Finance & Governance Committee - 5/12/2026 - Agenda Item D2 - Financial Corrective Action Plan FCAP

The City of Oxnard's Finance & Governance Committee met to review the status of the Financial Corrective Action Plan (FCAP) aimed at addressing past audit findings. The update highlighted progress in closing audit issues identified in the fiscal year 2023-24 single audit, with particular focus on significant deficiencies related to community development block grants (CDBG) and grant reporting controls. The committee was informed of delays in implementing new policies due to a federal shutdown affecting HUD grant awards, with revised completion targeted for June 30, 2026. The city's new auditor, MGO, reported no new audit findings and no material weaknesses for the sixth consecutive year. The committee noted that five audit findings remain open, with corrective actions expected to be completed and tested during the 2027 single audit cycle. No specific contract awards or procurement decisions were discussed during this meeting.