Oxnard fiscal task force meets- ’14/15 annual report delayed at least to 3/31/16

By George Miller

The good news is that the Oxnard Fiscal Policy Task Force composed of the City’s heavyweight financial staff, consultants and auditors will meet Wednesday morning. The bad news is that the books are in even worse shape that the experts thought and the Year ending 6/30/15 CAFR (Comprehensive Annual Financial Report) will be even later than thought. The current guess is now 3/31/16, at best.

Actually, many errors have already been found and corrected, but others haven’t even been located and fixed yet, so the CAFR isn’t yet ready for prime time.

 

Meeting notice:
OxnardFiscalPolicy1-13-16

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Advertisement- 740 South B Street, Oxnard, (805) 486-6878

 

Report of last meeting:

Good news/bad news at Oxnard Fiscal Policy Task Force meeting- $89 million in discovered liabilities, no bank reconciliation yet and ….

 

By George Miller First the bad news: $89 million dollars in previously undiscovered liabilities; failure to reconcile bank statements for a year; no CAFR until February 2016 (best estimate); $10 million in golf course losses, $40 million in deferred compensation liabilities not shown; weak internal controls; antiquated systems The City Council formed the Fiscal Policy […]

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George Miller is Publisher of CitizensJournal.us and a “retired” operations management consultant residing in Oxnard

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