City Council 06 03 2025 Agenda Item M1 FY25 26 Proposed budget public hearing

The City Council of Oxnard held a public hearing to review the proposed fiscal year 2025-2026 budget. The budget presentation highlighted a balanced general fund with revenues matching expenditures at $243.6 million, reflecting a 3.4% increase primarily driven by property and sales tax growth. Significant one-time expenditures from the prior fiscal year, including pension debt payments and capital projects like the railroad grade separation, contributed to a $100 million decrease in combined capital and operating budgets compared to the previous year. Enterprise funds such as wastewater and water showed decreases in fund balances due to capital project execution supported by state revolving fund loans. The Measure O fund anticipates a decrease in fund balance but maintains sufficient reserves. The golf fund projects a slight increase in fund balance based on a new management agreement. The council was asked to provide direction on any budget adjustments ahead of final adoption on June 17, 2025.