OXNARD — City officials on Aug. 10 received a briefed review of Oxnard’s 2025 single audit and the fiscal year 2024-2025 Annual Comprehensive Financial Report (ACFR), with outside auditors reporting an improved net position and flagging new accounting standards the city must implement over the next two fiscal years.
Audit presentation and key people
The presentation was made by Linda Hurley, a partner with the auditing firm Macias Gini & O’Connell LLP. Hurley was introduced by the city’s chief financial officer, Javier Chagoyen-Lázaro, who also noted the participation of David Bullock from MGO to address Council questions. The briefing took place during a special City Council meeting called to review the financial reports.
- What was presented: the Single Audit Report and the Annual Comprehensive Financial Report highlights.
- Audit focus: government-wide, governmental and enterprise fund net positions and fund balances.
- Next steps: consideration of audit results and planning for upcoming GASB standard implementations.
Findings and implications
Hurley summarized audit results and provided required communicator information under audit standards. According to the presentation, the city’s net position showed improvement compared with prior years. City staff emphasized that those results will inform future financial planning while the Council weighs the Single Audit Report.
“We’re going to be covering the ACFR highlights (Annual Comprehensive Financial Report), and we have some financial metrics to share with you,” Hurley told the Council during her presentation.
While the presentation did not provide detailed line-item figures in the meeting summary released publicly, auditors and finance officials underscored that the city must prepare for implementation of new Governmental Accounting Standards Board (GASB) rules scheduled to take effect over the next two fiscal years. These accounting changes could affect how Oxnard reports pension, other post-employment benefits or other long-term obligations — areas commonly impacted by GASB updates.
What residents should watch for
Improved net position is generally a positive sign for a city because it can indicate stronger reserves or reduced liabilities, which in turn can affect the municipality’s ability to fund services, invest in infrastructure or respond to economic stress. Oxnard residents should expect the City Council and finance staff to:
- Review and formally accept the Single Audit Report.
- Incorporate the ACFR findings into budget and capital planning discussions.
- Develop an implementation plan for upcoming GASB standards and disclose estimated impacts.
| Item | Presenter/Representative |
|---|---|
| Single Audit & ACFR highlights | Linda Hurley, Macias Gini & O’Connell LLP |
| City finance leadership | Javier Chagoyen-Lázaro, Chief Financial Officer, City of Oxnard |
| Additional audit support | David Bullock, MGO |
City officials did not at the meeting release detailed projections about how GASB changes will alter Oxnard’s reported liabilities or fund balances. However, auditors signaled the municipal staff will need to consider those standards in financial planning and in preparing the next set of audited statements.
Council oversight and transparency
The special meeting underscores the Council’s role in overseeing financial reporting and audit acceptance. Audits like the Single Audit are an opportunity for elected officials to ask auditors direct questions about compliance, internal controls and the accuracy of financial disclosures. For residents, the process provides transparency into municipal finances and creates a public record that will guide budgetary choices and future policy decisions.
Oxnard officials are expected to continue discussing the audit findings and planned GASB implementations at upcoming finance committee and Council sessions. Residents interested in the detailed ACFR or the Single Audit Report may contact the City’s Finance Department or watch future Council meetings where staff will present follow-up analysis and next steps.
Reporting from Oxnard for WE NEWS.
