Oxnard--The City Council received and approved its fiscal year 2023-2024 mid-year budget review and approved amendments within the Golf, Development Impact Fees, Contribution Trust, Facilities Maintenance, and related funds during the Tuesday, February 6, meeting.
The 2023-2024 fiscal year estimates are the best estimates from the departmental staff and projects where the City thinks it will finish the fiscal year.
Assistant Chief Financial Officer Mark Sewell presented the budget and started with the City Council’s June 2023 approved budget, with any amendments and carryovers for multi-year projects.
“The revenue budget for the City’s $225.2 million budget, the staff anticipates exceeding that by about $9.7 million,” he said. “The main driver for that variance is an increase in sales tax, the Bradley Burns portion, due to an increase in the share of sales tax that Oxnard shall receive as a result of how the State allocates sales tax.”
He said Measure E is projected to be slightly below budget, recognizes the impact of transactions occurring within the City’s limits, and represents a forecast close to the original assumptions.
“On the expenditures side, expenses are projected to end the year $1.5 million lower than budget at $243.9 million,” Sewell said. “A…
