Oxnard--The conversation about the City of Oxnard’s Clean Audit Report continues, with Mayor John Zaragoza asking about liability percentages, noting that most agencies look at 60-70 percent.
EDEN CASARENO from External Financial Auditors Eadie & Payne said the percentages increased to 70-80 percent.
“I think the City, in terms of funding, you are at 84 percent this year,” Casareno said. “In the past, it was in the ‘70s. That’s for the Miscellaneous Plan. You are at 88 percent for the Police and Fire plans.”
She added that the Retirement Enhancement Plan is at 82 percent.
“They’re talking about how they can fund this more,” Casareno said. “I think that is a product of having known what the liability is; in the past, it was accounted for in the financial statements. We knew it was big, but we didn’t know exactly what it was. I think people are concerned and looking.”
She said commitments and contingencies are related to construction commitments and conferences and are not included as liabilities in the Financial Statements but disclosures the City still has these commitments to do construction.
“You have all these encumbrances that are going to affect you next year that you need…
