Oxnard--The Finance and Governance Committee, Tuesday, May 14, approved an increase to appropriations and the transfer of funds from the general fund to restore the State Gas Tax Fund balance.
ASSISTANT Chief Financial Officer Mark Sewell presented the item, which transfers $3.3 million from the general fund operating budget to the State Gas Tax Fund for prior-year activity.
The action also covers projected budgetary deficits in the fiscal years 2023-2024 and 2024-2025.
“The City of Oxnard receives an annual allocation of State Gas Taxes pursuant to the streets and highway code section 101,” Sewell said. “The State Gas Tax is reported as a separate fund to make sure this revenue is restricted and used only for appropriate purposes.”
One of the many sources for streets and right of way, he said the State Gas Tax is currently in a deficit.
“As of June 30, 2023, this deficit is $2.8 million,” he said. “It’s anticipated to grow to $3.3 million by June 30, 2025.”
He said the Staff recommends a one-time $3.3 million transfer from the general fund in fiscal year 2023-2024 to correct the fund deficit.
Future budgets for fiscal years 2025-2026 will be adjusted to balance the anticipated…
