Written materials relating to an item on this agenda that are distributed to the legislative bodies within 24 hours before the item is to be considered at its special scheduled meeting will be made available for public inspection at the City Clerk’s Office, 300 West Third Street 4th Floor and at the Oxnard main library, 251 South A Street during customary business hours. Agenda reports are also on the City of Oxnard web site at www.oxnard.gov.
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 24 hours prior to the meeting will enable the City to reasonably arrange for your accessibility to the meeting.
AGENDA
OXNARD CITY COUNCIL
Meeting Location: Council Chambers, 305 West Third Street August 10, 2026
Special Meeting - 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: 897 7179 5165
3. Passcode: 573734
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 THE RALPH M. BROWN ACT, MEMBERS OF THE LEGISLATIVE BODY MAY MEET IN-PERSON OR REMOTELY. TO PARTICIPATE REMOTELY VISIT WWW.OXNARD.GOV.
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 3:00 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 3:00 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. PROVIDE PUBLIC COMMENT REMOTELY DURING THE MEETING
a. Follow Zoom details listed above.
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.
1 August 10, 2026 OXNARD CITY COUNCIL PAGE 2
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.
To report a disruption of the meeting broadcast or remote public comment system, please call +1 805-385-8325. In the event of such a disruption, the legislative body will recess the open session of the meeting while efforts are made to restore the disrupted service. If the disrupted service has not been restored within one (1) hour, the legislative body may reconvene the meeting as authorized by Government Code 54953.4 and the policy set forth in City Council Resolution No. 16,074.
A. ROLL CALL, POSTING OF AGENDA
THE FOLLOWING LEGISLATIVE BODIES ARE MEETING: City Council CONSIDERATION OF TELECONFERENCE PARTICIPATION PURSUANT TO THE RALPH M.
BROWN ACT
B. OPENING CEREMONIES (6:30 PM)
Pledge of allegiance to the flag of the United States.
C. PUBLIC COMMENTS
At a special meeting, a person may address the legislative body only on matters on the special meeting agenda. The presiding officer shall limit public comments to three minutes.
D. REPORTS
1. Finance Department
SUBJECT: 2025 Single Audit Report and FY 2024-25 Annual Comprehensive Financial Report and Summary Presentation.
RECOMMENDATION: That City Council ratify and approve the 2025 Single Audit Report, the Fiscal Year 2024-25 Annual Comprehensive Financial Report (ACFR), and Fiscal Year 2024-25 Warrants Register in the Form of that ACFR.
(Presentation will be live upon consultant's request.)
Legislative Body: City Council
Contact: Javier Chagoyen-Lazaro, (805) 200-5400
E. ADJOURNMENT
2 CITY COUNCIL AGENDA REPORT
REPORTS
AGENDA ITEM NO. D.1
DATE: August 10, 2026
TO: City Council
FROM: Javier Chagoyen-Lazaro, Chief Financial Officer, (805) 200-5400, [email protected]
SUBJECT: 2025 Single Audit Report and FY 2024-25 Annual Comprehensive Financial Report and Summary Presentation.
RECOMMENDATION
That City Council ratify and approve the 2025 Single Audit Report, the Fiscal Year 2024-25 Annual Comprehensive Financial Report (ACFR), and Fiscal Year 2024-25 Warrants Register in the Form of that ACFR.
(Presentation will be live upon consultant's request.)
BACKGROUND
The Single Audit is a rigorous, organization-wide audit of the City’s grant-funded programs that expend $750,000 or more of Federal grants or assistance. The objective of the Single Audit is to provide assurance to the federal government as to the management and use of such funds by the City. The audit is performed by the City’s independent auditor, Macias Gini & O’Connell, LLP (MGO), and the report is issued annually showing the City of Oxnard’s expenditures of Federal awards.
The City of Oxnard’s financial statements consist 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, 2025, and the respective changes in financial position.
Macias Gini & O’Connell, LLP (MGO) will present its audit opinion of the City of Oxnard Single Audit Report and its audit opinion of the City of Oxnard’s financial statements for fiscal year ending June 30, 2025.
The California Government Code sets forth procedures for audit and approval of payrolls and demands paid by warrants or checks. Government Code section 37208(c) provides that “budgeted payrolls and demands paid by warrants or checks may be presented to the legislative body for ratification and approval in the form of an audited comprehensive annual financial report.” This is the procedure the City has followed for several years. The recommended action of ratifying and approving the annual ACFR addresses recent assertions that the City has not complied with the Government Code requirements.
The payments processed by the City Accounts Payable are uploaded monthly and made available to the public through the City’s transparency portal. The Account Payable transactions can be found in the following link:
City of Oxnard - Accounts Payable Transactions
https://stories.opengov.com/oxnardca/published/HFerhFlv8
DISCUSSION
An ACFR provides a great deal of information but some of it may not be understandable to non-experts. Stakeholders 3 might not be “numbers people” but they still have a right to know about their local government’s finances. The Governmental Accounting Standards Board (GASB) has offered a video series to walk elected officials, residents, business owners, and other stakeholders through the highlights of the ACFR. The goal of the 16-video series is to explain how information within the ACFR may be used. The episodes, which average 5 to 10 minutes in length, include a 3-part introduction to government financial reporting and 13 segments on key areas of the ACFR. The videos may be accessed on the City's website at: Annual Comprehensive Financial Report (ACFR) Training Series or on the GASB's website at: Video Series Walks Elected Officials through Government Financial Reports. .
STRATEGIC PRIORITIES
This agenda item supports the Organizational Effectiveness strategy. The purpose of the Organizational Effectiveness strategy is to reinforce, stabilize, improve, and strengthen the organizational foundation of the City in order to build a modern, high-functioning City government that effectively and efficiently supports the operating departments in providing high-quality services and programs for our residents and businesses.
FINANCIAL IMPACT
There is no financial impact.
COMMITTEE OUTCOME
The Finance & Governance Committee voted 3-0 on May 12, 2026, to approve the staff recommendation and to forward the item for Council approval. This item was originally scheduled for the May 19, 2026, City Council agenda but was removed after MGO received information that necessitated additional follow-up.
Prepared by: Beth Vo, Assistant Chief Financial Officer
ATTACHMENTS
1. City of Oxnard - ACFR - 06.30.2025 (dtd 07 29 2026) (Secured)
2. City of Oxnard - Single Audit Report and Notes - 06.30.2025 - FINAL - Secured
4 5
CITY OF OXNARD, CALIFORNIA
Annual Comprehensive Financial Report
For the Fiscal Year Ended June 30, 2025
Prepared by the Finance Department
6 7
CITY OF OXNARD, CALIFORNIA
CONTENTS
JUNE 30, 2025
PAGE
INTRODUCTORY SECTION
Letter of Transmittal ................................................................................................................. i Certificate of Achievement for Excellence in Financial Reporting .......................................... iv Elected Officials ...................................................................................................................... v City of Oxnard Organizational Chart ...................................................................................... vi
FINANCIAL SECTION
Independent Auditor’s Report ................................................................................................. 1 Management’s Discussion and Analysis ................................................................................. 5
Basic Financial Statements
Government-Wide Financial Statements:
Statement of Net Position ............................................................................................... 27 Statement of Activities ..................................................................................................... 28 Fund Financial Statements
Governmental Funds
Balance Sheet ........................................................................................................... 30 Reconciliation of the Balance Sheet of Governmental Funds to the Statement of Net Position .................................................................................... 33 Statement of Revenues, Expenditures, and Changes in Fund Balances .................. 34 Reconciliation of the Change in Fund Balances of the Governmental Funds to the Statement of Activities ................................................................................... 37 Proprietary Funds
Statement of Net Position .......................................................................................... 38 Statement of Revenues, Expenses, and Changes in Net Position ........................... 42 Statement of Cash Flows .......................................................................................... 44 Fiduciary Funds
Statement of Fiduciary Net Position .......................................................................... 48 Statement of Changes in Fiduciary Net Position ....................................................... 49
Notes to the Basic Financial Statements
I. Summary of Significant Accounting Policies
A. Reporting Entity ......................................................................................................... 50 B. Financial Statements Presentation ............................................................................ 51 C. New Accounting Pronouncements ............................................................................ 55 D. Cash and Investments ............................................................................................... 56 E. Receivables ............................................................................................................... 57 F. Leases ....................................................................................................................... 57 G. Capital Assets ............................................................................................................ 57 H. Subscription-based Information Technology Arrangements (SBITA) ......................... 58 I. Compensation Absences ........................................................................................... 59 J. Net Pension Liability .................................................................................................. 59 K. Other Postemployment Benefits (OPEB) .................................................................. 59 L. Deferred Outflows/Inflows of Resources ................................................................... 59 M. Fund Balance ............................................................................................................ 60 N. Property Taxes .......................................................................................................... 61 O. Utility Revenue .......................................................................................................... 62 P. Use of Estimates ....................................................................................................... 63
8 CITY OF OXNARD, CALIFORNIA
CONTENTS
JUNE 30, 2025
PAGE
Notes to the Basic Financial Statements (Continued)
Q. Budgets and Budgetary Accounting .......................................................................... 63 R. Encumbrances .......................................................................................................... 63 S. Joint Ventures ............................................................................................................ 63 T. Subsequent Events ................................................................................................... 64
II. Detailed Notes on All Funds
A. Cash and Investments ............................................................................................... 65 B. Receivables and Payables ........................................................................................ 71 C. Interfund Receivables and Payables ......................................................................... 72 D. Interfund Transfers .................................................................................................... 73 E. Lease Receivable ...................................................................................................... 74 F. Notes Receivable ...................................................................................................... 75 G. Capital Assets ............................................................................................................ 78 H. Long-term Debt ......................................................................................................... 81 I. Compensated Absences ......................................................................................... 100 J. Subscription Liabilities ............................................................................................. 101 K. Fund Balances ........................................................................................................ 101
III. Defined Benefit Pension Plans and Other Postemployment Benefits
1. California Public Employees’ Retirement System
A. Retirement Plan Description .............................................................................. 102 B. Benefits Provided .............................................................................................. 102 C. Contributions ..................................................................................................... 103 D. Actuarial Methods and Assumptions Used to Determine Total Pension Liability .............................................................................................................. 105 E. Discount Rate and Long-Term Expected Rate of Return .................................. 105 F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions ........................................................................ 106 G. Sensitivity of the Net Pension Liability to Changes in the Discount Rate ...........111
2. Retirement Enhancement Plan
A. Plan Description .................................................................................................111 B. Authorized Investments ......................................................................................111 C. Benefits Provided .............................................................................................. 112 D. Contributions ..................................................................................................... 113 E. Actuarial Methods and Assumptions Used to Determine Total Pension Liability .............................................................................................................. 113 F. Discount Rate .................................................................................................... 114 G. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions ........................................................................ 114 H. Sensitivity of the Net Pension Liability to Changes in the Discount Rate .......... 115
3. Deferred Compensation Plan .................................................................................. 116
4. Other Postemployment Benefits
A. Plan Description ................................................................................................ 116 B. Benefits Provided .............................................................................................. 116 C. Participants Covered by Benefit Terms ............................................................. 116 D. Total OPEB Liability ........................................................................................... 117 E. Changes in Total OPEB Liability ........................................................................ 117 F. OPEB Expense and Deferred Outflows/Inflows of Resources Related to OPEB ................................................................................................................ 118 9 CITY OF OXNARD, CALIFORNIA
CONTENTS
JUNE 30, 2025
PAGE
Notes to the Basic Financial Statements (Continued)
IV. Risk Management
A. General Liability ....................................................................................................... 119 B. Workers’ Compensation .......................................................................................... 120
V. Other Information
A. Commitments and Contingencies ........................................................................... 121 B. Risks and Uncertainties ........................................................................................... 124 C. Notes to the Financial Statements – Successor Agency ......................................... 124 D. Notes to the Financial Statements – Retirement Enhancement Defined Benefit Retirement Trust Fund ................................................................................ 128
Required Supplementary Information
Schedule of Changes in Net Pension Liability and Related Ratios - CalPERS Miscellaneous Plan - Agent Multiple-Employer Defined Benefit Plan ..................... 129 Schedule of Changes in Net Pension Liability and Related Ratios - CalPERS Safety Plan (Police) - Agent Multiple-Employer Defined Benefit Plan ..................... 130 Schedule of Proportionate Share of the Net Pension Liability and Related Ratios CalPERS Safety Plan (Fire) - Cost Sharing Plan .................................................... 131 Schedule of Plan Contributions - CalPERS Plans ........................................................ 132 Schedule of Changes in Net Pension Liability and Related Ratios Retirement Enhancement Plan - Single-Employer Defined Benefit Plan ................................... 133 Schedule of Plan Contributions - Retirement Enhancement Plan ................................. 134 Schedule of Changes in Total OPEB Liability and Related Ratios ................................ 135 General Fund Group - Budgetary Comparison Schedule ............................................. 136 Affordable Housing Fund - Budgetary Comparison Schedule ....................................... 137 Development Fees Special Revenue Fund - Budgetary Comparison Schedule ........... 138 State and Federal Grants Fund - Budgetary Comparison Schedule ............................. 139 Capital Improvements Fund - Budgetary Comparison Schedule .................................. 140
Supplementary Information
General Fund Group ......................................................................................................... 141 Combining Balance Sheet ............................................................................................. 142 Combining Schedule of Revenues, Expenditures, and Changes in Fund Balances .................................................................................................................. 144 General Fund - 101 - General Fund Budgetary Comparison Schedule ........................ 146 General Fund - 104 - Half Cent Sales Tax Budgetary Comparison Schedule ............... 147 Nonmajor Governmental Funds ...................................................................................... 149 Combining Balance Sheet ............................................................................................. 150 Combining Statement of Revenues, Expenditures and Changes in Fund Balances .................................................................................................................. 152 Nonmajor - Public Safety Retirement - Budgetary Comparison Schedule .................... 154 Nonmajor - State Gas Tax Fund - Budgetary Comparison Schedule ............................ 155 Nonmajor - Debt Service Fund - Budgetary Comparison Schedule .............................. 156 Nonmajor - Capital Outlay Fund - Budgetary Comparison Schedule ............................ 157 Nonmajor - CUPA - Budgetary Comparison Schedule .................................................. 158 Nonmajor - Traffic Safety - Budgetary Comparison Schedule ....................................... 159 Nonmajor - Transportation Development Fund - Budgetary Comparison Schedule ..... 160 Nonmajor - Maintenance Assessment Districts - Budgetary Comparison Schedule ................................................................................................................. 161 10 CITY OF OXNARD, CALIFORNIA
CONTENTS
JUNE 30, 2025
PAGE
Supplementary Information
Internal Service Funds ...................................................................................................... 163 Combining Statement of Net Position ........................................................................... 164 Combining Statement of Revenues, Expenses, and Changes in Net Position ............. 166 Combining Statement of Cash Flows ............................................................................ 168 Fiduciary Funds
Combining Statement of Fiduciary Net Position - Custodial Funds ............................... 171 Combining Statement of Changes in Fiduciary Net Position - Custodial Funds ........... 172
STATISTICAL SECTION (Unaudited) ..................................................................................... 173 Schedule I Net Position by Component ................................................................... 174 Schedule II Changes in Net Position ........................................................................ 176 Schedule III Fund Balances of Governmental Funds ................................................ 180 Schedule IV Changes in Fund Balances of Governmental Funds ............................. 182 Schedule V Governmental Activities Tax Revenues by Source ................................ 184 Schedule VI Assessed Value and Estimated Value of Taxable Property ................... 185 Schedule VII Direct and Overlapping Property Tax Rates .......................................... 186 Schedule VIII Principal Property Taxpayers ................................................................. 187 Schedule IX Property Tax Levies and Collections ...................................................... 188 Schedule X Ratios of Outstanding Debt by Type ...................................................... 189 Schedule XI Direct and Overlapping Governmental Activities Debt ........................... 190 Schedule XII Legal Debt Margin Information .............................................................. 191 Schedule XIII Pledged Revenue Coverage .................................................................. 192 Schedule XIV Demographic and Economic Statistics .................................................. 194 Schedule XV Principal Employers ............................................................................... 195 Schedule XVI Operating Indicators by Function ........................................................... 196 Schedule XVII Capital Assets by Function .................................................................... 198 Schedule XVIII Full-Time Equivalent City Government Employees by Function ............ 200
11 INTRODUCTORY SECTION
12 13
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Alexander Nguyen
City Manager
Office of the City Manager
300 West Third Street
Oxnard, CA 93030
(805) 285-7430
www.oxnard.gov
July 29, 2026
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, 2025. The format and content of this ACFR complies 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 fairness of their presentation are the responsibility of City management. The City strives for transparency and accountability to the public by maintaining a system of internal accounting controls designed to provide rea sonable assurance that assets are safeguarded against loss or unauthorized use and the financial records can be relied upon to produce financial statements in accordance with accounting principles generally accepted in the United States of America (G AAP). 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.
The City's independent auditors, Macias Gini & O ’Connell LLP, Certified Public Accountants, ha ve issued an unmodified opinion on the City ’s financial statements for the fiscal year ended June 30, 2025. The independent auditor’s report is located at the front of the Financial Section of this report.
Management’s Discussion and Analysis (MD&A) immediately follows the independent auditor report and provides a narrative introduction, overview, and analysis to accompany the basic financial statements. This letter of transmittal is designed to complement the MD&A and should be read in conjunction with it.
Fiscal Year 2024-25 HIGHLIGHTS
Building financial resiliency
During the FY 2025 -26 budget cycle, the City of Oxnard designated $14.9 million as an economic recession protection fund reflecting prudent fiscal management and anticipating growing economic uncertainties that could impact the City in the near future.
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Restoring infrastructures and services
The City maintains focus on infrastructure restoration addressing service gaps and deferred maintenance, ensuring that residents benefit from well -maintained facilities, safer streets and more reliable City services that enhance the quality of life across all neighborhoods.
Investments in street and alley restoration
The paving and restoration of Gonzales Road was completed in FY 2024 -25, improving traffic conditions for residents and visitors of a critical artery within the City's transportation network. The City continues to make investments in street and alley restoration, focusing on repairing damaged pavements, reducing hazardous conditions, and improving transportation networks within residential and commercial areas.
Rice Avenue & Fifth Street/SR-34 Grade Separation
The City, in cooperation with Caltrans and the County of Ventura, beg an in March of 2025 the construction on a new six-lane bridge on Rice Avenue to grade-separate the Fifth Street/State Route 34 intersection and Union Pacific Railroad tracks. The project will include a bridge, connector road, two traffic signals, traffic signal improvements at Sturgis Road, Class II on-street bike lanes, sidewalks, and accessibility improvements. This project will enhance transportation safety and efficiency. This project is 100% funded through Caltrans grants.
CITY OF OXNARD PROFILE
The City of Oxnard is a full-service city located on the “Gold Coast” of California, approximately halfway between Los Angeles and Santa Barbara. It is the gateway to the Channel Islands National Park.
Oxnard was founded in 1903 near the sugar beet processing facility owned by the Oxnard brothers.
Henry T. Oxnard, the found er 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. Since California supplies 90% of the nation's strawberries, and the U.S. is among the top producers worldwide, Ventura County ranks among the leading strawberry producing regions in the world, with a crop valued at $708. 7 million in 2024. Other high value crops produced nearby include avocados, lemons, Brussels sprouts, and artichokes, so Oxnard remains a leading agricultural and food center.
The City is home to the West Coast operations of Procter and Gamble and Sysco.
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. Both Oxnard and Ventura County appear to have recovered completely from the recession triggered in 2020 by the COVID -19 pandemic but the question now is whether another recession looms over the horizon.
Oxnard is the most populous of Ventura County's ten cities. The last US Census Bureau data available as of July 1, 2024 estimates a population above 200,000 residents, and approximately 75% of its residents consider themselves Hispanic or Latino. As with most of the country, Oxnard's housing cost is rising, but remains less expensive than the County average. Lower cost and available flat land near the Pacific coast have prompted major housing developments in recent years. 15 -i-
The City operates under a City Council-City Manager form of government. The Council is responsible for legislation & policy and approves the annual budget. The City Manager is responsible for the daily operations of the City. The City Council appoints the City Manager and City Attorney.
The City Council consists of the Mayor and six district -elected Councilmembers. The term of office is four years for all elected officials, with elections held every two years for three City Council seats at a time. The Mayor is elected at large during presidential election years. The City Treasurer 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.
Names and photographs of the Mayor, City Council members, City Treasurer and City Clerk, plus an organization chart with the names of appointed City officials as of June 30, 2025, 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
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
Housing - including Mobile Home rent
stabilization, grants management, homeless
services, and rent control & tenant protection
The City Council adopts an annual budget by resolution. The legal level of budgetary control is at fund level. The City Council also adopts annually by resolution financial management policies governing 16 -ii-
the budget process and budget controls. Only the City Council can increase or decrease fund appropriations adopted in the annual budget resolution.
LONG-TERM ECONOMIC OUTLOOK
The largest employers in the City of Oxnard include Amazon, Haas Automation, the Oxnard School District and the Oxnard Union High School District, St. John's Regional Medical Center, and the City of Oxnard. Other major employers in and near the City include the Naval Base Ventura County, which employs over 16,000 people, the County of Ventura, which employs more than 8,000, household names such as Procter and Gamble, and agricultural beacons such as Boskovich Farms, Gill's Onions, and Mission Produce.
Four districts provide K-8 education to Oxnard residents; with the Oxnard Union High School District, they educate more than 40,000 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 7,500 students. In addition, many Oxnard students continue their postsecondary education at nearby universities such as California State University Channel Islands, University of California, Santa Barbara, California Lut heran University, and universities with satellite campuses in Oxnard such as National University and Azusa Pacific University.
The excellent climate we enjoy, coupled with our harbor, beaches, parks, and vibrant cultural events and festivals, make the City of Oxnard a top tourist destination and support many tourist serving businesses in normal circumstances. In addition, Oxnard's mix of agricultural, manufacturing, and retail sectors provide a strong and diverse economic base on which to build future economic activity.
Businesses 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 continued development of Sakioka Business Park and residential and commercial construction in downtown Oxnard.
The City has embarked in a multiyear process to update its information systems through the implementation of a new Enterprise Resource Planning (ERP) system. Finance and Human Capital Management have been implemented while the City continues working on the implementation of Asset Management, Permitting & Licensing and Utility Billing to streamline operations, improve data visibility and accuracy, and enhance collaboration and communication among departments.
Despite Oxnard's strong and diverse revenue and tax base, the City and State continue to navigate growing economic uncertainties, due to volatility of state and federal legislation, local impact of federal policies related to tariffs, immigration enforcement, and federal spending reductions. These changes may lead to lower consumer spending, impacting key City revenue sources like sales tax.
FISCAL CONDITION
The City's voters have supported restoring service levels by approving 1.5% supplemental transactions and use tax on November 3, 2020, for the General Fund. The voter -approved tax rate became effective on April 1, 2021. The supplemental transactions and use tax, known as Measure E, generated $56.2 million in fiscal year 2023-24 and $57.8 million in Fiscal Year 2024-25, to support the restoration of pre -pandemic service levels. In 2008, the City's voters approved 20-year 0.5% supplemental transactions and use tax, known as Measure 0, that sunsets in March 2029. The Measure O supplemental transactions and use tax generated revenue of $18.8 million in fiscal year 17 -iii-
2023-24 and $19.2 million in fiscal year 2024-25.
Fiscal year 2024-25 was the third full year of operations for the new Amazon fulfillment center with a significant source of new employment for the City. The Amazon center and the pandemic recovery has increased the commercial activity and has had a positive impact on the economic growth of the City. The City will continue to monitor the impact on future sales tax proceeds of potential changes in tax apportionment rules, as well as the opening of competing commercial business in neighboring communities.
Standard and Poor's Global Ratings (S&P) 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. In July and August of 2025, S&P updated the Water and Wastewater funds credit rating to "A+" with "stable" outlook for both funds. The City issued Wastewater Refunding Revenue bonds in August of 2025.
In 2022, the City was sued by Moving Oxnard Forward to invalidate the approvals of lease revenue bonds and pension obligation bonds, restricting its ability to issue municipal bonds. This action limited the City's access to capital markets and prevented the City from securing funds that most American cities and counties rely on for major capital improvements. The Second District Court of Appeal upheld the City of Oxnard's authority to issue Pension Obligation Bonds (POB) and on October 7, 2024, the appellate court denied a petition for a rehearing, and in August of 2025, the litigation for the lease revenue bonds died at the California Superior Court.
As market conditions and interest rates evolve, the City will continue to evaluate opportunities to issue a POB only if and when it aligns with creating a sustainable debt repayment plan, producing savings for the general fund, and ultimately benefiting taxpayers.
In fiscal year 2024-25, the General Fund Group total fund balance increased by $14.3 million mostly due to the increase in sales tax revenue driven by the Amazon fulfillment center and the recovery of economic activity. Based on Council direction and approval, the improvement in fund balance may be directed to maintain the required level of operating reserve, support the execution of the much-needed capital improvement projects in the upcoming fiscal years, reduce long term debt, and to prepare the City to face the uncertainty that volatile federal policies impose on the local economy.
Final Comments
I wish to express my appreciation to the City Council, the staff members in the Finance Department and other departments, and Macias Gini & O ’Connell’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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Elected Officials as of June 30, 2025
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City of Oxnard
Citywide Organizational Chart
21 FINANCIAL SECTION
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ww.mgocpa.com Macias Gini & O’Connell LLP
2121 Avenue of the Stars, Suite 2200
Los Angeles, CA 90067
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Independent Auditor’s Report
Honorable Mayor and Members of the City Council
City of Oxnard, California
Report on the Audit of the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City of Oxnard, California (City), as of and for the year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements as listed in the table of contents.
In our opinion, based on our audit and the report of the other auditors, the accompanying financial statements present fairly, in all material respects, the respective financial position of the governmental activities, the business -type activities, each ma jor fund, and the aggregate remaining fund information of the City, as of June 30, 2025, and the respective changes in financial position and, where applicable, cash flows thereof for the year then ended in accordance with accounting principles generally accepted in the United States of America.
We did not audit the financial statements of Oxnard Housing Authority, a blended component unit, which represent 6.6%, 8.0%, and 20.3%, respectively, of the business-type activities and 100.0% of the assets, revenues, and net position, respectively of the Oxnard Housing Authority major enterprise fund. Those financial statements were audited by other auditors whose report thereon has been furnished to us, and our opinion, insofar as it relates to the amounts included for Oxnard Housing Authority, is based solely on the report of the other auditors.
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 (Government Auditing Standards ). 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 the City and to meet our other ethical responsibilities, 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.
Emphasis of Matter
As discussed in Note I.C. to the financial statements, effective July 1, 2024, the City adopted the provisions of Governmental Accounting Standards Board Statement No. 101, Compensated Absences. Our opinions are not modified with respect to this matter. 24 -2-
Responsibilities of Management for the Financial Statements The City’s management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally accepted in the United States of America, and for the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or events, considered in the aggregate, that raise substantial doubt about the City ’s ability to continue as a going concern for twelve months beyond financial statements date, including any currently known information that may raise substantial doubt shortly thereafter.
Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinions. Reasonable assurance is a high level of assurance but is not absolute 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 detecting a m aterial misstatement resulting from fraud is higher than for one resulting 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.
• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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 management, as well as evaluate the overall presentation of the financial statements.
• Conclude whether, in our judgment, there are conditions or events, considered in the aggregate, that raise substantial doubt about the City ’s ability to continue as a going concern for a reasonable period of time.
We are required to communicate with those 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. 25 -3-
Required Supplementary Information
Accounting principles generally accepted in the United States of America 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 relate d 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 as listed in the table of contents be presented to supplement the basic financial statements. Such information, although not a part of the basic financial statements, is required by the Governmental Accounting Standards Board who considers it to be an essential part of financial reporting for placing the ba sic financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with GAAS, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic financial statements, and other knowledge we obtained during our audit of the basic financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the City ’s basic financial statements. The combining and individual fund financial statements and schedules are presented for purposes of additional analysis and are not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financia l statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additional procedures in accordance with GAAS. In our opinion, the combining and individual fund financial statements and schedules are fairly stated, in all material respects, in relation to the basic financial statements as a whole.
Other Information
The City ’s management is responsible for the other information included in the annual comprehensive financial report. The other information comprises the introductory and statistical sections but does not include the financial statements and our auditor ’s report thereon. Our opinions on the basic 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 basic financial statements, our responsibility is to read the other information and consider whether a material inconsistency exists between the other information and the financial statements, or the other information ot herwise 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. 26 -4-
Other Reporting Required by Government Auditing Standards In accordance with Government Auditing Standards , we will also issue our report dated July 29, 2026, on our consideration of the City ’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and complianc e 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 c onsidering the City ’s internal control over financial reporting and compliance.
Los Angeles, California
July 29, 2026
27 MANAGEMENT’S
DISCUSSION AND ANALYSIS
28 29
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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, 2025. We encourage readers to consider the information presented here in conjunction with additional information that we have furnished in our Letter of Transmittal, which can be found on pages i-iii 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, 2025, the City ’s assets and deferred outflows exceeded liabilities and deferred inflows by $2.6 billion (net position). Of this amount, $2.3 billion is invested in capital assets , net of related debt, $187.0 million is restricted, and $42.7 million is unrestricted. • The City ’s total net position increased $92.9 million (3.8 percent), during the fiscal year.
Governmental activities net position increased by $59.1 million. Business -type activities increased by $33.8 million.
Fund Based
• At the close of fiscal year 2024 -25, governmental funds reported a combined ending fund balance of $ 285.1 million, an increase of $22.5 million from the prior year. The ending fund balance is primarily identified as: $0.05 million non -spendable (0.02 percent), $124.4 million restricted (43.6 percent), $95.8 million committed (33.6 percent), $53.7 million assigned (18.8 percent), and $11.2 million unassigned (3.9 percent).
• At the close of the fiscal year, fund balance for the General Fund group of funds was $147.0 million consisting primarily of $0.04 million non -spendable (0.03 percent), $14.0 million restricted (9.5 percent), $68.1 million committed (46.3 percent), $53.7 million assigned (36.5 percent), and $11.2 million unassigned (7.6 percent).
• General Fund group revenues for the year were $274.7 million compared to FY24 of $265.4 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 (51.3 percent), and property tax, which represent close to one -third (26.9 percent) of all General Fund group revenue, respectively. The General Fund sales tax revenues, including 1 percent Bradley Burns and 1.5 percent Measure E sales and use tax, is largely g enerated from three industry categories: 1) auto, fuel, and transportation, 2) general consumer goods, and 3) restaurants and hotels. Total revenues increased by $9.3 million or 3.5 percent from the prior year’s revenue of $265.4 million. The City continues to experience increased sales tax revenues primarily driven by higher sales from the continued growth from Amazon warehouse distribution, higher consumer spending, and elevated inflation on consumer goods.
• General Fund group expenditures were $236.6 million. Total expenditures increased by $34.2 million or 16.9 percent higher compared to the prior year’s expenditures of $202.5 million. The increases are primarily driven by a one -time $15 million pension contribution, higher wages along with less vacancies compared to FY24, higher overtime for fire station coverage, 30 -6-
increased in utilities, and increased maintenance and fixed charges relating to Liability Insurance, Fleet, and IT central support services.
• General Fund group net transfers increased by $0.8 million reaching $23.7 million compared to $22.9 million in the prior year. This increase is primarily due to a $4.1 million increase in contribution to the capital fund to cash -funded capital street resurfacing projects while offset by last year $3.3 million one-time transfer to restore the State Gas Tax Fund balance deficit. • At the close of the fiscal year, the Water Fund Group net position was $156.2 million, an increase of $6.0 million over the prior fiscal year, primarily due to an increase in water rates and pass through of wholesale water purchase to customers and higher consumption resulting from eased of drought restrictions, partially offset mainly by higher rental and lease contractual expenses related to Enterprise, and higher operational supplies for fire hydrant replacement across the City.
• At the close of the fiscal year, the Wastewater Fund Group net position was $236. 4 million, an increase of $17.2 million over the prior fiscal year. This is primarily attributed to $13.4 million of net revenues , $2 million transfer from grant fund to Wastewater Capital Fund for Oxnard Wastewater Treatment Plan (OWTP) Reliability Improvement, and $1.8 million from interest on investments exceeding spending, particularly due to timing of capital expenditures for multi-year capital improvement projects that will be carried over to the next fiscal year. • At the close of the fiscal year, the Environmental Resources Fund Group net position was $20.4 million, an increase of $8.6 million from the prior year, mainly due to the implementation of new Solid Waste rates effective July 1, 2024.
• At the close of the fiscal year, the Golf Course Fund Group net position was $49.4 million, a decrease of $0.01 million from the prior year, primarily due to a combination of lower revenue and higher expenditures related to irrigation and repairs impacts. The irrigation related repairs resulted in less rounds played in FY25 and higher expenses compared to prior year 2024.
OVERVIEW OF THE FINANCIAL STATEMENTS
This discussion and analysis are intended to serve as an introduction to the City’s basic financial statements. The City ’s basic financial statements are comprised of three components:
1) government-wide financial statements, 2) fund financial statements, and 3) notes to basic financial statements. This report also contains other supplementary information in addition to the basic financial statements themselves.
Government-wide financial statements
The government-wide financial statements are designed to provide readers with a broad overview of the City ’s finances, in a manner similar to a private -sector business financial statement. The focus of these statements is to report all financial 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, with 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. 31 -7-
The statement of activities presents information 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 revenues, from business -type activities that are intended to recover all or a significant portion of their costs through use r fees and charges.
Governmental activities of the City include general government, public safety, public works, housing, community development, culture, leisure, and library services. Business-type activities of the City include water, wastewater, solid w aste management, golf course, and the Oxnard Housing Authority component unit. The government-wide financial statements can be found on pages 27-28 of this report.
Fund financial statements
Fund financial statements are designed to report 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 -wide financial statements. However, unlike the government-wide financial statements, governmental funds financial statements focus on near - term inflows and outflows of spendable resources, as well as on balances of spendable resources available at the end of the fiscal year. Such information may be useful in evaluating a government’s near-term financing requirements.
Because the focus of governmental funds is narrower than that of the government-wide financial statements, it is useful to compare the information presented for governmental funds with similar information presented for governmental activities in the govern ment-wide financial statements.
By doing so, readers may better understand the long-term impact of the government’s near-term financing decisions. A reconciliation between governmental funds and governmental activities in the government-wide financial stat ements is provided for both the governmental funds balance sheet and the governmental funds statement of revenues, expenditures, and changes in fund balances.
The City maintains many individual governmental funds organized by their type (special revenues, debt service, and capital improvement funds). The City has five 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 infrastructu re 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 150-153.
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The City adopts an appropriated budget for its General Fund Group and special revenue funds, among others. Budgetary comparison schedules demonstrate compliance with this budget on pages 136-140, 146-147, and 154-161.
The basic governmental funds financial statements can be found on pages 30-37 of this report.
Proprietary funds are generally used to account for services for which the City charges fees to outside customers or internal departments of the City. Proprietary funds provide the same type of information as shown in the government-wide statements, only in 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.
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, utility customer billing, information technology services, and facilities and equipment maintenance (primarily fleet services). Because internal service funds predominantly benefit governmental rather than business -type functi ons, they have been included within governmental activities in the government -wide financial statements. The internal service funds are combined into a single, aggregated presentation in the proprietary fund financial statements. Individual fund data for the internal service funds is provided in the form of combining statements found on pages 164-169.
The basic proprietary funds financial statements can be found on pages 38-47 of this report.
Fiduciary funds are used to account for resources held for the benefit of parties outside the government. Fiduciary funds are not reflected in the government -wide 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 plan and the Community Development Commission (CDC) Successor Agency. The basic fiduciary funds financial statements can be found on pages 48-49 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 50-128 of this report. Notes providing additional detail about the CDC Successor Agency can be found on pages 124-128.
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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 postemployment 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 129-140.
Combining statements for the General Fund Group, non -major governmental funds, internal service funds, and custodial funds are presented immediately following the RSI. Combining financial statements and schedules can be found on pages 141-172 of this report.
Statistical tables regarding fiscal trends, revenue capacity, debt capacity, demographic and economic information, and operating information can be found on pages 173-200 of this report.
GOVERNMENT-WIDE FINANCIAL ANALYSIS
Net Position
As noted earlier, net position may serve as a useful indicator of a government’s financial position over time. City assets and deferred outflows of resources exceeded liabilities and deferred inflows by $2.6 billion at the close of the fiscal year 2024-25 as detailed below:
The largest portion of the City ’s net position reflects its net investment of $2.3 billion in capital assets (land, buildings and improvements, equipment and machinery, vehicles, infrastructure, and construction in progress, net of accumulated depreciation), less related outstanding debt 2025 2024 2025 2024 2025 2024
Assets:
Current Assets 372,212$ 348,686$ 216,883$ 197,251$ 589,095$ 545,937$ Capital Assets 2,053,214 2,034,378 607,911 592,281 2,661,125 2,626,659 Other Assets 82,969 80,323 15,704 19,467 98,673 99,790 Total Assets 2,508,395 2,463,387 840,498 808,999 3,348,893 3,272,386 Deferred Outflows of Resources 120,535 118,437 20,873 26,242 141,408 144,679 Liabilities:
Current Liabilities 97,100 101,869 42,062 41,636 139,162 143,505 Noncurrent Liabilities 452,845 456,518 311,047 320,530 763,892 777,048 Total Liabilities 549,945 558,387 353,109 362,166 903,054 920,553 Deferred Inflows of Resources 20,074 23,652 5,285 3,853 25,359 27,505 Net Position:
Net Investment in Capital Assets 1,974,831 1,953,421 357,283 349,626 2,332,114 2,303,047 Restricted 124,431 111,742 62,595 63,582 187,027 175,324 Unrestricted (40,351) (65,378) 83,099 56,014 42,748 (9,364) Total Net Position 2,058,911$ 1,999,785$ 502,977$ 469,222$ 2,561,888$ 2,469,007$ Governmental Activities Business-Type Activities Total
Statement of Net Position
June 30, 2025
(in thousands)
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used to acquire those assets. The City uses these capital assets to provide services to residents; consequently, these assets are not available for future spending. Although the City ’s investment in capital assets is reported net of related debt, resources needed to repay this debt must be provided from other sources, since the capital assets themselves cannot be used to liquidate these liabilities.
Another portion of the City’s net position, $187.0 million, represents resources that are subject to external restrictions on their use. The remaining balance of unrestricted net position is $ 42.7 million.
Capital Assets
Investments in capital assets for governmental and business-type activities as of June 30, 2025, totaled $2.7 billion (net of accumulated depreciation and amortization). 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 2024-25 was $34.5 million, which represents $18.8 million or 0.93 percent increase from the prior year for governmental activities and $ 15.6 million or 2.64 percent increase in business -type activities. Additional information on the City ’s capital assets can be found on pages 78-80 in the notes to the financial statements. Capital assets are summarized below:
Major capital project activities during fiscal year 2024-25 included the following:
● Governmental activities construction in progress increased by $25.9 million. During the year, $46.3 million was added for ongoing projects, including Rice Avenue at 5th Street, Arterial Street Resurfacing, Citywide Alleyway Resurfacing, Safe Routes Safety Enhancements, Etting Road Bike and Pedestrian Facilities, Campus Park Activation, 4th Street Mobility Improvements, Neighborhood Street Resurfacing, Park Equipment Replacement, and the Traffic Signal Pre -Emption Program. These additions were partially offs et by $20.3 million related to completed projects, including the Mandalay Bay Channel Islands Bridge, Edison Canal, Adaptive Traffic Signals, ERP Implementation Phase II, Fire Engine Replacement (Vehicles), and the Durley Park Concession Building Repair.
2025 2024 2025 2024 2025 2024
Land 1,392,253$ 1,391,721$ 47,481$ 47,481$ 1,439,734$ 1,439,202$ Buildings and Improvements 138,259 136,696 134,200 138,490 272,459 275,186 Equipment, Machinery
and Vehicles 16,719 15,987 54,630 59,400 71,349 75,387 Intangible Assets 14,307 8,578 - - 14,307 8,578 Intangible Right-to-Use
Subscription Assets 2,053 2,511 300 15 2,353 2,526 Infrastructure 380,319 395,499 262,332 270,652 642,651 666,151 Construction in Progress 109,304 83,386 108,967 76,243 218,271 159,629 Totals 2,053,214$ 2,034,378$ 607,910$ 592,281$ 2,661,124$ 2,626,659$ Capital Assets (net of accumulated depreciation and amortization) June 30, 2025
(in thousands)
Governmental Activities Business-Type Activities Total
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• Business-type activities construction in progress increased by $32.7 million, primarily due to continued progress on major capital projects, including the OWTP Reliability, OWTP Secondary Clarifier and related OWTP Improvement projects, Lift Stations Improvement project, the Automated Meter Infrastructure Replacement project, Blending Station No.1 Automatic Transfer Switch (ATS) and Panel Replacement project, Kamala Park Pipe Replacement project, Wat er System SCADA Improvement project, Oxnard Conduit Replacement and Rehabilitation project, and the Aquifer Storage and Recovery Completion project.
Long-Term Debt
At the end of fiscal year 2024 -25 the City had total long-term debt outstanding of $339.9 million.
This reflects a decrease of $8.3 million, or 9.1 percent, in governmental activities and an increase of $7.3 million, or 2.9 percent, in business-type activities.
The City’s bonds are rated by S&P Global Ratings. As of June 30, 2025, the City ’s Issuer Credit Rating (ICR) was “AA-“ with a stable outlook, and ratings of “A+” for General Fund Lease Revenue Bonds, “AA” for Gas Tax bonds, and “A” for both Water and Wastewater bonds. Subsequent to fiscal year-end, S&P upgraded the Water and Wastewater Fund ratings from “A” to “A+” in July and August 202 5, respectively. This upgrade included the Wastewater Revenue Refunding Bonds, Series 2025, which received an “A+” rating.
Additional information on long -term debt can be found on pages 81-100 in the notes to the financial statements. Long-term debt is summarized below:
• Governmental activities ’ Long-Term Debt decreased $8.3 million mainly due to principal payments made during the year.
• Governmental activities ’ subscription liabilities decreased $0.6 million primarily due to the addition of new subscriptions for $1 million offset by $1.6 million of subscription payments made during the year.
• Business-type activities ’ long-term debt increased by $7.3 million, primarily due to $20.9 million in drawdowns on the Clean Water State Revolving Fund loan for the Oxnard Treatment Plant Rehabilitation Projects, $0.2 million for Oxnard Housing Authority (OHA) new subscription, $0.8 million for OHA notes payable, partially offset by $14.7 million in principal repayments.
2025 2024 2025 2024 2025 2024
Lease Revenue Bonds 50,683$ 54,820$ -$ -$ 50,683$ 54,820$ Revenue Bonds 15,924 16,731 227,725 240,400 243,649 257,131 Lease Purchase Agreements 15,579 18,306 6,039 8,020 21,618 26,326 Loans Payable - - 20,883 - 20,883 - Notes Payable - 24 1,282 482 1,282 506 Subscription Liabilities 1,591 2,235 259 12 1,850 2,247 Total 83,777$ 92,116$ 256,188$ 248,914$ 339,965$ 341,030$ Outstanding Debt (net of discounts/premiums)
June 30, 2025
(in thousands)
Governmental Activities Business-Type Activities Total
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Statement of Activities
The statement of activities shows how the City’s net position changed during fiscal year 2024-25.
These changes are explained in the governmental and business -type activities on the following pages. Provided below is a summary of changes in net position:
Governmental activities increased the City ’s net position $59.1 million compared to the prior fiscal year ’s increase of $62.3 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 $11.4 million, or 4. 3 percent, mainly due to higher sales tax revenue driven by continued growth from the Amazon warehouse distribution, and overall inflation and slight increase of property tax based on growth in assessed valuation.
Program revenues decreased $6.6 million, or 2.0 percent, driven by a $5.3 million decrease in charges for services, primarily due to lower revenues from licenses, permits, and impact fees associated with new projects and construction compared to prior year ’s development activities. Additionally, grant revenues decreased by $1.3 million compared to prior year 2024. 2025 2024 2025 2024 2025 2024
Revenues:
Program Revenues:
Charges for Services 44,561$ 49,863$ 188,647$ 168,176$ 233,208$ 218,039$ Operating Grants and Contributions 41,800 62,042 36,922 36,873 78,722 98,915 Capital Grants and Contributions 18,978 - 3,362 4,629 22,340 4,629 General Revenues:
Taxes 252,244 241,919 - - 252,244 241,919 Gain on disposition of assets 117 2 44 59 161 61 Investment income 15,238 14,250 10,482 10,242 25,719 24,492 Total Revenues 372,938 368,076 239,457 219,979 612,395 588,055 Expenses
General Government 41,172 29,314 - - 41,172 29,314 Public Safety 145,888 148,805 - - 145,888 148,805 Public Works 70,397 67,394 - - 70,397 67,394 Community Development 14,603 13,754 - - 14,603 13,754 Culture, Leisure, and Libraries 24,733 21,287 - - 24,733 21,287 Housing 11,414 13,771 - - 11,414 13,771 Interest on Long-Term Debt 3,032 3,307 - - 3,032 3,307 Water - - 65,948 60,545 65,948 60,545 Wastewater - - 33,883 38,547 33,883 38,547 Environmental Resources - - 54,705 57,877 54,705 57,877 Golf Course - - 7,209 6,789 7,209 6,789 Oxnard Housing Authority - - 46,532 41,397 46,532 41,397 Total Expenses 311,239 297,632 208,277 205,155 519,516 502,787 Change in Net Position Before
Transfers 61,699 70,444 31,180 14,824 92,879 85,268 Transfers (2,574) (8,102) 2,574 8,102 - - Change in Net Position 59,125 62,342 33,754 22,926 92,879 85,268 Net Position, July 1 1,999,786 1,937,443 469,223 446,296 2,469,009 2,383,739 Net Position, June 30 2,058,911$ 1,999,785$ 502,977$ 469,222$ 2,561,888$ 2,469,007$ (in thousands)
Fiscal Year Ended June 30, 2025
Statement of Activities
Governmental Activities Business-Type Activities Total
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The breakdown of governmental revenues by source is shown below:
Expenses increased by $13.6 million, reflecting higher spending across multiple departments, including General Government, Public Works, Cultural, Leisure, Community Development, while offset with decreases for Public Safety, Housing, and Transfers category. The ch anges are explained below:
• General Government expenses increased $11.9 million primarily due to City ’s Council authorization of one -time pension contribution of $15 million towards City ’s Unfunded Accrued Liability (UAL) which is partially offset by lower contractual and legal services. • Public Works Department ’s expenses increased by $3 million, driven primarily by increases in salary and wages, contractual services, utility costs, and internal support service costs.
• Culture, leisure and library services expenses increased by $3.4 million primarily due to higher personnel costs driven by MOU negotiated increases in addition to fewer vacancies compared to the prior year, and an increase internal support service cost. • Community Development expenses increased by $0.8 million primarily due to increase in MOU negotiated increases in salaries and benefits.
• Public safety expenses decreased by $2.9 million primarily attributed to year -end Government-Wide pension liability adjustment of $16.9 million, consisting of $18.3 million year-over-year decrease for Police and $1.4 million increase for Fire. This decrease was partially offset by $10.5 million increase in wages and benefits for Police and Fire, primarily due to lower vacancy compared to prior year and MOU contractual increases. The increase also included $2 million increase of Fire Station coverage and $0.6 million increase for Police overtime. Additionally, the internal support services costs increased by $3.5 million, mainly due to higher liability, workers ’ compensation, and information technology (IT) charges.
38 -14-
• Housing department expenses decreased by $2.4 million primarily due to lower grant activities compared to prior fiscal year. Comparatively, there was a one -time $3 million transfer to Oxnard Housing Authority for property purchase which occurred in prior fiscal year 2024.
• Reported on government -wide statements, Transfers represents nonreciprocal flows of assets between different funds or activities within the same primary government. It captures the transfer between funds related to funding such as capital projects, operational subsidy, or multi -year programs. The Net Transfers category decreased by $5.5 million from $8.1 million in prior fiscal year 2024 compared to $2. 6 million in current fiscal year 2025. Compare to prior year 2024, this decrease represents less transfer from Grant Fund to Wastewater capital project OWTP.
The breakdown of governmental expenses by activity is shown below:
39 -15-
Business-type activities increased the City’s net position by $33.8 million compared to the prior fiscal year’s increase of $22.9 million. Key elements of net position changes from the prior fiscal year were as follows:
● Water’s net position increased by $6.1 million, rising from $150.1 million to $156.2 million, compared to an increase of $4.5 million in the prior year. This increase is largely attributed to a net operating income of $9.2 million, resulting from operating revenues exceeding expenses largely driven by approved water rates effective July 1, 2024 and pass -through water purchases to customer and increase in water consumption. The increase of operating income was partially offset by $3.2 million in operating expenses largely from increase s in water purchases, increases in internal support costs, and fire hydrants replacement. ● Wastewater’s net position increased by $17.2 million, from $219.2 million to $236.4 million, compared to an increase of $19.1 million in the prior year. This increase is due to a combination of net operating income of $13.4 million and the timing of capital expenditures for multi-year capital improvement projects, as multi-year projects continue and are carried over to the next fiscal year. Additionally, the increase in net position resulted from a $2.0 million transfer in from Grant Fund to support Wastewater OWTP Rel iability Improvement capital project and $1.8 million in nonoperating income, primarily from interest earned on investments.
● Environmental Resources’ net position increased by $8.6 million from $11.8 million to $20.4 million, compared to the prior year decrease of $9.2 million. The increase is primarily driven by the rate adjustment effective June 1, 2024, which reflected a 30% rate increase supported by the 2024 Cost of Services Study completed by the 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 operations and maintenance costs, provide funding for capital replacement, and improve the financial health of the enterprise. ● The Golf Course’s net position decreased $0.1 million, from $49.5 million to $49.4 million.
This decrease is driven by a combination slightly lower revenue and higher expenditures related to irrigation and repairs impacts. The irrigation related damages resulting in less rounds played in FY25 compared to prior year 2024. Repair to irrigation damages and utility costs are primary drivers for higher expenses compared to prior fiscal year 2024. ● The Oxnard Housing Authority’s net position increased $2.1 million, from $38.2 million to $40.3 million, compared to the prior fiscal year ’s increase of $7.3 million. Total expenses increased by $5.1 million, compared to the prior year. The increase was mainly attributable to higher housing assistance payments and the recognition of bad debt write -offs and contingency expenses during the year. These increases were partially offset by a significant decrease in pension liabilities, as well as reduced maintenance and operations costs. 40 -16-
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 largest share of revenues (8 2.4 percent), except for the Oxnard Housing Authority Fund, which is primarily funded with operating grants.
41 -17-
FUND FINANCIAL ANALYSIS
As noted earlier, the City uses fund accounting to ensure and demonstrate compliance with finance-related legal requirements.
Governmental funds
The focus of the City ’s governmental funds is to provide information on near -term inflows, outflows, and balances of spendable resources. Such 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 2024 -25, City governmental funds reported a combined ending fund balance of $285.1 million, an increase of $22.5 million during fiscal year 2024-25 when compared to the prior fiscal year fund balance of $262.6 million. This increase was primarily due to increase in fund balances for the General Fund Group by $14.3 million, Development Fee Fund by $0.8 million, Lost Public Sector Revenue Fund, which is included in Non -major Capital Fund, of $4.4 million, Road Maintenance and Rehabilitation Act (RMRA), which is included in Non-major State Gas Tax Fund of $1.9 million, and Public Safety Retirement Fund of $0.9 million. Fund balance consists of $0.05 million in non-spendable fund balance, $124.4 million in restricted fund balance, $95.8 million in committed fund balance, $53.7 million in assigned fund balance and $11.2 million in unassigned fund balance. Refer to pages 27-37 for more details on governmental funds.
*see table on page 20 for all other governmental funds.
TOTAL
2025 2024 2025 2024
Assets 169,132$ 152,919$ 413,465$ 395,541$
TOTAL ASSETS
AND DEFERRED OUTFLOWS 169,132$ 152,919$ 413,465$ 395,541$ Liabilities, Deferred Inflows
and Fund Balance
Liabilities 19,415$ 19,065$ 63,393$ 70,919$ Deferred inflows of resources 2,689 1,172 64,941 62,003 Total Liabilities
and Deferred Inflows 22,104 20,237 128,334 132,922 Fund Balances
Nonspendable 38 40 46 48 Restricted 14,025 5,078 124,431 111,742 Committed 68,079 54,384 95,768 77,649 Assigned 53,692 57,267 53,692 57,267 Unassigned 11,194 15,913 11,194 15,913 Total Fund Balances 147,028 132,682 285,131 262,619
TOTAL LIABILITIES, DEFERRED
INFLOWS AND FUND BALANCES 169,132$ 152,919$ 413,465$ 395,541$ Governmental Fund Balance Sheet Summary
(in thousands)
FUND GROUP GOVERNMENTAL FUNDS*
GENERAL
42 -18-
General Fund Group – Fund Balance Analysis
The General Fund Group ’s combined fund balance increased $14.3 million in fiscal year 2024 - 25, reaching $147.0 million, primarily driven by robust sales tax revenues from Amazon distribution center fueled by inflation and economic growth, along with an increase in property tax revenues. With the fund balance surplus, the City Council invested $20.0 million, a portion of the city’s one-time surplus, as contributions towards the city ’s unfunded pension debt. The General Fund Group’s fund balance consists of $0.04 million in non-spendable, $14.0 million in restricted fund balance, $37.2 million in funds committed to multi -year capital projects, $30.9 million committed to Measure O eligible services, $14.9 million assigned to economic protection, $3 8.8 million assigned to operating reserves, and $11.2 million as unassigned.
General Fund Group – Revenue and Expenditure Analysis
General Fund Group Revenues for fiscal year 2024-25 were $274.7 million, an increase of $9.2 million, or 3.5 percent, compared to the prior fiscal year.
● Sales tax revenue increased by $6.3 million, or 4.7 percent, primarily driven by continued growth from Amazon warehouse distribution including a one -time retroactive adjustment of $2.7 million related to Amazon warehouse sales, higher consumer spending, an d elevated inflation on consumer goods.
● Property tax revenue increased by $2.2 million, or 3.1 percent, primarily due to growth in assessed property valuation, including supplemental assessments, as well as an increase in residual distribution from the Successor Agency. Despite the moderate pace of inventory, the comparison between the FY2025 and FY2024 shows a positive price trend. Through early Increase
(Decrease) % of Increase
Compared to (Decrease)
Fiscal Year Fiscal Year Prior Fiscal Over Prior
2025 2024 Year Fiscal Year
Taxes
Property Taxes 73,786$ 71,585$ 2,201$ 3.1% Sales Tax 140,840 134,508 6,332 4.7% Transient Occupancy Tax 5,270 5,385 (115) (2.1%) Business License Tax 7,472 7,692 (220) (2.9%) Franchise Tax 3,610 4,849 (1,239) (25.6%) Other Taxes 1,530 534 996 186.5% Licenses and Permits 4,628 5,522 (894) (16.2%) Intergovernmental 3,106 2,485 621 25.0% Charges for Services 12,776 12,931 (155) (1.2%) Fines and Forfeitures 3,265 1,878 1,387 73.9% Interest on Investments 8,713 8,884 (171) (1.9%) Special Assessments 437 409 28 6.8% Miscellaneous 9,227 8,753 474 5.4% Total 274,660$ 265,415$ 9,245$ 3.5%
Comparison of General Fund Group Revenues
(in thousands)
43 -19-
2025, market continued to show steady appreciation of median house price in the city of Oxnard. Median housing price in Oxnard increased by 2.7% compared to FY24. ● Fines and forfeitures increased by $1.4 million, or 73.9 percent, primarily due to increased parking fines, false alarms fees, and interest and penalty related to delinquent supplemental taxes. This increase is offset by $1.2 million of decrease in franchise tax primarily due to lower costs of gas which previously seen a dramatic spike for SoCalGas payment from FY2022 to FY2024.
● Miscellaneous revenue rose by $0.5 million, mainly driven by increase in Mutual Aid reimbursements related to Wild Fire incidents.
General Fund Group Expenditures for fiscal year 2024 -25 increased $ 34.2 million, or 16.9 percent, compared to the prior fiscal year.
● General government expenditures increased $14.3 million or 60.8 percent compared to the prior year. The increase is driven by a one-time Council’s authorized investment of $15 million Additional Discretionary Payment (ADP) to CalPERS towards paying down long-term pension debt from fund balance surplus.
● Public safety expenditures increased $12.2 million, or 10.6 percent, primarily due to higher personnel costs for wages and benefits per the MOUs along with higher overtime/station coverage related to increase of regional fire incidents compared to FY24, an d rising internal support costs, including IT support, liability insurance, facility, and fleet central support. ● Housing expenditures increased by $3.4 million, or 113.4 percent, primarily due to higher contractual services including increases for Mercy House, one -time Measure O funding for shelter acquisition, and one -time contribution to Oxnard Housing Authority Ch oice Neighborhoods Grant.
● Culture Community Services expenditures increased $2.4 million, or 16.2 percent, primarily due to higher personnel cost s driven by MOU-related salary increases and fewer vacancies Increase
(Decrease) % of Increase
Compared to (Decrease)
Fiscal Year Fiscal Year Prior Fiscal Over Prior
2025 2024 Year Fiscal Year
Current
General Government 37,797$ 23,504$ 14,293$ 60.8%
Public Safety 127,842 115,626 12,216 10.6% Public Works 30,953 30,163 790 2.6%
Community Development 13,807 12,620 1,187 9.4%
Culture, Leisure and Libraries 17,142 14,756 2,386 16.2% Housing 6,450 3,022 3,428 113.4%
Capital Outlay 615 715 (100) (14.0%)
Debt Service
Principal 1,612 1,581 31 2.0%
Interest and Fiscal Charges 409 476 (67) (14.2%)
Total 236,627$ 202,463$ 34,164$ 16.9%
44 -20-
compared to the prior year, as well as higher central support service costs, such as facilities, and IT support.
● Community Development expenditures increased by $1.2 million, or 9.4 percent, mainly due to increase in personnel costs from increased staffing, fewer vacancies, and salary increases related to MOU changes compared to the prior year.
● Public Works expenditures increased by $0.8 million, or 2.62 percent, primarily due to increase in utility costs for water services in the parks and increase in refuse disposal resulting from Environmental Resources (ER) rate adjustments.
Other Governmental Funds
Affordable Housing
The Affordable Housing Fund balance decreased by $0.8 million compared to the prior year, primarily due to the affordable housing development loan draw-down for Casa De Carmen (2nd & B street).
Development Fees Fund
The Development Fees Fund accounts 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 developme nt. The Development Fees Fund balance increased by $0.8 million, compared to the prior year. The increase of fund balance is a net result of operating activities whereby revenues exceed expenditures during the fiscal year. Although development impact fees revenue decreased in FY2025 due to fewer completed developments compared to FY2024, revenues still exceeded expenditures. FY2025 main projects funded by development impact fees included Safe Routes Safety Enhancement Project and Etting Road Bike and Pedestrian Facility Project.
State and Federal Grants Fund
The State and Federal Grants Fund balance increased during the current year by approximately $0.2 million due to revenue exceeding expenditures related to Asset Seizure programs. 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 2025 2024 Assets 36,390$ 37,362$ 83,081$ 82,075$ 42,960$ 54,159$ 12,533$ 7,135$ 69,369$ 61,892$ 244,333$ 242,623$
TOTAL ASSETS
AND DEFERRED OUTFLOWS 36,390$ 37,362$ 83,081$ 82,075$ 42,960$ 54,159$ 12,533$ 7,135$ 69,369$ 61,892$ 244,333$ 242,623$ Liabilities, Deferred Inflows
and Fund Balance
Liabilities 6$ 11$ 4,343$ 5,037$ 25,422$ 37,590$ 11,425$ 6,027$ 2,781$ 3,189$ 43,977$ 51,854$ Deferred inflows of resources 33,434 33,563 12,086 11,233 16,601 15,826 - - 132 209 62,253 60,831 Total Liabilities
and Deferred Inflows 33,440 33,574 16,429 16,270 42,023 53,416 11,425 6,027 2,913 3,398 106,230 112,685 Fund Balances
Nonspendable - - - - - - - - 7 8 7 8 Restricted 2,950 3,788 66,652 65,805 937 743 - - 39,867 58,486 110,406 128,822 Committed - - - - - - 1,108 1,108 26,582 - 27,690 1,108 Total Fund Balances 2,950 3,788 66,652 65,805 937 743 1,108 1,108 66,456 58,494 138,103 129,938
TOTAL LIABILITIES, DEFERRED
INFLOWS AND FUND BALANCES 36,390$ 37,362$ 83,081$ 82,075$ 42,960$ 54,159$ 12,533$ 7,135$ 69,369$ 61,892$ 244,333$ 242,623$ Other Governmental Funds Balance Sheet Summary
(in thousands)
AFFORDABLE
HOUSING
DEVELOPMENT
FEES
CAPITAL
IMPROVEMENT FUND
OTHER
GOVERNMENTAL
STATE AND FEDERAL
GRANTS FUND TOTAL
45 -21-
Capital Improvement Fund
The Capital Improvement Fund captures all capital -related projects for governmental funds. In fiscal year 2024 -25, Capital Improvement Fund expenditures totaled $45.0 million, reflecting a $10.0 million increase compared to prior year ’s expenditures of $35.0 million. The majority of FY25 expenditures related to Capital Improvement Fund includes $10.5 million for Rice Avenue at 5th Street Grading, $8.8 million for arterial street resurfacing, $ 5.0 million for citywide alleyway and neighborhood resurfacing, $3.8 million for Safe Route Safety Enhancement, $3.2 million for ERP implementation, $1.1 million for Park Equipment Repair / Replacement, $1.8 million for Etting Road Bike & Pedestrian, $ 0.7 million for Durley Park Concession expansion and repairs, $0.7 million for Police Radio and Communication Upgrades, $0.5 million for Stormwater Catch Basins, and $0.4 million for Public Restrooms Improvements.
Nonmajor Governmental Funds
The Nonmajor Governmental Fund balance increased by approximately $7.9 million during the year. The increases of fund balances are a net result of operating activities whereby revenues exceed expenditures during the fiscal year compared to prior year. This includes $4.4 million net operating activities for Lost Public Sector Revenue, $1.9 million net operating activities for Roadway Maintenance and Rehabilitation Program, and $0.9 million for Public Safety Retirement Fund.
Proprietary Funds
The City’s proprietary funds financial statements provide the same type of information found in the government-wide financial statements for business-type activities with greater detail.
Details on the net positions for the Water, Wastewater, Environmental Resources, and Oxnard Housing Authority funds are provided below:
Please refer to the business-type activities discussion on page 15 for analysis of the changes in these funds. Proprietary financial statements can be found on pages 38-47.
Current Change
Net Position in Net Position
Water 156,220$ 6,103$
Wastewater 236,448 17,212
Environmental Resources 20,383 8,599
Golf Course 49,358 (141)
Oxnard Housing Authority 40,252 2,072
Totals 502,661$ 33,845$
City of Oxnard
Proprietary Funds
June 30, 2025
(in thousands)
46 -22-
BUDGETARY HIGHLIGHTS
General Fund Group
The General Fund Group budget and actual report can be found on page 136. The $46.2 million difference in the General Fund Group net change in fund balance between the original and final budget is the result of City Council -approved budget adjustments. Major differences are highlighted below:
Variance
With Final
Budget
Original Final Positive
Budget Budget Actual (Negative)
Revenues
Taxes
Property Taxes 72,515$ 72,937$ 73,786$ 849$
Sales Tax 132,884 131,799 140,840 9,041
Transient Occupancy Tax 5,810 5,735 5,270 (465) Business License Tax 6,970 6,970 7,472 502 Franchise Tax 4,768 4,768 3,610 (1,158)
Other Taxes 1,100 1,500 1,530 30
Licenses and Permits 4,589 4,703 4,628 (75) Intergovernmental 2,566 2,729 3,106 377
Charges for Services 12,604 14,192 12,776 (1,416) Fines and Forfeitures 2,728 2,766 3,265 499 Investment income 3,283 2,968 8,713 5,745
Special Assessments 342 342 437 95
Miscellaneous 3,895 6,008 9,227 3,219
Total Revenues 254,054 257,417 274,660 17,243
Expenditures
Current
General Government 47,363 48,312 37,797 (10,515) Public Safety 122,450 127,070 127,842 772
Public Works 33,816 35,494 30,953 (4,541)
Community Development 15,050 16,806 13,807 (2,999) Culture, Leisure and Library Services 17,768 17,618 17,142 (476) Housing 4,661 6,430 6,450 20
Capital Outlay 140 1,346 615 (732)
Debt Service
Principal 955 955 1,612 657
Interest and Fiscal Charges 391 391 409 18 Total Expenditures 242,594 254,422 236,627 (17,795)
Excess of Revenues Over/(Under)
Expenditures 11,460 2,995 38,033 35,038
Other Financing Sources/(Uses)
Inception of subscription liabilities - - 178 178 Net Transfers (34,324) (72,102) (23,863) 48,239
Total Other Financing Sources/(Uses) (34,324) (72,102) (23,685) 48,417 Net Change in Fund Balance (22,864)$ (69,107)$ 14,348$ 83,455$ 47 -23-
General Fund Group Revenues were $17.2 million, or 6.7 percent, higher than final budget as a result of combination of higher than anticipated sales and property tax revenue along with higher investment income and mutual aid reimbursements related to Wild Fire incidents. ● Sales tax revenues were $9.0 million higher than both original and final budget primarily driven by continued growth from Amazon distribution center, including a one -time retroactive adjustment of $2.7 million related to Amazon warehouse, stronger than anticipated local economic activity, and elevated inflation on consumer goods. ● Property taxes were $0.9 million higher than both original and final budget due to greater than anticipated growth in assessed property valuation, including unsecured and supplemental assessments.
● Investment income was $5.7 million higher than both original and final budget primarily attributed to higher invested cash balances and slight increase in interest rates. ● Miscellaneous revenue was $3.2 million higher than both original and final budget primarily due to contribution from GenOn Ormond Beach payments which is restricted to Ormond Beach Public Park development, increase in Mutual Aid reimbursements related to W ild Fire incidents.
General Fund Group Expenditures were $17.8 million, or 7.0 percent, lower than final budget as a result of the following:
● General Government expenditures were $10.5 million lower than budget primarily attributed to recognition of $5.0 million cash offset restricted for future investment to the 115 Trust Fund for the pension pay-down, $1.1 million of Harbor Co -Op Reserve which is carried to FY2026 for future payment, and savings from salary reserve and vacancy, and lower contractual spending.
● Public Safety expenditures exceeded the budget by $0.77 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.
● Public Works cost were $4.5 million lower than budget primarily due to vacancy within the division of Engineering, lower contractual spending and delayed multi -year projects, due to staffing shortages, that will be carried over to the next fiscal year. ● Community Development expenditures were $3.0 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 projects that will be carri ed over to the following fiscal year.
● Culture, Leisure and Library Services expenditures were $0.48 million lower than budget primarily due to lower services and supplies, lower utility, and lower contractual spending. ● The Debt Service actuals include entries related to GASB 96 subscriptions, which are offset by current-year actual expenditures and other financing sources/uses. 48 -24-
ECONOMIC AND LEGAL FACTORS
Local retail sales tax, including transactions and use tax, property tax, and property tax in -lieu continue to be the City ’s major sources of general fund revenues. The City sales tax revenues continue to be strong and robust with the expansion of Amazon Warehouse Distribution and continued economic growth, along with 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. In FY 2024-25 the City collected in total $140.8 million of sales tax, including Measure E and Measure O, an increase of 5 percent over the prior fiscal year.
Property tax, and all other taxes are growing at a softer pace comparatively. Property tax is the second largest with revenues of $73.8 million, an increase of 2 perce nt over the prior fiscal year.
Closely monitored by staff are recent changes of federal government policy and its potential impact to federal funded programs which may be in jeopardy for receiving continued funding.
While the City is somewhat dependent on a strong economy and stable fiscal situation of State and local level, it is cautious and has avoided an over -dependence on State or Federal subventions. This combined with the City approach toward maintaining strong reserves provided a measure of stability in the City’s fiscal environment.
On the expenditure side, spending is below budget. Like many California cities, pension costs, forecasted retirement benefits, health costs, and workers ’ 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.
In FY 2024-25, the City Council prudently elected to invest one -time $20 million towards paying down long-term pension debt from fund balance surplus. As of June 30, 2025, the General Fund Group total fund balance was $147 million, reflecting the City’s strong financial position. Through adoption and implementation of financial reserve policies as part of Fiscal Year 2024-25 Budget, the City Council remains committed to a General Fund operating reserve equal to minimum of
16.6% or $38.7 million and assigne d one -time $14.9 million for Economic Protection. This operating reserve shall provide adequate financial resources to protect the City against unforeseen circumstances and be available to cover cash flow requirements, meet unanticipated revenue shortfall, or protection against physical or natural disasters.
While most local taxes showed strong performance in FY2024-25, economic uncertainty remains high, as local government may be faced with federal and state cut backs with the Federal administration, homelessness crisis and climate change may put further strain on City resources, and inflation and high interest rates continue to affect consumer behavior.
Several ongoing lawsuits could affect the City’s finances. The status of each is described on pages 122-123.
In the coming fiscal year, staff will be working with the City Council to develop and update the council strategic plan and roadmap that will help the City outline its highest priorities and focus service delivery to our residents.
49 -25-
CONTACTING THE CITY’S FINANCIAL MANAGEMENT
This financial report is designed to provide elected officials, residents, taxpayers, customers, employees, and investors with a general overview of the City’s finances and to show the City ’s accountability for the money it receives. If you have questions about this report, please contact the Finance Department at 300 W. 3rd Street, Oxnard, CA 93030, or call (805) 385-7475. 50 -26-
THIS PAGE IS INTENTIONALLY LEFT BLANK
51 BASIC
FINANCIAL STATEMENTS
52 53
CITY OF OXNARD, CALIFORNIA
STATEMENT OF NET POSITION
JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -27-
Governmental Business-type
Activities Activities Total
ASSETS
Current Assets
Cash and investments 315,388,064$ 192,172,788$ 507,560,852$ Accounts and other receivables (net of allowance for doubtful accounts) 5,365,136 24,081,843 29,446,979 Internal balances 371,466 (371,466) - Due from other governments 50,948,138 - 50,948,138 Other assets 139,168 999,593 1,138,761 Total Current Assets 372,211,972 216,882,758 589,094,730 Noncurrent Assets
Lease receivable 1,002,312 - 1,002,312 Properties held for resale 570,000 - 570,000 Notes receivable (net of allowance for doubtful accounts) 71,131,920 728,900 71,860,820 Restricted cash and investments 10,264,416 14,975,096 25,239,512 Capital assets not being depreciated 1,501,557,044 156,448,465 1,658,005,509 Capital assets, net of accumulated depreciation/amortization 551,656,725 451,462,525 1,003,119,250 Total Noncurrent Assets 2,136,182,417 623,614,986 2,759,797,403 Total Assets 2,508,394,389 840,497,744 3,348,892,133
DEFERRED OUTFLOWS OF RESOURCES
Unamortized loss on refunding 2,004,298 1,850,052 3,854,350 Pensions 100,236,613 13,969,443 114,206,056 OPEB 18,295,026 5,054,299 23,349,325 Total Deferred Outflows of Resources 120,535,937 20,873,794 141,409,731
LIABILITIES
Current Liabilities
Accounts payable 23,864,793 13,248,886 37,113,679 Other current liabilities 17,506,028 10,084,175 27,590,203 Unearned revenues 19,405,013 95,944 19,500,957 Compensated absences payable - current 17,359,382 3,973,300 21,332,682 Other post-employment benefits payable - current 714,916 155,415 870,331 Self insurance claims - current 10,536,944 - 10,536,944 Subscription liabilities - current 811,662 60,886 872,548 Notes payable - current - 269,710 269,710 Lease purchase, loans payable and revenue bonds - current 6,901,120 14,173,426 21,074,546 Total Current Liabilities 97,099,858 42,061,742 139,161,600 Noncurrent Liabilities
Compensated absences payable 2,596,364 882,385 3,478,749 Net pension liabilities 272,002,115 51,950,428 323,952,543 Other post-employment benefits payable 58,259,557 16,137,240 74,396,797 Self-insurance claims 43,922,440 - 43,922,440 Other noncurrent liabilities - 392,731 392,731 Subscription liabilities 779,809 198,112 977,921 Notes payable - 1,012,740 1,012,740 Lease purchase, loans payable and revenue bonds, net of premiums and discounts 75,284,830 240,473,618 315,758,448 Total Noncurrent Liabilities 452,845,115 311,047,254 763,892,369 Total Liabilities 549,944,973 353,108,996 903,053,969
DEFERRED INFLOWS OF RESOURCES
Pensions 8,223,830 2,398,450 10,622,280
OPEB 10,449,891 2,886,953 13,336,844 Unamortized gain on refunding 477,232 - 477,232 Leases 923,402 - 923,402 Total Deferred Inflows of Resources 20,074,355 5,285,403 25,359,758
NET POSITION
Net investment in capital assets 1,974,830,723 357,283,062 2,332,113,785 Restricted for:
Debt service 4,240,713 14,293,603 18,534,316 Housing 2,949,854 280,136 3,229,990 Maintenance districts 12,672,799 - 12,672,799 Pension 5,000,000 - 5,000,000 Public safety 5,815,554 - 5,815,554 Public works - transportation 8,608,431 - 8,608,431 Infrastructure 84,597,841 48,021,677 132,619,518 Grants 546,039 - 546,039 Unrestricted (40,350,956) 83,098,661 42,747,705 TOTAL NET POSITION 2,058,910,998$ 502,977,139$ 2,561,888,137$ Primary Government
54 CITY OF OXNARD, CALIFORNIA
STATEMENT OF ACTIVITIES
JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -28-
Net (Expenses) Revenues and
Program Revenues Changes in Net Position
Operating Capital Grants Primary Government
Charges for Grants and and Governmental Business-type
Functions/Programs Expenses Services Contributions Contributions Activities Activities Total
PRIMARY GOVERNMENT
Governmental Activities
General government 41,171,712$ 14,146,618$ 13,656,676$ -$ (13,368,418)$ -$ (13,368,418)$ Public safety 145,888,142 9,318,410 3,393,518 1,447,490 (131,728,724) - (131,728,724) Public works 70,397,035 12,241,345 12,603,087 17,425,756 (28,126,847) - (28,126,847) Community development 14,603,058 7,466,107 16,139 - (7,120,812) - (7,120,812) Culture, leisure and libraries 24,733,094 1,186,080 5,359,620 104,496 (18,082,898) - (18,082,898) Housing 11,413,372 202,323 6,771,140 - (4,439,909) - (4,439,909) Interest on long-term debt 3,032,271 - - - (3,032,271) - (3,032,271) Total Governmental Activities 311,238,684 44,560,883 41,800,180 18,977,742 (205,899,879) - (205,899,879) Business-Type Activities
Water 65,948,904 68,847,234 - - - 2,898,330 2,898,330 Wastewater 33,882,972 44,224,088 - - - 10,341,116 10,341,116 Environmental Resources 54,704,698 61,706,726 - - - 7,002,028 7,002,028 Golf Course 7,209,061 6,705,636 - - - (503,425) (503,425) Oxnard Housing Authority 46,531,593 7,163,316 36,922,204 3,362,471 - 916,398 916,398 Total Business-Type Activities 208,277,228 188,647,000 36,922,204 3,362,471 - 20,654,447 20,654,447 TOTAL PRIMARY GOVERNMENT 519,515,912$ 233,207,883$ 78,722,384$ 22,340,213$ (205,899,879) 20,654,447 (185,245,432)
GENERAL REVENUES
Taxes
Property tax 93,249,148 - 93,249,148 Sales tax 140,840,170 - 140,840,170 Transient occupancy tax 5,269,919 - 5,269,919 Franchise tax 3,882,834 - 3,882,834 Cannabis tax 1,529,776 - 1,529,776 Business license tax 7,471,928 - 7,471,928 Gain on disposition of assets 116,640 44,188 160,828 Investment income 15,238,695 10,481,740 25,720,435 TRANSFERS (2,574,197) 2,574,197 - 265,024,913 13,100,125 278,125,038
CHANGE IN NET POSITION 59,125,034 33,754,572 92,879,606 NET POSITION, JULY 1 1,999,785,964 469,222,567 2,469,008,531 NET POSITION, JUNE 30 2,058,910,998$ 502,977,139$ 2,561,888,137$ Total General Revenues, Contributed Capital, and
Transfers
55 -29-
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56 CITY OF OXNARD, CALIFORNIA
BALANCE SHEET
GOVERNMENTAL FUNDS
JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -30-
DEVELOPMENT
AFFORDABLE FEES
GENERAL HOUSING FUND
ASSETS
Cash and investments 129,628,780$ 2,934,462$ 70,526,552$ Restricted cash and investments 6,390,174 -
Accounts and other receivables 3,869,259 21,885 468,714 Due from other funds 17,603 - - Due from other government 26,499,396 - - Prepaid items 3,000 - - Lease receivable 497,129 - - Notes receivable 2,227,492 33,433,236 12,085,536 Total Assets 169,132,833$ 36,389,583$ 83,080,802$
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES
LIABILITIES
Accounts payable 7,594,920$ 6,493$ 463,925$ Other liabilities 11,711,034 - 3,879,453 Due to other funds - - - Unearned revenues 109,074 - - Total Liabilities 19,415,028 6,493 4,343,378
DEFERRED INFLOWS OF RESOURCES
Loans 2,227,492 33,433,236 12,085,536 Leases 461,778 - -
Total Deferred Inflows of Resources 2,689,270 33,433,236 12,085,536 Total Liabilities and Deferred Inflows of Resources 22,104,298 33,439,729 16,428,914
FUND BALANCES
Nonspendable
Prepaid items 3,000 - - Lease receivable, net 35,351 - - Restricted for:
Debt service 1,390,174 - - Housing - 2,949,854 -
Maintenance districts - - - Pension and OPEB 5,000,000 - - Public safety - - - Public works - transportation - - - Infrastructure development 7,634,763 - 66,651,888 Grants - - - Committed to:
Measure "O" eligible services 30,866,500 - - Capital/multi-year projects 37,212,603 - - Assigned to:
Economic protection 14,918,000 - - Operating reserves 38,773,793 - - Unassigned 11,194,351 - - Total Fund Balances 147,028,535 2,949,854 66,651,888
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND FUND BALANCES 169,132,833$ 36,389,583$ 83,080,802$ 57 CITY OF OXNARD, CALIFORNIA
BALANCE SHEET
GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -31-
STATE AND CAPITAL
FEDERAL IMPROVEMENT TOTAL
GRANTS FUND FUND NONMAJOR GOVERNMENT
ASSETS
3,905,918$ 12,532,961$ 50,344,885$ 269,873,558$ Cash and investments - - 3,874,242 10,264,416 Restricted cash and investments 9,412 - 631,564 5,000,834 Accounts and other receivables - - 12,374,513 12,392,116 Due from other funds 22,443,605 - 2,005,137 50,948,138 Due from other government - - - 3,000 Prepaid items - - 138,667 635,796 Lease receivable 16,600,990 - - 64,347,254 Notes receivable 42,959,925$ 12,532,961$ 69,369,008$ 413,465,112$ Total Assets
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES
LIABILITIES
1,966,252$ 10,049,390$ 1,249,656$ 21,330,636$ Accounts payable 1,379 1,375,828 82,421 17,050,115 Other liabilities 12,374,513 - 17,603 12,392,116 Due to other funds 11,079,699 - 1,431,574 12,620,347 Unearned revenues 25,421,843 11,425,218 2,781,254 63,393,214 Total Liabilities
DEFERRED INFLOWS OF RESOURCES
16,600,990 - - 64,347,254 Loans - - 131,484 593,262 Leases 16,600,990 - 131,484 64,940,516 Total Deferred Inflows of Resources 42,022,833 11,425,218 2,912,738 128,333,730 Total Liabilities and Deferred Inflows of Resources
FUND BALANCES
Nonspendable
- - - 3,000 Prepaid items - - 7,183 42,534 Lease receivable, net Restricted for:
- - 2,850,539 4,240,713 Debt service - - - 2,949,854 Housing - - 12,672,799 12,672,799 Maintenance districts - - - 5,000,000 Pension and OPEB 391,053 - 5,424,501 5,815,554 Public safety - - 8,608,431 8,608,431 Public works - transportation - - 10,311,190 84,597,841 Infrastructure development 546,039 - - 546,039 Grants Committed to:
- - - 30,866,500 Measure "O" eligible services - 1,107,743 26,581,627 64,901,973 Capital/multi-year projects Assigned to:
- - - 14,918,000 Economic protection - - - 38,773,793 Operating reserves - - - 11,194,351 Unassigned 937,092 1,107,743 66,456,270 285,131,382 Total Fund Balances
TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
42,959,925$ 12,532,961$ 69,369,008$ 413,465,112$ AND FUND BALANCES 58 -32-
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59 CITY OF OXNARD, CALIFORNIA
RECONCILIATION OF THE BALANCE SHEET OF GOVERNMENTAL FUNDS
TO THE STATEMENT OF NET POSITION
JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -33-
Fund balances of governmental funds 285,131,382$
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 136,168 Land held for resale is not reported in the governmental funds 570,000 Capital assets of $2,508,680,415 net of accumulated depreciation ($457,778,777) are not financial resources and, therefore, are not reported in the governmental funds. 2,050,901,638 Deferred outflows for the following are not reported in the governmental funds:
Deferred loss on refunding 2,004,298$
Deferred outflow on pension and OPEB plans 112,663,794 114,668,092 Accrued interest payable for the current portion of interest due on long-term liabilities has not been reported in the governmental funds. (399,499) Notes receivable in the governmental funds are deferred because they are not available within the prescribed time period after year-end. However, the notes receivable are included on the accrual basis of accounting used in the government-wide financial statements. 64,347,254
Long-term liabilities are not due and payable in the current period and, therefore, are not reported in the governmental funds:
Subscription liabilities (612,744)
Compensated absences (18,542,674)
Other post-employment liability (53,312,036)
Net pension liabilities (256,731,262)
Lease purchase and revenue bonds, net of discounts and premiums (82,185,950) (411,384,666) Deferred inflows for the following are not reported in the governmental funds Deferred gain on refunding (477,232)
Deferred inflow on pension and OPEB plans (16,951,683) (17,428,915) 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. (27,630,456) NET POSITION OF GOVERNMENTAL ACTIVITIES 2,058,910,998$
60 CITY OF OXNARD, CALIFORNIA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES
GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -34-
AFFORDABLE DEVELOPMENT
GENERAL HOUSING FEE FUND
REVENUES
Taxes 232,507,467$ -$ -$
Licenses and permits 4,627,851 - - Intergovernmental 3,105,515 50,598 - Growth and development fees - - 2,166,202 Charges for services 12,776,357 - - Fines and forfeitures 3,264,930 - - Investment income 8,713,291 202,989 3,309,701 Special assessments 436,962 - - Miscellaneous 9,227,205 110,647 166,625 Total Revenues 274,659,578 364,234 5,642,528
EXPENDITURES
Current
General government 37,797,496 - 21,334 Public safety 127,842,058 - -
Public works 30,953,152 - 1,060 Community development 13,807,461 - 284,279 Culture, leisure and libraries 17,142,322 - 940 Housing 6,449,812 1,202,469 291,480
Capital Outlay 614,885 - 34,840 Debt Service
Principal 1,611,744 - -
Interest and fiscal charges 408,683 - - Total Expenditures 236,627,613 1,202,469 633,933
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 38,031,965 (838,235) 5,008,595
OTHER FINANCING SOURCES (USES)
Inception of subscription-based IT arrangements 177,765 - - Transfers in 3,044,644 - -
Transfers out (26,907,709) - (4,162,028) Total Other Financing Sources (Uses) (23,685,300) - (4,162,028) NET CHANGE IN FUND BALANCES 14,346,665 (838,235) 846,567 FUND BALANCES, JULY 1 132,681,870 3,788,089 65,805,321 FUND BALANCES, JUNE 30 147,028,535$ 2,949,854$ 66,651,888$ 61 CITY OF OXNARD, CALIFORNIA
STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES
IN FUND BALANCES
GOVERNMENTAL FUNDS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -35-
STATE AND CAPITAL
FEDERAL IMPROVEMENT TOTAL
GRANTS FUND FUND NONMAJOR GOVERNMENTAL
REVENUES
-$ -$ 19,736,308$ 252,243,775$ Taxes - - 1,256,599 5,884,450 Licenses and permits 45,384,926 - 12,236,886 60,777,925 Intergovernmental - - 30,000 2,196,202 Growth and development fees - - 497,517 13,273,874 Charges for services - - 5,000 3,269,930 Fines and forfeitures 74,371 - 1,811,504 14,111,856 Investment income - - 9,849,376 10,286,338 Special assessments 3,500 - 257,261 9,765,238 Miscellaneous 45,462,797 - 45,680,451 371,809,588 Total Revenues
EXPENDITURES
Current
390,528 - 588,775 38,798,133 General government 3,532,069 - 20,298,389 151,672,516 Public safety 889,563 - 14,878,500 46,722,275 Public works 16,139 - - 14,107,879 Community development 5,717,381 - 341,109 23,201,752 Culture, leisure and libraries 7,285,471 - 6,466 15,235,698 Housing 10,451 45,020,429 627,418 46,308,023 Capital Outlay Debt Service
171,186 - 6,271,667 8,054,597 Principal 114 - 2,967,398 3,376,195 Interest and fiscal charges 18,012,902 45,020,429 45,979,722 347,477,068 Total Expenditures
EXCESS OF REVENUES OVER (UNDER)
27,449,895 (45,020,429) (299,271) 24,332,520 EXPENDITURES
OTHER FINANCING SOURCES (USES)
473,397 - - 651,162 Inception of subscription-based IT arrangements 543,025 45,020,429 18,922,097 67,530,195 Transfers in (28,271,965) - (10,660,170) (70,001,872) Transfers out (27,255,543) 45,020,429 8,261,927 (1,820,515) Total Other Financing Sources (Uses) 194,352 - 7,962,656 22,512,005 NET CHANGE IN FUND BALANCES 742,740 1,107,743 58,493,614 262,619,377 FUND BALANCES, JULY 1 937,092$ 1,107,743$ 66,456,270$ 285,131,382$ FUND BALANCES, JUNE 30 62 -36-
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63 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, 2025
The accompanying notes are an integral part of the financial statements. -37-
Net Change in Fund Balances - Total Governmental Funds 22,512,005$ 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 19,356,893
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 3,402,249
Some expenses reported in the statement of activities do not require the use of current financial resources and are not reported as expenditures in governmental funds. These include:
Change in accrued interest 14,735
Change in compensated absences (1,241,334)
Change in pension and OPEB liabilities, deferred outflows and inflows 8,183,964 The issuance of long-term debt provides current financial resources to governmental funds, Issuance of long-term debt (651,162)
Amortization of premiums and discounts and other changes 467,184 Total principal repayments 8,054,597
Net loss of internal service funds is reported with governmental activities. (974,097)
CHANGE IN NET POSITION OF GOVERNMENTAL ACTIVITIES 59,125,034$ while the repayment of the principal of long-term 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 ($27,353,692) is less than capital outlay ($46,710,585) that was capitalized in the current period.
64 CITY OF OXNARD, CALIFORNIA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS
JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -38-
ENVIRONMENTAL
WATER WASTEWATER RESOURCES
ASSETS
Current Assets
Cash and investments 49,949,187$ 93,482,322$ 19,282,951$ Restricted cash and investments 11,597,822 7,281 - Accounts and other receivable (net of allowance for
doubtful accounts)
8,373,438 6,157,894 7,443,999
Due from other funds 153,456 - - Other assets 113,521 182,663 - Total Current Assets 70,187,424 99,830,160 26,726,950 Noncurrent Assets
Notes receivable (net of allowance for doubtful accounts) - 728,900 - Lease receivable - - - Advances to other funds - - - Capital assets not being depreciated 44,259,816 60,117,850 6,110,083 Capital assets, net of accumulated
depreciation/amortization 216,279,879 189,672,588 21,991,962 Total Noncurrent Assets 260,539,695 250,519,338 28,102,045 Total Assets 330,727,119 350,349,498 54,828,995
DEFERRED OUTFLOWS OF RESOURCES
Debt refunding 1,619,968 230,084 - Pension 2,888,269 3,191,970 6,236,372 OPEB 911,443 1,524,597 1,541,152 Total Deferred Outflows of Resources 5,419,680 4,946,651 7,777,524
LIABILITIES
Current Liabilities
Accounts payable 7,281,286 3,612,270 1,494,218 Other current liabilities 1,940,160 2,475,461 2,347,597 Due to other funds - - - Unearned revenues - 2,900 - Compensated absences payable - current 795,966 897,421 1,915,488 Other post-employment benefits payable - current 35,616 59,575 60,224 Self-insurance claims - current - - - Subscription liabilities - current - - - Note payable - current - - - Lease purchase and revenue bonds - current 6,035,276 6,120,000 2,018,150 Total Current Liabilities 16,088,304 13,167,627 7,835,677 Noncurrent Liabilities
Advances from other funds - - - Compensated absences payable 119,050 134,224 286,494 Net pension liabilities 10,769,414 11,871,031 23,289,066 Other post-employment benefits payable 2,902,442 4,855,000 4,907,718 Self-insurance claims - - - Other noncurrent liabilities - - - Subscription liabilities - - - Note payable - - - Lease purchase, loans payable and revenue bonds, net of premiums and discounts 149,050,623 87,402,042 4,020,953 Total Noncurrent Liabilities 162,841,529 104,262,297 32,504,231 Total Liabilities 178,929,833 117,429,924 40,339,908 65 CITY OF OXNARD, CALIFORNIA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS (CONTINUED)
JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -39-
OXNARD TOTAL INTERNAL
GOLF HOUSING CURRENT SERVICE
COURSE AUTHORITY YEAR FUNDS
ASSETS
Current Assets
5,186,438$ 24,271,890$ 192,172,788$ 45,514,506$ Cash and investments - 3,369,993 14,975,096 - Restricted cash and investments 1,778,273 328,239 24,081,843 364,302 Accounts and other receivable (net of allowance for doubtful accounts)
- - 153,456 - Due from other funds 604,622 98,787 999,593 - Other assets 7,569,333 28,068,909 232,382,776 45,878,808 Total Current Assets Noncurrent Assets
- - 728,900 - Notes receivable (net of allowance for doubtful accounts) - - - 366,516 Lease receivable - - - 686,965 Advances to other funds 28,265,287 17,695,429 156,448,465 162,897 Capital assets not being depreciated 13,783,337 9,734,759 451,462,525 2,149,234 Capital assets, net of accumulated
depreciation/amortization
42,048,624 27,430,188 608,639,890 3,365,612 Total Noncurrent Assets 49,617,957 55,499,097 841,022,666 49,244,420 Total Assets
DEFERRED OUTFLOWS OF RESOURCES
- - 1,850,052 - Debt refunding 12,849 1,639,983 13,969,443 4,111,248 Pension - 1,077,107 5,054,299 1,756,597 OPEB 12,849 2,717,090 20,873,794 5,867,845 Total Deferred Outflows of Resources
LIABILITIES
Current Liabilities
34,295 826,817 13,248,886 2,534,157 Accounts payable - 3,320,957 10,084,175 56,414 Other current liabilities 153,456 - 153,456 - Due to other funds - 93,044 95,944 - Unearned revenues 29,337 335,088 3,973,300 1,229,223 Compensated absences payable - current - - 155,415 68,647 Other post-employment benefits payable - current - - - 10,536,944 Self-insurance claims - current - 60,886 60,886 682,119 Subscription liabilities - current - 269,710 269,710 - Note payable - current - - 14,173,426 - Lease purchase and revenue bonds - current 217,088 4,906,502 42,215,198 15,107,504 Total Current Liabilities Noncurrent Liabilities
- 686,965 686,965 - Advances from other funds 4,388 338,229 882,385 183,849 Compensated absences payable 50,689 5,970,228 51,950,428 15,270,853 Net pension liabilities - 3,472,080 16,137,240 5,593,790 Other post-employment benefits payable - - - 43,922,440 Self-insurance claims - 392,731 392,731 - Other noncurrent liabilities - 198,112 198,112 296,608 Subscription liabilities - 1,012,740 1,012,740 - Note payable - - 240,473,618 - Lease purchase, loans payable and revenue bonds, net of premiums and discounts
55,077 12,071,085 311,734,219 65,267,540 Total Noncurrent Liabilities 272,165 16,977,587 353,949,417 80,375,044 Total Liabilities 66 CITY OF OXNARD, CALIFORNIA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS (CONTINUED)
JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -40-
ENVIRONMENTAL
WATER WASTEWATER RESOURCES
DEFERRED INFLOWS OF RESOURCES
Pensions 476,049 547,662 1,002,912 OPEB 520,605 870,831 880,287 Leases - - - Total Deferred Inflows of Resources 996,654 1,418,493 1,883,199
NET POSITION
Net investment in capital assets 109,501,822 156,498,482 22,062,943 Restricted for housing assistance payments - - - Restricted for infrastructure development 25,121,217 19,768,639 950,078 Restricted for debt service 10,903,113 3,390,490 - Unrestricted 10,694,160 56,790,121 (2,629,609) TOTAL NET POSITION 156,220,312$ 236,447,732$ 20,383,412$ 67 CITY OF OXNARD, CALIFORNIA
STATEMENT OF NET POSITION
PROPRIETARY FUNDS (CONTINUED)
JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -41-
OXNARD TOTAL INTERNAL
GOLF HOUSING CURRENT SERVICE
COURSE AUTHORITY YEAR FUNDS
DEFERRED INFLOWS OF RESOURCES
171 371,656 2,398,450 718,692 Pensions - 615,230 2,886,953 1,003,346 OPEB - - - 330,140 Leases 171 986,886 5,285,403 2,052,178 Total Deferred Inflows of Resources
NET POSITION
42,048,625 27,171,190 357,283,062 1,333,404 Net investment in capital assets - 280,136 280,136 - Restricted for housing assistance payments - 2,181,743 48,021,677 - Restricted for infrastructure development - - 14,293,603 - Restricted for debt service 7,309,845 10,618,645 82,783,162 (28,648,361) Unrestricted 49,358,470$ 40,251,714$ 502,661,640$ (27,314,957)$ TOTAL NET POSITION Reconciliation of net position:
502,661,640$ Net position per Statement of Net Position - Proprietary funds Prior year's accumulated adjustment to reflect the consolidation 405,849 of internal service funds activities related to enterprise funds (90,350)
502,977,139$ Net position per Statement of Net Position - Business-type Activities Current year's accumulated adjustment to reflect the consolidation of internal service fund activities related to enterprise funds 68 CITY OF OXNARD, CALIFORNIA
STATEMENT OF REVENUES, EXPENSES, AND CHANGE IN NET POSITION
PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -42-
ENVIRONMENTAL
WATER WASTEWATER RESOURCES
OPERATING REVENUES
Charges for services 68,136,247$ 43,101,072$ 61,342,029$ Connection fees 42,830 670,445 -
Rental income - - -
Grant revenue for operations - - -
Miscellaneous and reimbursements 668,157 452,571 364,697 Total Operating Revenues 68,847,234 44,224,088 61,706,726
OPERATING EXPENSES
Salaries and wages 9,131,908 9,377,994 23,449,769 Contractual services 3,750,942 2,482,667 4,512,261 Housing assistance payments - - -
Operating supplies 30,081,641 3,567,932 2,461,352 Utilities 1,763,028 3,408,814 10,075,308
Depreciation and amortization 7,833,314 7,714,996 2,614,391 General and administrative 6,786,735 4,191,420 10,942,700 Repairs and maintenance 324,538 108,235 357,649
Claims expenses - - -
Total Operating Expenses 59,672,106 30,852,058 54,413,430 OPERATING INCOME (LOSS) 9,175,128 13,372,030 7,293,296
NONOPERATING REVENUES (EXPENSES)
Grant revenue - noncapital - - -
Insurance proceeds, net - - -
Fraud recovery - - -
Gain on disposition of capital assets 33,567 7,329 2,713 Investment income 3,165,713 4,817,581 980,292
Interest expense (6,386,458) (3,004,909) (117,153) Notes receivable - write off - - -
Contingency expenses - - -
Casualty loss - - -
Net Nonoperating Revenues (Expenses) (3,187,178) 1,820,001 865,852
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS 5,987,950 15,192,031 8,159,148
CAPITAL CONTRIBUTIONS - - -
TRANSFERS IN 10,694,881 19,021,233 526,824
TRANSFERS OUT (10,579,999) (17,001,631) (87,111) CHANGES IN NET POSITION 6,102,832 17,211,633 8,598,861 NET POSITION, JULY 1 150,117,480 219,236,099 11,784,551 NET POSITION, JUNE 30 156,220,312$ 236,447,732$ 20,383,412$ 69 CITY OF OXNARD, CALIFORNIA
STATEMENT OF REVENUES, EXPENSES, AND CHANGE IN NET POSITION
PROPRIETARY FUNDS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -43-
OXNARD TOTAL INTERNAL
GOLF HOUSING CURRENT SERVICE
COURSE AUTHORITY YEAR FUND
OPERATING REVENUES
6,705,636$ -$ 179,284,984 $ 57,395,020$ Charges for services - - 713,275 - Connection fees
- 5,898,400 5,898,400 - Rental income - 36,577,204 36,577,204 - Grant revenue for operations - 1,256,901 2,742,326 212,948 Miscellaneous and reimbursements 6,705,636 43,732,505 225,216,189 57,607,968 Total Operating Revenues
OPERATING EXPENSES
64,355 - 42,024,026 15,319,991 Salaries and wages 5,021,556 - 15,767,426 5,783,370 Contractual services - 32,644,935 32,644,935 - Housing assistance payments 411,581 - 36,522,506 4,370,320 Operating supplies 698,130 930,824 16,876,104 2,302,180 Utilities 594,518 1,243,440 20,000,659 992,294 Depreciation and amortization 408,677 5,138,254 27,467,786 11,889,157 General and administrative - 1,942,190 2,732,612 2,141,187 Repairs and maintenance - - - 16,899,723 Claims expenses
7,198,817 41,899,643 194,036,054 59,698,222 Total Operating Expenses (493,181) 1,832,862 31,180,135 (2,090,254) OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
- 345,000 345,000 - Grant revenue - noncapital
- - - - Insurance proceeds, net
- 8,015 8,015 - Fraud recovery
- 579 44,188 1,485 Gain on disposition of capital assets 362,926 1,155,228 10,481,740 1,126,842 Investment income (10,354) (14,969) (9,533,843) - Interest expense
- (2,603,021) (2,603,021) - Notes receivable - write off - (2,000,000) (2,000,000) - Contingency expenses
- (13,960) (13,960) - Casualty loss
352,572 (3,123,128) (3,271,881) 1,128,327 Net Nonoperating Revenues (Expenses)
INCOME (LOSS) BEFORE CONTRIBUTIONS
(140,609) (1,290,266) 27,908,254 (961,927) AND TRANSFERS - 3,362,471 3,362,471 - CAPITAL CONTRIBUTIONS
37,570 - 30,280,508 - TRANSFERS IN
(37,570) - (27,706,311) (102,520) TRANSFERS OUT
(140,609) 2,072,205 33,844,922 (1,064,447) CHANGES IN NET POSITION 49,499,079 38,179,509 468,816,718 (26,250,510) NET POSITION, JULY 1 49,358,470$ 40,251,714$ 502,661,640$ (27,314,957)$ NET POSITION, JUNE 30 33,844,922$
(90,350)
33,754,572$ Change in net position per Statement of Activities - Business-type Activities Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds
Reconciliation of change in net position:
Change in net position per Statement of Revenues, Expenses, and Changes in Net Position - Proprietary Funds
70 CITY OF OXNARD, CALIFORNIA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS
FOR THE YEAR ENDED JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -44-
ENVIRONMENTAL
WATER WASTEWATER RESOURCES
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 68,343,946$ 44,108,827$ 60,165,687$ Payments to suppliers (45,341,778) (13,392,279) (28,403,409) Payments to employees (10,753,560) (11,912,760) (26,654,940) Payments for housing assistance and notes receivable - - - Receipts from operating grants - - - Cash paid to claimants - - - Net Cash Provided By (Used In) Operating Activities 12,248,608 18,803,788 5,107,338
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES
Collection/(issuance) of advances 148,986 - - Notes receivable collected - 14,800 - Proceeds from long-term debt issued - - - Interest and other fees paid - - - Cash received from noncapital grants - - - Transfers in 10,694,881 19,021,233 526,824
Transfers out (10,579,999) (17,001,631) (87,111) Net Cash Provided By (Used In) Noncapital Financing
Activities 263,868 2,034,402 439,713
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
Purchases of capital assets (10,734,586) (20,156,386) (656,121) Gain on acquisition of capital assets 33,567 7,329 2,713 Proceeds from long-term debt issued - 20,883,126 - Interest and issuance cost paid on long-term debt (6,706,780) (3,617,281) (117,153) Principal paid on long-term debt (5,816,374) (5,830,000) (1,980,729) Cash received from capital grants - - - Net Cash Provided By (Used In) Capital and Related
Financing Activities (23,224,173) (8,713,212) (2,751,290)
CASH FLOWS FROM INVESTING ACTIVITIES
Investment income 3,165,713 4,817,581 980,292 Net Cash Provided By (Used In) Investing Activities 3,165,713 4,817,581 980,292
NET INCREASE (DECREASE) IN CASH AND
INVESTMENTS (7,545,984) 16,942,559 3,776,053 CASH AND INVESTMENTS, JULY 1 69,092,993 76,547,044 15,506,898 CASH AND INVESTMENTS, JUNE 30 61,547,009$ 93,489,603$ 19,282,951$ Cash and investments 49,949,187$ 93,482,322$ 19,282,951$ Restricted investments with fiscal agent 11,597,822 7,281 - 61,547,009$ 93,489,603$ 19,282,951$
71 CITY OF OXNARD, CALIFORNIA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -45-
OXNARD TOTAL INTERNAL
GOLF HOUSING CURRENT SERVICE
COURSE AUTHORITY YEAR FUNDS
CASH FLOWS FROM OPERATING ACTIVITIES
5,001,444$ 8,033,594$ 185,653,498$ 57,567,404$ Receipts from customers and users (6,588,976) (4,751,123) (98,477,565) (26,709,105) Payments to suppliers (38,239) (4,909,899) (54,269,398) (14,721,375) Payments to employees - (32,644,119) (32,644,119) - Payments for housing assistance and notes receivable - 37,487,531 37,487,531 - Receipts from operating grants - - - (10,325,964) Cash paid to claimants (1,625,771) 3,215,984 37,749,947 5,810,960 Net Cash Provided By (Used In) Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING
ACTIVITIES
(148,986) - - (32,142) Collection/(issuance) of advances - - 14,800 - Notes receivable collected - 800,000 800,000 - Proceeds from long-term debt issued - 3,506 3,506 - Interest and other fees paid - 345,000 345,000 - Cash received from noncapital grants 37,570 - 30,280,508 - Transfers in (37,570) - (27,706,311) (102,520) Transfers out Net Cash Provided By (Used In) Noncapital Financing
(148,986) 1,148,506 3,737,503 (134,662) Activities
CASH FLOWS FROM CAPITAL AND RELATED
FINANCING ACTIVITIES
(37,570) (3,728,237) (35,312,900) (471,139) Purchases of capital assets - 579 44,188 1,485 Gain on acquisition of capital assets - - 20,883,126 - Proceeds from long-term debt issued (10,354) - (10,451,568) - Interest and issuance cost paid on long-term debt - (58,778) (13,685,881) (511,339) Principal paid on long-term debt - 3,362,471 3,362,471 - Cash received from capital grants Net Cash Provided By (Used In) Capital and Related
(47,924) (423,965) (35,160,564) (980,993) Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES
362,926 1,155,228 10,481,740 772,123 Investment income 362,926 1,155,228 10,481,740 772,123 Net Cash Provided By (Used In) Investing Activities
NET INCREASE (DECREASE) IN CASH AND
(1,459,755) 5,095,753 16,808,626 5,467,428 INVESTMENTS 6,646,192 22,546,130 190,339,257 40,047,078 CASH AND INVESTMENTS, JULY 1 5,186,437$ 27,641,883$ 207,147,883$ 45,514,506$ CASH AND INVESTMENTS, JUNE 30 5,186,438$ 24,271,890$ 192,172,788$ 45,514,506$ Cash and investments - 3,369,993 14,975,096 - Restricted investments with fiscal agent 5,186,438$ 27,641,883$ 207,147,884$ 45,514,506$ 72 CITY OF OXNARD, CALIFORNIA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -46-
ENVIRONMENTAL
WATER WASTEWATER RESOURCES
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
OPERATING INCOME (LOSS) 9,175,128$ 13,372,030$ 7,293,296$ Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided By (Used In) Operating Activities
Depreciation and amortization 7,833,314 7,714,996 2,614,391 Other revenue - - - Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable (503,288) (115,261) (1,541,039) (Increase) decrease in other assets 9,944 20,000 - (Increase) decrease in notes and interest receivable - - - (Increase) decrease in deferred outflows - pensions 846,597 1,230,012 1,653,238 (Increase) decrease in deferred outflows - OPEB 165,847 277,416 280,448 Increase (decrease) in accounts payable
and other liabilities (2,644,838) 346,789 (54,139) Increase (decrease) in compensated absences 223,832 189,731 413,778 Increase (decrease) in other post-employment benefits payable 157,109 262,806 265,610 Increase (decrease) in net pension liabilities (3,307,542) (4,796,641) (6,448,615) Increase (decrease) in deferred inflows of resources - pensions 341,890 384,517 713,885 Increase (decrease) in deferred inflows of resources - OPEB (49,385) (82,607) (83,515) Increase (decrease) in self-insurance liabilities - - - Net Cash Provided By (Used In) Operating Activities 12,248,608$ 18,803,788$ 5,107,338$ Noncash from capital and related financing activities
Lease and SBITA asset addition -$ -$ -$ Amortization of premiums, discounts, and debt refunding (320,322) (612,372) - 73 CITY OF OXNARD, CALIFORNIA
STATEMENT OF CASH FLOWS
PROPRIETARY FUNDS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -47-
OXNARD TOTAL INTERNAL
GOLF HOUSING CURRENT SERVICE
COURSE AUTHORITY YEAR FUNDS
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET
CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES
(493,181)$ 1,832,862$ 31,180,135$ (2,090,254)$ OPERATING INCOME (LOSS) Adjustments to Reconcile Operating Income (Loss)
to Net Cash Provided By (Used In) Operating Activities
594,518 1,243,440 20,000,659 992,294 Depreciation and amortization - (5,945) (5,945) - Other revenue - Changes in Operating Assets and Liabilities (1,704,192) 881,296 (2,982,484) (40,564) (Increase) decrease in accounts receivable 280,838 (4,248) 306,534 - (Increase) decrease in other assets - 900,392 900,392
2,285 608,301 4,340,433 233,183 (Increase) decrease in deferred outflows - pensions - 196,054 919,765 319,633 (Increase) decrease in deferred outflows - OPEB - Increase (decrease) in accounts payable (329,870) (291,469) (2,973,527) (419,049) and other liabilities 30,190 (28,319) 829,212 609,839 Increase (decrease) in compensated absences - 185,504 871,029 302,791 Increase (decrease) in other post-employment benefits payable (6,287) (2,509,170) (17,068,255) (1,109,749) Increase (decrease) in net pension liabilities (72) 265,681 1,705,901 534,257 Increase (decrease) in deferred inflows of resources - pensions - (58,395) (273,902) (95,180) Increase (decrease) in deferred inflows of resources - OPEB - - - 6,573,759 Increase (decrease) in self-insurance liabilities (1,625,771)$ 3,215,984$ 37,749,947$ 5,810,960$ Net Cash Provided By (Used In) Operating Activities Noncash from capital and related financing activities
-$ 317,776$ 317,776$ 330,140$ Lease and SBITA asset addition - - (932,694) - Amortization of premiums, discounts, and debt refunding 74 CITY OF OXNARD, CALIFORNIA
STATEMENT OF FIDUCIARY NET POSITION
FIDUCIARY FUNDS
JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -48-
OXNARD COMMUNITY
DEVELOPMENT
COMMISSION RETIREMENT
SUCCESSOR AGENCY ENHANCEMENT TOTAL
PRIVATE PURPOSE DEFINED BENEFIT CUSTODIAL FIDUCIARY
TRUST FUND PENSION TRUST FUND FUNDS FUNDS
ASSETS
Cash and investments 7,626,579$ -$ 5,739,065$ 13,365,644$ Restricted cash and investments 4,146,269 129,210,642 3,832,872 137,189,783 Accounts and other receivables - 202,271 8,515 210,786 Due from other governments - - 170,636 170,636 Notes receivable, net of uncollectible 394,398 - - 394,398 Total Assets 12,167,246 129,412,913 9,751,088 151,331,247
LIABILITIES
Accounts payable 2,274,519 - 73,349 2,347,868 Other liabilities 375,791 - 820,570 1,196,361 Long-term debt - due within one year 2,190,000 - - 2,190,000 Long-term debt - due in more than one year 19,085,000 - - 19,085,000 TOTAL LIABILITIES 23,925,310 - 893,919 24,819,229
NET POSITION (DEFICIT)
Restricted for:
Individuals, organizations, and other governments (11,758,064) - 8,857,169 (2,900,895) Pensions - 129,412,913 - 129,412,913 TOTAL NET POSITION (DEFICIT) (11,758,064)$ 129,412,913$ 8,857,169$ 126,512,018$ 75 CITY OF OXNARD, CALIFORNIA
STATEMENT OF CHANGES IN FIDUCIARY NET POSITION
FIDUCIARY FUNDS
JUNE 30, 2025
The accompanying notes are an integral part of the financial statements. -49-
OXNARD COMMUNITY
DEVELOPMENT RETIREMENT
COMMISSION ENHANCEMENT
SUCCESSOR AGENCY DEFINED BENEFIT TOTAL
PRIVATE PURPOSE PENSION CUSTODIAL FIDUCIARY
TRUST FUND TRUST FUND FUNDS FUNDS
ADDITIONS
Taxes 7,105,890$ -$ -$ 7,105,890$ Special assessments - - 4,574,329 4,574,329 Contributions
Employer - 4,402,937 - 4,402,937 Employee - 1,220,123 - 1,220,123 Investment income 302,780 23,719,292 120,687 24,142,759 Investment expense - (695,293) - (695,293) Net investment income 302,780 23,023,999 120,687 23,447,466 Total Additions 7,408,670 28,647,059 4,695,016 40,750,745
DEDUCTIONS
Administrative costs
Benefit distributions - 15,885,912 - 15,885,912 Administrative costs 50,349 - 78,105 128,454 Professional services 53,328 - 66,869 120,197 Project improvements 4,084,020 - 520,439 4,604,459 Distributions to individuals, organizations, and bond trustees - - 4,089,209 4,089,209 Debt service
Interest and fiscal charges 1,080,304 - - 1,080,304 Total Deductions 5,268,001 15,885,912 4,754,622 25,908,535 CHANGE IN NET POSITION 2,140,669 12,761,147 (59,606) 14,842,210 NET POSITION, JULY 1 (13,898,733) 116,651,766 8,916,775 111,669,808 NET POSITION, JUNE 30 (11,758,064)$ 129,412,913$ 8,857,169$ 126,512,018$ 76 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
-50-
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 form of government. The City is governed by an elected Mayor and six Council members. Other elected positions include the City Clerk and City Treasurer. The accompanying basic financial statements present the financial position and results of operations of the City (the primary government) and its component units. For financial reporting purposes, the City has included all funds, organiz ations, 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 are such that exclusion would cause the City’s financial statements to be misleading or incomplete. The Governmental Accounting Standards Board has set forth criteria to be considered in determining financial accountability. These criteria include appointing a v oting 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 Oxnard 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 Authority has the power to purchase bonds issued by any local agency at public or negotiated sales and may sell such bonds to public or private purchasers at public or negotiated sales. The Authority is controlled by the City and has the same governing body as the City and the City has operational responsibility for the Authority. City staff perform all accounting and administrative functions of the Authority. The debt service of the Authority is included in the Debt Service Fund, Water Enterprise Fund, Wastewater Enterprise Fund, a nd Environmental Resources Enterprise Fund.
Housing Authority of the City of Oxnard. The 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 en tered 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 Modernization. The City Council and two tenant representa tives 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 Financial Statements. The Housing Authority prepares separate financial statements, which can be obtained from the Housing Authority’s Financial Services Division at 435 S. D St., Oxnard, CA 93030.
77 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -51-
B. Financial Statements Presentation
In accordance with Governmental Accounting Standards Board Statement No. 34, the City’s basic financial statements consist of the following:
• Government-Wide Financial Statements;
• Fund Financial Statements; and
• Notes to the Basic Financial Statements.
Government-Wide Financial Statements
The City’s Government-Wide Financial Statements include a Statement of Net Position and a Statement of Activities. These statements present financial information for the City as a whole, while distinguishing 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, public works, community development, housing, culture, leisure, and library services. Property tax, sales tax, transient occupancy tax, franchise tax, licenses and permits, business license tax, and user fees and charges financially support these activities.
The City ’s enterprise operations are classified as business -type activities. These operations consist of water, wastewater, environmental resources, golf course, and housing. These activities generally recover the cost of providing services from customer fees and charges.
Government-Wide Financial Statements are presented on an “economic resources ” measurement focus and the accrual basis of accounting. Accordingly, all of the City ’s assets, deferred outflows of resources, liabilities, and deferred inflows of resources, including capital assets and long-term liabilities, are included in the accompanying Statement of Net Position. The Statement of Activities presents changes in net po sition. Under the accrual basis of accounting, revenues are recognized in the period in which they are earned, while expenses are recognized in the period in which the liability is incurred. The types of transactions reported 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 clearly identifiable with a specific function or segment. Indi rect expenses are allocated based on the City’s cost allocation plan. Program revenues include: (1) charges to customers or applicants who purchase, use, or directly benefit from goods, services, or privileges provided by a given function or segment; and (2) operating and capital grants and contributions that are restricted to meeting the operational or capital requirements of a particular function or segment. Taxes and other items not properly included among program revenues are reported instead as general revenues.
Certain eliminations have been made in regards to interfund activities, payables, and receivables.
All internal balances in the Statement of Net Position have been eliminated, with the exception of those representing balances between the governmental activities and the business-type activities.
In the Statement of Activities, net internal service fund transactions have been allocated back to the governmental and business-type activities generating the net income or loss. 78 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -52-
B. Financial Statements Presentation (Continued)
In the Statement of Net Position, internal service assets and liabilities have been combined with the governmental funds and presented as governmental activities.
A reconciliation of the difference between the Governmental Fund Financial Statements and the Government-Wide Financial Statements 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 accounting entity. The operations of each fund are accounted for with a separate set of self-balancing accounts that comprise its assets, deferred outflows of resources, liabilities, deferred inflow of resources, fund balance, 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 include a Balance Sheet and Statement of Revenues, Expenditures and Changes in Fund Balances for the major governmental funds. Non -Major Governmental Funds are combined for presentation in Governmental Fund Statements . The following funds have been determined to be the City’s major governmental funds:
• General Fund: This fund group is always a major fund and is used to account for all financial resources traditionally associated 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 L ow and Moderate Income Housing Fund (previously part of the former Oxnard Redevelopment Agency) were transferred to the Affordable Housing special revenue fund. The fund is used to account for funds to be used for low and moderate income housing projects. • Development Fees Fund is a special revenue fund that accounts for development fees that the City collects on new development to provide resources for special projects such as parks, storm drainage facilities, traffic improvements, utility undergrounding, a nd community development.
• State and Federal Grants Fund is a special revenue fund that accounts for state and federal grants.
• Capital Improvement 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 using a “current financial resources” measurement focus and the modified accrual basis of accounting. Accordingly, only current assets, deferred outflows of resources, current liabilities, and deferred inflows of resources are included on the Balance Sheet. The Statement of Revenues, Expendit ures and Changes in Fund Balances presents increases (revenues and other financing sources) and decreases (expenditures and other financing uses) in net current assets.
79 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -53-
B. Financial Statements Presentation (Continued)
Government Fund Financial Statements (Continued)
Under the modified accrual basis of accounting, revenues are recognized in the accounting period in which they become both measurable and available to finance expenditures of the current period. The City considers revenues available if they are collected within 60 days after year-end.
Property tax, sales tax, intergovernmental revenues, and other taxes 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 revenue 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 due 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 Internal Service Funds in total is also present ed 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.
• Wastewater Fund: This fund is used to account 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, and facility rentals and food & beverage sales for private events. • Oxnard Housing Authority: This fund is used to account for the receipts and disbursements of funds received from the U.S. Department of Housing and Urban Development (HUD) to provide housing assistance, such as the rental assistance programs for low-income residents and senior citizens under Section 8 of the Federal Housing Act of 1937, as amended.
Proprietary funds are accounted for using 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 present increases (revenues) and decreases (expenses) in total net position. 80 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -54-
B. Financial Statements Presentation (Continued)
Proprietary Fund Financial Statements (Continued)
Under the accrual basis of accounting, revenues are recognized in the period in which they are earned, while expenses are recognized in the period in which the liability is incurred.
Operating revenues in the proprietary funds are those revenues that are generated from the primary operations of the fund. Operating revenues and expenses generally result from providing services and producing and delivering goods in connection with propri etary 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 resources are available for use, it is the City ’s policy to use the restricted resources first, then unrestricted resources as they are needed.
Internal service funds account for services to other departments on a cost-recovery basis. Internal service funds include workers’ compensation, public liability and property damage, utility customer services, information 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 ’ financial 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 Trust 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 activities of the former redevelopment agency pursuant to AB 1X 26.
• Retirement Enhancement Defined Benefit Pension Trust Fund: This fund accounts for the activities of the Retirement Enhancement Plan.
• The Custodial Funds are used to report fiduciary activities that are not required to be reported in pension trust funds, investment trust funds, or private -purpose trust funds. The City ’s custodial funds are as follows:
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 payment of the bonds. Property owners within the assessm ent district are assessed through the County property tax bills and the money collected is used to pay the annual debt service requirements.
o Oxnard PD Property Room Fund: This fund accounts for assets held in temporary police custody.
81 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -55-
B. Financial Statements Presentation (Continued)
Fiduciary Fund Financial Statements (Continued)
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 using the “economic resources” measurement focus and the accrual basis of accounting.
C. New Accounting Pronouncements
The City adopted the following GASB statements in fiscal year 2024-25:
Statement No. 101, Compensated Absences. Issued in June 2022, the statement provides guidance on the recognition and measurement of compensated absences by amending and updating certain previously required disclosures under a unified model better to meet the information needs of financial statem ent users. The City adopted GASB Statement No. 101 effective July 1, 2024, using the facts and circumstances that existed as of the beginning of the period of implementation, and its adoption did not have a material impact on the City’s financial statements.
Statement No. 102, Certain Risk Disclosures. Issued in December 2023, the statement provides users of government financial statements with essential information about risks related to a government’s vulnerabilities due to certain concentrations or constraints. The statement is intended to enhance users ’ understanding of and ability to anticipate risks affecting a government’s financial condition. The City implemented GASB Statement No. 102 at the beginning of fiscal year 20 24-25, and its adoption did not have a material impact on the City ’s financial statements.
The City is currently analyzing its accounting practices to determine the potential impact on the financial statements for the following GASB Statements:
Statement No. 103, Financial Reporting Model Improvements. Issued in April 2024, the objective of this statement is to improve key components of the financial reporting model to enhance its effectiveness in providing information that 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, expenses, and changes in fund net position, statement of net position and statement of activities, and budgetary comparison information. The statement will be effective beginning in fiscal year 2025-26.
Statement No. 104, Disclosure of Certain Capital Assets . Issued in September 2024, this statement requires certain types of capital assets to be disclosed separately in the capital assets note disclosures required by Statement No. 34. Lease assets recognized in accordance with Statement No. 87, Leases, and intangible right -to-use assets recognized in accordance with
82 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -56-
C. New Accounting Pronouncements (Continued)
Statement No. 94, Public-Private and Public -Public Partnerships and Availability Payment Arrangements, should be disclosed separately by major class of underlying asset in the capital assets note disclosures. The statement will be effective beginning in fiscal year 2025-26.
Statement No. 105, Subsequent Events . Issued in December 2025, this statement defines subsequent events as transactions or other events that occur after the date of the financial statements but before the date the financial statements are available to be issued. It also clarifies the subsequ ent events that constitute recognized and nonrecognized events and establishes specific note disclosure requirements for nonrecognized events. The statement will be effective beginning fiscal year in 2026-27.
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 Treasur y 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 measurements within the fair value hierarchy established by generally accepted accounting principles. These principles recognize a three -tiered fair value hierarchy, as follows:
• Level 1: Investments reflect prices quoted in active markets; • Level 2: Investments reflect prices that are based on similar observable assets either directly or indirectly, which may include inputs in markets that are not considered to be active; and
• Level 3: Investments reflect prices based upon unobservable sources.
Debt and equity securities classified as Level 1 are valued using prices quoted in active markets for those securities. Debt and equity securities classified in Level 2 are valued using the following approaches: (1) debt securities are normally valued based on price data obtained from observed transactions and market price quotations from broker dealers and/or pricing vendors; (2) equity 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 t he trustee of the fund. Changes in the fair value of investments are recognized in investment income at the end of each fiscal year. 83 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -57-
E. Receivables
Activity between funds that are representative of lending/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 and 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 City, 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 reported in both special revenue and fiduciary funds. Notes receivable are reported as an asset in the amount of loan proceeds disb ursed, 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 financial 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 lea se term, with certain exceptions for leases of assets held as investments, certain regulated leases, short-term leases, and leases that transfer ownership of the underlying asset. The lease receivable is measured at the present value of lease payments expected to be received during the lease term. The deferred inflow of resources is measured at the value of the lease receivable plus any payments received at or before th e commencement of the lease term that relate to future periods.
As a lessee, the City recognizes a lease 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 made during the lease term (less any lease incentives). The lease asset is measured at the amount of the initial measurement of the lease liability, plus any payments made to the lessor at or before the commencement of the lease term and certain direct costs.
G. Capital Assets
The City ’s assets for governmental, business -type and fiduciary activities are capitalized at historical cost or estimated 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.
84 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -58-
G. Capital Assets (Continued)
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
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
Subscription Assets shorter of the subscription term or the useful life of the underlying asset
Infrastructure assets are defined as “long-lived capital assets ” that are stationary in nature and normally can be preserved for a significantly greater number of years than most capital assets.
Examples of infrastructure assets include roads, bridges, tunnels, drainage systems, water and sewer systems, dams, and lighting systems.
Land is valued at original cost without depreciation.
Donated capital assets, donated works of art and similar items, and capital assets received in a service concession arrangement are reported at acquisition value.
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 combination with tangible capital assets (the underlying IT assets), as specified in the contract for a period of time in an exchange or exchange -like transaction. To determine whether a contract conveys control of the right to use the underlying IT assets, the City 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 liability and an intangible right -to-use asset (subscription asset), except short -term SBITAs. 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 measurement of the subscription 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.
85 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -59-
H. Subscription-based Information Technology Arrangements (SBITA) (Continued) 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 Proprietary Funds Financial Statements. Sick leave, which does not vest, is recorded in all funds when leave is taken. A liability for these amounts is reported in the Governmental Funds Financial Statements only if they have matured and are paid by the City subsequent to year-end.
Compensated absences are liquidated by the fund that has recorded the liability. The long -term portion of governmental activities compensated 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 dete rmined on the same basis as they are reported by Actuarial Valuations. For this purpose, benefit payments (including refunds of employee contributions) are recognized when currently due and payable in accordance with the benefit terms. Investments are reported at fair value.
The General Fund is typically used to liquidate pension liabilities in the governmental activities.
K. Other Postemployment 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 CalPERS plan governed by the Public Employees ’ Medical & Hospital Care Act (PEMHCA) and additions to/deductions from the PEMHCA plan fiduciary net position have been determined on the same basis as they are reported by Actuarial Valuations.
For this purpose, CalPERS recognizes benefit payments when due and payable in accordance with the benefit terms. Investments are reported at fair value, except for money market investments and participating interest -earning investment contracts that have a maturity at the time of purchase of one year or less, which are reported at cost.
The General Fund is typically used to liquidate 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 section for deferred outflows of resources. 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 Propriet ary Fund Statements of Net Position. Deferred outflows for pension and OPEB contributions will be recognized in the subsequent fiscal year.
86 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -60-
L. Deferred Outflows/Inflows of Resources (Continued)
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 resources. Deferred inflows of resources represent an acquisition of net assets that applies to a future period(s) and will not be recognized as an inflow of resources (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 -Wide Statement of Net Position and the Proprietary Funds. The amounts related to pensions and OPEB are deferred and amortized over 4.8 to 5 years on a straight-line basis.
M. Fund Balance
The accompanying financial statements report 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 (such as prepaid items) or legally or contractually required to be maintained intact (such as endowments).
Restricted fund balance - This includes amounts that can be spent only for specific purposes stipulated by constitution, external resource providers, or through enabling legislation.
Committed fund balance - This includes amounts that can be used only for specific purposes pursuant to constraints imposed by formal action of the government ’s highest level of decision - making 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 document s 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. 87 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -61-
M. Fund Balance (Continued)
In the Government -Wide Financial Statements, net position of the City includes the following categories:
Net investment in capital assets - This category groups all capital assets, including infrastructure, into one component of net position. Accumulated depreciation and the outstanding balances of debt that are attributable to the acquisition, construction, or improvement of these assets redu ce this category.
Restricted net position - This category presents external restrictions imposed by creditors, grantors, contributors, or laws or regulations 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 which both restricted and unrestricted funds are available. When an expenditure is incurred for a purpose for which amounts in any of the unrestricted classifications of fund balance could be used, the City considers committed amounts to be reduced first, followed by assigned amounts and then unassigned amounts.
Per Resolution No. 15,887 adopted on June 17, 2025, 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 unanticipated revenue shortfalls; (3) take advantage of unexpected opportunities; (4) invest in projects with a rapid payback; (5) ensure against physical or natural disasters; and (6) provide interest earnings. The City Council will endeavor to maintain operating reserves in the utility funds equal to 25% of adopted budget for operating expenses.
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 are 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 Assessor of the County for the secured and unsecured property tax rolls; the utility property tax roll is valued by the California State Board of Equalization. Under the provisions of Article XIIIA of the State Constitutio n, properties are assessed at 100% of full value. The value of real taxable property is based on fiscal year 1976 levels. From this base of assessment, subsequent annual increases in valuation are limited to a maximum of 2%. 88 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -62-
N. Property Taxes (Continued)
Property Valuation (Continued)
However, increases to full value are allowed for property improvements or upon change in ownership. Personal property is excluded from these limitations, and is subject to annual reappraisal.
Tax Levies
The county-wide tax levy for general revenue purposes is limited to 1% of full value, for a tax rate of $1.00 per $100 of assessed valuation. Tax rates for voter -approved indebtedness prior to passage of Proposition 13 are excluded from this limitation. Ta xes 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.
Tax Lien Dates
All lien dates attach annually on January 1 preceding the fiscal year for which the taxes are levied.
Liens against real estate, and taxes on personal property, are not relieved by subsequent renewal or change in ownership.
Tax Collections
The County Treasurer -Tax Collector is responsible for all property tax collections. Taxes and assessments on the secured and utility rolls, which constitute a lien against the property, may be paid in two installments: (1) the first installment is due on N ovember 1 of the fiscal year and is delinquent 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 taxes do not constitute a lien against real property unless the taxes become delinquent. Payment must be paid in one installment, which is delinquent if not paid by August 31 of the fiscal year. Significant penalties are imposed for late payments.
Tax Apportionments and Special District Augmentation Fund (SDAF) Due to the nature of the county-wide maximum levy, it is not possible to identify general purpose tax rates for specific entities. 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 greater flexibility in the allocation of the total levy to special districts under this basic apportionment method. Each spec ial 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.
89 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -63-
P. Use of Estimates
The preparation of the City ’s basic financial statements in accordance with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, deferred outflows of resources, liabilities, deferred inflows of resources, the disclosure of contingent assets and liabilities at the date of the basic financial statements, and revenues and expenses during the reported period. Actual results could differ from those estimates.
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 adopted 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 appropriations) 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 contracts, for goods and/or services. Even though unencumbered appropriations lapse at the end of the fiscal year, unfilled purchase orders of the current year are carried forward and the next year’s appropriations are likewise encumbered.
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 o wnership, 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 mining pits for water recharge purposes to implement the Recharge Program 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 their representation on the Board. Accounting services are provided by the City.
The City has no financial responsibility for any of the JPA’s liabilities. The City made no monetary contributions to assist in the operational expenses of the Authority during fiscal year ended June 30, 2025. Complete financial statements may be obtained from the Finance Department, City of Oxnard, 300 W. 3rd St, Oxnard, CA 93030.
As of June 30, 2025, the JPA had total assets of $862,390, total net position of $862,390, and total change in net position of $(44,696) for the year then ended. 90 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
I. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (CONTINUED) -64-
T. Subsequent Events
In preparation of these financial statements, the City considered subsequent events through July 29, 2026, which is the date these financial statements were available to be issued . Please also see Note V.A. Commitments and Contingencies.
Credit Ratings
On July 23, 2025, Standard & Poor’s Global Ratings (S&P), a leading provider of transparent and independent credit ratings worldwide, upgraded the Water Fund rating from “A” to “A+”. On July 30, 2025, S&P assigned the Wastewater Revenue Refunding Bonds, series 2025 a rating of “A+”, and upgraded the Wastewater Fund rating from “A” to “A+”. The Issuer Credit Rating, General Fund Lease, and Gas Tax Fund ratings were maintained at “AA-”, “A+” and “AA” respectively.
Wastewater Revenue Refunding Bonds, Series 2025
On September 10, 2025, the City of Oxnard Financing Authority issued $47,705,000 Wastewater Revenue Refunding Bonds, Series 2025, pursuant to the provisions of Sections 53570 and 53580 of the California Government Code, a resolution adopted by the City Cou ncil of the City on July 29, 2025, and an Indenture of Trust, dated as of September 1, 2025, between the City and Computershare Trust Company, National Association, as trustee. The 2025 Wastewater Refunding Bonds was issued to provide funds to refund the Wastewater Revenue Refunding Bonds, Series 2014.
Environmental Resources Residential Rate Change
Subsequent to June 30, 2025, the City evaluated the impact of a June 2025 decision by the California Court of Appeal, Fourth Appellate District, which held that an infrastructure use fee embedded in the City of Redlands’ solid waste rates violated Vehicle Code section 9400.8. In response, the City amended its solid waste rates effective October 14, 2025, to remove the infrastructure use fee component from single ‑family residential solid waste rates and adopted a corresponding amendment to the related rate o rdinance on November 18, 2025. This matter did not result in an adjustment to the City’s financial statements as of and for the year ended June 30, 2025.
91 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS
-65-
A. Cash and Investments
The City’s cash and investments, including restricted investments with fiscal agents, consist of the following at June 30, 2025:
The City’s deposits and investments are reflected in the accompanying basic financial statements as follows:
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 2025, the City has a bank balance of $27,162,331 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.
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 the maximum security while meeting the daily cash flow demands of the City and conforming to all state and local statutes governing the investment of public funds. The primary goals of the City are safety, liquidity, and yield in that priority order. The authority to manage the investment program is derived from CGC $53600, et seq., CGC $37103 and CGCS 53060. Management’s responsibility for the investment program shall be delegated for a one-year period by the City Council via resolution, to the Chief Financial Officer (CFO) who shall thereafter assume full responsibility for those transactions until the delegation of authority is revoked by the City Council. The investment policy applies to the City ’s pooled investment fund which encompasses all monies including the General Fund, Special Revenue Funds, Capital Project Funds, Enterprise Funds, Internal Se rvice Funds, and Fiduciary Funds, excluding retirement, retiree health care savings/trust/plans, deferred compensation plans, restricted investments with fiscal agents, proceeds of bonds, Successor Agency funds, and Oxnard Housing Authority funds.
AMOUNT
Petty cash 10,700$
Deposits 23,586,318
Investments 497,329,478
Cash and investments 520,926,496
Restricted cash and investments 162,429,295
TOTAL 683,355,791$
GOVERNMENTAL BUSINESS-TYPE FIDUCIARY
ACTIVITIES ACTIVITIES FUNDS TOTAL
Cash and Investments 315,388,064$ 192,172,788$ 13,365,644$ 520,926,496$ Restricted cash and investments 10,264,416 14,975,096 137,189,783 162,429,295 TOTALS 325,652,480$ 207,147,884$ 150,555,427$ 683,355,791$ 92 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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A. Cash and Investments (Continued)
Authorized Investments
The City’s investments are managed by the Chief Financial Officer, fiscal agents (bond trustees acting in accordance with bond covenants), and authorized representatives of the Housing Authority. Investments managed by the City and the Housing Authority are invested in accordance with the City and Housing Authority’s investment policies, respectively. Investments managed by bond trustees are invested in accordance with provisions of the respective 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 investment manager are as follows:
The investment policy, adopted on July 2, 2024 , via Resolution 15,816, delegated the management of the investment program to the Chief Financial Officer who shall establish written procedures for the operation of the investment program consistent with the Investment Policy .
The CFO 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 accorda nce with the City ’s investment policy. Allowable investments are detailed in the following table. The exception is the Enhanced Retirement Trust Pool, which is not subject to Government Code Section 53601.
AMOUNT
City Treasury Cash and Investments 496,654,606$
Restricted Investments Held with Fiscal Agents
Bond Trustees for the City and its Component Units 24,848,660 OPEB and Pension Trust 5,000,000
Enhanced Retirement Trust Pool 129,210,642
Oxnard Housing Authority (Includes Investments Held 27,641,883 by Fiscal Agent)
TOTAL 683,355,791$
93 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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A. Cash and Investments (Continued)
Authorized Investments (Continued)
The Housing Authority ’s investment policy, which is substantially the same as the City ’s, and related disclosures regarding its investments at June 30, 2025, 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’s investment pool is comprised of pooled deposits, investments, the State of California Local Agency Investment Fund (LAIF), and Ventura County Investment Pool (VCIP) investments.
The City’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 allocating the City ’s share of the investment pools’ fair value as reported by LAIF and VCIP.
The City is a voluntary participant in LAIF which is considered an external investment pool. LAIF is part of the State ’s Pooled Money 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 members qualified by training and experien ce 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. VCIP is for local public government agencies and school districts within Ventura County and is managed by the Ventura County Treas urer-Tax Collector. VCIP’s portfolio must comply with the County ’s Investment Policy which is governed by the Ventura County Board of Supervisors. VCIP is rated by Standard and Poor’s; the most recent rating report is dated January 7, 2026 , and is availabl e via the Offic e of Ventura County Treasurer -Tax Collector’s website.
AUTHORIZED MAXIMUM
BY MAXIMUM INVESTMENT
INVESTMENT MAXIMUM PERCENTAGE IN ONE MINIMUM
POLICY MATURITY OF PORTFOLIO ISSUER RATINGS
U.S. Treasury and Agencies Yes 5 Years 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 Years 30% None Aa/AA-
Certificate of Deposit (CDs) Yes N/A 30% None A
Repurchase Agreements Yes 90 Days 20% None None
Medium Term Notes Yes 5 Years 30% None A
Mutual Funds Yes N/A 20% None None
LAIF, VCIP, CalTrust Yes N/A None None None
INVESTMENT TYPES
AUTHORIZED BY SECTION 53601
94 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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A. Cash and Investments (Continued)
Authorized Investments (Continued)
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 investment under the terms of the applicable trust agreement, directs the bond trustee to acquire the investment, and the bond trustee then holds the investment on behalf of the City and/or its component units. Proceeds of bonds administered by bond trustees are also generally covered under the City ’s investment policy; however, specific provisions of each issuance are usually used in managing such investments. Two of the major differences are as follows:
• Allowance of investments in guaranteed investment contracts • Allowance of investment maturities in excess of five years For purposes of the Statement of Cash Flows 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.
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 sensitivity 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:
LESS
THAN 1 1-5 TOTAL
Federal Agency Securities 100,801,889$ 211,328,586$ 312,130,475$ Ventura County Investment Pool 51,730,936 - 51,730,936 California Local Agency Investment Fund 96,563,660 - 96,563,660 U.S. Treasury Bill 4,971,985 5,013,865 9,985,850 Medium Term Notes 17,215,362 7,737,582 24,952,944 Corporate Bonds 1,973,644 - 1,973,644 Money Market Fund 24,840,629 - 24,840,629 TOTAL INVESTMENTS 298,098,105$ 224,080,033$ 522,178,138 Enhanced Retirement Trust Pool, OPEB and Pension Trust 134,210,642 Cash in Banks and on Hand 26,967,011
TOTAL CASH AND INVESTMENTS 683,355,791$
INVESTMENT MATURITIES
(IN YEARS)
95 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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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. The 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, 2025:
Concentration of Credit Risk
Investments in the securities of any individual issuer, other than U.S. Treasury securities, mutual funds, and external investment funds that represent 5% or more of total entity -wide investments are as follows at June 30, 2025:
AAA AA+ AA- BBB+ A- TOTAL
Federal Agency Securities 986,960$ 306,236,390$ -$ -$ -$ 307,223,350$ Ventura County Investment Pool 51,730,936 - - - - 51,730,936 Medium Term Notes - 978,780 1,472,401 1,934,620 6,960,630 11,346,431 TOTALS 52,717,896$ 307,215,170$ 1,472,401$ 1,934,620$ 6,960,630$ 370,300,717
NOT RATED
Federal Agency Securities 4,907,132
Medium Term Notes 15,580,150
California Local Agency Investment Fund 96,563,660
Money Market Fund 24,840,629
Enhanced Retirement Trust Pool, OPEB and Pension Trust 134,210,642 U.S. Treasury Bill 9,985,850
TOTAL INVESTMENTS 656,388,780
Cash in Banks and on Hand 26,967,011
TOTAL 683,355,791$
INVESTMENT TYPE
ISSUER TYPES OF INVESTMENTS AMOUNTS
Federal Home Loan Bank Federal Agency Coupon Securities 212,641,255$ Federal Home Loan Mtg Corp Federal Agency Coupon Securities 57,395,555 Federal Farm Credit Bank Federal Agency Coupon Securities 41,109,180 96 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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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 having value of 150% of the secured public deposits.
For investments identified herein as held by fiscal agent, the trustee selects the investment under the terms of the applicable trust agreement, acquires the investment, and holds the investment on behalf of the reporting government.
Fair Value Measurements
The City has the following recurring fair value measurements as of June 30, 2025:
LEVEL 1 LEVEL 2 TOTAL
Investment Type
Federal Agency Securities 312,130,475$ -$ 312,130,475$ California Local Agency Investment Fund - 96,563,660 96,563,660 Ventura County Investment Pool - 51,730,936 51,730,936 U.S. Treasury Bill 9,985,850 - 9,985,850 Medium Term Notes 24,952,944 - 24,952,944 Corporate Bonds 1,973,644 - 1,973,644 349,042,913 148,294,596 497,337,509
Held by Trustees/Fiscal Agent
Money Market Fund 24,840,629 - 24,840,629 24,840,629 - 24,840,629
Enhanced Retirement Trust Pool
Mutual Funds 129,210,642 - 129,210,642 OPEB and Pension Trust
Money Market Fund 5,000,000 - 5,000,000 134,210,642 - 134,210,642
TOTAL INVESTMENTS AT FAIR VALUE 508,094,184$ 148,294,596$ 656,388,780$
INVESTMENTS AT FAIR VALUE
AS OF JUNE 30, 2025
97 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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B. Receivables and Payables
Accounts receivable and other receivables as of June 30, 2025 , included in the accompanying Statement of Net Position primarily consist of the following:
Accounts payable and other liabilities as of June 30, 202 5, reported on the Statement of Net Position primarily consist of the following:
GOVERNMENTAL BUSINESS-TYPE
ACTIVITIES ACTIVITIES
ACCOUNTS RECEIVABLE
Utilities receivable 11,395$ 19,224,753$ Accounts receivable billed and accrued 6,249,344 4,186,423 Other receivables 2,451,059 2,159,085
8,711,798 25,570,261
Allowance for uncollectible receivables (3,346,662) (1,488,418) TOTALS 5,365,136$ 24,081,843$
GOVERNMENTAL BUSINESS-TYPE
ACTIVITIES ACTIVITIES
ACCOUNTS PAYABLE AND
OTHER LIABILITIES
Accounts payable (due to vendors) 23,864,793$ 13,248,886$ Other liabilities
Accrued payroll and benefits 7,772,091 728,057 Contingent liabilities 2,582,898 2,000,000 Other payables 7,151,039 7,356,118
Total Other liabilities 17,506,028 10,084,175 TOTALS 41,370,821$ 23,333,061$
98 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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C. Interfund Receivables and Payables
Total interfund receivables and payables at June 30, 202 5, 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:
The interfund balances at June 30, 2025, are temporary loans to cover short-term cash deficits in various funds.
Advances to Oxnard Housing Authority
Effective July 1, 2001, the Housing Authority entered into a Settlement Agreement with the City that resolved a dispute regarding the amount of reimbursements the Housing Authority owed to the City for workers ’ compensation claims. Prior to fiscal year 2002, the City administered the Housing Authority’s workers’ compensation claims. It was agreed that the amount owed by the Housing Authority for these claims as of June 30, 2001, would be $993,000. From 2002 through 2025, there have been certain repayments and additional claims expenses that have affected the outstanding balance. No interest accrued on the outstanding balance. The balance as of June 30, 2025, is $686,965.
In the government wide statement of net position, interfund balances i ncludes $315,499 net internal receivable from business -type activities to governmental activities representing the portion of the net deficit of internal service funds attributable to business-type activities.
INTERFUND INTERFUND
RECEIVABLE PAYABLE
Due To/From Other Funds
General Fund GF 17,603$ -$
Nonmajor Governmental Funds NM 12,374,513 (17,603) State and Federal Grants FundState and Fed Grant - (12,374,513) 12,392,116 (12,392,116)
Advances To/From Other Funds
Internal Service Fund 686,965 -
686,965 -
Due To/From Other Funds
Water Water 153,456 -
Golf Course - (153,456)
153,456 (153,456)
Advances To/From Other Funds
Oxnard Housing Authority - (686,965) -$ (686,965)$
99 CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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D. Interfund Transfers
Interfund transfers generally fall within one of the following categories:
• Debt service payments made from a debt service fund but funded from an operating fund; • Program support that generally reflects subsidies and allocations between funds; and • Transfers of capital assets between governmental activities and enterprise funds.
The following transfers in and out are reflected in the financial statements for the year ended June 30, 2025:
TRANSFERS TRANSFERS NET
DESCRIPTION IN OUT TRANSFERS
GOVERNMENTAL ACTIVITIES
General Fund Program Support 3,044,644$ (20,040,246)$ (16,995,602)$ General Fund Debt Service - (6,867,463) (6,867,463) Developer Fees Program Support - (3,626,053) (3,626,053) Developer Fees Debt Service - (535,975) (535,975) State and Federal Grants Fund Program Support 543,025 (28,271,965) (27,728,940) Capital Improvement Fund Capital Improvement 45,020,429 - 45,020,429 Nonmajor Governmental Funds Program Support 11,253,928 (10,637,177) 616,751 Nonmajor Governmental Funds Debt Service 7,668,169 (22,993) 7,645,176 Internal Service Funds Debt Service - (102,520) (102,520) Total Governmental Activities 67,530,195 (70,104,392) (2,574,197)
BUSINESS-TYPE ACTIVITIES
Water Program Support - (10,579,999) (10,579,999) Water Capital Improvements 10,694,881 - 10,694,881 Wastewater Program Support - (17,001,631) (17,001,631) Wastewater Capital Improvements 19,021,233 - 19,021,233 Environmental Resource Program Support - (87,111) (87,111) Environmental Resource Capital Improvements 526,824 - 526,824 Golf Course Program Support - (37,570) (37,570) Golf Course Capital Improvements 37,570 - 37,570 Total Business-Type Activities 30,280,508 (27,706,311) 2,574,197 TOTALS 97,810,703$ (97,810,703)$ -$
100
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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E. Lease Receivable
As of June 30, 2025, the City has eleven active leases. The leases have receipts that range from $5,389 to $105,452 and interest rates that range from 0.2450% to 2.2870%. As of June 30, 2025, the total combined value of the lease receivable is $ 1,002,312, and the combined value of the deferred inflow of resources is $923,402. The leases have no variable or other receipts within the fiscal year.
The future minimum lease payments receivable are as follows:
FISCAL
YEAR PRINCIPAL INTEREST TOTAL
2026 371,663$ 13,357$ 385,020$
2027 192,939 9,974 202,913
2028 90,152 7,714 97,866
2029 93,189 6,135 99,324
2030 96,334 4,491 100,825
2031 - 2033 158,035 5,430 163,465
TOTALS 1,002,312$ 47,101$ 1,049,413$
GOVERNMENTAL ACTIVITIES
101
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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F. Notes Receivable
At June 30, 2025, the City’s net notes receivable consisted of the following:
BALANCE BALANCE
JULY 1, 2024 ADDITIONS REDUCTIONS JUNE 30, 2025
GOVERNMENTAL ACTIVITIES
Residential Notes Receivable
CalHOME Loans 2,550,429$ -$ (80,000)$ 2,470,429$ BEGIN Loans 2,859,343 - (149,161) 2,710,182 CDBG Loans 3,561,700 - (254,419) 3,307,281 HOME Loans 5,447,970 - (514,384) 4,933,586 NSP Loans 297,550 - - 297,550 HERO Loans 88,473 - - 88,473 Other Loans 2,535,714 - - 2,535,714 Allowance for Doubtful Accounts (7,178,356) - 672,506 (6,505,850) Total Residential Notes Receivable 10,162,823 - (325,458) 9,837,365 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 1,589,306 - - 1,589,306 Sonata at Riverpark 3,000,000 - - 3,000,000 Sonata at Riverpark-PILOT 3,711,154 - (129,314) 3,581,840 Many Mansions-Ormond Beach 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 - Senior 720,846 - - 720,846 Meta Street Apts. 95,000 - - 95,000 Dolores Huerta Gardens (Etting Rd.) 1,668,600 - - 1,668,600 Cypress Place 1,000,000 600,000 - 1,600,000 Cypress Place (CDBG) 1,350,000 - - 1,350,000 Navigation Center-Casa de Carmen 439,921 987,571 - 1,427,492 Central Terrance 397,292 852,708 - 1,250,000 Colonial House - PILOT 3,202,826 - - 3,202,826 Navigation Center-Casa de Carmen (PHLA) - 500,000 - 500,000 *Oxnard Housing Authority (Las Cortes) - 800,000 - 800,000 Allowance for doubtful accounts (3,052,319) - - (3,052,319) Total Developer Notes Receivable 57,683,590 3,740,279 (129,314) 61,294,555 Total 67,846,413 3,740,279 (454,772) 71,131,920
BUSINESS-TYPE ACTIVITIES
Wastewater Loans 743,700 - (14,800) 728,900 Oxnard Housing Authority 3,121,406 - (3,121,406) - Total 3,865,106 - (3,136,206) 728,900 TOTAL GOVERNMENT-WIDE STATEMENTS 71,711,519$ 3,740,279$ (3,590,978)$ 71,860,820$ *Parties are related to the Oxnard Housing Authority
102
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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F. Notes Receivable (Continued)
GOVERNMENTAL ACTIVITIES
Residential Notes Receivable
The City offers loans to qualifying low -income individuals and families who require financial assistance for home -buying, home repairs, or mobile home replacements (no longer offered).
Residential outstanding loans at June 30, 2025, include the following programs: Home Investment Partnership Program (HOME), Community Development Block Grants (CDBG), Building Equity and Growth in Neighborhoods Program (BEGIN), 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 t o 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 Ventura County Recorder’s Office for the loan amount.
Developer Notes Receivable
The City entered into loan agreements with 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 betw een 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 $3,052,319 as of June 30, 2025, are loans to parties related the Oxnard Housing Authority.
PROGRAM AMOUNT INTEREST TERM FORGIVABLE
CalHOME 29,000$ 3.00% 30 Years No
BEGIN 26,000 3.00% 30 Years No
CDBG 24,000 0.00% 20 Years Yes
HOME 19,000 0.00% 12 Years Yes
NSP 41,000 0.00% 20 Years Yes
HERO 11,000 0.00% 6 Years Yes
Other 17,000 0.00% 24 Years Yes
103
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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F. Notes Receivable (Continued)
BUSINESS-TYPE ACTIVITIES
Septic to Sewer Project
The City provided financial assistance to property owners affected by the California Regional Water Quality Control Board Resolution No. 99 -13 of 1999, which prohibited the installation of new septic systems and called for the removal of existing septic systems in the area by 2008. The loans are interest free and payment plans are based on individual agreements.
Oxnard Housing Authority
In April 2014, the Authority issued a promissory note of $2,050,000 to Terraza De Las Cortes, L.P. for certain land the Authority received in a land exchange with the City. The note accrues interest at a rate of 5% compounded annually on the amount of the outstanding balance of the loan. Annual payments of 85% of the annual net cash flow of the property are made. All outstanding principal and accrued interest are payable on or before April 2069. During the year June 30, 2025, the Authority received full rep ayment of the outstanding principal balance. As of year-end, interest receivable of $8,926 remain unpaid.
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 demolition costs of the Los Cortes phase II development. The note accrue d interest at a rate of 3% simple interest per annum. This loan is associated with a broader disputed matter between the Authority and the developer. As a result of this dispute and based on management’s evaluation of collectability, the Authority determined that repayment of the note and related interest was not probable. Accordingly, during the year, the Authority wrote off note and interest receivable . In connection with the ongoing dispute, the Authority also recorded a contingent liability of $2,000,000, which is included in other current liabilities in the accompanying financial statements. 104
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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G. Capital Assets
Changes in the City’s capital assets for the year ended June 30, 2025, consisted of the following:
BALANCE BALANCE
JULY 1, 2024 ADDITIONS REDUCTIONS TRANSFERS JUNE 30, 2025
GOVERNMENTAL ACTIVITIES
Capital assets, not being depreciated/amortized
Land 1,391,720,555$ 532,147$ -$ -$ 1,392,252,702$ Construction in progress 83,386,984 43,437,041 (1,284,186) (16,235,497) 109,304,342 Total capital assets, not being
depreciated/amortized 1,475,107,539 43,969,188 (1,284,186) (16,235,497) 1,501,557,044 Capital assets, being depreciated/amortized
Artwork 87,000 - - - 87,000 Buildings 122,207,664 - (139,230) 632,020 122,700,454 Improvements other than buildings 102,576,076 - - 6,552,548 109,128,624 Equipment and machinery 53,459,429 2,821,868 (1,219,276) - 55,062,021 Intangible assets 9,190,413 - - 6,449,094 15,639,507 Intangible right-to-use subscription assets 4,668,668 1,045,379 (376,750) - 5,337,297 Infrastructure 706,753,778 - - 2,601,835 709,355,613 Total capital assets, being
depreciated/amortized 998,943,028 3,867,247 (1,735,256) 16,235,497 1,017,310,516 Less: Accumulated depreciation/amortization
Artwork (87,000) - - - (87,000) Buildings (52,344,691) (2,489,686) 139,230 - (54,695,147) Improvements other than buildings (35,743,360) (3,101,089) - (30,187) (38,874,636) Equipment and machinery (37,472,210) (2,720,298) 1,849,106 - (38,343,402) Intangible assets (612,694) (720,179) - - (1,332,873) Intangible right-to-use subscription assets (2,157,651) (1,126,687) - - (3,284,338) Infrastructure (311,254,930) (17,811,652) - 30,187 (329,036,395) Total accumulated depreciation/amortization (439,672,536) (27,969,591) 1,988,336 - (465,653,791) Total capital assets, being
depreciated/amortized, net 559,270,492 (24,102,344) 253,080 16,235,497 551,656,725
GOVERNMENTAL ACTIVITIES CAPITAL
ASSETS, NET 2,034,378,031$ 19,866,844$ (1,031,106)$ -$ 2,053,213,769$ 105
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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G. Capital Assets (Continued)
BALANCE BALANCE
JULY 1, 2024 ADDITIONS REDUCTIONS JUNE 30, 2025
BUSINESS-TYPE ACTIVITIES
Capital assets, not being depreciated/amortized
Land 47,481,488$ -$ -$ 47,481,488$ Construction in progress 76,243,079 33,628,572 (904,674) 108,966,977 Total capital assets, not being
depreciated/amortized 123,724,567 33,628,572 (904,674) 156,448,465 Capital assets, being depreciated/amortized
Buildings 259,868,463 469,378 (37,337) 260,300,504 Improvements other than buildings 34,606,396 - - 34,606,396 Equipment and machinery 129,916,880 2,226,714 (433,710) 131,709,884 Intangible right-to-use subscription assets 35,593 317,776 - 353,369 Infrastructure 444,410,708 - (409,263) 444,001,445 Total capital assets, being
depreciated/amortized 868,838,040 3,013,868 (880,310) 870,971,598 Less: Accumulated depreciation/amortization
Buildings (136,602,759) (5,715,884) 33,527 (142,285,116) Improvements other than buildings (17,810,165) (611,318) - (18,421,483) Equipment and machinery (72,088,851) (5,333,407) 342,765 (77,079,493) Intangible right-to-use subscription assets (20,763) (33,050) - (53,813) Infrastructure (173,759,096) (8,307,000) 396,928 (181,669,168) Total accumulated depreciation/amortization (400,281,634) (20,000,659) 773,220 (419,509,073) Total capital assets, being
depreciated/amortized, net 468,556,406 (16,986,791) (107,090) 451,462,525
BUSINESS-TYPE ACTIVITIES
CAPITAL ASSETS, NET 592,280,973$ 16,641,781$ (1,011,764)$ 607,910,990$ 106
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
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G. Capital Assets (Continued)
For the year ended June 30, 202 5, depreciation expense on capital assets was charged as follows:
AMOUNT
GOVERNMENTAL ACTIVITIES
General government 1,692,828$
Public safety 2,745,363
Public works 21,823,227
Community development 24,542
Culture, leisure and libraries 691,337
Capital assets held by the City's internal service fund 992,294
TOTAL GOVERNMENTAL ACTIVITIES
DEPRECIATION AND AMORTIZATION EXPENSE 27,969,591$
BUSINESS-TYPE ACTIVITIES
Water 7,833,314$
Wastewater 7,714,996
Environmental resources 2,614,391
Golf course 594,518
Oxnard Housing Authority 1,243,440
TOTAL BUSINESS-TYPE ACTIVITIES
DEPRECIATION AND AMORTIZATION EXPENSE 20,000,659$
107
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-81-
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, 2025:
BALANCE BALANCE DUE WITHIN
JULY 1, 2024 ADDITIONS REDUCTIONS JUNE 30, 2025 ONE YEAR
GOVERNMENTAL ACTIVITIES
Lease Revenue Bonds
Lease Revenue Project and Refunding Bonds,
Series 2014 7,210,000$ -$ (1,305,000)$ 5,905,000$ 1,370,000$ Lease Revenue Refunding Bonds, Series 2018 19,340,000 - (1,550,000) 17,790,000 1,590,000 Lease Revenue Refunding Bonds, Series 2019A 24,095,000 - (860,000) 23,235,000 910,000 Unamortized Premiums 4,191,725 - (422,544) 3,769,181 - Unamortized Discounts (17,156) - 1,015 (16,141) - Revenue Bonds
Gas Tax Revenue Refunding Bonds, Series 2020 14,020,000 - (785,000) 13,235,000 805,000 Unamortized Premiums 2,711,000 - (21,564) 2,689,436 - Lease Purchase Agreements
B of A Lease Purchase 2018, Draw #22 355,147 - (355,147) - - B of A Lease Purchase 2022, Draw #25* 2,672,354 - (521,475) 2,150,879 310,543 B of A Lease Purchase 2022, Draw #26 1,761,641 - (193,047) 1,568,594 200,244 B of A Lease Purchase 2023, Draw #27 2,827,212 - (308,470) 2,518,742 320,348 2012 Lease Purchase 1,587,815 - (377,521) 1,210,294 389,985 2014 Lease Purchase - Fire Station 8 8,975,000 - (955,000) 8,020,000 1,005,000 Unamortized Premiums 126,883 - (16,918) 109,965 - 89,856,621 - (7,670,671) 82,185,950 6,901,120 Notes payable 23,603 - (23,603) - - Subscription liabilities 2,235,103 954,354 (1,597,986) 1,591,471 811,662 Compensated absences 18,104,573 13,246,002 (11,394,829) 19,955,746 17,359,382 Net pension liabilities 277,540,697 105,686,601 (111,225,183) 272,002,115 - Other post-employment benefits payable 55,821,235 5,530,546 (2,377,308) 58,974,473 714,916 Self-insurance claims 47,885,625 18,894,777 (12,321,018) 54,459,384 10,536,944 TOTAL GOVERNMENTAL ACTIVITIES 491,467,457$ 144,312,280$ (146,610,598)$ 489,169,139$ 36,324,024$ * The reduction includes the application of the $205,740 unspent trustee balance toward the remaining outstanding principal.
Lease purchase, loans payable and revenue
bonds, net of premiums and discounts
108
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-82-
H. Long-term Debt (Continued)
BALANCE BALANCE DUE WITHIN
JULY 1, 2024 ADDITIONS REDUCTIONS JUNE 30, 2025 ONE YEAR
BUSINESS-TYPE ACTIVITIES
Revenue Bonds
Water Revenue Project Bonds, Series 2010B 79,640,000$ -$ (2,150,000)$ 77,490,000$ 2,240,000$ Water Revenue Refunding Bonds, Series 2018 34,240,000 - (1,420,000) 32,820,000 1,490,000 Water Bond Series 2021A 21,095,000 - (415,000) 20,680,000 435,000 Water Revenue Refunding Bonds, Series 2021 20,595,854 - (1,818,916) 18,776,938 1,870,276 Unamortized Premiums 6,137,945 - (410,134) 5,727,811 - Unamortized Discounts (436,885) - 28,035 (408,850) - Total Water Fund 161,271,914 - (6,186,015) 155,085,899 6,035,276 Revenue Bonds
Wastewater Revenue Refunding Bonds, Series 2014 56,155,000 - (4,465,000) 51,690,000 4,690,000 Wastewater Revenue Refunding Bonds, Series 2018 17,105,000 - (1,365,000) 15,740,000 1,430,000 Unamortized Premiums 5,867,641 - (658,725) 5,208,916 - Loan
Clean Water State Revolving Fund (SRF) Loan, 2021 - 20,883,126 - 20,883,126 - Total Wastewater Fund 79,127,641 20,883,126 (6,488,725) 93,522,042 6,120,000 Lease Purchase Agreements
B of A Lease Purchase 2018, Draw #23 2,067,575 - (524,864) 1,542,711 541,028 B of A Lease Purchase 2021, Draw #24 5,952,257 - (1,455,865) 4,496,392 1,477,122 Total Environmental Resources Fund 8,019,832 - (1,980,729) 6,039,103 2,018,150 248,419,387 20,883,126 (14,655,469) 254,647,044 14,173,426 Notes payable 482,450 800,000 - 1,282,450 269,710 Subscription liabilities 12,458 317,776 (71,236) 258,998 60,886 Compensated absences 4,026,473 3,635,191 (2,805,979) 4,855,685 3,973,300 Net pension liabilities 69,018,683 13,949,492 (31,017,747) 51,950,428 - Other post-employment benefits payable 15,421,626 1,527,937 (656,908) 16,292,655 155,415 Other noncurrent liabilities 725,223 317,269 (368,100) 674,392 281,661 TOTAL BUSINESS-TYPE ACTIVITIES 338,106,300$ 41,430,791$ (49,575,439)$ 329,961,652$ 18,914,398$ Lease purchase, loans payable and revenue
bonds, net of premiums and discounts
109
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-83-
H. Long-term Debt (Continued)
The summary annual debt service requirements are shown below for all long-term debt:
* This excludes debt service for the SRF loan. Loan payments will begin one year after completion of construction, anticipated on January 15, 2029, and continue through January 15, 2058, with an estimated annual payment of $3,383,209.
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 6,901,120$ 3,079,624$ 9,980,744$ 2027 7,190,028 2,795,333 9,985,361 2028 7,484,327 2,491,459 9,975,786 2029 7,349,777 2,172,350 9,522,127 2030 5,999,582 1,854,196 7,853,778 2031-2035 24,673,675 5,754,427 30,428,102 2036-2040 14,015,000 1,723,176 15,738,176 2041 2,020,000 76,841 2,096,841 TOTALS 75,633,509$ 19,947,406$ 95,580,915$
GOVERNMENTAL ACTIVITIES
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 14,173,426$ 11,679,960$ 25,853,386$ 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 14,505,234 8,999,690 23,504,924 2031-2035 75,701,987 33,415,531 109,117,518 2036-2040 56,645,000 15,745,943 72,390,943 2041-2045 4,955,000 3,286,200 8,241,200 2046-2050 6,040,000 2,211,800 8,251,800 2051-2055 7,340,000 903,800 8,243,800 TOTALS 223,236,041$ 107,344,291$ 330,580,332$ BUSINESS-TYPE ACTIVITIES*
110
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-84-
H. Long-term Debt (Continued)
Bonds - Governmental Activities
Lease Revenue Project and Refunding Bonds, Series 2014
On November 4, 2014, the Authority issued $21,225,000 of Lease Revenue Project and Refunding Bonds, Series 2014. The purposes of the bonds were to refund the outstanding Lease Revenue Refunding Bonds, Series 2003A, 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 deb t 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, 2025, the total balance outstanding was $5,905,000.
As of June 30, 2025, the total future debt payments for the Lease Revenue Project and Refunding Bonds, Series 2014, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 1,370,000$ 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
TOTAL 5,905,000$ 756,000$ 6,661,000$
LEASE REVENUE PROJECT AND REFUNDING
BONDS, SERIES 2014
111
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-85-
H. Long-term Debt (Continued)
Bonds - Governmental Activities (Continued)
Lease Revenue Refunding Bonds, Series 2018
On April 20, 2018, the Authority issued $28,810,000 of Lease Revenue Refunding Bonds, Series 2018. The purpose of the bonds was to pay for the principal and interest on the Variable Rate Demand Lease Revenue Bonds, Series 2003B and 2006. The refunding resulted in an economic gain of $965,987 and an estimated cash flow savings of $1,160,111. The lease payments on these bonds constitute obligations of the City ’s General Fund. The bonds mature annually in amounts ranging from $985,000 on June 1, 2018, to $1,310,000 on June 1, 2036. Interest on the bonds is payable on June 1 and December 1 of each year, with interest rates ranging from 3 percent to 5 percent. As of June 30, 2025, the total balance outstanding was $17,790,000.
As of June 30, 202 5, the total future debt payments for the Lease Revenue Refunding Bonds, Series 2018, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 1,590,000$ 889,500$ 2,479,500$
2027 1,640,000 810,000 2,450,000
2028 1,680,000 728,000 2,408,000
2029 1,720,000 644,000 2,364,000
2030 1,770,000 558,000 2,328,000
2031-2035 8,080,000 1,453,750 9,533,750
2036 1,310,000 65,500 1,375,500
TOTAL 17,790,000$ 5,148,750$ 22,938,750$
LEASE REVENUE REFUNDING BONDS,
SERIES 2018
112
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-86-
H. Long-term Debt (Continued)
Bonds - 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 addi tional 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, 2025, the total balance outstanding was $23,235,000.
As of June 30, 202 5, the total future debt payments for the Lease Revenue Refunding Bonds, Series 2019A, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 910,000$ 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 1,165,000 686,299 1,851,299
2031-2035 7,000,000 2,827,576 9,827,576
2036-2040 9,040,000 1,433,976 10,473,976
2041 2,020,000 76,841 2,096,841
TOTAL 23,235,000$ 8,068,344$ 31,303,344$
LEASE REVENUE REFUNDING BONDS,
SERIES 2019A
113
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-87-
H. Long-term Debt (Continued)
Bonds - 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 Certificates of Participation. The refunding resulted in an economic gain of $4,843,757 and an estimated total cash flow savings of $5,721,089. The bonds are secured solely by gas tax revenues received from the State of California. The bonds mature annually in amounts ranging from $665,000 on September 1, 2020, to $1,270,000 on September 1, 2037. Interest 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, 2025, the total balance outstanding was $13,235,000.
As of June 30, 2025, the total future debt payments for the Gas Tax Revenue Refunding Bonds, Series 2020, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 805,000$ 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 930,000 374,800 1,304,800
2031-2035 5,240,000 1,272,800 6,512,800
2036-2038 3,665,000 223,700 3,888,700
TOTAL 13,235,000$ 3,718,875$ 16,953,875$
GAS TAX REVENUE REFUNDING BONDS,
SERIES 2020
114
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-88-
H. Long-term Debt (Continued)
Bonds – 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 Installment Payments and the outstanding Parity Obligations. As of June 30, 2025, 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 dir ectly from the United States Treasury equal to 35% of each interest payment. Since 2013, approximately 5.9% - 8.7% of the expected subsidy has been sequestered by the U.S. Treasury, effectively reducing the interest subsidy to 32.9%. The proceeds from the sale of the bonds were used to finance a portion of the cost of certain capital improvements related to the GREAT program. The 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 balance outstanding as of June 30, 2025, is $77,490,000.
As of June 30, 2025, the total future debt payments for the Water Revenue Project Bonds, Series 2010B, including interest thereon, are as follows:
*Interest is presented on a gross basis, excluding Build America Bonds subsidy from the US Treasury.
FISCAL YEAR PRINCIPAL INTEREST* TOTAL
2026 2,240,000$ 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 2,670,000 4,711,157 7,381,157
2031-2035 15,220,000 20,665,290 35,885,290
2036-2040 50,015,000 11,822,030 61,837,030
TOTAL 77,490,000$ 57,712,738$ 135,202,738$
WATER REVENUE PROJECT BONDS,
SERIES 2010B
115
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-89-
H. Long-term Debt (Continued)
Bonds – 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, 2025, 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, 2025 is $32,820,000.
As of June 30, 202 5, the total future debt payments for the Water Revenue Refunding Bonds, Series 2018, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 1,490,000$ 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 1,810,000 1,245,913 3,055,913
2031-2035 17,970,000 4,355,313 22,325,313
2036 6,630,000 256,913 6,886,913
TOTAL 32,820,000$ 11,662,291$ 44,482,291$
WATER REVENUE REFUNDING BONDS,
SERIES 2018
116
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-90-
H. Long-term Debt (Continued)
Bonds – 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, 2025, Parity Obligations as described on these bonds are Series 2010B, 2018, 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 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 advan ce refund all the outstanding principal amount of $9,560,000 of the Water Revenue Project Bonds, Series 2010A and 2012. This refunding resulted in an economic loss of $1,934,875 and an estimated cash flow deficit of $1,426,231. The balance outstanding as of June 30, 2025, is $20,680,000.
As of June 30, 202 5, the total future debt payments for the Water Revenue Refunding Bonds, Series 2021A, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 435,000$ 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 505,000 753,600 1,258,600
2031-2035 - 3,667,000 3,667,000 2036-2040 - 3,667,000 3,667,000 2041-2045 4,955,000 3,286,200 8,241,200
2046-2050 6,040,000 2,211,800 8,251,800
2051-2055 7,340,000 903,800 8,243,800
TOTAL 20,680,000$ 17,691,200$ 38,371,200$
WATER REVENUE PROJECT BONDS,
SERIES 2021A
117
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-91-
H. Long-term Debt (Continued)
Bonds – 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, 2025, Parity Obligations as described on these bonds are Series 2010B, 2018 and 2021A Water Revenue Bonds. The Installment Payments on these bonds are secured by a first priority lien on the net system revenues of the City ’s water fund. These bonds were issued on November 2, 2021, in the amount of $24,159,946. These bonds carry a net interest cost of
2.700% and mature on June 1, 2034. A portion of the proceeds were used to advance refund all the outstanding principal amount of $24,031,946 of the Water Revenue Bonds, Series 2014. This refunding resulted in an economic gain of $1,098,806 and an estimated cash flow savings of $1,398,084. The balance outstanding as of June 30, 2025, is $18,776,938.
As of June 30, 202 5, the total future debt payments for the Water Revenue Refunding Bonds, Series 2021, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 1,870,276$ 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 2,080,234 296,520 2,376,754
2031-2034 8,901,987 608,778 9,510,765
TOTAL 18,776,938$ 2,624,595$ 21,401,533$
WATER REVENUE REFUNDING BONDS,
SERIES 2021
118
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-92-
H. Long-term Debt (Continued)
Bonds – Business-Type Activities (Continued)
Wastewater Revenue Refunding Bonds, Series 2014
Wastewater Revenue Refunding Bonds, Series 2014 were issued on November 18, 2014 , in the amount of $71,985,000 to refund the Wastewater Revenue Refunding Bonds, Series 2004 issued on June 22, 2004, with outstanding balance of $80,000,000. These bonds carry a net interest cost of 4.211% and mature on June 1, 2034. The City has pledged all net wastewater revenues and all amounts on deposit in the Revenue Fund for the payment of the 2014 Installment Pa yments and the outstanding Parity Obligations. The balance outstanding as of June 30, 202 5, is $51,690,000.
As of June 30, 202 5, Parity Obligations include the 2018 Wastewater Revenue Bonds. The Installment Payments on the 2014 Bonds are secured by a first priority lien on the net system revenues (as defined in the trust indenture) of the City ’s wastewater fund. Such obligation exists through the maturity date of the bonds at June 1, 2034.
As of June 30, 202 5, the total future debt payments for the Wastewater Revenue Refunding Bonds, Series 2014, including interest thereon, are as follows:
The Wastewater Revenue Refunding Bonds, Series 2014 , were refunded in October 2025 through the issuance of the Wastewater Refunding Bonds, Series 2025. Refer to Note I.T.
Subsequent Events for more information.
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 4,690,000$ 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 5,700,000 1,574,250 7,274,250
2031-2034 25,785,000 3,301,500 29,086,500
TOTAL 51,690,000$ 13,759,500$ 65,449,500$
WASTEWATER REVENUE REFUNDING BONDS,
SERIES 2014
119
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-93-
H. Long-term Debt (Continued)
Bonds – 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, 202 5, Parity Obligations include the 2014 Wastewater Revenue Bonds. The Installment Payments on these bonds are secured by a first priority lien on the net system revenues of the City’s wastewater fund. These bonds were issued on November 14, 2018, in the amount of $24,550,000. These bonds carry a net interest cost of 3.6% and mature on June 1, 2034. A portion of the proceeds were used to advance refund all the outstanding principal amount of $14,675,000 of the Wastewater Revenue Project Bonds, Series 2004B and $9,385,000 of the Wastewater Revenue Project Bonds, Series 2006 and finance the termination payment with respect to an interest rate swap relating to the 2004 Bonds. This refunding resulted in an economic gain of $1,812,042 and a cash flow sav ings of $2,282,549. The balance outstanding as of June 30, 2025, is $15,740,000.
As of June 30, 202 5, the total future debt payments for the Wastewater Revenue Refunding Bonds, Series 2018, including interest thereon, are as follows:
Arbitrage
The Tax Reform Act of 1986 instituted certain arbitrage restrictions with respect to the issuance of tax exempt bonds after August 31, 1986. Arbitrage regulations deal with the investment of all tax exempt bond proceeds at an interest yield greater than the interest yield paid to bondholders.
Generally, all interest paid to bondholders can be retroactively rendered taxable if applicable rebates are not reported and paid to the Internal Revenue Service (IRS) at least every five years.
During the current year, the City performed calculations of excess investment earnings on various bonds and financings. Potential liabilities were calculated for the issues and rebate payments were made as appropriate. As of June 30, 2025, the City’s arbitrage rebate liability totals $68,281, pertaining to the Water Revenue Bonds 2021A, and is recognized as a liability of the Water Fund.
Credit Rating
As of June 30, 202 5, the City ’s issuer credit rating was “AA-” while maintaining ratings of “A”, “AA-”, “A” and “A” for General (Lease Revenue), Gas Tax, Water and Wastewater Bonds, respectively. Refer to Note I.T. S ubsequent Events “Credit Ratings ” for the most recent information.
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 1,430,000$ 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 1,740,000 418,250 2,158,250
2031-2034 7,825,000 817,650 8,642,650
TOTAL 15,740,000$ 3,700,150$ 19,440,150$
WASTEWATER REVENUE REFUNDING BONDS,
SERIES 2018
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CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-94-
H. Long-term Debt (Continued)
Debt with Pledged Revenue
The City has pledged all net water system revenues and all amounts on deposit in the Revenue Fund for the payment of the bond Installment Payments and the outstanding Parity Obligations.
The net water system revenues will not be used for any other purpose while any of the Installment Payments remain unpaid provided, however, that out of the net water system revenues, 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 $5,803,916 and $6,729,641, respectively. The debt service coverage ratio of 140% 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 wastewater system revenues will not be used for any othe r purpose while any of the Installment Payments remain unpaid provided, however, that out of the net wastewater system revenues, there may be apportioned such sums for purposes as permitted by the Installment Purchase Agreements.
Principal and interest paid for the current year and net wastewater revenue were $5,830,000 and $3,603,000, respectively. The debt service coverage ratio of 210% 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 wastewater revenues. If the debt service coverage ratio is below 100% of principal and interest payments the t rustee can declare the bonds in default and pursue remedies provided for in the Installment Purchase Agreement.
Loan – Direct Borrowings - Business-Type Activities
Clean Water State Revolving Fund (SRF) Loan, 2021
The City entered into a construction installment sale agreement with the California State Water Resources Control Board (SWRCB) under the Clean Water State Revolving Fund (SRF) program to finance the Oxnard Treatment Plant Rehabilitation Projects. The agre ement was amended on May 1, 2025, and provides for a drawdown loan of up to $88,601,724 to fund an estimated total project cost of $102,662,112. The loan bears interest at 0.9 percent.
Repayment of the loan will commence upon completion of construction, with a repayment term of 30 years. The final maturity date is currently estimated to be January 15, 2058, subject to change based on the final construction completion date.
As of June 30, 2025, the City had received $20,883,126 in loan proceeds through the drawdown process. Additional loan proceeds are expected to be drawn subsequent to project costs are incurred.
121
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-95-
H. Long-term Debt (Continued)
Lease Purchase Agreements - Direct Borrowings - Governmental Activities 2012 Lease Purchase
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 interest rate of 3.54% and final maturity date on June 1, 20 28. The refunding resulted in an overall cash flow savings of $658,975 and economic gain of $566,623. These lease payments constitute obligations of the City ’s General Fund. Such obligation exists through the maturity date of the lease at June 1, 2028. The outstanding balance as of June 30, 202 5, is $1,210,294.
As of June 30, 2025, the total future lease payments for the 2012 Lease Purchase Agreement, including interest thereon, are as follows:
2014 Lease Purchase - Fire Station 8
On January 1, 2014, the City entered into a Lease Agreement with Oxnard Fire Station, LLC for the lease of the Oxnard Fire Station #8 in the amount of $15,380,000. Total lease payments beginning June 1, 2016, through December 31, 2031, amount to $23,208,57 8, including interest of $7,828,578. These lease payments constitute obligations of the City ’s General Fund. The outstanding balance as of June 30, 2025, is $8,020,000.
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 amount of $15,160,000 and $220,000 respectively. The Authority loaned the proceeds of the bonds to Oxnard Fire Station, LLC to finance the construction of the Oxnard Fire Station #8.
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 389,985$ 42,844$ 432,829$
2027 401,941 29,039 430,980
2028 418,368 14,810 433,178
TOTAL 1,210,294$ 86,693$ 1,296,987$
2012 LEASE PURCHASE
122
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-96-
H. Long-term Debt (Continued)
Lease Purchase Agreements - Direct Borrowings - Governmental Activities (Continued) As of June 30, 202 5, the total future lease payments for the 2014 Lease Purchase Agreement, including interest thereon, are as follows:
Banc of America Lease Purchase 2018, Draw #22
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 public safety communication equipment and vehicles, fire apparatus and vehicles, and other capital assets. The lease payments constitute obligation s of the City ’s General Fund.
Such obligation exists through the maturity date of the lease. As of June 30, 202 5, the total outstanding lease liability balance was paid in full.
Banc of America Lease Purchase 2022, Draw #25
On April 5, 2022, the City entered into an Equipment Lease/Purchase Agreement with BofA in an amount of $3.3 million for the purpose of acquiring and upfitting fire vehicles. 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, 202 5, the total outstanding balance on this line of credit was $2,150,879.
As of June 30, 202 5, the total future lease payments for the B of A Lease Purchase Agreement 2022, Draw #25, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 1,005,000$ 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 1,190,000 151,906 1,341,906
2031-2032 2,550,000 127,444 2,677,444
TOTAL 8,020,000$ 1,391,560$ 9,411,560$
2014 LEASE PURCHASE
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 310,543$ 47,487$ 358,030$
2027 317,695 40,335 358,030
2028 325,012 33,018 358,030
2029 332,497 25,533 358,030
2030 340,155 17,875 358,030
2031-2032 524,977 12,068 537,045
TOTAL 2,150,879$ 176,316$ 2,327,195$
B OF A LEASE PURCHASE 2022, DRAW #25
123
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-97-
H. Long-term Debt (Continued)
Lease Purchase Agreements - Direct Borrowings - Governmental Activities (Continued) Banc of America Lease Purchase 2022, Draw #26
On November 15, 2022, the City entered into an Equipment Lease/Purchase Agreement with BofA in an amount of $2.1 million for the purpose of acquiring fire 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, 202 5, the total outstanding balance on this line of credit was $1,568,594.
As of June 30, 202 5, the total future lease payments for the B of A Lease Purchase Agreement 2022, Draw #26, including interest thereon, are as follows:
Banc of America Lease Purchase 2023, Draw #27
On January 19, 2023, the City entered into an Equipment Lease/Purchase Agreement with BofA in an amount of $3. 3 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, 202 5, the total outstanding balance on this line of credit was $2,518,742.
As of June 30, 202 5, the total future lease payments for the B of A Lease Purchase Agreement 2022, Draw #27, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 200,244$ 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 231,817 24,538 256,355
2031-2032 489,885 22,827 512,712
TOTAL 1,568,594$ 225,895$ 1,794,489$
B OF A LEASE PURCHASE 2022, DRAW #26
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 320,348$ 93,039$ 413,387$
2027 332,682 80,705 413,387
2028 345,493 67,895 413,388
2029 358,794 54,592 413,386
2030 372,610 40,777 413,387
2031-2032 788,815 37,962 826,777
TOTAL 2,518,742$ 374,970$ 2,893,712$
B OF A LEASE PURCHASE 2023, DRAW #27
124
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-98-
H. Long-term Debt (Continued)
Lease Purchase Agreements - Direct Borrowings - Business-Type Activities B of A Lease Purchase 2018, Draw #23
On March 30, 2018, the City entered into an Equipment Lease/Purchase Agreement with 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 Environmental Resources Fund. Such obligation exists through the maturity date of the lease on March 30, 2028. As of June 30, 202 5, the total outstanding balance on this line of credit was $1,542,711.
As of June 30, 202 5, the total future lease payments for the B of A Lease Purchase Agreement 2018, Draw #23, including interest thereon, are as follows:
Lease purchase obligations are collateralized by equipment purchased and unspent proceeds held in escrow. In the event of default, the lender has the right to seize the collateral and/or call the debt.
B of A Lease Purchase 2021, Draw #24
In October 2021, the City entered into an Equipment Lease/Purchase Agreement with BofA in an amount of $10,255,000 for the purpose of acquiring refuse loaders. The lease payments constitute obligations of the City’s Environmental Resources Fund. Such obligation exists through the maturity date of the lease on June 1, 2028. As of June 30, 2025, the total outstanding balance on this line of credit was $4,496,392.
As of June 30, 2025, the total future lease payments for the B of A Lease Purchase Agreement 2021, Draw #24, including interest thereon, are as follows:
Lease purchase obligations are collateralized by equipment purchased and unspent proceeds held in escrow. In the event of default, the lender has the right to seize the collateral and/or call the debt.
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 541,028$ 43,047$ 584,075$
2027 557,689 26,386 584,075
2028 443,994 9,211 453,205
TOTAL 1,542,711$ 78,644$ 1,621,355$
B OF A LEASE PURCHASE 2018, DRAW #23
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 1,477,122$ 60,065$ 1,537,187$
2027 1,498,693 38,496 1,537,189
2028 1,520,577 16,612 1,537,189
TOTAL 4,496,392$ 115,173$ 4,611,565$
B OF A LEASE PURCHASE 2021, DRAW #24
125
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-99-
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 payable 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 an num. 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 stalled 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, 2025, is $269,710.
Housing Authority 7th 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 interest. The principal of the note shall be automatically forgiven on the date the property is transferred 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, 2025, is $212,740.
Housing Authority UHC Settlement Forgivable Note Payable The Authority entered into a note agreement dated April 15, 2025, in the amount of $800,000 payable to the City of Oxnard to assist in the acquisition of property from UHC, a former contractor for an affordable housing project. The loan is 100% forgivable, contingent upon fulfillment of the terms and conditions set forth in the loan agreement, including the development of the property for the creation of affordable housing.
Special Assessment Bonds
There are various 1915 Act Improvement Districts and Mello-Roos Community Facilities Districts within the City, which have issued special assessment or special tax debt. The debt is secured by liens of special assessments or special taxes on the properties in the districts and is paid by the property owners. The City is not liable under any circumstance for the repayment of the debt, but is only acting as agent for the property owners in collecting the assessments and special taxes, forwarding the collections to fiscal agents to pay the bondholders, and initiating foreclosure proceedings when appropriate.
126
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-100-
H. Long-term Debt (Continued)
Special Assessment Bonds (Continued)
Accordingly, such special assessment debt is not reflected in the accompanying basic financial statements. Special assessment debt outstanding at June 30, 2025, is as follows:
I. Compensated Absences
The accrual for compensated absences was reported as follows as of June 30, 2025:
AMOUNT
Rice Avenue/Highway 101 Interchange Assessment District (AD 2001-1) Local Obligation Revenue Bonds (2012 Special District Bond 5,845,000$ Refinancing to Refund 1915 Act Limited Obligation Bonds) City of Oxnard Community Facilities District 1 (Westport) Local Obligation Revenue Bonds (2012 Special District Bond 5,320,000 Refinancing to Refund CFD No. 2000-3 Bonds)
Oxnard Boulevard Interchange Community Facilities District 2000-3 Local Obligation Revenue Bonds (2012 Special District Bond 3,620,000 Refinancing to Refund CFD No. 1 Bonds)
Oxnard Boulevard/Highway 101 Interchange Assessment District 2000-1 * 1915 Act Improvement Limited Obligation Bonds 1,135,000 Community Facilities District No. 3
Special Tax Refunding Bond 2013 (Seabridge Mandalay Bay) 17,765,000 TOTAL 33,685,000$
* AD2000-1 principal balance was fully repaid on 9/2/2025
BALANCE BALANCE DUE WITHIN
JUNE 30, 2024 ADDITIONS REDUCTIONS JUNE 30, 2025 ONE YEAR
GOVERNMENTAL ACTIVITIES
General Fund 17,301,340$ 11,934,331$ (10,692,997)$ 18,542,674$ 16,130,159$ Internal Service Fund 803,233 1,311,671 (701,832) 1,413,072 1,229,223 18,104,573 13,246,002 (11,394,829) 19,955,746 17,359,382
BUSINESS-TYPE ACTIVITIES
Water 691,184 810,531 (586,699) 915,016 795,966 Wastewater 841,914 828,646 (638,915) 1,031,645 897,421 Environmental Resources 1,788,204 1,686,147 (1,272,369) 2,201,982 1,915,488 Golf Course 3,535 31,417 (1,227) 33,725 29,337 Oxnard Housing Authority 701,636 278,450 (306,769) 673,317 335,088 4,026,473 3,635,191 (2,805,979) 4,855,685 3,973,300 22,131,046$ 16,881,193$ (14,200,808)$ 24,811,431$ 21,332,682$ 127
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
II. DETAILED NOTES ON ALL FUNDS (CONTINUED)
-101-
J. Subscription Liabilities
The future minimum subscription liabilities payments are as follows:
K. Fund Balances
The following funds/subfunds had deficit fund balances as of June 30, 2025:
Deficits in the Public Liability / Property Damage and Workers ’ Compensation Funds result from implementing conservative actuarial assumptions regarding claims liabilities, including incurred but not reported claims. The City expects to replenish the reserve over a 10-year period.
Deficits in Facilities Maintenance and Equipment Maintenance resulted from accrual of pension and OPEB liabilities. The deficits in these internal service funds are primarily attributable to the implementation of GASB Statements 68 and 75 to record liabilities for employee pensions and other postemployment benefits. These liabilities will be liquidated with revenue received in future years that cannot be accrued in these financial statements.
Deficits in the Oxnard Community Development Commission Successor Agency result from the outstanding bond obligations of the former redevelopment agency, which are funded through semi-annual Redevelopment Property Tax Trust Fund (RPTTF) allocations from th e County of Ventura based on amounts authorized in the Recognized Obligation Payment Schedule (ROPS).
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 811,662$ 41,063$ 852,725$
2027 575,770 20,925 596,695
2028 181,334 6,169 187,503
2029 22,705 684 23,389
TOTALS 1,591,471$ 68,841$ 1,660,312$
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 60,886$ -$ 60,886$
2027 63,393 - 63,393
2028 66,001 - 66,001
2029 68,718 - 68,718
TOTALS 258,998$ -$ 258,998$
Governmental Activities
Business-Type Activities
AMOUNT
Public Liability / Property Damage (9,742,052)$
Workers' Compensation (18,510,940)
Facilities Maintenance (2,367,144)
Equipment Maintenance (2,478,734)
Oxnard Community Development Commission Successor Agency (11,758,064) 128
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS -102-
The City provides pension benefits to its employees through four defined benefit plans: CalPERS Miscellaneous Plan, CalPERS Police Plan, CalPERS Fire, and the Retirement Enhancement Plan as Supplemental Retirement Plan (SRP). Pension expense for all plans totaled $56,936,443 for the year ended June 30, 2025. Total pension liabilities, fiduciary net position, and net pension liabilities for all plans as of June 30, 2025, are as follows:
1. California Public Employees’ Retirement System
A. Retirement Plan Description
The City contributes to the California Public Employees ’ Retirement System (CalPERS), 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 members and Police members, and in the cost -sharing plan for its Fire members. Benefit provisions and all other requirements are established by State statutes within the Public Employees’ Retirement Law. City of Oxnard selects optimal benefit provisions and adopts those benefits through local ordinance. Copies of CalPERS ’ annual financial report may be obtained from the CalPERS Executive Office, 400 “P” Street, Sacramento, CA 95814 or from the CalPERS website http://www.calpers.ca.gov. During the year ended June 30, 2013, the California ’s Public Employees’ Pension Reform Act (PEPRA) went into effect. PEPRA requires new benefits and member contributions for new members as defined by PEPRA that are hired after January 1, 2013. Employees who were CalPERS members before January 1, 2013, are considered “Classic Members.”
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 monthly allowance taking into account the benefit factor, years of service, and final compensation. The benefit factor depends on the benefit formula specified in the employer ’s contract. The years of service is the amount credit ed 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.
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability (Asset)
Miscellaneous Plan 620,849,188$ 466,505,374$ 154,343,814$ Safety - Police 505,884,169 394,201,320 111,682,849 Safety - Fire 211,606,205 144,305,050 67,301,155 Retirement Enhancement Plan (SRP) 119,740,827 129,116,102 (9,375,275) TOTALS 1,458,080,389$ 1,134,127,846$ 323,952,543$ 129
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -103-
1. California Public Employees’ Retirement System (Continued) B. Benefits Provided (Continued)
All members are eligible for nonduty disability benefits after five years of service. The death benefit is one of the following: the Basic Death Benefit, the 1957 Survivor Benefit, or the Optional Settlement 2W Death Benefit. The standard death benefit for Safety members is the Special Death Benefit. The cost-of-living adjustments for each plan are applied as specified by the Public Employees’ Retirement Law.
C. Contributions
Section 20814(c) of the California Public Employees’ Retirement Law requires that the employer contribution rates for all public employers be determined on an annual basis by the actuary and shall be effective on July 1 following notice of a change in the rate. The total plan contributions are determined through CalPERS’ annual actuarial valuation process. The actuarially determined rate is the estimated amount necessary to finance the costs of benefits earned by employees during the year, with an additional amount to finance any unfunded accrued liability. The employer is required to contribute the difference between the actuarially determined rate and the contribution rate of employees.
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 un derstanding (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, 2025, the City’s total contributions for the Miscellaneous and Safety Plans were $63,049,025.
The City adopted a hybrid approach to funding long-term pension liabilities to achieve short-term cost savings and long-term investment growth. In fiscal year 2024-25, the City contributed $17.5 million toward its CalPERS pension liabilities, including a one -time $15 million Additional Discretionary Payment to CalPERS , and $2.5 million that was placed in an IRS Section 115 Pension Trust.
The Plan’s provisions and benefits in effect at June 30, 2025, are summarized as follows:
130
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -104-
1. California Public Employees’ Retirement System (Continued) C. Contributions (Continued)
Prior to On of After
Hire Date January 1, 2013 January 1, 2013
Benefit Formula 2.0% at 55 2.0% at 62
Benefit Vesting Schedule 5 Years of Service 5 Years of Service Benefit Payments Monthly for Life Monthly for Life
Retirement Age 50 - 67+ 52 - 67+
Monthly Benefits, as a Percentage
of Eligible Compensation 1.426% - 2.418% 1.00% - 2.50%
Required Employee Contribution
Rates 7.00% 8.25%
Required Employer
Contribution Rates Plus 10.100% 16.610%
Unfunded Accrued Liability 13,931,193$ -$
Miscellaneous Plan
Prior to On of After
Hire Date January 1, 2013 January 1, 2013
Benefit Formula 3.0% at 50 2.7% at 57
Benefit Vesting Schedule 5 Years of Service 5 Years of Service Benefit Payments Monthly for Life Monthly for Life
Retirement Age 50 - 55+ 50 - 57+
Monthly Benefits, as a Percentage
of Eligible Compensation 3.00% - 3.00% 2.00% - 2.70%
Required Employee Contribution
Rates 9.00% 16.50%
Required Employer
Contribution Rates Plus 28.070% 34.020%
Unfunded Accrued Liability 8,755,638$ -$
Safety Plan - Police
Prior to On of After
Hire Date January 1, 2013 January 1, 2013
Benefit Formula 3.0% at 50 2.7% at 57
Benefit Vesting Schedule 5 Years of Service 5 Years of Service Benefit Payments Monthly for Life Monthly for Life
Retirement Age 50 - 55+ 50 - 57+
Monthly Benefits, as a Percentage
of Eligible Compensation 3.00% - 3.00% 2.00% - 2.70%
Required Employee Contribution
Rates 9.00% 14.50%
Required Employer
Contribution Rates Plus 29.300% 14.720%
Unfunded Accrued Liability 6,168,572$ 29,998$
Safety Plan - Fire
131
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -105-
1. California Public Employees’ Retirement System (Continued) D. Actuarial Methods and Assumptions Used to Determine Total Pension Liability At June 30, 2024 (measurement date), the following employees were covered by the benefit terms of the Plan:
The June 30, 202 4, total pension liabilities were based on the following actuarial methods and assumptions:
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.
Miscellaneous Safety Plan - Safety Plan -
Plan Members Plan Police Fire
Active 1,013 205 136
Inactive currently receiving benefits 1,251 331 145
Inactive entitled to, but not yet receiving benefits 2,260 92 48 TOTALS 4,524 628 329
Number of Members
Miscellaneous and Safety Plans
Actuarial Valuation Date June 30, 2023
Measurement Date June 30, 2024
Actuarial Cost Method Entry Age Actuarial Cost Method
Actuarial Assumptions
Discount Rate 6.90%
Inflation 2.30%
Salary Increases Varies by Entry Age and Service
Payroll Growth 2.80%
Investment Rate of Return
Retirement Age The probabilities of retirement are based on the 2021 CalPERS Experience Study and Review of Actuarial
Assumptions.
Mortality
Post Retirement Benefit Increase The lesser of contract COLA or 2.30% until Purchasing Power Protection Allowance floor on purchasing power
applies, 2.30% thereafter
6.80% Net of Pension Plan Investment and
Administrative Expenses; includes Inflation
The probabilities of mortality are based on the 2021
CalPERS Experience Study and Review of Actuarial
Assumptions. Mortality rates incorporate full
generational mortality improvement using 80% of Scale
MP-2020 published by the Society of Actuaries.
132
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -106-
1. California Public Employees’ Retirement System (Continued) E. Discount Rate and Long-Term Expected Rate of Return (Continued) 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 expected future real rates of return (expected returns, net of pension plan investment expense and inflation) are developed for each major asset class.
In determining the long-term expected rate of return, CalPERS took into account both short-term and long -term market return expectations. Using historical returns of all of the funds ’ asset classes, expected compound (geometric) returns were calculated over the next 20 years using a building-block approach. The expected rate of return was then adjusted to account for assumed administrative expenses of 10 basis points.
The expected real rates of return by asset class are as follows:
F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions
The City’s net pension liability is measured as the total pension liability less the pension plan ’s fiduciary net position. The net pension liability of each of the Plans is measured as of June 30, 2024, and the total pension liability for the Plan used to calculate the net pension liability was determined by an actuarial valuation as of June 30, 202 3, rolled forward to June 30, 202 4, 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 changes in net pension liabilities recognized over the measurement period.
Global Equity - Cap-weighted
Global Equity - Non-Cap-weighted
Private Equity
Treasury
Mortgage-backed securities
Investment Grade Corporates
High Yield
Emerging Market Debt
Private Debt
Real Assets
Leverage
(1) An expected price inflation of 2.30% used for this period. (2) Figures are based on the 2021-22 Asset Liability Management Study.
Return(1),(2)
4.54%
Assumed asset Real
15.00%
-5.00%
Asset Class allocation
30.00%
5.00%
10.00%
-0.59%
12.00% 3.84%
13.00% 7.28%
5.00% 0.27%
0.50%
1.56%
2.27%
2.48%
3.57%
3.21%
5.00%
5.00%
5.00%
133
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -107-
1. California Public Employees’ Retirement System (Continued) F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability/(Asset)
Balance at June 30, 2023 592,398,664$ 429,690,644$ 162,708,020$ Changes Recognized for the Measurement Period
Service cost 11,987,483 - 11,987,483 Interest on total pension liability 40,676,233 - 40,676,233 Difference between expected and
actual experience 6,449,639 - 6,449,639 Contributions - employer - 20,345,455 (20,345,455) Contributions - employees - 6,356,979 (6,356,979) Net investment income - 41,124,768 (41,124,768) Benefit payments, including refunds of
employee contributions (30,662,831) (30,662,831) - Administrative expense - (349,641) 349,641 Net changes 28,450,524 36,814,730 (8,364,206)
Balance at June 30, 2024 (Measurement Date) 620,849,188$ 466,505,374$ 154,343,814$ Miscellaneous Plan
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability/(Asset)
Balance at June 30, 2023 478,214,410$ 363,847,193$ 114,367,217$ Changes Recognized for the Measurement Period
Service cost 10,026,185 - 10,026,185 Interest on total pension liability 33,105,069 - 33,105,069 Difference between expected and
actual experience 8,573,725 - 8,573,725 Contributions - employer - 16,175,842 (16,175,842) Contributions - employees - 3,652,542 (3,652,542) Net investment income - 34,857,027 (34,857,027) Benefit payments, including refunds of
employee contributions (24,035,220) (24,035,220) - Administrative expense - (296,064) 296,064 Net changes 27,669,759 30,354,127 (2,684,368)
Balance at June 30, 2024 (Measurement Date) 505,884,169$ 394,201,320$ 111,682,849$ Safety - Police Plan
134
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -108-
1. California Public Employees’ Retirement System (Continued) F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
The following shows the Safety – Fire Plan’s proportionate share of the risk pool collective net pension liability over the measurement period.
The City’s proportionate share of the collective net pension liability was determined by CalPERS based on the following allocation methodology:
The schedules of employer allocation by rate plan include three ratios:
(1) Actuarial Accrued Liability - Determined based on the Actuarial Accrued Liability from the most recent Actuarial Valuation Report as of June 30, 2023, used for funding purposes. (2) Fair Value of Assets - Determined based on the sum of the Fair Value of Assets from the most recent Actuarial Valuation as June 30, 202 3, 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, 202 4, including reported contribution adjustments and suspended payroll information. Legally or statutorily required employer contributions were determined by multiplying the employer ’s contribution rate by the annual benefit compensation (payroll) for the fiscal year and excluding payments for benefit improvements known as Golden Handshakes, which CalPERS considers 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 Fair Value of Assets. The net pension liability was derived by subtracting the fiduciary net position from the total pension liability. Deferred outflows of resources, deferred inflows of resources, and pension expense were allocated based on the rate plan’s share of contributions.
Proportionate
Share of the
Total Pension Plan Fiduciary Net Pension Collective Net Liability Net Position Liability/(Asset) Pension Liability Balance at June 30, 2023 $202,680,678 $133,954,264 $68,726,414 0.55090% Net Changes $8,925,527 $10,350,786 ($1,425,259) 0.00405% Balance at June 30, 2024 (Measurement Date) $211,606,205 $144,305,050 $67,301,155 0.55495% Safety - Fire Plan
135
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -109-
1. California Public Employees’ Retirement System (Continued) F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
For the year ended June 30, 2025, the City recognized pension expense for the following:
At June 30, 202 5, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Pension Expense
Miscellaneous Plan 23,956,088$
Safety Plan - Police 19,267,635
Safety Plan - Fire 13,712,720
56,936,443$
Deferred Outflows Deferred Inflows
of Resources of Resources
Pension Contributions Subsequent to the
Measurement Date 21,606,990$ -$
Difference Between Expected and Actual
Experience 4,443,173 -
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments 6,675,229 - 32,725,392$ -$
Deferred Outflows Deferred Inflows
of Resources of Resources
Pension Contributions Subsequent to the
Measurement Date 31,422,525$ -$
Changes of Assumptions 4,006,196 -
Difference Between Expected and Actual
Experience 6,317,482 (2,196,336)
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments 5,575,108 - 47,321,311$ (2,196,336)$
Deferred Outflows Deferred Inflows
of Resources of Resources
Pension Contributions Subsequent to the
Measurement Date 10,019,510$ -$
Changes of Assumptions 1,658,162 -
Difference Between Expected and Actual
Experience 5,492,372 (178,581)
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments 3,253,031 - Change in Employer's Proportion - (1,470,014) Differences Between the Employer's Contributions
and the Employer's Proportionate Share of
Contributions 4,029,687 (212,141)
24,452,762 (1,860,736)
TOTALS 104,499,465$ (4,057,072)$
Miscellaneous Plan
Safety Plan - Police
Safety Plan - Police
136
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -110-
1. California Public Employees’ Retirement System (Continued) F. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
The deferred outflows of resources related to contributions subsequent to the measurement date of $63,049,025 will be recognized as a reduction of the net pension liability in the fiscal year ending June 30, 202 6. Other amounts reported as deferred outflows or deferred inflows of resources related to pensions will be recognized as pension expense as follows:
Deferred Outflows Deferred Inflows
of Resources of Resources
Pension Contributions Subsequent to the
Measurement Date 10,019,510$ -$
Changes of Assumptions 1,658,162 -
Difference Between Expected and Actual
Experience 5,492,372 (178,581)
Net Difference Between Projected and Actual
Earnings on Pension Plan Investments 3,253,031 - Change in Employer's Proportion - (1,470,014) Differences Between the Employer's Contributions
and the Employer's Proportionate Share of
Contributions 4,029,687 (212,141)
24,452,762 (1,860,736)
TOTALS 104,499,465$ (4,057,072)$
Safety Plan - Fire
Fiscal Year
Ending June 30 Miscellaneous Plan Safety - Police Safety - Fire 2026 2,550,513$ 4,090,351$ 4,834,590$ 2027 12,704,054 11,337,857 8,469,666
2028 (1,808,493) 258,319 381,301 2029 (2,327,672) (1,984,077) (1,113,041) TOTAL 11,118,402$ 13,702,450$ 12,572,516$ Deferred Outflows/(Inflows) of Resources
137
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -111-
1. California Public Employees’ Retirement System (Continued) G. Sensitivity of the Net Position 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 the net pension liability would be if it were calculated using a discount rate that is 1 percentage -point lower (5.90%) or 1 percentage -point higher (7.90%) than the current rate:
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 California Government Code. The plan provides supplemental retirement benefits in addition to PERS. A separate report was not issued for the Retirement Enhancement Plan; therefore, the notes to the financial statements are included below. The City reports the Retirement Enhancement Plan as a pension trust fund in the fiduciary funds financial statements.
B. 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)
1% Decrease Current Rate 1% Increase
Net Pension Liability 5.90% 6.90% 7.90%
Miscellaneous Plan 238,500,302$ 154,343,814$ 85,307,324$ Safety - Police 182,781,471 111,682,849 53,804,830 Safety - Fire 96,206,360 67,301,155 43,660,762 TOTALS 517,488,133$ 333,327,818$ 182,772,916$
Discount Rate
138
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -112-
2. Retirement Enhancement Plan (Continued)
B. Authorized Investments (Continued)
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 balanced investment objective are growth of principal and income. It is expected that dividend and interest income will comprise a significant portion of the total return, although growth through capital appreciation is equally important.
C. 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
Eligibility for immediate benefits 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, 2025, the following number of participants were covered by the benefit terms:
Description
Number of
Covered
Participants
Inactives currently receiving benefits 456
Inactives entitled to but not yet receiving benefits 176 Active employees 205
TOTALS 837
139
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -113-
2. Retirement Enhancement Plan (Continued)
D. 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:
In addition, the City is required to contribute the remaining amounts necessary to fund the benefit to its members using the actuarial basis recommended by REP actuarial consultants. The actuarially determined contribution for the fiscal year ended June 30 , 2025, was 1% of eligible employee gross wages. The City contributed $ 4,392,936 to REP for the year ended June 30, 2025.
E. Actuarial Methods and Assumptions Used to Determine Total Pension Liability The June 30, 202 5, total pension liabilities were based on the following actuarial methods and assumptions:
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%
Actuarial Valuation Date June 30, 2023
Measurement Date June 30, 2025
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, 2025
5.75% at June 30, 2024
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
140
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -114-
2. Retirement Enhancement Plan (Continued)
F. Discount Rate
The discount rate used to measure the total pension liability for the Plan was 5.75%. The pension trust is projected to have sufficient assets to pay benefits per the Plan’s current contribution policy.
The table below reflects long-term expected real rate of return by asset class. The rate of return was calculated using the capital market assumptions applied to determine the discount rate and asset allocation. These geometric rates of return are net of administrative expenses.
G. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions
The City’s net pension liability is measured as the total pension liability less the pension plan ’s fiduciary net position. The net pension liability of the Retirement Enhancement Plan is measured as of June 30, 2025, and the total pension liability for the Plan used to calculate the net pension liability 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.
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%
Total Pension Plan Fiduciary Net Pension
Liability Net Position Liability/(Asset)
Balance at June 30, 2024 117,203,134$ 116,445,405$ 757,729$ Changes Recognized for the Measurement Period
Service cost 1,247,188 - 1,247,188 Interest on total pension liability 6,656,617 - 6,656,617 Contributions - employer - 4,392,936 (4,392,936) Contributions - employees - 942,671 (942,671) Net investment income - 12,969,451 (12,969,451) Benefit payments, including refunds of
employee contributions (5,366,112) (5,366,112) - Administrative expenses - (268,267) 268,267 Net Changes 2,537,693 12,670,679 (10,132,986) Balance at June 30, 2025 (Measurement Date) 119,740,827$ 129,116,084$ (9,375,257)$ Plan Fiduciary Net Position as a Percentage of Total
Pension Liability 107.8%
141
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -115-
2. Retirement Enhancement Plan (Continued)
G. Pension Liabilities, Pension Expenses, and Deferred Outflows/Inflows of Resources Related to Pensions (Continued)
For the year ended June 30, 202 5, The City recognized pension expense of $ 2,669,813, for the Retirement Enhancement Plan. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to pensions from the following sources:
Amounts reported as deferred inflows of resources related to pensions will be recognized as pension expense as follows:
H. 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 the net pension liability would be if it were calculated using a discount rate that is 1 percentage -point lower (4.75%) or 1 percentage -point higher (6.75%) than the current rate:
Deferred Outflows Deferred Inflows
of Resources of Resources
Difference between expected and actual
experience -$ 192,157$
Net difference between projected and actual
earnings on plan investments - 6,373,038 TOTALS -$ 6,565,195$
Deferred
Fiscal Year Outflows/(Inflows)
Ending June 30 of Resources
2026 412,607$
2027 (3,166,241)
2028 (2,555,075)
2029 (1,256,486)
(6,565,195)$
1% Decrease Current Rate 1% Increase
4.75% 5.75% 6.75%
Net Pension Liability/(Asset) 4,015,562$ (9,375,257)$ (20,594,143)$ Discount Rate
142
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -116-
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 their beneficiaries. Plan assets are not the property of the City or subject to the claims of the City ’s general creditors. The plan is administered by Matrix Trust Company . For the year ended June 30, 2025, the City recognized pension expense of $88,465 for the Deferred Compensation Plan.
4. Other Postemployment Benefits
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 postemployment med ical benefits. Retirees can enroll in any of the available CalPERS medical plans. This benefit continues for the life of the retiree and surviving spouse. Benefit provisions for CalPERS are established by the Public Employees 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 a ge of 26. The City’s contribution on behalf of all eligible retirees and surviving spouses is the same as its contribution for active employees ($157 for 2024, indexed by the Medical CPI thereafter.) The City contributes the minimum amount allowed under Government Code Section 22825 of the Public Employees Medical and Hospital Care Act. The required contribution is based on pay -as- you-go financing requirements. Total contributions for the year ended June 30, 2025 , were $740,056. Retirees must contribute any premium amounts in excess of the City contribution. As of the June 30, 2024 , measurement date, n o assets are accumulated in a trust that meets the criteria in Paragraph 4 of GASB Statement No. 75. The City established an IRS Section 115 OPEB Trust on May 6, 2025, and allocated $2.5 million to be contributed in fiscal year 2025-26.
C. Participants Covered by Benefit Terms
At June 30, 202 4 (measurement date) , the following participants were covered by the benefit terms:
Number of
Participants
Active Participants 1,351
Retired Participants and Beneficiaries 407
Inactive Plan Participants with Deferred Benefits 616
TOTALS 2,374
143
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -117-
4. Other Postemployment Benefits (Continued)
D. Total OPEB Liability
The City ’s total OPEB liability of $ 75,267,2797 was measured as of June 30, 202 4, 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:
E. Changes in Total OPEB Liability
Sensitivity of the total OPEB liability to changes in the discount rate. The following presents the total OPEB liability of the City, as well as what the City ’s total OPEB liability would be if it were calculated using a discount rate that is 1 percentage point lower (2. 97 percent) or 1 percentage point higher (4.97 percent) than the current discount rate (3.97 percent):
Actuarial Valuation Date June 30, 2023
Measurement Date June 30, 2024
Actuarial Cost Method Entry Age Normal
Funding policy Pay as you go
Discount rate 3.97%
Inflation 2.30%
Salary Increases 2.80%
Healthcare Cost Trend Rates
Mortality, Termination and Disability CalPERS 2000-2019 Experience Study
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 2025-2041; and 4.5% for 2042 and later
years
Total OPEB
Liability
Balance at June 30, 2023 71,242,861$
Changes for the Year:
Service Cost 4,178,006
Interest 2,880,628
Difference Between Expected and Actual Experience (1,401,223) Changes of Assumptions (31,479)
Benefit Payments (1,601,514)
Net Changes 4,024,418
Balance at June 30, 2024 75,267,279$
1% Decrease Current Rate 1% Increase
2.97% 3.97% 4.97%
Total OPEB Liability 89,512,226$ 75,267,279$ 64,046,105$ Discount Rate
144
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
III. DEFINED BENEFIT PENSION PLANS AND OTHER POSTEMPLOYMENT BENEFITS (CONTINUED) -118-
4. Other Postemployment Benefits (Continued)
E. Changes in Total OPEB Liability (Continued)
Sensitivity of the total OPEB liability to changes in the healthcare cost trend rates. The following presents the total OPEB liability of the City, as well as what the City ’s total OPEB liability would be if it were calculated using healthcare cost trend rates that are 1 percentage point lower or 1 percentage point higher than the current healthcare cost trend rates:
F. OPEB Expense and Deferred Outflows of Resources and Deferred Inflows of Resources Related to OPEB
For the year ended June 30, 202 5, the City recognized an OPEB expense of $ 8,646,657. At June 30, 2025, the City reported deferred outflows of resources and deferred inflows of resources related to OPEB from the following sources:
The deferred outflows of resources related to OPEB contributions subsequent to the measurement date of $1, 638,633 will be recognized as a reduction of the total OPEB liability in the fiscal year ending June 30, 2026.
Amounts reported as deferred outflows of resources and deferred inflows of resources related to OPEB will be recognized in OPEB expense as follows:
1% Decrease Current Rate 1% Increase
Total OPEB Liability 62,338,666$ 75,267,279$ 92,330,847$ Health Care Trend
Deferred Outflows Deferred Inflows
of Resources of Resources
OPEB Contributions Subsequent to the
Measurement Date 1,638,633$ -$
Difference Between Expected and Actual
Experience 3,724,837 1,264,139
Changes in Assumptions 17,985,901 12,072,732
Total 23,349,371$ 13,336,871$
Deferred
Fiscal Year Outflows/(Inflows)
Ending June 30, of Resources
2026 1,588,023$
2027 1,821,389
2028 899,808
2029 155,680
2030 (195,733)
Thereafter 4,104,700
TOTAL 8,373,867$
145
CITY OF OXNARD, CALIFORNIA
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
IV. RISK MANAGEMENT
-119-
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 $25 million per occurrence 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 self-insurance programs. Estimated liabilities related to outstanding workers’ compensation and public liability claims, including estimates for incurred but not reported claims, are based upon actuarial studies and are recorded in internal service funds.
All funds of the City participate in general liability and workers ’ compensation insurance programs and make payments to internal service funds on the basis of loss experience and exposure. The total unpaid claims and claims adjustment expense liability (long -term obligations) of $ 54,459,384 recorded at June 30, 2025, is based on results of actuarial studies and includes an estimate for claims incurred 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 payouts, and other economic and societal factors. General liability and workers’ compensation liabilities are carried at present value using a discount rate of 1.0%.
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 adminis trator, with the City Attorney’s approval required for settlements over $15,000. Litigated claims are settled directly through the City Attorney’s Office.
The City ’s excess general liability insurance premium for Fiscal Year 202 4-25, inclusive of brokerage fees, was $3,056,129. During the past five-year period, the average claims filed each year for general liability amounted to 176 claims totaling $969,254 per year (an average of $5,507 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.
The total unpaid claims and claims adjustment expense liability (long-term obligations) recorded at June 30, 202 5, was $ 11,568,807. The following schedule presents the changes in self - insurance claims liabilities for the two most recent fiscal years:
FY 2024-25 FY 2023-24
Self-insurance claims - general liability - July 1 7,644,424$ 7,388,152$ Current year claims and changes in estimates 9,056,143 6,253,676 Claims payments (5,131,760) (5,997,404)
Self-insurance claims - general liability - June 30 11,568,807$ 7,644,424$ Self-insurance claims - general liability - Due Within One Year 3,556,453$ 2,651,170$ General Liability
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
IV. RISK MANAGEMENT (CONTINUED)
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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 Joint 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 202 4- 2025 was $641,422. Within the City’s self-insured program for workers’ compensation, there has been an average of 210 claims filed per year for the past five years, with an average of approximately $6,233,736 per year in total reported losses (an average of $29,628 per claim). In addition, there have been no settlements that have exceeded the City’s insurance coverage for each of the past three years.
The total unpaid claims and claims adjustment expense liability (long -term obligations) recorded at June 30, 2025, was $42,890,577.
The following schedule presents the changes in self -insurance claims liabilities for the two most recent fiscal years:
FY 2024-25 FY 2023-24
Self-insurance claims - workers' compensation - July 1 40,241,201$ 37,171,080$ Current year claims and changes in estimates 9,838,634 10,705,654 Claims payments (7,189,258) (7,635,533)
Self-insurance claims - workers' compensation - June 30 42,890,577$ 40,241,201$ Self-insurance claims - workers' compensation - Due Within One Year 6,980,491$ 7,374,305$ Workers' Compensation
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
V. OTHER INFORMATION
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A. Commitments and Contingencies
As of June 30, 2025, the City had significant construction commitments as follows:
The City uses “encumbrances” to control 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, 2025, total encumbrances for the governmental and proprietary funds are reported as follows:
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.
AMOUNT
Governmental Funds 504,479,410$
Water Funds 75,531,850
Wastewater Funds 252,541,053
Environmental Resources Funds 20,208,288
Golf Course Fund 2,926,603
Information Systems 1,592,990
Total 857,280,193$
AMOUNT
GOVERNMENTAL FUNDS
General Fund 6,505,559$
Developer Fees 625,727
State and Federal Grants 9,177,963
Nonmajor Funds 1,248,476
TOTAL GOVERMENTAL FUNDS 17,557,725$
PROPRIETARY FUNDS
Water Fund 15,078,775$
Wastewater Fund 67,869,961
Environmental Resources Fund 8,961,380
Golf Course Fund 55,074
TOTAL PROPRIETARY FUNDS 91,965,190$
INTERNAL SERVICE FUNDS
Equipment Maintenance 329,522$
Information Systems 4,286,594
Other Internal Service Funds 787,781
TOTAL INTERNAL SERVICE FUNDS 5,403,897$
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
V. OTHER INFORMATION (CONTINUED)
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A. Commitments and Contingencies (Continued)
G2K Construction Inc., v. City of Oxnard
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”). The Project was subject to applicable public contracting requirements and was competitively bid. G2K was determined to be the lowest responsive and responsible bidder and was awarded a construction contract accordingly.
The Project was contractually scheduled for completion within 90 working days; however, as of March 2024, the Project had exceeded 450 days in duration and remained partially completed.
On March 19, 2024, the City terminated the contract for cause in accor dance with the contract terms. Following termination, G2K submitted a final settlement proposal seeking additional compensation of up to $1.5 million, which the City rejected. On June 9, 2025, G2K filed a lawsuit against the City in Ventura County Superior Court and served the City on June 13, 2025. The matter is in the early stages of litigation and no trial date has been set. The likelihood of an unfavorable outcome is possible . The estimated range of a potential loss, if any, is up to $1,500,000. Liability has been recorded in the accompanying financial statements as of June 30, 2025.
Ventura County Taxpayers Association, Inc.; Doug Partello v. City of Oxnard This matter was recently filed in Ventura Superior Court on May 15, 2025, and served on the City on May 27, 2025. The Complaint alleges that the City of Oxnard ’s Environmental Resources Division’s Solid Waste Rates include an impermissible Infrastructure Use Fee (“IUF”). The IUF is a fee that is included on all solid waste utility bills, and paid by the utility ’s customers. The IUF covers a predetermined cost to the City that results from solid waste vehicles traveling on residential streets, and the wear and tear those vehicles inflict on the City’s residential streets.
The IUF is initially paid into the Environmental Resources Division ’s Enterprise Fund from which the predetermined IUF amount is then transferred to the City ’s street maintenance fund. The Complaint alleges the IUF is improper from the following reasons: (1) Imposing an IUF is prohibited by Vehicle Code section 9400.8, which states in part that a local agency cannot charge a fee upon transport vehicles for use of local agency roads; and (2) Imposing an IUF is prohibited because it is an unapproved tax and violates Article XIII of the California Constitution. In order to minimize damages, the City Attorney’s Office recommends that the IUF amount transferred from the Environmental Resources’ Enterprise Fund to the Street Maintenance Fund cease immediately, and the amount incurred from January 1, 2025 through June 30, 2025 be set aside, reserved or placed into an escrow account pending the resolution of this matter. It is also recommended that the IUF be removed from the Solid Waste Rates charged to the utilit y customers. The range of loss at this time is unknown as there is a new appellate case that holds Vehicle Code section 9400.8 prohibits charging an IUF to solid waste utility customers. This appellate decision is the first of its kind to hold such, and was noticed for publication by the appellate court on June 30, 2025. As for whether or not an IUF is an improper tax, one appellate court previously held that an IUF was not a tax subject to voter approval. The law and case precedent in this area is sparse. If plaintiffs are to prevail in this lawsuit the City may be liable for their attorney fees. The City is reviewing actions to decrease or moot plaintiff’s claim for damages.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
V. OTHER INFORMATION (CONTINUED)
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A. Commitments and Contingencies (Continued)
Douglas Partello v. City of Oxnard, et al.
This matter was filed in Ventura County Superior Court on July 11, 2025, and served on the City on August 22, 2025. The Complaint alleges Public Records Act violations and unlawful expenditure of public resources for political purposes. Plaintiff seeks declaratory and injunctive relief, including assignment of the City ’s Public Records Act program to either a “neutral department of the City of Oxnard, if one exists, or by a competent person to be appointed by the court” (i.e., a special master). The City is being defended in this matter by the firm of Colantuono, Highsmith & Whatley, PC, which has estimated the legal fees to take this matter through trial to be $185,000-$225,000. Should Plaintiff prevail, the City would likely be ordered to pay costs and attorney fees in an unknown amount. In previous similar matters, fee awards against the City have been settled for between $125,000 and $160,000.
Moving Oxnard Forward, Inc. v. The City of Oxnard, the Lew Edwards Group (LEG), FM3 Research (a/k/a Fairbank, Maslin, Maullin, Metz & Associates) (FM3) A Complaint has not been filed in this matter, but the attorney for Moving Oxnard Forward, Inc. – a political corporation the president of which is Oxnard Councilman Aaron Starr – sent the City a “Litigation Hold / Demand for Preservation of Evidence in Anticipation of Litigation ” on May 8, 2025. Similar to the Partello public records litigation described above, this matter concerns alleged misuse of public resources for political purposes. Should the City be served with a lawsuit, we anticipate the costs of defense to also be similar to estimates for defending the Partello public records litigation (i.e., $185,000-$225,000 to take this matter through trial). Should Moving Oxnard Forward, Inc. prevail, the City would likely be ordered to pay costs and attor ney fees in an unknown amount. In previous similar matters, fee awards against the City have been settled for between $125,000 and $160,000.
Shawn R. Ca mpbell and Ann Constance Campbell , as Trustees of the Campbell Family Living Trust Dated January 20, 2023. v. City of Oxnard, et al. Ventura Superior Court Case No. 2025CUOR044717
This matter was filed in Ventura Superior Court on May 28, 2025, and served on the City on June 9, 2025. The Complaint alleges several causes of action stemming from the uncertainty of ownership regarding two fourteen foot strips of land adjacent to 2600 and 2800 Teal Club Road in the City of Oxnard. The Adjacent Property Owner and Plaintiff sued th e City over the two fourteen foot strips of land, which are easements that were annexed from the County of Ventura to the City of Oxnard. Due to unclear or missing County Documents, ownership interests in the two strips of land could not be e asily discerned. The City had been working with the Plaintiff for several years to resolve the issue. However, Plaintiff filed suit to Quiet Title and recover damages from the City. For this particular matter the likelihood of an unfavorable outcome is po ssible and the contingent loss is estimated to range up to $100,000.
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
V. OTHER INFORMATION (CONTINUED)
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B. Risks and Uncertainties
The City has received significant financial assistance from numerous federal and state agencies in the form of grants and entitlements. The disbursement of funds received under these programs generally requires compliance with terms and conditions specifie d in the grant agreements and are subject to audit by grantor agencies. Any disallowed claims resulting from such audits could become 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, 2025.
The City is currently a party to litigation involving a dispute concerning the statutory duties and authority of the elected City Treasurer (Molina v. Nguyen, Ventura County Superior Court Case No. 56-2020-00541689). The litigation remains pending, and the ultimate resolution and any resulting financial impact, if any, cannot be reasonably estimated at this time.
C. Notes to the Financial Statements – Successor Agency
1. Reporting Entity
On January 10, 2012, the City Council elected to become the Successor Agency for the former redevelopment agency in accordance 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 effective 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 districts, and K -14 educational agencies. The County Oversight Board members have a fiduciary responsibility to holders of enforceable obligations, as well as to the local agencies that would benefit from property tax distributions from the former redevelopment project areas. Oversight boards direct the staff and approve the actions of the Successor Agency.
2. Cash and Investments
Cash and investments with fiscal agents of the Successor Agency are comprised of the following at June 30, 2025:
Detailed notes on cash and cash investments can be found in note II.A . to the financial statements.
AMOUNT
Deposits and Investments 7,626,579$
Restricted Investments with Fiscal Agents 4,146,269
TOTAL 11,772,848$
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
V. OTHER INFORMATION
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C. Notes to the Financial Statements – Successor Agency (Continued)
3. Notes Receivable, net of uncollectible
The changes in note s receivable, net of uncollectible for the year ended June 30, 2025, are as follows:
4. Long-Term Debt
The following is a summary of changes in the Successor Agency ’s long-term debt for the year ended June 30, 2025:
The summary annual debt service requirements are shown below for Successor Agency long - term debt:
BALANCE BALANCE
JULY 1, 2024 ADDITIONS REDUCTIONS JULY 1, 2025
Notes receivable 16,874,398$ 1,822,800$ (62,025)$ 18,635,173$ Allowance for Uncollectible (16,417,975) (1,822,800) - (18,240,775) TOTALS 456,423$ -$ (62,025)$ 394,398$
BALANCE BALANCE DUE WITHIN
JULY 1, 2024 ADDITIONS REDUCTIONS JUNE 30, 2025 ONE YEAR Tax Allocation Refunding
Bonds Series 2004A 3,320,000$ -$ (1,055,000)$ 2,265,000$ 1,105,000$ Tax Allocation Bond Financing
Series 2006 11,690,000 - (725,000) 10,965,000$ 755,000 HERO Project Tax Allocation
Bonds Series 2008 8,360,000 - (315,000) 8,045,000 330,000 TOTALS 23,370,000$ -$ (2,095,000)$ 21,275,000$ 2,190,000$
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 2,190,000$ 1,013,300$ 3,203,300$
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 1,290,000 723,077 2,013,077
2031-2035 7,340,000 2,657,360 9,997,360
2036-2039 5,760,000 589,145 6,349,145
TOTAL 21,275,000$ 7,501,823$ 28,776,823$
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
V. OTHER INFORMATION (CONTINUED)
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C. Notes to the Financial Statements – Successor Agency (Continued)
4. Long-Term Debt (Continued)
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 redevelopment activities within the Central City Revitalization and Downtown Project Area. The balance outstanding as of June 30, 2025, is $2,265,000.
As of June 30, 202 5, the total future debt payments for the Tax Allocation Refunding Bonds, Series 2004A, including interest thereon, are as follows:
2006 Tax Allocation Bond Financing
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 Allocation Bonds, Series 2006 in the amount of $3,290,000; and (3) the Oxnard Community Developme nt 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, 202 5, is $10,965,000.
As of June 30, 2025, the total future debt payments for the Tax Allocation Bond Financing Series 2006, including interest thereon, are as follows:
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 1,105,000$ 84,769$ 1,189,769$
2027 1,160,000 28,710 1,188,710
TOTAL 2,265,000$ 113,479$ 2,378,479$
TAX ALLOCATION REFUNDING BONDS, SERIES 2004A
FISCAL YEAR PRINCIPAL INTEREST TOTAL
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 895,000 411,902 1,306,902
2031-2035 5,070,000 1,422,985 6,492,985
2036-2037 1,780,000 131,957 1,911,957
TOTAL 10,965,000$ 3,971,411$ 14,936,411$
TAX ALLOCATION BOND FINANCING, SERIES 2006
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
V. OTHER INFORMATION (CONTINUED)
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C. Notes to the Financial Statements – Successor Agency (Continued)
4. Long-Term Debt (Continued)
HERO Project 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 use d 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, 2025, is $8,045,000.
As of June 30, 202 5, the total future debt payments for the Tax Allocation Bonds, Series 2008, including interest thereon, are as follows:
5. Arbitrage
The Tax Reform Act of 1986 instituted certain arbitrage restrictions with respect to the issuance of tax exempt bonds after August 31, 1986. Arbitrage regulations deal with the investment of all tax exempt bond proceeds at an interest yield greater than the interest yield paid to bondholders.
Generally, all interest paid to bondholders can be retroactively rendered taxable if applicable rebates are not reported and paid to the Internal Revenue Service (IRS) at least every five years.
During the current year, the City performed calculations of excess investment earnings on various bonds and financings. Liabilities were calculated for the issues and rebate payments were made as appropriate. No arbitrage liability existed at June 30, 2025.
The Successor Agency is in compliance with all significant covenants related to its debt issues.
FISCAL YEAR PRINCIPAL INTEREST TOTAL
2026 330,000$ 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 395,000 311,175 706,175
2031-2035 2,270,000 1,234,375 3,504,375
2036-2039 3,980,000 457,188 4,437,188
TOTAL 8,045,000$ 3,416,933$ 11,461,933$
HERO PROJECT TAX ALLOCATION BONDS, SERIES 2008
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NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
V. OTHER INFORMATION (CONTINUED)
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C. Notes to the Financial Statements – Successor Agency (Continued)
6. Commitment 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 $1 51,900 a month, consisting of base rent of $111,300 and triple net charges of $40,600, under the Theater Lease 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 improvements (up to $10 million) and affordable housing (up to $4.25 million) for a combined maximum of $14.25 million. Through June 30, 2025, a total of $7.08 million has been repaid on the $10 million infrastructure amount, and a total of $3.19 million repaid on the $4.25 million affordable housing amount. Therefore, the remaining balance on the combined maximum commitment is $3.98 million.
D. Notes to the Financial Statements – Retirement Enhancement Defined Benefit Retirement Trust Fund
The City joined the Retirement Enhancement Plan (REP) effective January 1, 2003, for selected employee groups (see Note III for additional information on REP). Investments for the benefit of eligible employees are in a segregated account and invested under the guidelines authorized by the City.
155
REQUIRED
SUPPLEMENTARY INFORMATION
156
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF CHANGES IN NET PENSION LIABILITY AND RELATED RATIOS
CALPERS MISCELLANEOUS PLAN - AGENT MULTIPLE-EMPLOYER DEFINED BENEFIT PLAN AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS
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2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
MEASUREMENT DATE June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 June 30, 2016 June 30, 2015 Total Pension Liability
Service Cost 11,987,483$ 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$ Interest 40,676,233 38,872,466 37,384,019 36,491,272 35,253,001 33,917,162 32,139,899 31,142,639 30,496,717 29,025,141 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 6,449,639 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 (30,662,831) (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) Net Change in Total Pension Liability 28,450,524 22,312,777 32,542,169 17,620,826 19,416,882 26,203,523 14,379,892 36,918,203 19,627,190 7,285,483 Total Pension Liability, Beginning of Year 592,398,664 570,085,887 537,543,718 519,922,892 500,506,010 474,302,487 459,922,595 423,004,392 403,377,202 396,091,719 Total Pension Liability, End of Year 620,849,188 592,398,664 570,085,887 537,543,718 519,922,892 500,506,010 474,302,487 459,922,595 423,004,392 403,377,202 Plan Fiduciary Net Position
Contributions - Employee 20,345,455 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 Contributions - Employer 6,356,979 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 Net Investment Income 41,124,768 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 Benefit Payments, Including Refunds of Member Contributions (30,662,831) (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) Plan to Plan Resource Movement - - - - 215,792 (95,340) (823) (37,118) - 216,371 Administrative Expenses (349,641) (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 36,814,730 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 Total Plan Fiduciary Net Position, Beginning of Year2 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 Total Plan Fiduciary Net Position, End of Year 466,505,374 429,690,644 411,628,241 453,220,305 377,608,104 368,791,472 354,325,114 336,976,981 312,347,346 319,148,656 Net Pension Liability - Ending 154,343,814$ 162,708,020$ 158,457,646$ 84,323,413$ 142,314,788$ 131,714,538$ 119,977,373$ 122,945,614$ 110,657,046$ 84,228,546$ Plan Fiduciary Net Position as a Percentage of Total Pension Liability 75.14% 72.53% 72.20% 84.31% 72.63% 73.68% 74.70% 73.27% 73.84% 79.12% Covered Payroll3 69,613,721$ 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$ Net Pension Liability as a Percentage of Covered Payroll 221.71% 259.37% 276.37% 149.12% 266.62% 242.60% 233.80% 248.99% 211.78% 162.06% 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 with GASB Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68).
Includes one year's payroll growth using 2.80 percent payroll growth assumption for fiscal years ended in 2022 through 2024; 2.75 percent payroll growth assumption for fiscal years ended in 2018 through 2021; 3.00 percent payroll growth assumption for fiscal years ended in 2016 through 2017.
Benefit Changes: 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.
Golden 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: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 2022, measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.
158
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
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2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
MEASUREMENT DATE June 30, 2024 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 Total Pension Liability
Service Cost 10,026,185$ 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$ Interest 33,105,069 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 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 8,573,725 (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 (24,035,220) (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) Net Change in Total Pension Liability 27,669,759 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 Total Pension Liability, Beginning 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 Total Pension Liability, End of Year 505,884,169 478,214,410 460,898,247 429,794,655 415,648,717 400,450,186 379,107,460 367,718,233 335,188,451 319,020,758 Plan Fiduciary Net Position
Contributions - Employee 3,652,542 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 Contributions - Employer 16,175,842 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 Net Investment Income 34,857,027 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 Benefit Payments, Including Refunds of Member Contributions (24,035,220) (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) Plan to Plan Resource Movement - - - - - - (652) 37,118 - - Administrative Expenses (296,064) (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 30,354,127 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 Total Plan Fiduciary Net Position, Beginning of Year2 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 Total Plan Fiduciary Net Position, End of Year 394,201,320 363,847,193 347,167,238 379,285,078 311,036,005 298,306,602 281,039,679 262,051,305 237,907,373 238,320,301 Net Pension Liability - Ending 111,682,849$ 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$ Plan Fiduciary Net Position as a Percentage of Total Pension Liability 77.92% 76.08% 75.32% 88.25% 74.83% 74.49% 74.13% 71.26% 70.98% 74.70% Covered Payroll3 26,239,688$ 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$ Net Pension Liability as a Percentage of Covered Payroll 425.63% 453.28% 443.85% 192.02% 386.60% 389.72% 387.16% 407.75% 366.55% 319.87% 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 with GASB Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68).
Includes one year's payroll growth using 2.80 percent payroll growth assumption for fiscal years ended in 2022 through 2024; 2.75 percent payroll growth assumption for fiscal years ended in 2018 through 2021; 3.00 percent payroll growth assumption for fiscal years ended in 2016 through 2017.
Benefit Changes: 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. Golden 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: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 2022, measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016.
159
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
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2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
MEASUREMENT DATE June 30, 2024 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 City's Proportion of the Collective Net Pension Liability 55.50% 55.09% 56.30% 74.13% 53.36% 52.97% 53.11% 51.31% 52.50% 54.96% City's Proportionate Share of the Collective Net Pension Liability $67,301,155 $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$ City's Covered Payroll1 $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$ City's Proportionate Share of the Collective Net Pension Liability as a Percentage of its Covered Payroll 414.04% 495.61% 485.54% 328.27% 471.26% 446.05% 432.83% 463.11% 503.07% 406.36% Plan Fiduciary Net Position as a Percentage of the Plan's Total Pension Liability 78.08% 76.21% 76.68% 88.29% 75.10% 75.26% 75.26% 73.31% 74.06% 78.40% 1 Notes to Schedule:
For the year ended on the measurement date.
Benefit Changes: 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.
Golden 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: There were no assumption changes in 2023 or 2024. Effective with the June 30, 2021, valuation date (June 30, 2022, measurement date), the accounting discount rate was reduced from 7.15% to 6.90%. In determining the long-term expected rate of return, CalPERS took into account long-term market return expectations as well as the expected pension fund cash flows. In addition, demographic assumptions and the price inflation assumption were changed in accordance with the 2021 CalPERS Experience Study and Review of Actuarial Assumptions. The accounting discount rate was 7.15% for measurement dates June 30, 2017, through June 30, 2021, and 7.65% for measurement dates June 30, 2015, through June 30, 2016. 160
CITY OF OXNARD, CALIFORNIA
SCHEDULE OF PLAN CONTRIBUTIONS – CALPERS PLANS
FOR THE FISCAL YEARS ENDED JUNE 30
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Fiscal Year 2025 2024 2023 2022 2021 2020 2019 2018
Actuarially Determined Contribution 21,606,990$ 20,345,455$ 18,562,518$ 16,634,303$ 14,868,691$ 12,795,434$ 11,842,706$ 9,799,970$ Contributions in Relation to the Actuarially
Determined Contribution (21,606,990) (20,345,455) (18,562,518) (16,634,303) (14,868,691) (12,795,434) (11,842,706) (9,799,970) Contribution Deficiency -$ -$ -$ -$ -$ -$ -$ -$ Covered Payroll1 71,562,905$ 69,613,721$ 62,730,866$ 57,334,653$ 56,545,716$ 53,378,028$ 54,291,812$ 51,315,482$ Contributions as a Percentage of Covered Payroll 30.19% 29.23% 29.59% 29.01% 26.29% 23.97% 21.81% 19.10% Actuarially Determined Contribution 16,422,525$ 16,175,842$ 14,667,488$ 14,208,396$ 14,870,411$ 14,126,597$ 13,510,982$ 11,821,073$ Contributions in Relation to the Actuarially
Determined Contribution (31,422,525) (16,175,842) (14,667,488) (14,208,396) (14,870,411) (14,126,597) (13,510,982) (11,821,073) Contribution Deficiency (Excess) (15,000,000)$ -$ -$ -$ -$ -$ -$ -$ Covered Payroll1 26,974,399$ 26,239,688$ 25,230,851$ 25,623,963$ 26,304,790$ 27,059,334$ 26,209,714$ 25,330,075$ Contributions as a Percentage of Covered Payroll 60.88% 61.65% 58.13% 55.45% 56.53% 52.21% 51.55% 46.67% Actuarially Determined Contribution 10,019,510$ 8,967,165$ 8,186,822$ 6,831,430$ 6,970,489$ 5,669,614$ 4,922,875$ 4,565,809$ Contributions in Relation to the Actuarially
Determined Contribution (10,019,510) (8,967,165) (8,186,822) (6,831,430) (6,970,489) (5,669,614) (4,922,875) (4,565,809) Contribution Deficiency -$ -$ -$ -$ -$ -$ -$ -$ Covered Payroll1 17,306,737$ 16,254,836$ 13,866,932$ 13,392,657$ 12,212,495$ 12,319,847$ 12,168,197$ 11,824,780$ Contributions as a Percentage of Covered Payroll 57.89% 55.17% 59.04% 51.01% 57.08% 46.02% 40.46% 38.61% 1 Includes one year's payroll growth using 2.80 percent payroll growth assumption for fiscal years ended in 2022 through 2025; 2.75 percent payroll growth assumption for fiscal years ended in 2018 through 2021; 3.00 percent payroll growth assumption for fiscal years ended in 2016 through 2017.
MISCELLANEOUS PLAN
SAFETY PLAN - POLICE
SAFETY PLAN - FIRE
161
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
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2025 2024 2023 2022 2021 2020 2019 2018 2017 2016
MEASUREMENT DATE June 30, 2025 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 Total Pension Liability
Service Cost 1,247,188$ 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$ Interest 6,656,617 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 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 (5,366,112) (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) Net Change in Total Pension Liability 2,537,693 862,528 3,724,803 4,503,078 7,807,946 2,703,918 3,014,628 (794,000) 3,654,000 6,422,000 Total Pension Liability, Beginning of Year, As Restated 1 117,203,134 116,340,606 112,615,803 108,112,725 100,304,779 97,600,861 90,818,000 91,612,000 87,958,000 81,536,000 Total Pension Liability, End of Year 119,740,827 117,203,134 116,340,606 112,615,803 108,112,725 100,304,779 93,832,628 90,818,000 91,612,000 87,958,000 Plan Fiduciary Net Position
Contributions - Employee 942,671 1,512,042 1,510,731 1,610,537 1,643,999 4,346,415 4,392,047 2,343,000 2,513,000 2,922,000 Contributions - Employer 4,392,936 2,809,553 2,609,609 3,194,442 3,427,026 2,023,945 2,076,972 4,172,000 6,586,000 1,043,000 Net Investment Income 12,969,451 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 Benefit Payments, Including Refunds of Member Contributions (5,366,112) (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) Administrative Expenses (268,267) (213,489) (188,161) (189,753) (100,193) (77,483) (74,067) (72,000) (80,000) (68,000) Net Change in Plan Fiduciary Net Position 12,670,679 11,618,200 8,392,484 (12,712,085) 19,843,567 6,983,056 7,684,831 10,483,000 5,494,000 3,164,000 Total Plan Fiduciary Net Position, Beginning of Year, As Restated 1 116,445,405 104,827,205 96,434,721 109,146,806 89,303,239 82,320,183 69,712,000 59,229,000 53,735,000 50,571,000 Total Plan Fiduciary Net Position, End of Year 129,116,084 116,445,405 104,827,205 96,434,721 109,146,806 89,303,239 77,396,831 69,712,000 59,229,000 53,735,000 Net Pension Liability - Ending (9,375,257)$ 757,729$ 11,513,401$ 16,181,082$ (1,034,081)$ 11,001,540$ 16,435,797$ 21,106,000$ 32,383,000$ 34,223,000$ Plan Fiduciary Net Position as a Percentage of Total Pension Liability 107.8% 99.35% 90.10% 85.63% 100.96% 89.03% 82.48% 76.76% 64.65% 61.09% Covered Payroll 18,756,267$ 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$ Net Pension Liability as a Percentage of Covered Payroll -50.0% 4.01% 54.32% 82.00% -5.03% 47.07% 61.47% 73.10% 104.16% 93.71% 1 Notes to Schedule:
During Fiscal Year 2019-20, as a result of Governmental Accounting Standards Board Statement (GASB) No. 75, Accounting and Financial Reporting for Postemployment Benefit Plans Other than Pensions (GASB 75), CalPERS reported its proportionate share of activity related to postemployment benefits for participation in the State of California's agent OPEB plan. Accordingly, CalPERS recorded a one-time expense as a result of the adoption of GASB 75.
Additionally, CalPERS employees participate in various State of California agent pension plans and during Fiscal Year 2017-18, CalPERS recorded a correction to previously reported financial statements to properly reflect its proportionate share of activity related to pensions in accordance with GASB Statement No. 68, Accounting and Financial Reporting for Pensions (GASB 68).
Benefit Changes: 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. Golden 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. 162
CITY OF OXNARD, CALIFORNIA
SCHEDULE OF PLAN CONTRIBUTIONS - RETIREMENT ENHANCEMENT PLAN AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS
-134-
Fiscal Year 2025 2024 2023 2022 2021 2020 2019 2018 2017 2016 Actuarially Determined Contribution 152,000$ 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$ Contributions in Relation to the Actuarially
Determined Contribution 4,392,936 2,809,553 2,609,609 3,194,442 3,427,026 4,346,415 4,271,191 4,480,000 4,314,000 3,589,787 Contribution Deficiency/(Surplus)1 (4,240,936)$ 1,357,447$ 656,583$ -$ 87,974$ (123,415)$ (68,191)$ (74,000)$ 62,000$ -$ Covered Payroll2 18,756,267$ 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$ Contributions as a Percentage of Covered Payroll 23.4% 14.89% 12.31% 16.19% 16.66% 18.60% 17.16% 16.76% 14.94% 11.55% 1 2
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.
Includes one year's payroll growth using 2.80 percent payroll growth assumption for fiscal years ended in 2022 through 2025; 2.75 percent payroll growth assumption for fiscal years ended in 2018 through 2021; 3.00 percent payroll growth assumption for fiscal years ended in 2016 through 2017. 163
CITY OF OXNARD, CALIFORNIA
SCHEDULE OF CHANGES IN TOTAL OPEB LIABILITY AND RELATED RATIOS AS OF JUNE 30 FOR THE LAST TEN FISCAL YEARS1
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As of the June 30, 2024 measurement date, no assets are accumulated in a trust that meets the criteria in Paragraph 4 of GASB Statement No. 75.
2025 2024 2023 2022 2021 2020 2019 2018
MEASUREMENT DATE June 30, 2024 June 30, 2023 June 30, 2022 June 30, 2021 June 30, 2020 June 30, 2019 June 30, 2018 June 30, 2017 Total OPEB Liability
Service Cost 4,178,006$ 3,498,092$ 3,402,813$ 2,837,493$ 2,150,451$ 1,772,005$ 1,967,866$ 1,779,949$ Interest 2,880,628 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 (1,401,223) 3,519,499 - (2,378,752) (9,059) 3,528,946 - - Changes in Assumptions (31,479) 14,360,540 (16,385,002) 5,708,710 5,726,271 5,290,349 (2,392,006) - Benefit Payments, Including Refunds of Member Contributions (1,601,514) (1,054,697) (1,020,358) (955,556) (925,981) (1,000,579) (931,942) (851,701) Net Change in Total OPEB Liability 4,024,418 22,241,385 (12,761,120) 6,620,754 8,455,607 10,930,932 (239,975) 1,983,516 Total OPEB Liability, Beginning of Year, As Restated 71,242,861 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 75,267,279 71,242,861 49,001,476 61,762,596 55,141,842 46,677,176 35,880,763 36,120,738 Plan Fiduciary Net Position
Contributions - Employer 1,601,514 1,054,697 1,020,358 955,556 925,981 1,000,579 931,942 - Net Investment Income - - - - - - - - Benefit Payments, Including Implicit Subsidy (1,601,514) (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 75,267,279$ 71,242,861$ 49,001,476$ 61,762,596$ 55,141,842$ 46,677,176$ 35,880,763$ 36,120,738$ Plan Fiduciary Net Position as a Percentage of Total Pension Liability 1.42% 0.99% 1.03% 1.02% 0.99% 1.07% 1.08% 0.00% Covered Payroll 113,138,343$ 106,406,697$ 98,675,659$ 94,051,309$ 93,553,694$ 93,299,262$ 85,907,755$ 83,423,271$ Net Pension Liability as a Percentage of Covered Payroll 66.53% 66.95% 49.66% 65.67% 58.94% 50.03% 41.77% 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: The discount rate changed from 3.86% to 3.97%. There have been no other changes in the assumptions since the last measurement date. 164
CITY OF OXNARD, CALIFORNIA
GENERAL FUND GROUP
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-136-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
Taxes
Property tax 72,515,485$ 72,936,815$ 73,786,070$ 849,255$ Sales tax 132,883,718 131,798,520 140,840,170 9,041,650 Transient occupancy tax 5,810,000 5,735,000 5,269,919 (465,081) Business license tax 6,970,000 6,970,000 7,471,928 501,928 Franchise tax 4,768,000 4,768,000 3,609,604 (1,158,396) Cannabis tax 1,100,000 1,500,000 1,529,776 29,776 Licenses and permits 4,589,301 4,703,040 4,627,851 (75,189) Intergovernmental 2,565,885 2,728,788 3,105,515 376,727 Charges for services 12,603,640 14,191,912 12,776,357 (1,415,555) Fines and forfeitures 2,728,376 2,765,923 3,264,930 499,007 Investment income 3,282,880 2,967,927 8,713,291 5,745,364 Special assessments 341,909 341,909 436,962 95,053 Miscellaneous 3,895,341 6,007,727 9,227,205 3,219,478 Total revenues 254,054,535 257,415,561 274,659,578 17,244,017 Current
General government 47,362,956 48,311,632 37,797,496 10,514,136 Public safety 122,450,417 127,069,622 127,842,058 (772,436) Public works 33,816,315 35,493,787 30,953,152 4,540,635 Community development 15,049,795 16,806,243 13,807,461 2,998,782 Culture, leisure, and libraries 17,768,390 17,617,904 17,142,322 475,582 Housing 4,660,793 6,429,963 6,449,812 (19,849) Capital Outlay 140,000 1,346,468 614,885 731,583 Debt Service
Principal 955,000 955,000 1,611,744 (656,744) Interest and fiscal charges 390,944 390,944 408,683 (17,739) Total Expenditures 242,594,610 254,421,563 236,627,613 17,793,950 11,459,925 2,993,998 38,031,965 35,037,967 Inception of subscription-based IT arrangements - - 177,765 177,765 Transfers in 3,750,368 3,600,714 3,044,644 (556,070) (38,073,956) (75,702,281) (26,907,709) 48,794,572 Total Other Financing Sources/(Uses) (34,323,588) (72,101,567) (23,685,300) 48,416,267 Net Change in Fund Balance (22,863,663) (69,107,569) 14,346,665 83,454,234 Fund Balances, July 1 132,681,870 132,681,870 132,681,870 - Fund Balances, June 30 109,818,207$ 63,574,301$ 147,028,535$ 83,454,234$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
Reimbursement of IUF fees was included in the City's budget as other financing uses. In the General Fund financial statements, the reimbursement of IUF fees is reported as reductions of advances from other funds.
REVENUES
Transfers out
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
EXPENDITURES
165
CITY OF OXNARD, CALIFORNIA
AFFORDABLE HOUSING FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-137-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
Intergovernmental -$ -$ 50,598$ 50,598$ Investment income 85,396 85,396 202,989 117,593 Miscellaneous - - 110,647 110,647 Total revenues 85,396 85,396 364,234 278,838 Current
Housing 198,670 1,902,187 1,202,469 699,718
Total Expenditures 198,670 1,902,187 1,202,469 699,718 EXPENDITURES (113,274) (1,816,791) (838,235) 978,556 Net Change in Fund Balance (113,274) (1,816,791) (838,235) 978,556 Fund Balances, July 1 3,788,089 3,788,089 3,788,089 - Fund Balances, June 30 3,674,815$ 1,971,298$ 2,949,854$ 978,556$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
EXPENDITURES
EXCESS OF REVENUES OVER (UNDER)
REVENUES
166
CITY OF OXNARD, CALIFORNIA
DEVELOPMENT FEES SPECIAL REVENUE FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-138-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
Growth and development fees 3,839,787$ 4,243,469$ 2,166,202$ (2,077,267)$ Investment income 1,334,505 1,334,505 3,309,701 1,975,196 Miscellaneous - 21,879 166,625 144,746 Total revenues 5,174,292 5,599,853 5,642,528 42,675 Current
General government 4,754 42,028 21,334 20,694 Public works 1,298 255,024 1,060 253,964 Community development 2,762,353 9,701,410 284,279 9,417,131 Culture, leisure, and libraries 940 1,242 940 302 Housing 317,483 1,181,423 291,480 889,943 Capital Outlay - 34,840 34,840 - Total Expenditures 3,086,828 11,215,967 633,933 10,582,034 2,087,464 (5,616,114) 5,008,595 10,624,709
Transfers out (1,095,976) (19,802,996) (4,162,028) 15,640,968 Total Other Financing Sources/(Uses) (1,095,976) (19,802,996) (4,162,028) 15,640,968 Net Change in Fund Balance 991,488 (25,419,110) 846,567 26,265,677 Fund Balances, July 1 65,805,321 65,805,321 65,805,321 - Fund Balances, June 30 66,796,809$ 40,386,211$ 66,651,888$ 26,265,677$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
EXPENDITURES
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
REVENUES
167
CITY OF OXNARD, CALIFORNIA
STATE AND FEDERAL GRANTS FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
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ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
Intergovernmental 112,751,670$ 196,620,810$ 45,384,926$ (151,235,884)$ Investment income 25,638 25,638 74,371 48,733 Miscellaneous 3,500 144,331 3,500 (140,831) Total revenues 112,780,808 196,790,779 45,462,797 (151,327,982) Current
General government - 1,675,036 390,528 1,284,508 Public safety - 7,484,100 3,532,069 3,952,031 Public works - 2,752,466 889,563 1,862,903 Community development - 823,847 16,139 807,708 Culture, leisure, and libraries 7,324,874 7,489,213 5,717,381 1,771,832 Housing 3,235,572 16,852,277 7,285,471 9,566,806 Capital Outlay - 36,553 10,451 26,102 Debt Service
Principal - - 171,186 (171,186) Interest and fiscal charges - - 114 (114) Total Expenditures 10,560,446 37,113,492 18,012,902 19,100,590 102,220,362 159,677,287 27,449,895 (132,227,392)
- - 473,397 473,397 Transfers in - 228,755 543,025 314,270 Transfers out (102,134,724) (160,618,827) (28,271,965) 132,346,862 Total Other Financing Sources/(Uses) (102,134,724) (160,390,072) (27,255,543) 133,134,529 Net Change in Fund Balance 85,638 (712,785) 194,352 907,137 Fund Balances, July 1 742,740 742,740 742,740 - Fund Balances, June 30 828,378$ 29,955$ 937,092$ 907,137$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
EXPENDITURES
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
Inception of subscription-based IT arrangements
REVENUES
168
CITY OF OXNARD, CALIFORNIA
CAPITAL IMPROVEMENTS FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-140-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
Capital Outlay 133,464,724$ 259,774,472$ 45,020,429$ 214,754,043$ Total Expenditures 133,464,724 259,774,472 45,020,429 214,754,043 (133,464,724) (259,774,472) (45,020,429) (214,754,043) Transfers in 133,464,724 259,774,472 45,020,429 (214,754,043) Total Other Financing Sources/(Uses) 133,464,724 259,774,472 45,020,429 (214,754,043) Net Change in Fund Balance - - - - Fund Balances, July 1 1,107,743 1,107,743 1,107,743 - Fund Balances, June 30 1,107,743$ 1,107,743$ 1,107,743$ -$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
EXCESS OF REVENUES OVER (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
EXPENDITURES
169
SUPPLEMENTARY INFORMATION
170
GENERAL FUND GROUP
171
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General Fund Group
The general fund accounts for a government’s main operating fund.
General Fund - This fund is used to account for all financial 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, licenses and permits, and State shared revenues and billings for outside and interfund services.
Expenditures in the General Fund primarily consist of general administration, police and fire protection, parks and streets maintenance, recreation and transportation services, and community development.
Half Cent Sales Tax “Measure O” Fund - On November 4, 2008, Oxnard voters approved a general purpose sales tax for one half cent for twenty years. Its purpose is “to protect, maintain, and enhance vital City services including police, fire and emergency response, increasing street paving and sidewalk/pothole repair to improve traffic flow, expanding youth recreation, after -school and anti -gang prevention programs, a cquiring property for parks/open space preservation, upgrading storm water drains, improving senior services, increasing building code compliance, and other general City services.” Street Maintenance Fund - This fund is used for the reimbursement 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 parties for specified purposes and developer deposits. 172
CITY OF OXNARD, CALIFORNIA
COMBINING BALANCE SHEET
GENERAL FUND GROUP
JUNE 30, 2025
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101 - General 104 - Half Cent 105 - Street 641 - Performing Fund Sales Tax Maintenance Arts Center
ASSETS
Cash and investments 89,047,638$ 27,740,544$ 15,836$ 671,246$ Restricted cash and investments 5,000,000 1,390,174 - - Accounts and other receivables 2,852,182 193,711 - 16,450 Due from other funds 708,318 - - - Due from other government 22,853,058 3,209,376 - - Prepaid items 3,000 - - - Lease receivable 497,129 - - - Notes receivable 800,000 1,427,492 - - Total Assets 121,761,325$ 33,961,297$ 15,836$ 687,696$
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES
LIABILITIES
Accounts payable 5,272,816$ 199,893$ -$ 38,843$ Other liabilities 3,546,631 77,238 - - Due to other funds - - - - Unearned revenues - - - - Total Liabilities 8,819,447 277,131 - 38,843
DEFERRED INFLOW OF RESOURCES
Loans 800,000 1,427,492 - - Leases 461,778 - - - Total Deferred Inflows of Resources 1,261,778 1,427,492 - - Total Liabilities and Deferred Inflows of Resources 10,081,225 1,704,623 - 38,843
FUND BALANCES
Nonspendable
Prepaid items 3,000 - - - Lease receivable, net 35,351 - - - Restricted for:
Debt service - 1,390,174 - - Pension and OPEB 5,000,000 - - - Infrastructure development 6,386,600 - - 648,853 Committed to:
Measure "O" eligible services - 30,866,500 - - Capital/multi-year projects 34,935,695 - 15,836 - Assigned to:
Economic protection 14,918,000 - - - Operating reserves 38,773,793 - - - Unassigned 11,627,661 - - - Total Fund Balances 111,680,100 32,256,674 15,836 648,853 TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES, 121,761,325$ 33,961,297$ 15,836$ 687,696$
AND FUND BALANCES
GENERAL FUND
173
CITY OF OXNARD, CALIFORNIA
COMBINING BALANCE SHEET
GENERAL FUND GROUP (CONTINUED)
JUNE 30, 2025
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Other funds Total
ASSETS
12,153,516$ 129,628,780$ Cash and investments
- 6,390,174 Restricted cash and investments 806,916 3,869,259 Accounts and other receivables (690,715) 17,603 Due from other funds 436,962 26,499,396 Due from other government - 3,000 Prepaid items
- 497,129 Lease receivable - 2,227,492 Notes receivable 12,706,679$ 169,132,833$ Total Assets
LIABILITIES AND DEFERRED INFLOWS OF RESOURCES
LIABILITIES
2,083,368$ 7,594,920$ Accounts payable
8,087,165 11,711,034 Other liabilities
- - Due to other funds 109,074 109,074 Unearned revenues 10,279,607 19,415,028 Total Liabilities
DEFERRED INFLOW OF RESOURCES
- 2,227,492 Loans
- 461,778 Leases
- 2,689,270 Total Deferred Inflows of Resources 10,279,607 22,104,298 Total Liabilities and Deferred Inflows of Resources
FUND BALANCES
Nonspendable
- 3,000 Prepaid items - 35,351 Lease receivable, net Restricted for:
- 1,390,174 Debt service - 5,000,000 Pension and OPEB 599,310 7,634,763 Infrastructure development Committed to:
- 30,866,500 Measure "O" eligible services 2,261,072 37,212,603 Capital/multi-year projects Assigned to:
- 14,918,000 Economic protection - 38,773,793 Operating reserves (433,310) 11,194,351 Unassigned
2,427,072 147,028,535 Total Fund Balances
12,706,679$ 169,132,833$ TOTAL LIABILITIES, DEFERRED INFLOWS OF RESOURCES,
AND FUND BALANCES
GENERAL FUND
174
CITY OF OXNARD, CALIFORNIA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
GENERAL FUND GROUP
FOR THE YEAR ENDED JUNE 30, 2025
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101 - General 104 - Half Cent 105 - Street
Fund Sales Tax Maintenance
REVENUES
Taxes 213,324,984$ 19,182,483$ -$
Licenses and permits 4,627,851 - - Intergovernmental 3,105,515 - - Charges for services 12,482,918 - - Fines and forfeitures 3,264,930 - - Investment income 7,401,888 1,311,403 - Special assessments - - - Miscellaneous 9,399,814 - - Total Revenues 253,607,900 20,493,886 -
EXPENDITURES
Current
General government 37,660,633 107,785 - Public safety 127,623,423 207,286 -
Public works 27,628,207 1,499,668 37
Community development 13,460,948 346,513 - Culture, leisure and libraries 15,975,189 864,653 - Housing 4,697,527 1,139,220 -
Capital Outlay 590,968 7,740 - Debt Service
Principal 656,744 955,000 -
Interest and fiscal charges 72,371 336,312 - Total Expenditures 228,366,010 5,464,177 37
EXCESS OF REVENUES OVER (UNDER)
EXPENDITURES 25,241,890 15,029,709 (37)
OTHER FINANCING SOURCES (USES)
Inception of subscription-based IT arrangements 177,765 - - Transfers in 1,680,127 - - Transfers out (13,850,543) (12,438,166) (619,000) Total Other Financing Sources (Uses) (11,992,651) (12,438,166) (619,000) NET CHANGE IN FUND BALANCES 13,249,239 2,591,543 (619,037) FUND BALANCES, JULY 1 98,430,861 29,665,131 634,873 FUND BALANCES, JUNE 30 111,680,100$ 32,256,674$ 15,836$
GENERAL FUND
175
CITY OF OXNARD, CALIFORNIA
COMBINING SCHEDULE OF REVENUES, EXPENDITURES,
AND CHANGES IN FUND BALANCES
GENERAL FUND GROUP (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
-145-
641 - Performing
Arts Center Other funds Total
REVENUES
-$ -$ 232,507,467$ Taxes - - 4,627,851 Licenses and permits - - 3,105,515 Intergovernmental 293,439 - 12,776,357 Charges for services - - 3,264,930 Fines and forfeitures - - 8,713,291 Investment income - 436,962 436,962 Special assessments - (172,609) 9,227,205 Miscellaneous 293,439 264,353 274,659,578 Total Revenues
EXPENDITURES
Current
- 29,078 37,797,496 General government - 11,349 127,842,058 Public safety - 1,825,240 30,953,152 Public works - - 13,807,461 Community development 237,982 64,498 17,142,322 Culture, leisure and libraries - 613,065 6,449,812 Housing - 16,177 614,885 Capital Outlay Debt Service
- - 1,611,744 Principal - - 408,683 Interest and fiscal charges 237,982 2,559,407 236,627,613 Total Expenditures
EXCESS OF REVENUES OVER (UNDER)
55,457 (2,295,054) 38,031,965 EXPENDITURES
OTHER FINANCING SOURCES (USES)
- - 177,765 Inception of subscription-based IT arrangements - 1,364,517 3,044,644 Transfers in - - (26,907,709) Transfers out - 1,364,517 (23,685,300) Total Other Financing Sources (Uses) 55,457 (930,537) 14,346,665 NET CHANGE IN FUND BALANCES 593,396 3,357,609 132,681,870 FUND BALANCES, JULY 1 648,853$ 2,427,072$ 147,028,535$ FUND BALANCES, JUNE 30
GENERAL FUND
176
CITY OF OXNARD, CALIFORNIA
GENERAL FUND - 101 - GENERAL FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
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ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
REVENUES
Taxes
Property tax 72,515,485$ 72,936,815$ 73,786,070$ 849,255$ Sales tax 113,602,131 112,516,933 121,657,688 9,140,755 Transient occupancy tax 5,810,000 5,735,000 5,269,919 (465,081) Business license tax 6,970,000 6,970,000 7,471,927 501,927 Franchise tax 4,768,000 4,768,000 3,609,604 (1,158,396) Cannabis tax 1,100,000 1,500,000 1,529,776 29,776 Licenses and permits 4,589,301 4,703,040 4,627,851 (75,189) Intergovernmental 2,565,885 2,728,788 3,105,515 376,727 Charges of services 12,355,640 12,919,678 12,482,918 (436,760) Fines and forfeitures 2,728,376 2,765,923 3,264,930 499,007 Investment income 2,824,813 2,509,860 7,401,888 4,892,028 Special assessments - - - - Miscellaneous 3,895,341 5,744,229 9,399,814 3,655,585 Total revenues 233,724,972 235,798,266 253,607,900 17,809,634
EXPENDITURES
Current
General government 47,114,225 47,839,996 37,660,633 10,179,363 Public safety 122,174,417 126,618,794 127,623,423 (1,004,629) Public works 30,258,807 29,659,644 27,628,207 2,031,437 Community development 14,599,352 16,335,800 13,460,948 2,874,852 Culture, leisure and libraries 16,455,988 16,029,791 15,975,189 54,602 Housing 4,500,793 5,138,178 4,697,527 440,651 Capital outlay 138,000 1,326,537 590,968 735,569 Debt Service
Principal - - 656,744 (656,744) Interest and fiscal charges 54,632 54,632 72,371 (17,739) Total expenditures 235,296,214 243,003,373 228,366,010 14,637,363 EXCESS OF REVENUES OVER EXPENDITURES (1,571,242) (7,205,107) 25,241,890 32,446,997
OTHER FINANCING SOURCES (USES)
Inception of subscription-based IT arrangements - - 177,765 177,765 Transfers in 2,023,189 1,873,535 1,680,127 (193,408) Transfers out (21,351,947) (46,294,644) (13,850,543) 32,444,101 Net other financing sources (uses) (19,328,758) (44,421,109) (11,992,651) 32,428,458 Net Change in Fund Balances (20,900,000) (51,626,216) 13,249,239 64,875,455 FUND BALANCES, JULY 1 98,430,861 98,430,861 98,430,861 - FUND BALANCES, JUNE 30 77,530,861$ 46,804,645$ 111,680,100$ 64,875,455$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP).
177
CITY OF OXNARD, CALIFORNIA
GENERAL FUND - 104 - HALF CENT SALES TAX
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-147-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
REVENUES
Taxes
Sales 19,281,587$ 19,281,587$ 19,182,483$ (99,104)$ Investment income 458,067 458,067 1,311,403 853,336 Total revenues 19,739,654 19,739,654 20,493,886 754,232
EXPENDITURES
Current
General government 248,326 125,177 107,785 17,392 Public safey 276,000 344,378 207,286 137,092 Public works 1,488,825 1,578,660 1,499,668 78,992 Community development 450,443 470,443 346,513 123,930 Culture, leisure and libraries 1,072,876 1,099,386 864,653 234,733 Housing 160,000 1,291,785 1,139,220 152,565 Capital Outlay 2,000 2,000 7,740 (5,740) Debt Service
Principal 955,000 955,000 955,000 - Interest and fiscal charges 336,312 336,312 336,312 - Total expenditures 4,989,782 6,203,140 5,464,177 738,963 EXCESS OF REVENUES OVER EXPENDITURES 14,749,872 13,536,514 15,029,709 1,493,195
OTHER FINANCING SOURCES (USES)
Transfers out (16,103,009) (28,771,134) (12,438,166) 16,332,968 Net other financing sources (uses) (16,103,009) (28,771,134) (12,438,166) 16,332,968 Net Change in Fund Balances (1,353,137) (15,234,620) 2,591,543 17,826,163 FUND BALANCES, JULY 1 29,665,131 29,665,131 29,665,131 - FUND BALANCES, JUNE 30 28,311,994$ 14,430,511$ 32,256,674$ 17,826,163$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP). 178
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THIS PAGE IS INTENTIONALLY LEFT BLANK
179
NONMAJOR
GOVERNMENTAL FUNDS
180
181
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Nonmajor Governmental Funds
Special revenue funds are used to account for the proceeds of specific revenue sources (other than capital outlay and debt service funds that are legally restricted 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 used for maintenance and improvement of public streets.
Debt Service Fund - This fund accounts for the accumulation 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 State of California Vehicle Code. Fund is restricted to be expended only for improvement and maintenance of traffic control equipment/devices.
Transportation Development Fund - This special revenue fund is used to account for Transportation Development Act revenues and to be used for street maintenance and road improvements, and construction of pedestrian and bike facilities.
Maintenance Assessment Districts 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.
182
CITY OF OXNARD, CALIFORNIA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS
JUNE 30, 2025
-150-
PUBLIC DEBT CAPITAL
SAFETY STATE SERVICE OUTLAY CUPA
RETIREMENT GAS TAX FUND FUND FUND
ASSETS
Cash and investments 3,004,442$ 6,083,133$ -$ 23,573,744$ 2,116,938$ Restricted cash and investments - 1,090 5,842 3,867,310 - Accounts and other receivables 964 35,358 - 140,370 17,961 Due from other funds - - - 12,374,513 - Due from other government 290,641 1,453,729 - - - Lease receivable - - - - - Total Assets 3,296,047$ 7,573,310$ 5,842$ 39,955,937$ 2,134,899$
LIABILITIES
Accounts payable -$ 38,725$ -$ 158,423$ 6,445$ Other liabilities - 16,323 - 60,000 - Due to other funds - - - - - Unearned revenues - - - - - Total Liabilities - 55,048 - 218,423 6,445
DEFERRED INFLOWS OF RESOURCES
Leases - - - - -
TOTAL LIABILITIES AND DEFERRED
INFLOWS OF RESOURCES - 55,048 - 218,423 6,445
FUND BALANCES
Nonspendable
Lease receivable, net - - - - - Restricted for:
Debt service - - 5,842 2,844,697 - Maintenance districts - - - - - Public safety 3,296,047 - - - 2,128,454 Public works - transportation - 7,518,262 - - - Infrastructure development - - - 10,311,190 - Committed to: -
Capital/multi-year projects - - - 26,581,627 - Total Fund Balances 3,296,047 7,518,262 5,842 39,737,514 2,128,454
TOTAL LIABILITIES AND
FUND BALANCES 3,296,047$ 7,573,310$ 5,842$ 39,955,937$ 2,134,899$ 183
CITY OF OXNARD, CALIFORNIA
COMBINING BALANCE SHEET
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
JUNE 30, 2025
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TRANSPORTATION MAINTENANCE TOTAL NONMAJOR
TRAFFIC DEVELOPMENT ASSESSMENT GOVERNMENTAL
SAFETY FUND DISTRICTS FUND FUNDS
ASSETS
-$ 2,529,194$ 13,037,434$ 50,344,885$ Cash and investments - - - 3,874,242 Restricted cash and investments - 24,152 412,759 631,564 Accounts and other receivables - - - 12,374,513 Due from other funds 34,232 56,579 169,956 2,005,137 Due from other government - 138,667 - 138,667 Lease receivable 34,232$ 2,748,592$ 13,620,149$ 69,369,008$ Total Assets
LIABILITIES
390$ 99,958$ 945,715$ 1,249,656$ Accounts payable 256 4,207 1,635 82,421 Other liabilities 17,603 - - 17,603 Due to other funds - 1,431,574 - 1,431,574 Unearned revenues 18,249 1,535,739 947,350 2,781,254 Total Liabilities
DEFERRED INFLOWS OF RESOURCES
- 131,484 - 131,484 Leases
TOTAL LIABILITIES AND DEFERRED
18,249 1,667,223 947,350 2,912,738 INFLOWS OF RESOURCES
FUND BALANCES
Nonspendable
- 7,183 - 7,183 Lease receivable, net Restricted for:
- - - 2,850,539 Debt service - - 12,672,799 12,672,799 Maintenance districts - - - 5,424,501 Public safety 15,983 1,074,186 - 8,608,431 Public works - transportation - - - 10,311,190 Infrastructure development Committed to:
- - - 26,581,627 Capital projects 15,983 1,081,369 12,672,799 66,456,270 Total Fund Balances
TOTAL LIABILITIES AND
34,232$ 2,748,592$ 13,620,149$ 69,369,008$ FUND BALANCES 184
CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2025
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PUBLIC DEBT CAPITAL
SAFETY STATE SERVICE OUTLAY CUPA
RETIREMENT GAS TAX FUND FUND FUND
REVENUES
Taxes 19,463,077$ -$ -$ 273,231$ -$ Licenses and permits - - - - 1,256,599 Intergovernmental - 11,170,514 - - 674 Growth and development fees - - - - - Charges for services - 483,192 - - 12,278 Fines and forfeitures - - - - 5,000 Investment income - 198,526 8,924 700,721 131,670 Special assessments - - - - - Miscellaneous - - - - 1,638 Total Revenues 19,463,077 11,852,232 8,924 973,952 1,407,859
EXPENDITURES
Current
General government 161,381 - - 427,394 - Public safety 18,377,961 - - - 1,173,364 Public works - 5,386,648 - 179,884 - Culture, leisure and libraries - - - 341,109 - Housing - - - 6,466 - Capital Outlay - - - 590,000 - Debt Service
Principal - 785,000 5,280,927 205,740 - Interest and fiscal charges - 527,238 2,440,160 - - Total Expenditures 18,539,342 6,698,886 7,721,087 1,750,593 1,173,364
EXCESS OF REVENUES OVER
(UNDER) EXPENDITURES 923,735 5,153,346 (7,712,163) (776,641) 234,495
OTHER FINANCING SOURCES (USES)
Transfers in - - 7,668,169 8,178,890 - Transfers out - (3,162,750) - (4,162,243) (22,993) Net Other Financing Sources (Uses) - (3,162,750) 7,668,169 4,016,647 (22,993) NET CHANGE IN FUND BALANCES 923,735 1,990,596 (43,994) 3,240,006 211,502 FUND BALANCES, JULY 1 2,372,312 5,527,666 49,836 36,497,508 1,916,952 FUND BALANCES, JUNE 30 3,296,047$ 7,518,262$ 5,842$ 39,737,514$ 2,128,454$ 185
CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENDITURES, AND CHANGES IN
FUND BALANCES
NONMAJOR GOVERNMENTAL FUNDS (CONTINUED)
FOR THE YEAR ENDED JUNE 30, 2025
-153-
TRANSPORTATION MAINTENANCE TOTAL NONMAJOR
TRAFFIC DEVELOPMENT ASSESSMENT GOVERNMENTAL
SAFETY FUND DISTRICTS FUND FUNDS
REVENUES
-$ -$ -$ 19,736,308$ Taxes - - - 1,256,599 Licenses and permits 175,122 890,576 - 12,236,886 Intergovernmental - - 30,000 30,000 Growth and development fees - - 2,047 497,517 Charges for services - - - 5,000 Fines and forfeitures 2,509 152,304 616,850 1,811,504 Investment income - - 9,849,376 9,849,376 Special assessments - 196,694 58,929 257,261 Miscellaneous 177,631 1,239,574 10,557,202 45,680,451 Total Revenues
EXPENDITURES
Current
- - - 588,775 General government 490,050 - 257,014 20,298,389 Public safety 3,152 992,344 8,316,472 14,878,500 Public works - - - 341,109 Culture, leisure and libraries - - - 6,466 Housing - - 37,418 627,418 Capital Outlay Debt Service
- - - 6,271,667 Principal - - - 2,967,398 Interest and fiscal charges 493,202 992,344 8,610,904 45,979,722 Total Expenditures
EXCESS OF REVENUES OVER
(315,571) 247,230 1,946,298 (299,271) (UNDER) EXPENDITURES
OTHER FINANCING SOURCES (USES)
320,613 - 2,754,425 18,922,097 Transfers in (1,334) (252,868) (3,057,982) (10,660,170) Transfers out 319,279 (252,868) (303,557) 8,261,927 Net Other Financing Sources (Uses) 3,708 (5,638) 1,642,741 7,962,656 NET CHANGE IN FUND BALANCES 12,275 1,087,007 11,030,058 58,493,614 FUND BALANCES, JULY 1 15,983$ 1,081,369$ 12,672,799$ 66,456,270$ FUND BALANCES, JUNE 30 186
CITY OF OXNARD, CALIFORNIA
NONMAJOR - PUBLIC SAFETY RETIREMENT
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-154-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
REVENUES
Taxes 17,899,327$ 17,899,327$ 19,463,077$ 1,563,750$
Total revenues 17,899,327 17,899,327 19,463,077 1,563,750
EXPENDITURES
Current
Government 106,789 106,789 161,381 (54,592) Public safety 18,839,331 18,798,052 18,377,961 420,091 Total expenditures 18,946,120 18,904,841 18,539,342 365,499 Excess (deficiency) of revenues
over (under) expenditures (1,046,793) (1,005,514) 923,735 1,929,249 Net Change in Fund Balances (1,046,793) (1,005,514) 923,735 1,929,249 FUND BALANCES, JULY 1 2,372,312 2,372,312 2,372,312 - FUND BALANCES, JUNE 30 1,325,519$ 1,366,798$ 3,296,047$ 1,929,249$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP). 187
CITY OF OXNARD, CALIFORNIA
NONMAJOR - STATE GAS TAX FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-155-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
REVENUES
Intergovernmental 10,716,723$ 10,716,723$ 11,170,514$ 453,791$ Charges of services 500,000 500,000 483,192 (16,808) Investment income 33,778 33,778 198,526 164,748 Total revenues 11,250,501 11,250,501 11,852,232 601,731
EXPENDITURES
Current
Public works 5,651,201 8,277,220 5,386,648 2,890,572 Debt Service -
Principal 785,000 785,000 785,000 - Interest and fiscal charges 527,238 527,238 527,238 - Total expenditures 6,963,439 9,589,458 6,698,886 2,890,572 Excess (deficiency) of revenues
over (under) expenditures 4,287,062 1,661,043 5,153,346 3,492,303
OTHER FINANCING SOURCES (USES)
Transfers out (4,000,000) (5,818,397) (3,162,750) 2,655,647 Total other financing sources (uses) (4,000,000) (5,818,397) (3,162,750) 2,655,647 Net Change in Fund Balances 287,062 (4,157,354) 1,990,596 6,147,950 FUND BALANCES, JULY 1 5,527,666 5,527,666 5,527,666 - FUND BALANCES, JUNE 30 5,814,728$ 1,370,312$ 7,518,262$ 6,147,950$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP). 188
CITY OF OXNARD, CALIFORNIA
NONMAJOR - DEBT SERVICE FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-156-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
REVENUES
Investment income -$ -$ 8,924$ 8,924$ Total revenues - - 8,924 8,924
EXPENDITURES
Debt Service
Principal 5,295,698 5,295,698 5,280,927 14,771 Interest and fiscal charges 2,441,290 2,441,290 2,440,160 1,130 Total expenditures 7,736,988 7,736,988 7,721,087 15,901 Excess (deficiency) of revenues
over (under) expenditures (7,736,988) (7,736,988) (7,712,163) 24,825
OTHER FINANCING SOURCES (USES)
Transfers in 7,736,985 7,736,985 7,668,169 (68,816) Total other financing sources (uses) 7,736,985 7,736,985 7,668,169 (68,816) Net Change in Fund Balances (3) (3) (43,994) (43,991) FUND BALANCES, JULY 1 49,836 49,836 49,836 - FUND BALANCES, JUNE 30 49,833$ 49,833$ 5,842$ (43,991)$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP). 189
CITY OF OXNARD, CALIFORNIA
NONMAJOR - CAPITAL OUTLAY FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-157-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
REVENUES
Taxes 360,000$ 360,000$ 273,231$ (86,769)$ Investment income 223,231 223,231 700,721 477,490 Total revenues 583,231 583,231 973,952 390,721
EXPENDITURES
Current
General government 2,336 1,755,438 427,394 1,328,044 Public works - 4,616,053 179,884 4,436,169 Culture, leisure and libraries - 1,894,891 341,109 1,553,782 Housing 6,466 3,303,070 6,466 3,296,604 Capital Outlay - 1,499,991 590,000 909,991 Debt Service
Principal - - 205,740 (205,740) Total expenditures 8,802 13,069,443 1,750,593 11,318,850 Excess (deficiency) of revenues
over (under) expenditures 574,429 (12,486,212) (776,641) 11,709,571
OTHER FINANCING SOURCES (USES)
Transfers in - 8,178,890 8,178,890 - Transfers out - (21,225,342) (4,162,243) 17,063,099 Total other financing sources (uses) - (13,046,452) 4,016,647 17,063,099 Net Change in Fund Balances 574,429 (25,532,664) 3,240,006 28,772,670 FUND BALANCES, JULY 1 36,497,508 36,497,508 36,497,508 - FUND BALANCES, JUNE 30 37,071,937$ 10,964,844$ 39,737,514$ 28,772,670$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP). 190
CITY OF OXNARD, CALIFORNIA
NONMAJOR - CUPA
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-158-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
REVENUES
Licenses and permits 1,120,000$ 1,120,000$ 1,256,599$ 136,599$ Intergovernmental - - 674 674 Charges for services 11,000 11,000 12,278 1,278 Fines and forfeitures 10,000 10,000 5,000 (5,000) Investment income 46,948 46,948 131,670 84,722 Miscellaneous - - 1,638 1,638 Total revenues 1,187,948 1,187,948 1,407,859 219,911
EXPENDITURES
Current
Public safety 1,258,970 1,258,970 1,173,364 85,606 Total expenditures 1,258,970 1,258,970 1,173,364 85,606 Excess (deficiency) of revenues
over (under) expenditures (71,022) (71,022) 234,495 305,517
OTHER FINANCING SOURCES (USES)
Transfers out (22,994) (22,994) (22,993) 1 Total other financing sources (uses) (22,994) (22,994) (22,993) 1 Net Change in Fund Balances (94,016) (94,016) 211,502 305,518 FUND BALANCES, JULY 1 1,916,952 1,916,952 1,916,952 - FUND BALANCES, JUNE 30 1,822,936$ 1,822,936$ 2,128,454$ 305,518$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP). 191
CITY OF OXNARD, CALIFORNIA
NONMAJOR - TRAFFIC SAFETY
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-159-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
REVENUES
Intergovernmental 210,000$ 210,000$ 175,122$ (34,878)$ Investment income 3,334 3,334 2,509 (825) Total revenues 213,334 213,334 177,631 (35,703)
EXPENDITURES
Current
Public safety 612,142 612,142 490,050 122,092 Public works 3,152 6,934 3,152 3,782 Total expenditures 615,294 619,076 493,202 125,874 Excess (deficiency) of revenues
over (under) expenditures (401,960) (405,742) (315,571) 90,171
OTHER FINANCING SOURCES (USES)
Transfers in 330,000 330,000 320,613 9,387 Transfers out - (85,380) (1,334) (84,046) Total other financing sources (uses) 330,000 244,620 319,279 (74,659) Net Change in Fund Balances (71,960) (161,122) 3,708 164,830 FUND BALANCES, JULY 1 12,275 12,275 12,275 - FUND BALANCES, JUNE 30 (59,685)$ (148,847)$ 15,983$ 164,830$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP). 192
CITY OF OXNARD, CALIFORNIA
NONMAJOR - TRANSPORTATION DEVELOPMENT FUND
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-160-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
REVENUES
Intergovernmental 693,937$ 693,937$ 890,576$ 196,639$ Investment income 77,899 77,899 152,304 74,405 Miscellaneous 251,089 266,089 196,694 (69,395) Total revenues 1,022,925 1,037,925 1,239,574 201,649
EXPENDITURES
Current
Public works 1,039,892 1,172,704 992,344 180,360 Total expenditures 1,039,892 1,172,704 992,344 180,360 Excess (deficiency) of revenues
over (under) expenditures (16,967) (134,779) 247,230 382,009
OTHER FINANCING SOURCES (USES)
Transfers out - (1,475,302) (252,868) 1,222,434 Total other financing sources (uses) - (1,475,302) (252,868) 1,222,434 Net Change in Fund Balances (16,967) (1,610,082) (5,638) 1,604,444 FUND BALANCES, JULY 1 1,087,007 1,087,007 1,087,007 - FUND BALANCES, JUNE 30 1,070,040$ (523,075)$ 1,081,369$ 1,604,444$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP). 193
CITY OF OXNARD, CALIFORNIA
NONMAJOR - MAINTENANCE ASSESSMENT DISTRICTS
BUDGETARY COMPARISON SCHEDULE
FOR THE YEAR ENDED JUNE 30, 2025
-161-
ORIGINAL FINAL VARIANCE WITH
BUDGET BUDGET ACTUAL FINAL BUDGET
REVENUES
Growth and development fees -$ 30,000$ 30,000$ -$ Charges for services - - 2,047 2,047 Investment income 282,136 282,136 616,850 334,714 Special assessments 9,798,283 9,798,283 9,849,376 51,093 Miscellaneous - - 58,929 58,929 Total revenues 10,080,419 10,110,419 10,557,202 446,783
EXPENDITURES
Current
Public safety 387,000 387,000 257,014 129,986 Public works 10,645,647 10,700,819 8,316,472 2,384,347 Capital Outlay 50,000 50,000 37,418 12,582 Total expenditures 11,082,647 11,137,819 8,610,904 2,526,915 Excess (deficiency) of revenues
over (under) expenditures (1,002,228) (1,027,400) 1,946,298 2,973,698
OTHER FINANCING SOURCES (USES)
Transfers in 3,581,850 3,649,877 2,754,425 (895,452) Transfers out (3,609,415) (5,033,188) (3,057,982) 1,975,206 Total other financing sources (uses) (27,565) (1,383,311) (303,557) 1,079,754 Net Change in Fund Balances (1,029,793) (2,410,711) 1,642,741 4,053,452 FUND BALANCES, JULY 1 11,030,058 11,030,058 11,030,058 - FUND BALANCES, JUNE 30 10,000,265$ 8,619,347$ 12,672,799$ 4,053,452$ Note to Budgetary Comparison Schedule:
Budgets are prepared using current financial resources measurement focus and the modified accrual basis of accounting consistent with generally accepted accounting principles (GAAP). 194
-162-
INTERNAL SERVICE FUNDS
195
-163-
Internal Service Funds
Internal Service Funds are established to account for goods and services provided by one City department to other City departments or related entities, generally on a cost-recovery basis.
Public Liability and Property Damage Fund - This fund is used to account for the City’s self- insurance program of providing 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 for the costs associated with the City ’s information technology and financial systems 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 computer 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.
196
CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS
JUNE 30, 2025
-164-
PUBLIC
LIABILITY/ UTILITY
PROPERTY WORKERS' CUSTOMER INFORMATION
DAMAGE COMPENSATION SERVICE SERVICES
ASSETS
Current Assets
Cash and investments 2,133,335$ 24,487,301$ 2,171,370$ 12,077,795$ Accounts and other receivables (net of allowance
for doubtful accounts) 10,543 177,235 15,753 97,782 Total Current Assets 2,143,878 24,664,536 2,187,123 12,175,577 Noncurrent Assets
Lease receivable - - - - Advances to other funds - 686,965 - - Capital assets not being depreciated - - - 162,897 Capital assets, net of accumulated depreciation/amortization - - - 1,567,604 Total Noncurrent Assets - 686,965 - 1,730,501 Total Assets 2,143,878 25,351,501 2,187,123 13,906,078
DEFERRED OUTFLOWS OF RESOURCES
Pensions 80,987 168,982 409,217 1,682,033 OPEB - 49,711 212,176 334,690 Total Deferred Outflows of Resources 80,987 218,693 621,393 2,016,723
LIABILITIES
Current Liabilities
Accounts payable 101 248,523 124,622 1,129,023 Other current liabilities - - - 56,285 Compensated absences payable - current 75,459 80,000 101,991 225,905 Other post-employment benefits payable - current - 1,944 7,124 14,247 Self-insurance claims - due within one year 3,556,453 6,980,491 - - Subscription liabilities - current - - - 682,119 Total Current Liabilities 3,632,013 7,310,958 233,737 2,107,579 Noncurrent Liabilities
Compensated absences payable 11,286 11,965 15,254 33,787 Other post-employment benefits payable - 158,301 675,663 1,065,802 Net pension liabilities 288,437 641,754 1,576,552 6,435,690 Self-insurance claims 8,012,354 35,910,086 - - Subscription liabilities - - - 296,608 Total Noncurrent Liabilities 8,312,077 36,722,106 2,267,469 7,831,887 Total Liabilities 11,944,090 44,033,064 2,501,206 9,939,466
DEFERRED INFLOWS OF RESOURCES
Leases - - - - Pensions 22,827 19,676 31,933 162,436 OPEB - 28,394 121,192 191,171 Total Deferred Inflows of Resources 22,827 48,070 153,125 353,607
NET POSITION
Net investment in capital assets - - - 751,774 Unrestricted (9,742,052) (18,510,940) 154,185 4,877,954 TOTAL NET POSITION (9,742,052)$ (18,510,940)$ 154,185$ 5,629,728$ 197
CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF NET POSITION
INTERNAL SERVICE FUNDS (CONTINUED)
JUNE 30, 2025
-165-
FACILITIES EQUIPMENT
MAINTENANCE MAINTENANCE TOTAL
ASSETS
Current Assets
3,113,069$ 1,531,636$ 45,514,506$ Cash and investments Accounts and other receivables (net of allowance
57,859 5,130 364,302 for doubtful accounts) 3,170,928 1,536,766 45,878,808 Total Current Assets Noncurrent Assets
366,516 - 366,516 Lease receivable - - 686,965 Advances to other funds - - 162,897 Capital assets not being depreciated 169,313 412,317 2,149,234 Capital assets, net of accumulated depreciation/amortization 535,829 412,317 3,365,612 Total Noncurrent Assets 3,706,757 1,949,083 49,244,420 Total Assets
DEFERRED OUTFLOWS OF RESOURCES
1,176,645 593,384 4,111,248 Pensions 596,576 563,444 1,756,597 OPEB 1,773,221 1,156,828 5,867,845 Total Deferred Outflows of Resources
LIABILITIES
Current Liabilities
141,716 890,172 2,534,157 Accounts payable 129 - 56,414 Other current liabilities 520,159 225,709 1,229,223 Compensated absences payable - current 23,314 22,018 68,647 Other post-employment benefits payable - current - - 10,536,944 Self-insurance claims - due within one year - - 682,119 Subscription liabilities - current 685,318 1,137,899 15,107,504 Total Current Liabilities Noncurrent Liabilities
77,798 33,759 183,849 Compensated absences payable 1,899,767 1,794,257 5,593,790 Other post-employment benefits payable 4,160,725 2,167,695 15,270,853 Net pension liabilities - - 43,922,440 Self-insurance claims - - 296,608 Subscription liabilities 6,138,290 3,995,711 65,267,540 Total Noncurrent Liabilities 6,823,608 5,133,610 80,375,044 Total Liabilities
DEFERRED INFLOWS OF RESOURCES
330,140 - 330,140 Leases 352,617 129,203 718,692 Pensions 340,757 321,832 1,003,346 OPEB 1,023,514 451,035 2,052,178 Total Deferred Inflows of Resources
NET POSITION
169,313 412,317 1,333,404 Net investment in capital assets (2,536,457) (2,891,051) (28,648,361) Unrestricted (2,367,144)$ (2,478,734)$ (27,314,957)$ TOTAL NET POSITION 198
CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
NET POSITION
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2025
-166-
PUBLIC
LIABILITY/ UTILITY
PROPERTY WORKERS' CUSTOMER INFORMATION
DAMAGE COMPENSATION SERVICE SERVICES
OPERATING REVENUES
Charges for services 9,244,561$ 11,055,921$ 3,032,741$ 16,557,735$ Miscellaneous 3,048 33,536 - - Total Operating Income 9,247,609 11,089,457 3,032,741 16,557,735
OPERATING EXPENSES
Salaries and wages 273,103 338,458 1,248,004 6,799,907 Contractual services 1,950,165 277,053 50,406 2,192,212 Operating supplies 300 250 4,628 342,098 Utilities 1,136 2,051 24,874 659,057 Depreciation and amortization - - - 840,164 General and administrative 3,377,643 1,113,608 1,094,005 4,233,308 Repairs and maintenance - - 56,809 421,481 Claims expense 9,172,800 7,726,923 - - Total Operating Expenses 14,775,147 9,458,343 2,478,726 15,488,227 OPERATING INCOME (LOSS) (5,527,538) 1,631,114 554,015 1,069,508
NONOPERATING REVENUES (EXPENSES)
Investment income 14,478 644,148 57,447 300,002 Gain on disposal of assets - - - - Total Nonoperating Revenues (Expenses) 14,478 644,148 57,447 300,002
INCOME (LOSS) BEFORE CONTRIBUTIONS
AND TRANSFERS (5,513,060) 2,275,262 611,462 1,369,510 TRANSFERS OUT - - (28,820) (73,700) CHANGES IN NET POSITION (5,513,060) 2,275,262 582,642 1,295,810 NET POSITION, JULY 1 (4,228,992) (20,786,202) (428,457) 4,333,918 NET POSITION, JUNE 30 (9,742,052)$ (18,510,940)$ 154,185$ 5,629,728$ 199
CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF REVENUES, EXPENSES, AND CHANGES IN
NET POSITION (CONTINUED)
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2025
-167-
FACILITIES EQUIPMENT
MAINTENANCE MAINTENANCE TOTAL
OPERATING REVENUES
8,377,085$ 9,126,977$ 57,395,020$ Charges for services 121,238 55,126 212,948 Miscellaneous 8,498,323 9,182,103 57,607,968 Total Operating Income
OPERATING EXPENSES
4,335,965 2,324,554 15,319,991 Salaries and wages 906,426 407,108 5,783,370 Contractual services 413,001 3,610,043 4,370,320 Operating supplies 1,034,678 580,384 2,302,180 Utilities 14,750 137,380 992,294 Depreciation and amortization 1,303,605 766,988 11,889,157 General and administrative - 1,662,897 2,141,187 Repairs and maintenance - - 16,899,723 Claims expense 8,008,425 9,489,354 59,698,222 Total Operating Expenses 489,898 (307,251) (2,090,254) OPERATING INCOME (LOSS)
NONOPERATING REVENUES (EXPENSES)
88,847 21,920 1,126,842 Investment income - 1,485 1,485 Gain on disposal of assets 88,847 23,405 1,128,327 Total Nonoperating Revenues (Expenses)
INCOME (LOSS) BEFORE CONTRIBUTIONS
578,745 (283,846) (961,927) AND TRANSFERS - - (102,520) TRANSFERS OUT 578,745 (283,846) (1,064,447) CHANGES IN NET POSITION (2,945,889) (2,194,888) (26,250,510) NET POSITION - JULY 1 (2,367,144)$ (2,478,734)$ (27,314,957)$ NET POSITION - JUNE 30 200
CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF CASH FLOWS
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2025
-168-
PUBLIC
LIABILITY/ UTILITY
PROPERTY WORKERS' CUSTOMER INFORMATION
DAMAGE COMPENSATION SERVICE SERVICES
CASH FLOWS FROM OPERATING ACTIVITIES
Receipts from customers and users 9,246,834$ 11,089,457$ 3,032,741$ 16,546,256$ Payments to suppliers (5,643,796) (1,357,007) (1,219,888) (8,180,457) Payments to employees (275,146) (560,939) (1,469,184) (5,718,098) Cash paid to claimants (5,248,417) (5,077,547) - - Net Cash Provided By (Used In) Operating Activities (1,920,525) 4,093,964 343,669 2,647,701
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
Collection/(issuance) of advances - (32,157) - - Transfers out - - (28,820) (73,700) Net Cash Provided By (Used In) NonCapital Financing Activities - (32,157) (28,820) (73,700)
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES Purchases of capital assets - - - (365,397) Proceeds from sale of capital assets - - - - Principal paid on long-term debt - - - (511,339) Net Cash Used In Capital and Related Financing Activities - - - (876,736)
CASH FLOWS FROM INVESTING ACTIVITIES
Interest received 4,710 466,913 41,694 213,699 Net Cash Provided By (Used In) Investing Activities 4,710 466,913 41,694 213,699
NET INCREASE (DECREASE) IN CASH AND
INVESTMENTS (1,915,815) 4,528,720 356,543 1,910,964 CASH AND INVESTMENTS - JULY 1 4,049,150 19,958,581 1,814,827 10,166,831 CASH AND INVESTMENTS - JUNE 30 2,133,335$ 24,487,301$ 2,171,370$ 12,077,795$
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES
Operating income (loss) (5,527,538)$ 1,631,114$ 554,015$ 1,069,508$ Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (Used In) Operating Activities
Depreciation and amortization - - - 840,164 Changes in Operating Assets and Liabilities
(Increase) decrease in accounts receivable (775) (11,479) (Increase) decrease in deferred outflows - pensions 29,950 102,050 149,334 (319,257) (Increase) decrease in deferred outflows - OPEB - 9,050 3,282 96,226 Increase (decrease) in accounts payable (314,552) 35,955 10,834 (332,301) Increase (decrease) in other liabilities (5,195) (11,744) (25,474) (56,875) Increase (decrease) in compensated absences 86,745 39,900 33,530 11,803 Increase (decrease) in other post-employment benefits payable - 8,557 126,598 (32,331) Increase (decrease) in net pension liabilities (130,173) (379,386) (528,458) 1,300,419 Increase (decrease) in deferred inflows of resources - pensions 16,630 11,788 12,814 118,649 Increase (decrease) in deferred inflows of resources - OPEB (2,696) 7,194 (36,825) Increase (decrease) in self-insurance liability 3,924,383 2,649,376 - - Net Cash Provided By (Used In) Operating Activities (1,920,525)$ 4,093,964$ 343,669$ 2,647,701$ Noncash capital, financing and investing activities
Lease asset and deferred inflow addition -$ -$ -$ -$ 201
CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF CASH FLOWS (CONTINUED)
INTERNAL SERVICE FUNDS
FOR THE YEAR ENDED JUNE 30, 2025
-169-
FACILITIES EQUIPMENT
MAINTENANCE MAINTENANCE TOTAL
CASH FLOWS FROM OPERATING ACTIVITIES
8,470,013$ 9,182,103$ 57,567,404$ Receipts from customers and users (3,751,137) (6,556,820) (26,709,105) Payments to suppliers (4,586,472) (2,111,536) (14,721,375) Payments to employees - - (10,325,964) Cash paid to claimants 132,404 513,747 5,810,960 Net Cash Provided By (Used In) Operating Activities
CASH FLOWS FROM NONCAPITAL FINANCING ACTIVITIES
- 15 (32,142) Collection/(issuance) of advances - - (102,520) Transfers out - 15 (134,662) Net Cash Provided By (Used In) NonCapital Financing Activities
CASH FLOWS FROM CAPITAL AND RELATED FINANCING ACTIVITIES - (105,742) (471,139) Purchases of capital assets - 1,485 1,485 Proceeds from sale of capital assets - - (511,339) Principal paid on long-term debt - (104,257) (980,993) Net Cash Used In Capital and Related Financing Activities
CASH FLOWS FROM INVESTING ACTIVITIES
28,317 16,790 772,123 Interest received 28,317 16,790 772,123 Net Cash Provided By (Used In) Investing Activities
NET INCREASE (DECREASE) IN CASH AND
160,721 426,295 5,467,428 INVESTMENTS 2,952,348 1,105,341 40,047,078 CASH AND INVESTMENTS - JULY 1 3,113,069$ 1,531,636$ 45,514,506$ CASH AND INVESTMENTS - JUNE 30
RECONCILIATION OF OPERATING INCOME (LOSS) TO NET CASH
PROVIDED BY (USED IN) OPERATING ACTIVITIES
489,898$ (307,251)$ (2,090,254)$ Operating income (loss) Adjustments to Reconcile Operating Income (Loss) to Net Cash Provided by (Used In) Operating Activities
14,750 137,380 992,294 Depreciation and amortization Changes in Operating Assets and Liabilities
(28,310) (40,564) (Increase) decrease in accounts receivable 214,090 57,016 233,183 (Increase) decrease in deferred outflows - pensions 108,558 102,517 319,633 (Increase) decrease in deferred outflows - OPEB (93,427) 470,600 (222,891) Increase (decrease) in accounts payable (67,862) (29,008) (196,158) Increase (decrease) in other liabilities 238,680 199,181 609,839 Increase (decrease) in compensated absences 102,824 97,143 302,791 Increase (decrease) in other post-employment benefits payable (1,087,476) (284,675) (1,109,749) Increase (decrease) in net pension liabilities 273,006 101,370 534,257 Increase (decrease) in deferred inflows of resources - pensions (32,327) (30,526) (95,180) Increase (decrease) in deferred inflows of resources - OPEB - - 6,573,759 Increase (decrease) in self-insurance liability 132,404$ 513,747$ 5,810,960$ Net Cash Provided By (Used In) Operating Activities 330,140$ -$ 330,140
202
-170-
FIDUCIARY FUNDS
203
CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF FIDUCIARY NET POSITION –
CUSTODIAL FUNDS
JUNE 30, 2025
-171-
OXNARD
OXNARD PD DOWNTOWN
IMPROVEMENT PROPERTY MANAGEMENT RIVERPARK TOTAL
DISTRICTS ROOM DISTRICT JPA CUSTODIAL
FUND FUND FUND FUND FUNDS
ASSETS
Cash and investments 4,301,271$ 365,748$ 216,208$ 855,838$ 5,739,065$ Restricted cash and investments 3,832,872 - - - 3,832,872 Interest receivable - - 1,963 6,552 8,515 Due from other governments 136,229 - 34,407 - 170,636 Total Assets 8,270,372 365,748 252,578 862,390 9,751,088
LIABILITIES
Accounts payable 5,174 - 68,175 - 73,349 Other liabilities 734,508 86,062 - - 820,570 TOTAL LIABILITIES 739,682 86,062 68,175 - 893,919
NET POSITION
Restricted for:
Individuals, organizations, and other governments 7,530,690 279,686 184,403 862,390 8,857,169 TOTAL NET POSITION 7,530,690$ 279,686$ 184,403$ 862,390$ 8,857,169$ 204
CITY OF OXNARD, CALIFORNIA
COMBINING STATEMENT OF CHANGES IN FIDUCIARY NET POSITION –
CUSTODIAL FUNDS
FOR THE YEAR ENDED JUNE 30, 2025
-172-
OXNARD
OXNARD PD DOWNTOWN
IMPROVEMENT PROPERTY MANAGEMENT RIVERPARK TOTAL
DISTRICTS ROOM DISTRICT JPA CUSTODIAL
FUND FUND FUND FUND FUNDS
ADDITIONS
Special assessments 4,139,556$ -$ 434,773$ -$ 4,574,329$ Investment income 58,917 - 12,369 49,401 120,687 Total Additions 4,198,473 - 447,142 49,401 4,695,016
DEDUCTIONS
Administrative Costs
Administrative costs 69,234 - 1,138 7,733 78,105 Professional services 66,869 - - - 66,869 Project improvements - - 434,075 86,364 520,439 Distributions to individuals, organizations, and bond trustees 4,089,209 - - - 4,089,209 Total Deductions 4,225,312 - 435,213 94,097 4,754,622 CHANGE IN NET POSITION (26,839) - 11,929 (44,696) (59,606) NET POSITION, JULY 1 7,557,529 279,686 172,474 907,086 8,916,775 NET POSITION, JUNE 30 7,530,690$ 279,686$ 184,403$ 862,390$ 8,857,169$ 205
STATISTICAL SECTION
206
207
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Statistical Section
(Unaudited)
Financial Trends
These schedules contain trend information to help the reader understand how the City’s financial performance and well-being have changed over time.
Schedule I Net Position by Component
Schedule II Changes in Net Position
Schedule III Fund Balances of Governmental Funds
Schedule IV Changes in Fund 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 significant local revenue source, the property tax.
Schedule VI Assessed Value and Estimated 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 environment within which the City’s financial activities take place.
Schedule XIV Demographic and Economic Statistics
Schedule XV Principal Employers
Operating Information
These schedules contain service and infrastructure data to help the reader understand how the information in the City’s financial report relates to the services the City provides and the activities it performs.
Schedule XVI Operating Indicators by Function
Schedule XVII Capital Assets by Function
Schedule XVIII Full-time Equivalent City Government Employees by Function
208
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2016 2017 2018 2019 2020
Governmental activities
Net investment in capital asset 1,422,282,798$ 2,001,415,357$ 1,994,002,850$ 1,993,824,011$ 1,993,055,539$ Restricted 112,286,017 130,642,696 134,054,312 94,429,644 105,403,013 Unrestricted (197,252,502) (185,857,985) (234,226,319) (203,632,014) (227,238,168) Total governmental activities net position 1,337,316,313$ 1,946,200,068$ 1,893,830,843$ 1,884,621,641$ 1,871,220,384$ Business-type activities
Net investment in capital asset 223,977,717$ 228,709,541$ 224,139,834$ 224,259,193$ 232,190,732$ Restricted 38,064,498 41,732,645 48,789,711 54,283,623 51,610,199 Unrestricted 3,139,325 7,938,770 20,863,126 43,176,882 57,516,060 Total business-type activities net position 265,181,540$ 278,380,956$ 293,792,671$ 321,719,698$ 341,316,991$ Primary government
Net investment in capital asset 1,646,260,515$ 2,230,124,898$ 2,218,142,684$ 2,218,083,204$ 2,225,246,271$ Restricted 150,350,515 172,375,341 182,844,023 148,713,267 157,013,212 Unrestricted (194,113,177) (177,919,215) (213,363,193) (160,455,132) (169,722,108) Total primary government net position 1,602,497,853$ 2,224,581,024$ 2,187,623,514$ 2,206,341,339$ 2,212,537,375$ Source: Finance Department, City of Oxnard
SCHEDULE I
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
209
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2021 2022 2023 2024 2025
Governmental activities
1,945,377,175$ 1,901,675,190$ 1,916,938,386$ 1,953,421,408$ 1,974,830,723$ Net investment in capital asset 111,307,894 108,729,988 113,608,179 111,742,399 124,431,231 Restricted (255,508,666) (143,587,887) (117,300,866) (65,377,843) (40,350,956) Unrestricted 1,801,176,403$ 1,866,817,291$ 1,913,245,699$ 1,999,785,964$ 2,058,910,998$ Total governmental activities net position Business-type activities
259,185,934$ 302,265,460$ 294,321,444$ 349,626,489$ 357,283,062$ Net investment in capital asset 49,217,330 44,238,652 63,932,130 63,582,427 62,595,416 Restricted 134,183,679 95,558,083 77,722,620 56,013,651 83,098,661 Unrestricted 442,586,943$ 442,062,195$ 435,976,194$ 469,222,567$ 502,977,139$ Total business-type activities net position Primary government
2,204,563,109$ 2,203,940,650$ 2,211,259,830$ 2,303,047,897$ 2,332,113,785$ Net investment in capital asset 160,525,224 152,968,640 177,540,309 175,324,826 187,026,647 Restricted (121,324,987) (48,029,804) (39,578,246) (9,364,192) 42,747,705 Unrestricted 2,243,763,346$ 2,308,879,486$ 2,349,221,893$ 2,469,008,531$ 2,561,888,137$ Total primary government net position SCHEDULE I (Continued)
Net Position by Component
Last Ten Fiscal Years
(accrual basis of accounting)
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CITY OF OXNARD, CALIFORNIA
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2016 2017 2018 2019 2020
Expenses
Governmental activities:
General government 8,354,282$ 30,057,710$ 56,051,634$ 47,292,219$ 49,736,893$ Public safety 90,250,713 95,103,088 114,056,089 110,217,029 114,506,731 Public works 29,435,256 8,753,004 13,352,627 11,366,628 11,604,027 Community development 12,634,325 12,476,593 17,439,549 21,205,257 19,160,074 Culture, leisure and libraries 32,157,517 30,258,609 34,039,463 37,043,785 35,010,443 Housing - - - - - Interest on long-term debt 4,920,717 4,755,955 9,745,886 4,451,689 3,811,560 Total governmental activities expenses 177,752,810 181,404,959 244,685,248 231,576,607 233,829,728 Business-type activities:
Water 56,786,402$ 57,904,193$ 57,617,733$ 55,883,239$ 56,202,066$ Wastewater 34,807,726 32,926,365 33,512,156 31,783,839 34,668,068 Environmental resource 37,644,732 42,534,157 45,633,543 46,314,446 50,550,599 Oxnard housing authority 23,441,364 26,060,498 27,888,924 27,634,063 29,914,394 Municipal golf course - - - - - Total business-type activities expenses 152,680,224 159,425,213 164,652,356 161,615,587 171,335,127 Total primary government expenses 330,433,034$ 340,830,172$ 409,337,604$ 393,192,194$ 405,164,855$ Program Revenues
Governmental activities:
Charges for services:
General government 20,541,355$ 20,460,685$ 13,020,442$ 18,177,999$ 15,639,751$ Public safety 8,015,887 6,528,319 7,913,075 8,637,284 5,147,924 Transportation 5,930,798 3,072,659 1,883,525 2,008,345 2,697,018 Public works - - - - - Community development 10,212,020 13,353,523 7,583,696 12,898,111 15,054,972 Culture, leisure and libraries 4,297,074 10,903,104 12,448,275 13,953,808 14,420,117 Housing - - - - - Operating grants and contributions 9,526,620 16,948,122 16,938,767 14,689,127 16,059,481 Capital grants and contributions 9,925,337 3,276,277 3,501,368 9,838,626 9,252,544 Total governmental activities program revenues 68,449,091$ 74,542,689$ 63,289,148$ 80,203,300$ 78,271,807$
SCHEDULE II
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
211
CITY OF OXNARD, CALIFORNIA
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2021 2022 2023 2024 2025
Expenses
Governmental activities:
51,432,611$ 46,053,309$ 26,045,796$ 29,314,458$ 41,171,712$ General government 120,565,552 113,731,717 132,980,119 148,804,588 145,888,142 Public safety 11,426,788 13,087,346 59,150,684 67,393,789 70,397,035 Public works 22,205,817 21,689,712 10,057,675 13,753,751 14,603,058 Community development 31,219,370 37,402,631 17,400,561 21,286,555 24,733,094 Culture, leisure and libraries - - 10,180,614 13,771,438 11,413,372 Housing 3,850,416 3,721,942 3,548,487 3,307,188 3,032,271 Interest on long-term debt 240,700,554 235,686,657 259,363,936 297,631,767 311,238,684 Total governmental activities expenses Business-type activities:
57,774,449$ 66,845,048$ 64,460,086$ 60,545,102$ 65,948,904 Water 34,083,527 35,836,577 37,234,300 38,547,260 33,882,972 Wastewater 50,609,180 46,956,163 50,482,111 57,876,616 54,704,698 Environmental resource 30,782,861 28,211,702 34,437,715 41,397,196 46,531,593 Oxnard housing authority 4,741,945 5,334,578 5,694,314 6,788,868 7,209,061 Municipal golf course 177,991,962 183,184,068 192,308,526 205,155,042 208,277,228 Total business-type activities expenses 418,692,516$ 418,870,725$ 451,672,462$ 502,786,809$ 519,515,912$ Total primary government expenses Program Revenues
Governmental activities:
Charges for services:
16,591,018$ 816,910$ 10,576,686$ 15,831,816$ 14,146,618$ General government 4,984,405 6,752,504 6,475,878 4,627,668 9,318,410 Public safety 5,023,139 3,084,378 - - - Transportation - - 10,868,488 14,240,335 12,241,345 Public works 17,167,989 11,617,112 8,479,985 13,247,370 7,466,107 Community development 8,803,499 8,743,383 1,097,398 1,282,763 1,186,080 Culture, leisure and libraries - - 259,127 632,953 202,323 Housing 27,187,140 46,713,741 46,187,436 62,042,396 41,800,180 Operating grants and contributions 7,551,745 8,415,870 - - 18,977,742 Capital grants and contributions 87,308,935$ 86,143,898$ 83,944,998$ 111,905,301$ 105,338,805$ Total governmental activities program revenues (accrual basis of accounting)
SCHEDULE II (Continued)
Changes in Net Position
Last Ten Fiscal Years
212
CITY OF OXNARD, CALIFORNIA
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2016 2017 2018 2019 2020
Business-type activities:
Charges for services:
Water 47,502,553$ 50,364,868$ 62,447,893$ 59,825,449$ 59,884,394$ Wastewater 30,622,683 39,565,773 41,076,417 45,098,831 45,109,125 Environmental resource 41,498,072 48,039,047 48,910,217 47,534,591 48,694,690 Oxnard housing authority 6,569,503 5,267,343 5,968,193 5,976,701 4,740,597 Municipal golf course - - - - - Operating grants and contributions 19,655,951 21,177,738 21,635,711 21,866,012 24,388,234 Capital grants and contributions 946,347 963,291 1,349,188 - - Total business-like activities program revenues 146,795,109 165,378,060 181,387,619 180,301,584 182,817,040 Total primary government program revenues 215,244,200$ 239,920,749$ 244,676,767$ 260,504,884$ 261,088,847$ Net (expense) revenue
Governmental activities (109,303,719)$ (106,862,270)$ (181,396,100)$ (151,373,307)$ (155,557,921)$ Business-like activities (5,885,115) 5,952,847 16,735,263 18,685,997 11,481,913 Total primary government net expense (115,188,834)$ (100,909,423)$ (164,660,837)$ (132,687,310)$ (144,076,008)$ General Revenues and Other Changes in Net Position
Governmental activities:
Taxes
Property taxes 61,571,660$ 60,802,119$ 67,165,834$ 70,227,546$ 72,208,270$ Sales taxes 43,163,411 44,092,707 43,418,876 48,518,650 46,320,415 Transient occupancy taxes 5,044,231 5,174,427 5,749,572 5,557,470 4,302,491 Franchise taxes 3,854,116 3,703,971 3,925,374 3,887,252 3,972,958 Other taxes 690,805 729,609 818,322 692,685 673,842 Business license taxes 5,422,499 5,348,086 5,570,488 6,167,475 6,087,060 Penalties on delinquent taxes 225,990 228,899 313,847 361,488 406,774 Investment earnings 752,064 1,989,004 1,404,527 5,771,878 3,049,270 Gain on sale of capital assets - - - (69,964) - Special Items - - 10,657,104 - 1,514,213 Transfers 62,396 442,852 200,818 243,045 107,452 Extraordinary loss - - - - - Contributions to other government - - (1,940,127) 789,392 - Total governmental activities 120,787,172 122,511,674 137,284,635 142,146,917 138,642,745 Business-type activities:
Investment earnings 2,482,980 2,440,982 1,839,114 7,612,740 3,463,839 Gain on sale of capital assets - - - (417,291) - Contributions from/(to) other government - - 1,940,127 (221,058) 1,147,938 Transfers (62,396) (442,852) (200,818) (243,045) (107,452) Total business-type activities 2,420,584 1,998,130 3,578,423 6,731,346 4,504,325 Total primary program 123,207,756$ 124,509,804$ 140,863,058$ 148,878,263$ 143,147,070$ Change in Net Position
Governmental activities 11,483,453$ 15,649,404$ (44,111,465)$ (9,226,390)$ (16,915,176)$ Business-type activities (3,464,531) 7,950,977 20,313,686 25,417,343 15,986,238 Total primary government 8,018,922$ 23,600,381$ (23,797,779)$ 16,190,953$ (928,938)$ Source: Finance Department, City of Oxnard
SCHEDULE II (Continued)
Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
213
CITY OF OXNARD, CALIFORNIA
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2021 2022 2023 2024 2025
Business-type activities:
Charges for services:
62,227,968$ 57,211,384$ 52,868,819$ 61,092,764$ 68,847,234$ Water 48,021,835 43,448,032 45,599,034 45,676,124 44,224,088 Wastewater 46,757,277 43,365,998 45,650,825 47,859,745 61,706,726 Environmental resource 6,184,299 5,323,254 5,627,664 6,008,965 7,163,316 Oxnard housing authority 5,758,442 6,398,280 6,294,905 7,538,015 6,705,636 Municipal golf course 26,016,248 24,640,627 28,634,591 38,872,771 36,922,204 Operating grants and contributions - 1,719,118 2,557,794 4,628,539 3,362,471 Capital grants and contributions 194,966,069 182,106,693 187,233,632 211,676,923 228,931,675 Total business-like activities program revenues 282,275,004$ 268,250,591$ 271,178,630$ 323,582,224$ 334,270,480$ Total primary government program revenues Net (expense) revenue
(153,391,619)$ (149,542,759)$ (175,418,938)$ (185,726,466)$ (205,899,879)$ Governmental activities 16,974,107 (1,077,375) (5,074,894) 6,521,881 20,654,447 Business-like activities (136,417,512)$ (150,620,134)$ (180,493,832)$ (179,204,585)$ (185,245,432)$ Total primary government net expense General Revenues and Other Changes in Net Position
Governmental activities:
Taxes
81,447,932$ 78,630,717$ 78,849,939$ 88,396,161$ 93,249,148$ Property taxes 67,923,383 118,083,508 128,533,831 134,507,792 140,840,170 Sales taxes 4,267,463 5,117,229 5,271,128 5,384,870 5,269,919 Transient occupancy taxes 4,287,254 4,557,215 5,303,433 5,173,575 3,882,834 Franchise taxes 910,934 978,170 679,570 533,889 1,529,776 Other taxes 5,964,716 6,537,611 6,677,266 7,691,735 7,471,928 Business license taxes 201,657 92,544 294,969 231,024 - Penalties on delinquent taxes 968,386 1,055,755 757,515 14,249,759 15,238,695 Investment earnings - - 2,098 1,994 116,640 Gain on sale of capital assets - - - - - Special Items (82,415,174) 130,897 (12,082,151) (8,102,197) (2,574,197) Transfers - - - - - Extraordinary loss - - - - - Contributions to other government 83,556,551 215,183,646 214,287,598 248,068,602 265,024,913 Total governmental activities Business-type activities:
834,362 683,524 2,076,950 10,243,030 10,481,740 Investment earnings - - 1,657,939 58,928 44,188 Gain on sale of capital assets 1,046,309 - - - - Contributions to/(from) other government 82,415,174 (130,897) 9,727,732 8,102,197 2,574,197 Transfers 84,295,845 552,627 13,462,621 18,404,155 13,100,125 Total business-type activities 167,852,396$ 215,736,273$ 227,750,219$ 266,472,757$ 278,125,038$ Total primary program Change in Net Position
(69,835,068)$ 65,640,887$ 38,868,660$ 62,342,136$ 59,125,034$ Governmental activities 101,269,952 (524,748) 8,387,727 24,926,036 33,754,572 Business-type activities 31,434,884$ 65,116,139$ 47,256,387$ 87,268,172$ 92,879,606$ Total primary government Changes in Net Position
Last Ten Fiscal Years
(accrual basis of accounting)
SCHEDULE II (Continued)
214
CITY OF OXNARD, CALIFORNIA
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2016 2017 2018 2019 2020
General Fund
Nonspendable -$ -$ -$ -$ -$ Restricted 550,000 835,296 10,558,537 10,527,983 - Committed - - 12,662,261 22,560,234 33,066,407 Assigned 15,879,092 23,283,091 - 282,831 - Unassigned 17,858,980 22,150,403 17,241,635 8,863,430 5,274,097 Total general fund 34,288,072$ 46,268,790$ 40,462,433$ 42,234,478$ 38,340,504$ All other governmental funds
Nonspendable 104,736$ -$ -$ -$ -$ Restricted 69,258,707 80,403,821 73,585,992 83,901,661 105,403,013 Committed - - - - - Assigned 10,007,525 12,774,735 17,563,011 13,794,611 1,720,384 Unassigned (290,834) (762,744) - - (380,746) Total all other governmental funds 79,080,134$ 92,415,812$ 91,149,003$ 97,696,272$ 106,742,651$ Source: Finance Department, City of Oxnard
Fund Balances of Governmental Funds
Last Ten Fiscal Years
(accrual basis of accounting)
SCHEDULE III
215
CITY OF OXNARD, CALIFORNIA
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2021 2022 2023 2024 2025
General Fund
-$ 3,589,072$ 399,520$ 39,964$ 38,351$ Nonspendable - - - 5,078,344 14,024,937 Restricted 22,896,490 19,056,388 43,631,177 54,384,056 68,079,103 Committed - - 27,812,072 57,266,695 53,691,793 Assigned (3,048,424) 35,350,299 19,387,541 15,912,811 11,194,351 Unassigned 19,848,066$ 57,995,759$ 91,230,310$ 132,681,870$ 147,028,535$ Total general fund All other governmental funds
-$ -$ 3,891$ 8,038$ 7,183$ Nonspendable 111,307,894 108,729,988 113,608,179 106,664,055 110,406,294 Restricted - - 1,107,742 23,265,413 27,689,370 Committed 1,608,910 22,010,958 - - - Assigned (146,682) (163,391) - 1 - Unassigned 112,770,122$ 130,577,555$ 114,719,812$ 129,937,507$ 138,102,847$ Total all other governmental funds Fund Balances of Governmental Funds
Last Ten Fiscal Years
(accrual basis of accounting)
SCHEDULE III (Continued)
216
CITY OF OXNARD, CALIFORNIA
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2016 2017 2018 2019 2020
Revenues
Taxes 119,746,722$ 119,850,919$ 126,648,408$ 135,051,078$ 133,565,036$ Licenses and permits 3,402,217 4,222,838 3,306,324 4,057,972 3,852,280 Intergovernmental 21,455,873 20,224,399 20,440,135 24,527,753 25,312,025 Growth and development fees 4,452,750 7,100,771 2,342,768 6,310,510 2,313,182 Charges for services 25,471,392 23,969,821 20,570,129 21,302,912 23,772,644 Fines and forfeitures 1,413,718 2,537,822 2,438,772 2,693,405 3,381,758 Interest 657,140 1,949,489 1,271,263 5,293,976 3,049,270 Special assessments 9,613,886 8,367,032 9,018,025 9,142,871 8,223,416 Investment income - - - - - Miscellaneous 4,987,667 8,588,557 6,339,266 10,982,388 5,615,546 Total revenues 191,201,365 196,811,648 192,375,090 219,362,865 209,085,157 Expenditures
General government 11,368,350 13,360,687 17,769,349 17,566,664 21,597,780 Public safety 93,676,090 94,676,659 102,770,375 103,505,038 111,150,931 Transportation 7,325,513 8,314,157 12,346,380 10,808,214 11,198,258 Public works - - - - - Community development 12,268,857 16,462,067 15,832,210 19,402,262 17,755,657 Culture, leisure, libraries 26,937,798 27,534,000 30,504,647 32,696,129 31,859,562 Housing - - - - - Capital outlay 20,898,762 8,737,398 16,767,682 16,277,911 8,992,813 Debt Service:
Principal 6,641,368 5,573,572 5,278,145 6,121,274 5,952,119 Interest 4,530,126 4,932,901 9,276,932 4,957,649 5,714,456 Total expenditures 183,646,864 179,591,441 210,545,720 211,335,141 214,221,576 Excess of revenues over (under) expenditures 7,554,501 17,220,207 (18,170,630) 8,027,724 (5,136,419) Other Financing Sources (Uses)
Proceeds from financing sources - - - - - Payment to escrow agent - - (27,785,000) - (39,695,000) Proceeds from sale of bonds - - 37,608,582 - 44,520,000 Cost of issuance - - - - (983,059) Bond discount/premium - - - - 2,875,507 Issuance of debt - - - - - Inception of subscription-based IT arrangements - - - - - Transfer from fiduciary funds - - - - - Transfer to fiduciary funds - - - - - Transfers in 10,964,565 9,632,647 13,140,181 12,370,626 13,668,887 Transfers out (11,125,968) (9,957,565) (13,639,820) (12,096,584) (13,494,482) Total other financing sources (uses) (161,403) (324,918) 9,323,943 274,042 6,891,853 Special items:
Bond proceeds from Successor Agency - - 9,896,298 - 1,514,213 Total special items - - 9,896,298 - 1,514,213 Net change in fund balances 7,393,098$ 16,895,289$ 1,049,611$ 8,301,766$ 3,269,647$ Debt service as a percentage of noncapital expenditures 6.47% 6.44% 6.10% 5.68% 5.52% Source: Finance Department, City of Oxnard
SCHEDULE IV
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(accrual basis of accounting)
217
CITY OF OXNARD, CALIFORNIA
-183-
2021 2022 2023 2024 2025
Revenues
164,801,682$ 213,904,450$ 225,315,167$ 241,688,022$ 252,243,775$ Taxes 5,019,520 3,702,771 5,381,448 6,712,348 5,884,450 Licenses and permits 34,738,885 55,129,611 46,187,436 62,042,396 60,777,925 Intergovernmental 12,036,333 4,104,875 4,168,962 10,387,136 2,196,202 Growth and development fees 19,339,452 17,539,473 13,116,597 13,517,693 13,273,874 Charges for services 1,924,384 2,613,509 2,816,558 2,002,639 3,269,930 Fines and forfeitures 968,386 1,055,755 - - - Interest 7,461,211 6,932,860 6,503,861 7,497,557 10,286,338 Special assessments - - 757,515 14,249,759 14,111,856 Investment income 6,580,337 (3,942,474) 6,014,880 9,443,234 9,765,238 Miscellaneous 252,870,190 301,040,830 310,262,424 367,540,784 371,809,588 Total revenues Expenditures
16,558,258 21,533,767 21,926,995 25,990,521 38,798,133 General government 113,774,066 120,317,318 131,043,033 137,151,741 151,672,516 Public safety 11,093,922 12,787,453 - - - Transportation - - 39,132,067 45,720,874 46,722,275 Public works 23,840,597 20,096,478 12,802,525 13,260,450 14,107,879 Community development 28,871,680 35,483,009 16,779,191 20,132,258 23,201,752 Culture, leisure, libraries - - 10,170,206 15,148,949 15,235,698 Housing 23,579,052 28,092,448 44,919,399 35,939,828 46,308,023 Capital outlay Debt Service:
5,835,030 6,542,675 7,269,096 7,462,515 8,054,597 Principal 4,086,553 3,873,096 3,861,642 3,671,187 3,376,195 Interest 227,639,158 248,726,244 287,904,154 304,478,323 347,477,068 Total expenditures 25,231,032 52,314,586 22,358,270 63,062,461 24,332,520 Excess of revenues over (under) expenditures Other Financing Sources (Uses)
- 3,300,000 - - - Proceeds from financing sources - - - - - Payment to escrow agent - - - - - Proceeds from sale of bonds - - - - - Cost of issuance - - - - - Bond discount/premium - - 5,320,000 - - Issuance of debt - - 1,869,621 - 651,162 Inception of subscription-based IT arrangements - - 91,621 221,832 - Transfer from fiduciary funds - - (2,446,040) - - Transfer to fiduciary funds 9,801,455 36,942,178 56,404,284 68,406,302 67,530,195 Transfers in (47,288,541) (36,601,638) (66,220,948) (76,405,513) (70,001,872) Transfers out (37,487,086) 3,640,540 (4,981,462) (7,777,379) (1,820,515) Total other financing sources (uses) Special items:
- - - - - Bond proceeds from Successor Agency - - - - - Total special items (12,256,054)$ 55,955,126$ 17,376,808$ 55,285,082$ 22,512,005$ Net change in fund balances
4.50% 4.53% 4.49% 4.13% 3.95% Debt service as a percentage of noncapital expenditures SCHEDULE IV (Continued)
Changes in Fund Balances of Governmental Funds
Last Ten Fiscal Years
(accrual basis of accounting)
218
CITY OF OXNARD, CALIFORNIA
-184-
Fiscal Property Sales Business Transient Franchise Other Penalties Year Tax Tax License Occupancy Tax Tax Taxes and Interest Total 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 2025 93,249,148 140,840,170 7,471,928 5,269,919 3,882,834 1,529,776 - 252,243,775 Source: Finance Department, City of Oxnard
SCHEDULE V
Governmental Activities Tax Revenues by Source
Last Ten Fiscal Years
(modified accrual basis of accounting)
219
CITY OF OXNARD, CALIFORNIA
-185-
Assessed Value
Fiscal Personal Less: Tax Exempt Total Taxable Total Direct Estimated Actual as a Percentage Year Land Improvements Property Real Property Assessed Value Tax Rate Taxable Value of Actual Value 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% 2025 13,008,884,020 15,260,021,248 1,076,720,923 1,160,537,861 28,049,883,330 1.22299% 28,049,883,330 100.00% NOTE: The County does not provide the breakdown of residential and commercial assessed values to the cities. The City also no longer has the information available for the residential and commercial assessed values. The personal property amounts include assessed values for boats and aircraft.
Source: County of Ventura, Office of the Auditor-Controller Finance Department, City of Oxnard; HDL Coren & Cone
SCHEDULE VI
Assessed Value and Estimated Value of Taxable Property
Last Ten Fiscal Years
220
CITY OF OXNARD, CALIFORNIA
-186-
Fiscal Total Direct &
Year Basic (1) Debt Service (2) Total Direct (3) School Districts (4) Water Districts (5) Total Overlapping Overlapping Rates 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% 2025 1.00000% 0.22299% 1.22299% 0.35340% 0.00700% 0.36040% 1.58339% NOTE:
Challenges to recognized enforceable obligations are assumed to have been resolved during 2012/13. For report purposes, residual revenue is * Correction of prior year data
Source: County of Ventura, Office of the Auditor-Controller HdL, Coren & Cone
SCHEDULE VII
Direct and Overlapping Property Tax Rates
Last Ten Fiscal Years
City Direct Rates Overlapping Rates
(4) The school district rates are for applicable school districts (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. (1) The passage of Proposition 13 on June 6, 1978 established a maximum countywide levy of 1% of market value or $1.00 per $100 of assessed value. (2) Total Direct Rate is the weighted average of all individual direct rates applied by the Entity preparing the statistical section and excludes revenues derived from aircraft. Beginning in 2013/14 the Total Direct Rate no longer includes revenue generated from the former redevelopment tax rates. assumed to have been distributed to the City in the same proportion as General Fund Revenue. (3) Total Direct rate as presented is the Basic Levy plus Direct Debt Service 221
CITY OF OXNARD, CALIFORNIA
-187-
Taxable Percentage of Taxable Percentage of
Taxpayer Assessed Total Taxable Assessed Total Taxable
Value Rank Assessed Value Value Rank Assessed Value
Procter & Gamble Paper Products 388,963,347$ 1 1.43% 331,568,800$ 1 1.87% Amazon Com Services LLC 345,048,519 2 1.27% - 0.00% Essex Arbors LP 245,505,861 3 0.90% 206,907,258 2 1.16% Oxnard Town Square LLC 176,729,518 4 0.65% - 0.00% SOCM I LLC 149,483,633 5 0.55% 84,463,318 7 0.48% Arctic Cold Oxnard LLC 125,739,246 6 0.46% - 0.00% Serenade Apts Properties Owners LLC 124,272,617 7 0.46% 87,047,904 4 0.49% Ormond Beach Power LLC 106,800,000 8 0.39% - 0.00% G-I IX Esplanade Property LP 103,876,895 9 0.38% - 0.00% HAAS Automation Inc - 0.00% 84,400,700 8 0.48% Vintage Production California LLC - 0.00% 161,249,847 3 0.91% NRG CA South LP - Ormond Beach - 0.00% 85,304,653 6 0.48% Prime Penisula LP - 0.00% 86,618,468 5 0.49% New-Indy Oxnard LLC 101,476,246 10 0.37% 76,146,182 9 0.43% Duesenberg Investment Company - 0.00% 70,144,595 10 0.39% Other taxpayers 25,276,464,882 93.12% 16,489,313,568 92.83% Totals 27,144,360,764$ 100.00% 17,763,165,293$ 100.00% Source: HdL Coren & Cone
SCHEDULE VIII
Principal Property Taxpayers
Current Year and Nine Years Ago
2025 2016
222
CITY OF OXNARD, CALIFORNIA
-188-
Year Collections in
Ended Total Tax Levy Subsequent
June 30 for Fiscal Year (1) * Amount (2) * Percentage of Levy Years (1) Amount Percentage of Levy 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 78,244,895 97.93% 2024 89,234,308 84,602,824 94.81% 2,362,397 86,965,221 97.46% 2025 94,199,441 89,158,599 94.65% 2,375,432 91,534,030 97.17% Source: (1) Finance Department, City of Oxnard
(2) County of Ventura
Correction * Property tax levy and collection amounts include secured and unsecured property taxes, property tax in lieu of vehicle license fee (VLF), public safety property tax and distributions from the Redevelopment Property Tax Trust Fund (RPTTF), and exclude special assessments Fiscal Year of the Levy Total Collections to Date
SCHEDULE IX
Property Tax Levies and Collections
Last Ten Fiscal Years
Collected within the
223
CITY OF OXNARD, CALIFORNIA
-189-
(1)
Fiscal Revenue Certificates of Tax Allocation Lease Notes Subscription Revenue Lease Notes Subscription Total Primary Percentage of (2) Year Bonds Participation Bonds Purchase Payable Liabilities Bonds Loan Purchase Payable Liabilities Government Personal Income Per Capita 2016 66,823,533$ 23,464,945$ -$ 21,558,130$ -$ -$ 305,514,850$ -$ 1,034,692$ -$ -$ 418,396,150$ 10.043% 2,021 2017 64,280,135 22,839,973 - 19,873,684 - - 295,626,652 - 552,843 - - 403,173,287 9.716% 1,940 2018 66,940,356 22,180,000 - 22,695,103 - - 285,697,297 - 5,073,701 - - 402,586,457 9.318% 1,948* 2019 63,984,454 21,460,000 - 20,060,511 - - 278,192,906 - 4,590,375 - - 388,288,245 8.434% 1,850 2020 89,363,537 - - 17,827,064 - - 267,148,736 - 4,117,507 - - 378,456,844 7.957% 1,834 2021 85,260,598 - - 15,801,116 - - 273,910,375 - 3,655,774 269,710 - 378,897,573 7.599% 1,851 2022 80,944,184 - - 16,655,461 - - 264,335,753 - 11,872,159 269,710 - 374,077,267 7.295% 1,870 2023 76,357,669 - - 19,532,353 - - 252,596,306 - 9,963,927 269,710 - 358,719,965 6.688% 1,816 2024 71,550,569 - - 18,306,052 23,603 2,235,103 240,399,555 - 8,019,832 482,450 12,458 341,017,164 5.845% 1,726 2025 66,607,476 - - 15,578,474 - 1,591,471 227,724,815 20,883,126 6,039,103 1,282,450 258,998 339,706,915 5.557% 1,709 NOTE: (1) Details regarding the City's outstanding debt can be found in the notes to the financial statements. (2) Demographic and Economic Statistics for personal income and population data HDL Coren & Cone * Corrected to use 2018 Per Capita not 2017 per HDL Coren & Cone Source: Finance Department, City of Oxnard
HDL Coren & Cone
SCHEDULE X
Ratios of Outstanding Debt by Type
Last Ten Fiscal Years
Governmental Activities Business-type Activities
224
CITY OF OXNARD, CALIFORNIA
-190-
Estimated Estimated
Debt Percentage Share of
Governmental Unit Outstanding Applicable Overlapping Debt City of Oxnard Overlapping Tax Debt (1):
Metropolitan Water District 17,155,000$ 0.660% 113,223$ Ventura County Community College District 215,941,677 15.072% 32,546,730 Oxnard Union High School District 493,205,708 46.243% 228,073,116 Oxnard School District 323,750,313 92.665% 300,003,228
Ocean View School District 7,727,234 40.056% 3,095,221
Rio School District 126,034,320 86.174% 108,608,815
Rio School District Community Facilities District No. 1 58,510,000 100.00% 58,510,000 Hueneme School District 71,093,976 42.493% 30,209,963
City of Oxnard Community Facilities District No. 1 5,320,000 100.00% 5,320,000 City of Oxnard Community Facilities District No. 3 17,765,000 100.00% 17,765,000 City of Oxnard Oxnard Boulevard Highway Interchange Community Facilities District 3,620,000 100.00% 3,620,000 California Statewide Community Development Authority
Community Facilities District No. 2018-1 15,365,000 100.00% 15,365,000 City of Oxnard Rice Avenue/Highway 101 Assessment District No. 2001-1 5,845,000 100.00% 5,845,000 City of Oxnard Oxnard Boulevard/Highway 101 Assessment District No. 2000-1 1,135,000 100.00% 1,135,000 California Statewide Community Development Authority 1915 Act Bonds 95,805 100.00% 95,805 Ventura County General Fund Obligations 258,512,943 15.068% 38,952,730 Ventura County Superintendent of Schools Certificates of Participation 6,275,000 15.068% 945,517 Oxnard Union High School District Certificates of Participation 52,932,221 46.243% 24,477,447 Ocean View School District Certificates of Participation 3,980,000 40.056% 1,594,229 Oxnard School District Certificates of Participation 7,430,000 92.665% 6,885,010 Rio School District Certificates of Participation 970,000 86.174% 835,888 Successor Agency - Tax Increment Debt 21,275,000 100.00% 21,275,000 Subtotal - Ov erlapping Debt 1,713,939,197$ 905,271,920 City of Oxnard Direct Debt (2):
City of Oxnard Lease Revenue Bonds 50,683,040
City of Oxnard Gas Tax Revenue Bonds 15,924,436
City of Oxnard Lease Purchase Agreements 15,578,474
City of Oxnard Subscription Liabilities 1,591,471
Subtotal - Direct Debt 83,777,421
Total Direct and Overlapping Debt 989,049,341$
Notes:
(1) The percentage of overlapping debt applicable to the City is estimated using assessed property values. Applicable percentages were estimated by determining the portion of the overlapping District's assessed value that is within the boundaries of the City divided by the District's total taxable assessed value.
(2) Excludes debt for business-type activities
Source: California Municipal Statistics, Inc.
SCHEDULE XI
As of June 30, 2025
Direct and Overlapping Governmental Activities Debt
225
CITY OF OXNARD, CALIFORNIA
-191-
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025
Debt limit 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$ 4,207,482$ Total net debt applicable to limit - - - - - - - - - -
Legal debt margin 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$ 4,207,482$ 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 2025
Assessed value 20,766,757,561$
Add back: exempt real property 7,283,125,769
Total assessed value 28,049,883,330$
Debt limit (15% of total assessed value) 4,207,482,500$ Debt applicable to limit:
General obligation bonds 315,215,417
Less: assets in debt service funds for principal payments Revenue bonds - governmental activities (66,607,476)
Revenue bonds - business-type activities (248,607,941)
Tax allocation bonds-community development commission - Certificates of participation -
Total net debt applicable limit -
Legal debt margin 4,207,482,500$
Source: County of Ventura
Finance Department, City of Oxnard
SCHEDULE XII
Legal Debt Margin Information
Last Ten Fiscal Years
(in thousands)
226
CITY OF OXNARD, CALIFORNIA
-192-
Fiscal Gross Less: Operating Net Available Debt Service Year Revenues *** Expenses Net Operating Principal Interest*** Coverage 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 58,079,616 45,508,937 14,207,396 5,362,121 7,186,097 1.14 2024 63,509,293 44,579,562 18,929,731 5,579,504 6,954,961 1.51 2025 69,409,805 51,905,032 17,504,773 5,803,916 6,729,641 1.40 Fiscal Gross Less: Operating Net Available Debt Service Interest Year Revenues Expenses Net Operating Principal Interest Coverage 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* - - - - - - 2025* - - - - - - Note: The above gross revenues include operating revenues (excluding connection fees) and investment income The above operating expenses do not include depreciation, debt service and infrastructure use fee payments The City's bond obligations are secured by the pledge of net system revenues * There were no pledged revenues during this year
** Correction of previously reported amounts
*** For Water Revenue Bonds, BAB subsidy is excluded from gross revenues and net against interest expense starting 2016
**** Oxnard Housing Authority Revenue Bonds paid in full on 4/1/2024 Source: Finance Department, City of Oxnard
SCHEDULE XIII
Pledged Revenue Coverage
Last Ten Fiscal Years
Water Revenue Bonds
Environmental Resources Revenue Bonds
227
CITY OF OXNARD, CALIFORNIA
-193-
Gross Less: Operating Net Available Debt Service Interest Fiscal Revenues Expenses Net Operating Principal Interest Coverage Year 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 48,921,097 25,119,024 23,643,755 5,285,000 4,144,750 2.52 2023 46,637,170 24,718,106 21,919,064 5,550,000 3,880,500 2.32 2024 45,829,746 25,998,916 19,830,829 5,830,000 3,603,000 2.10 2025 Gross Less: Operating Net Available Debt Service Fiscal Revenues Expenses Net Operating Principal Interest Coverage Year 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 33,790,336 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 - - - - - - 2025 Last Ten Fiscal Years
Wastewater Revenue Bonds
Oxnard Housing Authority Revenue Bonds****
SCHEDULE XIII (Continued)
Pledged Revenue Coverage
228
CITY OF OXNARD, CALIFORNIA
-194-
(1) (2) (2) (2) (3) (4)
Fiscal Personal Per Capita Median School Unemployment
Year Population Income (in thous) Income Age Enrollment Rate 2016 206,997 4,166,242$ 20,127$ 30.7 39,425 6.2% 2017 207,772 4,149,665 19,972 30.8 41,338 5.6% 2018 206,499 4,320,613 20,923 31.4 39,461 5.1% 2019 209,879 4,603,746 21,935 31.7 39,578 4.8% 2020 206,352 4,756,228 23,049 32.1 39,525 7.7%* 2021 204,675 4,986,380 24,362 32.3 37,761 9.3% 2022 200,050 5,128,178 25,634 32.8 35,227 4.7% 2023 197,477 5,363,539 27,160 33.1 34,105 4.5% 2024 197,536 5,834,734 29,537 33.5 36,529 4.8% 2025 198,733 6,113,370 30,761 34.0 34,878 5.3% Sources: (1) California Department of Finance, Demographic Research Unit. - Provided by HdL Coren & Cone (2) Demographic and Economic Statistics for personal income and population data provided by HdL Coren & Cone (3) Oxnard School Districts (Elementary) and Oxnard Union High School District, Oxnard College (4) California Employment Development Department - Provided by HdL Coren & Cone * Calculated based on monthly unemployment data from California EDD for the fiscal year. The rate at the end of the fiscal year was 11.8%.
Last Ten Fiscal Years
SCHEDULE XIV
Demographic and Economic Statistics
229
CITY OF OXNARD, CALIFORNIA
-195-
Employer
Amazon 3,100 3.24% DATA NOT AVAILABLE DATA NOT AVAILABLE Oxnard School District 2,068 2.16% DATA NOT AVAILABLE DATA NOT AVAILABLE Dignity Health/St. Johns Regional Medical Center 1,900 1.99% DATA NOT AVAILABLE DATA NOT AVAILABLE Oxnard Union High School District 1,648 1.72% DATA NOT AVAILABLE DATA NOT AVAILABLE City of Oxnard 1,495 1.56% DATA NOT AVAILABLE DATA NOT AVAILABLE Aerotek, Inc. 1,439 1.50% DATA NOT AVAILABLE DATA NOT AVAILABLE Haas Automation 1,353 1.41% DATA NOT AVAILABLE DATA NOT AVAILABLE BMW of North America 1,183 1.24% DATA NOT AVAILABLE DATA NOT AVAILABLE Sunrise Growers, Inc 704 0.74% DATA NOT AVAILABLE DATA NOT AVAILABLE Seminis Vegetable Seeds, Inc 600 0.63% DATA NOT AVAILABLE DATA NOT AVAILABLE Subtotal 15,490 16.19% DATA NOT AVAILABLE DATA NOT AVAILABLE Rest of Oxnard 80,210 83.81% DATA NOT AVAILABLE DATA NOT AVAILABLE Total 95,700 100.00% DATA NOT AVAILABLE DATA NOT AVAILABLE Source: EDD & Oxnard Businesses
Number of
Employees
Percent of Total
Employment Number of Employees Percent of Total Employment
SCHEDULE XV
Principal Employers
Current Year and Nine Years Ago
2025 2016
230
CITY OF OXNARD, CALIFORNIA
-196-
Function 2016 2017 2018 2019 2020
Police
Physical arrests 7,063 6,641 6,495 6,997 6,018
Parking violations 32,288 32,273 25,663 36,159 21,709
Traffic violations 15,845 16,935 18,745 17,804 14,231
Fire
Number of calls answered 17,678 17,974 25,005 28,528 30,391 Inspections 2,296 1,463 3,710 3,107 1,817
Highways and streets
Potholes repaired 12,500 12,500 12,500 2,000* 1,300**
Sanitation
Total number of customers 45,266 45,537 45,773 46,043 46,576 Refuse collected (tons/day) 608 626 645 706 733
Recyclables collected (tons/day) 101 104 125 131 144
Culture and recreation
Community center admissions 28,896 26,343 26,196 40,760^ 34,707 Water
Total number of customers 41,635 42,301 42,041 42,122 42,804 Average daily consumption (gallons/day) 21,701,750 22,130,222 22,444,527 20,691,499 20,099,230 Wastewater
Total number of customers 39,374 39,580 39,735 39,808 39,962 Average daily sewerage treatment (gallons/day) 19,700,000 18,800,000 19,080,000 19,700,000 17,300,000 Source: Various departments, City of Oxnard
* Starting fiscal year 2019, the City began using a new method calculating the number of potholes repaired. The new method is based on the total quantity of materials used for the year and average quantity of materials used per pothole. ^ Includes total admissions for Palm Vista Senior Center which opened in 2019. ** Decrease due to staffing decrease and Covid-19 limitations ^^Senior Center Admissions - 60,768; Youth Centers Admissions - 25,675 Operating Indicators by Function
Last Ten Fiscal Years
SCHEDULE XVI
231
CITY OF OXNARD, CALIFORNIA
-197-
2021 2022 2023 2024 2025 Function
Police
3,298 3,337 3,602 4,343 2,786 Physical arrests 14,221 29,848 42,762 21,229 32,170 Parking violations 11,025 15,743 10,216 9,150 7,103 Traffic violations Fire
27,424 26,331 22,334 21,963 21,464 Number of calls answered 4,866 3,128 3,300 3,030 2,139 Inspections Highways and streets
1,400 596 4,499 3,519 3,203 Potholes repaired Sanitation
35,218 39,040 37,113 37,277 38,386 Total number of customers 741 716 682 684 651 Refuse collected (tons/day)
154 157 172 180 184 Recyclables collected (tons/day) Culture and recreation
- 63,917 50,962 70,713 86,443^^ Community center admissions Water
42,958 43,069 43,127 42,804 43,428 Total number of customers 21,773,583 21,494,262 18,540,946 18,606,117 19,373,429 Average daily consumption (gallons/day) Wastewater
40,177 38,650 40,291 38,762 40,475 Total number of customers 18,000,000 16,410,000 16,290,000 16,919,300 16,708,333 Average daily sewerage treatment (gallons/day) Last Ten Fiscal Years
Operating Indicators by Function
SCHEDULE XVI (Continued)
232
CITY OF OXNARD, CALIFORNIA
-198-
Function 2016 2017 2018 2019 2020
Public safety
Police
Stations 1 1 1 1 1
Police vehicles 233 236 236 240 242
Fire
Stations 8 8 8 8 8
Fire Trucks 17 17 17 17 17
Hydrants ^ 5,500 5,551 5,551 5,676 5,678
Sanitation
Collection trucks 52 52 50 56 56
Highways and streets
Streets (miles) 432 432 451 452 484.5
City-owned streetlights 980 1,025 1,025 1,025 1,025
SCE-owned streetlights ^^ 10,225 10,240 10,242 10,242 9,950 Culture and recreation
Parks acreage 561 561 561 539 438**
Parks 62 61 61 56 53
Ball diamonds 22 27 29 30 30
Basketball courts 25 30 30 30 30
Craft/Activity buildings 2 2 2 2 2
Gymnasium 2 2 2 2 2
Swimming pools 1 1 1 1 1
Tennis courts 25 33 32 32 32
Community centers 2 3 3 3 3
Library
Number of books 316,646 333,016 366,051 411,482 334,016 Number of microfilms 5,885 8,323 7,822 8,377 8,377 Number of audiotapes 18,902 10,922 13,003 20,528 8,996 Number of videotapes 14,259 - - - - Number of DVD * - 19,249 17,947 21,162 17,522 Number of CD-ROMS (data disk) 3,072 - - - - Water
Water mains (miles) 600 624 624 563^^^ 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 430 430 430 430 405***
Source: Various departments, City of Oxnard
^ Total includes only City-owned fire hydrants
* Transitioned from video tapes to DVD's
^^ Totals provided by Southern California Edison with accompanying location map for each light ** Decrease in Acreage due to expired contract with County of Ventura to maintain beach front areas ^^^ Decrease due to update to GIS system adjusting for mains owned by water districts previously listed as City owned *** Decrease due to abandoned sewer lines
Capital Assets by Function
Last Ten Fiscal Years
SCHEDULE XVII
233
CITY OF OXNARD, CALIFORNIA
-199-
2021 2022 2023 2024 2025 Function
Public safety
Police
1 1 1 1 1 Stations
224 211 205 234 234 Police v ehicles
Fire
8 8 8 8 8 Stations
17 17 17 17 17 Fire Trucks
5,690 6,279 5,782 5,827 5,885 Hydrants ^ Sanitation
52 57 71 67 72 Collection trucks
Highways and streets
400 455 439 439 440 Streets (miles) 972 607 607 607 607 City-owned streetlights
10,225 9,800.00 9,800.00 9,800.00 9,928 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
2 2 2 2 2 Craft/Activity buildings
2 2 2 2 2 Gymnasium
1 1 1 1 1 Swimming pools
32 32 32 32 32 Tennis courts
3 3 3 3 3 Community centers
Library
331,204 271,862 307,003 307,850 283,699 Number of books 21,700 41,947 41,947 41,946 41,901 Number of microfilms 8,634 8,271 7,886 7,910 7,826 Number of audiobooks 134 50 50 50 50 Number of videotapes 17,009 16,358 16,337 16,500 16,851 Number of DVD * 111 111 200 109 109 Number of CD-ROMS (data disk) Water
525 527 531 591 572 Water mains (miles) 18,600,000 18,600,000 18,600,000 18,600,000 18,600,000 Maximum daily treatment capacity Sewer
406 406 406 406 405 Miles of sewer lines
SCHEDULE XVII (Continued)
Capital Assets by Function
Last Ten Fiscal Years
234
CITY OF OXNARD, CALIFORNIA
-200-
Function 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 General government 228 224 288 279 250.5 253.4 302 294.5 345 346 Public Safety
Police
Officers 243 252 268 258 258 274 271 240 246 242
Civilians 151 110 114 117 115 84 87 122 127 129
Fire
Firefighters & officers 125 125 150 123 124 123 121 144 144 134 Civilians 3 3 4 8 7 10 13 18 19 21
Transportation 25 16 27 39 39 23.5 10 31.58 25 26
Community development 50 52 57 58 62 62 63 66 66 70
Culture, Leisure, and Libraries 67 55 95 92.5 79 79.25 108.0 121.25 122.75 124.75 Utilities
Water 52 53 56 52 60 76.3 78 80.41 74 75
Wastewater 81 81 74 73 73.5 76.8 79 92.02 77 77
Environmental Resources 113 118 175 172 173 195 199 196.99 179 182 Housing 80 81 70 71 71 71 69 65 65 69
Total 1,218 1,171 1,378 1,343 1,312.0 1,328 1,400.0 1471.75 1489.75 1495.75 Note: The numbers above represent authorized positions by the City Council.
Source: Per. Adopted Budget Budget Personnel Schedule for FY2024-25 Revised FTE Count Last Ten Fiscal Years
Full-Time Equivalent City Government Employees by Function
SCHEDULE XVIII
235
CITY OF OXNARD, CALIFORNIA
SINGLE AUDIT REPORTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
236
CITY OF OXNARD, CALIFORNIA
SINGLE AUDIT REPORTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
TABLE OF CONTENTS
Page
Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit of Financial Statements Performed in Accordance With Government Auditing Standards .......................................... 1 Independent Auditor’s Report on Compliance for Each Major Federal Program; Report on Internal Control Over Compliance; and Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance ..................................... 3 Schedule of Expenditures of Federal Awards .............................................................................. 6 Notes to the Schedule of Expenditures of Federal Awards ......................................................... 9 Schedule of Findings and Questioned Costs ............................................................................. 10 Summary Schedule of Prior Audit Findings ................................................................................ 12 Management’s Response and Corrective Action Plan ................................................................ 13 237
w
ww.mgocpa.com Macias Gini & O’Connell LLP
2121 Avenue of the Stars, Suite 2200
Los Angeles, CA 90067
1 Independent Auditor’s Report on Internal Control Over Financial Reporting and on Compliance and Other Matters Based on an Audit Of Financial Statements Performed in Accordance With Government Auditing Standards City Council of the City of Oxnard
Oxnard, California
We have audited, in accordance with the auditing standards generally accepted in the United States of America and the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards), the financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City of Oxnard, California (City), as of and for the fiscal year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements, and have issued our report thereon dated July 29, 2026. Our report includes an emphasis of matter paragraph for the City’s adoption of Governmental Accounting Standards Board Statement No. 101, Compensated Absences. Our report includes a reference to other auditors who audited the financial statements of Oxnard Housing Authority, as described in our report on the City's financial statements. This report does not include the results of the other auditors' testing of internal control over financial reporting or compliance and other matters that are reported on separately by those auditors.
Report on Internal Control Over Financial Reporting
In planning and performing our audit of the financial statements, we considered the City’s internal control over financial reporting (internal control) as a basis for designing audit procedures that are appropriate in the circumstances for the purpose of expressing our opinions on the financial statements, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control. Accordingly, we do not express an opinion on the effectiveness of the City’s internal control.
A deficiency in internal control exists when the design or operation of a control does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, misstatements on a timely basis. A material weakness is a deficiency, or a combination of deficiencies, in internal control such that there is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and corrected, on a timel y basis. A significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.
Our consideration of internal control was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses.
However, material weaknesses or significant deficiencies may exist that were not identified. 238
2 Report on Compliance and Other Matters
As part of obtaining reasonable assurance about whether the City's financial statements are free from material misstatement, we performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the financial statements. However, providing an opinion on compliance with those provisions was not an objective of our audit, and accordingly, we do not express such an opinion. The results of our tests disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards.
Purpose of This Report
The purpose of this report is solely to describe the scope of our testing of internal control and compliance and the results of that testing, and not to provide an opinion on the effectiveness of the entity’s internal control or on compliance. This report is an integral part of an audit performed in accordance with Government Auditing Standards in considering the entity’s internal control and compliance. Accordingly, this communication is not suitable for any other purpose.
Los Angeles, California
July 29, 2026
239
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ww.mgocpa.com Macias Gini & O’Connell LLP
2121 Avenue of the Stars, Suite 2200
Los Angeles, CA 90067
3 Independent Auditor’s Report on Compliance for Each Major Federal Program; Report on Internal Control over Compliance; and Report on Schedule of Expenditures of Federal Awards Required By the Uniform Guidance The Honorable City Council of the City of Oxnard
Oxnard, California
Report on Compliance for Each Major Federal Program
Opinion on Each Major Federal Program
We have audited the City of Oxnard, California’s (City) compliance with the types of compliance requirements identified as subject to audit in the OMB Compliance Supplement that could have a direct and material effect on each of the City’s major federal programs for the fiscal year ended June 30, 2025. The City’s major federal programs are identified in the summary of auditor’s results section of the accompanying schedule of findings and questioned costs.
In our opinion, the City complied, in all material respects, with the compliance requirements referred to above that could have a direct and material effect on each of its major federal programs for the fiscal year ended June 30, 2025.
Basis for Opinion on Each Major Federal Program
We conducted our audit of compliance in accordance with auditing standards generally accepted in the United States of America (GAAS); the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States (Government Auditing Standards ); and the audit requirements of Title 2 U.S . Code of Federal Regulations P art 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). Our r esponsibilities under those standards and the Uniform Guidance are further described in the Auditor’s Responsibilities for the Audit of Compliance section of our report.
We are required to be independent of the City and to meet our other ethical responsibilities, in accordance with relevant ethical requirements relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to provi de a basis for our opinion on compliance for each major federal program. Our audit does not provide a legal determination of the City’s compliance with the compliance requirements referred to above.
Other Matter – Federal Expenditures Not Included in the Compliance Audit The City's basic financial statements include the operations of the Oxnard Housing Authority, which expended $39,928,222 in federal awards which is not included in the City’s schedule of expenditures of federal awards during the year ended June 30, 2025. O ur compliance audit, described in the Opinion for Each Major Federal Program did not include the operations of the Oxnard Housing Authority, because the Oxnard Housing Authority engaged other auditors to perform an audit of compliance.
240
4 Responsibilities of Management for Compliance
Management is responsible for compliance with the requirements referred to above and for the design, implementation, and maintenance of effective internal control over compliance with the requirements of laws, statutes, regulations, rules and provisions of contracts or grant agreements applicable to the City’s federal programs.
Auditor’s Responsibilities for the Audit of Compliance
Our objectives are to obtain reasonable assurance about whether material noncompliance with the compliance requirements referred to above occurred, whether due to fraud or error, and express an opinion on the City’s compliance based on our audit. 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, Government Auditing Standards, and the Uniform Guidance will always detect material noncompliance when it exists. The risk of not detecting material noncompliance resulting from fraud is higher than for that resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of interna l control. Noncompliance with the compliance requirements referred to above is considered material, if there is a substantial likelihood that, individually or in the aggregate, it would influence the judgment made by a reasonable user of the report on compliance about the City’s compliance with the requirements of each major federal program as a whole.
In performing an audit in accordance with GAAS, Government Auditing Standards , and the Uniform Guidance, we:
• Exercise professional judgment and maintain professional skepticism throughout the audit.
• Identify and assess the risks of material noncompliance, 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 City’s compliance with the compliance requirements referred to above and performing such other procedures as we considered necessary in the circumstances.
• Obtain an understanding of the City’s internal control over compliance relevant to the audit in order to design audit procedures that are appropriate in the circumstances and to test and report on internal control over compliance in accordance with the Uniform Guidance, but not for the purpose of expressing an opinion on the effectiveness of the City’s internal control over compliance. Accordingly, no such opinion is expressed.
We are required to communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and any significant deficiencies and material weaknesses in internal control over compliance that we identified during the audit.
Report on Internal Control Over Compliance
A deficiency in internal control over compliance exists when the design or operation of a control over compliance does not allow management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, noncompliance with a type of compliance requirement of a federal program on a timely basis. A material weakness in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance, such that there is a reasonable possibility that material noncompliance with a type of compliance requirement of a federal program will not be prevented, or detected and corrected, on 241
5 a timely basis. A significant deficiency in internal control over compliance is a deficiency, or a combination of deficiencies, in internal control over compliance with a type of compliance requirement of a federal program that is less severe than a material weakness in internal control over compliance, yet important enough to merit attention by those charged with governance.
Our consideration of internal control over compliance was for the limited purpose described in the Auditor’s Responsibilities for the Audit of Compliance section above and was not designed to identify all deficiencies in internal control over compliance that might be material weaknesses or significant deficiencie s in internal control over compliance . Given these limitations, during our audit we did not identify any deficiencies in internal control over compliance that we consider to be material weaknesses, as defined above. However, material weaknesses or signific ant deficiencies in internal control over compliance may exist that were not identified.
Our audit was not designed for the purpose of expressing an opinion on the effectiveness of internal control over compliance. Accordingly, no such opinion is expressed.
The purpose of this report on internal control over compliance is solely to describe the scope of our testing of internal control over compliance and the results of that testing based on the requirements of the Uniform Guidance. Accordingly, this report is not suitable for any other purpose.
Report on Schedule of Expenditures of Federal Awards Required by the Uniform Guidance We have audited the financial statements of the governmental activities, the business -type activities, each major fund, and the aggregate remaining fund information of the City, as of and for the fiscal year ended June 30, 2025, and the related notes to the financial statements, which collectively comprise the City’s basic financial statements . We issued our report thereon , dated July 29, 2026, which contained unmodified opinions on those financial statements. Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise the basic financial statements. The accompanying schedule of expenditures of federal awards is presented for purposes of additional analysis as required by the Uniform Guidance and is not a required part of the basic financial statements. Such information is the responsibility of management and was derived from and relates directly to the underlying accounting and other records used to prepare the basic financial statements. The information has been subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional procedures, including comparing and reconciling such information directly to the underlying accounting and other records used to prepare the basic financial statements or to the basic financial statements themselves, and other additi onal procedures in accordance with auditing standards generally accepted in the United States of America. In our opinion, the schedule of expenditures of federal awards is fairly stated , in all material respects in relation to the bas ic financial statements as a whole.
Los Angeles, California
July 29, 2026
242
6 SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS AND
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
243
CITY OF OXNARD, CALIFORNIA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED JUNE 30, 2025
Federal Grantor/
Pass-through Grantor/
Program Title
Federal
Assistance
Listing
Number
Program Identification
Number
Total Program
Expenditures
Total Amount
Provided to
Subrecipients
U.S. Department of Agriculture
Direct Program
Urban Agriculture and Innovative Production Grants Program (UAIP) 10.935 NR243A750005G001 23,769 $ - $ Total U.S. Department of Agriculture 23,769 - U.S. Department of Housing and Urban Development
Direct Program
Community Development Block Grant Cluster Entitlement/Special Purpose Grants Community Development Block Grants/Entitlement Grants 14.218 B-17-MC-06-0534 15,863 -
14.218 B-19-MC-06-0534 101,072 -
14.218 B-20-MW-06-0534 684,202 300,000
14.218 B-22-MC-06-0534 162,577 162,577
14.218 B-22-MC-06-0534 13,935 13,935
14.218 B-23-MC-06-0534 (42,147) -
14.218 B-23-MC-06-0534 69,000 69,000
14.218 B-23-MC-06-0534 795,834 795,834
14.218 B-24-MC-06-0534 419,626 -
14.218 B-24-MC-06-0534 29,450 -
14.218 B-24-MC-06-0534 97,944 -
14.218 B-24-MC-06-0534 29,447 -
14.218 B-24-MC-06-0534 33,250 33,250
14.218 B-24-MC-06-0534 14,350 14,350
14.218 B-24-MC-06-0534 31,392 31,392
Total Community Development Block Grant Cluster
Entitlement/Special Purpose Grants 2,455,795 1,420,338 Home Investment Partnership Program 14.239 M24-MC060526 296 -
14.239 M22-MC060526 37,136 -
14.239 M22-MC060526 12,747 12,747
14.239 M22-MC060526 27,980 27,980
14.239 M21-MP060526 6,153 -
Total Home Investment Partnership Program 84,312 40,727 Emergency Solutions Grant Program 14.231 E-23-MC-06-0534 111,820 96,229
14.231 E-24-MC-06-0534 88,705 49,755
Total Emergency Solutions Grant Program
200,525 145,984
Total U.S. Department of Housing and Urban Development 2,740,632 1,607,049 U.S. Department of Homeland Security
Passed through the County of Ventura
Homeland Security Grant Program:
FY22 - USAR 97.067 22-SHSP-OXF-5b 10,000 - FY23 - USAR 97.067 23-SHSP-OX-7 1,550 - FY23 - CERT 97.067 23-SHSP-OX-15 16 - Total Homeland Security Grant Program 11,566 - Pass through California Office of Emergency Services
Hazard Mitigation Grant:
Police Station Emergency Back Up Generator 97.039 HMGP #4353-195-49R 1,303 - Direct Program
Assistance to Firefighters Grant:
FEMA - FY21 - TEMS Training 97.044 EMW-2021-FG-07031 49,445 - FEMA - FY22 - Medic Grant 97.044 EMW-2022-FG-04821 114,541 - FEMA - FY22 USAR Training 97.044 EMW-2022-FG-04892 68,566 - FEMA - FY23 - USAR Training 97.044 EMW-2023-FG-09526 71,221 - FEMA - Fire Prevention & Safety Grant FY23 -Smoke Detectors 97.044 EMW-2023-FP-00550 174,225 - Pass through the County of Ventura
Assistance to Firefighters Grant:
FEMA - FY21 Thermal Imaging Cameras 97.044 EMW-2021-FG-02473 49,108 - FEMA - FY23 - PPE 97.044 EMW-2023-FG-07436 222,061 - Pass through City of Ventura
Assistance to Firefighters Grant:
FEMA - Grant FY22 - HAZMAT Training 97.044 EMW-2022-FG-03878 13,761 - Total Assistance to Firefighters Grant 762,928 - Direct Program
Staffing for Adequate Fire and Emergency Response (SAFER) FEMA - FY20 97.083 EMW-2020-FF-01126 164,837 - FEMA - FY21 97.083 EMW-2021-FF-01664 868,641 - Total Staffin
g for Adequate Fire and Emergency Response (SAFER) 1,033,478 - Total U.S. Department of Homeland Security 1,809,275 - (Continued)
The accompanying notes are an integral part of this schedule. 7 244
CITY OF OXNARD, CALIFORNIA
SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS
FOR THE YEAR ENDED JUNE 30, 2025
(Continued)
Federal Grantor/
Pass-through Grantor/
Program Title
Federal
Assistance
Listing
Number
Program Identification
Number
Total Program
Expenditures
Total Amount
Provided to
Subrecipients
U.S. Department of Justice
Direct Program
Equitable Sharing Program 16.922 CA0560400-NCIC Tracking # 55,400 - Direct Program
Edward Byrne Memorial Justice Assistance Grant Program 16.738 15PBJA-21-GG-01244-JAGX 49,314 30,727
16.738 15PBJA-22-GG-02263-JAGX 88,569 59,930
16.738 15PBJA-24-GG-05182-JAGX 35,268 -
Pass through Ventura County
Edward Byrne Memorial Justice Assistance Grant Program
FY22 Edward Byrne Justice Assistance Grant (JAG) 16.738 15PBJA-22-GG-02263-JAGX 178,489 - Total Edward B
yrne Memorial Justice Assistance Grant Program 351,640 90,657 Total U.S. Department of Justice 407,040 90,657 U.S. Department of Transportation
Pass through the State of California Department of Transportation Highway Planning and Construction:
Bicycle Facilities in Northeast Specific Plan 20.205 CML-086 149,890 - Traffic Operations / Maintenance 20.205 CRALNI-109 1,080 - Construction and Install Accessible Pedestrian Signals 20.205 CML-113 1,771 - Road/Signal Emergency Vehicle Detection 20.205 CRALNI-108 849,785 - Total Highway Planning and Construction Cluster 1,002,526 - Pass through the State of California Office of Traffic Safety Highway Safety Cluster
State and Community Highway Safety:
OTS Selective Traffic Enforcement Program FY24 20.600 PT24139 25,948 - OTS Selective Traffic Enforcement Program FY25 20.600 PT25200 79,871 - Total Highway Safety Cluster 105,819 -
Pass through the State of California Office of Traffic Safety Minimum Penalties for Repeat Offenders for Driving While Intoxicated:
ABC - OTS Local Law Enforcement Grant 20.608 24OTS113 11,705 - OTS Selective Traffic Enforcement Program FY24 20.608 PT24139 87,184 - OTS Selective Traffic Enforcement Program FY25 20.608 PT25200 175,262 - Total Minimum Penalties for Repeat Offenders for Driving While Intoxicated 274,151 -
Total U.S. Department of Transportation 1,382,496 - Corporation of National and Community Service
Direct Program
AmeriCorps Seniors Retired and Senior Volunteer Program (RSVP):
Retired and Senior Volunteer Program FY24-25 94.002 19SRPCA007 57,120 - Total Corporation for National and Community Service 57,120 - U.S. Department of Health and Human Services
Pass through the County of Ventura Area Agency on Aging Aging Cluster:
Special Programs for the Aging, Title III, Part C, Nutrition Services 93.045 3500FY23-05 50 - Total U.S. Department of Health and Human Services 50 - U.S. Department of Treasury
Direct Program
COVID-19 - Coronavirus State and Local Fiscal Recovery Funds 21.027 N/A 10,673,404 151,810 Total U.S. Department of Treasury 10,673,404 151,810 U.S. Environmental Protection Agency
Direct Program
Congressionally Mandated Projects:
Oxnard Water Transmission Line Project - C2226 66.202 98T67101 63,935 - Total U.S. Environmental Protection Agency 63,935 - Total Direct 15,298,887 1,849,516
Total Pass Through 1,858,834
-
TOTAL SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS (SEFA) 17,157,721$ 1,849,516$ The accompanying notes are an integral part of this schedule. 8 245
CITY OF OXNARD, CALIFORNIA
NOTES TO THE SCHEDULE OF EXPENDITURES OF FEDERAL AWARDS FOR THE FISCAL YEAR ENDED JUNE 30, 2025
9 NOTE 1 GENERAL
The accompanying Schedule of Expenditures of Federal Awards (Schedule) presents the activity of all federal award programs of the City of Oxnard, California (City) . The information in this Schedule is presented in accordance with the requirements of Title 2 U.S. Code of Federal Regulations Part 200, Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards (Uniform Guidance). The City’s reporting entity is defined in Note 1 in the notes to the City’s basic financial statements.
NOTE 2 BASIS OF ACCOUNTING AND PRESENTATION
Expenditures reported in the accompanying Schedule are presented using the modified accrual basis of accounting for grants accounted for in the governmental fund types and the accrual basis of accounting for grants accounted for in the proprietary fund types, as described in Note 2 in the notes to the City’s basic financial statements. Such expenditures a re recognized following the cost principles contained in the Uniform Guidance, wherein certain types of expenditures are not allowable or are limited as to reimbursement. Pass -through entity identifying numbers are presented where applicable. It does not i nclude the Federal award activity of Oxnard Housing Authority, a blended component unit of the City, which expended $39,928,222 in federal awards.
NOTE 3 INDIRECT COST RATE
The City has elected not to use the de minimis indirect cost rate allowed under the Uniform Guidance, which is ten (10) percent for awards issued prior to October 1, 2024 and fifteen (15) percent for awards issued on or after October 1, 2024.
NOTE4 RELATIONSHIP TO BASIC FINANCIAL STATEMENTS
Expenditures of federal awards are reported in the City’s basic financial statements as expenditures in the governmental funds or as expenses/capital assets in the proprietary funds.
Federal award expenditures agree or can be reconciled with the amounts re ported in the City’s basic financial statements.
NOTE 5 DIRECT AND PASS-THROUGH FEDERAL AWARDS
Federal awards may be granted directly to the City by a federal granting agency or may be granted to other government agencies which pass through federal awards to the City. The Schedule includes both of these types of federal award programs when related expenditures are incurred.
NOTE 5 FEDERALLY-FUNDED LOANS
The City administers loans, primarily forgivable loans, made from funds provided by the following Federal programs for the year ended June 30, 2025.
Federal Programs Loans Outstanding at June 30, 2025
Community Development Block Grants
(Assistance Listing #14.218)
$ 4,657,281
HOME Investment Partnership
Program (Assistance Listing #14.239)
10,851,608
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
10 SECTION I – SUMMARY OF AUDITOR’S RESULTS
Financial Statements
Type of report the auditor issued on whether the financial statements audited were prepared in accordance with GAAP: Unmodified Internal control over financial reporting:
• Material weakness(es) identified? No
• Significant deficiency(ies) identified? No
Noncompliance material to the financial statements noted? No
Federal Awards
Internal control over major federal programs:
• Material weakness(es) identified? No
• Significant deficiency(ies) identified? No
Type of auditor’s report issued on compliance for the major federal programs: Unmodified
Any audit findings disclosed that are required to be reported in accordance with 2 CFR 200.516(a)? No
Identification of major federal programs:
Assistance Listing Number Name of Federal Program or Cluster
20.608 Minimum Penalties for Repeat Offenders for
Driving While Intoxicated
21.027
COVID-19 - Coronavirus State and Local Fiscal
Recovery Funds
Dollar threshold used to distinguish between
Type A and Type B programs: $750,000
Auditee qualified as a low-risk auditee? Yes
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CITY OF OXNARD, CALIFORNIA
SCHEDULE OF FINDINGS AND QUESTIONED COSTS (Continued)
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
11 SECTION II – FINANCIAL STATEMENT FINDING
No current year findings are reported.
SECTION III – FEDERAL AWARD FINDINGS AND QUESTIONED COSTS
No current year findings are reported.
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CITY OF OXNARD, CALIFORNIA
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
12 FINANCIAL STATEMENTS FINDINGS
2020-001 – Information Technology (IT) General Controls (Significant Deficiency)
Condition
As a result of the evaluation of the design and implementation of ITGCs and noted 12 findings, the auditors communicated such findings to the IT Department. Because those findings reveal vulnerabilities to, or otherwise increase the potential for an attack on, the information technology systems of the City, the details of the findings will not be published in this document.
They will, however, be communicated to the City Council via a separate confidential written report.
Recommendation
The auditors’ recommendations were communicated to the City Council via a separate confidential written report.
Current Status as of June 30, 2025
In progress as of June 30, 2025.
Current Year Management Response
The City’s corrective action plan will be communicated to the City Council via a separate confidential written report.
FEDERAL AWARD FINDINGS
2024-001 – Program Income
(Significant Deficiency, Noncompliance)
Assistance Listing (AL) No. 14.218 - Community Development Block Grants/ Entitlements Grants
Condition
During the audit, it was noted that the City recorded $152,065 of the program income as deferred revenue rather than recognizing the full amount upon receiving the gross income earned and generated by CDBG loan activity.
Recommendation
The auditors recommended the City to implement a comprehensive program income tracking and reporting system that ensures compliance with federal regulations. The system should include detailed procedures for documenting income generated, ensuring the funds are allocated to the proper grant or project, and reporting the income accurately 249
CITY OF OXNARD, CALIFORNIA
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS (Continued)
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
13 in accordance with grant terms. Regular training should also be provided to staff responsible for grant management to ensure adherence to federal guidelines and the organization’s internal controls.
Current Status as of June 30, 2025
Not implemented as of June 30, 2025.
Current Year Management Response
Corrective action planned implementation date of March 25, 2025, did not occur; however, the City completed its corrective action as of February 15, 2026. The City developed and finalized its new policies and procedures as of December 31, 2025, and implemented these policies and procedures as of February 15, 2026.
2024-002 – Late Filing of Reports
(Significant Deficiency, Noncompliance)
AL No. 14.218 - Community Development Block Grants/Entitlements Grants Condition
The City failed to submit all of the Fiscal Year 2024 Cash on Hand Quarterly Reports within the required 30-day period following each reporting quarter until February 2025. The City did not submit subaward information for subrecipients receiving federal funds of $30,000 or more from the City to the FSRS until February 2025. These reports were due by the end of the month following the issuance of each subaward. Additionally, staff responsible for financial reporting were not adequately trained on the specific requirements for reporting under federal grants, which contributed to the late submission of the reports.
Recommendation
The auditors recommended that the City develop and implement policies and procedures for completeness and timely submission of reports. This may include:
1. Thoroughly review the reporting requirements each year for any possible updates, substitutions, or missing reports, and document the process, including the preparer and reviewer.
2. Prepare a listing of subaward agreements, including details such as the subrecipient, original and amended amounts, execution date (i.e., when it becomes legally binding), reporting date, name of the person who submitted the report, name of the person who reviewed the report, etc., for each program to identify and track the reporting of subaward information.
3. Staff responsible for financial reporting should receive specific training on federal reporting requirements to ensure accuracy and compliance.
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CITY OF OXNARD, CALIFORNIA
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS (Continued)
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
14 Current Status as of June 30, 2025
Not implemented as of June 30, 2025.
Current Year Management Response
Corrective action planned implementation date of March 25, 2025, did not occur; however, the City partially completed its corrective action as of December 4, 2025. The City developed and finalized its new policies and procedures as of December 4, 2025. The City plans to complete the implementation of these policies and procedures by June 30, 2026 . The delay in implementation is due to HUD’s delay in the grant awards process due to the federal shutdown. 2024-003 – Late Filing of Reports (NC)
(Noncompliance)
AL No. 97.083 - Staffing for Adequate Fire & Emergency Response Condition
The City submitted the Performance Progress Report for the period of January 2024 to June 2024 one day late, and the Federal Financial Report for the period of July 2023 to December 2023 three months late.
Recommendation
The auditors recommend the City to establish a contingency plan to address staff turnover, including cross -training key personnel and maintaining detailed documentation of financial reporting processes. The City should also implement a standardized handoff procedure to ensure that incoming staff are adequately trained and have access to the necessary resources to continue the reporting function without disruption.
Current Status as of June 30, 2025
Partially implemented as of June 30, 2025.
Current Year Management Response
Corrective action planned implementation date of June 25, 2025, did not fully occur; however, the City completed its corrective action as of October 1, 2025. The City completed staff training as of April 10, 2025, and completed the revisions to its procedu res manual as of October 1, 2025.
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CITY OF OXNARD, CALIFORNIA
SUMMARY SCHEDULE OF PRIOR AUDIT FINDINGS (Continued)
FOR THE FISCAL YEAR ENDED JUNE 30, 2025
15 2024-004 – Lack of Timesheet Approval (NC)
(Noncompliance)
AL No. 97.083 - Staffing for Adequate Fire & Emergency Response Condition
During the audit, it was found that the City's time roster report approval process was not consistently followed. During the audit , four pay periods were selected for testing. In two of these periods, the time roster reports were not properly reviewed and approved by a battalion chief supervisor before submission for payroll processing. These time roster reports were automatically approved by the system to meet payroll processing deadlines, bypassing the required supervisory review.
Recommendation
The auditors recommended the City to strengthen its internal controls related to time roster report approval. Specifically, a formal time roster report approval process should be implemented that includes clear guidelines for timely approval by supervisors. The City should also establish a tracking system to ensure that time roster report is approved before submission for payroll processing. Regular training for staff and supervisors on the importance of accurate timekeeping and approval procedures should be conducted to reinforce compliance with federal grant requirements.
Current Status as of June 30, 2025
Not implemented as of June 30, 2025.
Current Year Management Response
Corrective action planned implementation date of June 30, 2025, did not occur; however, the City completed its corrective action as of October 30, 2025. The City implemented its review process as of October 2, 2025, and revised related policies and completed staff training as of October 31, 2025.
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