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

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 […]

Financial expert disputes need for Oxnard water rate increase

Financial expert disputes need for Oxnard water rate increase

By Phil Molina Friends, I got the facts that I used for this report directly from the city’s budget page -31, and from the city’s most recent audit page 28. Additional data came from last council meeting agenda on the city’s budget namely, Mr. Lillio’s response to Councilman Perello’s questions: 1. what are the cash reserves […]