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Oxnard finance staff say ERP upgrades, stronger reserves and S&P upgrades signal improving fiscal position
Summary
City finance staff told the council that a new ERP rollout and budget tools have helped the city strengthen reserve balances and prompted credit-rating upgrades from Standard & Poor's; staff also flagged high turnover and outlined upcoming ERP phases for permitting and utility billing.
Oxnard City finance staff told the City Council that recent technology upgrades and tighter controls have improved the city’s fiscal position and prompted credit-rating upgrades from Standard & Poor’s. During a finance presentation, staff also said they reached their general fund reserve target ahead of schedule and outlined next steps to modernize permitting and utility billing systems.
The presentation, given to the mayor, mayor pro tem and council members, described the finance department’s structure and its two main published reports: the annual budget and the annual comprehensive financial report. The presenter said those documents, together with new budget software, are central to the department’s work to display the city’s financial condition.
"The finance department ensures the fiscal responsibility and…
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