Oxnard--The Finance and Governance Committee, Tuesday, January 10, received the State Auditor’s 2021 Fiscal Health Ranking of California Cities.
The State Audit Office publishes an annual risk assessment on all 482 California Cities and attempts to quantify and rank fiscal health based on publicly available financial indicators. The City of Oxnard improved from number 49 in the Fiscal Year 2020 to eighth with a moderate risk of financial distress in the Fiscal Year 2021.
Assistant Chief Financial Officer Mark Sewell presented the video and said the City’s financial fundamentals are strong and improving.
“There are a number of factors that can indicate financial distress,” he said. “Does the City have sufficient financial reserves to cover unexpected costs or shortfalls in revenue?
He also talked about the City’s level of debt compared to its income and whether it can pay its bills in the coming Fiscal Year.
“Is the City’s revenue going down over time, and the retirement obligations,” Sewell said. “Can the City pay the retirement benefits it promised its employees?”
“This methodology is a product of an advisory panel made up from members of the Public Policy Institute of California, CalPERS, the S&P Global rating services, the California…
