Oxnard—The City released its Fiscal Year 2024-25 budget preview during its Tuesday, May 14, meeting.
The City of Oxnard is proposing a 2024-2025 general fund revenue budget of $235.7 million, with expenses by department totaling $255.7 million.
The revenue shows a five percent increase over the fiscal year 2023-2024, with 6.5 percent of the revenue related to interest income due to high interest rates and other reimbursements.
The City is proposing a $20 million payment to pay off long-term pensions and liabilities.
Assistant City Manager Ashley Golden presented the budget and noted that State and Federal income taxes do not come to the City.
“For example, with a $40,000 salary, you’d keep about $36,000 of that and pay over 7.5 to the Federal Government and just over 2 percent to the State Government,” she said. “No income tax comes to the City of Oxnard.”
She said the City gets about 31 percent of its property tax yearly, with the largest portion going to the schools, followed by the County, with 20.3 percent.
“The City receives about 17 percent of that property tax,” she said. “It’s not all coming directly to the City.”
She said a resident pays a $5,000…
