements, should be disclosed separately by major class of underlying asset in the capital assets note disclosures.
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) C. New Accounting Pronouncements (Continued)
Subscription assets recognized in accordance with Statement No. 96, Subscription- Based Information Technology Arr angements, also should be separately disclosed. In addition, this Statement requires intangible assets other than those three types to be disclosed separately by major class. This Statement also requires additional disclosures for capital assets held for sale. The requir ements of this Statem ent are effective for periods beginning after June 15, 2025.
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 fa ir 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 securities 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 quarterly to the General Fund and those other funds for which such allocation is a legal contractual requirement based on the average daily-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 the fair value of investments are recognized in investment income at the end of each fiscal year.
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) E. Receivables
Activity between funds that are representative of le nding/borrowing arrangements outstanding at the end of the fiscal year is reported as "advances to/from other funds." All other outstanding balances between funds are reported as "due to/from other funds." Any residual balances outstanding between the governmental activities and business- type activities are eliminated to minimize the grossing up effect on assets and liabilities within the governmental and business-type activities a nd reported in the government- 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 deferred inflows 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 tr ansfer 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.
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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 buildings 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
Intangible Assets
Software 5-20 years
Infrastructure assets are defined as "long-li ved capital assets" that are stationary in nature and normally can be preserved for a si gnificantly greater number of years than most capital assets.
Examples of infrastructure assets in clude 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 ar t and similar items, and capital assets received in a service concession arrangement are reported at acquisition value.
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) H. Subscription-based Information Technology Arrangements (SBITA) A SBITA is a contract that conveys control of the right to use another party’s (a SBITA vendor’s) IT software, alone or in combinat ion with tangible capital assets (the underlying IT assets), as spec ified in the contract for a period of time in an exchange or exchange-like transaction. To determine w hether a contract conveys control of the right to use the underlying IT assets, the Ci ty assesses whether it has both of the following: a. The right to obtain the present service capacity from use of the underlying IT assets as specified in the contract , and b. The right to determine the nature and manner of use of the underlying IT assets as specified in the contract.
The City recognizes a subscription liabi lity and an intangible right-to-use asset (subscription asset), except short-term SBITA s. The subscription liability is measured at the present value of subscription payments expected to be made during the subscription term. The subscription asset is measured as the sum of the following, a. the amount of the initial m easurement of the subscripti on liability, b. payments associated with the SBITA contract made to the SBITA vendor at the commencement of the subscription term, if applicable, and c. capitalizable initial implementation costs less any SBITA vendor incentives.
SBITA assets are amortized in a systematic and rational manner over the shorter of the subscription term or the useful life of the underlying IT assets.
I. Compensated Absences
Vacation leave and annual leave compensation pay is recorded as a liability when incurred within the Government-Wide and Pr oprietary Funds Fin ancial 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 governm ental activities compensat ed absences is liquidated primarily by the General Fund.
J. 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 r eported by Actuarial Valuations. For this purpose, benefit payments (including ref unds 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 liqu idate pension liabilities in the governmental activities.
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) K. Other Post-Employment Benefits (OPEB)
For purposes of measuring the net OPEB liability, deferred outflows of resources and deferred inflows of resources related to OPEB, and OPEB expense, information about the fiduciary net position of the CalPER S plan governed by the Public Employees' Medical & Hospital Care Act (PEMHCA) and additions to/deductions from the PEMHCA plan fiduciary net position have been determined on the same basis as they are reported by Actuarial Valuations.
For this purpose, CalPERS recognize s benefit payments when due and payable in accordance with the benefit term s. 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.
L. 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, and deferred outflows for charges on debt refunding in the Government-Wide and Proprietary Fund Statements of Net Position. Deferred outflows for pension and OPEB contributions will be recognized in the subsequent fiscal year. Other deferred outflows on pension and OPEB plans are amortized over 4.8 to 5 years on a straight-line basis.
A deferred charge on refunding results from the difference in the carrying value of refunded debt and its reacquisition price. This amount is deferred and amortized over the shorter of the 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 resour ces (revenue) until that time. The City has two items that qualify for reporting in this category in the Governmental Fund Balance Sheet. The governmental funds report deferred inflows from the following sources:
lease 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 reported in the Government-W ide Statement of Net Position and the Proprietary Funds. The amounts relat ed to pensions and OPEB are deferred and amortized over 4.8 to 5 years on a straight-line basis.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) M. 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 spendable in form (s uch as prepaid items) or legally or contractually required to be maintained intact (such as endowments).
Restricted fund balance - This includes amounts that c an 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 authority, 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.
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FOR THE YEAR ENDED JUNE 30, 2024
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) M. Fund Equity (Continued)
In the Government-Wide Financial Statements, net position of th e 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, contribut ors, or laws or regulati ons of other governments, and restrictions imposed by law through constitutional provisions or enabling legislation.
Unrestricted net position - This resulting category presents the remaining City net position, and this measure of equity is unrestricted, legally or otherwise.
The accounting policies of the City consider restricted funds spent first when expenditure is incurred for purposes for wh ich both restricted an d 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. 15,802 adopted in June 18, 2024, The City Council will endeavor to maintain an operating reserve equal to a minimum 16.6% of the General Fund adopted budget for operating expenses. The operating reserve shall be available to: (1) cover cash flow requirements; (2) meet unantic ipated revenue shortfalls; (3) take advantage of unexpected opportunities; (4) invest in pr ojects with a rapid payback; (5)ensure against physical or natural disasters; and (6) provide interest earnings.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) N. Property Taxes
Property taxes are assessed and collected each fiscal year according to the following property tax calendar:
Valuation Date January 1
Property Tax Year July 1 to June 30
Due Dates November 1 (first installment) and
February 1 (second installment)
Delinquent Dates December 10 (first installment), April 10 (second installment, and August 31 (unsecured)
Property taxes in the State of California ar e administered for all local agencies at the county level and consist of secured, unsecured, and utility tax rolls.
Property Valuation
Valuations are established by the Asse ssor 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 val ue. The value of real taxable property is based on fiscal year 1976 levels. From th is 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 va luation. 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.
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FOR THE YEAR ENDED JUNE 30, 2024
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) N. 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 res ponsible 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 installments: (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 personal property taxe s 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. Apportionments to local agencies are made by the County Auditor-Controller, based primarily on the ratio that each agency represented of the total county-wide levy for the three years prior to fiscal year 1979.
The SDAF was established in order to provide gr eater 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.
O. Utility Revenue
Utility revenue is recorded when earned. Customers are billed monthly. The estimated value of services provided, but unbilled at year-end, is included in accounts and other receivables in the accompanying basic financial statements.
P. 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.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Continued) Q. 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 appropriations 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.
R. Encumbrances
Appropriations in governmental fund types are encumbered upon issuance of purchase orders, or in some cases upon issuance of c ontracts, for goods and/or services. Even though unencumbered appropriations lapse at the end of the fiscal year, unfilled purchase orders of the current year ar e carried forward and the next year's appropriations are likewise encumbered.
S. Joint Ventures
The City participates in the Riverpark Reclamation and Recharge Authority (Riverpark JPA), which is a jointly-governed organization 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 m ade no monetary contributions to assist in the operational expenses of the Authority during fiscal year ended June 30, 2024. 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, 2024, the JPA had total a ssets of $907,086, total net position of $907,086, and total change in net position of $(36,944) for the year then ended.
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FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS
A. Cash and Investments
The City's cash and investments, including restricted investments with fiscal agents, consist of the following at June 30, 2024:
AMOUNT
Petty cash 15,086$
Deposits 12,627,717
Investments 470,041,036
Cash and investments 482,683,839
Restricted investments with fiscal agents 146,427,740
TOTA L 629,111,579$
The City's deposits and investments are refl ected in the accompanying basic financial statements as follows:
GOVERNMENTAL BUSINESS-TYPE FIDICUARY
ACTIVITIES ACTIVITIES FUNDS TOTAL
Cash and investments 290,251,544$ 174,736,888$ 16,082,699$ 481,071,131$ Restricted investments with fiscal agents 10,920,559 15,602,369 121,517,520 148,040,448 TOTALS 301,172,103$ 190,339,257 $ 137,600,219 $ 629,111,579 $
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 fair value of 110% of the uninsured deposit. As of June 30, 2024, the City has a bank balance of $19,493,603 in three bank accounts; of the bank balance, $250,000 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.
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FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash and Investments (Continued)
Investment Policy
The City's investment policy is intended to provide guidelines for the prudent investment of City funds, and to outline the policies for maximizing the efficiency of the City's cash management system. The policy of the City is to invest public funds in a manner which will provide high investment return with t he 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 funds. The primary goals of the Ci ty 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. Invest ments 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 res pective bond agreements. Investments in the City's Retirement Enhancement Defined Benefit 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 460,846,463$
Restricted investments held with Fiscal Agents
Bond trustees for the City and its component units 29,180,583 Enhanced Retirement Trust Pool 116,538,403
Oxnard Housing Authority (includes investments held
by fiscal agents) 22,546,130
TOTA L 629,111,579$
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FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash and Investments (Continued)
Authorized Investments (Continued)
The City Treasurer has direct oversight over the City's pooled investment fund, which covers cash and investments of the City 's governmental funds, proprietary funds (except for the Housing Authority), and custodial 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.
AU TH OR I ZE D M AXI M U M
BY MAXIMUM MAXIMUM INVESTMENT
INV ESTMENT TY PES INV ESTMENT MA TURITY PERCENTA GE IN ONE MINIMUM AUTHORIZED BY SECTION 53601 POLICY (YE ARS) OF PORTFOLIO ISSUER RA TINGS 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
Intangible Assets Yes 5 30% None A
MuSoftw are 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, 2024, are more fully disclosed in the financial statements for the Housing Authority, which may be obtained from the Housing Authority's Financial Services Division at 435 S D St, Oxnard, CA 93030.
The City Treasurer's investment pool is comprised of pooled deposits, investments, the State of California Local Agency Investment Fund (LAIF) , and Ventura County Investment Pool (VCIP) investments. T he City Treasurer's pooled investments are carried at fair value. The fair value is determined utilizing US Bank Statement. The fair value of LAIF and VCIP is determined by allo cating the City's share of the investment pools’ fair value as reported by LAIF and VCIP.
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FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash and Investments (Continued)
Authorized Investments (Continued)
The City is a voluntary participant in LAIF which is considered an external investment pool. LAIF is part of the State's Pooled Mo ney Investment Account (PMIA) which was established in 1953. Oversight of the PMIA is provided by the Pooled Money Investment Board (PMIB) and an in-house Investment Committee. The PMIB members are the State Treasurer, Director of Finance, and State Controller.
Direct oversight for LAIF is provided by the Local Investment Advisory Board. The board consists of five members as designated by statute. The Chair is the State Treasurer or his/her designated representative. Two me mbers qualified by training and experience in the field of investment or finance and two members 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 the 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. VC IP is for local public government agencies and school districts within Ventura C ounty and is managed by the Ventura County Treasurer-Tax Collector. VCIP’s portfolio mu st 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 December 11, 2024 and is available via the Office of Ventura County Treasurer-Tax Collector’s website.
Investments with fiscal agents are investments held by the bond trustee 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 investm ent 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 al so generally covered under the City’s investment policy; however, specific provis ions 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 maturi ties 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.
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FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash and Investments (Continued)
Interest Rate Risk
Interest rate risk is the risk that changes in market interest rates will adversely affect the fair value of an investment. Normally, the longer the maturity of an investment, the greater the sensitivity of its fair value to changes in market interest rates, and the greater the interest rate risk. One of the ways the City manages its exposure to interest rate risk is by purchasing a combination of shorter-term and longer-term investments and by timing cash flows from maturities so that a portion of the portfolio is maturing or coming close to maturity evenly over time as necessary to provide the cash flow and liquidity needed for operations or debt service requirements.
Information about the sensitivit y of the fair value of the City's investments (including restricted investments held by bond trustees) to market interest rate fluctuation is provided by the following table that shows the distribution of the City's investments by maturity:
INVESTMENT MATURITIES
(IN YEARS)
LESS MORE
THAN 1 1-5 THAN 5 TOTAL
Federal Agency Securities 43,558,520$ 241,441,051$ -$ 284,999,571$ Ventura County Investment Pool 32,825,484 - - 32,825,484 California Local Agency Investment Fund 95,117,337 - - 95,117,337 U.S. Treasury Bill 14,746,450 - - 14,746,450 Medium Term Notes 2,890,340 26,747,484 - 29,637,824 Supranational 969,250 - - 969,250 Corporate Bond 11,745,120 - 11,745,120 Money Market Fund 29,889,337 - - 29,889,337 TOTAL INVESTMENTS 219,996,718 279,933,655 - 499,930,373 Enhanced Retirement Trust 116,538,403
Cash in banks and on hand 12,642,803
TOTAL CASH AND INVESTMENTS 629,111,579$
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II. DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash and Investments (Continued)
Credit Risk
Credit risk is the risk that an issuer of an investment 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 Global ratings for each investment type as of June 30, 2024:
INVESTMENT TYPE AAA AA+ AA- BBB+ A A- TOTAL
Federal Agency Securities 5,962,290$ 268,420,361$ -$ -$ -$ -$ 274,382,651$ Ventura County Investment Pool 32,825,484 - - - - - 32,825,484 Medium Term Notes - 10,795,370 1,387,494 2,819,630 959,420 8,678,170 24,640,084 Corporate Bond - 11,745,120 - - - - 11,745,120 TOTALS 38,787,774 290,960,851 1,387,494 2,819,630 959,420 8,678,170 343,593,339
NOT RATED
Federal Agency Securities 10,616,920
California Local Agency Investment Fund 95,117,337
Medium Term Notes 4,997,740
Supranational 969,250
Money Market Fund 29,889,337
Enhanced Retirement Trust 116,538,403
U.S Treasury Bill 14,746,450
Total Investments 616,468,776
Cash in banks and on hand 12,642,803
TOTAL 629,111,579$
Concentration of Credit Risk
Investments in the securities of any i ndividual 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, 2024:
ISSUER TYPE OF INVESTMENTS AMOUNTS
Federal Home Loan Mortgage Corporation Mortgage backed securities 47,481,710$ Federal Home Loan Bank Mortgage backed securities 213,784,701
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II. DETAILED NOTES ON ALL FUNDS (Continued)
A. Cash and Investments (Continued)
Custodial Credit Risk
For an investment, custodial credit risk is the risk that, in the event of the failure of the counterparty, the City will not be able to recover the value of its investments or collateral securities that are in the possession of an outside party. The California Government Code and the City's investment policy do not contain legal or policy requirements that would limit the exposure of custodial credit risk for deposits or investments, other than the provisions for deposits in the California Government Code that require that financial institutions secure deposits made by state 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 havi ng 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, 2024:
INVESTMENTS AT FAIR VALUE
AS OF JUNE 30, 2024
LEVEL 1 LEVEL 2 LEVEL 3 TOTAL
I nvestm ent Type
Federal agency securities 284,999,571 $ - $ - $ 284,999,571$ Ventura County Investment Pool - 32,825,484 - 32,825,484 C alifornia Local Agency I nvestm ent Fund - 95,117,337 - 95,117,337 U.S. Treasury Bill 14,746,450 - - 14,746,450 Medium Term Notes 29,637,824 - - 29,637,824 Supranational 969,250 - - 969,250 Corporate Bond 11,745,120 - - 11,745,120 342,098,215 127,942,821 - 470,041,036 Held by Trustees/Fiscal Agent
Money Market Fund 29,889,337 - - 29,889,337 Enhanced Retirement Trust
Mutual funds 116,538,403 - - 116,538,403 TOTAL INVE STME NTS AT FAIR VALUE 488,525,955$ 127,942,821 $ - $ 616,468,776$
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II. DETAILED NOTES ON ALL FUNDS (Continued)
B. Receivables and Payables
Accounts receivable and other receivables as of June 30, 2024 included in the accompanying Statement of Net Position primarily consist of the following:
GOVERNMENTAL BUSINESS-TYPE
ACTIVITIES ACTIVITIES
ACCOUNTS RECEIVA BLE
Utilities receivable 7,970 $ 19,120,968$
Accounts receivable billed and accrued 4,816,649 1,886,456 Other receivables 2,670,675 1,884,437
7,495,294 22,891,861
Allowance for uncollectible receivables (1,367,107) (1,410,495) TOTA LS 6,128,187$ 21,481,366 $
Accounts payable and other li abilities as of June 30, 2024 reported on t he Statement of Net Position primarily consist of the following:
GOVERNMENTAL BUSINESS-TYPE
ACTIVITIES ACTIVITIES
ACCOUNTS PA YA BLE AND
OTHER LIABILITIES
Accounts payable (due to vendors) 21,101,262$ 18,766,122 $ Other Liabilities
Accrued payroll and benefits 4,089,929 833,055
Contingent liabilities 3,247,515 3,556,692
Other payables 6,341,683 1,152,708
Total Other Liabilities 13,679,127 5,542,455
TOTA LS 34,780,389$ 24,308,577 $
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II. DETAILED NOTES ON ALL FUNDS (Continued)
C. Interfund Receivables and Payables
Total interfund receivables and payables at June 30, 2024, 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
R E C E I VABLE PA Y A BLE BALANCE ELIMINA TION TOTAL
GOVE RNME NTAL ACTIVITIE S
Due To/From Other Funds
General Fund 2,225,101 $ (2,174,635)$ 50,466$ 50,466$ State and Federal Grants Fund 12,112,262 (12,112,262) - - Nonmajor governmental funds - (50,466) (50,466) - (50,466) 14,337,363 (14,337,363) - - - Advances To/From Other Funds
General Fund - - - - - Internal Service Fund 823,862 (574,903) 248,959 - 248,959 823,862 (574,903) 248,959 - 248,959 Total Governmental Activities 15,161,225 (14,912,266) 248,959 - 248,959
BUSINE SS-TYPE ACTIVITIE S
Due To/From Other Funds
Water 298,414 (149,428) 148,986 (148,986) - Wastew ater 17,769,097 (17,769,097) - - - Environmental resource - - - - - Golf Course - (148,986) (148,986) 148,986 - 18,067,511 (18,067,511) - - - Advances To/From Other Funds
Water 153,455 - 153,455 (153,455) - Golf Course - (153,455) (153,455) 153,455 - Oxnard Housing Authority - (679,287) (679,287) - (679,287) Internal Service Fund 405,850 - 405,850 - 405,850 559,305 (832,742) (273,437) - (273,437) Total Business-type Activities 18,626,816 (18,900,253) (273,437) - (273,437) TOTALS 33,788,041$ (33,812,519) $ (24,478) $ - $ (24,478)$
The interfund balances at June 30, 2024 are temporary loans to cover short-term cash deficits in various funds. Also included in the interfund balances is $405,850 net internal receivable from business-type activities to governmental activities representing the portion of the net deficit of internal service funds attributable to business-type activities.
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FOR THE YEAR ENDED JUNE 30, 2024
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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 received in prior years. The amounts due from the General Fund to Water Fund, Wastew ater Fund and Environmental Resources Fund are reported in the interfund receivable and payable.
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 gov ernmental activities and enterprise funds.
The following transfers in and out are reflected in the Fund Financial Statements for the year ended June 30, 2024:
TRANSFERS TRANSFERS NET
DESCRIPTION IN OUT TRANSFERS
GOVE RNME NTAL ACTIVITIE S
General Fund Program Support 2,793,356 $ (18,967,952) $ (16,174,596) $ General Fund Debt Service - (6,930,880) (6,930,880) Developer Fees Program Support 9,946,964 (11,485,992) (1,539,028) Developer Fees Debt Service - (549,603) (549,603) State and Federal Grants Fund Program Support 113,703 (26,328,648) (26,214,945) Capital Improvement Fund Capital improvement 34,978,608 - 34,978,608 Nonmajor Governmental Funds Program Support 12,835,602 (12,142,438) 693,164 Nonmajor Governmental Funds Debt Service 7,738,069 - 7,738,069 Internal Service Funds Program Support 4,384 (107,370) (102,986) Total Governmental Activities 68,410,686 (76,512,883) (8,102,197)
BUSINESS-TYPE ACTIVITIES
Water Program Support - (15,872,956) (15,872,956) Water Capital Improvements 16,541,131 - 16,541,131 Wastew ater Program Support - (16,445,697) (16,445,697) Wastew ater Capital Improvements 23,957,097 - 23,957,097 Environmental Resource Program Support - (531,768) (531,768) Environmental Resource Capital Improvements 454,390 - 454,390 Total Business-Type Activities 40,952,618 (32,850,421) 8,102,197
TOTAL GOVE RNME NT-WIDE
STATEMENTS 109,363,304$ (109,363,304) $ - $
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FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS (Continued)
E. Lease Receivable
As of June 30, 2024, the City has nine acti ve leases. The leases have receipts that range from $5,237 to $105,953 and interest rates that range from 0.2450% to 2.2870%.
As of June 30, 2024, the total combined value of the lease receivable is $985,843, and the combined value of the deferred inflow of resources is $940,841. The leases have no variable or other receipts within the fiscal year.
The future minimum lease payments receivable are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2025 355,663$ 7,728$ 363,391$
2026 326,487 5,344 331,831
2027 152,877 2,861 155,738
2028 47,733 1,543 49,276
2029 48,315 961 49,276
2030-2031 54,768 376 55,144
TOTALS 985,843$ 18,813 $ 1,004,656$
Governmental Activities
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F. Notes Receivable
At June 30, 2024, the City's net notes receivable consisted of the following:
BALAN C E BALAN C E
JULY 1, 2023 AD D I TI ON S DELETIONS JUNE 30, 2024
GOVERNMENTAL ACTIVITIES
Residential Notes Receivable
CalHOME Loans 2,634,654 $ - (84,225) 2,550,429 $ BEGIN Loans 3,029,343 - (170,000) 2,859,343 CDBG Loans 3,624,329 - (62,629) 3,561,700 HOME Loans 6,655,884 - (1,207,914) 5,447,970 NSP Loans 297,550 - - 297,550 HERO Loans 114,473 - (26,000) 88,473 Other 2,749,562 - (213,848) 2,535,714 Allow ance for doubtful accounts (8,301,589) - 1,123,233 (7,178,356) 10,804,206 - (641,383) 10,162,823 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 (10,694) 1,589,306 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
Dolores Huerta Gardens (Etting Rd.) 1,668,600 1,668,600 Colonial House - PILOT 3,202,826 3,202,826
Cypress Place 1,000,000 1,000,000
Cypress Place (CDBG) - 1,350,000 1,350,000 Navigation Center-Casa de Carmen 439,921 439,921 Central Terrance 397,292 397,292
Allow ance for doubtful accounts (3,082,319) - 30,000 (3,052,319) 55,477,071 2,187,213 19,306 57,683,590 66,281,277 2,187,213 (622,077) 67,846,413
BUSINESS-TYPE ACTIVITIES
Wastew ater Loans 777 ,000 - (33,300) 743,700 Oxnard Housing Authority 3,121,406 - - 3,121,406 3,898,406 - (33,300) 3,865,106
TOTAL GOVE RNME NT-WIDE
STATEMENTS 70,179,683$ 2,187,213 $ (655,377) $ 71,711,519 $
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FOR THE YEAR ENDED JUNE 30, 2024
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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 r epairs, or mobile home replacements (no longer offered). Re sidential outstanding loans at June 30, 2024 include the following programs: Ho me 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 wi th 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 $3,052,319 as of June 30, 2024, are loans to parties related the Oxnard Housing Authority.
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FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS (Continued)
F. Notes Receivable (Continued)
BUSINESS-TYPE ACTIVITIES
Septic to Sewer Project
The City provided financial assistanc e 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 t he 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 intere st at a rate of 5% compounded annually on the amount of the outstanding balance of the loan. Annual payments of 85% of the annual net cash flow of the pr operty are made. All outstanding principal and accrued interest are payable on or before April 2069. Principal and interest due to the Authority at June 30, 2024 was $78 8,787 and $120,531, respectively.
In June 2020, the Authority entered into a note agreement with A0592 Oxnard LP (Developer). The Authority is to provide up to $2,500,000 in reimbursement for costs associated with demolitio n costs of the Los Cortes phase II development. The note accrues interest at a rate of 3% simple interest per annum. Principal and interest due to the Authority at June 30, 2024 was $2,332,619 and $270,402, respectively.
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FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Capital Assets
Changes in the City's capital assets for the year ended June 30, 2024 consisted of the following:
BALANCE BALANCE
JULY 1, 2023 RESTATEMENT INCREASES DECREASES JUNE 30, 2024
GOVERNMENTAL ACTIVITIES
Capital Assets, Not Being Depreciated
Land 1,391,720,555 $ - $ - $ - $ 1,391,720,555$ Construction in progress 64,107,549 6,257,226 30,262,562 (17,240,353) 83,386,984 Total Capital Assets, Not Being
Depreciated 1,455,828,104 6,257,226 30,262,562 (17,240,353) 1,475,107,539 Capital Assets, Being Depreciated
Artwork 87,000 - - - 87,000 Buildings 122,110,461 97,203 - - 122,207,664 Improvements other than buildings 83,661,670 13,671,046 5,243,360 - 102,576,076 Equipment and machinery 49,551,453 22,685 5,243,113 (1,357,822) 53,459,429 Intangible assets 3,327,079 - 11,076,688 (544,686) 13,859,081 Infrastructure 692,572,484 11,789,908 2,391,386 - 706,753,778 Total Capital Assets, Being
Depreciated 951,310,147 25,580,842 23,954,547 (1,902,508) 998,943,028 Less: Accumulated Depreciation
Artwork (87,000) - - - (87,000) Buildings (49,852,605) (24,807) (2,467,279) - (52,344,691) Improvements other than buildings (28,527,738) (4,634,258) (2,581,364) - (35,743,360) Equipment and machinery (35,990,674) (22,685) (2,814,908) 1,356,057 (37,472,210) Intangible assets (948,071) - (2,745,139) 922,865 (2,770,345) Infrastructure (290,365,875) (3,115,254) (17,773,801) - (311,254,930) Total Accumulated Depreciation (405,771,963) (7,797,004) (28,382,491) 2,278,922 (439,672,536) Total Capital Assets, Being
Depreciated, Net 545,538,184 17,783,838 (4,427,944) 376,414 559,270,492
GOVERNMENTAL ACTIVITIES CAPITAL
ASSETS, NET 2,001,366,288$ 24,041,064 $ 25,834,618 $ (16,863,939) $ 2,034,378,031$
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FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS (Continued)
G. Capital Assets (Continued)
BALANCE BALANCE
JULY 1, 2023 RESTATEMENT INCREASES DECREASES JUNE 30, 2024
BUSINESS-TYPE ACTIVITIES
Capital Assets, Not Being Depreciated
Land 46,102,695 $ - $ 1,378,793$ - $ 47,481,488$ Construction in progress 26,638,691 8,165,721 45,415,131 (3,976,464) 76,243,079 Total Capital Assets, Not Being
Depreciated 72,741,386 8,165,721 46,793,924 (3,976,464) 123,724,567 Capital assets, Being Depreciated
Buildings 256,491,465 - 5,248,064 (1,871,066) 259,868,463 Improvements other than buildings 34,606,396 - - - 34,606,396 Equipment and machinery 129,361,450 - 1,751,581 (1,196,151) 129,916,880 Intangible assets 56,261 - - (20,668) 35,593 Infrastructure 442,256,092 2,154,616 - - 444,410,708 Total Capital Assets, Being
Depreciated 862,771,664 2,154,616 6,999,645 (3,087,885) 868,838,040 Less: Accumulated Depreciation
Buildings (132,901,059) - (5,572,766) 1,871,066 (136,602,759) Improvements oth (17,198,801) - (611,364) - (17,810,165) Equipment and m (67,811,998) - (5,458,859) 1,182,006 (72,088,851) Intangible assets (21,468) - (11,864) 12,569 (20,763) Infrastructure (165,355,182) - (8,403,914) - (173,759,096) Total Accumulated Depreciation (383,288,508) - (20,058,767) 3,065,641 (400,281,634) Total Capital Assets, Being
Depreciated, Net 479,483,156 2,154,616 (13,059,122) (22,244) 468,556,406
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET 552,224,542 10,320,337 33,734,802 (3,998,708) 592,280,973 TOTALS 2,553,590,830$ 34,361,401 $ 59,569,420 $ (20,862,647) $ 2,626,659,004$
For the year ended June 30, 2024 depreciation expense on capital assets was charged as follows:
A MOUNT
GOVERNMENTAL ACTIVITIES
General government 3,240,518$
Public safety 2,120,832
Public w orks 21,340,585
Community development 24,349
Culture, leisure and libraries 657,677
Capital assets held by the City's internal service fund 998,530
TOTAL GOVE RNME NTAL ACTIVITIE S
DEPRECIATION EXPENSE 28,382,491$
BUSINESS-TYPE ACTIVITIES
Water 7,907,075 $
Wastew ater 7,844,071
Environmental resources 2,639,466
Golf Course 593,098
Oxnard Housing Authority 1,075,057
TOTAL BUSINESS-TYPE ACTIVITIES
DEPRECIATION EXPENSE 20,058,767$
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FOR THE YEAR ENDED JUNE 30, 2024
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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, 2024:
BA LA NCE BA LA NCE DUE WITHIN
JULY 1, 2023 RESTA TEMENT AD D I TI ON S REDUCTIONS JUNE 30, 2024 ON E YE AR
GOVE RNME NTAL ACTIVITIE S
Lease Revenue Bonds
Lease revenue project and refunding bonds,
series 2014 8,450,000 $ -$ -$ (1,240,000)$ 7,210,000$ 1,305,000$ Lease revenue refunding bonds,
series 2018 20,855,000 - - (1,515,000) 19,340,000 1,550,000 Lease revenue refunding bonds,
series 2019A 24,900,000 - - (805,000) 24,095,000 860,000 Unamortized premiums 4,586,224 - - (394,499) 4,191,725 - Unamortized discounts (18,169) - - 1,013 (17,156) - Re ve nue Bonds
Gas Tax Revenue Refunding Bonds,
series 2020 14,790,000 - - (770,000) 14,020,000 785,000 Unamortized Premiums 2,794,614 - - (83,614) 2,711,000 - Lease Purchase Agreements
700,865 - - (345,718) 355,147 355,147 B of A Lease Purchase 2022, Draw #25 2,995,417 - - (323,063) 2,672,354 330,503 B of A Lease Purchase 2022, Draw #26 1,947,750 - - (186,109) 1,761,641 193,047 B of A Lease Purchase 2023, Draw #27 3,124,246 - - (297,034) 2,827,212 308,470 2012 Lease Purchase 1,952,381 - - (364,566) 1,587,815 377,521 2014 Lease Purchase - Fire Station 8 8,811,695 1,083,305 - (920,000) 8,975,000 955,000 Unamortized Premiums - 143,801 - (16,918) 126,883 - TOTAL GOVE RNME NTAL ACTIVITIE S 95,890,023$ 1,227,106 $ - $ (7,260,508)$ 89,856,621 $ 7,019,688 $ B of A Lease Purchase 2018, Draw #22
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FOR THE YEAR ENDED JUNE 30, 2024
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H. Long-term Debt (Continued)
BA LA NCE BA LA NCE DUE WITHIN
JULY 1, 2023 Restatement AD D I TI ON S REDUCTIONS JUNE 30, 2024 ONE YEAR
BUSINESS-TYPE ACTIV ITIES
Water Fund
Revenue Bonds
Water revenue project bonds,
series 2010B 81,700,000 $ - $ - $ (2,060,000)$ 79,640,000 $ 2,150,000 $ Water revenue refunding bonds,
series 2018 35,590,000 - - (1,350,000) 34,240,000 1,420,000 Water Bond Series 2021A 21,490,000 - - (395,000) 21,095,000 415,000 Water revenue refunding bonds,
series 2021 22,370,358 - - (1,774,504) 20,595,854 1,818,916 Unamortized premiums 6,559,930 - - (421,985) 6,137,945 - Unamortized discounts (464,920) - - 28,035 (436,885) - TOTAL WATE R FUND 167,245,368$ - $ - $ (5,973,454)$ 161,271,914 $ 5,803,916 $ Wastewater F und
Revenue Bonds
Wastew ater revenue refunding
bonds, series 2014 60,405,000 $ - $ - $ (4,250,000)$ 56,155,000 $ 4,465,000 $ Wastew ater revenue refunding
bonds, series 2018 18,405,000 - - (1,300,000) 17,105,000 1,365,000 Unamortized premiums 6,540,938 - - (673,297) 5,867,641 - TOTAL WASTE WATE R FUND 85,350,938$ - $ - $ (6,223,297)$ 79,127,641 $ 5,830,000 $ E nvironmental Resources Fund
Lease Purchase Agreements
B of A Lease Purchase Agreement 2018 2,576,758$ - $ - $ (509,183)$ 2,067,575 $ 524,863 $ B of A Lease Purchase Agreement 2021 7,387,168 - - (1,434,911) 5,952,257 1,455,865
TOTAL E NVIRONME NTAL
RESOURCES FUND 9,963,926$ - $ - $ (1,944,094)$ 8,019,832 $ 1,980,728 $ Oxnard Housing Authority Fund
D irect B orrowings
2004 Capital Fund Revenue Bonds 430,000 $ - $ - $ (430,000)$ - $ - $ Note payable 269,710 - 212,740 - 482,450 269,710
TOTAL OXNARD HOUSING
AUTHORITY FUND 699,710$ - $ 212,740$ (430,000) $ 482,450 $ 269,710 $
TOTAL BUSINE SS-TYPE
ACTIVITIE S 263,259,942$ - $ 212,740$ (14,570,845)$ 248,901,837 $ 13,884,354 $ TOTALS 359,149,965$ 1,227,106 $ 212,740 $ (21,831,353)$ 338,758,458 $ 20,904,042 $
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FOR THE YEAR ENDED JUNE 30, 2024
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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:
GOV ERNMENTA L
AC TI VI TI E S
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 7,019,688$ 3,357,662$ 10,377,350$
2026 6,928,692 3,083,839 10,012,531
2027 7,218,236 2,798,915 10,017,151
2028 7,513,183 2,494,391 10,007,574
2029 7,379,298 2,174,617 9,553,915
2030-2034 26,775,072 6,839,930 33,615,002 2035-2039 16,045,000 2,343,698 18,388,698 2040-2044 3,965,000 227,669 4,192,669 2045-2049 - - - 2050-2054 - - - 2055 - - - TOTALS 82,844,169$ 23,320,721 $ 106,164,890 $
BUSINESS-TYPE
AC TI VI TI E S
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 13,884,354$ 12,292,202$ 26,176,556$
2026 14,173,427 11,679,960 25,853,387
2027 14,759,656 11,040,588 25,800,244
2028 15,242,273 10,372,444 25,614,717
2029 13,873,465 9,688,335 23,561,800
2030-2034 80,582,221 37,389,858 117,972,079 2035-2039 53,845,000 19,168,155 73,013,155 2040-2044 16,310,000 4,311,350 20,621,350 2045-2049 5,805,000 2,444,000 8,249,000 2050-2054 7,060,000 1,186,200 8,246,200 2055 1,585,000 63,400 1,648,400 TOTALS 237,120,396$ 119,636,492 $ 356,756,888 $
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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 Refunding 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 payments 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, 2024, the total balance outstanding was $7,210,000.
As of June 30, 2024, the total future debt payments for the Lease Revenue Project and Refunding Bonds, Series 2014, including interest thereon, are as follows:
LEA SE REV ENUE PROJECT A ND
REFUNDING BONDS
SERIES 2014
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 1,305,000$ 360,500$ 1,665,500$
2026 1,370,000 295,250 1,665,250
2027 1,440,000 226,750 1,666,750
2028 1,510,000 154,750 1,664,750
2029 1,585,000 79,250 1,664,250
TOTALS 7,210,000$ 1,116,500 $ 8,326,500 $
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FOR THE YEAR ENDED JUNE 30, 2024
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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 th e 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, 2024, the total balance outstanding was $19,340,000.
As of June 30, 2024, the total future debt payments for the Lease Revenue Refunding Bonds, Series 2018, including interest thereon, are as follows:
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 1,550,000$ 967,000 $ 2,517,000$
2026 1,590,000 889,500 2,479,500
2027 1,640,000.00 810,000.00 2,450,000.00
2028 1,680,000.00 728,000.00 2,408,000.00
2029 1,720,000.00 644,000.00 2,364,000.00
2030-2034 8,580,000.00 1,882,750.00 10,462,750.00 2035-2036 2,580,000.00 194,500.00 2,774,500.00 19,340,000$ 6,115,750 $ 25,455,750 $
LEA SE REV ENUE
REFUNDING BONDS
SERIES 2018
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-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)
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 bonds 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, 2024, the total balance outstanding was $24,095,000.
As of June 30, 2024, the total future debt payments for the Lease Revenue Refunding Bonds, Series 2019A, including interest thereon, are as follows:
SERIES 2019A
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 860,000$ 821,000$ 1,681,000$
2026 910,000 799,775 1,709,775
2027 970,000 775,952 1,745,952
2028 1,035,000 748,908 1,783,908
2029 1,095,000 719,017 1,814,017
2030-2034 6,590,000 3,040,724 9,630,724 2035-2039 8,670,000 1,756,298 10,426,298 2040-2041 3,965,000 227,669 4,192,669 TOTALS 24,095,000$ 8,889,343 $ 32,984,343 $
LEA SE REV ENUE
REFUNDING BONDS
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-92-
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 annual ly in amounts rangi ng 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, 2024, the total balance outstanding was $14,020,000.
As of June 30, 2024, the total future debt payments for the Gas Tax Revenue Refunding Bonds, Series 2020, including interest thereon, are as follows:
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 785,000$ 527,238 $ 1,312,238$
2026 805,000 509,275 1,314,275
2027 835,000 480,500 1,315,500
2028 865,000 446,500 1,311,500
2029 895,000 411,300 1,306,300
2030-2034 5,040,000 1,478,400 6,518,400 2035-2038 4,795,000 392,900 5,187,900 TOTALS 14,020,000$ 4,246,113 $ 18,266,113 $
GAS TAX REVENUE BONDS
SERIES 2020
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-93-
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 Instal lment Payments and the outstanding Parity Obligations. As of June 30, 2024, Parity Obligations include the Series 2018, 2021A, and 2021 Water Revenue Bonds. These bonds were issued on February 11, 2010 in the amount of $83,670,000. These bonds, issued as Federally Taxable Build America Bonds under the American Recovery and Reinvestment Act of 2008, carry a net interest cost of 4.5287% and mature on June 1, 2040. The City receives an interest subsidy directly from the United States Treasury equal to 35% of each interest payment. Since 2013, approximately 5.9% - 8.7% of the expected subsidy has been sequestered by the U.S. Treasury, effectively reducing the inte rest 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 prog ram. 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 the maturity date of the bonds at June 1, 2040. The balanc e outstanding as of June 30, 2024 is $79,640,000.
As of June 30, 2024, the total future debt payments for the Water Revenue Project Bonds, Series 2010B, including interest thereon, are as follows:
WA TER REV ENUE
PROJECT BONDS
SERIES 2010B
FISCAL YE AR PRINCIPA L INTEREST* TOTAL
2025 2,150,000$ 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 2,445,000 5,052,107 7,497,107
2029 2,555,000 4,885,383 7,440,383
2030-2034 14,575,000 21,656,897 36,231,897
2035-2039 40,905,000 14,671,830 55,576,830
2040 12,425,000 869,750 13,294,750
TOTALS 79,640,000$ 63,224,105 $ 142,864,105 $
*Interest is presented on a gross basis, excluding Build America Bonds subsidy from the US Treasury.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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 Installment Payments and the outstanding Parity Obligations. As of June 30, 2024, Parity Obligations 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, 2024 is $34,240,000.
As of June 30, 2024, the total future debt payments for the Water Revenue Refunding Bonds, Series 2018, including interest thereon, are as follows:
WATER REV ENUE
REFUNDING BONDS
SERIES 2018
FISCAL YE AR PRINCIPA L INTEREST TOTAL
2025 1,420,000$ 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 1,640,000 1,413,913 3,053,913
2029 1,720,000 1,331,913 3,051,913
2030-2034 13,470,000 5,028,813 18,498,813
2035-2036 12,940,000 829,325 13,769,325 TOTALS 34,240,000$ 13,299,703 $ 47,539,703 $
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-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 2021A
The City has pledged all net water revenues and all amounts on deposit in the Revenue Fund for the payment of the 2021A Installment Payments and the outstanding Parity Obligations. As of June 30, 2024, Parity Obligations 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 Revenue Project Bonds, Series 2010A and 2012. This refunding resulted in an economic loss of $1,934,875 and an estimated cash flow deficit of $1,426,231. The balance outstanding as of June 30, 2024 is $21,095,000.
As of June 30, 2024, the total future debt payments for the Water Revenue Refunding Bonds, Series 2021A, including interest thereon, are as follows:
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 415,000$ 843,800$ 1,258,800$
2026 435,000 827,200 1,262,200
2027 450,000 809,800 1,259,800
2028 470,000 791,800 1,261,800
2029 485,000 773,000 1,258,000
2030-2034 505,000 3,687,200 4,192,200
2035-2039 - 3,667,000 3,667,000 2040-2044 3,885,000 3,441,600 7,326,600
2045-2049 5,805,000 2,444,000 8,249,000
2050-2054 7,060,000 1,186,200 8,246,200
2055 1,585,000 63,400 1,648,400
TOTALS 21,095,000$ 18,535,000 $ 39,630,000 $
WA TER REV ENUE
PROJECT BONDS,
SERIES 2021A
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-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)
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 Installment Payments and the outstanding Parity Obligations. As of June 30, 2024, Parity Obligations as described on these bonds are Series 2010B, 2018 and 2021A Water Rev enue 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, 2024 is $20,595,854.
As of June 30, 2024, the total future debt payments for the Water Revenue Refunding Bonds, Series 2021, including interest thereon, are as follows:
WA TER REV ENUE
REFUNDING BONDS
SERIES 2021
FISCAL YE AR PRINCIPA L INTEREST TOTAL
2025 1,818,916$ 556,088$ 2,375,004$
2026 1,870,276 506,977 2,377,253
2027 1,923,274 456,480 2,379,754
2028 1,972,702 404,551 2,377,253
2029 2,028,465 351,289 2,379,754
2030-2034 10,982,221 905,298 11,887,519
TOTALS 20,595,854$ 3,180,683$ 23,776,537$
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-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 2014
Wastewater Revenue Refunding Bonds, Seri es 2014 were issued on November 18, 2014 in the amount of $71,985,000 to refund the Wastewater Re venue 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 City has pledged all net wastewat er revenues and all amounts on deposit in the Revenue Fund for the payment of the 2014 Installment Payments and the outstanding Parity Obligations. The balance outstanding as of June 30, 2024 is $56,155,000.
As of June 30, 2024, Parity Obligations include the 2018 Wastewater Revenue Bonds.
The Installment Payments on the 2014 Bonds are secured by a first priority lien on the net system revenues (as defined in the trust indenture) of the City's wastewater fund.
Such obligation exists through the maturity date of the bonds at June 1, 2034.
As of June 30, 2024, the total future debt payments for the Wa stewater Revenue Refunding Bonds, Series 2014, including interest thereon, are as follows:
WA STEWA TER REV ENUE
REFUNDING BONDS
SERIES 2014
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 4,465,000$ 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 5,165,000 2,103,750 7,268,750
2029 5,425,000 1,845,500 7,270,500
2030-2034 31,485,000 4,875,750 36,360,750
TOTALS 56,155,000$ 16,567,250 $ 72,722,250 $
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-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)
Wastewater Revenue Refunding Bonds, Series 2018
The City has pledged all net wastewater revenues 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, 2024, 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 t he 2004 Bonds. This refunding resulted in an economic gain of $1,812,042 and a cash fl ow savings of $2,282,549. The balance outstanding as of June 30, 2024 is $17,105,000.
As of June 30, 2024, the total future debt payments for the Wa stewater Revenue Refunding Bonds, Series 2018, including interest thereon, are as follows:
WA STEWA TER REV ENUE
REFUNDING BONDS
SERIES 2018
FISCAL YE AR PRINCIPA L INTEREST TOTAL
2025 1,365,000$ 795,250 $ 2,160,250$
2026 1,430,000 727,000 2,157,000
2027 1,500,000 655,500 2,155,500
2028 1,585,000 580,500 2,165,500
2029 1,660,000 501,250 2,161,250
2030-2034 9,565,000 1,235,900 10,800,900
TOTALS 17,105,000$ 4,495,400 $ 21,600,400 $
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-99-
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 Affordable Housing Agency Certificates of Participation, Series 2004 (O xnard's Santa Clara Projects) on April 26, 2004 in the amount of $10,370,000, evidenci ng 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 and Santa Clara Housing Authorities in the amounts of $5,820,000 and $4,550,000, respectively. Each certif icate 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 authority. The bonds were issued to finance certain capital projects of the Housing Aut hority, with interest ranging from 2.00% to
4.95%, maturing on April 1, 2024. The bonds were fully paid as of June 30, 2024.
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 regul ations deal with the investment of all tax exempt bond proc eeds at an interest yield greater than the interest yield paid to bondholders. Generally , all interest paid to bondholders can be retroactively rendered taxabl e if applicable rebat es 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 in vestment 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, 2024.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-100-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)
Credit Rating
As of June 30, 2024, the City's issuer credi t 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 Payment s remain unpaid provided, however, that out of the net water system revenues, there 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 $5,579,504 and $6,954,961, respectively. The debt service coverage ratio of 151% is in compliance 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 the 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 wast ewater 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, t here may be apportioned such sums for purposes as permitted by the Installment Purchase Agreements.
Principal and interest paid for the current year and net wastewater revenue were $5,550,000 and $3,880,500, respectively. The debt service coverage ratio of 232% is in compliance with the ratio required by bond covenants. Thos e 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 payments and net wastewater revenues. If the debt service coverage ratio is below 100% of principal and interest payments the trustee can declare the bond s in default and pursue remedies provided for in the Installment Purchase Agreement.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-101-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)
Debt with Pledged Revenue (Continued)
HUD has approved the issuance of the bonds and the certificates 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, $4,859,354 of Capital Fund Grant revenue was earned, of which, $430, 000 was applied to the repayment of the bonds. Principal is payable annually on April 1. Interest is payable semiannually on April 1 and October 1 commencing October 1, 2004. The required reserve for the bonds is $451,375. As of June 30, 2024, the bond has been paid in full.
Lease Purchase Obligations - Governmental Activities
2012 Lease Purchase Agreement
On August 1, 2012, the City entered into a Lease Purchase 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 inte rest rate of 3.54% and final maturity date on June 1, 2028. The refunding resulted in an overall cash flow savings of $658,975 and economic gain of $566,623. These lease pay ments constitute obligations of the City's General Fund. Such obligation exists through the maturity date of the lease at June 1, 2028. The outstanding balance as of June 30, 2024 is $1,587,815.
As of June 30, 2024, the total future lease payments for the 2012 Lease Purchase Agreement, including interest thereon, are as follows:
PURCHA SE
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 377,521$ 56,209$ 433,730$
2026 389,985 42,844 432,829
2027 401,941 29,039 430,980
2028 418,368 14,810 433,178
TOTALS 1,587,815$ 142,902 $ 1,730,717$
2012 LEASE
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-102-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)
Lease purchase 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 $15,380,000. Total lease payments beginning June 1, 2016 through December 31, 2031 amount to $23,208,578, including interest of $7,828, 578. These lease payments constitute obligations of the City's General Fund. The outstanding balance as of June 30, 2024 is $8,975,000.
The base rental is equal to the principal and interest payable with respect to the Revenue Bonds (Oxnard Fire 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 amou nt of $15,160,000 and $220,000 respectively. The Authority loaned the proceeds of the bonds to Oxnard Fire Station, LLC to finance the construction of the Oxnard Fire Station #8.
As of June 30, 2024, the total future lease payments for the 2014 Lease Purchase Agreement, including interest thereon, are as follows:
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 955,000$ 390,944 $ 1,345,944$
2026 1,005,000 346,341 1,351,341
2027 1,045,000 303,406 1,348,406
2028 1,090,000 256,675 1,346,675
2029 1,140,000 205,788 1,345,788
2030-2032 3,740,000 279,350 4,019,350 TOTALS 8,975,000$ 1,782,504 $ 10,757,504 $
PURCHA SE
2014 LEASE
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-103-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)
Lease purchase Obligations - Governmental Activities (Continued)
Banc of America Lease Purchase Agreement 2018
On March 30, 2018, the City entered into an Equipment Lease/Purchase Agreement with Banc of America Public Capital Corporation (BofA) in an amount not to exceed $5 million for the purpose of acquiring publ ic safety communication equipment and vehicles, fire apparatus and vehicles, and other capital assets. The lease payments constitute obligations of the City’s Gener al Fund. Such obligation exists through the maturity date of the lease. As of June 30, 2024, the total outst anding balance on this line of credit was $355,147.
As of June 30, 2024, the total future l ease payments for the B of A Lease Purchase Agreement 2018, including interest thereon, are as follows:
B OF A
LEASE PURCHASE 2018
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 355,147$ 7, 231$ 362,378$
TOTALS 355,147$ 7,231 $ 362,378$
Banc of America Lease Purchase Agreement 2022 Draw #25
On April 5, 2022, the City entered into an Equipment Lease/Purchase Agreement with Banc of America Public Capital Corporation (BofA) in an amount of $3.3 million for the purpose of acquiring and upfitting fire v ehicles. The lease payments constitute obligations of the City’s General Fund. Such obligation exists through the maturity date of the lease. As of June 30, 2024, the total outstanding balance on this line of credit was $2,672,354.
As of June 30, 2024, the total future l ease payments for the B of A Lease Purchase Agreement 2022 Draw #26, including interest thereon, are as follows:
B OF A LEASE
PURCHASE 2022, Draw #25
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 330,503$ 59,316 $ 389,819$
2026 338,115 51,704 389,819
2027 345,902 43,917 389,819
2028 353,869 35,950 389,819
2029 362,019 27,800 389,819
2030-2032 941,946 32,601 974,547 TOTALS 2,672,354$ 251,288 $ 2,923,642$
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-104-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)
Lease purchase Obligations - Governmental Activities (Continued)
Banc of America Lease Purchase Agreement 2022, Draw #26 On November 15, 2022, the City ent ered into an Equipment Lease/Purchase Agreement with Banc of America Public Capital Corporation (BofA) in an amount of $2.1 million for the purpose of acquiring fi re engines. The lease payments constitute obligations of the City’s General Fund. Such obligation exists through the maturity date of the lease on June 1, 2032. As of June 30, 2024, the total outstanding balance on this line of credit was $1,761,640.
As of June 30, 2024, the total future l ease payments for the B of A Lease Purchase Agreement 2022 Draw #26, including interest thereon, are as follows:
B OF A LE ASE
PURCHA SE 2022, Draw #26
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 193,047$ 63,308 $ 256,355$
2026 200,244 56,111 256,355
2027 207,710 48,646 256,356
2028 215,453 40,903 256,356
2029 223,485 32,870 256,355
2030-2032 721,702 47,366 769,068 TOTALS 1,761,641$ 289,204 $ 2,050,845$
Banc of America Lease Purchase Agreement 2023, Draw #27 On January 19, 2023, the City entered into an Equipment Lease/Purchase Agreement with Banc of America Public Capital Corporation (BofA) in an amount of $3.5 million for the purpose of acquiring and upfitting eight battalion command vehicles. The lease payments constitute obligations of the City ’s General Fund. Such obligation exists through the maturity date of the lease on June 1, 2032. As of June 30, 2024, the total outstanding balance on this line of credit was $2,827,212.
As of June 30, 2024, the total future l ease payments for the B of A Lease Purchase Agreement 2022 Draw #27, including interest thereon, are as follows:
B OF A LE ASE
PURCHA SE 2022, Draw #27
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 308,470$ 104,916 $ 413,386$
2026 320,348 93,039 413,387
2027 332,683 80,705 413,388
2028 345,493 67,895 413,388
2029 358,794 54,592 413,386
2030-2032 1,161,424 7 8,739 1,240,163 TOTALS 2,827,212$ 479,886 $ 3,307,098$
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-105-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)
Direct Borrowings (Continued)
Lease Purchase Obligations - Business-Type Activities
B of A Lease Purchase Agreement 2018
On March 30, 2018, the City entered into an Equipment Lease/Purchase Agreement with Banc of America Public Capital Corporation (BofA) in an amount not to exceed $5 million for the purpose of acquiring refuse trucks and vehicles. The lease payments constitute obligations of the City’s Envi ronmental Resources Fund. Such obligation exists through the maturity date of the lease on March 30, 2028. As of June 30, 2024, the total outstanding balance on this line of credit was $2,067,575.
As of June 30, 2024, the total future l ease payments for the B of A Lease Purchase Agreement 2018, including interest thereon, are as follows:
B OF A
LEA SE PURCHA SE
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 524,863$ 59,211$ 584,074$
2026 541,028 43,047 584,075
2027 557,689 26,386 584,075
2028 443,995 9,211 453,206
TOTALS 2,067,575$ 137,855 $ 2,205,430 $
2018
Lease purchase obligations are collater alized 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.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-106-
II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)
Direct Borrowings (Continued)
Lease Purchase Obligations - Business-Type Activities (Continued)
B of A Lease Purchase Agreement 2021 Draw #24
In October 2021, the City entered into an E quipment Lease/Purchase Agreement with Banc of America Public Capital Corporation (BofA) in an amount of $10,255,000 for the purpose of acquiring refuse loaders. The le ase 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, 2024, the total outstanding balance on this line of credit was $5,952,257.
As of June 30, 2024, the total future l ease payments for the B of A Lease Purchase Agreement 2021, including interest thereon, are as follows:
B OF A
FI SC AL YE AR PRINCIPA L INTEREST TOTAL
2025 1,455,865$ 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
TOTAL 5,952,257$ 196,496 $ 6,148,753 $
2021
LEA SE PURCHA SE
Lease purchase obligations are collater alized 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.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
-107-
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 interest at the rate of interest 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 thereafter. As of June 30, 2014, the project was considered permanently stall ed and would not be completed. The loan is to be payable in one lump sum payment due sixty (60) days after the anniversary of the failure to complete project determination. There is an option to extend the repayment date for a period not to exceed two years as approved by the CDC’s Director. The outstanding balance at June 30, 2024 is $269,710.
Housing Authority7th and Meta Note Payable
The Authority entered into a note agreement dated December 6, 2022, secured by a deed of trust, in the amount of $212,740 payable to the City of Oxnard to finance the development of affordable housing units on 4 parcels at 7th and Meta in the City. The principal balance on the note bears no intere st. The principal of the note shall be automatically forgiven on the date the property is transfe rred to an affordable housing developer selected by the Authority to comp lete the project, subject to the City’s approval. The outstanding balance at June 30, 2024 is $212,740.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS (Continued)
H. Long-term Debt (Continued)
Special Assessment Bonds
There are various 1915 Act Improvement Districts and Mello-Roos Community Facilities Districts within the City, which have issued special assessment or special tax debt. The debt is secured by liens of special assessments or special taxes on the properties in the districts and is paid by the property owners. The City is not liable under any circumstance for the repayment of the debt, but is only acting as agent for the property owners in collecting the assessments and specia l taxes, forwarding the collections to fiscal agents to pay the bondholders, and initiating foreclosure proceedings when appropriate.
Accordingly, such special assessment debt is not reflected in the accompanying basic financial statements. Specia l assessment debt outstanding at June 30, 2024 is as follows:
AMOUNT
Rice Avenue/Highway 101 Interchange Assessment District Local Obligation Revenue Bonds (2012 Special District Bond Refinancing to refund 1915 Act Limited Obligation Bonds) 6,445,000$
City of Oxnard Community Facilities District 1 (Westport) Local Obligation Revenue Bonds (2012 Special District Bond Refinancing to refund CFD No. 2000-3 Bonds)
5,730,000
Oxnard Boulevard Interchange Community Facilities District 2000-3 Local Obligation Revenue Bonds (2012 Special District Bond Refinancing to refund CFD No. 1 Bonds)
3,985,000
Oxnard Boulevard/Highway 101 Interchange Assessment District 2000-1 1915 Act Improvement Limited Obligation Bonds 1,230,000 Community Facilities District No. 3
Special Tax Refunding Bond 2013 (Seabridge Mandalay Bay) 18,820,000
TOTAL 36,210,000$
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS (Continued)
I. Compensated Absences
The accrual for compensated absences was reported as follows as of June 30, 2024:
BA LA NCE BA LA NCE DUE WITHIN
JULY 1, 2023 A DDITIONS PA Y MENTS JUNE 30, 2024 ONE YEAR
GOVERNMENTAL ACTIVITIES
General Fund 16,829,654$ 9,071,398$ (8,599,712)$ 17,301,340$ 15,224,857$ Internal Service Fund 744,504 648,932 (590,203) 803,233 700,544 17,574,158 9,720,330 (9,189,915) 18,104,573 15,925,401
BUSINESS-TYPE ACTIVITIES
Water 632,946 522,848 (464,610) 691,184 602,820 Wastew ater 748,943 732,476 (639,505) 841,914 734,280 Environmental resources 1,694,181 1,011,652 (917,629) 1,788,204 1,559,592 Golf Course 3,478 1,656 (1,599) 3,535 3,083 Oxnard Housing Authority 704,707 283,901 (286,972) 701,636 290,041 3,784,255 2,552,533 (2,310,315) 4,026,473 3,189,816 TOTALS 21,358,413$ 12,272,863 $ (11,500,230) $ 22,131,046 $ 19,115,217 $
Accrued compensated absences includes an adjustment of $490,553 for California Labor Code Section 4850 benefits for public employees in a specified class.
J. Subscription Liabilities
For the year ended June 30, 2024, the financ ial statements incl ude the adoption of GASB Statement No. 96, Subscription-Based Information Technology Arrangements .
This statement establishes a single model for subscription accounting based on the principle that subscriptions are financings of the right to use an underlying asset. Under this Statement, the City recognized subscrip tion liabilities and intangible right-to-use subscription assets for the following software:
BALANCE BALANCE
JULY 1, 2023 ADDITIONS PAYMENTS JUNE 30, 2024
GOVERNMENTAL ACTIVITIES
Axon & Taser Software 942,249$ -$ (465,434)$ 476,815$ DebtBook 19,540 - (19,540) - Deploy Plus Software 28,721 - (19,035) 9,686 Dito - Google Workspace Enterprise & AU-2021 446,354 - (145,205) 301,149 Dronedeploy, Inc - 50,040 (14,600) 35,440 Emphasys Software 38,587 - (12,035) 26,552 GB Global, LLC - 60,445 (22,360) 38,085 Govlnvest - Software 73,275 - (73,275) - NeoGov - Software 80,737 433,970 (71,257) 443,450 OpenGov, LLC - 715,588 (135,035) 580,553 Pantheon - WebOps 256,910 - (126,322) 130,588 Selectron Technologies, Inc - 167,719 (93,713) 74,006 SirsiDynix SymphonyWeb 101,328 - (49,315) 52,013 TeamDynamix - Enterprise Software 113,951 - (47,185) 66,766 Total Governmental Activities 2,101,652 $ 1,427,762 $ (1,294,311) $ 2,235,103 $
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOT
ES ON ALL FUNDS (Continued)
J. Subscription Liabilities (Continued)
BALANCE BALANCE
JULY 1, 2023 ADDITIONS PAYMENTS JUNE 30, 2024
BUSINESS-TYPE ACTIVITIES
Aquatic Informatics - Software 23,914$ - $ (11,456)$ 12,458 $ Total Business-Type Activities 23,914 - (11,456) 12,458 TOTALS 2,125,566$ 1,427,762 $ (1,305,767) $ 2,247,561 $ The future minimum lease payments payable as of June 30, 2024 are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2025 1,274,763$ 54,266$ 1,329,029$
2026 490,839 25,442 516,281
2027 309,718 12,860 322,578
2028 159,783 4,837 164,620
TOTALS 2,235,103$ 97,405 $ 2,332,508$
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2025 12,458$ 421 $ 12,879$
TOTALS 12,458$ 421 $ 12,879$
Governmental Activities
Business Type Activities
The intangible right-to-use subscription assets and accumulated amortization as of June 30, 2024 in the amounts of $4,704,261 and $2,178,414 are incl uded in capital assets intangible assets.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS (Cont
inued)
K. Fund Balances
The following funds/subfunds had deficit fund balances as of June 30, 2024:
AMOUNT
Public Liability / Property Damage 4,228,992$
Workers' Compensation 20,786,202
Utility Customer Service 428,457
Facilities Maintenance 3,129,952
Equipment Maintenance 2,638,843
Oxnard Community Development Comission Sucessor Agency 13,898,733 Deficits in the Public Liability / Proper ty Damage and Workers’ Compensation Funds result from implementing conservative actuarial assumptions regarding claims liabilities, including incurred but not reported claims. The City expects to replenish the reserve over a 10-year period.
Deficits in Utility Customer Service, Information 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 liabi lities for employee pensions and other post-employment benefits. These liabilities will be liquidat ed with revenue received in future years that cannot be accrued in these financial statements.
L. Prior Period Adjustments
Error Correction for Capital Assets
As of July 1, 2023, the CDC Successor Agency private purpose trust fund capital assets was reduced by $28,629,975 to remove capital assets disposed or capitalized in error in prior years in the amount of $10,846,136 and transfer pre-2012 redevelopment dissolution im provements to City infrastr ucture in the amount of $17,783,838.
The CDC Successor Agency has completed the implementation of its Long-Range Property Management Plan as approved by the County of Ventura Oversight Board and State of California Department of Finance. All Successor Agency property related to the Long-Range Property Management Plan has been disposed. This restatement of capital assets aligns the CDC Successor Agency’s financial reporting records with the Long-Range Property Management Plan by eliminati ng out-of-date capital asset records. As part of this correction, pre-2012 redevelopment disso lution improvements has been added to the governmental activities infrastructure on the City’s Governmentwide Statement of Net Position.
In addition, the City, during a review of CI P projects, discovered that some expenses in prior years should have been capitalized into construction in progress. As a result, governmental activities construction in progress was increased by $6,257,226 and business-type activities construction in progress was increased by $10,320,337 as of the beginning of the fiscal year.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOTES ON ALL FUNDS (Continued)
L. Prior Period Adjustments (Continued)
Adjustment to 2014 Lease Purchase - Fire Station 8
As of July 1, 2023, the City recorded a prior period adjustm ent to correct the liability related to the Lease Purchase Agreement for Series 2014 A&B – Fire Station 8. This adjustment aligns the Lease Purchase Liability with the amounts disclosed in the Official Statement and the amortization schedule for t he 2014 California Municipal Finance Authority Revenue Bonds, Series A&B.
The adjustment resulted in:
An increase to the Lease Pu rchase Liability by $1,083,305 An increase in the Unamortized Premium by $143,801
Recognition of Cash with Fiscal Agent by $1,389,018
As a result of these corrections, the fund balance of the General Fund Group (104 – Half Cent Tax) increased by $1,389,018 and the net position for governmental activities increased by $161,912. This adjustment bri ngs the beginning balance of the Lease Purchase liability to $9,895,000.
Change within the Financial Reporting Entity
Certain funds previously classified as nonmajor funds were merged into the State and Federal Grants, a major fund. The beginning balance of $207,088 was transferred from nonmajor funds to State and Federal Grants.
The beginning fund balances of governmental and proprietary funds were adjusted as follows:
General Fund
State and
Federal Grants
Nonmajor
Funds Water Fund Wastewater Fund
Net Pos ition, July 1, 2023 91,230,310$ 306,542 $ 54,036,190 $ 135,630,088 $ 199,850,955 $ Correction of an Error
Lease Purchase, Series 2014 A&B:
Recognition of cash with fiscal
agents 1,389,018
Restatement of beginning balance of
construction in progress 10,031,413 288,924
Other (4,845)
Change within the Financial Reporting Entity
Merging of certain funds previously
classified as nonmajor to an existing
major fund - 207,088 (207,088) - - Net Position, July 1, 2023, As Restated 92,614,483$ 513,630 $ 53,829,102 $ 145,661,501 $ 200,139,879 $
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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II. DETAILED NOT
ES ON ALL FUNDS (Continued)
L. Prior Period Adjustments (Continued)
Change within the Financial Reporting Entity (continued) The beginning net position was adjusted as follows:
Governmental
Activities
Business Type
Activities
Net Position, July 1, 2023 $ 1,913,245,699 $ 435,976,194 Correction of an Error
Lease Purchase, Series 2014 A&B:
Adjustment of principal balance,
including unamortized premium (1,227,108)
Cash with Fiscal Agent 1,389,018
Restatement of beginning balance of
construction in progress 6,257,226 10,320,337
Restatement of capital assets previously .
reported by the Successor Agency 17,783,838 -
Other (4,845) -
Total 24,198,129 10,320,337
Net Position, July 1, 2023, As Restated $ 1,937,443,828 $ 446,296,531
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS
The City provides pension benefits to it s employees through four defined benefit plans:
CalPERS Miscellaneous Plan, CalPERS Police Plan, CalPERS Fire, and the Retirement Enhancement Plan. Pension expense for all plans totaled $35,606,744 for the year ended June 30, 2024. Total pension liabilities, fiduciary net position, and net pension liabilities for all plans as of June 30, 2024 are as follows:
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability
Miscellaneous Plan 592,398,664$ 429,690,644$ 162,708,020$ Safety – Police 478,214,410 363,847,193 114,367,217 Safety – Fire 202,680,678 133,954,264 68,726,414 Retirement Enhancement Plan 117,203,134 116,445,405 757,729 TOTALS 1,390,496,886$ 1,043,937,506 $ 346,559,380 $
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 publ ic 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 established by State statutes wi thin the Public Employees' Retirement Law. City of Oxnard selects optimal benefit provis ions and adopts those benefits through local ordinance. Copies of CalPERS' annua l financial report may be obtained from the CalPERS Executive Offi ce, 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 Empl oyees' Pension Reform Act (PEPRA) went into effect. PEPRA requires new benefits and member contributions for new members as defined by PEPRA that are hired a fter January 1, 2013. Employees who were CalPERS members before January 1, 2013 are considered "Classic Members."
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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 disabili ty 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 July 1 following notice of a change in the rate. The total plan contributions are determined through the CalPERS' annual actuarial valuation process. The actuarially determi ned 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 deter mined rate and the contribution rate of employees.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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, 2024, the City's total contributions for the Miscellaneous and Safety Plans were $46,530,524. The City's contributions recognized as part of the pension expense for the year ended J une 30, 2024 were $44,226,381 for the Miscellaneous and Safety Plans.
The Plan's provisions and benefits in effe ct at June 30, 2024 are summarized as follows:
2.0% at 55 2.0% at 62
5 years of serv ice 5 years of serv ice
monthly for life monthly for life
50 - 67+ 52 - 67+
of eligible compensation 1.426% - 2.418% 1.00% - 2.50%
contribution rates 7.51% 8.25%
contribution rates plus 10.410% 16.700%
unfunded accrued liablity 12,149,746$ -$
Benefit formula
Benefit vesting schedule
Benefit payments
Retirement age
Monthly benefits, as a percentage
Required employee
Required employer
Miscellaneous
Prior to On or After
Hire date January 1, 2013 January 1, 2013
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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 serv ice 5 years of serv ice
monthly for life monthly for life
50 - 55+ 50 - 57+
of eligible compensation 3.00% - 3.00% 2.00% - 2.70%
contribution rates 9.00% 16.50%
contribution rates plus 28.070% 30.960%
unfunded accrued liablity 7,720,012$ -$
Hire date
Benefit formula
Benefit vesting schedule
January 1, 2013
Prior to On or After
January 1, 2013
Required employee
Benefit payments
Monthly benefits as a percentage
Required employer
Retirement age
Safety – Fire
3.0% at 50 2.7% at 57
5 years of serv ice 5 years of serv ice
Monthly for life Monthly for life
50 - 55+ 50 - 57+
of eligible compensation 2.00% - 3.00% 2.00% to 2.70%
contribution rates 9.00% 14.50%
contribution rates plus 29.300% 29.300%
unfunded accrued liablity 5,362,544$ -$
Prior to On or After
Required employer
January 1, 2013 January 1, 2013
Benefit vesting schedule
Benefit payments
Retirement age
Monthly benefits as a percentage
Required employee
Hire date
Benefit formula
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) California Public Employees' Re tirement System (Continued) C. Contributions (Continued)
At June 30, 2023 (measurement date), the following employ ees were covered by the benefit terms of the Plan:
Plan Members
Miscellaneous
Plan
Safety Plan -
Police Safety Plan - Fire
Activ e 978 208 134 Transferred 751 41 32 Terminated 1,463 48 20 Retired and beneficiaries 1,209 323 145 TOTALS 4,401 620 331 Number of Members
D. Actuarial Methods and Assumptions Used to Determine Total Pension Liability The June 30, 2023 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 6.90%
Inflation 2.50%
Salary Increases Varies by Entry Age and Service
Payroll Growth 2.75%
Inv estment Rate of Return 7.00% Net of Pension Plan Investment and Administrative Expenses; includes Inflation
Retirement Age
p
CalPERS Experience Study for the period from 1997 to
2015.
Mortality Rate Table
1 The probabilities of mortality are based on the 2017
CalPERS Experience Study for the period from 1997 to
2015.
All other actuarial assumptions used in the June 30, 2022 valuation were based on the results of an actuarial experience 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.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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 6.90%. 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 ex pectations as well as the expected pension fund cash flows. Using historical returns of all of the funds’ asset 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, th e 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.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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
Asset Class Allocation
Global Equity - Cap-weighted 30.00% 4.54%
Global Equity - Non-Cap-weighted 12.00% 3.84%
Private Equity 13.00% 7.28%
Treasury 5.00% 0.27%
Mortage-backed securities 5.00% 0.50%
Investment Grade Corporates 10.00% 1.56%
High Yield 5.00% 2.27%
Emerging Market Debt 5.00% 2.48%
Private Debt 5.00% 3.57%
Real Assets 15.00% 3.21%
Leverage -5.00% -0.59%
(1) An expected inflation of 2.3% used for this period
(2) Figures are based on the 2021-22 Asset Liability Management Study Return(1, 2)
Rate of
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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 li ability of each of the Plans is measured as of June 30, 2023, and the total pension liability for the Plan used to calculate the net pension liability was determined by an actuar ial valuation as of June 30, 2022, rolled forward to June 30, 2023, using standard update procedures. The following tables show the plan fiduciary net position and the net pension 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, 2022 (Valuation Date) 570,085,887$ 411,628,241 $ 158,457,646 $ Changes Recognized for the Measurement Period
Service cost 10,846,167 - 10,846,167 Interest on the total pension liability 38,872,466 - 38,872,466 Changes of Benefit Terms 755,260 - 755,260 Differences between expected and actual
experience 2,370,818 - 2,370,818 Net Plan to plan resource movement - - - Employer contributions - 18,562,518 (18,562,518) Employee contributions (paid by employer) - 4,801,365 (4,801,365) Net investment income 25,533,146 (25,533,146)
Benefit payments, included refunds of
employee contributions (30,531,934) (30,531,934) - Administrative expense -
(302,692) 302,692
Net changes 22,312,777 18,062,403 4,250,374 Balance at June 30, 2023 (Measurement Date) 592,398,664$ 429,690,644 $ 162,708,020 $
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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, 2022 (Valuation Date) 460,898,247$ 347,167,238 $ 113,731,009 $ Changes Recognized for the Measurement Period
Service cost 9,726,493 - 9,726,493 Interest on the total pension liability 31,276,481 - 31,276,481 Changes of Benefit Terms 142,389 - 142,389 Differences between expected and actual
experience (1,413,904) - (1,413,904) Employer contributions - 14,667,488 (14,667,488) Employee contributions (paid by employer) - 3,095,737 (3,095,737) Net investment income - 21,587,316 (21,587,316) Benefit payments, included refunds of -
employee contributions (22,415,296) (22,415,296) - Administrative expense - (255,290) 255,290 Other miscellaneous income/(expenses) - - - Net changes 17,316,163 16,679,955 636,208 Balance at June 30, 2023 (Measurement Date) 478,214,410$ 363,847,193 $ 114,367,217 $
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, 2022
(Valuation Date) 194,713,207 $ 129,686,715 $ 65,026,492 $ 0.56296% Net changes during 2023-2024 7,967,471 4,267,549 3,699,922 0.01206% Balance at June 30, 2023
(Measurement Date) 202,680,678$ 133,954,264 $ 68,726,414 $ 0.55090%
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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 Actuaria l Valuation Report as of June 30, 2022 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, 2022 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, 2023, in cluding 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 co nsiders 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 outfl ows of resources, deferred inflows of resources, and pension expense were allocated based on the rate plan's share of contributions.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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, 2024, the City recognized pension expense (benefit) of $28,173,924, $18,664,336, $10,573,756 for the Miscellaneous, Safety – Police, and Safety – Fire Plans, respectively. At June 30, 2024, 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 18,514,246 $ - $
Safety – Police 14,661,488 -
Safety – Fire 8,186,822 -
Net difference between projected and actual
earnings on pension plan investments:
Miscellaneous Plan 20,707,333 -
Safety – Police 17,527,399 -
Safety – Fire 10,268,592 -
Changes of assumptions
Miscellaneous Plan 10,218,692 -
Safety – Police 12,908,854 -
Safety – Fire 6,556,639 -
Differences between expected and actual experiences
Miscellaneous Plan - 2,471,752
Safety – Police 268,536 7,865,538
Safety – Fire 2,691,211 706,136
Change in proportion
Safety – Fire 50,589 392,529
Difference between the employer's contributions and the employer's proportionate share of contributions
Safety – Fire 165,409 1,203,433
TOTALS 122,725,810$ 12,639,388 $
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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 $43,720,971 will be recognized as a reduction of the net pension liability in the year ending June 30, 2024. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Deferred Outflows/
(Inflows) of
2023 8,860,229$
2024 5,165,660
2025 1,404,214
2026 13,024,170
2027 -
TOTAL 28,454,273$
Deferred Outflows/
(Inflows) of
2023 4,058,878$
2024 4,082,473
2025 3,743,323
2026 10,954,577
2027 -
TOTAL 22,839,251$
Deferred Outflows/
(Inflows) of
2023 5,194,693$
2024 3,856,622
2025 2,115,054
2026 6,263,973
2027 -
TOTAL 17,430,342$
Measurement Period
Ending June 30
Miscellaneous Plan
Safety – Police
Safety – Fire
Measurement Period
Ending June 30
Measurement Period
Ending June 30
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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 6.90%, 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 (5.90%) or 1 percentage-point higher (7.90%) than the current rate:
Discount Current Discount
Rate - 1% Discount Rate Rate + 1%
(5.90%) (6.90%) (7.90%)
Net Pension Liability (Asset)
Miscellaneous Plan 243,038,725$ 162,708,020$ 96,829,700$ Safety – Police 181,885,630 114,367,217 59,423,935 Safety – Fire 96,530,597 68,726,414 45,994,516 TOTALS 521,454,952$ 345,801,651 $ 202,248,151 $
2. Retirement Enhancement Plan
A. Plan Description
The City established a Retirement Enhancement Plan (REP), single-employer defined benefit pension plan, effective January 1, 2003 for selected groups of miscellaneous employees (non-safety), Service Employees International Union ( SEIU), International Union of Operating Engineers (IUOE), Management, and one of the two groups of Confidential employees. REP is a defined benefit 401(a) tax-qualified multiple agency trust. It meets the requirements of a pension trust under the Calif ornia Government Code. The plan provides supplemental reti rement benefits in addition to PERS. A separate report was not issued for the Reti rement Enhancement Plan; therefore, the notes to the financial statem ents are included below. The Ci ty reports the Retirement Enhancement Plan as a pension trust fund in the fiduciary funds financial statements.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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 grow th 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.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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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, 2024, the following employees were covered by the benefit:
Number of
Description Members
Activ e members 220
Inactiv es entitled to benefit payments 178
Inactives currently receiving benefit payments 404
TOTAL 802
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, 2024 was 16.2% of eligible employee gross wages. The City contributed $2,809,553 to REP for the year ended June 30, 2024.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Retirement Enhancement Plan (Continued)
D. Actuarial Methods and Assumptions Used to Determine Total Pension Liability The June 30, 2024 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 Return on Assets 5.75% at June 30, 2024
5.75% at June 30, 2023
Expected City contributions projected to keep sufficient plan assets to pay all benefits from trust
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 to tal pension liability for the Plan was 5.75%.
The pension trust is projected to have suffici ent assets to pay ben efits per the Plan's current contribution policy.
The table below reflects long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation. These geometric rates of return are net of administrative expenses.
Target Expected Real
Asset Class Allocation Rate of Return
Global Equity 60.00% 4.56%
Fixed Income 40.00% 0.78%
Assumed Long-Term Rate of Inflation 2.50%
Expected Long-Term Net Rate of Return, Rounded 5.75%
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Retirement Enhancement Plan (Continued)
F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions
The City's net pension liability is measured as the total pension liability less the pension plan's fiduciary net position. The net pensio n liability of the Re tirement Enhancement Plan is measured as of June 30, 2024, and the total pension liability for the Plan used to calculate the net pension li ability was determined by an actuarial valuation as of June 30, 2023.
The following table shows the net pension liabilities 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, 2023 116,340,606$ 104,827,205 $ 11,513,401 $ Changes Recognized for the Measurement Period
Service cost 1,338,240 - 1,338,240 Interest on the total pension liability 6,623,210 - 6,623,210 Changes of assumptions - - - Differences between expected and actual -
experience (2,113,731) - (2,113,731) Employer contributions - 2,809,553 (2,809,553) Employee contributions (paid by employer) - 1,512,042 (1,512,042) Net inv estment income - 12,495,285 (12,495,285) Benefit payments, included refunds of
employee contributions (4,985,191) (4,985,191) - Administrative expenses - (213,489) 213,489 Net changes 862,528 11,618,200 (10,755,672) Balance at June 30, 2024 (Measurement Date) 117,203,134$ 116,445,405 $ 757,729 $
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Retirement Enhancement Plan (Continued)
F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
For the year ended June 30, 2024, The City recognized pension expense of $561,266, for the Retirement Enhancement Plan. At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Deferred Outflows Deferred Inflows
of Resources of Resources
Net difference between projected
and actual earnings on pension
plan investments - $ 2,342,014$
Changes in assumptions - -
Differences between expected and
actual experiences - 1,152,944
TOTALS -$ 3,494,958$
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
2025 (1,955,707)$
2026 1,669,093
2027 (1,909,755)
2028 (1,298,589)
2029 -
TOTAL (3,494,958)$
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 14,285,499$ 757,729 $ (10,568,153)$
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued)
3. Deferred Compensation Plan
The City sponsors a deferred compensation plan that qualifies under Section 457(b) of the Internal Revenue Code (IRC). The Plan accepts payroll-deducted contributions for participant-directed investing. Contributions are limited to an annual maximum amount as established under the IRC. Employee salary reduction contributions are tax deferred and are immediately 100% vested. The assets of the Plan are held in trust for the exclusive benefit of plan participants and thei r beneficiaries. Plan assets are not the property of the City or subject to the claims of the City's general creditors.
4. Post-employment Benefits Other than Pensions (OPEB)
A. Plan Description
The City has established the City of Oxnard Retiree Health Insurance Plan, a single- employer defined benefit health care plan administered through CalPERS. Employees who retire from the City and receive a CalPERS pension are eligible for post- employment medical benefits. Retirees can enroll in any of the available CalPERS medical plans. This benefit continues for t he life of the retiree and surviving spouse.
Benefit provisions for CalPERS are establ ished by the Public Employees Medical and Hospital Care Act (PEMHCA).
B. Benefits Provided
Employees become eligible to retire and receive the City-paid healthcare benefits upon attainment of age 50 and five years of covered CalPERS service. Benefits are paid for the lifetime of the retiree, spouse or surviving spouse, and dependents up to the age of
26. The City's contribution on behalf of all eligible retirees and surviving spouses is the same as its contribution for active employees ($149 for 2023 and $151 for 2024, indexed by the Medical CPI thereafter.)
The City contributes the minimum amount allowed under Government Code Section 22825 of the Public Employ ees Medical and Hospital Care Act. The required contribution is based on pay-as-you-go financing requirements. Retirees must contribute any premium amounts in excess of the City contribution. No assets are accumulated in a trust that meets the criteria in Par agraph 4 of GASB Statement No.
75. C. Employees Covered by Benefit Terms
At June 30, 2023, the following employees were covered by the benefit terms:
Active plan members 1,351
Retired Participants and Beneficiaries 407
Inactive Plan Participants with Deferred Benefits 616
2,374
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Post-employment Benefits Other than Pensions (OPEB) (Continued) D. Total OPEB Liability
The City's total OPEB liability of $71,242,861 was measured as of June 30, 2023, and was determined by an actuarial valuation as of June 30, 2023.
Actuarial assumptions and other inputs. The total OPEB liability in the June 30, 2023 actuarial valuation was determined using the following actuarial assumptions and other inputs, applied to all periods included in the measurement, unless otherwise specified:
Actuarial cost method Entry Age, Level Percent of Pay
Valuation of fiduciary net
position
No assets held in an irrevocable trust as of the
measurement date
Recognition of deferred inflows
and outflows of resources
Closed period equal to the average of the
expected remaining service lives of all employees
provided with OPEB
Salary increases 2.80 percent
Inflation rate 2.30 percent
Healthcare cost trend rate 7.60% for 2024; 6.25% Avg for 2025-2041; and
5.00% for 2042 and later years; Medicare: 5.90%
for 2024; 5.04% Avg for 2025-2037; and 4.5% for
2042 and later years
Preretirement Mortality
Miscellaneous Preretirement Mortality Rates for Public Agency Miscellaneous from 2021 CalPERS Experience
Study.
Safety Preretirement Mortality Rates for Public Agency Police from 2021 CalPERS Experience Study.
Postretirement Mortality
Miscellaneous Postretirement Mortality Rates for Public Agency Miscellaneous from 2021 CalPERS Experience
Study.
Safety Postretirement Mortality Rates for Public Agency Police from 2021 CalPERS Experience Study.
The actuarial assumptions used in the June 1, 2023 valuation were based on a review of plan experience during the period July 1, 2019 to June 30, 2021.
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
FOR THE YEAR ENDED JUNE 30, 2024
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Post-employment Benefits Other than Pensions (OPEB) (Continued) E. Changes in the Total OPEB Liability
Total OPEB
Liability
Balance at June 30, 2022 49,001,476$
Changes for the year:
Service Cost 3,498,092
Interest 1,917,951
Benefit Payments (1,054,697)
Differences between expected and actual experience 3,519,499 Changes in assumptions 14,360,540
Net changes 22,241,385
Balance at June 30, 2023 71,242,861$
Sensitivity of the total O PEB 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 (2.86 percent) or 1 percentage point higher (4.86 percent) than the current discount rate (3.86 percent):
1% Decrease Discount Rate 1% Increase
(2.86%) (3.86%) (4.86%)
Total OPEB liability 84,848,781$ 71,242,861$ 60,540,889$
Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates. The following presents the total OPEB liability of t he City, as well as what the City's total OPEB liability would be if it were calculated using healthca re cost trend rates that are 1 percentage point lower or 1 percentage point higher than the current healthcare cost trend rates:
The current health care trend rates are as follows:
Basic (Pre-65) Initial Rate / Ultimate Rate 7.60% / 5.00% Medicare (Post-65) Initial Rate / Ultimate Rate 5.90% / 4.50% Year Basic (Pre-65) Ultimate Rate is Reached 2042
Year Medicar (Post-65) Ultimate Rate is Reached 2038
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III. DEFINED BENEFIT PENSION PLANS AND OTHER POST-EMPLOYMENT BENEFITS (Continued) Post-employment Benefits Other than Pensions (OPEB) (Continued) F. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the year ended June 30, 2024, the City recognized an OPEB expense of $7,148,491. At June 30, 2024, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:
Deferred Deferred
Outflows of Inflows of
Resources Resources
OPEB contributions subse quent
to the measurement date 1,601,514$ - $
Differences between expected and
actual experience 4,515,297 1,523,548
Changes of assumptions or other inputs 21,481,409 13,078,566 Total 27,598,220$ 14,602,114 $
The deferred outflows of resources related to OPEB contributio ns subsequent to the measurement date of $1,601,514 will be recognized as a r eduction of the total OPEB liability in the year ending June 30, 2024.
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
Year ended June 30
2024 (69,975)$
2025 (69,975)
2026 (69,975)
2027 163,391
2028 (758,190)
Thereafter (3,948,275)
(4,752,999)$
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IV. RISK MANAGEMENT
The City provides general liability and workers' compensation insurance under self- insurance programs with an annual limit per occurrence of $1 million for each program.
Excess insurance in the layer of $1 million to $15 million per occurrence/$18 million annual aggregate is purchased for general liability claims and statutory coverage is purchased for workers' compensation claims. The City contracts with outside service agencies to assist in the administration of the se lf-insurance programs. Estima ted liabilities related to outstanding workers' compensat ion and public liability claims , including estimates for incurred but not reported clai ms, are based upon actuarial studies and are recorded in internal service funds.
All funds of the City partici pate in general liability and work ers' 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 $47,885,625 recorded at June 30, 2024, 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 are calculated considering the effects of inflation, recent claims settlement trends including frequency and amount of pay outs, and other economic and societal factors. General liability and workers' compensation liabilities are carried at present value using a discount rate of 1.0%.
In addition, the City is in compliance with the requirements of GASB Statement No. 10, which requires that a liability for claims be reported if inform ation 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 insura nce premium for Fiscal Year 2023-2024, inclusive of brokerage fees, was $2,600,504. During the past five-year period, the average claims filed each year for general liability amounted to 181 claims totaling $1,403,855 per year (an average of $7,756 per claim). In addition, there have been no insurance settlements that have exceeded the City's insurance coverage for each of the past three years.
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IV. RISK MANAGEMENT (Continued)
A. General Liability (Continued)
The total unpaid claims and claims adjustment expense liability (long-term obligations) recorded at June 30, 2024 was $7,644,424. The following schedule presents the changes in self-insurance claims liabilities for the past two years:
PUBLIC LIABILITY AND
PROPERTY DAMAGE
FY 2023-2024 FY 2022-2023
Unpaid claims and claims adjustment expenses - July 1 7,388,152$ 6,518,368 $ Incurred Claims and Claims Adjustment Expenses
Increase (decrease) in provision for insured events 170,353 658,045 Increase (decrease) in actuarially incurred but not
reported claims (IBNR) 85,919 211,739
Total Incurred Claims and Claims Adjustment Expenses 256,272 869,784 Unpaid claims and claims adjustment expenses - June 30 7,644,424 $ 7,388,152 $ CLAIMS AND JUDGMENTS DUE WITHIN ONE YEAR 2,651,170$ 2,592,113 $ 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 2023- 2024 was $623,535. Within the City's self-insured program for workers' compensation, there has been an average of 285 claims filed per year for the past five years, with an average of approximately $5,704, 824 per year in total repor ted losses (an average of $20,017 per claim). In addition, there hav e 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, 2024 was $40,241,201.
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FOR THE YEAR ENDED JUNE 30, 2024
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IV. RISK MANAGEMENT (Continued)
B. Workers' Compensation (Continued)
The following schedule presents the changes in self-insurance claims liabilities for the past two years:
WORKERS'
COMPENSATION
FY 2023-2024 FY 2022-2023
Unpaid claims and claims adjustment expenses - July 1 37,171,080$ 29,583,599 $ Incurred Claims and Claims Adjustment Expenses
Increase (decrease) in provision for insured events 2,105,852 4,870,491 Increase (decrease) in actuarially incurred but not
reported claims (IBNR) 964,269 2,716,990
Total Incurred Claims and Claims Adjustment Expenses 3,070,121 7,587,481 Unpaid claims and claims adjustment expenses - June 30 40,241,201 $ 37,171,080 $ CLAIMS AND JUDGMENTS DUE WITHIN ONE YEAR 7,374,305$ 6,794,132 $
V. OTHER INFORMATION
A. Commitments and Contingencies
As of June 30, 2024, the City had significant construction commitments as follows:
AMOUNT
Governmental Activities 439,794,913$
Water 83,311,072
Wastewater 78,195,559
Environmental Resources 13,220,612
Golf Course 659,433
Information Systems 752,000
TOTAL 615,933,589$
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V. OTHER INFORMATION (Continued)
A. Commitments and Contingencies (Continued)
The City uses “encumbrances” to cont rol expenditure commitments for the year.
Encumbrances represent commitments related 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, 2024, total encumbrances for the governmental and proprietary funds are reported as follows:
AMOUNT
GOVERNMENTAL FUNDS
General Fund 2,861,464$
Developer Fees 429,146
State and Federal Grants 1,333,115
Nonmajor Funds 13,640,637
TOTAL GOVERNMENTAL FUNDS 18,264,361$
PROPRIETARY FUNDS
Water funds 4,713,754 $
Wastewater funds 20,987,583
Environmental resources funds 209,909
Golf Course 128,556
TOTAL PROPRIETARY FUNDS 26,039,802$
TOTAL INTERNAL SERVICE FUNDS 288,554$
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 entitlement s. 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, 2024.
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V. OTHER INFORMATION (Continued)
B. Risks and Uncertainties
Teichert Energy & Utilities Group v. City of Oxnard
The City of Oxnard (“City”) entered into a construction agreement with Teichert Energy & Utilities Group (“Teichert”) for the La Colonia Neighborh ood Cast Iron Pipe Replacement Project (“La Colonia Project”). This was a public project subject to the requirements of the Public Contract Code and the Standards and Specifications for Public Works Construction. The La Colonia Project was formally noticed, and requested contractors send a sealed bid to the City, and was formally bid pursuant to the Uniform Construction Cost Accounting Act. Teichert was the lowest responsive and responsible bidder for the La Colonia Project, and the Ci ty awarded the contract to Teichert.
Typically, a contractor is locked into the bid or contract amount it submitted to the City in its Bid for the public project. There ar e circumstances when the contract price may increase when there is an increase in materi al costs, unforeseen circumstances that result in increased labor and equipment costs, or extra work. The La Colonia Project was set to be completed in 90 working days. Teichert claimed it encountered differing site conditions, among other items, that delayed the project by approximately 200 days.
Teichert submitted 19 change orders reques ting an additional $2.9 million in project funds. The City contested Teichert’s c hange order requests for additional funding.
Teichert and the City engaged in mediation, which is r equired under the contract.
Mediation was not successful. Shortly thereafter, Teichert submitted a claim to the City and filed a lawsuit against the City in Ventura Superior Court. The suit against the City is set for trial in September of 2025. For this particular matter the likelihood of an unfavorable outcome is possible and the contingent loss is estimated to range between $350,000 and $1,800,000.
Potential Claim by G2K re Del Norte Recycling Center Scales Project The City entered into a construction agreement with G2K Construction Inc. (“G2K”) for the Replacement of Truck Scales at the Del Norte Recycling Center (“Scales Project”).
This was a public project subject to the requirements of the Public Contract Code and the Standards and Specifications for Public Works Construction. The Scales Project was formally noticed, and bid pursuant to the Uniform Construction Cost Accounting Act. The City received sealed bids from interested contractors, and G2K was the lowest responsive and responsible bidder for the Scales Project, so the City awarded the construction contract to G2K. In general, a contractor is locked into the dollar amount submitted to the City in its Bid for the public project. There are circumstances when the dollar amount may increase, such as incr eases in material costs, unforeseen circumstances or delays, increased labor and equipment costs, or extra work. The Scales Project was to be completed in 90 working days. It has been over 450 days since the project began, and G2K has partially completed the project.
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V. OTHER INFORMATION (Continued)
B. Risks and Uncertainties (Continued)
Potential Claim by G2K re Del Norte Re cycling Center Scales Project(continued) The City terminated the contract on Marc h 19, 2024 and pursuant to the contract G2K submitted a final settlement termination proposal requesting additi onal payment of up to $1.5 million from the project funds. The City is in the process of negotiating the termination settlement with G2K pursuant to the terms of the Contract. At this time there is no litigation or pending claim from G2K in connection with this project. It is anticipated that G2K may file a claim after the City contests and denies G2K’s final settlement termination proposal. For this particular matter the likelihood of an unfavorable outcome is possible and the contingent loss is estimated to range up to $1,500,000.
COVID-19 Eviction Moratorium Litigation
238 Serrano Properties, LLC; et al. v. City of Oxnard; et al., Los Angeles County Superior Court Case No. 24STCV01214
The City was recently served in a civil lawsuit against the State of California, the City of Oxnard and eight other cities and counties fi led by owners and lessors of residential apartment houses and complexes related to government actions taken in response to the COVID-19 Pandemic. Plaint iffs are alleging economic losses and hardships as a direct result of various forms of alle ged imbalanced orders, resolutions, ordinances, eviction moratoria and related governmen t mandates. The alleged losses occurred between March 15, 2020 and January 2024. The property identified in the City of Oxnard is "4200 Harbor Avenue", which does not exis t. Online research for a valid address for "4200 Harbor Boulevard" indicates the property is the 90-unit Paz Mar Select apartment complex, which was sold to Xenon Investment Corp. (one of the listed plaintiffs) in January of 2017 for $22.3 million dollars (approx. $248,000 per unit). A February, 2017, article posted on the San Fernando Va lley Business Journal website <https://sfvbj.com/realestate/ apartments/oxnard-apartment-c omplex-sold-22-million/> reports, "Apartments are a mix of one- and two-bedroom uni ts with many ocean and harbor views and the complex has a pool and spa, B. fitness ce nter, clubhouse and tennis court [...]. Ventura County owns the land, which was not part of the sale, and required that the new owners spend about $2. 4 million on interior and exterior renovations to the 46-year-old complex, according to Robin Ossenbeck, a broker with Berkadia Real Estate Advisors, who with Vince Norris negotiated the deal on behalf of [the seller]." A current Zillow posting for two vacant two bedroom, tw o-bath units in the complex lists rents of $2,398 and $2,448 per month. In addi tion to costs and attorney fees against the public entity defendants , the complaint seeks "damages and compensation far in excess of $10,000,000 and continuing in an amount according to proof, and interest thereon." The City is bei ng defended in this matter by the firm of Burke, Williams & Sorensen, LLP, which is also representing one of the other defendant cities.
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FOR THE YEAR ENDED JUNE 30, 2024
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V. OTHER INFORMATION (Continued)
B. Risks and Uncertainties (Continued)
COVID-19 Eviction Moratorium Litigation
238 Serrano Properties, LLC; et al. v. City of Oxnard; et al., Los Angeles County Superior Court Case No. 24STCV01214 (continued)
The Director Order ratified by the Oxnar d City Council that imposed a temporary moratorium on evictions of tenants impac ted by the COVID-19 Pandemic provided, consistent with Governor Newsom's Ex ecutive Order N-28-20 that a tenant had to demonstrate that the tenant wa s unable to pay rent due to Financial Impacts related to COVID-19, and further provided that the tenant had to document to the landlord that the tenant's inability to pay rent was due to the COVID-19 Pandemic.
The City's Director Order did not relieve a tenant of liability for unpaid rent or restrict a landlord's ability to recover rent due. Nonetheless, plaintiffs claim the damages summarized supra. Because other challe nges to COVID-19 Pandemic regulations brought post-Pandemic have largely failed, and Oxnard’s moratorium included a process to determine tenant eligibility that plaintiffs will need to prove was followed, we do not believe plaintiffs will prevail. Given plaintiffs’ broadly-worded prayer for relief, we can only speculate damages should plaintiffs prevail. Based only on the $10 million dollar figure alleged and the ten defendant agencies named in the complaint, the risk to the City could be up to $1,000,000, a figure which is highly spec ulative at this very early point in the litigation.
C. Notes to the Financial Statements - Successor Agency a. Reporting Entity
On January 10, 2012, the City Council elected to become the Successor Agency for the former redevelopment agency in acco rdance with AB 1X 26 as part of City resolution number 14,135, to oversee the winding down of the agency's affairs and liquidation of the agency's assets effect ive February 1, 2012. AB 1484 essentially transferred authority over the Successor Agency to an Oversight Board, also established pursuant to AB 1X 26 and the California Department of Finance. As specified in California Senate Bill 107 and b eginning on July 1, 2018, all Oversight Boards in the County were consolidated into one Oversight Board, the Ventura County Consolidated Oversight Board.
The 7-member Oversight Board is comprised of representatives of the local agencies from Ventura County cities, special di stricts, and K-14 educational agencies. The County Oversight Board members have a fi duciary responsibility to holders of enforceable obligations, as well as to the local agencies that would benefit from property tax distributions fr om the former redevelopment project areas. Oversight boards direct the staff and approve the actions of the Successor Agency.
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FOR THE YEAR ENDED JUNE 30, 2024
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V. OTHER INFORMATION (Continued)
C. Notes to the Financial Statements - Successor Agency (Continued) b. Cash and Investments
Cash and investments with fiscal agents of the Successor Agency are comprised of the following at June 30, 2024:
FAIR
VALUE
Deposits and investments 7,704,736$
Restricted investments with fiscal agents 3,876,228
TOTAL 11,580,964$
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, 2023 ADDITIONS DELETIONS JULY 1, 2024
Heritage Square 66,982$ -$ -$ 66,982$ Baldwin Company 17,873 - - 17,873 Strand Cinemas 430,574 - (59,006) 371,568 Oxnard Theater Group 14,751,375 1,666,600 - 16,417,975 Allowance for uncollectible (14,751,375) (1,666,600) - (16,417,975) TOTALS 515,429$ - $ (59,006)$ 456,423 $
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FOR THE YEAR ENDED JUNE 30, 2024
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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, 2024 are as follows:
BA LA NCE BA LA NCE
JULY 1, 2023 RESTA TEMENT INCREA SES DECREA SES JUNE 30, 2024
FIDUCIARY ACTIVITIES
Capital Assets, being depreciated
Buildings 905,636 $ (97,203) $ - $ (808,433)$ - $ Improvements other than
buildings 17,368,821 (13,671,046) - (3,697,775) - Equipment and machinery 34,013 (22,685) - (11,328) - Infrastructure 33,107,189 (11,789,908) - (21,317,281) - Total Capital Assets, Being
De pr e ciate d 51,415,659 (25,580,842) - (25,834,817) - Less: Accumulated Depreciation
Buildings (610,853) 24,807 - 586,046 - Improvements other than
buildings (5,976,982) 4,634,258 - 1,342,724 - Equipment and machinery (34,013) 22,685 - 11,328 - Infrastructure (16,163,836)
3,115,254 - 13,048,582 - Total Accumulated Depreciation (22,785,684) 7,797,004 - 14,988,680 - Total Capital Assets, being
depreciated, net 28,629,975 (17,783,838) - (10,846,137) - TOTALS 28,629,975$ (17,783,838) $ - $ (10,846,137)$ - $
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, 2024:
BALAN C E BALAN C E D U E WI TN I N
JULY 1, 2023 AD D I TI ON SREDUCTIONS JUNE 30, 2024 ON E YE AR Tax allocation refunding
bonds Series 2004A 4,325,000$ - $ (1,005,000)$ 3,320,000 $ 1,055,000 $ Tax allocation bond
financing
Series 2006 12,390,000 - (700,000) 11,690,000 725,000 HERO project tax
allocation bonds
Series 2008 8,655,000 - (295,000) 8,360,000 315,000
TOTAL LONG-TE RM
INDEBTEDNESS 25,370,000$ - $ (2,000,000)$ 23,370,000 $ 2,095,000 $
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NOTES TO THE FINANCIAL STATEMENTS (Continued)
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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
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 1,175,000 830,782 2,005,782
2029 1,225,000 778,673 2,003,673
2030-2034 7,030,000 2,996,532 10,026,532 2035-2039 7,360,000 973,049 8,333,049 TOTALS 23,370,000$ 8,613,772 $ 31,983,772 $
Description of Long-term Debt
Tax Allocation Refunding Bonds, Series 2004A
Tax Allocation Refunding Bonds, Series 2004A 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 refinance the Tax Allocation Refunding Bonds, Series 1994A and to finance additional redeve lopment activities within the Central City Revitalization and Downtown Projec t Area. The balance outstanding as of June 30, 2024 is $3,320,000.
As of June 30, 2024, the total future debt payments for the Tax Allocation Refunding Bonds, Series 2004A, including interest thereon, are as follows:
TAX ALLOCATION
REFUNDING BONDS
FISCAL 2004A
YEAR PRINCIPAL INTEREST TOTAL
2025 1,055,000$ 138,229$ 1,193,229$
2026 1,105,000 84,769 1,189,769
2027 1,160,000 28,710 1,188,710
TOTALS 3,320,000$ 251,708 $ 3,571,708$
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FOR THE YEAR ENDED JUNE 30, 2024
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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, 2024 is $11,690,000.
As of June 30, 2024, the total future debt payments for the Tax Allocation Bonds, Series 2006, including interest thereon, are as follows:
TAX ALLOCATION
BONDS
FISCAL SERIES 2006
YEAR PRINCIPAL INTEREST TOTAL
2025 725,000$ 582,292 $ 1,307,292$
2026 755,000 551,537 1,306,537 2027 785,000 519,082 1,304,082 2028 825,000 484,837 1,309,837 2029 855,000 449,113 1,304,113 2030-2034 4,865,000 1,651,907 6,516,907 2035-2038 2,880,000 314,937 3,194,937 TOTALS 11,690,000$ 4,553,703 $ 16,243,703 $
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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, 2024 is $8,360,000.
As of June 30, 2024, the total future debt payments for the Tax Allocation Bonds, Series 2008, including interest thereon, are as follows:
HERO PROJECT TA X
A LLOCA TION BONDS
FISCAL SERIES 2008
YE AR PRINCIPA L INTEREST TOTAL
2025 315,000$ 391,429$ 706,429$
2026 330,000 376,995 706,995
2027 350,000 361,695 711,695
2028 350,000 345,945 695,945
2029 370,000 329,560 699,560
2030-2034 2,165,000 1,344,625 3,509,625
2035-2039 4,480,000 658,113 5, 138,113
TOTALS 8,360,000$ 3,808,361 $ 12,168,361 $
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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 A ugust 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 applicab le 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, 2024.
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 reimbursement agreement with the developer of RiverPark to reimburse public improvem ents (up to $10 million) and affordable housing (up to $4.25 million) for a comb ined maximum of $14.25 million. Through June 30, 2024, a total of $6.7 million has been repaid on the $10 million infrastructure amount, and a total of $3.0 million repaid on the $4.25 million affordable housing amount. Therefore, the remaining balanc e on the combined maximum commitment is $4.5 million.
D. Notes to the Financial Statements - Retirement Enhancement Defined Benefit Retirement Trust Fund
The City joined the Retirement Enhancement Plan (REP) effective January 1, 2003 for selected employee groups (see Note III for additional information on REP). Investments for the benefit of eligible employees ar e in a segregated account and invested under the guidelines authorized by the City.
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
CALPERS MISCELLANEOUS PLAN - AGENT MULTIPLE-EMPLOYER DEFINED BENEFIT PLAN AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS
-150-
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
MEASUREMENT DATE June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 June 30, 2014 Total Pension Liability
Service Cost 10,846,167$ 10,039,298$ 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 38,872,466 37,384,019 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 Benefit terms 755,260
Changes in Assumptions - 17,517,757 - - - (1,207,957) 26,464,012 - (7,345,091) - Difference Between Expected and Actual Experience 2,370,818 (4,168,587) (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 (30,531,934) (28,230,318) (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 22,312,777 32,542,169 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 570,085,887 537,543,718 519,922,892 500,240,744 474,302,487 459,922,595 423,004,392 403,377,202 396,091,719 376,852,577 Total Pension Liability, End of Year 592,398,664 570,085,887 537,543,718 519,922,892 500,240,744 474,302,487 459,922,595 423,004,392 403,377,202 396,091,719 Plan Fiduciary Net Position
Contributions - Employee 4,801,365 4,411,331 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 18,562,518 16,634,303 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 25,533,146 (34,125,051) 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 (30,531,934) (28,230,318) (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 (302,692) (282,329) (377,207) (519,905) (252,854) (525,103) (461,160) (194,504) (445,021) - Other Miscellaneous Income/(Expenses) 1 - - - - 823 (997,179) - - - - Net Change in Plan Fiduciary Net Position 18,062,403 (41,592,064) 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 Year 2 411,628,241 453,220,305 377,608,104 368,791,472 354,325,114 336,976,981 312,347,346 319,148,656 318,590,584 276,554,342 Total Plan Fiduciary Net Position, End of Year 429,690,644 411,628,241 453,220,305 377,608,104 368,791,472 354,325,114 336,976,981 312,347,346 319,148,656 318,590,584 Net Pension Liability - Ending 162,708,020 $ 158,457,646 $ 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 72.53% 72.20% 84.31% 72.63% 73.72% 74.70% 73.27% 73.84% 79.12% 80. 43% Covered Payroll3 62,730,886 57,334,653 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 259.37% 276.37% 149.12% 266.62% 242.12% 233.80% 248.99% 211.78% 162.06% 152.37% 1 2 Includes any beginning of year adjustment.
3 Notes to Schedule:
Changes of Assumptions: None in 2019-2021. In 2018, demographic assumptions and inflation rate were changed in accordance to th e CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the discount rate was reduced from 7.65 percent to 7.15 percent. In 2016, there were no changes. In 2015, amounts reported reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduction for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate.
During Fiscal Year 2017-18, as a result of Governmental Accounting Standards Board Statement (GASB) No. 75, Accounting and Financial Reporting for Postemployment Benefit Plans Other than Pensions (GASB 75), CalPERS reported its proportionate share of activity related to postemployment benefits for participation in the State of California's agent OPEB plan. Accordingly, CalPERS recorded a one-time expense as a result of the adoption of GASB 75.
Additionally, CalPERS employees participate in various State of California agent pension plans and during Fiscal Year 2017-18, CalPERS recorded a correction to previously reported financial statements to properly reflect its proportionate share of activity related to pensions in accordance w ith 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 grow th using 2.80 percent payroll grow th assumption for fiscal year ended June 30, 2022, 2.75% payroll grow th for fiscal years ended June 30, 2018-21; 3.00 percent payroll grow th assumption for fiscal years ended June 30, 2014-17.
Changes of Benefit Terms: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golde n Handshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
CALPERS SAFETY PLAN (POLICE) - AGENT MULTIPLE-EMPLOYER DEFINED BENEFIT PLAN AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS
-151-
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
MEASUREMENT DATE June 30, 2023 June 30, 2022 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 9,726,493$ 9,872,913$ 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 31,276,481 30,080,445 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 Benefit Terms 142,389
Changes in Assumptions - 17,360,183 - - - (2,084,250) 22,004,979 - (5,993,052) - Difference Between Expected and Actual Experience (1,413,904) (6,075,674) (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 (22,415,296) (20,134,275) (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 17,316,163 31,103,592 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 460,898,247 429,794,655 415,648,717 400,450,186 379,107,460 367,718,233 335,188,451 319,020,758 305,468,130 288,596,333 Total Pension Liability, End of Year 478,214,410 460,898,247 429,794,655 415,648,717 400,450,186 379,107,460 367,718,233 335,188,451 319,020,758 305,468,130 Plan Fiduciary Net Position
Contributions - Employee 3,095,737 2,775,823 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 14,667,488 14,208,396 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 21,587,316 (28,731,512) 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 (22,415,296) (20,134,275) (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 (255,290) (236,272) (310,706) (420,539) (200,556) (408,348) (351,254) (145,244) (268,265) - Other Miscellaneous Income/(Expenses) 1 - - - - 652 (775,460) - - - - Net Change in Plan Fiduciary Net Position 16,679,955 (32,117,840) 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 Year 2 347,167,238 379,285,078 311,036,005 298,306,602 281,039,679 262,051,305 237,907,373 238,320,301 234,533,148 201,155,170 Total Plan Fiduciary Net Position, End of Year 363,847,193 347,167,238 379,285,078 311,036,005 298,306,602 281,039,679 262,051,305 237,907,373 238,320,301 234,533,148 Net Pension Liability - Ending 114,367,217 $ 113,731,009 $ 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 Percentage of Total Pension Liability 76.08% 75.32% 88.25% 74.83% 74.49% 74.13% 71.26% 70.98% 74.70% 76. 78% Covered Payroll3 25,230,851 25,623,963 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 453.28% 443.85% 192.02% 386.60% 389.72% 387.16% 407.75% 366.55% 319.87% 287.12% 1 2 Includes any beginning of year adjustment.
3 Notes to Schedule:
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 w ith 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 grow th using 2.80 percent payroll grow th assumption for fiscal year ended June 30, 2022, 2.75% payroll grow th for fiscal years ended June 30, 2018-21; 3.00 percent payroll grow th assumption for fiscal years ended June 30, 2014-17.
Changes of Benefit Terms: The figures above generally include any liability impact that may have resulted from voluntary benefit changes that occurred on or before the Measurement Date. However, offers of Two Years Additional Service Credit (a.k.a. Golde n Handshakes) that occurred after the Valuation Date are not included in the figures above, unless the liability impact is deemed to be material by the plan actuary.
Changes of Assumptions: None in 2019-2021. In 2018, demographic assumptions 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 reporte d reflect an adjustment of the discount rate from 7.5 percent (net of administrative expense) to 7.65 percent (without a reduct ion for pension plan administrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate.
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF PROPORTIONATE SHARE OF THE NET PENSION LIABILITY AND RELATED RATIOS
CALPERS SAFETY PLAN (FIRE) - COST SHARING PLAN
AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS
-152-
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
MEASUREMENT DATE June 30, 2023 June 30, 2022 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 0.55090% 0.56296% 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 68,726,414$ 65,026,492$ 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 Payroll1 13,866,932$ 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$ City's Proportionate Share of the Collective Net Pension Liability as a Percentage of its Covered Payroll 495.61% 485.54% 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 76.21% 76.68% 88.29% 75.10% 75.26% 75.26% 73.31% 74.06% 78.40% 79.82% 1 Notes to Schedule:
For the year ended on the measurement date.
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes, which occurred after June 30, 2017. This applies for voluntary benefit changes as well as any offers of Two Year Additional Service Credit (a .k.a Golden Handshakes).
Changes of Assumptions: None in 2019-2021. In 2018, demographic assumptions and inflation rate were changed in accordance to th e CalPERS Experience Study and Review of Assumptions December 2017. There were no changes in the discount rate. In 2017, the di scount 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 adm inistrative expense). In 2014, amounts reported were based on the 7.5 percent discount rate.
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF PLAN CONTRIBUTIONS - CALPERS
FOR THE FISCAL YEARS ENDED JUNE 30
-153-
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014
Actuarially Determined Contribution1 19,430,650$ 18,514,246$ 16,634,303$ 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 (19,430,650) (18,514,246) (16,634,303) (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 Payroll2 74,034,658$ 66,011,164$ 57,334,653$ 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 26.25% 28.05% 29.01% 26.29% 23.97% 21.81% 19.10% 17.08% 14.66% 13.92% 13.48% Actuarially Determined Contribution1 15,323,156$ 14,661,488$ 14,208,396$ 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 (15,323,156) (14,661,488) (14,208,396) (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 Payroll2 27,565,504$ 26,647,052$ 25,623,963$ 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 55.59% 55.02% 55.45% 56.53% 52.21% 51.55% 46.67% 42.01% 39.53% 39.27% 36.22% Actuarially Determined Contribution1 8,967,165$ 8,186,822$ 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 (8,967,165) (8,186,822) (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 Payroll2 16,254,836$ 13,866,932$ 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 55.17% 59.04% 56.23% 55.94% 56.58% 46.59% 41.63% 41.55% 46.56% 43.13% 43.97% 1 2 For the year ended on the measurement date: Includes one year's payroll growth using 2.80% payroll growth assumption for fiscal year ended June 30, 2022, 2.75% payroll growth assumption for fiscal years ended June 30, 2018-2021; 3.00 percent payroll growth assumption for fiscal years ended June 30, 2014-17.
MISCELLANEOUS PLAN
SAFETY PLAN - POLICE
SAFETY PLAN - FIRE
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.
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
RETIREMENT ENHANCEMENT PLAN - SINGLE-EMPLOYER DEFINED BENEFIT PLAN AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS
-154-
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
MEASUREMENT DATE June 30, 2024 June 30, 2023 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 1,338,240$ 1,421,253$ 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 6,623,210 6,438,258 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 (2,113,731) - 2,327,996 - - - (6,118,000) - (3,736,000) - Benefit Payments, Including Refunds of Member Contributions (4,985,191) (4,134,708) (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 862,528 3,724,803 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 Restated 1 116,340,606 112,615,803 108,112,725 100,304,779 97,600,861 90,818,000 91,612,000 87,958,000 81,536,000 76,677,000 Total Pension Liability, End of Year 117,203,134 116,340,606 112,615,803 108,112,725 100,304,779 93,832,628 90,818,000 91,612,000 87,958,000 81,536,000 Plan Fiduciary Net Position
Contributions - Employee 1,512,042 1,510,731 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 2,809,553 2,609,609 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 12,495,285 8,595,013 (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 (4,985,191) (4,134,708) (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 (213,489) (188,162) (189,753) (100,193) (77,483) (74,067) (72,000) (80,000) (68,000) (65,000) Net Change in Plan Fiduciary Net Position 11,618,200 8,392,483 (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 Restated 1 104,827,204 96,434,721 109,146,806 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 116,445,404 104,827,204 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 757,730$ 11,513,402$ 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 99.35% 90.10% 85.63% 100.96% 89.03% 82.48% 76.76% 64.65% 61.09% 62 .02% Covered Payroll2 18,873,395 21,194,951 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 Percentage of Covered Payroll 4.01% 54.32% 82.00% -5.03% 47.07% 61.47% 73.10% 104.16% 93.71% 99.38% 1 2
Notes to Schedule:
For the year ended on the measurement date.
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 date and valuation date of the plan. The measurement date and valuation date are now the same date.
Benefit Changes: The figures above do not include any liability impact that may have resulted from plan changes, which occurred after June 30, 2017. This applies for voluntary benefit changes as well as any offers of Two Year Additional Service Credit (a.k.a Golden Handshakes).
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF PLAN CONTRIBUTIONS - Retirement Enhancement Plan AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS
-155-
2024 2023 2022 2021 2020 2019 2018 2017 2016 2015
Actuarially Determined Contribution 4,167,000$ 3,266,192$ 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 2,809,533 (2,609,609) (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)1 1,357,467$ 656,583 $ - $ 87,974$ (123,415) $ (68,191) $ 13,953 $ 62,000 $ - $ 3,141,000$ Covered Payroll2 18,873,395$ 21,194,951 $ 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 14.89% 12.31% 16.19% 16.66% 18.60% 17.16% 16.43% 14.94% 11.55% 2.86% 1 2
Employers are assumed to make contributions equal to the actuarially determined contributions. However, some employers may choo se to make additional contributions towards their unfunded liability. Employer contributions for such plans exceed the actuarially determined contributions.
Includes one year's payroll growth using 2.75 percent payroll growth assumption for fiscal years ended June 30, 2018-19; 3.00 percent payroll growth assumption for fiscal years ended June 30, 2014-17.
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF CHANGES IN THE CITY'S
TOTAL OPEB LIABILITY AND RELATED RATIOS
AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS1
-156-
2024 2023 2022 2021 2020 2019 2018
Total OPEB Liability
Service Cost 3,498,092$ 3,402,813$ 2,837,493$ 2,150,451$ 1,772,005$ 1,967,866$ 1,779,949$ Interest 1,917,951 1,241,427 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 3,519,499 - (2,378,752) (9,059) 3,528,946 - - Changes in Assumptions 14,360,540 (16,385,002) 5,708,710 5,726,271 5,299,408 (2,392,006) - Benefit Payments, Including Refunds of Member Contributions (1,054,697) (1,020,358) (955,556) (925,981) (1,000,579) (931,942) (851,701) Net Change in Total OPEB Liability 22,241,385 (12,761,120) 6,620,754 8,455,607 10,939,991 (239,975) 1,983,516 Total OPEB Liability, Beginning of Year, As Restated 49,001,476 61,762,596 55,141,842 46,686,235 35,746,244 36,120,738 34,137,222 Total OPEB Liability, End of Year 71,242,861 49,001,476 61,762,596 55,141,842 46,686,235 35,880,763 36,120,738 Plan Fiduciary Net Position
Contributions - Employer 1,054,697 1,020,358 955,556 925,981 1,000,579 931,942 - Net Investment Income - - - - - - - Benefit Payments, Including Implicit Subsidy (1,054,697) (1,020,358) (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 71,242,861$ 49,001,476$ 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% 0.00% 0.00% Covered Employee Payroll 106,406,697 98,675,659 94,051,309 93,553,694 85,907,755 83,423,271 83,423,271 Net Pension Liability as a Percentage of Covered Payroll 66.95% 49.66% 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.
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CITY OF OXNARD, CALIFORNIA
GENERAL FUND GROUP
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-157-
ORIGINAL FINAL ACTUAL VARIANCE WITH
BUDGET BUDGET AMOUNTS FINAL BUDGET
REVENUES
Taxes
Property 68,745,962 68,745,962 71,585,343 2,839,381$ Sales 128,840,970 128,840,970 134,507,792 5,666,822 Transient occupancy 5,460,000 5,460,000 5,384,870 (75,130) Business license (net of refund) 6,500,000 6,500,000 7,691,735 1,191,735 Franchise 4,787,122 4,787,122 4,848,912 61,790 Other taxes 703,156 703,156 533,889 (169,267) Licenses and permits 4,371,571 4,371,571 5,522,267 1,150,696 Intergovernmental 2,427,349 2,589,268 2,484,758 (104,510) Charges for services 12,820,465 12,820,465 12,931,131 110,666 Fines and forfeitures 2,502,423 2,502,423 1,877,639 (624,784) Investment income (loss) 1,091,876 1,091,876 8,883,767 7,791,891 Special assessments 331,445 331,445 408,937 77,492 Miscellaneous 3,507,932 6,827,707 8,752,865 1,925,158 Total Revenues 242,090,271 245,571,965 265,413,905 19,841,940
EXPENDITURES
General Government 26,645,670 26,372,453 23,503,539 (2,868,914) Public Safety 113,267,192 114,353,291 115,625,620 1,272,329 Public works 31,096,241 35,789,305 30,163,448 (5,625,857) Community Development 15,871,536 16,441,435 12,619,822 (3,821,613) Culture, leisure and libraries 15,484,701 15,792,252 14,756,101 (1,036,151) Housing 4,463,048 5,491,680 3,021,941 (2,469,739) Capital outlay 465,000 768,153 714,895 (53,258) Principal 920,000 920,000 1,581,460 661,460 Interest and fiscal charges 431,494 431,494 476,048 44,554 Total Expenditures 208,644,882 216,360,063 202,462,874 (13,897,189) EXCESS OF REVENUES OVER EXPENDITURES 33,445,389 29,211,902 62,951,031 33,739,129
OTHER FINANCING SOURCES (USES)
Proceeds from sale of assets - - - - Inception of subscription-based IT arrangements - - 221,832 221,832 Transfers in 3,130,449 3,130,449 2,793,356 (337,093) Transfers out (41,116,092) (67,660,792) (25,898,832) 41,761,960 Net Other Financing Sources (Uses) (37,985,643) (64,530,343) (22,883,644) 41,646,699 NET CHANGE IN FUND BALANCES (4,540,254) (35,318,441) 40,067,387 75,385,828 FUND BALANCES, JULY 1 92,614,483 92,614,483 92,614,483 - FUND BALANCES, JUNE 30 88,074,229$ 57,296,042 $ 132,681,870 $ 75,385,828 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurem ent focus and the modified accrual 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 financial statements , the reimbursement of IUF fees are reported as reductions of advances from other funds.
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CITY OF OXNARD, CALIFORNIA
AFFORDABLE HOUSING FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-158-
FINAL
OR I GI N AL BU D GE TE D AC TU AL VAR I AN C E WI TH
BUDGET AM OU N TS AM OU N TS FINAL BUDGET
REV ENUES
Intergovernmental - $ - $ 76,083$ 76,083 $ I nterest on investm ents 27 27 216,889 216,862 Miscellaneous - - 86,387 86,387 Total Revenues 27 27 379,359 379,332
EXPENDITURES
Hous ing 128,260 1,776,075 36,833 1,739,242 Total E xpenditures 128,260 1,776,075 36,833 1,739,242
EXCESS (DEFICIENCY) OF REVENUES OVER (UNDER)
EXPENDITURES (128,233) (1,776,048) 342,526 2,118,574 NET CHANGE IN FUND BALANCES (128,233) (1,776,048) 342,526 2,118,574 FUND BALANCES, JULY 1 3,445,563 3,445,563 3,445,563 - FUND BALANCES, JUNE 30 3,317,330$ 1,669,515 $ 3,788,089 $ 2,118,574 $
Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurem ent focus and the modified accrual basis of accounting consist ent with generally accepted accounting principles (GAAP).
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CITY OF OXNARD, CALIFORNIA
DEVELOPMENT FEES SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-159-
FINAL
ORIGINAL BUDGETED ACTUAL VARIANCE WITH
BUDGET AMOUNTS AMOUNTS FINAL BUDGET
REVENUES
Licenses and permits -$ -$ -$ -$ Intergovernmental - - - - Growth and development fees 2,905,280 3,605,326 10,387,136 6,781,810 Fines and forfeitures - - - - Interest on investments 335,963 335,963 3,084,340 2,748,377 Miscellaneous - 17,520 203,929 186,409 Total Revenues 3,241,243 3,958,809 13,675,405 9,716,596
EXPENDITURES
General government 14,462 56,097 17,682 38,415 Public safety - - - - Public works 9,756 9,756 9,756 - Community development 11,456,192 18,274,408 353,948 17,920,460 Culture, leisure and libraries 1,116 1,418 1,116 302 Housing 466,927 1,981,925 1,222,726 759,199 Total Expenditures 11,948,453 20,323,604 1,605,228 18,718,376 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (8,707,210) (16,364,795) 12,070,177 28,434,972
OTHER FINANCING SOURCES (USES)
Transfers in from other funds - - 9,946,964 - Transfers out (3,670,604) (20,148,790) (12,035,595) 8,113,195 Net Other Financing Sources (Uses) (3,670,604) (20,148,790) (2,088,631) 8,113,195 NET CHANGE IN FUND BALANCES (12,377,814) (36,513,585) 9,981,546 36,548,167 FUND BALANCES, JULY 1 55,823,775 55,823,775 55,823,775 - FUND BALANCES, JUNE 30 43,445,961$ 19,310,190 $ 65,805,321 $ 36,548,167 $
Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurem ent focus and the modified accrual basis of accounting consist ent with generally accepted accounting principles (GAAP).
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CITY OF OXNARD, CALIFORNIA
STATE AND FEDERAL GRANTS FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-160-
FINAL
OR I GI N AL BU D GE TE D AC TU AL VAR I AN C E WI TH
BUDGET AM OU N TS AM OU N TS FINA L BUDGET
REV ENUES
Intergovernmental 11,366,698 $ 117,312,126 $ 47,547,471 $ (69,764,655) $ Interes t 5,693 5,693 50,714 45,021 Miscellaneous 13,000 153,831 6,696 (147,135) Total Revenues 11,385,391 117,471,650 47,604,881 (69,866,769)
EXPENDITURES
Current
General government - 2,355,850 301,012 2,054,838 Public safety - 7,711,935 3,088,741 4,623,194 Public w orks - 2,203,965 1,105,122 1,098,843 Community development 34,688 468,274 286,680 181,594 Culture, leisure and libraries 8,084,118 9,368,793 5,375,041 3,993,752 Housing 2,471,193 23,864,730 10,861,193 13,003,537 Capital outlay - - 123,437 (123,437) Debt service
Pr inc ipal - - 19,035 (19,035) Interes t - - 565 (565) Total E xpenditures 10,589,999 45,973,547 21,160,826 24,812,721 EXCESS OF REV ENUES OV ER ( UNDER) EXPENDIT URES 795,392 71,498,103 26,444,055 (45,054,048)
OTHER FINANCING SOURCES (USES)
Inception of subscription-based IT arrangements - - - - Transfers in 34,688 168,980 113,703 (55,277) Transfers out (764,387) (76,876,763) (26,328,648) 50,548,115 Net Other Financing Sources (Uses) (729,699) (76,707,783) (26,214,945) 50,492,838 NET CHANGE IN FUND BALANCES 65,693 (5,209,680) 229,110 5,438,790 FUND BALANCES, JULY 1 513,630 513,630 513,630 - FUND BALANCES, JUNE 30 579,323$ (4,696,050)$ 742,740 $ 5,438,790 $
Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
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CITY OF OXNARD, CALIFORNIA
CAPITAL IMPROVEMENTS FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-161-
FINAL
ORIGINAL BUDGETED ACTUAL VARIANCE WITH
BUDGET AMOUNTS AMOUNTS FINAL BUDGET
EXPENDITURES
Capital outlay 32,630,200$ 152,437,160 $ 34,978,607 $ 117,458,553 $ Total Expenditures 32,630,200 152,437,160 34,978,607 117,458,553 EXCESS OF REVENUES OVER (UNDER) EXPENDITURES (32,630,200) (152,437,160) (34,978,607) (117,458,553)
OTHER FINANCING SOURCES (USES)
Transfers in 32,770,339 152,553,709 34,978,608 (117,575,101) Net Other Financing Sources (Uses) 32,770,339 152,553,709 34,978,608 (117,575,101) NET CHANGE IN FUND BALANCES 140,139 116,549 1 (116,548) FUND BALANCES, JULY 1 1,107,742 1,107,742 1,107,742 - FUND BALANCES, JUNE 30 1,247,881$ 1,224,291 $ 1,107,743 $ (116,548) $
Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurem ent focus and the modified accrual basis of accounting consist ent with generally accepted accounting principles (GAAP).
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-162-
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 fi nancial resources traditionally associated with government activities that are not required legally to be accounted for in another fund.
Principal sources of revenues are property tax, sales tax, transient occupancy (hotel) tax, business license tax, franchise fees, licens es and permits, and State shared revenues and billings for outside and interfund services. Expend itures 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 purpo se is “to protect, maintain, and enhance vital City services in cluding police, fire and emergency response, increasing street paving and sidewalk/pothole r epair to improve traffic flow, expanding youth recreation, after-school and anti-gang prevention programs, acquiring pr operty for parks/open space preservation, upgrading storm water drai ns, 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 par ties for specified purposes and developer deposits.
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CITY OF OXNARD, CALIFORNIA
COMBINING BALANCE SHEET
GENERAL FUND GROUP
JUNE 30, 2024
-163-
101 - General 104 - Half Cent 105 - Street 641 - Performing Fund Sales Tax Maintenance Arts Center
ASSETS
Cash and investments 86,443,595 $ 24,762,386 $ 634,836 $ 564,331 $ Accounts and other receivables 3,448,450 196,277 - 48,240 Due from other funds 404,045 1,821,056 - - Due from other government 22,058,556 3,263,759 - - Prepaid expenses 3,000 - - - Lease receivable 768,943 - - - Notes receivable - 439,921 - - Total Assets 113,126,589$ 30,483,399 $ 634,836 $ 612,571 $
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES
LIABILITIES
Accounts payable 5,693,638 $ 258,719 $ (37) $ 19,175$ Other liabilities 6,350,424 119,628 - - Due to other funds 1,821,057 - - - Unearned revenues 98,630 - - - Total Liabilities 13,963,749 378,347 (37) 19,175
DEFERRED INFLOW OF RESOURCES
Deferred loans - 439,921 - - Deferred inflow on leases 731,979 - - - Total Deferred Inflows of Resources 731,979 439,921 - - Total Liabilities and Deferred Inflows of Resources 14,695,728 818,268 (37) 19,175
FUND BALANCES
Nonspendable
Prepaid expenses 3,000 - - - Lease receivable, net (1,784,092) 1,821,056 - - Restricted for:
Debt service - 1,388,712 - - Public safety - - - - Infrastructure development 2,496,718 - - 593,397 Committed to:
Measure "O" eligible services - 26,455,363 - - Capital/multi-year projects 24,962,657 - 634,873 - Streets and traffic improvements/maintenance - - - - Assigned to:
Operating reserves 37,266,695 - - - Pension 20,000,000 - - - Unassigned 15,485,883 - - (1) Total Fund Balances 98,430,861 29,665,131 634,873 593,396 TOTAL LIABILITIES AND FUND BALANCES 113,126,589$ 30,483,399 $ 634,836 $ 612,571 $
GENERAL FUND
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Other* Total
ASSETS
6,459,413$ 118,864,561$ Cash and investments 1,192,848 4,885,815 Accounts and other receivables - 2,225,101 Due from other funds 408,937 25,731,252 Due from other government - 3,000 Prepaid expenses - 768,943 Lease receivable - 439,921 Lease receivable 8,061,198$ 152,918,593$ Total Assets
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES
LIABILITIES
2,394,186$ 8,365,681 $ Accounts payable 1,846,751 8,316,803 Other liabilities 353,578 2,174,635 Due to other funds 109,074 207,704 Unearned revenues 4,703,589 19,064,823 Total Liabilities
DEFERRED INFLOW OF RESOURCES
- 439,921 Deferred loans - 731,979 Deferred inflow on leases - 1,171,900
4,703,589 20,236,723 Total Liabilities and Deferred Inflows of Resources
FUND BALANCES
Nonspendable
- 3,000 Prepaid expenses - 36,964 Lease receivable, net - 1,388,712
- -
599,517 3,689,632
Committed to:
- 26,455,363 Measure "O" eligible services 2,331,163 27,928,693 Capital/multi-year projects - - Streets and traffic improvements/maintenance Assigned to:
- 37,266,695 Operating reserves - 20,000,000 Pension 426,929
15,912,811 Unassigned
3,357,609 132,681,870 Total Fund Balances 8,061,198$ 152,918,593$ TOTAL LIABILITIES AND FUND BALANCES
GENERAL FUND
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CITY OF OXNARD
COMBINING STATEMENT OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
GENERAL FUND GROUP
FOR THE YEAR ENDED JUNE 30, 2024
-165-
101 - General 104 - Half Cent 105 - Street 641 - Performing Fund Sales Tax Maintenance Arts Center
REVENUES
Taxes 205,786,071$ 18,766,470$ -$ -$ Licenses and permits 5,522,267 - - - Intergovernmental 2,484,758 - - - Charges for services 12,488,249 - - 442,882 Fines and forfeitures 1,877,639 - - - Investment income (loss) 7,972,819 910,948 - - Special assessments - - - - Miscellaneous 7,259,299 5,760 - 1,801 Total Revenues 243,391,102 19,683,178 - 444,683
EXPENDITURES
Current
General government 21,436,602 2,189,611 - - Public safety 115,961,252 (335,632) - - Public works 27,141,888 1,545,410 - - Community development 12,235,489 384,333 - - Culture, leisure and libraries 13,965,929 577,815 - 190,251 Housing 3,060,032 - - - Capital Outlay 637,017 8,911 - - Debt Service
Principal 146,711 1,434,749 - - Interest and fiscal charges 126,707 349,341 - - Total Expenditures 194,711,627 6,154,538 - 190,251
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 48,679,475 13,528,640 - 254,432
OTHER FINANCING SOURCES (USES)
Proceeds from sale of assets 0 - - - Inception of subscription-based IT arrangements 221,832 - - - Transfers in 1,676,578 - - - Transfers out (15,814,621) (8,991,129) (1,093,082) - Total Other F inancing Sources (Uses) (13,916,211) (8,991,129) (1,093,082) - NET CHANGE IN FUND BALANCES 34,763,264 4,537,511 (1,093,082) 254,432 FUND BALANCES, JULY 1 63,672,442 23,738,602 1,727,955 338,964 RESTATEMENT FOR CORRECTION OF AN ERROR (4,845) 1,389,018 - - FUND BALANCES, JULY 1, AS RESTATED 63,667,597 25,127,620 1,727,955 338,964 FUND BALANCES, JUNE 30 98,430,861$ 29,665,131 $ 634,873 $ 593,396 $
GENERAL FUND
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Other* Total
REVENUES
-$ 224,552,541$ Taxes
- 5,522,267 Licenses and permits - 2,484,758 Intergovernmental - 12,931,131 Charges for services - 1,877,639 Fines and forfeitures - 8,883,767 Investment income (loss) 408,937 408,937 Special assessments 1,486,005 8,752,865 Miscellaneous 1,894,942 265,413,905 Total Revenues
EXPENDITURES
Current
(122,674) 23,503,539 General government - 115,625,620 Public safety 1,476,150 30,163,448 Public works - 12,619,822 Community development 22,106 14,756,101 Culture, leisure and libraries (38,091) 3,021,941 Housing
68,967 714,895 Capital Outlay - Debt Service
- 1,581,460 Principal - 476,048 Interest and fiscal charges 1,406,458 202,462,874 Total Expenditures
EXCESS OF REVENUES OVER (UNDER)
488,484 62,951,031 EXPENDITURES
OTHER FINANCING SOURCES (USES)
- -
- 221,832 Inception of subscription-based IT arrangements 1,116,778 2,793,356 Transfers in - (25,898,832) Transfers out 1,116,778 (22,883,644) Total Other Financing Sources (Uses) 1,605,262 40,067,387 NET CHANGE IN FUND BALANCES 1,752,347 91,230,310 FUND BALANCES, JULY 1 - 1,384,173 RESTATEMENT FOR CORRECTION OF AN ERROR 1,752,347 92,614,483 FUND BALANCES, JULY 1, AS RESTATED 3,357,609$ 132,681,870$ FUND BALANCES, JUNE 30
GENERAL FUND
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CITY OF OXNARD, CALIFORNIA
GENERAL FUND - 101 - GENERAL FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-167-
ORIGINAL FINAL ACTUAL VARIANCE WITH
BUDGET BUDGET AMOUNTS FINAL BUDGET
REVENUES
Taxes
Property 68,745,962$ 68,745,962$ 71,585,343$ 2,839,381$ Sales 109,381,970 109,381,970 115,741,322 6,359,352 Transient occupancy 5,460,000 5,460,000 5,384,870 (75,130) Business license (net of refund) 6,500,000 6,500,000 7,691,735 1,191,735 Franchise 4,787,122 4,787,122 4,848,912 61,790 Other taxes 703,156 703,156 533,889 (169,267) Licenses and permits 4,371,571 4,371,571 5,522,267 1,150,696 Intergovernmental 2,427,349 2,589,268 2,484,758 (104,510) Charges for services 12,572,465 12,572,465 12,488,249 (84,216) Fines and forfeitures 2,502,423 2,502,423 1,877,639 (624,784) Investment income 998,487 998,487 7,972,819 6,974,332 Special assessments - - - - Miscellaneous 3,505,932 5,218,212 7,259,299 2,041,087 Total Revenues 221,956,437 223,830,636 243,391,102 19,560,466
EXPENDITURES
Current
General government 24,334,413 23,685,532 21,436,602 2,248,930 Public safety 113,817,602 113,938,333 115,961,252 (2,022,919) Public works 26,667,129 29,742,358 27,141,888 2,600,470 Community development 15,478,347 16,028,246 12,235,489 3,792,757 Culture and leisure 14,484,410 14,537,763 13,965,929 571,834 Housing 4,463,048 4,359,895 3,060,032 1,299,863 Capital outlay 463,000 694,421 637,017 57,404 Debt service
Principal - - 146,711 (146,711) Interest and fiscal charges 107,673 107,673 126,707 (19,034) Total Expenditures 199,815,622 203,094,221 194,711,627 8,382,594 EXCESS OF REVENUES OVER EXPENDITURES 22,140,815$ 20,736,415 $ 48,679,475 $ 27,943,060 $
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GENERAL FUND - 101 - GENERAL FUND (Continued)
BUDGETARY COMPARISON SCHEDULE
-168-
ORIGINA L FINA L A CTUA L V A RIA NCE WITH
BUDGET BUDGET AM OU N TS FINA L BUDGET
OTHER FINANCING SOURCES (USES)
Proceeds from sale of assets -$ -$ -$ -$ Inception of subscription-based IT arrangements - - 221,832 221,832 Transfer from fiduciary fund - - - - Transfers in 2,013,671 2,013,671 1,676,578 (337,093) Transfers out (25,173,391) (46,394,522) (15,814,621) 30,579,901 Net Other Financing Sources (Uses) (23,159,720) (44,380,851) (13,916,211) 30,464,640 NET CHANGE IN FUND BALANCES (1,018,905) (23,644,436) 34,763,264 58,407,700 FUND BALANCES, JULY 1 63,667,597 63,667,597 63,667,597 - FUND BALANCES, JUNE 30 62,648,692$ 40,023,161 $ 98,430,861 $ 58,407,700 $
Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurem ent focus and the modified accrual basis of accounting consist ent with generally accepted accounting principles (GAAP).
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CITY OF OXNARD, CALIFORNIA
GENERAL FUND - 104 - HALF CENT SALES TAX
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-169-
ORIGINA L FINA L A CTUA L V A RIA NCE WITH
BUDGET BUDGET AM OU N TS FINA L BUDGET
REV ENUES
Taxes
Sales 19,459,000$ 19,459,000$ 18,766,470$ (692,530)$ Investment income (loss) 93,389 93,389 910,948 817,559 Miscellaneous - - 5,760 5,760 Total Revenues 19,552,389 19,552,389 19,683,178 125,029
EXPENDITURES
Current
General government 2,311,257 2,339,257 2,189,611 149,646 Public safety 286,000 286,000 (335,632) 621,632 Public w orks 1,515,628 1,887,380 1,545,410 341,970 Community development 393,189 413,189 384,333 28,856 Culture and leisure 856,552 798,973 577,815 221,158 Housing - 1,131,785 - 1,131,785 Capital outlay 2,000 2,000 8,911 (6,911) Debt service
Principal 920,000 920,000 1,434,749 (514,749) Interest and fiscal charges 323,821 323,821 349,341 (25,520) Total E xpenditures 6,608,447 8,102,405 6,154,538 1,947,867 EXCESS OF REV ENUES OV ER EXPENDIT URES 12,943,942 11,449,984 13,528,640 2,072,896
OTHER FINANCING SOURCES (USES)
Transfers out (15,856,966) (20,155,686) (8,991,129) 11,164,557 Net Other Financing Sources (Uses) (15,856,966) (20,155,686) (8,991,129) 11,164,557 NET CHANGE IN FUND BALANCES (2,913,024) (8,705,702) 4,537,511 13,237,453 FUND BALANCES, JULY 1 AS RESTATED 25,127,620 25,127,620 25,127,620 - FUND BALANCES, JUNE 30 22,214,596$ 16,421,918 $ 29,665,131 $ 13,237,453 $
Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurem ent focus and the modified accrual basis of accounting consist ent with generally accepted accounting principles (GAAP).
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Nonmajor Governmental Funds
Special revenue funds are used to account for th e proceeds of specific revenue sources (other than capital outlay and debt servic e funds that are legally re stricted to expenditures for particular purposes).
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 us ed 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 the St ate of California Vehicle Code. Fund is restricted to be expended only for improvem ent 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 Fund - 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.
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CITY OF OXNARD, CALIFORNIA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2024
-171-
PUBLIC DEBT CAPITAL
SAFETY STATE SERVICE OUTLAY CUPA
RETIREMENT GAS TAX FUND FUND FUND
ASSETS
Cash and cash equivalents 2,090,979$ 4,293,934$ 38,681$ 26,926,696$ 1,915,649$ Investments w ith fiscal agents - 4,980 11,155 9,515,712 - Accounts and other receivables - 21,928 - 161,871 22,155 Due from other government 415,122 1,384,077 - - - Lease receivable - - - - - Total Assets 2,506,101$ 5,704,919 $ 49,836 $ 36,604,279$ 1,937,804 $
LIABILITIES
Accounts payable -$ 117,458$ -$ 45,163$ 2,979$ Other liabilities 133,789 59,795 - 61,608 17,873 Due to other funds - - - - - Unearned revenues - - - - - Total Liabilities 133,789 177,253 - 106,771 20,852
DEFERRED INFLOW OF RESOURCES
Deferred inflow on loans - - - - - Deferred inflow on leases - - - - - Total Deferred Inflow on Resources - - - - -
TOTAL LIABILITIES AND DEFERRED
INFLOWS OF RESOURCES 133,789$ 177,253 $ - $ 106,771$ 20,852 $
FUND BALANCES
Nonspendable
Lease receivable, net - - - - - R estricted for:
Debt service - - 49,836 4,808,061 - Maintenance districts - - - - - Public safety 2,372,312 - - - 1,916,952 Public w orks - transportation - 5,527,666 - - - Infrastructure development - - - 9,531,776 - Grants - - - - - Total Fund Balances 2,372,312 5,527,666 49,836 36,497,508 1,916,952
TOTAL LIABILITIES AND
FUND BALANCES 2,506,101$ 5,704,919 $ 49,836 $ 36,604,279$ 1,937,804 $
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TRANSPORTATION MAINTENANCE TOTAL NONMAJOR
TRAFFIC DEVELOPMENT ASSESSMENT GOVERNMENTAL
SAFETY FUND DISTRICTS FUND FUNDS
ASSETS
(4,232)$ 2,771,165$ 11,456,512$ 49,489,384$ Cash and cash equivalents - - - 9,531,847 Investments w ith fiscal agents 1,167 32,369 428,171 667,661 Accounts and other receivables 67,285 - 119,443 1,985,927 Due from other government - 216,900 - 216,900 Lease receivable 64,220$ 3,020,434$ 12,004,126 $ 61,891,719 $ Total Assets
LIABILITIES
148$ 143,275$ 943,027 $ 1,252,050$ Accounts payable 1,331 5,664 31,041 311,101 Other liabilities 50,466 - - 50,466 Due to other funds - 1,575,626 - 1,575,626 Unearned revenues 51,945 1,724,565 974,068 3,189,243 Total Liabilities
DEFERRED INFLOW OF RESOURCES
- - - - Deferred inflow on loans - 208,862 - 208,862 Deferred inflow on leases - 208,862 - 208,862 Total Deferred Inflow of Resources
TOTAL LIABILITIE S AND DE FE RRE D
51,945$ 1,933,427$ 974,068 $ 3,398,105$ INFLOWS OF RESOURCES
FUND BALANCES
Nonspendable
- 8,038 - 8,038 Lease receivable, net Re s tr icte d for :
- - - 4,857,897 Debt service - - 11,030,058 11,030,058 Maintenance districts - - - 4,289,264 Public safety 12,275 1,078,969 - 6,618,910 Public w orks - transportation - - - 9,531,776 Infrastructure development - - - - Grants 12,275 1,087,007 11,030,058 58,493,614 Total Fund Balances
TOTAL LIABILITIE S AND
64,220$ 3,020,434$ 12,004,126 $ 61,891,719 $ FUND BALANCES
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CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
-173-
PUBLIC DEBT CAPITAL
SAFETY STATE SERVICE OUTLAY CUPA
RETIREMENT GAS TAX FUND FUND FUND
REV ENUES
Taxes 16,810,818 $ - $ - $ 324,663$ - $ Licenses and permits - - - - 1,190,081 Intergovernmental - 10,712,234 - - 68,196 Charges for services - 586,562 - - - Fines and forfeitures - - - - 125,000 I nvestm ent incom e - 166,452 15,047 896,604 90,304 Special assessments - - - - - Miscellaneous - 12,718 - - 17,159 Total Revenues 16,810,818 11,477,966 15,047 1,221,267 1,490,740
EXPENDITURES
Current
General government 167,364 - - 2,000,924 - Public safety 16,691,887 - - - 1,018,020 Public w orks - 5,230,907 - 222,231 - Housing - - - 6,256 - Capital outlay - - - 110,889 - Debt Service
Pr inc ipal - 770,000 5,092,020 - - Interest and fiscal charges - 548,525 2,646,049 - - Total E xpenditures 16,859,251 6,549,432 7,738,069 2,340,300 1,018,020
EXCESS OF REV ENUES OV ER
(UNDER) EXPENDITURES (48,433) 4,928,534 (7,723,022) (1,119,033) 472,720
OTHER FINANCING SOURCES (USES)
Transfers in - 3,300,000 7,738,069 7,526,591 - Transfers out - (4,066,957) - (5,819,022) (23,366) N et O ther F inancing Sources (U ses) - (766,957) 7,738,069 1,707,569 (23,366) NET CHANGE IN FUND BALANCES (48,433) 4,161,577 15,047 588,536 449,354 FUND BALANCES, JULY 1, AS PREV IOUSLY STATED 2,420,745 1,366,089 34,789 35,908,972 1,467,598
RESTATEM ENT FOR CORRECTION OF AN ERROR - - - - - FUND BALANCES, JULY 1 2,420,745 1,366,089 34,789 35,908,972 1,467,598 FUND BALANCES, JUNE 30 2,372,312$ 5,527,666 $ 49,836 $ 36,497,508$ 1,916,952 $
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FORMERLY
TRANSPORTATION MAINTENANCE NONMAJOR FUND TOTAL NONMAJOR
TRAFFIC DEVELOPMENT ASSESSMENT HUD AND CDBG GOVERNMENTAL
SAFETY FUND DISTRICTS FUND GRANTS FUND FUNDS
REV ENUES
-$ -$ -$ -$ 17,135,481$ Taxes - - - - 1,190,081 Licenses and permits 309,671 843,983 - - 11,934,084 Intergovernmental - - - - 586,562 Charges for services - - - - 125,000 Fines and forfeitures 12,275 199,617 633,750 - 2,014,049 Investment income - - 7,088,620 - 7,088,620 Special assessments - 266,152 97,328 - 393,357 Miscellaneous 321,946 1,309,752 7,819,698 - 40,467,234 Total Revenues
EXPENDITURES
Current
- - - - 2,168,288 General government 467,513 - 259,960 - 18,437,380 Public safety (1,906) 960,191 8,031,125 - 14,442,548 Public w orks - - - - 6,256 Housing - - 12,000 - 122,889 Capital outlay - Debt Service
- - - - 5,862,020 Principal - - - - 3,194,574 Interest and fiscal charges 465,607 960,191 8,303,085 - 44,233,955 Total E xpenditures
EXCESS OF REV ENUES OV ER
(143,661)
349,561 (483,387) - (3,766,721) (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
46,107 - 1,962,904 - 20,573,671 Transfers in - (237,610) (1,995,483) - (12,142,438) Transfers out 46,107 (237,610) (32,579) - 8,431,233 N et O ther F inancing Sources (U ses) (97,554) 111,951 (515,966) - 4,664,512 NET CHANGE IN FUND BALANCES 109,829 975,056 11,546,024 207,088 54,036,188 FUND BALANCES, JULY 1, AS PREV IOUSLY STATED - - - (207,088) 3 RESTATEMENT FOR CORRECTION OF AN ERROR 109,829 975,056 11,546,024 - 53,829,102 FUND BALANCES, JULY 1 12,275$ 1,087,007$ 11,030,058 $ - $ 58,493,614$ FUND BALANCES, JUNE 30
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CITY OF OXNARD, CALIFORNIA
NONMAJOR - PUBLIC SAFETY RETIREMENT
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-175-
FINA L
OR I GI N AL BU D GE TE D AC TU AL VAR I AN C E WI TH
BUDGET A MOUNTS AM OU N TS FINA L BUDGET
REV ENUES
Taxes 14,591,225$ 14,591,225 $ 16,810,818 $ 2,219,593 $ Total Revenues 14,591,225 14,591,225 16,810,818 2,219,593
EXPENDITURES
Government 140,371 140,371 167,364 (26,993) Public safety 17,306,821 17,306,821 16,691,887 614,934 Total E xpenditures 17,447,192 17,447,192 16,859,251 587,941
EXCESS OF REV ENUES OV ER (UNDER)
EXPENDITURES (2,855,967) (2,855,967) (48,433) 2,807,534 NET CHANGE IN FUND BALANCES (2,855,967) (2,855,967) (48,433) 2,807,534 FUND BALANCES, JULY 1 2,420,745 2,420,745 2,420,745 - FUND BALANCES, JUNE 30 (435,222)$ (435,222) $ 2,372,312 $ 2,807,534 $
Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurem ent focus and the modified accrual basis of accounting consist ent with generally accepted accounting principles (GAAP).
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202
CITY OF OXNARD, CALIFORNIA
NONMAJOR - STATE GAS TAX FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-176-
FINA L
OR I GI N AL BU D GE TE D AC TU AL VAR I AN C E WI TH
BUDGET AM OU N TS AM OU N TS FINA L BUDGET
REV ENUES
Intergovernmental 10,738,036 $ 10,738,036 $ 10,712,234 $ (25,802) $ Charges for services 856,036 856,036 586,562 (269,474) I nvestm ent incom e 11,733 11,733 166,452 154,719 Miscellaneous - - 12,718 12,718 Total Revenues 11,605,805 11,605,805 11,477,966 (127,839)
EXPENDITURES
Public w orks 6,259,008 8,497,186 5,230,907 3,266,279 Debt Servic e
Principal 770,000 770,000 770,000 -
Interest 548,525 548,525 548,525 - Total E xpenditures 7,577,533 9,815,711 6,549,432 3,266,279
EXCESS OF REV ENUES OV ER (UNDER)
EXPENDITURES 4,028,272 1,790,094 4,928,534 3,138,440
OTHER FINANCING SOURCES (USES)
Transfers in - 3,300,000 3,300,000 - Transfers out (4,000,000) (6,044,351) (4,066,957) 1,977,394 Total Other F inancing Sources (U ses) (4,000,000) (2,744,351) (766,957) 1,977,394 NET CHANGE IN FUND BALANCES 28,272 (954,257) 4,161,577 5,115,834 FUND BALANCES, JULY 1 1,366,089 1,366,089 1,366,089 - FUND BALANCES, JUNE 30 1,394,361$ 411,832 $ 5,527,666 $ 5,115,834 $
Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurem ent focus and the modified accrual basis of accounting consist ent with generally accepted accounting principles (GAAP).
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203
CITY OF OXNARD, CALIFORNIA
NONMAJOR - DEBT SERVICE FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-177-
FINAL
OR I GI N AL BU D GE TE D AC TU AL VAR I AN C E WI TH
BUDGET A MOUNTS AM OU N TS FINA L BUDGET
REV ENUES
I nvestm ent incom e - $ - $ 15,047$ 15,047 $ Total Revenues - - 15,047 15,047
EXPENDITURES
Debt Service
Principal 5,092,064 5,092,064 5,092,020 44 Interest 2,646,062 2,646,062 2,646,049 13 Total E xpenditures 7,738,126 7,738,126 7,738,069 57
EXCESS OF REV ENUES OV ER (UNDER)
EXPENDITURES (7,738,126) (7,738,126) (7,723,022) 15,104
OTHER FINANCING SOURCES (USES)
Transfers in 7,738,131 7,738,131 7,738,069 (62) Total Other Financing Sources (Uses) 7,738,131 7,738,131 7,738,069 (62) NET CHANGE IN FUND BALANCES1 5 5 15,047 15,042 FUND BALANCES, JULY 1 34,789 34,789 34,789 - FUND BALANCES, JUNE 30 34,794$ 34,794 $ 49,836 $ 15,042 $
Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurem ent focus and the modified accrual basis of accounting consist ent with generally accepted accounting principles (GAAP).
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CITY OF OXNARD, CALIFORNIA
NONMAJOR - CAPITAL OUTLAY FUNDS
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-178-
FINAL
OR I GI N AL BU D GE TE D AC TU AL VAR I AN C E WI TH
BUDGET A MOUNTS AM OU N TS FINA L BUDGET
REV ENUES
Taxes 398,436 $ 398,436 $ 324,663 $ (73,773) $ I nvestm ent incom e 57,523 57,523 896,604 839,081 Total Revenues 455,959 455,959 1,221,267 765,308
EXPENDITURES
General government 923 675,923 2,000,924 (1,325,001) Public w orks - 5,145,047 222,231 4,922,816 Culture, leisure and libraries - 1,500,000 - 1,500,000 Housing 85,716 2,768,400 6,256 2,762,144 Capital outlay - 3,095,000 110,889 2,984,111 Total E xpenditures 86,639 13,184,370 2,340,300 10,844,070
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 369,320 (12,728,411) (1,119,033) 11,609,378
OTHER FINANCING SOURCES (USES)
Proceeds from bonds - - - - Transfer to custodial fund - - - - Transfers in - 7,526,591 7,526,591 - Transfer out - (20,732,520) (5,819,022) 14,913,498 Total Other Financing Sources (Uses) - (13,205,929) 1,707,569 14,913,498 NET CHANGE IN FUND BALANCES 369,320 (25,934,340) 588,536 26,522,876 FUND BALANCES, JULY 1 35,908,972 35,908,972 35,908,972 - FUND BALANCES, JUNE 30 36,278,292$ 9,974,632 $ 36,497,508 $ 26,522,876 $
Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurem ent focus and the modified accrual basis of accounting consist ent with generally accepted accounting principles (GAAP).
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CITY OF OXNARD, CALIFORNIA
NONMAJOR - CUPA
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-179-
FINAL
OR I GI N AL BU D GE TE D AC TU AL VAR I AN C E WI TH
BUDGET AM OU N TS AM OU N TS FINAL BUDGET
REV ENUES
Licenses and permits 1,100,000 $ 1,100,000 $ 1,190,081 $ 90,081 $ Fines and forfeitures 10,150 10,150 125,000 114,850 I nvestm ent incom e 9,065 9,065 90,304 81,239
Miscellaneous 11,228 11,228 17,159 5,931
Total Revenues 1,130,443 1,130,443 1,490,740 360,297
EXPENDITURES
Public safety 1,151,636 1,092,915 1,018,020 74,895 Total E xpenditures 1,151,636 1,152,915 1,018,020 134,895 EXCESS OF REV ENUES OV ER (UNDER) EXPENDITURES (21,193) (22,472) 472,720 495,192
OTHER FINANCING SOURCES (USES)
Transfers out (23,366) (23,366) (23,366) -
Total Other Financing Sources (Uses) (23,366) (23,366) (23,366) - NET CHANGE IN FUND BALANCES (44,559) (45,838) 449,354 495,192 FUND BALANCES, JULY 1 1,467,598 1,467,598 1,467,598 - FUND BALANCES, JUNE 30 1,423,039$ 1,421,760 $ 1,916,952 $ 495,192 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent w ith generally accepted accounting principles (GAAP).
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206
CITY OF OXNARD, CALIFORNIA
NONMAJOR - TRAFFIC SAFETY
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-180-
FINAL
OR I GI N AL BU D GE TE D AC TU AL VAR I AN C E WI TH
BUDGET AM OU N TS AM OU N TS FINA L BUDGET
REV ENUES
Intergovernmental 247,128 $ 247,128 $ 309,671 $ 62,543$ Investment income 1,464 1,464 12,275 10,811 Total Revenues 248,592 248,592 321,946 73,354
EXPENDITURES
Public safety 630,435 630,435 467,513 162,922 Public w or ks - 1,877 (1,906) 3,783 Total E xpenditures 630,435 632,312 465,607 166,705
EXCESS OF REV ENUES OV ER (UNDER)
EXPENDIT URES (381,843) (383,720) (143,661) 240,059
OTHER FINANCING SOURCES (USES)
Transfers in 330,000 330,000 46,107 283,893 Transfers out - (85,380) - (85,380) Total Other Financing Sources (Uses) 330,000 244,620 46,107 198,513 NET CHANGE IN FUND BALANCES (51,843) (139,100) (97,554) 41,546 FUND BALANCES, JULY 1 109,829 109,829 109,829 - FUND BALANCES, JUNE 30 57,986$ (29,271) $ 12,275 $ 41,546 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent w ith generally accepted accounting principles (GAAP).
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207
CITY OF OXNARD, CALIFORNIA
NONMAJOR - TRANSPORTATION DEVELOPMENT FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-181-
FINAL
OR I GI N AL BU D GE TE D AC T U AL VAR I AN C E WI TH
BUDGET A MOUNTS AM OU N TS FINA L BUDGET
REV ENUES
Intergovernmental 655,978$ 655,978$ 843,983$ 188,005$ I nvestm ent incom e 22,866 22,866 199,617 176,751 Miscellaneous 251,089 251,089 266,152 15,063 Total Revenues 929,933 929,933 1,309,752 379,819
EXPENDITURES
Public w orks 1,048,545 1,098,387 960,191 138,196 Total E xpenditures 1,048,545 1,098,387 960,191 138,196
EXCESS OF REV ENUES OV ER (UNDER)
EXPENDITURES (118,612) (168,454) 349,561 518,015
OTHER FINANCING SOURCES (USES)
Transfers out - (1,863,396) (237,610) 1,625,786 Total O ther F inancing Sources (U ses) - (1,863,396) (237,610) 1,625,786 NET CHANGE IN FUND BALANCES (118,612) (2,031,850) 111,951 2,143,801 FUND BALANCES, JULY 1 975,056 975,056 975,056 - FUND BALANCES, JUNE 30 856,444$ (1,056,794)$ 1,087,007 $ 2,143,801 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent w ith generally accepted accounting principles (GAAP).
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208
CITY OF OXNARD, CALIFORNIA
NONMAJOR - MAINTENANCE ASSESSMENT DISTRICTS
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2024
-182-
FINAL
ORIGINA L BUDGETED A CTUA L V A RIA NCE WITH
BUDGET A MOUNTS A MOUNTS FINA L BUDGET
REV ENUES
Charges for services 1,710,179$ -$ -$ -$ I nvestm ent incom e 77,450 76,870 633,750 556,880 Special assessments 6,466,622 7,017,361 7,088,620 71,259 Miscellaneous 13,410 28,856 97,328 68,472 Total Revenues 8,267,661 7,123,087 7,819,698 696,611
EXPENDITURES
Public safety 295,891 280,891 259,960 20,931 Public w orks 12,848,504 11,317,075 8,031,125 3,285,950 Capital outlay - 15,000 12,000 3,000 Total E xpenditures 13,144,395 11,612,966 8,303,085 3,309,881
EXCESS OF REV ENUES OV ER (UNDER)
EXPENDITURES (4,876,734) (4,489,879) (483,387) 4,006,492
OTHER FINANCING SOURCES (USES)
Transfers in 372,856 2,251,285 1,962,904 (288,381) Transfer out (90,270) (3,553,522) (1,995,483) 1,558,039 Total O ther F inancing Sources (U ses) 282,586 (1,302,237) (32,579) 1,269,658 NET CHANGE IN FUND BALANCES (4,594,148) (5,792,116) (515,966) 5,276,150 FUND BALANCES, JULY 1 11,546,024 11,546,024 11,546,024 - FUND BALANCES, JUNE 30 6,951,876$ 5,753,908 $ 11,030,058 $ 5,276,150 $ Note to Budgetary Comparison Schedule:
Budgets are prepared using a current financial resources measurement focus and the modified accrual basis of accounting consistent w ith generally accepted accounting principles (GAAP).
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-183-
Internal Service Funds
Internal Service Funds are established to acc ount 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 associated with the City's information technology and financial syst ems 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 computing and com puter operation costs, and some centralized supplies.
Facilities Maintenance Fund - This fund is used to account for the operation and maintenance of City facilities, properties, and related capital projects.
Equipment Maintenance Fund - This fund is used to account for automotive fleet maintenance and services provided to City departments.
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CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2024
-184-
PUBLIC
LIA BILITY / UTILITY
PROPERTY WORKERS' CUSTOMER INFORMA TION
DA MA GE COMPENSA TION SERVICE SERVICES
ASSETS
Current Assets
Cash and investments 4,049,150 $ 19,958,581 $ 1,814,827 $ 10,166,831 $ Accounts and other receivables (net of allow ance
for doubtful accounts) - - - - Due from fiduciary fund - - - - Total Current Assets 4,049,150 19,958,581 1,814,827 10,166,831 N oncurrent Assets
Advances to other funds - 654,808 - - Total Noncurrent Assets - 654,808 - -
CAPITAL ASSETS
Buildings and improvements - - - - Machinery, equipment, and vehicles 62,621 - - 1,961,608 Intangible assets - - - 2,579,673 Construction in progress - - - 420,742 Total Capital Assets 62,621 - - 4,962,023 Less: Accumulated depreciation 62,621 - - 2,756,755 Total Capital Assets (net of accumulated depreciation) - - - 2,205,268 Total Assets 4,049,150 20,613,389 1,814,827 12,372,099
DEFERRED OUTFLOW OF RESOURCES
Deferred outflow on pension plans 110,937 271,032 558,551 1,362,776 Deferred outflow on other post-employment benefit plans (OPEB) - 58,761 215,458 430,916 Total Deferred Outflow of Resources 110,937 329,793 774,009 1,793,692
LIABILITIES
Current Liabilities
Accounts payable 314,653 212,568 113,788 1,461,324 Other current liabilities 5,195 11,744 25,474 113,160 Compensated absences payable - current - 45,409 73,012 216,198 Other post-employment benefits payable - current - 1,851 6,784 13,568 Self-insurance claims - due w ithin one year 2,651,170 7,374,305 - - Subscription liabilities - current - - - 682,119 Total Current Liabilities 2,971,018 7,645,877 219,058 2,486,369 Noncurrent Liabilities
Compensated absences payable - 6,656 10,703 31,691 Other post-employment benefits payable - 149,837 549,405 1,098,812 Net pension liabilities 418,610 1,021,140 2,105,010 5,135,271 Self-insurance claims 4,993,254 32,866,896 - - Subscription liabilities - - - 807,947 Total Noncurrent Liabilities 5,411,864 34,044,529 2,665,118 7,073,721 Total Liabilities 8,382,882 41,690,406 2,884,176 9,560,090
DEFERRED INFLOW OF RESOURCES
Deferred inflow on pension plans 6,197 7,888 19,119 43,787 Deferred inflow on other post-employment benefit plans (OPEB) - 31,090 113,998 227,996 Total Deferred Inflow of Resources 6,197 38,978 133,117 271,783
NET POSITION
Net investm ent in capital assets - - - 715,202 Unrestricted (4,228,992) (20,786,202) (428,457) 3,618,716 TOTAL NE T POSITION (4,228,992)$ (20,786,202)$ (428,457) $ 4,333,918 $
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FACILITIES EQUIPMENT
MA INTENA NCE MA INTENA NCE TOTAL
ASSETS
Current Assets
2,952,348$ 1,105,341 $ 40,047,078 $ Cash and investments Accounts and other receivables (net of allow ance
5,395 - 5,395 for doubtful accounts) - 15 15 Due from fiduciary fund 2,957,743 1,105,356 40,052,488 Total Current Assets Noncurrent Assets
- - 654,808 Advances to other funds - - 654,808 Total Noncurrent Assets
CAPITAL ASSE TS
196,868 238,542 435,410 Buildings and improvements 428,160 4,411,881 6,864,270 Machinery, equipment, and vehicles - - 2,579,673 Intangible assets - - 420,742 Construction in progress 625,028 4,650,423 10,300,095 Total Capital Assets 440,965 4,206,468 7,466,809 Less: Accumulated depreciation 184,063 443,955 2,833,286 Total Capital Assets (net of accumulated depreciation) 3,141,806 1,549,311 43,540,582 Total Assets
DEFERRED OUTFLOW OF RESOURCES
1,390,735 650,400 4,344,431 Deferred outflow on pension plans 705,134 665,961 2,076,230 Deferred outflow on other post-employment benefit plans (OPEB) 2,095,869 1,316,361 6,420,661 Total Deferred Outflow of Resources
LIABILITIES
Current Liabilities
235,143 419,572 2,757,048 Accounts payable 67,991 29,008 252,572 Other current liabilities 313,345 52,580 700,544 Compensated absences payable - current 22,203 20,969 65,375 Other post-employment benefits payable - current - - 10,025,475 Self-insurance claims - due w ithin one year - - 682,119 Subscription liabilities - current 638,682 522,129 14,483,133 Total Current Liabilities Noncurrent Liabilities
45,932 7,707 102,689 Compensated absences payable 1,798,054 1,698,163 5,294,271 Other post-employment benefits payable 5,248,201 2,452,370 16,380,602 Net pension liabilities - - 37,860,150 Self-insurance claims - - 807,947 Subscription liabilities 7,092,187 4,158,240 60,445,659 Total Noncurrent Liabilities 7,730,869 4,680,369 74,928,792 Total Liabilities
DEFERRED INFLOW OF RESOURCES
79,611 27,833 184,435 Deferred inflow on pension plans 373,084 352,358 1,098,526 Deferred inflow on other post-employment benefit plans (OPEB) 452,695 380,191 1,282,961 Total Deferred Inflow of Resources
NET POSITION
184,063 443,955 1,343,220 Net investment in capital assets (3,129,952) (2,638,843) (27,593,730) Unrestricted (2,945,889)$ (2,194,888) $ (26,250,510)$ TOTAL NE T POSITION
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CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
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PUBLIC
LI ABI LI TY/ U TI LI TY
PROPERTY WORKERS' CUSTOMER INFORMA TION
DA MA GE COMPENSA TION SERVICE SERVICES
OPERATING REVENUES
Charges for services 8,536,871 $ 9,884,339 $ 3,041,948 $ 12,964,190 $ Miscellaneous 199,398 201,014 - - Total Operating Income 8,736,269 10,085,353 3,041,948 12,964,190
OPERAT ING EXPENSES
Salaries and w ages 241,309 834,497 1,667,443 4,306,883 Contractual services 1,628,085 264,931 44,684 481,578 Operating supplies - 211 3,305 1,154,795 Utilities - 1,337 20,526 598,400 Depreciation - - - 841,882 General and administrative 2,875,030 1,115,195 1,088,009 3,267,027 Repairs and maintenance - - 49,478 112,689 Claims expense 4,507,221 8,388,137 - - Total Operating E xpenses 9,251,645 10,604,308 2,873,445 10,763,254 OPERATING INCOME (LOSS) (515,376) (518,955) 168,503 2,200,936
NONOPERATING REV ENUES (EXPENSES)
Gain on disposal of assets - - - - Total N onoperating R evenues (E xpenses) - - - -
INCOM E (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS (515,376) (518,955) 168,503 2,200,936 TRANSFERS IN - - - 4,384 TRANSFERS OUT - - (29,286) (78,084) CHANGES IN NET POSITION (515,376) (518,955) 139,217 2,127,236 NE T POSITION - JULY 1 (3,713,616) (20,267,247) (567,674) 2,206,682 NET POSITION - JUNE 30 (4,228,992)$ (20,786,202)$ (428,457) $ 4,333,918 $
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FA CILITIES EQUIPMENT
MA INTENA NCE MA INTENA NCE TOTAL
OPERATING REV ENUES
7,380,853$ 9,220,099 $ 51,028,300 $ Charges for services 55,271 77,639 533,322 Miscellaneous 7,436,124 9,297,738 51,561,622 Total Operating Income
OPERAT ING EXPENSES
4,511,590 1,737,564 13,299,286 Salaries and w ages 374,701 473,517 3,267,496 Contractual services 343,408 3,760,598 5,262,317 Operating supplies 876,058 579,350 2,075,671 Utilities 5,832 150,816 998,530 Depreciation 1,069,769 1,092,157 10,507,187 General and administrative - 1,598,690 1,760,857 Repairs and maintenance - - 12,895,358 Claims expense 7,181,358 9,392,692 50,066,702 Total Operating E xpenses 254,766 (94,954) 1,494,920 OPERATING INCOME (LOSS)
NONOPERATING REV ENUES (EXPENSES)
- 1,994 1,994 Gain on disposal of assets - 1,994 1,994 Total Nonoperating Revenues (E xpenses)
INCOM E (LOSS) BEFORE CONTRIBUTIONS
254,766 (92,960) 1,496,914 AND TRANSFERS - - 4,384 TRANSFERS IN -
- (107,370) TRANSFERS OUT 254,766 (92,960) 1,393,928 CHANGES IN NET POSITION (3,200,655) (2,101,928) (27,644,438) NE T POSITION - JULY 1 (2,945,889)$ (2,194,888) $ (26,250,510)$ NET POSITION - JUNE 30
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COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
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PUBLIC
LI ABI LI TY/ U TI LI TY
PROPERTY WORKERS' CUSTOMER INFORMA TION
DA MA GE COMPENSA TION SERVICE SERVICES
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 8,736,269 $ 10,085,353 $ 3,041,948 $ 12,964,190 $ Payments to suppliers (4,691,452) (1,610,647) (1,221,637) (4,916,360) Payments to employees (263,990) (605,335) (1,486,230) (3,646,368) Cash paid to claimants (4,250,949) (5,318,016) - - N et Cash Provided B y (U sed In) O perating Activities (470,122) 2,551,355 334,081 4,401,462
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Collection/(issuance) of advances - - - - Transfers in - - - 4,384 Transfers out - - (29,286) (78,084) Net Cash Provided By (Used In) Capital Financing Activities - - (29,286) (73,700)
CASH FLOWS FROM CAPITAL AND RE LATE D FINANCING ACTIVITIE S (Purchases)/disposals of capital assets - - - (625,357) Net Cash Provided By (Used In) Capital Financing Activities - - - (625,357)
NET INCREASE (DECREASE) IN CASH AND
INVESTMENTS (470,122) 2,551,355 304,795 3,702,405 CASH AND INVESTMENTS - JULY 1 4,519,272 17,407,226 1,510,032 6,464,426 CASH AND INV ESTM ENTS - JUNE 30 4,049,150$ 19,958,581 $ 1,814,827 $ 10,166,831 $
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES
Operating income (loss) (515,376) $ (518,955) $ 168,503 $ 2,200,936 $ Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (Used In) Operating Activities
Depreciation and amortization - - - 841,882 Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable and due from other funds and governments - - - - Increase (decrease) in accounts payable and other liabilities (187,877) (227,054) (12,982) 729,887 Increase (decrease) in compensated absences - 8,738 (24,026) 57,740 Increase (decrease) in other post-employment benefits payable - 48,854 172,900 345,803 Increase (decrease) in net pension liabilities (23,141) 169,651 29,686 225,214 Increase (decrease) in self-insurance liability 256,272 3,070,121 - - N et Cash Provided B y (U sed In) O perating Activities (470,122)$ 2,551,355 $ 334,081 $ 4,401,462 $
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FA CILITIES EQUIPMENT
MA INTENA NCE MA INTENA NCE TOTAL
CASH FLOWS FROM OPERATING ACTIVITIES
7,420,781$ 9,297,738$ 51,546,279$ Receipts from customers and users (2,557,721) (7,963,629) (22,961,446) Payments to suppliers (3,848,642) (1,749,091) (11,599,656) Payments to employees - - (9,568,965) Cash paid to claimants 1,014,418 (414,982) 7,416,212 Net Cash Provided By (Used In) Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
- 21 21 Collection/(issuance) of advances - - 4,384 Transfers in - - (107,370) Transfers out - 21 (102,965) Net Cash Provided By (Used In) Capital Financing Activities
CASH FLOWS FROM CAPITAL AND RE LATE D FINANCING ACTIVITIE S (29,185)
3,758 (650,784) (Purchases)/disposals of capital assets (29,185) 3,758 (650,784) Net Cash Provided By (Used In) Capital Financing Activities
NET INC REA SE ( DEC REASE) IN CA SH A ND
985,233 (411,203) 6,662,463 INVESTMENTS 1,967,115
1,516,544 33,384,615 CASH AND INVESTMENTS - JULY 1 2,952,348$ 1,105,341 $ 40,047,078 $ CASH AND INVESTMENTS - JUNE 30
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES
254,766$ (94,954) $ 1,494,920$ Operating income (loss) Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (Used In) Operating Activities
5,832 150,816 998,530 Depreciation and amortization Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable and due from other funds (15,343) - (15,343) and governments 118,612 (458,603) (38,017) Increase (decrease) in accounts payable and other liabilities 43,401 (27,124) 58,729 Increase (decrease) in compensated absences 567,558 536,547 1,671,662 Increase (decrease) in other post-employment benefits payable 39,592 (521,664) (80,662) Increase (decrease) in net pension liabilities -
- 3,326,393 Increase (decrease) in self -insurance liability 1,014,418$ (414,982) $ 7,416,212 $ Net Cash Provided By (Used In) Operating Activities
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CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF FIDUCIARY NET POSITION -
CUSTODIAL FUNDS
JUNE 30, 2024
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OXNARD
OXNA RD PD DOWNTOWN
IMPROV EMENT PROPERTY MA NA GEMENT RIV ERPA RK TOTA L
DISTRICTS ROOM DISTRICT JPA CUSTODIA L
FUND FUND FUND FUND FUNDS
ASSETS
Cash and investments 6,828,830$ 336,360 $ 314,491 $ 898,282 $ 8,377,963 $ I nvestm ent w ith Fiscal Agents
Certificates of deposit 1,102,889 - - - 1,102,889 Total investment w ith fiscal agents 1,102,889 - - - 1,102,889 Interest receivable - - 2,026 8,804 10,830 Due from other governments 107,186 - 15,239 - 122,425 Total Assets 8,038,905 336,360 331,756 907,086 9,614,107
LIABILITIES
Accounts payable 481,376 $ 56,674 $ 159,282 $ - $ 697,332$ TOTAL LIABILITIE S 481,376 56,674 159,282 - 697,332
NET POSITION
R estricted for:
Individuals, organizations, and other governments 7,557,529 279,686 172,474 907,086 8,916,775 TOTAL NE T POSITION 7,557,529$ 279,686 $ 172,474 $ 907,086 $ 8,916,775 $
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CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION -
CUSTODIAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2024
-192-
OXNA RD
OXNA RD PD DOWNTOWN
IMPROV EMENT PROPERTY MA NA GEMENT RIV ERPA RK TOTA L
DISTRICTS ROOM DISTRICT JPA CUSTODIA L
FUND FUND FUND FUND FUNDS
ADDITIONS
Taxes -$ -$ -$ -$ -$ Special assessments 4,019,235 - 345,376 - 4,364,611 I nvestm ent incom e 58,178 - 11,460 58,334 127,972 Transfer from City of Oxnard - - - - - Total Additions 4,077,413 - 356,836 58,334 4,492,583
DEDUCTIONS
Adm inistrative C osts
Adm inistrative costs 84,031 - 915 - 84,946 Professional services 13,660 - - - 13,660 Project improvements - - - 95,278 95,278 Distributions to individuals, organizations, and bond trustees 4,493,682 - 343,083 - 4,836,765 Total Deductions 4,591,373 - 343,998 95,278 5,030,649 CHANGE IN NET POSITION (513,960) - 12,838 (36,944) (538,066) NET POSITION - JULY 1, 2023 8,071,488 279,687 159,636 944,030 9,454,841 NET POSITION - JUNE 30, 2024 7,557,529$ 279,686 $ 172,474 $ 907,086 $ 8,916,775$
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Statistical Section
(Unaudited)
Financial Trends
These schedules contain trend information to help the re ader understand how th e 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 Balances 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 signif icant local revenue source, the property tax.
Schedule VI Assessed Value and Esti mated Value of Taxable Property Schedule VII Direct and Overlapping 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 en vironment 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 infr astructure data to help the reader underst and how the information in the City’s financial report relates to the services the City provides and the activities it performs.
Schedule XVI Operating Indicators by Function
Schedule XVII Capital Assets by Function
Schedule XVIII Full-time Equivalent City Government Employees by Function
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City of Oxnard, California
SCHEDULE I
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
-194-
2015 2016 2017 2018 2019
G overnm ental activities
Net investment in capital asset 1,455,133,818 $ 1,422,282,798 $ 2,001,415,357 $ 1,994,002,850 $ 1,993,824,011 $ Restricted 112,198,502 112,286,017 130,642,696 134,054,312 94,429,644 Unrestricted (220,258,407) (197,252,502) (185,857,985) (234,226,319) (203,632,014) Total governm ental activities net position 1,347,073,913$ 1,337,316,313$ 1,946,200,068$ 1,893,830,843$ 1,884,621,641$ Business-type activities
Net investm ent in capi tal asset 225,738,617$ 223,977,717$ 228,709,541$ 224,139,834$ 224,259,193$ Restricted 15,400,679 38,064,498 41,732,645 48,789,711 54,283,623 Unrestricted 28,909,066 3,139,325 7,938,770 20,863,126 43,176,882 Total bus ines s-type activities net pos ition 270,048,362$ 265,181,540$ 278,380,956$ 293,792,671$ 321,719,698$ Prim ary governm ent
Net investment in capital asset 1,680,872,435$ 1,646,260,515$ 2,230,124,898$ 2,218,142,684$ 2,218,083,204$ Restricted 127,599,181 150,350,515 172,375,341 182,844,023 148,713,267 Unrestricted (191,349,341) (194,113,177) (177,919,215) (213,363,193) (160,455,132) Total prim ary governm ent net position 1,617,122,275$ 1,602,497,853$ 2,224,581,024$ 2,187,623,514$ 2,206,341,339$ Source: Finance Departm ent, City of Ox nard
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City of Oxnard, California
SCHEDULE I (Continued)
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
-195-
2020 2021 2022 2023 2024
G overnmental activities
1,993,055,539$ 1,945,377,175 $ 1,901,675,190 $ 1,916,938,386 $ 1,953,421,408 $ Net investm ent in capital asset 105,403,013 111,307,894 108,729,988 113,608,179 111,742,399 Restricted (227,238,168) (255,508,666) (143,587,887) (117,300,866) (65,377,843) Unrestricted 1,871,220,384$ 1,801,176,403 $ 1,866,817,291 $ 1,913,245,699 $ 1,999,785,964 $ Total governm ental activities net position Business-type activities
232,190,732$ 259,185,934 $ 302,265,460 $ 294,321,444 $ 349,626,489 $ Net investment in capital asset 51,610,199 49,217,330 44,238,652 63,932,130 63,582,427 Restricted 57,516,060 134,183,679 95,558,083 77,722,620 56,013,651 Unrestricted 341,316,991$ 442,586,943 $ 442,062,195 $ 435,976,194 $ 469,222,567 $ Total business-type activities net position Prim ary governm ent
2,225,246,271$ 2,204,563,109 $ 2,203,940,650 $ 2,211,259,830 $ 2,303,047,897 $ Net investm ent in capital asset 157,013,212 160,525,224 152,968,640 177,540,309 175,324,826 Restricted (169,722,108) (121,324,987) (48,029,804) (39,578,246) (9,364,192) Unrestricted 2,212,537,375$ 2,243,763,346 $ 2,308,879,486 $ 2,349,221,893 $ 2,469,008,531 $ Total prim ary government net position Fiscal Year
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City of Oxnard, California
SCHEDULE II
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
-196-
2015 2016 2017 2018 2019
Expenses
Governmental activities:
General government 12,223,337 $ 8,354,282 $ 30,057,710 $ 56,051,634 $ 47,292,219 $ Public safety 97,913,468 90,250,713 95,103,088 114,056,089 110,217,029 Transportation 23,333,586 29,435,256 8,753,004 13,352,627 11,366,628 Community development 13,137,896 12,634,325 12,476,593 17,439,549 21,205,257 Culture, leisure and libraries 32,635,299 32,157,517 30,258,609 34,039,463 37,043,785 Housing - - - - - Interest on long-term debt 4,517,686 4,920,717 4,755,955 9,745,886 4,451,689 Total governmental activities expenses 183 ,761,272 177,752,810 181,404, 959 244,685,248 231,576,607 Business-type activities:
Water 55,799,990 56,786,402 57,904,193 57,617,733 55,883,239 Wastewater 37,993,468 34,807,726 32,926,365 33,512,156 31,783,839 Environmental resource 37,802,942 37,644,732 42,534,157 45,633,543 46,314,446 Oxnard housing authority 23,584,181 23,441,364 26,060,498 27,888,924 27,634,063 Municipal golf course - - - - - Total business-type activities expenses 155,180,581 152,680,224 159,4 25,213 164,652,356 161,615,587 Total primary government expenses 338,941,853 $ 330,433,034 $ 340,830,172 $ 409,337,604 $ 393,192,194 $ Program Revenues
Governmental activities:
Charges for services:
General government 5,165,703 $ 20,541,355 $ 20,460,685 $ 13,020,442 $ 18,177,999 $ Public safety 4,904,728 8,015,887 6,528,319 7,913,075 8,637,284 Transportation 2,630,954 5,930,798 3,072,659 1,883,525 2,008,345 Public works - - - - -
Community development 16,542,075 10,212,020 13,353,523 7,583,696 12,898,111 Culture, leisure and libraries 8,453,994 4,297,074 10,903,104 12,448,275 13,953,808 Housing - - - - - Operating grants and contributions 29,420,545 9,526,620 16,948,122 16,938,767 14,689,127 Capital grants and contributions 12,300,850 9,925,337 3,276,277 3,501,368 9,838,626 Total governmental activities program revenues 79,418,849$ 68,449,091$ 74,542,689$ 63,289,148$ 80,203,300$
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City of Oxnard, California
SCHEDULE II (Continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
-197-
2020 2021 2022 2023 2024
Expenses
Governmental activities:
49,736,893$ 51,432,611 $ 46,053,309 $ 26,045,796 $ 29,314,458 $ General government 114,506,731 120,565,552 113,731,717 132,980,119 148,804,588 Public safety 11,604,027 11,426,788 13,087,346 59,150,684 67,393,789 Transportation 19,160,074 22,205,817 21,689,712 10,057,675 13,753,751 Community development 35,010,443 31,219,370 37,402,631 17,400,561 21,286,555 Culture, leisure and libraries - - - 10,180,614 13,771,438 Housing 3,811,560 3,850,416 3,721,942 3,548,487 3,307,188 Interest on long-term debt 233,829,728 240,700,554 235,686,657 259,363,936 297,631 ,767 Total governmental activities expenses Business-type activities:
56,202,066 57,774,449 66,845,048 64,460,086 60,545,102 Water 34,668,068 34,083,527 35,836,577 37,234,300 38,547,260 Wastewater 50,550,599 50,609,180 46,956,163 50,482,111 57,876,616 Environmental resource 29,914,394 30,782,861 28,211,702 34,437,715 41,397,196 Oxnard housing authority - 4,741,945 5,334,578 5,694,314 6,788,868 Municipal golf course 171,335,127 177,991,962 183,184,068 192,308,526 205,155 ,042 Total business-type activities expenses 405,164,855$ 418,692,516 $ 418,870,725 $ 451,672,462 $ 502,786,809 $ Total primary government expenses Program Revenues
Governmental activities:
Charges for services:
15,639,751$ 16,591,018 $ 816,910 $ 10,576,686 $ 15,831,816 $ General government 5,147,924 4,984,405 6,752,504 6,475,878 4,627,668 Public safety 2,697,018 5,023,139 3,084,378 - - Transportation - - - 10,868,488 14,240,335 Public works 15,054,972 17,167,989 11,617,112 8,479,985 13,247,370 Community development 14,420,117 8,803,499 8,743,383 1,097,398 1,282,763 Culture, leisure and libraries - - - 259,127 632,953 Housing 16,059,481 27,187,140 46,713,741 46,187,436 62,042,396 Operating grants and contributions 9,252,544 7,551,745 8,415,870 - - Capital grants and contributions 78,271,807$ 87,308,935$ 86,143,898$ 83,944,998$ 111,905,301$ Total governmental activities program revenues Fiscal Year
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City of Oxnard, California
SCHEDULE II (Continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
-198-
2015 2016 2017 2018 2019
Business-type activities:
Charges for services:
Water 48,048,380 47,502,553 50,364,868 62,447,893 59,825,449 Wastewater 32,074,140 30,622,683 39,565,773 41,076,417 45,098,831 Environmental resource 43,394,227 41,498,072 48,039,047 48,910,217 47,534,591 Oxnard housing authority - 6,569,503 5,267,343 5,968,193 5,976,701 Municipal golf course 5,168,698 - - - - Operating grants and contributions 17,853,909 19,655,951 21,177,738 21,635,711 21,866,012 Capital grants and contributions 919,149 946,347 963,291 1,349,188 - Total business-like activities program revenues 147,458,503 146,795,109 165,378,060 181,387,619 180,301,584 Total primary government program revenues 226,877,352 $ 215,244,200 $ 239,920,749 $ 244,676,767 $ 260,504,884 $ Net (expense) revenue
Governmental activities (104,342,423) $ (109,303,719) $ (106,862,270) $ (181,396,100) $ (151,373,307) $ Business-like activities (7,722,078) (5,885,115) 5,952,847 16,735,263 18,685,997 Total primary government net expense (112,064,501) $ (115,188,834) $ (100,909,423) $ (164,660,837) $ (132,687,310) $ General Revenues and Other Changes in Net Position
Governmental activities:
Taxes
Property taxes 58,633,590 $ 61,571,660 $ 60,802,119 $ 67,165,834 $ 70,227,546 $ Sales taxes 40,624,737 43,163,411 44,092,707 43,418,876 48,518,650 Transient occupancy taxes 4,649,292 5,044,231 5,174,427 5,749,572 5,557,470 Franchise taxes 4,093,435 3,854,116 3,703,971 3,925,374 3,887,252 Deed transfer taxes 758,502 690,805 729,609 818,322 692,685 Business license taxes 5,104,859 5,422,499 5,348,086 5,570,488 6,167,475 Penalties on delinquent taxes 141,127 225,990 228,899 313,847 361,488
Investment earnings 807,618 752,064 1,989,004 1,404,527 5,771,878 Sale of capital assets - - - - (69,964) Special Items - - - 10,657,104 - Transfers 6,439,487 62,396 442,852 200,818 243,045 Extraordinary loss - - - - - Contributions to other government - - - (1,940,127) 789,392 Total governmental activities 121,252,647 12 0,787,172 122,511,674 137,284,635 142,146,917 Business-type activities:
Investment earnings 2,735,395 2,482,980 2,440,982 1,839,114 7,612,740 Sale of capital assets - - - - (417,291) Contributions from/(to) other government - - - 1,940,127 (221,058) Transfers (6,439,487) (62,396) (442,852) (200,818) (243,045) Total business-type activities (3,704,092) 2,420,584 1,998,130 3,578,423 6,731,346 Total primary program 117,548,555$ 123,207,756$ 124,509,804$ 140,863,058$ 148,878,263$ Change in Net Position
Governmental activities 16,910,224$ 11,483,453$ 15,649,404$ (44,111,465)$ (9,226,390)$ Business-type activities (11,426,170)
(3,464,531) 7,950,977 20,313,686 25,417,343 Total primary government 5,484,054 $ 8,018,922 $ 23,600,381 $ (23,797,779) $ 16,190,953 $ Source: Finance Department, City of Oxnard
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SCHEDULE II (Continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
-199-
2020 2021 2022 2023 2024
Business-type activities:
Charges for services:
59,884,394 62,227,968 57,211,384 52,868,819 61,092,764 Water 45,109,125 48,021,835 43,448,032 45,599,034 45,676,124 Wastewater 48,694,690 46,757,277 43,365,998 45,650,825 47,859,745 Environmental resource 4,740,597 6,184,299 5,323,254 5,627,664 6,008,965 Oxnard housing authority - 5,758,442 6,398,280 6,294,905 7,538,015 Municipal golf course 24,388,234 26,016,248 24,640,627 28,634,591 36,872,771 Operating grants and contributions - - 1,719,118 2,557,794 4,628,539 Capital grants and contributions 182,817,040 194,966,069 182,106,693 187,233,632 209,676,923 Total business-like activities program revenues 261,088,847$ 282,275,004$ 268,250,591$ 271,178,630$ 321,582,224$ Total primary government program revenues Net (expense) revenue
(155,557,921)$ (153,391,619)$ (149,542,759)$ (175,418,938)$ (185,726,466)$ Governmental activities 11,481,913 16,974,107 (1,077,375) (5,074,894) 4,521,881 Business-like activities (144,076,008)$ (136,417,512)$ (150,620,134)$ (180,493,832)$ (181,204,585)$ Total prim ary governm ent net ex pense General Rev enues and Other Changes in Net Position
Governmental activities:
Taxes
72,208,270$ 81,447,932$ 78,630,717$ 78,849,939$ 88,396,161$ Property taxes 46,320,415 67,923,383 118,083,508 128,533,831 134,507,792 Sales taxes 4,302,491 4,267,463 5,117,229 5,271,128 5,384,870 Transient occupancy taxes 3,972,958 4,287,254 4,557,215 5,303,433 5,173,575 Franchise taxes 673,842 910,934 978,170 679,570 533,889 Deed transfer taxes 6,087,060 5,964,716 6,537,611 6,677,266 7,691,735 Business license taxes 406,774 201,657 92,544 294,969 231,024 Penalties on delinquent taxes 3,049,270 968,386 1,055,755 757,515 14,249,759 Investment earnings - - - 2,098 1,994 Sale of capital assets 1,514,213 - - - - Special Items 107,452 (82,415,174) 130,897 (12,082,151) (8,102,197) Transfers - - - - - Extraordinary loss - - - - - Contributions to other government 138,642,745 83,556,551 215,183,646 214,287,598 248,068,602 Total governmental activities Business-type activities:
3,463,839 834,362 683,524 2,076,950 10,243,030 Investment earnings - - - 1,657,939 58,928 Sale of capital assets 1,147,938 1,046,309 - Contributions to/(from) other government (107,452) 82,415,174 (130,897) 9,727,732 8,102,197 Transfers 4,504,325 84,295,845 552,627 13,462,621 18,404,155 Total business-type activities 143,147,070$ 167,852,396$ 215,736,273$ 227,750,219$ 266,472,757$ Total primary program Change in Net Position
(16,915,176)$ (69,835,068)$ 65,640,887$ 38,868,660$ 62,342,136$ Governmental activities 15,986,238 101,269,952 (524,748) 8,387,727 22,926,036 Business-type activities (928,938)$ 31,434,884$ 65,116,139$ 47,256,387$ 85,268,172$ Total primary government
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SCHEDULE III
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
-200-
Fiscal Year
2015 2016 2017 2018 2019
General Fund
Nonspendable -$ -$ -$ -$ -$
Restricted - 550,000 835,296 10,558,537 10,527,983 Committed - - - 12,662,261 22,560,234
Assigned 11,315,859 15,879,092 23,283,091 - 282,831
Unassigned 13,459,906 17,858,980 22,150,403 17,241,635 8,863,430 Total general fund 24,775,765$ 34,288,072$ 46,268,790$ 40,462,433$ 42,234,478$ All other governmental funds
Nonspendable -$ 104,736$ -$ -$ -$
Restricted 74,810,464 69,258,707 80,403,821 73,585,992 83,901,661 Committed - - - - -
Assigned 9,639,955 10,007,525 12,774,735 17,563,011 13,794,611 Unassigned (1,493,635) (290,834) (762,744) - - Total all other governmental funds 82,956,784$ 79,080,134$ 92,415,812$ 91,149,003$ 97,696,272$ Source: Finance Department, City of Oxnard
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SCHEDULE III (Continued)
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
-201-
Fiscal Year
2019 2020 2021 2022 2023 2024
G eneral Fund
-$ - $ - $ 3,589,072$ 399,520 $ 39,964 $ Nonspendable 10,527,983 - - - - 5,078,344 Restricted 22,560,234 33,066,407 22,896,490 19,056,388 43,631,177 54,384,056 Committed 282,831 - - - 27,812,072 57,266,695 Assigned 8,863,430 5,274,097 (3,048,424) 35,350,299 19,387,541 15,912,811 Unassigned 42,234,478$ 38,340,504 $ 19,848,066 $ 57,995,759 $ 91,230,310 $ 132,681,870 $ Total general fund All other governm ental funds
-$ - $ - $ - $ 3,891$ 8,038 $ Nonspendable 83,901,661 105,403,013 111,307,894 108,729,988 113,608,179 106,664,055 Restricted - - - - 1,107,742 23,265,413 Committed 13,794,611 1,720,384 1,608,910 22,010,958 - - Assigned - (380,746) (146,682) (163,391) - 1 Unassigned 97,696,272$ 106,742,651 $ 112,770,122 $ 130,577,555 $ 114,719,812 $ 129,937,507 $ Total all other governm ental funds
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SCHEDULE IV
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
-202-
Fiscal Year
2015 2016 2017 2018 2019
Revenues
Taxes 113,864,415$ 119,746,722$ 119,850,919$ 126,648,408$ 135,051,078$ Licenses and permits 3,092,838 3,402,217 4,222,838 3,306,324 4,057,972 Intergovernmental 41,721,395 21,455,873 20,224,399 20,440,135 24,527,753 Growth and development fees 3,442,898 4,452,750 7,100,771 2,342,768 6,310,510 Charges for services 11,144,204 25,471,392 23,969,821 20,570,129 21,302,912 Fines and forfeitures 765,857 1,413,718 2,537,822 2,438,772 2,693,405 Interest 657,609 657,140 1,949,489 1,271,263 5,293,976
Special assessments 7,993,871 9,613,886 8,367,032 9,018,025 9,142,871 Investment income - - - - -
Miscellaneous 11,233,279 4,987,667 8,588,557 6,339,266 10,982,388 Total revenues 193,916,366 191,201,365 196,811,648 192,375,090 219,362,865 Expenditures
General government 13,384,549 11,368,350 13,360,687 17,769,349 17,566,664 Public safety 95,777,400 93,676,090 94,676,659 102,770,375 103,505,038 Transportation 9,228,976 7,325,513 8,314,157 12,346,380 10,808,214 Public works - - - - - Community development 12,680,862 12,268,857 16,462,067 15,832,210 19,402,262 Culture, leisure and libraries 28,845,257 26,937,798 27,534,000 30,504,647 32,696,129 Housing - - - - - Capital outlay 13,835,114 20,898,762 8,737,398 16,767,682 16,277,911 Debt Service:
Principal 6,884,661 6,641,368 5,573,572 5,278,145 6,121,274 Interest 4,225,920 4,530,126 4,932,901 9,276,932 4,957,649 Total expenditures 184,862,739 183,646,864 179,591,441 210,545,720 211,335,141 Excess of revenues over (under) expenditures 9,053,627 7,554,501 17,220,207 (18,170,630) 8,027,724 Other Financing Sources (Uses)
Proceeds from financing sources - - - - - Payment to escrow agent - - - (27,785,000.00) - Proceeds from sale of bonds 23,765,460 - - 37,608,582.00 - Cost of issuance (3,764,693) - - - - Bond discount - - - - -
Issuance of debt - - - - -
Inception of subscription-based IT arrangements - - - - - Transfer from fiduciary funds - - - - - Transfer to fiduciary funds - - - - - Transfers in 14,594,844 10,964,565 9,632,647 13,140,181 12,370,626 Transfers out (19,495,238) (11,125,968) (9,957,565) (13,639,820) (12,096,584) Total other financing sources (uses) 15,100,373 (161,403) (324,918) 9,323,943 274,042 Special items:
Bond proceeds from Successor Agency -
- - 9,896,298 -
Total special items - - - 9,896,298 -
Net change in fund balances $24,154,000 $7,393,098 $16,895,289 $1,049,611 $8,301,766 Debt service as a percentage of noncapital expenditures 6.50% 6.47% 6.44% 6.10% 5.68% Source: Finance Department, City of Oxnard
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SCHEDULE IV (Continued)
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(modified accrual basis of accounting)
-203-
Fiscal Year
2020 2021 2022 2023 2024
Revenues
133,565,036$ 164,801,682$ 213,904,450$ 225,315,167$ 241,688,022$ Taxes 3,852,280 5,019,520 3,702,771 5,381,448 6,712,348 Licenses and permits 25,312,025 34,738,885 55,129,611 46,187,436 62,042,396 Intergovernmental 2,313,182 12,036,333 4,104,875 4,168,962 10,387,136 Growth and development fees 23,772,644 19,339,452 17,539,473 13,116,597 13,517,693 Charges for services 3,381,758 1,924,384 2,613,509 2,816,558 2,002,639 Fines and forfeitures 3,049,270 968,386 1,055,755 - - Interest 8,223,416 7,461,211 6,932,860 6,503,861 7,497,557 Special assessments - - - 757,515 14,249,759 Investment income 5,615,546 6,580,337 (3,942,474) 6,014,880 9,443,234 Miscellaneous 209,085,157 252,870,190 301,040,830 310,262,424 367,540,784 Total revenues Expe ndi tur e s
21,597,780 16,558,258 21,533,767 21,926,995 25,990,521 General government 111,150,931 113,774,066 120,317,318 131,043,033 137,151,741 Public safety 11,198,258 11,093,922 12,787,453 - - Transportation - - - 39,132,067 45,720,874 Public works 17,755,657 23,840,597 20,096,478 12,802,525 13,260,450 Community development 31,859,562 28,871,680 35,483,009 16,779,191 20,132,258 Culture, leisure and libraries - - - 10,170,206 15,148,949 Housing 8,992,813 23,579,052 28,092,448 44,919,399 35,939,828 Capital outlay Debt Service:
5,952,119 5,835,030 6,542,675 7,269,096 7,462,515 Principal 5,714,456 4,086,553 3,873,096 3,861,642 3,671,187 Interest 214,221,576 227,639,158 248,726,244 287,904,154 304,478,323 Total expenditures (5,136,419) 25,231,032 52,314,586 22,358,270 63,062,461 Excess of revenues over (under) expenditures Other Financing Sources (Uses)
- - 3,300,000.00 - - Proceeds from financing sources (39,695,000) - - - - Payment to escrow agent 44,520,000 - - - - Proceeds from sale of bonds (983,059) - - - - Cost of issuance 2,875,507 - - - - Bond discount/premuim - - - 5,320,000.00 - Issuance of debt - - - 1,869,621.00 - Inception of subscription-based IT arrangements - - - 91,621.00 221,832 Transfer from fiduciary funds - - - (2,446,040.00) - Transfer to fiduciary funds 13,668,887 9,801,455 36,942,178 56,404,284.00 68,406,302 Transfers in (13,494,482) (47,288,541) (36,601,638) (66,220,948.00) (76,405,513) Transfers out 6,891,853 (37,487,086) 3,640,540 (4,981,462) (7,777,379) Total other financing sources (uses) Sp ecial items:
1,514,213 - - - - Bond proceeds from Successor Agency 1,514,213 - - - - Total special items $3,269,647 ($12,256,054) $55,955,126 $17,376,808 $55,285,082 Net change in fund balances
5.52% 4.50% 4.53% 4.49% 4.13% Debt service as a percentage of noncapital ex penditures
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SCHEDULE V
Governmental Activities Tax Revenues by Source
Last Ten Fiscal Years
(modified accrual basis of accounting)
-204-
Fiscal Property Sales Business Transient Franchise Deed Penalties Year Tax Tax Licens e Occupancy Tax Tax Trans fer Tax and Interes t Total 2014 54,783,756$ 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 92,544 213,997,027 2023 78,849,939 128,533,831 6,677,266 5,271,128 5,303,433 679,570 294,969 225,610,136 2024 88,396,161 134,507,792 7,691,735 5,384,870 5,173,575 533,889 231,024 241,919,046
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SCHEDULE VI
Assessed Value and Estimated Value of Taxable Property
Last Ten Fiscal Years
-205-
Fiscal Pe rsonal Le ss: Tax Exempt Total Taxable Total Dire ct Estimate d Actual as a Pe rce ntage Year Land Improvements Property Real Property Assessed Value Tax Rate Taxable Value of Actual Value 2015 7,084,272,773$ 9,694,262,028$ 631,218,103$ 708,835,243$ 16,700,917,661$ 1.25556% 16,700,917,661$ 100.00% 2016 7,653,508,229 10,068,135,286 652,518,246 753,110,464 17,621,051,297 1.24681% 17,621,051,297 100.00% 2017 8,130,791,365 10,403,624,296 664,679,543 784,759,788 18,414,335,416 1.22712% 18,414,335,416 100.00% 2018 8,649,933,708 10,789,755,377 656,241,587 840,285,136 19,255,645,536 1.24657% 19,255,645,536 100.00% 2019 9,158,364,520 11,207,158,483 695,095,800 896,108,612 20,164,510,191 1.24170% 20,164,510,191 100.00% 2020 9,521,436,348 11,777,652,006 754,828,010 971,603,310 21,082,313,054 1.23896% 21,082,313,054 100.00% 2021 10,007,398,417 12,192,935,872 784,723,628 1,041,411,917 21,943,646,000 1.24885% 21,943,646,000 100.00% 2022 10,517,196,744 12,768,851,940 840,576,868 1,138,267,594 22,988,357,958 1.22788% 22,988,357,958 100.00% 2023 11,253,772,579 13,475,931,442 991,305,490 1,123,639,089 24,597,370,422 1.20824% 24,597,370,422 100.00% 2024 11,991,416,758 14,113,269,168 1,048,799,711 1,075,961,591 25,940,112,646 1.22333% 25,940,112,646 100.00% NOTE: The County does not provide the breakdown of residential and commercial assessed values to the cities. The City also no l onger has the inform ation available for the residential and commercial assessed values. The personal property amounts include assessed values for boats and aircra ft.
Source: County of V entura, Office of the Auditor-Controller Finance Departm ent, City of Ox nard; HDL Coren & Cone
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SCHEDULE VII
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
-206-
Fis cal Total Direct &
Y ear Basic (1) Debt Serv ice (2) Total Direct (3) School Districts (4) Water Districts (5) Total Ov erlapping Ov erlapping Rates 2015 1.00000% 0.25556% * 1.25556% 0.12060% 0.00350% 0.12410% 1.37966% 2016 1.00000% 0.24681% * 1.24681% 0.12640% 0.00350% 0.12990% 1.37671% 2017 1.00000% 0.22712% * 1.22712% 0.13840% 0.00350% 0.14190% 1.36902% 2018 1.00000% 0.24657% 1.24657% 0.29110% 0.00350% 0.29460% 1.54117% 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% 2023 1.00000% 0.20824% 1.20824% 0.31080% 0.00350% 0.31430% 1.52254% 2024 1.00000% 0.22333% 1.22333% 0.36460% 0.00350% 0.36810% 1.59143% NOTE:
* Correction of prior year data
Source: County of V entura, Office of the Auditor-Controller HdL, Coren & Cone
(5) Overlapping rate for Metropolitan Water District and Calleguas Muni Water Annex #16. Reflects actual overlapping rate.
Not all overlapping rates apply to all city property owners.
City Direct Rates Ov erlapping Rates
(1) The passage of Proposition 13 on June 6, 1978 established a maximum countywide levy of 1% of market value or $1.00 per $100 of assessed value. (2) Total Direct Rate is the weighted average of all individual direct rates applied by the Entity preparing the statistical se ction and ex cludes revenues derived from aircraft. Beginning in 2013/14 the Total Direct Rate no longer includes revenue generated from the former redevelopment tax rates.
Challenges to recognized enforceable obligations are assumed to have been resolved during 2012/13. For report purposes, residual revenue is assum ed to have been distributed to the City in the sam e proportion as G eneral Fund Revenue. (4) The school district rates are for applicable school districts (3) Total Direct rate as presented is the Basic Levy plus Direct Debt Service
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SCHEDULE VIII
Principal Property Taxpayers
Current Year and Nine Years Ago
-207-
Taxable Percentage of T axable Percentage of
Taxpayer Assessed Total Taxable Assessed Total Taxable
Value Rank Assessed Value Value Rank Assessed Value
Procter & G am ble Paper Products 359,982,804$ 1 1.39% 330,755,396$ 1 1.96% Amazon Com Services LLC 347,429,454 2 1.34% - 0.00% Essex Arbors LP 239,967,770 3 0.92% 202,983,455 2 1.21% SOCM I LLC 143,691,246 4 0.55% 141,719,871 3 0.84% Oxnard Town Square LLC 142,976,268 5 0.55% - 0.00% Arctic Cold Oxnard LLC 123,555,338 6 0.48% - 0.00% Serenade Apts Properties Owners LLC 121,857,468 7 0.47% 85,367,223 5 0.51% G-I IX Esplanade Property LP 101,805,567 8 0.39% - 0.00% HAAS Automation Inc 100,517,600 9 0.39% 80,616,800 7 0.48% 2060 Zocolo LLC 97,559,735 10 0.38% - 0.00% NRG CA South LP - Orm ond Beach - 102,374,000 4 0.61% Prime Penisula LP - 84,923,726 6 0.50% New-Indy Ox nard LLC - 70,977,098 8 0.42% Duesenberg Investm ent Com pany - 68,783,032 9 0.41% Mc Gaelic Group - 68,038,961 10 0.40% Other taxpayers 24,194,613,321 93.15% 15,604,076,147 92.66% Totals 25,973,956,571$ 100.00% 16,840,615,709$ 100.00% Source: HdL Coren & Cone
^ Pending appeals on parcels.
2024 2015
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SCHEDULE IX
Property Tax Levies and Collections
Last Ten Fiscal Years
-208-
Ye ar Collections in
Ended Total Tax Levy Subsequent
June 30 for Fiscal Year (1) * Amount (2) * Percentage of Levy Years (1) Amount Percentage of Levy 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% 2023 79,897,712 76,312,644 95.51% 1,932,252 78,244,896 97.93% 2024 89,234,308 84,602,824 94.81% 2,362,397 86,965,221 97.46% Source: (1) Finance Departm ent, City of Ox nard
(2) County of Ventura
Correction * Property tax levy and collection amounts include secured and unsecured property tax es, property tax in lieu of veh icle license fee (VLF), public safety property tax and distributions from the Redevelopment Property Tax Trust Fund (RPTTF), and ex clude special assessments Fiscal Year of the Levy Total Collections to Date
Collected w ithin the
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City of Oxnard, California
SCHEDULE X
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
-209-
CEGI K M N O Q
(1)
Fiscal Revenue Certificates of Tax Allocation Capital Revenue Capital Notes Total Primary Percentage of Year Bonds Participation Bonds Leases Bonds Leases Payable Government Personal Incom e 2015 71,026,930$ 24,064,918 $ - $ 22,159,563$ 316,333,774 $ 1,546,350 $ - $ 435,131,535$ 10.581% 2016 66,823,533 23,464,945 - 21,558,130 305,514,850 1,034,692 - 418,396,150 10.043% 2017 64,280,135 22,839,973 - 19,873,684 295,626,652 552,843 - 403,173,287 9.716% 2018 66,940,356 22,180,000 - 22,695,103 285,697,297 5,073,701 - 402,586,457 9.318% 2019 63,984,454 21,460,000 - 20,060,511 278,192,906 4,590,375 - 388,288,246 8.434% 2020 89,363,537 - - 17,827,064 267,148,736 4,117,507 - 378,456,844 7.957% 2021 85,260,598 - - 15,801,116 273,910,375 3,655,774 269,710 378,897,573 7.599% 2022 80,944,184 - - 16,655,461 264,335,753 11,872,159 269,710 374,077,267 7.295% 2023 76,357,669 - - 19,532,353 252,596,306 9,963,927 269,710 358,719,965 6.688% 2024 71,550,570 - - 18,306,050 240,399,555 8,019,832 269,710 338,545,717 5.802% NOTE: (1) Details regarding the City's outstanding debt can be found in the notes to the financial statem ents. (2) Dem ographic and Economic Statistics for personal income and population data HDL Coren & Cone * Corrected to use 2018 Per Capita not 2017 per HDL Coren & Cone Source: Finance Departm ent, City of Ox nard
HDL Coren & Cone
Governmental Activities Business-type Activities
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City of Oxnard, California
SCHEDULE XI
Direct and Overlapping Governmental Activities Debt
As of June 30, 2024
-210-
Estimated Estimated
Debt Percentage Share of
Gov ernmental U nit Outs tandi ng Appl i cabl e Overl appi ng De bt City of Oxnard Overlapping Tax Debt (1):
Metropolitan Water District 18,210,000 $ 0.666% 121,279 $ Ventura County Community College District 230,510,458 15.101% 34,809,384 Oxnard Union High School District 428,097,016 46.337% 198,367,314 Oxnard School District 332,121,337 92.642% 307,683,849
Rio School District 8,424,083 39.934% 3,364,073
Rio School District Community Facilities District No 1 128,250,202 86.348% 110,741,484 Hueneme School District 61,030,000 100.000% 61,030,000
Ocean V iew School District 73,566,846 42. 215% 31,056,244 City of Oxnard Community Facilities District 1 5,730,000 100.000% 5,730,000 City of Oxnard Community Facilities District 3 18,820,000 100.000% 18,820,000 City of Oxnard Boulevard Highway Communities Facilities District 3,985,000 100.000% 3,985,000 City of Oxnard - Rice Avenue/Hwy 101 Assessment District 2001-1 15,505,000 100.000% 15,505,000 City of Oxnard - Oxnard Blvd/Hwy 101 Assessment District 2000-1 6,445,000 100.000% 6,445,000 California Statewide Community Development Authority Dis trict No. 2018-1 1,230,000 100.000% 1,230,000 California Statewide Community Development Authority 1915 Act Bond 103,107 100.000% 103,107 Ventura County General Fund Obligations 274,135,000 15.097% 41,386,161 Ventura County Superintendent of Schools - Certificates of Participation 6,825,000 15.097% 1,030,370 Oxnard Union High School District - Certificates of Participation 55,681,216 46.337% 25,801,005 Ocean V iew School District - Certificates of Participation 4,266,000 39. 934% 1,703,584 Oxnard School District - Certificates of Participation 7,630,000 92.642% 7,068,585 Rio School District - Certificates of Participation 970,000 86.348% 837,576 Successor Agency - Tax Increment Debt 23,370,000 100.000% 23,370,000 Subtotal - Overlapping Debt 1,704,905,265$ 900,189,016 City of Oxnard Direct Debt (2):
City of Ox nard Lease Revenue Bonds 54,819,570.00
City of Ox nard G as Tax Revenue Bonds 16,731,000
City of Ox nard Lease Purchase Agreements 18,306,051
City of Ox nard Capital Lease Obligations 8,019,832
Subtotal - Direct Debt 97,876,453
Total Direct and Ov erlapping Debt 998,065,469$
Notes:
(1) The percentage of overlapping debt appicable to the City is estim ated using assessed property values. Applicable percentage s were estim ated by determ ining the portion of the overlapping District's assessed value that is within the boundaries of th e City divided by the District's total tax able assessed value.
(2) Ex cludes debt for business-type activities
Source: California Municipal Statistics, Inc.
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City of Oxnard, California
SCHEDULE XII
Legal Debt Margin Information
Last Ten Fiscal Years
(in thousands)
-211-
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024
Debt limit 2,593,772 $ 2,643,158 $ 2,762,153 $ 2,888,347 $ 3,024,677 $ 3,162,347$ 3,291,547 $ 3,448,254 $ 3,689,606$ 3,891,017$ Total net debt applicable to limit - - - - - - - - - -
Legal debt margin 2,593,772 $ 2,643,158 $ 2,762,153 $ 2,888,347 $ 3,024,677 $ 3,162,347$ 3,291,547 $ 3,448,254 $ 3,689,606$ 3,891,017$ 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 2024
Assessed value 18,941,328,440$
Add back: exempt real property 6,998,784,206
Total assessed value 25,940,112,646$
Debt limit (15% of total assessed value) 3,891,016,897$ Debt applicable to limit:
General obligation bonds 328,953,975
Less: assets in debt service funds for principal payments Revenue bonds - governmental activities (76,357,669)
Revenue bonds - business-type activities (252,596,306)
Tax allocation bonds-community development commission - Certificates of participation -
Total net debt applicable limit -
Legal debt margin 3,891,016,897$
Source: County of V entura
Finance Department, City of Oxnard
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City of Oxnard, California
SCHEDULE XIII
Pledged Revenue Coverage
Last Ten Fiscal Years
-212-
Fiscal G ross Less: Operating Net Available Debt Service Y ear Revenues *** Ex penses Revenues Principal Interest*** Coverage 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 2023 58,021,091 43,813,695 14,207,396 5,362,121 7,186,097 1.13 2024 63,509,293 44,579,562 18,929,731 5,579,504 6,954,961 1.51 Fiscal G ross Less: Operating Net Available Debt Service Interest Y ear Revenues Ex penses Revenues Principal Ex pense Coverage 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* - - - - - - 2023* - - - - - - 2024* - - - - - - Note:
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 am ounts
***
Source: Finance Departm ent, City of Ox nard
For Water Revenue Bonds, BAB subsidy is ex cluded from gross revenues and net against interest expense starting 2015
The above operating ex penses do not include depreciation, debt service and infrastructure use fee paymen ts
The above gross revenues include operating revenues (ex cluding connection fees) and investm ent E nv ironmental Resources Rev enue Bonds
Water Revenue Bonds**
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City of Oxnard, California
SCHEDULE XIII (Continued)
Pledged Revenue Coverage
Last Ten Fiscal Years
-213-
G ross Less: Operating Net Available Debt Service Interest Fiscal Revenues Ex penses Revenues Principal Ex pense Coverage Y ear 31,973,678$ 20,731,227$ 11,242,451 $ 4,193,581 $ 6,586,349 $ 1.04 2015 30,204,121 19,472,569 10,731,552 4,302,474 4,731,254 1.19 2016 37,100,396 18,374,360 18,726,036 4,353,176 4,643,123 2.08 2017 40,284,050 19,768,048 20,516,002 4,481,192 4,963,668 2.17 2018 43,701,872 16,722,471 26,979,401 4,433,905 4,293,796 3.09 2019 44,268,629 21,522,952 22,745,677 4,661,097 4,119,088 2.59 2020 48,284,979 21,738,622 26,546,357 4,795,000 4,636,250 2.81 2021 46,356,596 23,918,496 22,438,100 5,035,000 4,396,500 2.38 2022 47,264,371 23,620,616 23,643,755 5,285,000 4,144,750 2.51 2023 46,637,170 24,718,106 21,919,064 5,550,000 3,880,500 2.32 2024 G ross Less: Operating Net Available Debt Service Fiscal Revenues Ex penses Revenues Principal Interest Coverage Y ear 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 34,790,336 33,573,245 1,217,091 410,000 41,375 2.70 2023 44,036,410 40,291,952 3,744,458 430,000 21,285 8.30 2024 Oxnard Housing Authority Revenue Bonds
Wastew ater Rev enue Bonds**
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City of Oxnard, California
SCHEDULE XIV
Demographic and Economic Statistics
Last Ten Fiscal Years
-214-
(1) (2) (2) (2) (3) (4)
Fiscal Personal Per Capita Median School Unemployment
Year Population Income (in thous) Income Age Enrollment Rate 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 4.70% 2023 197,477 5,363,539 27,160 33.1 34,105 4.50% 2024 197,536 5,834,734 29,537 33.5 36,529 4.8% Sources: (1) California Departm ent of Finance, Dem ographic Research Unit. - Provided by HdL Coren & Cone (3) Ox nard School Districts (Elem entary) and Ox nard Union High School District, Ox nard College (4) California Em ploym ent Developm ent Departm ent - Provided by HdL Coren & Cone * Calculated based on m onthly unem ploym ent data from California EDD for the fiscal year. The rate at the end of the fiscal year was 11.8%.
(2) Dem ographic and Econom ic Statistics for personal incom e and population data provided by HdL Coren &
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City of Oxnard, California
SCHEDULE XV
Principal Employers
Current Year and Nine Years Ago
-215-
Employer
Reiter 2,651 2.70% DATA NOT AVAILABLE DATA NOT AVAILABLE Am azon 2,427 2.47% DATA NOT AVAILABLE DATA NOT AVAILABLE Ox nard School District 2,180 2.22% DATA NOT AVAILABLE DATA NOT AVAILABLE Ox nard Union High School 1,774 1.81% DATA NOT AVAILABLE DATA NOT AVAILABLE St. John's Regional Medical Center 1,623 1.65% DATA NOT AVAILABLE DATA NOT AVAILABLE HAAS Autom ation 1,505 1.53% DATA NOT AVAILABLE DATA NOT AVAILABLE City of Ox nard 1,490 1.52% DATA NOT AVAILABLE DATA NOT AVAILABLE Bos kovich Farms 629 0.64% DATA NOT AVAILABLE DATA NOT AVAILABLE Rio School District 603 0.61% DATA NOT AVAILABLE DATA NOT AVAILABLE Seed Beauty 584 0.60% DATA NOT AVAILABLE DATA NOT AVAILABLE Subtotal 15,466 15.76%
Res t of Oxnard 82,669 84.24% DATA NOT AVAILABLE DATA NOT AVAILABLE Total 98,135 100.00% DAT A NO T AVAILABLE DAT A NO T AVAILABLE Source: EDD & Oxnard Businesses
Number of
E mployees
Percent of Total
Employment Numb er of E mployees Percent of Total
Employment
2024 2015
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City of Oxnard, California
SCHEDULE XVI
Operating Indicators by Function
Last Ten Fiscal Years
-216-
Function 2015 2016 2017 2018 2019
Pol i ce
Physical arrests 7,388 7,063 6,641 6,495 6,997
Parking violations 26,033 32,288 32,273 25,663 36,159
Traffic violations 18,596 15,845 16,935 18,745 17,804
Fire
Number of calls answered 15,560 17,678 17,974 25,005 28,528 Inspections 3,030 2,296 1,463 3,710 3,107
Highways and streets
Potholes repaired 13,000 12,500 12,500 12,500 2,000*
Sanitation
Total number of customers 44,944 45,266 45,537 45,773 46,043 Refuse collected (tons/day) 605 608 626 645 706
Recyclables collected (tons/day) 98 101 104 125 131
Culture and recreation
Community center admissions 35,857 28,896 26,343 26,196 40,760 ^ Water
Total number of customers 41,437 41,635 42,301 42,041 42,122 Average daily consumption (gallons/day) 21,014,055 21,701,750 22,130,222 22,444,527 20,691,499 Wastewater
Total number of customers 39,210 39,374 39,580 39,735 39,808 Average daily sewerage treatment (gallons/day) 19,700,000 19,700,000 18,800,000 19,080,000 19,700,000 Source: V arious departments, City of Ox nard
^ Includes total adm issions for Palm V ista Senior Center which opened in 2019. ** Decrease due to staffing decrease and Covid-19 limitations ^^Senior Center Admissions - 38,065; Y outh Centers Admissions - 32,648 * Starting fiscal year 2019, the City began using a new m ethod calculating the num ber of potholes repaired. The new m ethod is based on quantity of materials used for the year and average quantity of materials used per pothole.
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City of Oxnard, California
SCHEDULE XVI (Continued)
Operating Indicators by Function
Last Ten Fiscal Years
-217-
2020 2021 2022 2023 2024 Function
P olice
6,018 3,298 3,337 3,602 4,343 Physical arrests 21,709 14,221 29,848 42,762 21,229 Parking violations 14,231 11,025 15,743 10,216 9,150 Traffic violations Fire
30,391 27,424 26,331 22,334 21,963 Number of calls answered 1,817 4,866 3,128 3,300 3,030 Inspections Highways and streets
1,300** 1,400 596 4,499 3,519 Potholes repaired Sanitation
46,576 35,218 39,040 37,113 37,277 Total number of customers 733 741 716 682 684 Refuse collected (tons/day)
144 154 157 172 180 Recyclables collected (tons/day) Culture and recreation
34,707 0 63,917 50,962 70,713^^ Community center admissions Water
42,804 42,958 43,069 43,127 42,804 Total number of customers 20,099,230 21,773,583 21,494,262 18,540,946 18,606,117 Average daily consumption Wastewater
39,962 40,177 38,650 40,291 38,762 Total number of customers 17,300,000 18,000,000 16,410,000 16,290,000 16,919,300 Average daily sewerage treatment
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City of Oxnard, California
SCHEDULE XVII
Capital Assets by Function
Last Ten Fiscal Years
-218-
Function 2015 2016 2017 2018 2019
P ublic safety
Police
Stations 1 1 1 1 1
Police vehicles 311 233 236 236 240
Fire
Stations 8 8 8 8 8
Fire Trucks 17 17 17 17 17
Hydrants ^ 5,500 5,500 5,551 5,551 5,676
Sanitation
Collection trucks 50 52 52 50 56
Highways and streets
Streets (miles) 400 432 432 451 452
City-owned streetlights 972 980 1,025 1,025 1,025
SCE-owned streetlights ^^ 10,225 10,225 10,240 10,242 10,242 Culture and recreation
Parks acreage 555 561 561 561 539
P arks 59 6 26 16 1 5 6
Ball diamonds 37 2 22 72 9 3 0
Basketball courts 48 25 30 30 30
Craft/Activity buildings 10 2 2 2 2
Gymnasium 2 2 2 2 2
Swimming pools 1 1 1 1 1
Tennis courts 30 25 33 32 32
Community centers 3 2 3 3 3
Library
Number of books 318,644 316,646 333,016 366,051 411,482 Number of microfilms 8,729 5,885 8,323 7,822 8,377 Number of audiotapes 19,618 18,902 10,922 13,003 20,528 Number of videotapes 14,167 14,259 - - -
Number of DVD * - - 19,249 17,947 21,162
Number of CD-ROMS (data disk) 16 3,072 - - -
Water
Water mains (miles) 600 600 624 624 563^^^
Maximum daily treatment capacity 18,600,000 18,600,000 18,600,000 18,600,000 18,600,000 Sewer
Miles of sewer lines 430 430 430 430 430
Source: V arious departm ents, City of Ox nard
^ Total includes only City-owned fire hydrants
* Transitioned from video tapes to DVD's
^^ Totals provided by Southern California Edison with accompanying location m ap for each light ** Decrease in Acreage due to ex pired contract with County of V entura to maintain beach front areas ^^^ Decrease due to update to GIS system adjusting for mains owned by water districts previously listed as Cit y owned *** Decrease due to abandoned sewer lines
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City of Oxnard, California
SCHEDULE XVII (Continued)
Capital Assets by Function
Last Ten Fiscal Years
-219-
2020 2021 2022 2023 2024 Function
Public safety
Police
11 1 1 1 Stations 242 224 211 205 234 Police vehicles Fire
88 8 8 8 Stations 17 17 3 17 17 Fire Trucks 5,678 5,690 6,279 5,782 5,827 Hydrants Sanitation
56 52 57 71 67 Collection trucks Highways and streets
484.5 400 455 439 439 Streets (miles) 1,025 972 607 607 607 City-owned streetlights 9,950 10,225 9,800 9,800 9,800 SCE-owned streetlights Culture and recreation
438** 438 438 438 438 Parks acreage 53 53 53 53 53 Parks 30 30 30 30 30 Ball diamonds 30 30 30 30 30 Basketball courts 22 2 2 2 Craft/Activity buildings 22 2 2 2 Gymnasium 11 1 1 1 Swimming pools 32 32 32 32 32 Tennis courts 33 3 3 3 Community centers Library
334,016 331,204 271,862 307,003 307,850 Number of books 8,377 21,700 41,947 41,947 41,946 Number of microfilms 8,996 8,634 8,271 7,886 7,910 Number of audiobooks - 134 50 50 50 Number of videotapes 17,522 17,009 16,358 16,337 16,500 Number of DVD -1 1 1 1 1 1 200 109 Number of CD-ROMS (data disk) Water
563 525 527 531 591 Water mains (miles) 18,600,000 18,600,000 18,600,000 18,600,000 18,600,000 Maximum daily treatment capacity Sewer
405*** 406 406 406 406 Miles of sewer lines
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City of Oxnard, California
SCHEDULE XVIII
Full-Time Equivalent City Government Employees by Function Last Ten Fiscal Years
-220-
Function 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 General government 230 228 224 288 279 251 253 302 295 345 P ublic Safety
P olice
Officers 252 243 252 268 258 258 274 271 240 246 Civilians 157 151 110 114 117 115 84 87 122 127 Fire
Firefighters & officers 125 125 125 150 123 124 123 121 144 144 Civilians 3 3 3 4 8 7 10 13 18 19 Transportation 43 25 16 27 39 39 24 10 32 25 Community development 59 50 52 57 58 62 62 63 66 66 Culture, Leisure, and Libraries 81 67 55 95 93 79 79 108 121 123 Utilities
Water 50 52 53 56 52 60 76 78 80 74 Wastewater 80 81
81 74 73 74 77 79 92 77 Environmental Resources 118 113 118 175 172 173 195 199 197 179 Housing 81 80 81 70 71 71 71 69 65 65 Total 1,278 1,218 1,171 1,378 1,343 1,312 1,328 1,400 1,472 1,490 Note: The num bers above represent authorized positions by the City Council.
Source: Per. Adopted Budget Budget Personnel Schedule for FY 2022-23 Revised FTE Count
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AUDIT REPORT FOR FYE
JUNE 30, 2024
Finance and Governance Committee Meeting | March 11 , 2025 248
Agenda
Independent Auditor’s Opinion ……………..……………………………………….
Significant Audit Matters ………….………………………………………………...
ACFR Highlights ………………………………...……..…………….......................
Revenues - General Fund Group ……………..……………………………….......
Expenditures - General Fund Group ....…………..……………………………….. 2 3
7 13
14 Budget vs Actual – General Fund Group ....………….……………………………..15 Finance and Governance Committee Meeting | March 11, 2025 249
Finance and Governance Committee Meeting | March 11, 2025 INDEPENDENT AUDITOR’S OPINION
“Clean Opinion”
for June 30, 2024
see pages 1 – 4 of ACFR
2 250
Finance and Governance Committee Meeting | March 11, 2025 SIGNIFICANT AUDIT MATTERS*
➢Significant Accounting Policies
• GASB 100, Accounting Changes
and Error Corrections
➢Significant Accounting Estimates
• Allowances for doubtful accounts
• Pension & OPEB
• Self-insurance claims payable
• Contingencies
3 * Refer to Eadie and Payne letter to City Council dated March 3, 2025 251
Finance and Governance Committee Meeting | March 11, 2025 SIGNIFICANT AUDIT MATTERS*
➢Significant Disclosures
• Cash and investments (Note II.A.)
• Long-term debt (Note II.H.)
• Deficit fund balances (Note II.K.)
• Prior period adjustments (Note II.L.)
• Pension & OPEB related (Note III.)
• Commitments & contingencies (Note V.A.)
• Risks & uncertainties (Note V.B.)
4 * Refer to Eadie and Payne letter to City Council dated March 3, 2025 252
Finance and Governance Committee Meeting | March 11, 2025 SIGNIFICANT AUDIT MATTERS*
➢Audit Adjustments
• Notes Receivable: decreased assets and related liabilities by $1.3 million. • Prior period adjustment for construction in progress not posted in FY 2023 : decrease governmental activities net position by $16.6 million.
➢Passed Audit Adjustments
• Gain on sale of property: increase of revenues and assets of $400,000. 5 * Refer to Eadie and Payne letter to City Council dated March 3, 2025 253
Finance and Governance Committee Meeting | March 11, 2025 SIGNIFICANT AUDIT MATTERS*
➢Significant risks
➢No significant difficulties encountered during audit
➢No disagreements with management
➢Internal control report -- tentative end of March 2025 6 * Refer to Eadie and Payne letter to City Council dated March 3, 2025 254
Finance and Governance Committee Meeting | March 11, 2025
ACFR HIGHLIGHTS -
7 Net Position ($ millions)
Assets and
Deferred
Outflows,
$3,417 , 50%
Liabilities and Deferred
Inflows, $948 , 14%
Net Position,
$2,469 , 36%
2024
$3,341
Assets and
Deferred
Outflows
50%
$957
Liabilities and
Deferred Inflows
14%
$2,384
Net Position
36%
2023
255
Finance and Governance Committee Meeting | March 11, 2025
ACFR HIGHLIGHTS -
8 Revenues ($ millions)
$-
$50
$100
$150
$200
$250
Charges for Services Operating Grants and
Contributions
Capital Grants Taxes Other
$218
$99
$4.6
$242
$24.5
$194
$75
$2.6
$226
$4.5
2024 2023
256
Finance and Governance Committee Meeting | March 11, 2025
ACFR HIGHLIGHTS -
9 Expenses ($ millions)
$-
$20
$40
$60
$80
$100
$120
$140
$160
$29
$149
$67
$14
$21
$14
$3
$61
$39
$58
$7
$41
$26
$133
$59
$10
$17
$10
$4
$64
$37
$50
$6
$34
2024 2023
257
Finance and Governance Committee Meeting | March 11, 2025 10 ACFR HIGHLIGHTS - Revenues and Expenses Business-Type Activities ($ millions)
$61.1
$45.7 $47.9
$7.5
$39.8
$54.1
$35.4
$58.0
$6.8
$41.4
$-
$10.0
$20.0
$30.0
$40.0
$50.0
$60.0
$70.0
Water Wastewater Environmental Resources Golf Course Oxnard Housing Authority Program Revenue Expenses
258
Finance and Governance Committee Meeting | March 11, 2025
ACFR HIGHLIGHTS -
11 Governmental Funds Fund Balance ($ millions)
2024 - Total $263 2023 - Total $206
Restricted, $114
, 55%
Committed, $45
, 22%
Assigned, $28 ,
14%
Unassigned,
$19 , 9%
Restricted, $112 ,
43%
Committed, $78
, 30%
Assigned, $57 ,
22%
Unassigned,
$16 , 5%
259
Finance and Governance Committee Meeting | March 11, 2025
ACFR HIGHLIGHTS -
12 General Fund Group ($ millions)
Revenues & Expenditures/Other Financing Sources (Uses)
$-
$50
$100
$150
$200
$250
$300
2024 2023
$265
$241
$180 $175
Revenues Expenditures/Other Financing Sources (Uses)
260
Finance and Governance Committee Meeting | March 11, 2025 Revenues -
13 General Fund Group ($ millions)
$72
$135
$18 $13
$27
$68
$129
$18 $12 $14
$-
$20
$40
$60
$80
$100
$120
$140
$160
Property Taxes Sales Tax Other Taxes Charges for Services All Other Categories Total Revenues
2024 – $265
2023 – $241
2024 2023
261
Finance and Governance Committee Meeting | March 11, 2025 14 EXPENDITURES - General Fund ($ millions)
$24
$116
$30
$13 $15
$3 $2
$22
$111
$26
$12 $13
$4 $3
$-
$20
$40
$60
$80
$100
$120
$140
General
Government
Public Safety Public Works Community
Development
Culture, Leisure
and Libraries
Housing Capital Outlay &
Debt Service
Total Expenditures
2024 - $203
2023 - $191
2024 2023
262
Finance and Governance Committee Meeting | March 11, 2025 15 Budget vs Actual - General Fund ($ millions)
$69
$129
$17 $13 $17
$71
$136
$18
$13
$27
$-
$20
$40
$60
$80
$100
$120
$140
$160
Property Taxes Sales Tax Other Taxes Charges for
Services
All Other
Categories
Revenues
Budget Actual
$26
$114
$36
$16 $16
$5 $2
$24
$116
$30
$13 $15
$3 $3
$-
$20
$40
$60
$80
$100
$120
$140
General
Government
Public Safety Public Works Community
Development
Culture, Leisure
and Library
Services
Housing Capital Outlay &
Debt Service
Expenditures
Budget Actual
263
Finance and Governance Committee Meeting | March 11, 2025 THANK
YOU!
Brandon Ferrell
[email protected]
909.767.3011
264