Oxford Aldermen Approve Annual City Government Audit
In the city of Oxford, ongoing growth is not only seen in its population but also in its government services and facilities. This blossoming community is now valued at a noteworthy sum, as revealed by the city’s recently approved audit, which reflects the total worth of Oxford’s governmental and public assets. As of September 30, 2023, the city’s assets stood at $331 million, an increase from $313 million in the previous year.
Details of the Audit
The audit, conducted by Franks, Franks, Wilemon, Hagood, P.A., has been in practice since 2013. The presentation of these findings was facilitated by accountant Bryon Wilemon during a Board of Aldermen meeting held on Tuesday. During this meeting, Wilemon highlighted that while the city’s total assets have increased, so have its liabilities, which grew from $144 million in 2022 to $163 million in 2023. Ultimately, the net position of the city, which is the total assets minus total liabilities, amounts to a substantial $185 million.
Revenue Sources
In terms of revenue, approximately 36% comes from various taxes. This includes around 13% from property taxes and close to 12% from sales tax. Significant figures indicate the city collected about $15 million in property tax and $14 million in sales tax during this fiscal year. Interestingly, the remaining 46% of revenue is generated from fees charged for services, with other income stemming from operating and capital grants, contributions, intergovernmental revenues, investment earnings, and miscellaneous revenues.
City Expenses
The city also reported its expenses for various departments. A primary expense category is public safety, including both fire and police protection, which totaled around $25 million. General government expenses reached approximately $11 million, while public works incurred about $9.5 million.
Observations and Recommendations
While the audit highlighted many strengths in the city’s financial management, it did note one material weakness. Specifically, the city has not yet fully implemented a robust system of controls for properly tracking fixed assets. However, Wilemon expressed optimism, noting that the city has made substantial improvements in addressing this issue, though it’s not perfect yet.
Additionally, the audit identified a significant deficiency, which indicated that the city had expenditures exceeding budgeted amounts in four expense categories, primarily because of revenue being posted incorrectly as an expenditure. Fortunately, there were no findings that signified any weakness in how the city managed federal awards.
Conclusion
The recent audit serves as a positive and informative assessment of the city of Oxford’s fiscal health. As the city continues to grow, both in population and in infrastructure, these financial reports provide significant insight into its ongoing development and governance. Continuous attention and adaptation in financial management practices will be essential for maintaining the city’s progress and tackling any existing weaknesses identified in the audit.
