Oxnard—The upcoming CFD (Community Facilities District) ballot measure, set for a vote this November 5, continues with the effect it will have on the Unassigned General Fund Balance.
ITEMS discussed and voted on include the “Repeal of Community Facilities No. 5 (RiverPark) Special Taxes,” “Reduction of the Maximum Special Taxes imposed within Community Facilities District No. 5, and limitations on Uses of Special Taxes for the District.”
The Council also approved a City-Sponsored Community Facilities District No. 5 (RiverPark) with no Tax Increase, a Public Safety, Neighborhood Services Measure, and a resolution to order consolidation with the November 5 statewide election, request the County Clerk to conduct the election and authorize the Board of Supervisors to canvass the returns.
Consultant Russ Branson said ending CFD 5 funding would erase the Fund Balance in less than five years.
“The General Funds Unassigned Fund Balance from the City’s financial reports going back to 2014 show a lot of volatility,” he said. “You had a rise in 2017; it’s gone to where it was negative in 2021, and it shot up in FY22-23.”
He said it sounds like it’s going up again in 2024, which is all great.
“Those fund balances, but…
