Oxford City Government Audit Reveals Asset Worth of $331 Million in 2023

Oxford Aldermen Approve Annual City Government Audit

City’s Assets Worth $331 Million in 2023

Oxford, Mississippi, is experiencing a steady growth in its population, and with that comes an increase in government services and facilities. The recently approved audit of the city government reveals some impressive figures. As of September 30, 2023, Oxford’s governmental and public assets are valued at $331 million, marking an increase from $313 million in 2022. The fiscal year for the city runs from October 1 to September 30.

Details of the Audit

The audit was conducted by the firm Franks, Franks, Wilemon, Hagood, P.A., which has been handling Oxford’s audits since 2013. During the recent Board of Aldermen meeting, accountant Bryon Wilemon presented the findings, which highlighted that the city’s liabilities also grew from $144 million in 2022 to $163 million in 2023. Despite this increase, the city’s assets still exceeded its liabilities by $185 million.

Sources of Revenue

A significant portion of the city’s net position—about 74%—comes from investments in capital assets. These include items like land, buildings, machinery, equipment, and infrastructure, minus any debt related to those assets. The audit also provided insight into how Oxford generates its revenue. Approximately 13% of the city’s income comes from property taxes, while 12% comes from sales tax. Together, these taxes account for 36% of total revenue.

The city collected around $15 million from property taxes and $14 million from sales tax. In contrast, about 46% of the city’s revenue is generated from fees for services, along with other sources such as grants, intergovernmental revenues, investment earnings, and miscellaneous revenues.

Understanding the Expenses

When it comes to expenses, the majority were allocated toward public safety. This area includes fire and police protection, costing about $25 million. Additionally, general government expenses were around $11 million, and public works accounted for approximately $9.5 million.

Areas of Improvement

The audit did highlight one material weakness regarding the city’s ability to track its fixed assets adequately. Despite this, Wilemon acknowledged that the city has made “strides” in addressing the issue, although it is not fully resolved yet. “The city has continued to make improvements here,” he said during the presentation.

Furthermore, the audit noted a significant deficiency where the city had expenditures that exceeded the budgeted amounts across four expense categories. This discrepancy occurred because some revenue was incorrectly recorded as an expenditure. However, it is noteworthy that there were no deficiencies or weaknesses found in the city’s handling of federal awards.

Conclusion

The findings from this audit provide a comprehensive overview of Oxford’s financial health and were positively received during the Board of Aldermen meeting. As the city continues to grow, these reports play a crucial role in ensuring transparency and accountability in its financial operations.