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�CITY OF OXFORD,OHIO
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED DECEMBER 31,2022
TABLE OF CONTENTS
Page
INTRODUCTORY SECTION
Transmtttal Letter i
City Officials vii
Organizational Chart viii
GFOA Certificate of Achievement fx
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PROFILE OF THE GOVERNMENT
Oxford is located southwest of Dayton and noRh of Cincinnati in a primanly rural area fn the Mfami Valley
Region of Southwestern Ohio. The Cily lies approximately 6 miles east of the Indiana state line in the
northwest comer of Butler County. The Cfty has a population of approximately 23,035-2020 Census and
covers an area of approximatety 7.50 square miles. Oxford was organized as a municipality in 1830 as a
direct result of the growing prominence of Miami University,whfch was founded in 1809 as a state universiry
and plays a significant role in the community. Oxford possesses a college-town environment in a beautiful
rural settfng. The Unrversily,with a total student population of approximately 19,000,is both a direct and
indirect source of many jobs in the City. The Universiry also contributes substantially to the social and
cultural environment enhancing Oxford's unfque livfng expenence. In 2022,U.S.News and World Report
ranked Miami University in the top 50 National Public University,in the top 5 for Undergraduate Engineering,
in the top 50 Undergraduate Busfness Program Natfonal Public Universftfes,and in the top 5 Commitment
to Undergraduate Teaching National Public Universities.l
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page.
THE CITY OF OXFORD, OHIO
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City of
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ANNUAL COMPREHENSIVE
FINANCIAL REPORT
For the Year Ended December 31, 2022
CITY OF OXFORD
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CITY OF OXFORD, OHIO
ANNUAL COMPREHENSIVE FINANCIAL REPORT
FOR THE YEAR ENDED DECEMBER 31, 2022
ISSUED BY:
DEPARTMENT OF FINANCE
Heidi Hill, Acting Finance Director
Stephanie Gray, Acting Assistant Finance Director
CITY OF OXFORD
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CITY OF OXFORD, OHIO
ANNUAL COMPREHENSIVE FINANCIAL REPORT
YEAR ENDED DECEMBER 31, 2022
TABLE OF CONTENTS
Page
INTRODUCTORY SECTION
Transmittal Letter i
City Officials vii
Organizational Chart viii
GFOA Certificate of Achievement ix
FINANCIAL SECTION
Independent Auditor's Report 1
ManagemenYs Discussion and Analysis 5
Basic Financial Statements
Government-wide Financial Statements:
Statement of Net Position 18
Statement of Activities 19
Fund Financial Statements:
Balance Sheet-Governmental Funds 20
Reconciliation of Total Governmental Fund Balances to Net Position of Governmental Activities 21
Statement of Revenues, Expenditures, and Changes in Fund Balances-Governmental Funds 22
Reconciliation of the Statement of Revenues, Expenditures and Changes in Fund Balances of
Governmental Funds to the Statement of Activities 23
Statement of Revenues, Expenditures and Changes in Fund Balances- Budget
and Actual-Budget(Non-GAAP) Basis-General Fund 24
Statement of Revenues, Expenditures and Changes in Fund Balances- Budget
and Actual-Budget(Non-GAAP) Basis- Fire and EMS Fund 25
Statement of Revenues, Expenditures and Changes in Fund Balances- Budget
and Actual-Budget(Non-GAAP) Basis-Parking Fund 26
Statement of Revenues, Expenditures and Changes in Fund Balances- Budget
and Actual-Budget(Non-GAAP) Basis-OAT Property Tax Fund 27
Statement of Revenues, Expenditures and Changes in Fund Balances- Budget
and Actual- Budget(Non-GAAP) Basis-Coronavirus Local Fiscal Recovery Fund 28
Statement of Net Position-Proprietary Funds 29
Statement of Revenues, Expenses, and Changes in Net Position- Proprietary Funds 30
Statement of Cash Flows- Proprietary Funds 31
Statement of Fiduciary Net Position Custodial Funds 32
Statement of Changes in Fiduciary Net Position Custodial Funds 33
Notes to the Basic Financial Statements 35
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2022
Page
REQUIRED SUPPLEMENTARY INFORMATION SECTION: 75
Schedule of City's Proportionate Share of the Net Pension Liability
and City Pension Contributions-Ohio Public Employees Retirement
System -Traditional Pension Plan 77
Schedule of City's Proportionate Share of the Net Pension Liability
and City Pension Contributions-Ohio Police and Fire Pension Fund 78
Schedule of City's Proportionate Share of the Net OPEB Liability(Asset)
and City OPEB Contributions-Ohio Public Employees Retirement System 79
Schedule of City's Proportionate Share of the Net OPEB Liability
and City OPEB Contributions-Ohio Police and Fire Pension Fund 80
SUPPLEMENTAL SECTION: 81
Fund Descriptions 83
Combining Balance Sheet- Nonmajor Governmental Funds 87
Combining Balance Sheet- Nonmajor Special Revenue Funds 88
Combining Balance Sheet Nonmajor Debt Service Funds 90
Combining Balance Sheet- Nonmajor Capital Projects Funds 91
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances- Nonmajor Governmental Funds 93
Combining Statement of Revenues, Expenditures and Changes in Fund
Balances- Nonmajor Special Revenue Funds 94
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Nonmajor Debt Service Funds 96
Combining Statement of Revenues, Expenditures and Changes in Fund Balance
Nonmajor Capital Projects Funds 97
Schedule of Revenues, Expenditures, and Changes in
Fund Balance- Budget and Actual (Non-GAAP Budget Basis)
for the following funds:
General Fund 98
Fire and EMS Fund 103
Parking Fund 104
OAT Property Tax Fund 105
Coronavirus Local Fiscal Recovery Fund 106
Street Fund 107
State Highway Fund 108
Community Development Block Grant Fund 109
Community Development Block Grant Loan Fund 110
Law Enforcement Fund 111
Enforcement and Education Fund 112
Life Squad Fund 113
Housing Trust Fund 114
Special Assessment Fund 115
OVI Task Force 116
Southpointe TIF District Fund 117
Local Coronavirus Relief Fund 118
TABLE OF CONTENTS
YEAR ENDED DECEMBER 31, 2022
Page
SUPPLEMENTAL SECTION: (continued)
OneOhio Opioid Settlement Fund 119
Aquatic Center Debt Service Fund 120
Southpointe TIF Debt Service Fund 121
Capital Improvement Fund 122
Capital Equipment Fund 123
Parking Improvement Fund 124
Municipal Facilities Capital Improvement Fund 125
Oxford Area Trails Capital Improvement Fund 126
Aquatic Center Capital Improvement Fund 127
High St. Pedestrian Safety Capital Improvement Fund 128
Combining Statement of Net Position - Internal Service Funds 129
Combining Statement of Revenues, Expenses and Changes in Net
Position- Internal Service Funds 130
Combining Statement of Cash Flows- Internal Service Funds 131
Combining Statement of Fiduciary Net Position Custodial Funds 132
Combining Statement of Changes in Fiduciary Net Position Custodial Funds 133
STATISTICAL SECTION: 135
Net Position by Component 136
Changes in Net Position and Program Revenues by Function/Program 140
Fund Balances Governmental Funds 144
Changes in Fund Balances Governmental Funds 146
Assessed and Estimated Actual Value of Taxable Property 148
Property Tax Rates 150
Property Tax Levies and Collections 152
Principal Taxpayers Real Estate Tax 153
Income Tax Revenue Base and Collections 154
Ratio of Outstanding Debt by Type 156
Ratios of General Bonded Debt Outstanding 158
Computation of Direct and Overlapping Debt Attributable to Governmental Activities 159
Ratio of Debt to Actual Value and Debt per Capita 160
Computation of Legal Debt Margin 162
Pledged Revenue Coverage 164
Demographic and Economic Statistics 166
Principal Employers 167
City Government Employees by Function/Activity 168
Operating Indicators by Function/Activity 170
Capital Asset Statistics by Function/Activity 172
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INTRODUCTORY
SECTION
CITY OF OXFORD
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Clty Of
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The Citizens of Oxford
Honorable Mayor and Members of City Council, June 9, 2023
THE ANNUAL COMPREHENSIVE FINANCIAL REPORT
This report consists of management's representations concerning the finances of the City of Oxford.
Consequently, management assumes full responsibility for the completeness and reliability of all of the
information presented in this report. To provide a basis for making these representations, management
has established a comprehensive internal control framework that is designed both to protect the
governmenYs assets from loss, theft, or misuse and to compile reliable information for the preparation of
the City's financial statements in conformity with GAAP (accounting principles generally accepted in the
US). Because the cost of internal controls should not outweigh their benefits, the City's comprehensive
framework of internal controls is designed to provide reasonable rather than absolute assurance that the
financial statements will be free from material misstatement. As management, we assert that, to the best
of our knowledge and belief, this financial report is complete and reliable in all material respects.
The City's financial statements have been audited by Clark Schaefer Hackett. The goal of the independent
audit was to provide reasonable assurance that the financial statements of the City for the fiscal year ended
December 31, 2022 are free of material misstatement. The independent audit involved examining, on a
test basis, evidence supporting the amounts and disclosures in the financial statements; assessing the
accounting principles used and significant estimates made by management; and evaluating the overall
financial statement presentation. Clark Schaefer Hackett concluded based upon the audit, that there was
a reasonable basis for rendering an unmodified opinion that the City's financial statements for the fiscal
year ended December 31, 2022 were fairly present in conformity with GAAP. The independent auditors'
opinion is presented as the first component of the financial section of this report.
GAAP require management provide a narrative introduction,overview,and analysis to accompany the basic
financial statements in the form of Management's Discussion and Analysis (MD&A). This letter of
transmittal is designed to complement MD&A and should be read in conjunction with it. The City's MD&A
can be found immediately following the report of the independent auditors.
PROFILE OF THE GOVERNMENT
Oxford is located southwest of Dayton and north of Cincinnati in a primarily rural area in the Miami Valley
Region of Southwestern Ohio. The City lies approximately 6 miles east of the Indiana state line in the
northwest corner of Butler County. The City has a population of approximately 23,035-2020 Census and
covers an area of approximately 7.50 square miles. Oxford was organized as a municipality in 1830 as a
direct result of the growing prominence of Miami University,which was founded in 1809 as a state university
and plays a significant role in the community. Oxford possesses a college-town environment in a beautiful
rural setting. The University, with a total student population of approximately 19,000, is both a direct and
indirect source of many jobs in the City. The University also contributes substantially to the social and
cultural environment enhancing Oxford's unique living experience. In 2022, U.S. News and World Report
ranked Miami University in the top 50 National Public University, in the top 5 for Undergraduate Engineering,
in the top 50 Undergraduate Business Program National Public Universities, and in the top 5 Commitment
to Undergraduate Teaching National Public Universities.
i
The City of Oxford is a home-rule municipal corporation created under the laws of the State of Ohio. The
City operates under its own Charter. The Charter, which provides for a Council-Manager form of
government, was adopted in 1960. The governing Council is responsible for the enactment of ordinances
and resolutions to establish policies and to conduct City business, including the annual budget ordinances,
and resolutions approving the expenditure of money. The seven-member Council is elected by its citizens
as follows: Four members are elected in an odd-numbered year with the remaining three elected in the
following odd-numbered year. Council members serve four-year terms and are limited to two consecutive
terms. The Mayor and Vice Mayor are chosen by Council from among its members to serve a two-year
term. The City Council appoints a City Manager, a Law Director/City Solicitor, and Finance Director. The
City Manager is responsible for appointing the Department Heads and City staff. The City Manager is also
responsible for the implementation of the Council's policies and other day-to-day administration and service
delivery to its constituents. The City provides numerous services, including, among others, police,fire, and
emergency services protection; the construction and maintenance of highways and streets; parks and
recreational program services; and water, sewer, storm water management, and refuse services.
The annual budget is the foundation for the City's financial planning and control. The budget process
begins in the summer with the preparation of the 5-year Capital Improvement Plan (CIP). The City Manager
typically presents their proposed CIP to the Council the fourth Tuesday in August. The approved capital
projects for the forthcoming year are then incorporated into next year's annual operating budget. The
operational budget preparation for the coming year begins in August. Department heads submit their
budget requests in September, and meetings are held with the City Manager to discuss their requests. The
City Manager's proposed budget is published in early October, and budget hearings with Council are held
in mid-to-late October. The budget is then approved by ordinance in November.
The legal level of budgetary control, that is, the level at which transfers cannot be made without legislative
approval, is established at the division level. The City Manager with the approval of the Finance Director
can make transfers of appropriations for an unlimited amount within a division. Transfers may also be made
for up to $20,000 between divisions within a department or a `function' by the City Manager with the
concurrence of the Finance Director.
FACTORS AFFECTING FINANCIAL CONDITION
Local economy — The City of Oxford has seen a slow but steady increase of income tax and hotel and
convention receipts, parking meter revenue, EMS billings, water, sewer and refuse charges since the
decreasing effects of the COVID-19 pandemic in 2020 and first half of 2021. The 2022 income levels are
back to where they were at the end of 2019.
At December 31, 2022, the General Fund had an unassigned fund balance of$8,458,258, or 79.0% of the
total general fund annual operating and non-operating expenditures of$10,579,948. For the utility funds,
the Water and Sewer Funds have unrestricted net position of$6,827,681 and$3,568,053 each representing
244.1% and 155.2%, respectively, of annual operating and non-operating expenses. While the fund
balances as a percentage of operating costs appear significant, fund reserves have been accumulated to
fund both working capital and to fund a portion of the total future capital improvements. Refer to the
discussion of future proposed capital project costs in the City's 5-year capital plan found later in this report.
Future Long-term financial factors - Management is confident it will continue to financially manage the
government in order to continue the strong financial condition of the City, by planning for capital outlays,
and rising healthcare costs. The 2023 General Fund operating budget has increased from the 2022 original
operating budget by 2.5%. This minimal increase is due to budgeted full-time employees received a 3%
cost-of-living adjustment (COLA) increase. In 2010, the City was successful in its efforts to get a .25%
increase on Income Tax, for the purpose of funding our Fire/EMS services, passed by a margin of 64% for
and 36%against. These revenues are placed in a special revenue fund along with other revenues attributed
to Fire/EMS activities along with their related expenditures and are reported as a separate Governmental
Fund in this year's Annual Comprehensive Financial Report.
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Over the long-term, the next ten years, management is positive regarding the economic outlook of the City
as a whole, but is aware of greater financial challenges. The State continues to reduce and eliminate taxes
in an effort to attract corporate residents to the State of Ohio. The uncertainty in funding exists with every
new biennial budget year for the State of Ohio. The focus may change from one revenue stream to another,
but the State legislators are clear that local governments should monitor and be mindful to reduce or
eliminate reliance upon taxes, other than real property taxes, to support local services. Anticipating a
continual reduction in shared taxes from the State, the City has continued to eliminate its reliance upon
local government revenue sharing, and personal property tax to support City services.
Additionally, State budget funding to Miami University could also be reduced. Because the University is
the City's largest employer and is reliant upon the State for funding assistance, any reduction of funding by
the State to the University could have an impact on its employment growth, and hence City income tax
revenues.
In 2022, the City earned $(706,233) of investment earnings compared to $(118,632), $642,472, and
$918,312 in 2021, 2020, and 2019, respectively on an accrual basis. Due to the current economic
environment, for the near term, the City expects its investment revenue to stabilize in 2023 then increase
slowly as market conditions continue to improve. The City will have to plan for future capital expenditures
in the near-term,two to five years,to control spending and to minimize the use of cash reserves as a source
of funding.
The City has been experiencing a significant increase in its employee health care costs in the last several
years. In 2002, the City completed a study of its employee health care program and implemented changes
effective January 1, 2003 to manage the cost of benefits provided, and to provide adequate funding of the
costs. Primary changes include raising deductible and co-pay levels and initiating monthly employee
contributions, where formerly the plan was non-contributory. The City also raised the amount by which it
funds the benefit plan from $600 per month in 2003 to $850 for 2008 and a mid-year increase to $950 in
2009. Beginning in 2012, the City began funding $1,011 per month and approximately doubled the
employees' monthly contribution. Beginning in 2013, the City began implementing the policy that if an
employee's spouse is eligible through their employer to participate in a group insurance program and the
spouse would pay 55% or less of the premium for the insurance, then the spouse will be required to enroll
in that program as a single. This plan insures that the spouse is insured as well as any of the employee's
children would remain under the City's insurance program. In 2016, the City began funding $1,189 per
month as well increasing the employees' monthly contribution. In the fall of 2016 and continuing into 2019,
the City began funding $1,275 per month as well increasing the employees' monthly contribution by 46.9%.
In 2017 the City did a one-time contribution of $320,000 based on the monthly contribution for each
department across all funds. This was done to solidify the fund for future medical expenses. The City
continues to be vigilant in monitoring and controlling health care costs for the future. Including implementing
new prescription programs and exploring other cost saving measures.
The potential future economic factors above are presented to enable the reader to understand factors which
may have an influence on the City's long-term finances. To summarize, the City expects to experience
slow increases to most revenue streams in its General Fund as the COVID-19 pandemic recovers. To
accommodate this, the City has established a controlled spending approach, whereby all expenditures are
evaluated as to its appropriateness and necessity to be performed this fiscal year. The delicate balance of
revenue to expenditures are monitored and managed at all levels to avoid extreme fluctuations where costs
can be controlled. As a result of conservative financial management, the City has successfully minimized
the impact of the tightening of the past couple of years and looks forward to continual progress to improve
its financial condition while maintaining both its existing services and its strong financial position.
Management is confident from past performance that it will be able to recognize and respond effectively to
future changes in economic conditions. The City will continue to carefully monitor these conditions and
continue to be conservative in its management philosophy.
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CITY-WIDE INITIATIVES
Economic Development— In the fall of 2006, the City's Charter review committee was formed and one of
its suggestions for the City Of Oxford city council to consider was removing the three dwelling unit restriction
in the Uptown Business District. This proposal was to encourage redevelopment in the Uptown Business
District. A subcommittee was formed and brought back ballot language to council. In November of 2008,
Issue 20 passed by a vote of 59% in favor of the development plan. In 2021, additional redevelopment
projects continue to take place in this district because of this change in legislation. In 2023,the construction
of the new Caroline Scott Harrison building was completed and has 11 apartments on the 2nd and 3rd floors.
It also has 2 commercial space areas on the first floor, one that is already rented by local law firm. We
expect that the 2nd space will be built out as a restaurant in 2024.
In July 2022, the Kettering Health Network completed their new 15,000 square-foot facility on University
Blvd., and houses a full staff of family practice medical staff.
Across the street on Southpointe Parkway, construction recently completed on gas station convenience
store complex consisting of five fuel dispensers/islands(1 pump on each side of dispenser; 10 total pumps);
a western 5,524 sq. ft. gas station/convenience store building and an eastern 4,450 sq. ft. retail space
building. In 2023,this retail space leases a Penn Station sandwich shop and medical marijuana dispensary.
In January of 2017, both the City of Oxford and Miami University pledged$350,000 toward the construction
of a 300-foot train platform for an Amtrak stop in the City. The Cardinal Line currently passes through
Oxford Mondays, Thursdays, and Saturdays bound for Chicago, and on Tuesdays, Fridays and Sundays
bound for New York. In April of 2021, the City entered into a contract for the architectural and engineering
of the platform and shelter. The City recently received the Term Sheet from Amtrak concerning this project
that is currently under review by the City's Administration. In 2022, the City of Oxford was awarded $2
million in grant funding to construct the Amtrak platform and has begun the final engineering and design
phase. The engineering and design phase will continue in 2024 with construction of the platform to begin
in 2025.
In January of 2020, Oxford's City Council passed a resolution allowing the City Manager to submit a joint
proposal with Miami University to the State Capital Budget and Jobs Ohio for a "Technology,
Entrepreneurship, and Creativity Hub (TECH)". This project will repurpose Miami's Elm Street building,
possibly expanding service of Oxford Community Arts Center and neighborhood re-development of the Elm
Street corridor. There has been a lot of progress on the proposed "Technology, Entrepreneurship, and
Creativity Hub (TECH)" Hub. First is a new name. The project has grown and is now operating under the
name College@Elm a Workforce Development& Innovation Center.
Since early 2020, the College@Elm has been able to secure an anchor tenant promising to bring 50 high
quality jobs. The University and City have also been able to raise $2.5 million in funding for renovations:
$1 million from the State Capital Community Projects Grant and $1.5 million from JobsOhio Vibrant
Communities Grant. Together, Miami University and the City of Oxford continue to seek funding for the
estimated $10.7 million project and renovations began in early 2022. In 2023, the renovation of the
College@Elm was completed and the City and Miami University are now working to move tenants into their
space. It is expected that at least 2 tenants will move in by the end of 2023 and that the facility will be at full
capacity by the end of 2024.
Residential Development-The City Housing Needs Assessment conducted in 2019 indicated a high need
for more available housing.
A new residential development Heritage Vineyard on the City's northwest side of town began construction
in 2019. This development will occur in two phases. The first phase consisted of 27 units out of a total 50
once complete. All the necessary infrastructure improvements were completed in 2019 and eleven permits
have been pulled to date. This project will fill a niche in the Oxford's housing stock of homes with smaller
lot size for people looking to down size.
iv
Other new residential projects include Lake Forest Phase 1, with 36 single-family condominium units on a
roughly 12-acre site off US 27 and Lake Forest Drive. The City assisted with the development of this project
with the City issuance of $2.6 million in bonds for the construction of a secondary access road for the
Southpointe development. This projected was completed in the summer of 2020 and dedicated to the City
as Lake Forest Drive. Two housing projects have been proposed on this new street. These bonds will be
paid off with TIF revenues on the Annex project completed in 2018. These bonds will be paid off in full in
2028. These combined GO bonds all-in interest cost came in at 3.13%.
South Farm development project, the developer proposes to subdivide this roughly 7-acre site into 25
single-family residential lots. The lots will be situated on a new public street (Hoover Drive), connected to
an extended segment of Roberts Drive. Another residential development in the same area is the Heron
Pond project. In this location the developer proposes to construct 15 detached single-family condominium
units along a new private street connecting the existing private Cobblestone driveway to the intersection of
Roberts Drive and Morgan Circle, which are public streets. City Council approved Final Planned
Development.
In 2021 the work on a new planned development began as well. Owls Landing, a 22-acre development
with 86 single-family lots off Brookville Rd, was approved by the Planning Commission. January of 2022,
City Council approved the Preliminary Subdivision and Preliminary Planned Development Applications for
Owls Landing. In 2023, Owls Landing has begun site preparation and hopes to move into the construction
phase by 2024.
Using American Rescue Plan Funds, the City has invested in acquiring property for the future build out of
affordable housing for members in our community.The City is now in discussions with developers to attempt
to increase the housing stock in our community.
Five-Year Capital Improvement Plan (CIP) — The City's capital plan includes an infrastructure
replacement component based on a continuous improvement philosophy. Every year the City invests in
improvements and in equipment, utility replacement and infrastructure improvements.
The City completed its new Aquatic Center at the Oxford Community Park in the time for the summer of
2019 season. This project was paid for by the issuing of debt. The City issued $4.615 million in bonds in
2019 to repay the Aquatic Center note and interest and will be paid off in full in 2042.
The City finished the first phase of the Oxford Area Trail in 2017. This project has been talked about for
more than fifteen years. It was accomplished by grant funding and donations for the match associated with
the grant. In the spring of 2018, a ballot issue was passed by voters for a 3.25 mill property tax, sun setting
in ten years, to provide matching funds for future grants and trail construction. This is a long term project
with the hopes to have the trail circle the City as well as have connections to neighborhoods throughout the
City. Phase 2 of the project, a new segment of OATS trail from SR73 to US27, began in 2019 with work
being completed in the summer of 2020.
In 2021, the engineering and design planning for Phases 3 & 4 of the Oxford Area Trail began. Phase 3
has two segments, Bonham Rd. to SR73 and Peffer Park to Talawanda High School and Phase 4
Talawanda Middle School to Oxford Community Park. Both phases are tentatively scheduled to be bid out
in the winter of 2022. Also in 2021, the City applied for grant funding for phases 5 which will connect the
Talawanda High School to the Talawanda Middle School and provide a connection up to Chestnut Street.
The City was notified in the fall of 2021 that they were awarded $2.7 million toward the construction of
phase 5. The construction funding will be released in 2025, but the engineering and design planning has
already begun and must be completed by mid-2024 to begin construction in 2025.
The other major capital improvement in the five-year capital plan is the Water Softening Project. In 2021 a
feasibility study was conducted to review water softening options. In 2022, an RFQ was sought out for
design and engineering. The contract for design and engineering began in 2023. The City commissioned a
study with Strand Associates, Inc. (Strand)to evaluate alternatives to provide softening at the sole treatment
plant in Oxford. Alternatives included lime softening, fluidized bed reactor, ion exchange, and membrane
softening.
v
The City also studied purchasing wholesale water from a neighboring utility and transporting it to
Oxford. Ultimately, the City chose membrane softening for our treatment plant. This alternative not only
provides the desired softening for utility customers, but also adds another layer of protection from emerging
contaminants such as polyfluoroalkyl (PFAS) compounds. The City has chosen to continue with Strand
for the full design and engineering of the softening plant; the plans are expected to be complete in early
2024. The construction of the softening plant is expected to cost approximately$17 million.
AWARDS AND ACKNOWLEDGEMENTS
GFOA Certificate of Achievement Award
The Government Finance Officers Association of the United States and Canada (GFOA) awarded a
Certificate of Achievement for Excellence in Financial Reporting to the City of Oxford, Ohio for its Annual
Comprehensive Financial Report for the fiscal year ended December 31, 2021. The City of Oxford has
received a Certificate of Achievement for the last thirty-eight consecutive years (years ended 1984-2021).
In order to be awarded a Certificate of Achievement, a government must publish an easily readable and
efficiently organized Annual Comprehensive Financial Report. This report must satisfy both GAAP and
applicable legal standards.
A Certificate of Achievement is valid for a period of one year only. We believe this report conforms to the
reporting standards set forth by the GFOA, and we are submitting it to the GFOA to determine its eligibility
for another certificate.
The Certificate of Achievement is the highest form of recognition in the area of governmental financial
reporting, and its attainment is a significant accomplishment by a governmental unit. The publication of this
Annual Comprehensive Financial Report is indicative of the City's commitment to provide significantly
enhanced financial information and accountability to the citizens, its elected officials, City management,
and investors.
Acknowledgments
This report is the culmination of months of hard work by many individuals. I want to thank our late Finance
Director Joseph Newlin, Acting Assistant Finance Director Stephanie Gray, Accounting Specialist LeAnn
Isenhart, Payroll Specialist Katrina Bockover. I also wish to thank Carole Reimer and Jenny Marcum Utility
Collections Specialists for their assistance with this Annual Comprehensive Financial Report and their
continued high-quality work in diligently carrying out their responsibilities within the finance department.
Additional thanks are also due to the staff of Clark, Schaefer, Hackett, and Co., Certified Public
Accountants. Members of the staff contributed greatly, working with City finance department staff toward
the preparation and audit of these financial statements.
Finally, a special word of thanks is necessary to recognize the efforts of inembers of City Council and the
City Administration past and present whose conservative fiscal management and solid decision-making are
reflected in the sound financial position of the City of Oxford. As a result of their hard work, under the GASB
34 reporting model format, this report presents information in an organized manner to provide greater
insight regarding the City's finances. We hope readers of this financial report will find the report beneficial
in understanding the City's financial organization, financial position and condition, net assets and results of
operations.
Respectfully,
� � ' ',,( � II'� Q � ��
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Douglas R. Elliott J Heidi Hill Stephanie Gray
City Manager Acting Finance Director Acting Assistant Finance Director
vi
CITY OF OXFORD, OHIO
CITY OFFICIALS AS OF DECEMBER 31, 2022
City Council (Elected Officials)
William Snavely Mayor
Chantel Raghu Vice-Mayor
Jason Bracken Council Member
Glenn Ellerbe Council Member
Amber Franklin Council Member
Alexandria French Council Member
David Prytherch Council Member
Administration
Doulas R. Elliott, Jr. City Manager
Jessica Greene Assistant City Manager/HR Director
Casey Wooddell Parks & Recreation Director
Mike Dreisbach Service Director
Sam Perry Community Development Director
John Detherage Fire Chief
Heather Barbour Clerk of Council
Chris Conard Law Director
Heidi Hill Acting Finance Director
John Jones Police Chief
Department of Finance
Heidi Hill Acting Finance Director
Stephanie Gray Acting Assistant Finance Director
Katrina Bockover Payroll Specialist
Vacant Finance Specialist
LeAnn Isenhart Accounting Specialist
Carole Reimer Utility Collections Specialist
Jenny Marcum Utility Collections Specialist
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Government Finance Officers Association
Certificate o f
Achievement
for Excellence
in Financial
Reporting
Presented to
City o f O�ord
Ohio
For its Annual Comprehensive
Financial Report
For the Fiscal Year Ended
December 31, 2021
� ��.. P- 7�.�n�
Executive Director/CEO
ix
CITY OF OXFORD
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• •► .; i�1 l.�' V 1
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� : . . . �
F I NAN C IAL S ECTI O N
CITY OF OXFORD
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� One East Fourth Street,Suite 1200,Cincinnati,Ohio 45202
BUSINESS ADVISORS P. 513.241.3111 � F.513.241.1212
INDEPENDENT AUDITORS' REPORT
To the City Council
City of Oxford, Ohio:
Report on the Financial Statements
Opinions
We have audited the financial statements of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of the City of Oxford, Ohio (the "City") as of and for
the year ended December 31, 2022, and the related notes to the financial statements, which collectively
comprise the City's basic financial statements as listed in the table of contents.
In our opinion, the accompanying financial statements referred to above present fairly, in all material
respects, the respective financial position of the governmental activities, the business-type activities, each
major fund, and the aggregate remaining fund information of the City of Oxford, Ohio, as of December 31,
2022, and the respective changes in financial position and, where applicable, cash flows, and the respective
budgetary comparisons for the General Fund, Fire and EMS Fund, Parking Fund, Oxford Area Trails
Property Tax Fund, and Coronavirus Local Fiscal Recovery Fund thereof for the year then ended in
accordance with accounting principles generally accepted in the United States of America.
Basis for Opinions
We conducted our audit in accordance with auditing standards generally accepted in the United States of
America and the standards applicable to financial audits contained in Government Auditing Standards,
issued by the Comptroller General of the United States (GovernmentAuditing Standards.) Our
responsibilities under those standards are further described in the Auditors' Responsibilities for the Audit of
the Financial Statements section of our report. We are required to be independent of the City of Oxford,
Ohio and to meet our other ethical responsibilities, in accordance with the relevant ethical requirements
relating to our audit. We believe that the audit evidence we have obtained is sufficient and appropriate to
provide a basis for our audit opinions.
Responsibilities of Management for the Financial Statements
Management is responsible for the preparation and fair presentation of the financial statements in
accordance with accounting principles generally accepted in the United States of America, and for the
design, implementation, and maintenance of internal control relevant to the preparation and fair presentation
of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, management is required to evaluate whether there are conditions or
events, considered in the aggregate, that raise substantial doubt about the City of Oxford, Ohio's ability to
continue as a going concern for twelve months beyond the financial statement date, including any currently
known information that may raise substantial doubt shortly thereafter.
Auditors'Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are
free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes
our opinions. Reasonable assurance is a high level of assurance but is not absolute assurance and therefore
is not a guarantee that an audit conducted in accordance with generally accepted auditing standards and
Government Auditing Standards will always detect a material misstatement when it exists. The risk of not
detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud
may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Misstatements are considered material if there is a substantial likelihood that, individually or in the aggregate,
they would influence the judgment made by a reasonable user based on the financial statements.
In performing an audit in accordance with generally accepted auditing standards and Government Auditing
Standards, we:
• exercise professional judgment and maintain professional skepticism throughout the audit.
• identify and assess the risks of material misstatement of the financial statements, whether due to
fraud or error, and design and perform audit procedures responsive to those risks. Such procedures
include examining, on a test basis, evidence regarding the amounts and disclosures in the financial
statements.
• obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of City of Oxford, Ohio's internal control. Accordingly, no such opinion is expressed.
• evaluate the appropriateness of accounting policies used and the reasonableness of significant
accounting estimates made by management, as well as evaluate the overall presentation of the
financial statements.
• conclude whether, in ourjudgment, there are conditions or events, considered in the aggregate, that
raise substantial doubt about City of Oxford, Ohio's ability to continue as a going concern for a
reasonable period of time.
We are required to communicate with those charged with governance regarding, among other matters, the
planned scope and timing of the audit, significant audit findings, and certain internal control-related matters
that we identified during the audit.
Required Supplementary Information
Accounting principles generally accepted in the United States of America require that the management's
discussion and analysis and other required supplementary information, as identified in the table of contents,
be presented to supplement the basic financial statements. Such information, although not a part of the
basic financial statements, is required by the Governmental Accounting Standards Board, who considers it to
be an essential part of financial reporting for placing the basic financial statements in an appropriate
operational, economic, or historical context. We have applied certain limited procedures to the required
supplementary information in accordance with auditing standards generally accepted in the United States of
America, which consisted of inquiries of management about the methods of preparing the information and
comparing the information for consistency with managemenYs responses to our inquiries, the basic financial
statements, and other knowledge we obtained during our audit of the basic financial statements. We do not
express an opinion or provide any assurance on the information because the limited procedures do not
provide us with sufficient evidence to express an opinion or provide any assurance.
2
Supplementary Information
Our audit was conducted for the purpose of forming opinions on the financial statements that collectively comprise
the City's basic financial statements. The combining and individual nonmajor fund financial statements and
schedules are presented for purposes of additional analysis and are not a required part of the basic financial
statements. Such information is the responsibility of management and was derived from and relates directly to the
underlying accounting and other records used to prepare the financial statements. The information has been
subjected to the auditing procedures applied in the audit of the basic financial statements and certain additional
procedures, including comparing and reconciling such information directly to the underlying accounting and other
records used to prepare the basic financial statements or to the basic financial statements themselves, and other
additional procedures in accordance with auditing standards generally accepted in the United States of America.
In our opinion, the combining and individual nonmajor fund financial statements and schedules are fairly stated, in
all material respects, in relation to the basic financial statements as a whole.
Other Information
Management is responsible for the other information included in the annual report. The other information
comprises the introductory and statistical sections but does not include the basic financial statements and our
auditors' report thereon. Our opinions on the basic financial statements do not cover the other information, and we
do not express an opinion or any form of assurance on them.
In connection with our audit of the basic financial statements, our responsibility is to read the other
information and consider whether a material inconsistency exists between the other information and the
basic financial statements, or the other information otherwise appears to be materially misstated. If, based on
the work performed, we conclude that an uncorrected material misstatement of the other information exists,
we are required to describe it in our report.
Other Reporting Required by GovernmentAuditing Standards
In accordance with Government Auditing Standards, we have also issued our report dated June 9, 2023 on our
consideration of the City of Oxford, Ohio's internal control over financial reporting and on our tests of its
compliance with certain provisions of laws, regulations, contracts, and grant agreements and other matters. The
purpose of that report is solely to describe the scope of our testing of internal control over financial reporting and
compliance and the results of that testing, and not to provide an opinion on the effectiveness of the City of Oxford,
Ohio's internal control over financial reporting or on compliance. That report is an integral part of an audit
performed in accordance with Government Auditing Standards in considering the City of Oxford, Ohio's internal
control over financial reporting and compliance.
(��Rf`K.� JGf�Re��f`� T/QG�tt (X. (�4,
Cincinnati, Ohio
June 9, 2023
3
CITY OF OXFORD
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4
City of
� �xford OHIO
MANAGEMENT'S DISCUSSION AND ANALYSIS
(Unaudited)
This discussion and analysis provides key information from management highlighting the overall financial
performance of the City of Oxford for the year ended December 31, 2022. This is meant to be an easily readable
summary of the most important financial information regarding the accompanying financial statements.
I. FINANCIAL HIGHLIGHTS
Key financial highlights for 2022 are as follows:
➢ In total, net position increased by $2,523,397. Net position of governmental activities increased by
$2,879,888, which represents a 4.42% increase from 2021. Governmental activities assets increased
$3,038,807 or 3.35%, while governmental activities total liabilities decreased $617,580 or 2.73%. The net
position of business-type activities decreased by $356,491, or 0.87% from 2021. Business-type assets
decreased by$1,120,939 or 2.45%,while liabilities decreased$890,645 or 24.43%.
➢ Total general revenues account for $15,148,736 in revenue, or 52.60% of all revenues. Program specific
revenues in the form of charges for services and grants and contributions accounted for $13,652,401, or
47.40%of total revenues of$28,801,137.
➢ The City had $18,734,665 in expenses related to governmental activities; only $6,191,274 of these
expenses were offset by program specific charges for services, grants, or contributions. General Revenues
(primarily taxes) of$15,423,279 and Program Revenues of$6,191,274 were able to fully provide for these
programs.
➢ Among major funds, the general fund had $13,478,943 in revenues and $10,726,627 in expenditures. The
general fund's fund balance decreased by$241,161.
II. OVERVIEW OF THE FINANCIAL STATEMENTS
This annual report consists of four parts — managemenYs discussion and analysis, the basic financial statements,
required supplementary information, and supplementary information, which includes the presentation of combining
statements for non-major governmental funds, internal service funds and custodial funds. This annual report consists
of a series of financial statements that are as follows:
The Basic Financial Statements
• Financial Statements for the City as Whole. The Statement of Net Position and the Statement of Activities
(on pages 18 and 19) provide information about the activities of the City as a whole and present a longer-
term view of the City's finances.
• Individual Fund Financial Statements. Fund financial statements also reflect the City's operations in more
detail than the government-wide financial statements by providing information about the City's major funds.
For governmental activities, these statements tell how these services were financed in the short-term as well
as what remains for future spending.These statements begin on page 20.
• Fiduciary Financial Statement. The fiduciary financial statements (page 32) provides financial information
about activities for which the City acts as the fiscal agent for the benefit of those outside the City.
• Notes to the Basic Financial Statements. The Notes (beginning on page 35) provide helpful information
explaining the City's significant accounting procedures and provide greater detail regarding financial
statement components.
ManagemenYs Discussion and Analysis
5
• Statement of Revenues, Expenditures and Chanqes in Fund Balances - Budqet and Actual - Budqet (Non-
GAAP) Basis. Statements (pages 24 to 28) are presented for the General Fund and major special revenue
funds that compare actual results to the original and final budgets for those funds.
Required Supplementary Information
• Schedules of Citv's Proportionate Share of the Net Pension Liabilitv and Citv Pension Contribution. Required
supplementary schedules (pages 77 to 78) that provide information on the City's proportion and its
proportionate share of the net pension liabilities and City pension contributions with its participation in two of
the State-wide retirement systems: the Ohio Public Employees Retirement System (OPERS) and the Ohio
Police and Fire Pension Fund (OP&F).
• Schedules of Citv's Proportionate Share of the Net OPEB Liabilitv/(Asset) and Citv OPEB Contributions.
Required supplementary schedules (pages 79 to 80)that provide information on the City's proportion and its
proportionate share of the net other postemployment benefit (OPEB) liabilities and assets and City OPEB
contributions with its participation in OPERS and OP&F.
A. Reporting the City as a Whole
Government-wide statements
Our analysis of the City as a whole begins on page 8. One of the most important questions asked about the City's
finances is, "Is the City as a whole better off or worse off as a result of the year's activities?" The Statement of Net
Position and the Statement of Activities report information about the City as a whole and about its activities in a way
that helps answer this question. These statements include all assets, deferred outflows of resources, liabilities and
deferred inflows of resources using the accrual basis of accounting, which is similar to the accounting used by most
private-sector companies.All of the current year's revenues and expenses are taken into account, regardless of when
cash is received or paid.
These two statements report the City's net position and changes in them. You can think of the City's net position —
assets and deferred outflows of resources, reduced by liabilities and deferred inflows of resources - as one way to
measure the City's financial health, or financial position. Over time, increases or decreases in the City's net position
are one indicator of whether its financial health is improving or deteriorating. You will want to consider other
nonfinancial factors, however, such as changes in the City's property tax base and the condition of the City's roads,
to assess the overall health of the City.
In the Statement of Net Position and the Statement of Activities,we divide the City into two kinds of activities:
• Governmental activities—Most of the City's basic services are reported here, including the police, fire and life
squad, parking, parks and recreation departments, community environment, public health and welfare and
general government administration. Income taxes, property taxes, and state and federal grants finance most
of these activities.
• Business-tvpe activities—These services are provided on a charge for goods or services basis in an effort to
recover all of the expenses of the goods or services provided. The City provides water, sewer, refuse and
stormwater utility services as business activities.
ManagemenYs Discussion and Analysis
6
B. Reporting the City's Most Significant Funds
Fund financial statements
The City accounts for its activities using many individual funds. The most significant funds are reported in separate
columns in the fund financial statements that begin on page 20. These statements provide detailed information about
the individual maior funds — unlike the qovernment-wide financial statements, which report on the City as a whole.
Some funds are required to be established by State law. However, the City Council establishes many other funds to
help it control and manage money for particular purposes, like parking, water, sewer, and refuse activities. City
Council may also establish separate funds to show that it is meeting legal responsibilities for using certain taxes,
grants, or other money. The City's three types of funds —governmental, proprietary and fiduciary - use different
accounting methods.
• Governmental funds- Most of the City's basic services are reported in governmental funds. The fund statements
present how cash flows into and out of those funds, and show the balances remaining at year-end that are
available for future spending. These funds are reported using an accounting method called modified accrual
accounting, which measures cash and all other financial assets that can readily be converted to cash.
Information in governmental fund statements helps you determine whether there are more or fewer financial
resources that can be spent in the near future to finance the City's programs. The governmental fund statements
provide a detailed short-term view of the City's general government operations and the basic services it provides.
The government—wide financials, as previously described, present the government funds on the whole using the
full accrual accounting basis. The differences between governmental activities as reported in the aovernment-
wide financial statements and as reported in the fund statements are presented in reconciliation on the right-
hand side of the fund financial statements.
• Proprietary funds — There are two types of proprietary funds, enterprise funds and internal service funds.
Proprietary funds are reported using the full accrual accounting basis. When the City charges customers for the
services it provides with the intention that the charges will fully cover the cost of the services, these activities are
reported in enterprise funds. Enterprise funds are generally reported in the same way that all activities are
reported in the government-wide Statement of Net Position and Statement of Activities. In fact, the City's four
enterprise funds (water, sewer, refuse and storm water funds) are the same as we report in the combined
business-type activities column in the government-wide statements. The individual fund statements for water,
sewer, refuse and stormwater operations provide more detail and additional information, such as cash flows.
Internal service funds are used to report activities within the government that are centralized for efficiency in
separate funds in order to provide supplies and services to the other City programs and activities. The City has
two separate funds: for fuel, postage services; and employee health insurance. These internal service funds are
combined and shown in a separate column in the proprietary funds statements. In the government-wide
financials,their activities are consolidated into the governmental and business-type activities.
• Fiduciary funds — Fiduciary funds are used to account for resources held for the benefit of parties outside the
government. Fiduciary funds are not reflected in the government-wide financial statement because the
resources of those funds are not available to support the City's own programs. All of the City's fiduciary activities
are reported in a separate set of fiduciary funds' statements.
ManagemenYs Discussion and Analysis
7
III.THE CITY AS A WHOLE
A. Net position at year-end
The 2022 fiscal year activities generated a $2,523,397 increase in the City's net position. This is a 2.38% increase
from 2021 to 2022. Governmental activities had an increase in net position of $2,879,888 and the balance of
$356,491 was a decrease attributed to Business-type activities. The positive change in net position in governmental
activities was slightly lower compared to 2021.
The following table presents a condensed summary of the City's overall financial position at December 31, 2022 and
2021:
Table 1
Net Position
Governmental Activities Business-Type Activities Total
2022 2021 2022 2021 2022 2021
Current and other assets $ 30,125,438 $ 27,421,844 $ 18,974,892 $ 19,086,087 $ 49,100,330 $ 46,507,931
Capital assets 63,659,396 63,324,183 25,724,873 26,734,617 89,384,269 90,058,800
93,784,834 90,746,027 44,699,765 45,820,704 138,484,599 136,566,731
Deferred outflows of resources 5,541,457 4,106,599 595,275 425,678 6,136,732 4,532,277
Long-term liabilities:
Net pension liability 10,245,128 11,860,900 1,291,912 2,151,669 11,537,040 14,012,569
Net OPEB liability 1,451,753 1,337,607 - - 1,451,753 1,337,607
Other long-term amounts 7,221,841 7,512,903 1,109,047 1,260,615 8,330,888 8,773,518
Other liabilities 3,101,264 1,926,156 354,136 233,456 3,455,400 2,159,612
22,019,986 22,637,566 2,755,095 3,645,740 24,775,081 26,283,306
Deferred inflows of resources 9,324,269 7,112,912 2,046,037 1,750,243 11,370,306 8,863,155
Net position:
Net investment in
capital assets 57,377,276 56,634,457 25,724,873 26,734,617 83,102,149 83,369,074
Restricted 8,207,886 8,360,329 2,836,790 2,593,484 11,044,676 10,953,813
Unrestricted 2,396,874 107,362 11,932,245 11,522,298 14,329,119 11,629,660
$ 67,982,036 $ 65,102,148 $ 40,493,908 $ 40,850,399 $ 108,475,944 $ 105,952,547
Beginning net position $ 65,102,148 $62,015,388 $ 40,850,399 $39,270,265 $ 105,952,547 $101,285,653
Change in net position 2,879,888 3,086,760 (356,491) 1,580,134 2,523,397 4,666,894
Ending net position $ 67,982,036 $ 65,102,148 $ 40,493,908 $ 40,850,399 $ 108,475,944 $ 105,952,547
The net pension liability (NPL) is reported pursuant to GASB Statement 68, Accounting and Financial Reporting for
Pensions—an Amendment of GASB Statement 27. The net OPEB liability and asset are reported pursuant to GASB
Statement 75, Accounting and Financial Reporting for Postemployment Benefits Other Than Pensions. For reasons
discussed below, many end users of this financial statement will gain a clearer understanding of the City's actual
financial condition by adding deferred inflows related to pension and OPEB, the net pension liability and the net
OPEB liability to the reported net position and subtracting the net OPEB asset and deferred outflows related to
pension and OPEB.
Governmental Accounting Standards Board (GASB) standards are national and apply to all government financial
reports prepared in accordance with generally accepted accounting principles. Prior accounting for pensions (GASB
Statement No. 27) and postemployment benefits (GASB Statement No. 45) focused on a funding approach. This
approach limited pension and OPEB costs to contributions annually required by law, which may or may not be
sufficient to fully fund each plan's net pension liability or net OBEP liability. GASB Statement No. 68 and GASB
Statement No. 75 take an earnings approach to pension and OPEB accounting; however, the nature of Ohio's
statewide pension/OPEB plans and state law governing those systems requires additional explanation in order to
properly understand the information presented in these statements.
ManagemenYs Discussion and Analysis
8
GASB Statement No. 68 and GASB Statement No. 75 require the net pension liability and the net OPEB
liability/(asset)to equal the City's proportionate share of each plan's collective:
1. Present value of estimated future pension/OPEB benefits attributable to active and inactive employees' past
service
2 Minus plan assets available to pay these benefits
GASB notes that pension and OPEB obligations, whether funded or unfunded, are part of the "employment
exchange" —that is, the employee is trading his or her labor in exchange for wages, benefits, and the promise of a
future pension and other postemployment benefits. GASB noted that the unfunded portion of this promise is a present
obligation of the government, part of a bargained-for benefit to the employee, and should accordingly be reported by
the government as a liability since they received the benefit of the exchange. However, the City is not responsible for
certain key factors affecting the balance of these liabilities. In Ohio, the employee shares the obligation of funding
pension benefits with the employer. Both employer and employee contribution rates are capped by State statute. A
change in these caps requires action of both Houses of the General Assembly and approval of the Governor. Benefit
provisions are also determined by State statute. The Ohio revised Code permits, but does not require the retirement
systems to provide healthcare to eligible benefit recipients. The retirement systems may allocate a portion of the
employer contributions to provide for these OPEB benefits.
The employee enters the employment exchange with the knowledge that the employer's promise is limited not by
contract but by law. The employer enters the exchange also knowing that there is a specific, legal limit to its
contribution to the retirement system. In Ohio, there is no legal means to enforce the unfunded liability of the
pension/OPEB plan as against the public employer. State law operates to mitigate/lessen the moral obligation of the
public employer to the employee, because all parties enter the employment exchange with notice as to the law. The
retirement system is responsible for the administration of the pension and OPEB plans.
Most long-term liabilities have set repayment schedules or, in the case of compensated absences (i.e. sick and
vacation leave), are satisfied through paid time-off or termination payments. There is no repayment schedule for the
net pension liability or the net OPEB liability. As explained above, changes in benefits, contribution rates, and return
on investments affect the balance of these liabilities, but are outside the control of the local government. In the event
that contributions, investment returns, and other changes are insufficient to keep up with required payments, State
statute does not assign/identify the responsible party for the unfunded portion. Due to the unique nature of how the
net pension liability and the net OPEB liability are satisfied, these liabilities are separately identified within the long-
term liability section of the statement of net position.
In accordance with GASB Statement No. 68 and GASB Statement No. 75, the City's statements prepared on an
accrual basis of accounting include an annual pension expense and an annual OPEB expense for their proportionate
share of each plan's change in net pension liability and net OPEB liability/(asset), respectively, not accounted for as
deferred inflows/outflows.
The City deliberately utilizes conservative budgeting and spending practices. Actual 2022 revenues exceeded
estimates in most funds, and expenses were lower than budgeted. The majority of the capital improvements
appearing in both Governmental Activities and Business-Type Activities are being paid for in cash drawing down the
unrestricted portion of their net positions. The City over the past several years has designated cash for specific future
capital expenses in the hope that less debt would be issued to perform specific infrastructure projects and or to
construct future public facilities. Net capital assets increased for governmental activities in 2022, the details of
changes are discussed in Note 9 to the financial statements.
B. Governmental and Business-Type Activities
The City receives an income tax based on 2.00%of all salaries,wages, commissions and other compensation and on
net profits earned from residents living within the City and businesses operating in the City. Income, property and
other taxes total $14,249,148, which represents 49.47% of revenues for the City in 2022. The City's reliance upon
tax revenues is demonstrated by the following graph:
ManagemenYs Discussion and Analysis
9
Percent of 4.s��a z z�,
Revenue Sources 2022 Total l0.'4�
Program revenues $ 13,652,401 47.35% z.45� -� �
Income tax 11,156,867 38.69% �
Investment earnings (706,233) -2.45%
Property and other local taxes 3,092,281 10.72%
Grants and contributions �Unrestr���ea> 1,292,958 4.48%
�,_���
Other general revenues 347,054 1.21% 3874,
$ 28,835,328 100.00%
The following table presents a condensed summary of the City's activities during 2022 and the resulting change in net
position compared to 2021.
Table 2
Changes in Net Position
Business-
Governmental Activities Type Activities Total
2022 2021 2022 2021 2022 2021
Program revenues:
Charges for services $ 3,638,475 $ 3,527,505 $ 7,216,016 $ 7,076,520 $ 10,854,491 $ 10,604,025
Operating grants and contributions 1,120,897 1,064,092 - - 1,120,897 1,064,092
Capital grants and contributions 1,431,902 3,637,726 245,111 178,003 1,677,013 3,815,729
6,191,274 8,229,323 7,461,127 7,254,523 13,652,401 15,483,846
General revenues:
Income taxes 11,156,867 9,962,247 - - 11,156,867 9,962,247
Property and other taxes 3,092,281 3,010,631 - - 3,092,281 3,010,631
Grants and contributions not
restricted to specific programs 1,258,767 709,220 - - 1,258,767 709,220
Investment earnings (396,752) (60,033) (309,481) (58,599) (706,233) (118,632)
Miscellaneous 312,116 416,904 34,938 36,884 347,054 453,788
15,423,279 14,038,969 (274,543) (21,715) 15,148,736 14,017,254
Total revenues 21,614,553 22,268,292 7,186,584 7,232,808 28,801,137 29,501,100
Expenses:
Security of persons and property 9,416,735 8,448,985 - - 9,416,735 8,448,985
Public health services 179,857 133,367 - - 179,857 133,367
Leisure time activities 1,954,367 1,745,849 - - 1,954,367 1,745,849
Community and economic development 1,065,198 762,929 - - 1,065,198 762,929
Transportation 3,338,514 5,477,619 - - 3,338,514 5,477,619
General government 2,577,688 2,399,064 - - 2,577,688 2,399,064
Interest on long-term debt 202,306 213,719 - - 202,306 213,719
Water - - 2,893,459 1,674,092 2,893,459 1,674,092
Sewer - - 2,891,636 2,396,229 2,891,636 2,396,229
Refuse - - 1,728,350 1,569,908 1,728,350 1,569,908
Stormwater - - 29,630 12,445 29,630 12,445
Total expenses 18,734,665 19,181,532 7,543,075 5,652,674 26,277,740 24,834,206
Change in net position 2,879,888 3,086,760 (356,491) 1,580,134 2,523,397 4,666,894
Beginning net position 65,102,148 62,015,388 40,850,399 39,270,265 105,952,547 101,285,653
Ending net position $67,982,036 $65,102,148 $40,493,908 $40,850,399 $ 108,475,944 $ 105,952,547
ManagemenYs Discussion and Analysis
10
The City experienced a decrease in capital grants and contribution due to the City sponsoring a grant for pedestrian
safety improvements on High Street on Miami University's campus in 2021. The City received funding for this project
from the Ohio Department of Transportation (ODOT) and Miami University, with Miami University being responsible
for the upkeep. The City's income tax collections continued to increase as the local economy continues to rebound
from the 2020 pandemic. The City's unrestricted grants and contributions benefitted from continued support from the
Federal government under the American Rescue Plan Act (ARPA) and CARES Act funding from Butler County to
support local businesses.
The City's investments continued to be impacted by macroeconomic conditions, recognizing unrealized losses in
excess of realized investment and interest income of negative $706,000. Program expenses are discussed in the
following section.
1)Governmental activities
The chart below presents the total cost of each of the City's primary services and the program revenue generated by
each function. Approximately 33.05% of the cost of the governmental activities was recouped in program revenues in
2022 compared with 42.90% in 2021 and 31.77% in 2020. Thus, general revenues of $15,423,279 were used to
support the remainder of the City's costs.
Cost of Services
The recognition of its proportionate share of the state retirement systems' pension and OPEB assets and liabilities,
and the annual changes, continue to have a significant impact on the City's financial results, despite being outside the
control of City management. That is the case this year, as OPEB expenses increased $1.8 million in the
governmental activities, resulted in recognizing $333,000 in negative OPEB expenses compared to $2.1 million in
negative OPEB expenses in 2021. The impact of these changes is allocated across all of the City's operations.
The increase in security of persons and property was primarily due to a significant increase in OPEB expenses, as
discussed above. Additionally in 2022, full-time employees received a 3% cost-of-living adjustment(COLA) increase,
except the nine full-time firefighter/paramedics, who received a 4% COLA along with a retroactive 3% COLA for 2021.
Additionally, Law Enforcement added a full-time Social Service Liaison in 2022, along with being fully staffed in all its
other positions for the entire year.
The decrease in transportation expenses is due to costs incurred on the High Street pedestrian safety project during
2021. As discussed above, the City was just a sponsor for a grant for improvements on Miami University's campus to
accommodate fewer crosswalks and bus pickups and install permanent decorative road dividers to increase traffic
safety.These improvements will be maintained by Miami University.
The increase in other expenses is primarily related to the previously discussed increase in OPEB costs.
Governmental Activities 2022 Cost of Services
Security of persons and �
property
Transportation �
General government �
Leisure time activities �
Community and economic �
development
Interest on long-term debt
Public health services �
Millions $- $1.5 $3.0 $4.5 $6.0 $7.5 $9.0
■ Program Revenues Cost of Services
Program revenues
Program revenues saw a decrease of 24.77% in 2022. Most of this decrease occurred in transportation due to
completion of the High Street pedestrian safety project,with the capital funding received in during 2021.
ManagemenYs Discussion and Analysis
11
2) Business-type activities
Overall, the City's utility operations generated slightly more program revenues when compared to 2021, with just the
Sewer Fund generating an increase in net position. Revenues and expenses for the individual funds that comprise of
the business-type activities are discussed in greater detail in the following section. The following chart summarizes
the business-type activities cost of services and the program revenue generated by each utility:
Business-Type Activities 2022 Cost of Services
Stormwater
Refuse
Sewer
Water
Millions $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0
■ Program Revenues Cost of Services
IV.THE CITY'S INDIVIDUAL FUNDS
A.Governmental funds
The financial statements for the City's governmental funds, accounted for under the modified accrual basis of
accounting, are presented beginning on page 20. The City has twenty-seven governmental funds, five of which are
considered major funds: the General Fund, the Fire and EMS Fund, the Parking Fund, the Oxford Area Trails
Property Tax Fund and the Coronavirus Local Fiscal Recovery Fund. Assets of these five funds at December 31,
2022 comprise$18,121,564 (61.07%)of the total $29,675,353 governmental funds' assets. The following provides an
analysis of these major funds' revenue and expenditures.
2022 Major Governmental Funds
Coronavirus Local Fiscal Recovery '
Oxford Area Trails Property Tax �
Parking `
Fire&EMS
General
Millions $- $2.0 $4.0 $6.0 $8.0 $10.0 $12.0 $14.0
■Expenditures and Other Financing Uses
■Revenues and Other Financing Sources
ManagemenYs Discussion and Analysis
12
General Fund. The fund balance at the end of 2022 was $8,613,827, including $8,458,258 of unassigned fund
balance. The unassigned fund balance represents 78.85% of annual general fund expenditures.
Revenues increased from $12,995,926 in 2021 to $13,478,943 in 2022, an increase of 3.72%. Several revenue
streams were positively impacted economically with the continued rebounding of the local economy, with the
unemployment rate in Butler County decreasing from 4.5% in 2021 to 3.5% in 2022.
Expenditures increased by 1.39% from 2021 to 2022 from $10,579,948 to $10,726,627, respectively. All personnel
received a 3% COLA. Additionally for security of persons and property, Law Enforcement added a full-time Social
Service Liaison in 2022, was fully staffed in all its other positions for the entire year; started body camera storage,
and implemented Lexipol, their new Policy management system. The City closely monitors all spending and
continually looks for cost savings in all areas of spending.
Fire and EMS Fund. The fund balance at the end of 2022 was $1,843,897, including $1,834,184 of restricted fund
balance. The decrease in fund balance of $834,034 was higher than the prior year's decrease of$104,874, due to
nine full-time firefighter/paramedics receiving a 4% COLA, along with a retroactive 3% COLA for 2021, and purchase
of a fire engine during 2022.
Parking Fund. Liabilities reflect a no-interest interfund loan, originally $2,700,312 in 2001, from the capital
improvement fund. The funds were used in 2001 to construct a four-story parking garage with 224 spaces in uptown
Oxford. The loan balance at year-end in 2022 was $660,000. Annual repayment was postponed for one year, due to
uncertainty around parking revenue levels, as they were negatively impacted by the pandemic in 2020. Future
revenues from parking meter fees and fines and leased garage spaces will be the source for repayment of the
interfund loan to the capital improvement fund, anticipated to be over a 20-25-year period from the initial loan. The
Parking Fund shows a fund deficit because the advance repayment obligation maintained in this fund.
The increase in fund balance of $313,092 was higher than the prior year's decrease of $94,496, due to increased
parking meter and fines revenue and the two-year postponement on the interfund loan repayment. Repayment on
the interfund loan is planned to resume in 2023.
Oxford Area Trail (OAT) Property Tax Fund. This fund was established to account for the 10-year, 3.25-mill
property tax levy that was approved on May 8, 2018 for park and recreation purposes. Taxes collected in the OAT
Property Tax Fund are transferred to the OAT Capital Improvement Fund for trail improvements. The 2022 capital
activity was related to continuing design, engineering and Phase II construction of the trail.
Coronavirus Local Fiscal Recovery Fund. This fund was established to account for the federal funding received
from the ARPA. The City received its first tranche advance of$1.2 million in 2021 and the second $1.2 million tranche
advance in 2022. Unearned revenue from these advances increased to $1.9 million, as the City determines the best
way to deploy the funds.
B. Proprietary funds
1) Enterprise funds
The following chart provides financial highlights regarding the City's three major enterprise funds for its water, sewer
and refuse utility operations. The information differs slightly from the government-wide proprietary fund information
shown in section III. B. 2 in that the information below does not include the consolidation of internal service fund
activity. For greater detail, please refer to the financial statements for the City's proprietary funds, which are
presented beginning on page 29.
ManagemenYs Discussion and Analysis
13
2022 Major Enterprise Funds
Refuse Fund
SewerFund
Water Fund
Millions $- $0.5 $1.0 $1.5 $2.0 $2.5 $3.0
■Total expenses
■Total revenue
Water Fund. Ending net position decreased by $111,298. Operating revenue increased by 4.49°/o due to increased
sales as a result of Miami University students returning to campus and increased usage from local businesses due to
operations returning to pre-pandemic levels. Total gallons of treated water increased from 701.00 (million gallons) in
2021 to 729.00 (million gallons) in 2022. Operating expenses increased by 77.88%, primarily due to an increase in
OPEB expenses, previously discussed. Additionally, the City incurred expenses for replacement meters and
emergency repairs at the water treatment plan.All full-time employees received a 3.0% COLA increase in 2022.
Sewer Fund. Ending net position increased by $1,487. Operating revenue increased by 1.46%. Sewer operations
were also impacted by students returning to Miami University campus and increased local business usage, with total
gallons of treated wastewater increasing from 842.0 (million gallons) in 2021 to 861.0 (million gallons) in 2022.
Operating expenses increased by 24.08% primarily due to an increase in OPEB expenses, previously discussed. All
full-time employees received a 3.0%COLA increase in 2022.
Refuse Fund. The City contracts with a private vendor for refuse service provided to its customers. The current
contract covered 2020 and 2021, with three one-year options (2022, 2023 and 2024). Refuse rates for customers and
commercial accounts saw no increase in 2022.All full-time employees received a 3.0% COLA increase in 2022.
The Fund also serves to fund annual operating and debt service costs for the landfill post-closure requirements. The
City has met all post-closure requirements with no findings from Ohio EPA.
2) Internal service funds
Net position at year-end and activity for the year for the City's two internal service funds is reported in a combined
column in the proprietary fund statements beginning on page 29. The major impact to these funds pertains to the
increase in health care costs compared to 2021.
V. BUDGETED ACTIVITY AND ACTUAL RESULTS
The statements comparing the City's original and final budgets and actual results are for the General, Fire and EMS,
Parking, Oxford Area Trail Property Tax and Coronavirus Local Fiscal Recovery funds beginning on page 24. Other
governmental funds with adopted budgets are presented in schedules beginning on page 107. During the year, the
City made minor increases to its original General Fund budget. Actual versus final budget differences consisted of
the following factors within the General Fund:
• Actual revenue versus budgeted revenue were within the General Fund came in within 2%, primarily due to
higher reimbursement from Talawanda Schools for the safety resource officer.
• Actual expenditures came in $979,000 less than appropriated. For the most part, expenditures across the
board were lower than budgeted due to conservative budgeting. Security of persons and property
expenditures were lower due to reduced overtime, part-time officers, projected retirements, associated fringe
benefits and vehicle repairs. Leisure time expenditures were lower due to reduced part-time labor in
recreation programs and park maintenance along with associated fringe benefits and electric expenses.
ManagemenYs Discussion and Analysis
14
General government expenditures were lower due to an Engineering-Tech moving to Community
Development position in August and the Engineering-Tech remaining unfilled the rest of the year; a Part-
Time Custodian position unfilled the majority of the year and Income Tax reimbursements coming in lower
than the budgeted estimate.
VI. CAPITAL ASSET AND DEBT ADMINISTRATION
A. Capital assets
At the end of 2022, the City had invested in a broad range of capital assets, including police and fire equipment,
buildings, computer software and hardware upgrades, road improvements, and water and sewer lines and related
plant facilities.
2022 Governmental Activities Capital Assets
Infrastructure
Equipment �
Improvements �
Buildings
Construction in �
progress
Land and -
easements
Millions �- $10.0 $20.0 $30.0 $40.0 $50.0 $60.0
■Cost Accumulated Depreciation
The City's 2022 capital improvement program for governmental activities included a new bucket truck, a new fire
pumper truck, road and culvert maintenance, reconstruction of Main Street, and continued work on the Oxford Area
Trail.The City also received donated property from the Oxford Cemetery Association.
2022 Business-Type Activities Capital
Assets
Infrastructure
Equipment
Improvements �
Buildings �
Construction in �
progress
Land �
Millions $- $10.0 $20.0 $30.0 $40.0
■Cost Accumulated Depreciation
The 2022 capital improvements for the business-type activities included improvements to the elevated water storage
tanks, water main replacement at Bonham Road bridge, and sewer system improvements. The City used existing
funds to pay for all projects rather than issuing debt.
Refer to Note 9 for additional information on capital assets.
ManagemenYs Discussion and Analysis
15
B. Debt
Debt activity for 2022 consisted of scheduled principal and interest payments on existing debt. Total long-term bonds
outstanding at year-end were$5,830,000, with $400,000 due in 2023. The bonds were issued during 2019 to finance
construction of the Aquatic Center and Southpointe roadway improvements. Refer to Note 14 for additional debt
information
VII. ECONOMIC FACTORS AND NEXT YEAR'S BUDGETS AND RATES
Governmental Funds
Sound financial budgeting and conservative cost management continued in 2022 to maintain the governmental fund
balances.
The City has begun to experience growth in its property tax base because of recent economic development and
community development activities. Recent housing projects and construction of new retail space have added to the
assessed valuation of the community. Additionally, 2020 was a revaluation year by the Butler County Auditor's Office
which also increased the City's property tax revenue. Redevelopment continues in the Uptown District, which will
have a positive impact on property tax receipts. The Caroline Harrison Building on the southeast corner of High Street
and Campus Avenue, containing eleven apartments located on the 2nd and 3rd floors, opened in the fall of 2022. The
first floor will contain commercial tenant spaces, which are continuing to be built out. A new four-story mixed-use
building with 3,000 sq. ft. of ground floor retail and six apartment units on the top three floors began construction in
late 2022 at 48-52 East Park Place, adjacent to the City's Uptown Park. In the South Farm project, the developer
proposes to subdivide this roughly 7-acre site into twenty-five single-family residential lots. The lots will be situated on
a new public street (Hoover Drive), connected to an extended segment of Roberts Drive. In the Heron Pond project,
the developer proposes to construct nine single-family residences. Owl's Landing, a new development is going
through the approval process, is a 22-acre development with eighty-six single family lots off Brookville Road.
Besides Miami University, the City is home to McCullough-Hyde Hospital, a key employer for the City. In January
2015, the Hospital affiliated with TriHealth health care system. TriHealth was then a 40% partner with McCullough-
Hyde Hospital. Since that time, TriHealth has expanded clinical specialty services, expanded and upgraded the
Emergency Department, constructed three new state-of-the-art surgical suites and installed and upgraded new
computer systems. In October 2019, TriHealth acquired 100 percent membership interest in McCullough-Hyde
Hospital. They also committed $7 million in additional capital improvements and made a $4 million cash infusion in
the McCullough-Hyde Hospital Foundation, enabling the Foundation to continue its mission and support of the
Hospital. The Foundation recently hired a full-time Director to oversee its operations. The City works diligently with
the Hospital to assist them in any way it can with planning and financing, by way of tax-exempt conduit debt issues to
encourage partnerships among entities serving the same tax base to ensure a quality of life for the community.
Enterprise Funds
Miami University resumed suspended construction projects on its campus in mid-summer of 2021. Connections of
new buildings will have an initial impact, while use of City utilities will be modified due to the new facilities. The City is
also cognizant of the University's aggressive water conservation program, so it will not realize the full impact of the
new facilities until they are put into operation and monitored for an extensive period of time. The upside with these
improved systems is our plants' capacity will be able to keep up with new residential construction. Two projects that
are in the construction phase include a new Clinical Health Sciences Building, with approximately 170,000 sq. ft. on
South Campus Avenue set to open in the fall of 2023, and a new McVey Data Sciences Building, with approximately
80,000 sq. ft. on Talawanda Avenue. These construction projects, along with other planned projects, will help with the
City's income tax receipts during the construction period.
The City is active in its efforts to reduce storm water infiltration into the City's sanitary sewer system. These efforts
have increased the efficiency and effectiveness of the wastewater utility which, in turn, has aided in compliance with
EPA regulations as we move into Phase II mandated upgrades.
In early 2020, the City entered into an agreement with Dynergy Energy Services for favorable guaranteed fixed rates
of generation pricing for energy delivered for a 5-year period. These savings, along with improvements made closer
to the water plant and improvements at the plant, are part of the City's long-term goal to reduce our energy
consumption and related costs. The agreement with Dynergy Energy Services is projected to save the City
approximately 7.5%, or approximately $20,650 per year in operating cost for a five-year term. The new rates went
into effect in April 2020. Following Oxford City Council's long-time goals and vision, the energy is now 100%
renewable energy.
A major capital project started in 2021 to replace all of the City's streetlights with LED lighting was finished in 2022
and will save the City on electric cost for years to come. This project is another example of Oxford City Council's
long-time goals and vision reducing the City's carbon footprint.
ManagemenYs Discussion and Analysis
16
Employee Benefits (Health Insurance) Fund
For a number of years since 2000, the Employee Benefits (health insurance) Internal Service Fund has experienced
health care cost increases in excess of amounts billed to the interfund departments, funding them with carryover
balances in the Employee Benefits Fund. A study was completed during 2002 using an outside consultant to
determine appropriate changes to the funding levels and benefits of the plan. These changes were implemented
effective in January 2003, resulting in restricting cost growth for that year. The City has increased its funding to the
Employee Benefits Fund from the operating funds in 2003 from $500 per employee per month to$600 and continues
to incrementally increase per employee per month amount annually. In 2006 the amount was$750 per employee per
month; for 2007 it was $800 per employee per month; for 2008 it was $850 per employee per month and was
budgeted at $850 in 2009. Up until 2009, revenues of the affected funds have been sufficient to absorb these
increases in cost. The funds affected are the General Fund, the Parking Fund, the Street Fund, the Water Fund, the
Sewer Fund, and Refuse Fund. The City enacted legislation in mid-year 2009 to help offset large, unexpected claims
and also increased the amount it funds to $950 per employee per month. The City's stop loss level was increased
from $25,000 to $35,000 in 2003 and maintained at that level from 2004 on. In 2010, the City increased its stop loss
level to $45,000, $55,000 in 2011, $65,000 in 2016 and currently $75,000. Insurance premiums from various health
insurance stop loss carriers have been solicited annually to obtain the most cost-effective choice. Each year the
program is tweaked by our Health Insurance Committee to insure adequate coverage while striving to drive down
cost. At 2022 year-end, this fund had a net position of$187,881 compared to$293,958 in 2021. This is primarily due
to refunds received in 2023 related to 2022 expenses. In 2017, the City did a one-time contribution of $320,000
based on the monthly contribution for each department across all funds. This was done to solidify the fund for future
medical expenses. In 2012 the City increased its budgeted contribution to $1,011 per employee per month and the
employee's monthly contribution was approximately doubled. In 2016 the City increased its budgeted contribution to
$1,189 per employee per month and the employee's monthly contribution increase was approximately 15.8%. In the
fall of 2016, the City increased its contribution to $1,275 per employee per month and the employee's monthly
contribution increase was approximately 46.9%. Beginning in 2013, the City began implementing the policy that if an
employee's spouse is eligible through their employer to participate in a group insurance program and the spouse
would pay 55% or less of the premium for the insurance, then the spouse will be required to enroll in that program as
a single. This plan ensures that the spouse is insured as well as any of the employee's children would remain under
the City's insurance program. The City continues to be vigilant in monitoring and controlling health care costs for the
future.
VII. REQUESTS FOR ADDITIONAL INFORMATION
This financial report is designed to provide our citizens, taxpayers, customers, and investors and creditors with a
general overview of the City's finances and to show the City's accountability for the money it receives. If you have
questions about this report or need additional financial information, contact the Finance Department at the City of
Oxford, 15 South College Avenue, Oxford, OH,45056.
ManagemenYs Discussion and Analysis
17
CITY OF OXFORD,OHIO
Statement of Net Position
December 31,2022
Governmental Business-Type
Activities Activities Total
Assets
Equity in pooled cash and investments $ 22,146,868 $ 17,300,884 $ 39,447,752
Receivables:
Taxes 4,709,994 - 4,709,994
Accounts 304,876 546,868 851,744
Special assessments 684,703 - 684,703
Loans 201,588 - 201,588
Interest 33,532 26,095 59,627
Other - 9,321 9,321
Intergovernmental 694,436 - 694,436
Payments in lieu of taxes 332,322 - 332,322
Prepaid items 90,916 5,558 96,474
Materials and supplies inventory 318,797 544,581 863,378
Internal balances (86,584) 86,584 -
Net OPEB assets 693,990 455,001 1,148,991
Non-depreciable capital assets 16,180,132 615,085 16,795,217
Depreciable capital assets, net 47,479,264 25,109,788 72,589,052
Total assets 93,784,834 44,699,765 138,484,599
Deferred Oufflows of Resources
Pension 4,256,415 587,618 4,844,033
OPEB 1,285,042 7,657 1,292,699
Total deferred outflows of resources 5,541,457 595,275 6,136,732
Liabilities
Accounts payable 222,031 205,889 427,920
Accrued salaries 324,052 76,712 400,764
Intergovernmental payable 311,711 71,535 383,246
Unearnedrevenue 1,982,914 - 1,982,914
Accrued interest payable 17,860 - 17,860
Claims payable 242,696 - 242,696
Long-term liabilities:
Due within one year 979,235 165,722 1,144,957
Due in more than one year:
Net pension liability 10,245,128 1,291,912 11,537,040
Net OPEB liability 1,451,753 - 1,451,753
Other amounts due in more than one year 6,242,606 943,325 7,185,931
Totalliabilities 22,019,986 2,755,095 24,775,081
Deferred Inflows of Resources
Property taxes and payments in lieu of
taxes budgeted for next year 2,673,481 - 2,673,481
Pension 5,379,898 1,567,265 6,947,163
OPEB 1,270,890 478,772 1,749,662
Total deferred inflows of resources 9,324,269 2,046,037 11,370,306
Net Position
Net investment in capital assets 57,377,276 25,724,873 83,102,149
Restricted for:
Public safety 2,249,108 - 2,249,108
Streets&highways 1,122,915 - 1,122,915
Community development 1,742,689 - 1,742,689
Capital improvements 2,913,922 - 2,913,922
Parks&recreation 177,145 - 177,145
Capacity benefits - 2,836,790 2,836,790
Other purposes 2,107 - 2,107
U n restricted 2,396,874 11,932,245 14,329,119
Total net position $ 67,982,036 $ 40,493,908 $ 108,475,944
See accompanying notes to the basic financial statements.
18
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CITY OF OXFORD, OHIO
Balance Sheet
Governmental Funds
December31, 2022
Oxford Coronavirus
Fire and Area Trails Local Fiscal
General EMS Parking Property Tax Recovery
Assets
Equity in pooled cash and investments $ 8,106,539 $ 1,887,894 $ 647,340 $ 177,145 $ 1,912,636
Receivables:
Taxes 3,367,211 294,073 - 1,045,000 -
Accounts 114,213 13,550 - - -
Special assessments - - - - -
Loans - - - - -
Interest 28,411 - 978 - 2,891
Intergovernmental 340,307 - - - -
Payments in lieu of taxes - - - - -
Prepaid items 72,113 9,713 9,090 - -
Materials and supplies inventory 83,456 - - - -
Advances to other funds 9,004 - - - -
Total assets $ 12,121,254 $ 2,205,230 $ 657,408 $ 1,222,145 $ 1,915,527
Liabilities
Accounts payable $ 134,556 $ 8,719 $ 7,906 $ - $ 24,847
Accrued salaries 209,796 83,407 9,144 - -
Intergovernmental payable 207,564 77,252 9,592 - -
Unearned revenue - - 60,150 - 1,922,764
Advances from other funds - - 660,000 - -
Compensated absences payable - - - - -
Totalliabilities 551,916 169,378 746,792 - 1,947,611
Deferred inflows of resources
Property taxes and payments in lieu
of taxes budgeted for next year 1,296,159 - - 1,045,000 -
Unavailable revenue 1,659,352 191,955 713 - 2,107
Total deferred inflows of resources 2,955,511 191,955 713 1,045,000 2,107
Fund balances
Nonspendable 155,569 9,713 9,090 - -
Restricted - 1,834,184 - 177,145 -
Assigned - - - - -
Unassigned 8,458,258 - (99,187) - (34,191)
Total fund balances(deficit) 8,613,827 1,843,897 (90,097) 177,145 (34,191)
Total liabilities, deferred inflows of
resources and fund balances $ 12,121,254 $ 2,205,230 $ 657,408 $ 1,222,145 $ 1,915,527
See accompanying notes to the basic financial statements.
20
CITY OF OXFORD, OHIO
Reconciliation of Total Governmental Fund Balances to
Net Position of Governmental Activities
December 31,2022
Nonmajor Total Total governmental fund balances $ 20,433,150
Governmental Governmental
Funds Funds Amounts reported for governmental activities in the
statement of net position are different because:
$ 9,101,939 $ 21,833,493
Capital assets used in governmental activities are not financial
3,710 4,709,994 resources and therefore are not reported in the funds. 63,659,396
- 127,763
684,703 684,703 Other long-term assets are not available to pay for current-period
201,588 201,588 expenditures and therefore are unavailable in the funds:
864 33,144 Income taxes receivable 1,494,488
354,129 694,436 Intergovernmental and other receivables 1,558,571
332,322 332,322
- 90,916 Internal service funds are used to charge the costs of certain
214,534 297,990 activities to individual funds. The assets and liabilities of the
660,000 669,004 internal service funds are included in governmental activities
$ 11,553,789 $ 29,675,353 in the statement of net position. 182,403
Long-term liabilities, including bonds payable,are not due and payable in
$ 46,003 $ 222,031 the current period and therefore are not reported in the funds:
21,705 324,052 General obligation bonds (6,282,120)
17,303 311,711 Compensated absences (933,770)
- 1,982,914
9,004 669,004 Accrued interest on long-term debt is not reported in the funds. (17,860)
5,951 5,951
99,966 3,515,663 The net pension and OPEB liabilities are not due and payable in the current
period;the net OPEB asset is not available for current-period expenditures,
therefore,the assets, liabilities and related deferred inflows/outflows are
not reported in the governmental funds:
332,322 2,673,481 Deferred outflows-pensions 4,256,415
1,198,932 3,053,059 Deferred inflows-pensions (5,379,898)
1,531,254 5,726,540 Net pension liability (10,245,128)
Deferred outflows-OPEB 1,285,042
Deferred inflows-OPEB (1,270,890)
214,534 388,906 Net OPEB asset 693,990
4,578,603 6,589,932 Net OPEB liability (1,451,753)
5,140,887 5,140,887
(11,455) 8,313,425 Net position of governmental activities $ 67,982,036
9,922,569 20,433,150
$ 11,553,789 $ 29,675,353
21
CITY OF OXFORD, OHIO
Statement of Revenues, Expenditures and Changes
in Fund Balances
Governmental Funds
Year Ended December 31,2022
Oxford Coronavirus
Fire and Area Trails Local Fiscal
General EMS Parking Property Tax Recovery
Revenues
Property and othertaxes $ 1,619,665 $ - $ - $ 1,103,914 $ -
Income taxes 9,579,534 1,374,847 - - -
Intergovernmental 733,169 323,985 - 8,879 337,662
Charges for services 1,091,434 734,025 763,964 - -
Fines,costs and forfeitures 209,890 50,000 206,907 - -
Licenses, permits and inspections 420,652 6,525 - - -
Special assessments - - - - -
Payments in lieu of taxes - - - -
Interest (377,838) 15,205 (11,917) 2,471 (34,191)
Contributions 10,957 6,023 - - -
Other 191,480 26,916 2,046 - -
Total revenues 13,478,943 2,537,526 961,000 1,115,264 303,471
Expendifures
Current:
Security of persons and property 5,842,012 2,738,580 - - -
Public health services 179,857 - - - -
Leisure time activities 1,738,266 - - - -
Community and economic development 989,237 - - - -
Transportation - - 637,908 - -
General government 1,977,255 - - 11,145 337,662
Capital outlay - 652,980 - - -
Debt service:
Principal retirement - - - - -
Interest and fiscal charges - - - - -
Total expenditures 10,726,627 3,391,560 637,908 11,145 337,662
Excess(deficiency)of revenues
over(under)expenditures 2,752,316 (854,034) 323,092 1,104,119 (34,191)
Other financing sources(uses)
Transfers in - 20,000 - - -
Transfers out (2,993,477) - (10,000) (1,035,000) -
Total otherfinancing sources(uses) (2,993,477) 20,000 (10,000) (1,035,000) -
Net change in fund balances (241,161) (834,034) 313,092 69,119 (34,191)
Fund balance, beginning of year 8,854,988 2,677,931 (403,189) 108,026 -
Fund balance,end of year $ 8,613,827 $ 1,843,897 $ (90,097) $ 177,145 $ (34,191)
See accompanying notes to the basic financial statements.
22
CITY OF OXFORD,OHIO
Reconciliation of the Statement of Revenues, Expenditures
and Changes in Fund Balances of Governmental Funds
to the Statement of Activities
Year Ended December 31,2022
Nonmajor Total
Governmental Governmental
Funds Funds Net change in fund balances-total governmental funds $ 940,904
$ 6,474 $ 2,730,053 Amounts reported for governmental activities in the
- 10,954,381 statement of activities are different because:
1,458,018 2,861,713
24,151 2,613,574 Governmental funds report capital asset additions as expenditures. However, in
3,450 470,247 the statement of activities,the cost of those assets is allocated over their
- 427,177 estimated useful lives as depreciation expense:
111,829 111,829 Capitalassetadditions 2,969,545
361,508 361,508 Depreciation expense (2,600,906)
664 (405,606) Loss on disposal of capital assets (33,426)
18,547 35,527
68,009 288,451 Revenue in the statement of activities that do not provide current financial
2,052,650 20,448,854 resources are not reported as revenues in the funds:
Income taxes 202,485
Intergovernmental and other revenue 142,474
221,760 8,802,352 Some expenses reported in the statement of activities do not require the use of
- 179,857 current financial resources and therefore are not reported as expenditures in
- 1,738,266 governmental funds:
223,778 1,213,015 Compensated absences (110,593)
973,801 1,611,709 Interest on long-term debt 963
380,828 2,706,890 Amortization of bond premiums 22,606
1,992,006 2,644,986
The repayment of the principal of long-term debt consumes the current financial
385,000 385,000 resources of governmental funds but has no effect on net position. 385,000
225,875 225,875
4,403,048 19,507,950 Internal service funds are used to charge the costs of certain activities to
individual funds.The net revenue(expense)of the internal service funds is
reported with governmental activities. (75,578)
(2,350,398) 940,904
Contractually required contributions are reported as expenditures in
governmental funds; however,the statement of net position reports these
4,324,102 4,344,102 amounts as deferred outflows.
(305,625) (4,344,102) Pensions 1,270,616
4,018,477 - OPEB 23,807
1,668,079 940,904 Except for amounts reported as deferred inflows/outflows,changes in the net
pension and OPEB liabilities/assets are reported as pension and OPEB
8,254,490 19,492,246 expense in the statement of activities.
Pensions (590,947)
$ 9,922,569 $ 20,433,150 OPEB 332,938
Change in net position of governmental activities $ 2,879,888
23
CITY OF OXFORD, OHIO
Statement of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget (Non-GAAP) Basis
General Fund
Year Ended December 31, 2022
Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Property and other taxes $ 1,516,159 $ 1,630,535 $ 1,615,957 $ (14,578)
Income taxes 8,673,150 9,514,065 9,539,156 25,091
Intergovernmental 629,869 629,869 729,204 99,335
Charges for services 816,630 848,082 1,021,522 173,440
Fines, costs and forfeitures 174,400 174,400 209,438 35,038
Licenses, permits and inspections 495,000 495,000 420,652 (74,348)
Interest 60,273 60,273 102,047 41,774
Contributions 10,000 10,000 10,957 957
Other 165,500 203,000 192,776 (10,224)
Total revenues 12,540,981 13,565,224 13,841,709 276,485
Expenditures:
Current:
Security of persons and property 6,096,457 6,096,457 5,816,211 280,246
Public heath services 166,774 191,247 179,847 11,400
Leisure time activities 1,868,963 1,896,192 1,728,640 167,552
Community and economic development 1,093,260 1,136,162 974,928 161,234
General government 2,277,617 2,495,903 2,137,475 358,428
Total expenditures 11,503,071 11,815,961 10,837,101 978,860
Excess of revenues over expenditures 1,037,910 1,749,263 3,004,608 1,255,345
Other financing sources (uses):
Advances in 3,527,837 3,927,837 3,927,837 -
Advances out (3,527,837) (3,927,837) (3,927,837) -
Transfers in 156,904 171,282 171,282 -
Transfers out (1,393,477) (2,993,477) (2,993,477) -
Total otherfinancing sources (uses) (1,236,573) (2,822,195) (2,822,195) -
Net change in fund balance (198,663) (1,072,932) 182,413 $ 1,255,345
Fund balance, beginning of year 8,155,977 8,155,977 8,155,977
Prior year encumbrances appropriated 198,663 198,663 198,663
Fund balance, end ofyear $ 8,155,977 $ 7,281,708 $ 8,537,053
See accompanying notes to the basic financial statements.
24
CITY OF OXFORD, OHIO
Statement of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget (Non-GAAP) Basis
Fire and EMS Fund
Year Ended December 31, 2022
Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Income taxes $ 1,236,978 $ 1,366,331 $ 1,369,916 $ 3,585
Intergovernmental 77,000 77,000 315,278 238,278
Charges for services 775,000 775,000 734,171 (40,829)
Fines, costs, and forfeitures 25,000 25,000 50,000 25,000
Licenses, permits and inspections 3,000 3,000 6,525 3,525
Interest 14,135 14,135 15,205 1,070
Contributions - - 6,023 6,023
Other 35,000 35,000 27,341 (7,659)
Total revenues 2,166,113 2,295,466 2,524,459 228,993
Expenditures:
Current:
Security of persons and property 2,489,933 2,829,821 2,779,736 50,085
Capital outlay 970,480 970,480 852,980 117,500
Total expenditures 3,460,413 3,800,301 3,632,716 167,585
Excess of expenditures over revenues (1,294,300) (1,504,835) (1,108,257) 396,578
Other financing sources:
Transfers in 20,000 20,000 20,000 -
Net change in fund balance (1,274,300) (1,484,835) (1,088,257) $ 396,578
Fund balance, beginning ofyear 1,754,295 1,754,295 1,754,295
Prior year encumbrances appropriated 898,771 898,771 898,771
Fund balance, end of year $ 1,378,766 $ 1,168,231 $ 1,564,809
See accompanying notes to the basic financial statements.
25
CITY OF OXFORD, OHIO
Statement of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget (Non-GAAP) Basis
Parking Fund
Year Ended December 31, 2022
Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Charges for services $ 547,600 $ 547,600 $ 759,464 $ 211,864
Fines, costs, and forfeitures 120,000 120,000 206,907 86,907
Interest 2,441 2,441 4,713 2,272
Other 4,200 4,200 2,046 (2,154)
Total revenues 674,241 674,241 973,130 298,889
Expenditures:
Current:
Transportation 651,231 651,231 573,865 77,366
Excess of revenues over expenditures 23,010 23,010 399,265 376,255
Other financing uses:
Transfers out (75,485) (75,485) (75,485) -
Net change in fund balance (52,475) (52,475) 323,780 $ 376,255
Fund balance, beginning of year 325,567 325,567 325,567
Prior year encumbrances appropriated 5,338 5,338 5,338
Fund balance, end of year $ 278,430 $ 278,430 $ 654,685
See accompanying notes to the basic financial statements.
26
CITY OF OXFORD, OHIO
Statement of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget (Non-GAAP) Basis
Oxford Area Trails Property Tax Fund
Year Ended December 31, 2022
Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Property taxes $ 1,045,000 $ 1,045,000 $ 1,103,914 $ 58,914
Intergovernmental - - 8,879 8,879
Interest 709 709 2,471 1,762
Total revenues 1,045,709 1,045,709 1,115,264 69,555
Expenditures:
Current:
General government 15,000 15,000 11,145 3,855
Excess of revenues over expenditures 1,030,709 1,030,709 1,104,119 73,410
Other financing uses:
Transfers out (1,035,000) (1,035,000) (1,035,000) -
Net change in fund balance (4,291) (4,291) 69,119 $ 73,410
Fund balance, beginning of year 108,026 108,026 108,026
Fund balance, end of year $ 103,735 $ 103,735 $ 177,145
See accompanying notes to the basic financial statements.
27
CITY OF OXFORD, OHIO
Statement of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget (Non-GAAP) Basis
Coronavirus Local Fiscal Recovery Fund
Year Ended December 31, 2022
Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Intergovernmental $ 1,210,399 $ 1,220,063 $ 1,220,063 $ -
Interest - - 14,920 14,920
Total revenues 1,210,399 1,220,063 1,234,983 14,920
Expenditures:
Current:
Other 2,250,700 2,260,364 2,260,364 -
Net change in fund balance (1,040,301) (1,040,301) (1,025,381) $ 14,920
Fund balance, beginning of year 424 424 424
Prior year encumbrances appropriated 1,040,301 1,040,301 1,040,301
Fund balance, end of year $ 424 $ 424 $ 15,344
See accompanying notes to the basic financial statements.
28
CITY OF OXFORD,OHIO
Statement of Net Position
Proprietary Funds
December 31,2022
Business-type Activities-Enterprise Funds Governmental
Activities-
Non-major Internal Service
Water Sewer Refuse Stormwater Totals Funds
Assets
Current assets:
Equity in pooled cash and investments $ 8,827,234 $ 6,101,765 $ 2,334,904 $ 36,981 $17,300,884 $ 313,375
Receivables:
Accounts 207,688 225,450 113,730 - 546,868 177,113
Interest 13,343 9,223 3,529 - 26,095 388
Other 9,321 - - - 9,321 -
Prepaid items 2,595 2,963 - - 5,558 -
Materials and supplies inventory 478,983 65,598 - - 544,581 20,807
Total current assets 9,539,164 6,404,999 2,452,163 36,981 18,433,307 511,683
Noncurrent assets:
Net OPEB assets 190,733 229,798 34,470 - 455,001 -
Non-depreciable capital assets 556,267 41,818 17,000 - 615,085 -
Depreciable capital assets,net 11,451,410 13,465,081 193,297 - 25,109,788 -
Total noncurrent assets 12,198,410 13,736,697 244,767 - 26,179,874 -
Total assets 21,737,574 20,141,696 2,696,930 36,981 44,613,181 511,683
Deferred Outflows of Resources
Pension 243,697 301,084 42,837 - 587,618 -
OPEB 3,195 3,899 563 - 7,657 -
Total deferred outflows of resources 246,892 304,983 43,400 - 595,275 -
Liabilities
Current liabilities:
Accounts payable 38,357 46,842 120,690 - 205,889 -
Accrued salaries 31,865 37,389 7,458 - 76,712 -
Intergovernmental payable 29,179 37,415 4,941 - 71,535 -
Claims payable - - - - - 242,696
Compensated absences payable 71,196 86,972 7,554 - 165,722 -
Total current liabilities 17Q597 208,618 140,643 - 519,858 242,696
Long-term liabilities:
Landfill post-closure care payable - - 701,456 - 701,456 -
Compensated absences payable,net of current portion 108,889 110,867 22,113 - 241,869 -
Net pension liability 541,559 652,481 97,872 - 1,291,912 -
Total long-term liabilities 650,448 763,348 821,441 - 2,235,237 -
Totalliabilities 821,045 971,966 962,084 - 2,755,095 242,696
Deferred Inflows of Resources
Pension 656,985 791,548 118,732 - 1,567,265 -
OPEB 20Q697 241,804 36,271 - 478,772 -
Total deferred inflows of resources 857,682 1,033,352 155,003 - 2,046,037 -
Net Position
Investment in capital assets 12,007,677 13,506,899 21Q297 - 25,724,873 -
Restricted for capacity benefits 1,470,381 1,366,409 - - 2,836,790 -
Unrestricted 6,827,681 3,568,053 1,412,946 36,981 11,845,661 268,987
Total net position $ 20,305,739 $ 18,441,361 $ 1,623,243 $ 36,981 $ 268,987
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds 86,584
Total net position from above 40,407,324
Net position of business-type activities $40,493,908
See accompanying notes to the basic financial statements.
29
CITY OF OXFORD,OHIO
Statement of Revenues,Expenses
and Changes in Net Position
Proprietary Funds
Year Ended December 31,2022
Business-type Activities-Enterprise Funds Governmental
Activities-
Non-major Internal Service
Water Sewer Refuse Stormwater Totals Funds
Operating revenues
Charges for services $ 2,763,711 $ 2,871,373 $ 1,580,932 $ - $ 7,216,016 $ 2,383,401
Other 33,339 1,410 189 - 34,938 -
Total operating revenues 2,797,050 2,872,783 1,581,121 - 7,250,954 2,383,401
Operating expenses
Personnel services 1,007,757 1,214,581 174,810 - 2,397,148 -
Contractual services 492,271 596,755 1,522,733 29,630 2,641,389 45,382
Supplies and materials 734,953 158,430 9,231 - 902,614 267,261
Other 666 73,108 7,967 - 81,741 -
Claims - - - - - 2,173,076
Depreciation 645,609 834,054 11,492 - 1,491,155 -
Total operating expenses 2,881,256 2,876,928 1,726,233 29,630 7,514,047 2,485,719
Operating loss (84,206) (4,145) (145,112) (29,630) (263,093) (102,318)
Non-operating revenues
Interestrevenue (157,631) (108,940) (43,274) 364 (309,481) (2,258)
Intergovernmental 9,321 11,222 - - 20,543 -
Total non-operating revenues(expenses) (148,310) (97,718) (43,274) 364 (288,938) (2,258)
Loss before contributions (232,516) (101,863) (188,386) (29,266) (552,031) (104,606)
Capital contributions 121,218 103,350 - - 224,568 -
Change in net position (111,298) 1,487 (188,386) (29,266) (327,463) (104,606)
Net position,beginning of year 20,417,037 18,439,874 1,511,629 66,247 373,593
Net position,end of year $ 20,305,739 $ 18,441,361 $ 1,623,243 $ 36,981 $ 268,987
Adjustment to reflect the consolidation of internal service fund activities related to enterprise funds (29,�2$)
Changes in net position of business-type activities $ (356,491)
See accompanying notes to the basic financial statements.
30
CITY OF OXFORD,OHIO
Statement of Cash Flows
Proprietary Funds
Year Ended December 31,2022
Business-type Activities-Enterprise Funds Governmental
Activities-
Non-major Internal Service
Water Sewer Refuse Stormwater Totals Funds
Cash flows from operating activities:
Cash received from customers $ 2,757,745 $ 2,860,637 $ 1,616,061 $ - $ 7,234,443 $ 28,216
Cash receipts from interfund services provided - - - - - 2,273,556
Cash payments for employee services and benefits (1,406,453) (1,748,355) (255,236) - (3,410,044) -
Cash payments to suppliers for goods and services (774,584) (685,348) (1,546,209) (31,700) (3,037,841) (362,055)
Cash payments for employee medical claims - - - - - (2,116,752)
Cash payments for other operating expenses (3,809) (72,965) (69,384) - (146,158) -
Cash received from other operating revenue 33,339 1,410 189 - 34,938 -
Net cash flow from operating activities 606,238 355,379 (254,579) (31,700) 675,338 (177,035)
Cash flows from noncapital financing activities:
Advances from other funds - - - - - 5,000
Return advances to other funds - - - - - (5,000)
Net cash from noncapital financing activities - - - - - -
Cash flows from capital and related financing activities:
Acquisition of capital assets (295,509) (185,902) - - (481,411) -
Capital contribution for capacity 121,218 103,350 - - 224,568 -
Net cash flows from capital and related financing activities (174,291) (71,330) - - (245,621) -
Cash flows from investing activities:
Interest (157,818) (109,047) (42,754) 364 (309,255) (1,996)
Netchange 274,129 175,002 (297,333) (31,336) 120,462 (179,031)
Cash and pooled investments beginning of year 8,553,105 5,926,763 2,632,237 68,317 17,180,422 492,406
Cash and pooled investments end of year $ 8,827,234 $ 6,101,765 $ 2,334,904 $ 36,981 $ 17,300,884 $ 313,375
Reconciliation of operating(loss)to net cash
from operating activities:
Operating(loss) $ (84,206) $ (4,145) $ (145,112) $ (29,630) $ (263,093) $ (102,318)
Adjustments to reconcile operating(loss)to
net cash from operating activities:
Depreciation 645,609 834,054 11,492 - 1,491,155 -
Changes in assets,liabilities and deferrals:
Receivables (5,966) (10,736) 35,129 - 18,427 (81,629)
Materials and supplies inventory 393,169 559 - - 393,728 5,760
Accounts payable 14,894 25,617 8,483 (2,070) 46,924 (55,172)
Claims payable - - - - - 56,324
Accrued salaries and benefits 11,351 10,174 3,813 - 25,338 -
Intergovernmental payables 19,877 25,211 3,330 - 48,418 -
Compensated absences payable 12,742 (44,878) (1,436) - (33,572) -
Landfill post-closure liability - - (117,996) - (117,996) -
Deferred outflows-pension/OPEB (70,152) (85,349) (14,096) - (169,597) -
Net pension liability (366,683) (439,572) (53,502) - (859,757) -
Net OPEB asset (83,237) (100,547) (16,554) - (200,338) -
Deferred inflows-pension/OPEB 118,886 145,038 31,870 - 295,794 -
Net cash from operating activities $ 606,238 $ 355,379 $ (254,579) $ (31,700) $ 675,338 $ (177,035)
See accompanying notes to the basic financial statements.
31
CITY OF OXFORD, OHIO
Statement of Fiduciary Net Position
Custodial Funds
December 31, 2022
Custodial
Funds
Assets
Receivables:
Taxes $ 16,252
Liabilities
Due to local organizations 16,252
Net Position
Restricted for local organizations $ -
See accompanying notes to the basic financial statements.
32
CITY OF OXFORD, OHIO
Statement of Changes in Fiduciary Net Position
Custodial Funds
Year Ended December 31, 2022
Custodial
Funds
Additions
Hotel taxes collections for other organizations $ 280,299
Licenses and permit collections for the State 2,138
Total additions 282,437
Deductions
Distribution of hotel tax collections to other organizations 280,299
Distribution of license and permit collections to the State 2,138
Total deductions 282,437
Change in fiduciary net position -
Net position, beginning of year -
Net position, end of year $ -
See accompanying notes to the basic financial statements.
33
CITY OF OXFORD
THIS PAGE IS INTENTIONALLY LEFT BLANK
34
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The accompanying financial statements of the City of Oxford are prepared in conformity with generally
accepted accounting principles (GAAP) for local governmental units. The Governmental Accounting
Standards Board (GASB) is the accepted standard-setting body for establishing governmental accounting
and financial reporting principles. The significant accounting policies used in the preparation of these
financial statements are summarized below.
A. Reportinq Entitv
The City of Oxford (the "City") is a home rule municipal corporation organized under the laws of
the State of Ohio that operates under its own charter. The City was organized as a village in 1830
and the municipal charter was adopted in 1960. The municipal government provided by the
charter is known as a council-manager form of government. A seven-member council is elected,
and the council selects one of its members to serve as mayor. The council appoints a city
manager, an auditor/finance director, and a law director who execute the laws and administer the
government of the City. The city manager appoints all other employees of the City.
The reporting entity is comprised of the primary government, component units, and other
organizations that are included to ensure that the financial statements are fairly presented. The
primary government of the City consists of all funds and departments that comprise the legal
entity of the City. They provide various services including police and fire protection, parks and
recreation, planning, street maintenance and repair, community development, water, sewer and
refuse collection.
Component units are legally separate organizations for which the City is financially accountable.
The City is financially accountable for an organization if the City appoints a voting majority of the
organization's governing board and (1) the City is able to significantly influence the programs or
services performed or provided by the organization; or (2) the City is legally entitled to or can
otherwise access the organization's resources; or(3)the City is legally obligated or has otherwise
assumed the responsibility to finance the deficits of, or provide financial support to, the
organization; or (4) the City is obligated for the debt of the organization. Component units may
also include organizations for which the City approves the budget, the issuance of debt, or the
levying of taxes. The City has no component units. However, the City does report very limited
financial activity associated with the Oxford Community Improvement Corporation within its
financial statements. The City is associated with McCullough-Hyde Hospital, Inc., which is defined
as a related organization (Note 18).
B. Basis of Presentation
Government-wide Financial Statements
The statement of net position and the statement of activities display information about the City as
a whole. The statements distinguish between those activities that are governmental in nature,
which are normally supported by taxes and intergovernmental revenues; and business-type
activities, which rely to a significant extent upon fees and charges for support. Interfund and
internal service fund activities are generally eliminated to avoid the "doubling-up" effect on
revenues and expenses.
35
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—continued
The government-wide statements are prepared using the economic resources measurement
focus and the accrual basis of accounting, as are the proprietary and fiduciary fund statements.
Revenues are recorded when earned and expenses are recorded when a liability is incurred,
regardless of the timing of the related cash flows.
The government-wide statement of activities presents a comparison between direct expenses
and program revenues for each segment of the business-type activities of the City and for each
function of the City's governmental activities. Program revenues include charges paid by the
recipient of the goods or services offered by the program and grants and contributions that are
restricted to meeting the operational or capital requirements of a particular program. Revenues
not classified as program revenues are presented as general revenues. The comparison of
expenses with program revenues identifies the extent to which each governmental function or
business-type segment is self-financing or relies upon general revenues of the City.
Fund Financial Statements
Separate financial statements are provided for governmental funds, proprietary funds, and
fiduciary funds, even though the latter are excluded from the government-wide financial
statements. The focus of fund financial statements is on major funds rather than reporting funds
by type. Each major fund is presented in a separate column. All other funds are aggregated and
reported as non-major governmental or non-major proprietary funds.
The City uses funds to report on its financial position and the results of its operations. Fund
accounting is designed to demonstrate legal compliance and to aid financial management by
segregating transactions related to certain functions or activities. A fund is defined as a fiscal and
accounting entity with a self-balancing set of accounts recording cash and other financial
resources, together with all related liabilities, deferred outflows and inflows of resources and
residual equities or balances, and changes therein, which are segregated for the purpose of
carrying on specific activities or attaining certain objectives in accordance with special
regulations, restrictions or limitations.
Governmental funds are those through which most governmental functions typically are
financed. The following are the City's major governmental funds:
Genera/Fund- The General Fund is used to account for all financial resources except those
required to be accounted for in another fund. The General Fund balance is available to the
City for any purpose provided it is expended or transferred according to the general laws of
Ohio and the Charter of the City.
Fire and EMS Fund- To account for the City's fire and emergency medical services funded
by revenues from income taxes, EMS billings, and contributions.
Parking Fund-To account for operation of parking control activities within the City funded by
revenues from meter collections, garage fees and fines.
Oxford Area Trails Property Tax Fund— To account for property taxes levied for the Oxford
Area Trial.
Coronavirus Local Fiscal Recovery Fund - To account for monies received from the
Federal American Rescue Plan Act (ARPA) program and costs associated with the additional
response to the COVID-19 pandemic.
36
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—continued
Proprietary funds are used to account for the City's ongoing activities that are similar to those
found in the private sector where the intent of the governing body is that the cost of providing
goods and services to the general public be financed or recovered primarily through user
charges. The following are the City's major proprietary funds:
Water Fund-Accounts for the provision of water service to the City and surrounding areas.
Sewer Fund - Accounts for the provision of sanitary sewer service to the City and
surrounding areas.
Refuse Fund-Accounts for the provision of refuse collection and disposal to the City as well
as costs associated with the municipal landfill post-closure monitoring.
Additionally, the City reports the following fund types:
Internal Service Funds - to account for medical self-insurance and supplies provided to
other departments of the City on a cost-reimbursement basis.
Custodial Funds-to account for assets held in a fiduciary capacity on behalf of others.
C. Basis of Accountinq
Governmental funds. The accounting and financial reporting treatment applied to a fund is
determined by its measurement focus. All governmental fund types are accounted for using
current financial resources measurement focus. With this measurement focus, only current
assets, current liabilities and deferred inflows of resources are included on the balance sheet.
Operating statements of these funds present increases (i.e., revenues and other financing
sources) and decreases (i.e., expenditures and other financing uses) in current financial
resources.
All governmental fund types are accounted for using the modified accrual basis of accounting.
Under this basis, revenues are recognized in the accounting period when they become both
measurable and available. "Measurable" means the amount of the transaction can be determined
and "available" means collectible within the current period or soon enough thereafter to be used
to pay liabilities of the current period. The available period for the City is thirty-one days after
year-end. Expenditures are generally recognized in the accounting period in which the related
fund liability is incurred, if ineasurable. However, debt service expenditures, as well as
expenditures related to compensated absences, are recorded only when payment is due.
In applying the susceptible to accrual concept under the modified accrual basis, the following
revenue sources are deemed both measurable and available: interest earnings, state-levied
locally shared taxes (including gasoline tax), fines and forfeitures, grants, and municipal income
tax.
Since governmental funds' financial statements use a different measurement focus and basis of
accounting than the government-wide statements, governmental funds' financial statements
include reconciliations to the government-wide statements.
37
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—continued
Proprietary Funds. All proprietary funds - enterprise funds and internal service funds - are
accounted for on a flow of economic resources measurement focus. With this measurement
focus, all assets, deferred outflows and inflows of resources, and liabilities associated with the
operation of these funds are included on the statement of net position.
Proprietary fund operating statements present increases (i.e., revenues) and decreases (i.e.,
expenses) in total net position. Proprietary funds distinguish operating revenues and expenses
from non-operating items. Operating revenues and expenses generally result from providing
services and producing and delivering services in connection with a proprietary fund's principal
ongoing operations. All revenues and expenses not meeting this definition are reported as non-
operating revenues and expenses.
The accrual basis of accounting is utilized by the proprietary fund types. Under this method,
revenues are recognized when they are earned, and expenses are recognized at the time
liabilities are incurred.
Fiduciary Funds. The City's only fiduciary funds are custodial funds. Custodial funds are used
to account for assets held by the City for taxes and fees collected for the benefit of and distributed
to other governments and organizations. Custodial funds are accounted for using the accrual
basis of accounting. The City's custodial funds account for hotel taxes for Enjoy Oxford and
building permits for the Ohio Department of Commerce Board of Building Standards.
D. Pooled Cash and Investments
Cash balances of the City's funds are pooled and invested to improve cash management. For
purposes of the statement of cash flows, investments with original maturities of three months or
less are considered to be cash equivalents.
GASB Statement No. 72, Fair Value Measurement and Application addresses accounting and
financial reporting issues related to fair value measurements. This Statement provides guidance
for determining a fair value measurement for financial reporting purposes for applying fair value to
certain investments and disclosures related to all fair value measurements.
Interest earned by the City is distributed to the funds according to City Resolution which may be
inconsistent with the Ohio Revised Code. Interest earned during 2022 amounted to approximately
$285,000, before recognizing unrealized losses.
E. Prepaid Items
Payments made to vendors for services that will benefit periods beyond December 31, 2022 are
recorded as prepaid items using the consumption method by recording a current asset for the
prepaid amount and reflecting the expenditure/expense in the year in which services are
consumed.
F. Supplies Inventory
Inventories are presented at cost on first-in, first-out basis and are expended/expensed when
used. Inventory consists of expendable supplies.
38
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—continued
G. Capital Assets
Capital assets, which include property, infrastructure, plant and equipment, are reported in the
applicable governmental or business-type columns in the government-wide financial statements.
Capital assets utilized by governmental activities are reported in the governmental activities'
column of the government-wide statement of net position but are not reported in the fund financial
statements. Capital assets utilized by the proprietary funds are reported both in the business-type
activities column of the government-wide statement of net position and in the respective funds.
The City defines capital assets as those with an individual cost of more than $5,000 and an
estimated useful life in excess of one year. All capital assets are valued at cost where historical
records are available and at estimated historical cost where no historical records exist. Donated
capital assets are valued at their acquisition value on the date received. Interest on constructed
capital assets is capitalized. When capital assets are purchased, they are capitalized and
depreciated in the government-wide statements and the proprietary fund statements. Capital
assets are recorded as expenditures of the current period in the governmental fund financial
statements.
Depreciation is calculated using the straight-line method over the estimated useful lives of the
assets. The estimated useful lives are as follows:
Buildings 20 - 60 years
Equipment 5 -20 years
Improvements 20 - 60 years
Sewer lines/water lines 50 years
Infrastructure 50 years
H. Interfund Balances
During the course of operations, transactions occur between individual funds for goods provided
or services rendered. On fund financial statements, receivables and payables resulting from
interfund loans are classified as "advances to other funds" and "advances from other funds".
These amounts are eliminated on the governmental columns of the statement of net position,
except for any net residual amounts due between governmental and business-type activities,
which are presented as internal balances.
I. Deferred Outflows and Inflows of Resources
In addition to assets, the statement of financial position reports a separate section for deferred
outflow of resources. Deferred outflows of resources represent a consumption of net assets that
applies to a future period(s) and so will not be recognized as an outflow of resources (expense)
until then. For the City, deferred outflows of resources are reported on the government-wide
statement of net position for pensions and other postemployment benefits (OPEB) that are
explained in Notes 10 and 11.
In addition to liabilities, the statements of financial position report a separate section for deferred
inflows of resources. Deferred inflows of resources represent an acquisition of net assets that
applies to a future period(s) and so will not be recognized as an inflow of resources until that time.
For the City, deferred inflows of resources include property taxes and payments in lieu of taxes,
unavailable revenue, pensions and OPEB. Receivables for property taxes and payments in lieu of
taxes represent amounts that are measurable as of December 31, 2022, but are intended to
finance 2023 operations. These amounts have been recorded as deferred inflows of resources on
both the government-wide statement of net position and the governmental fund financial
statements.
39
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—continued
Unavailable revenue is reported only on the governmental fund financial statements and
represents receivables that will not be collected within the available period (thirty-one days after
year-end). Deferred inflows of resources related to pensions and OPEB are explained in Notes 10
and 11.
J. Compensated Absences
The City follows the provisions of GASB Statement No. 16, Accounting for Compensated
Absences. Vacation and compensatory time benefits are accrued as a liability as the benefits are
earned if the employees' rights to receive compensation are attributable to services already
rendered and it is probable that the City will compensate the employees for the benefits through
paid time off or some other means. Sick leave termination benefits are accrued using the vesting
method. The liability includes the employees who are currently eligible to receive termination
benefits and those employees for whom it is probable that they will become eligible to receive
payment in the future. The amount is based on accumulated sick leave and employees' wage
rates at year-end.
Vested vacation and sick leave is recorded as an expense in the government-wide statements for
the period in which the leave was earned. For governmental funds, a liability is recorded for
compensated absences only if they have matured, for example, as a result of employee
resignations and retirements.
Payment of vacation and sick leave recorded in the government-wide financial statements is
dependent upon many factors; therefore, timing of future payments is not readily determinable.
Management believes that sufficient resources will be available when payment is due.
K. Pensions and OPEB
For purposes of ineasuring the net pension and OPEB assets and liabilities, deferred outflows of
resources and deferred inflows of resources related to pensions and OPEB, and pension and
OPEB expenses, information about the fiduciary net position of the retirement systems and
additions to/deductions from their fiduciary net position have been determined on the same basis
as they are reported by the retirement systems. For this purpose, benefit payments (including
refunds of employee contributions) are recognized when due and payable in accordance with the
benefit terms. The retirement systems report investments at fair value.
L. Fund Balance
Fund balance is divided into five classifications based primarily on the extent to which the City is
bound to observe constraints imposed upon the use of the resources in the governmental funds.
The classifications are as follows:
Nonspendable — The nonspendable fund balance category includes amounts that cannot be
spent because they are not in a spendable form, or legally or contractually required to be
maintained intact. The "not in a spendable form" criterion includes items that are not expected to
be converted to cash. It also includes the long-term amount of loans receivable, as well as
property acquired for resale, unless the use of the proceeds from the collection of those
receivables or from the sale of those properties is restricted, committed, or assigned.
Restricted — Fund balance is reported as restricted when constraints placed on the use of
resources are either externally imposed by creditors (such as through debt covenants), grantors,
contributors, or laws or regulations of other governments or is imposed by law through
constitutional provisions.
40
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—continued
Committed—The committed fund balance classification includes amounts that can be used only
for the specific purposes imposed by a formal action (both ordinances and resolutions) of the City
Council. Those committed amounts cannot be used for any other purpose unless the City Council
removes or changes the specified use by taking the same type of action (ordinance or resolution)
it employed to previously commit those amounts. Committed fund balance also incorporates
contractual obligations to the extent that existing resources in the fund have been specifically
committed for use in satisfying those contractual requirements. The City did not have any
committed fund balances at year end.
Assigned—Amounts in the assigned fund balance classification are intended to be used by the
City for specific purposes but do not meet the criteria to be classified as restricted or committed.
In governmental funds other than the general fund, assigned fund balance represents the
remaining amount that is not restricted or committed. In the general fund, assigned amounts
represent intended uses established by the City Council. The City Council has authorized the
Finance Director to assign fund balance for purchases on order provided those amounts have
been lawfully appropriated.
Unassigned — Unassigned fund balance is the residual classification for the general fund and
includes all spendable amounts not contained in the other classifications. In other governmental
funds, the unassigned classification is used only to report a deficit balance resulting from
overspending for specific purposes for which amounts had been restricted, committed, or
assigned.
The City applies restricted resources first when expenditures are incurred for purposes for which
either restricted or unrestricted (committed, assigned, and unassigned) amounts are available.
Similarly, within unrestricted fund balance, committed amounts are reduced first, followed by
assigned, and then unassigned amounts when expenditures are incurred for purposes for which
amounts in any of the unrestricted fund balance classifications could be used.
M. Accountinq Estimates
The preparation of financial statements in conformity with generally accepted accounting
principles requires management to make estimates and assumptions that affect the amounts
reported in the financial statements and accompanying notes. Actual results may differ from those
estimates.
N. Grants and Other Intergovernmental Revenues
Grants made on the basis of entitlement periods are recorded as intergovernmental receivables
and revenues when entitlement occurs. All other reimbursement-type grants are recorded as
receivables and revenues when the related expenditures are incurred.
O. Net Position
Net position represents the difference between assets and deferred outflows of resources,
reduced by liabilities and deferred inflows of resources. Net investment in capital assets consists
of capital assets net of accumulated depreciation, reduced by the outstanding balances of any
borrowings used for the acquisition, construction, or improvement of those assets. Net position is
reported as restricted when there are limitations imposed on its use either through constitutional
provisions, enabling legislation or through external restrictions imposed by creditors, grantors,
contributors, or laws or regulations of other governments. At December 31, 2022, none of the
City's net position was restricted by enabling legislation.
41
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—continued
The net position restricted for other purposes result from special revenue funds and the restriction
on their net position use. When both restricted and non-restricted resources are available for
use, it is the City's policy to use non-restricted resources first, and then restricted resources, as
they are needed.
P. Budqetary Process
The budgetary process is prescribed by provisions of the Ohio Revised Code and entails the
preparation of budgetary documents within an established timetable. The major documents
prepared are the tax budget, the certificate of estimated resources, and the appropriation
ordinance, all of which are prepared on the budgetary basis of accounting. The certificate of
estimated resources and the appropriations ordinance are subject to amendment throughout the
year with the legal restriction that appropriations cannot exceed estimated resources, as certified.
All funds, other than fiduciary funds, are legally required to be budgeted and appropriated.
The legal level of budgetary control (the level at which transfers of budget amounts cannot be
made without legislative approval) is established at the department level and within each
department, the amount appropriated for each object. Budget transfers over $20,000 made
between departments within a function require council approval. Transfers of any amount from
one function to another, or increases in budget, require legal approval. For budgetary
presentation, all funds have two objects except for the General Fund; one object for personnel
services and another object for other services and charges.
Tax Budget
A tax budget of estimated revenues and expenditures is submitted to the County Auditor, as
Secretary of the County Budget Commission, by July 20 of each year, for the period January 1 to
December 31 of the following year.
Estimated Resources
The County Budget Commission determines if the budget substantiates a need to levy all of the
previously authorized taxes and reviews estimated revenue. The Commission certifies its actions
to the City by September 1. As part of this certification, the City receives the official certificate of
estimated resources that states the projected revenue of each fund. Prior to December 31, the
City must revise its budget so that total contemplated expenditures from any fund during the
ensuing year will not exceed the amount available as stated in the certificate of estimated
resources. The revised budget then serves as the basis for the appropriation ordinance. On or
before January 31, the certificate of estimated resources is amended to include any
unencumbered fund balances at December 31 of the preceding year. The certificate may be
further amended during the year if the fiscal officer determines that the revenue collected is
greater or less than the current estimates.
42
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 1 -SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES—continued
Appropriations
The annual appropriation ordinance must be passed no later than April 1 of each year for the
period January 1 to December 31. A temporary appropriation measure to control expenditures
may be passed on or about January 1 of each year for the period from January 1 to March 31.
The appropriation ordinance fixes spending authority at the fund and department level. The
appropriation ordinance may be amended during the year, as new information becomes
available, provided that total fund appropriations do not exceed current estimated resources, as
certified. The allocation of appropriations among departments and functions within a fund may be
modified with approval of both the city manager and finance director for those up to $20,000
made between departments, which are within a function. All other modifications may only be
made by resolution of City Council.
Encumbrances
As part of formal budgetary control, purchase orders, contracts, and other commitments for the
expenditure of monies are recorded as the equivalent of expenditures on the non-GAAP
budgetary basis in order to reserve that portion of the applicable appropriation and to determine
and maintain legal compliance. The Ohio Revised Code prohibits expenditures plus
encumbrances from exceeding appropriations. On the GAAP basis, encumbrances outstanding
at year-end are reported as restricted, committed, or assigned fund balance for governmental
funds since they do not constitute expenditures or liabilities.
Lapsing of Appropriations
At the close of each year, the unencumbered balance of each appropriation lapses and is
restored to the respective fund from which it was appropriated and becomes subject to future
appropriation. The encumbered appropriation balance is carried forward to the succeeding year
and is not reappropriated.
NOTE 2 - FUND DEFICITS
At December 31, 2022, the following funds had a deficit fund balance:
Parking $ 90,097
Coronavirus Local Fiscal Recovery 34,191
OVI Task Force 11,455
The General Fund provides transfers to cover fund deficit balances; however, this is done when cash is
needed.
NOTE 3 - BUDGETARY BASIS OF ACCOUNTING
While the City reports financial position, results of operations, and changes in fund balance on the basis
of generally accepted accounting principles (GAAP), the budgetary basis, as provided by law, requires
accounting for certain transactions according to cash receipts, disbursements, appropriations, and
encumbrances. The Statements of Revenues, Expenditures and Changes in Fund Balances- Budget and
Actual - Budget (Non-GAAP) Basis, are presented on the budgetary basis to provide a meaningful
comparison of actual results with the budget.
43
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 3 - BUDGETARY BASIS OF ACCOUNTING—continued
The major differences between the budget basis and GAAP basis are as follows:
1. Revenues are recorded when received in cash (budget basis) as opposed to when
susceptible to accrual (GAAP basis).
2. Expenditures are recorded when paid in cash (budget basis) as opposed to when the liability
is incurred (GAAP basis).
3. Outstanding year-end encumbrances are treated as expenditures (budget basis) rather than
as a restriction, commitment, or assignment of fund balance.
4. Advances in and advances out are operating transactions (budget basis) rather than as a due
from/due to other funds (GAAP basis).
The adjustments necessary to convert the results of operations for the year ended December 31, 2022, on
the GAAP basis to the budget basis are as follows:
Oxford Area Coronavirus
General Fire and EMS Parking Trails Property Local Fiscal
Fund Fund Fund Tax Fund Recovery Fund
Net change in fund balance- GAAP Basis $ (241,161) $ (834,034) $313,092 $ 69,119 $ (34,191)
Net adjustment for revenue accruals 362,766 (13,067) 12,130 - 931,512
Net adjustment for expenditure accruals (38,101) 81,929 73,708 - (882,401)
Encumbrances (72,373) (323,085) (9,665) - (1,040,301)
Othersources(uses) 171,282 - 65,485 - -
Net change in fund balance-Budget Basis $ 182,413 $(1,088,257) $323,780 $ 69,119 $ (1,025,381)
NOTE 4 - POOLED CASH AND INVESTMENTS
The City maintains a cash deposit and investment pool for all funds. Each fund's share of cash deposits
and investments is shown separately on the statement of net position and balance sheets as "Equity in
Pooled Cash and Investments".
State statutes classify monies held by the City into three categories.
Active deposits are public deposits necessary to meet current demands on the treasury. Such monies
must be maintained either as cash in the City Treasury, in commercial accounts payable or withdrawable
on demand, including negotiable order of withdrawal (NOW) accounts, or in money market deposit
accounts.
Inactive deposits are public deposits that Council has identified as not required for use within the current
five-year period of designation of depositories. Inactive deposits must be either evidenced by certificates
of deposit maturing not later than the end of the current period of designation of depositories, or by
savings or deposit accounts including, but not limited to, passbook accounts.
Interim deposits are deposits of interim moneys. Interim moneys are those moneys which are not needed
for immediate use, but which will be needed before the end of the current period of designation of
depositories. Interim deposits must be evidenced by time certificates of deposit maturing not more than
one year from the date of deposit or by savings or deposit accounts including passbook accounts.
44
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 4 - POOLED CASH AND INVESTMENTS—continued
Interim monies may be deposited or invested in the following securities:
(1) United States treasury notes, bills, bonds, or any other obligation or security issued by the
United States treasury or any other obligation guaranteed as to principal or interest by the
United States;
(2) Bonds, notes, debentures, or any other obligations or securities issued by any federal
government agency or instrumentality, including but not limited to, the Federal National
Mortgage Association, Federal Home Loan Bank, Federal Farm Credit Bank, Federal Home
Loan Mortgage Corporation, and Government National Mortgage Association. All federal
agency securities shall be direct issuances of federal government agencies or
instrumentalities;
(3) Written repurchase agreements in the securities listed above, provided that the fair value of
the securities subject to the repurchase agreement must exceed the principal value of the
agreement by at least two percent and be marked to fair value daily and that the term of the
agreement must not exceed thirty days;
(4) Bonds and other obligations of the State of Ohio;
(5) No-load money market funds consisting exclusively of obligations described in division (1) or
(2) of this section, and repurchase agreement secured by such obligations, provided that
investments in securities described in this division are made only through eligible institutions;
(6) The State Treasury Assets Reserve of Ohio (STAR Ohio); and
(7) Certain banker's acceptances (for a period not to exceed one hundred and eighty days) and
commercial paper notes (for a period not to exceed two hundred seventy days) in an amount
not to exceed 40 percent of the interim monies available for investment at any one time if
training requirements have been met.
(8) Under limited circumstance, corporate debt interests noted in either of the two highest rating
classifications by at least two nationally recognized rating agencies.
Protection of the City's deposits is provided by the Federal Deposit Insurance Corporation, by eligible
securities pledged by the financial institution as security for repayment, by surety company bonds
deposited with the treasurer by the financial institution or by a single collateral pool established by the
financial institution to secure the repayment of all public moneys deposited with the institution.
Investments in stripped principal or interest obligations, reverse repurchase agreements and
derivatives are prohibited. The issuance of taxable notes for the purpose of arbitrage, the use of
leverage and short selling are also prohibited. An investment must mature within five years from the
date of purchase unless matched to a specific obligation or debt of the City and must be purchased
with the expectation that it will be held to maturity. Investments may only be made through specified
dealers and institutions. Payment for investments may be made only upon delivery of the securities
representing the investments to the treasurer or qualified trustee or, if the securities are not
represented by a certificate, upon receipt of confirmation of transfer from the custodian.
Deposits: Custodial credit risk is the risk that in the event of a bank failure, the City's deposits may
not be returned to it. The City's custodial credit risk policy requires that deposits be collateralized as
required by ORC Chapter 135. Ohio law requires that deposits be placed in eligible banks or savings
and loan associations located in Ohio.
45
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 4 - POOLED CASH AND INVESTMENTS—continued
Any public depository in which the City places deposits must pledge as collateral eligible securities of
aggregate fair value equal to the excess of deposits not insured by the Federal Deposit Insurance
Corporation (FDIC). Financial institutions participating in the Ohio Pooled Collateral System (OPCS),
a centralized collateral system monitored by the Ohio Treasurer of State, must pledge eligible
securities equal to at least 102% of the carrying value of all public deposits held by each institution.
Financial institutions choosing not to participate in the OPCS must pledge eligible securities equal to
at least 105% of the carrying value of the all public deposits held by each institution. Obligations that
may be pledged as collateral are limited to obligations of the United States and its agencies and
obligations of any state, county, municipal corporation or other legally constituted authority of any
other state, or any instrumentality of such county, municipal corporation or other authority. Collateral
is held by trustees including the Federal Reserve Bank and designated third party trustees of the
financial institutions.
At year end, $14,321,755 of the City's bank balance of $14,836,667 was exposed to custodial risk
and was collateralized with securities held by the pledging financial institutions trust department or
agent but not in the City's name.
Investments: The City's investments at December 31, 2022 are summarized as follows:
Maturity
Greater
Balance at 6 months 7 to 12 13 to 18 19 to 24 than 24
Investment Type 12/31/22 or less months months months months
Federal Home Loan Bank Notes $ 4,571,816 $ 1,011,084 $ 510,374 $ 99,595 $ 2,053,667 $ 897,096
Federal Home Loan Mort.Corp.Notes 4,147,276 156,697 2,352,282 - - 1,638,297
Federal National Mort.Assoc.Notes 1,101,689 - - - 1,012,132 89,557
Federal Farm Credit Bank Notes 2,721,620 742,508 111,282 950,540 - 917,290
Negotiable Certificates of Deposit 8,281,239 2,464,001 727,413 1,926,422 1,435,595 1,727,808
U.S.Treasury Notes 3,265,935 699,134 1,227,200 1,339,601 - -
Commercial Paper 99,390 99,390 - - - -
U.S.Money Market Funds 1,151,544 1,151,544 - - - -
$ 25,340,509 $ 6,324,358 $ 4,928,551 $ 4,316,158 $ 4,501,394 $ 5,270,048
Credit Risk: It is the City's policy to limit its investments that are not obligations of the U.S.
Government or obligations explicitly guaranteed by the U.S. Government to investments which have a
credit quality of the top 2 ratings by nationally recognized statistical rating organizations. The City's
investments in Federal Agency Notes were rated AA+ by Standard & Poor's and Aaa by Moody's.
Custodial Credit Risk: Custodial credit risk is the risk that in the event of a failure of a counter party,
the City will not be able to recover the value of its investments or collateral securities that are in the
possession of an outside party. The City's investment securities are registered in the name of the
City.
46
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 4 - POOLED CASH AND INVESTMENTS—continued
Concentration of Credit Risk: Concentration of credit risk is defined as the risk of loss attributed to
the magnitude of a governmenYs investment in a single user. The City places no limit on the amount
that may be invested in any one issuer. The following table includes the percentage of each
investment type held by the City at December 31, 2022:
Balance at Percent
Investment Type 12/31/22 of Total
Federal Home Loan Bank Notes $ 4,571,816 18.04%
Federal Home Loan Mort. Corp. Notes 4,147,276 16.37%
Federal National Mort. Assoc. Notes 1,101,689 4.35%
Federal Farm Credit Bank Notes 2,721,620 10.74%
Negotiable Certificates of Deposit 8,281,239 32.68%
U.S. Treasury Notes 3,265,935 12.89%
Commercial Paper 99,390 0.39%
U.S. Money Market Funds 1,151,544 4.54%
$ 25,340,509 100.00%
Interest Rate Risk: Interest rate risk is the risk that changes in interest rates will adversely affect the
fair value of an investment. In accordance with the investment policy, the City manages its exposure
to declines in fair value by limiting the maximum maturity of investments in its portfolio to five years.
Fair Value Measurements: The City categorizes its fair value measurements within the fair value
hierarchy established by generally accepted accounting principles. The hierarchy is based on the
valuation inputs used to measure fair value of the asset. Level 1 inputs are quoted prices in active
markets for identical assets; Level 2 inputs are significant other observable inputs valued by pricing
sources used by the City's investment managers; Level 3 inputs are significant unobservable inputs.
The City has the following investments subject to recurring fair value measurements as of December
31, 2022:
Fair Value Measurements Using
Quoted Prices Significant
in Active Other Significant
Markets for Observable Unobservable
Balance at Identical Assets Inputs Inputs
Investments bv Fair Value Level 12/31/22 (Level 1) (Level 2) (Level 3)
Negotiable CDs $ 8,281,239 $ - $ 8,281,239 $ -
U.S. Treasury Notes 3,265,935 3,265,935 - -
Debt Securities:
U.S. Agency Obligations 12,542,401 - 12,542,401 -
Total $ 24,188,965 $ 3,265,935 $ 20,923,030 $ -
Investments classified in Level 2 of the fair value hierarchy are valued using pricing sources as provided
by the investment managers.
NOTE 5 - LOANS RECEIVABLE
Loans receivable consist of low-interest loans for development projects granted to eligible businesses
under the Community Development Block Grant (CDBG) program. The amount of loans outstanding at
December 31, 2022 is $201,588 and is considered fully collectible.
47
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 6 - PROPERTY TAXES
Property taxes are levied against all real, public utility and tangible (used in business) property located in
the City. Real property and public utility taxes collected during 2022 were levied on December 31, 2021
on assessed values listed as of January 1, 2021, the lien date. One-half of these taxes were due on
February 15, 2022 with the remaining balance due on July 20, 2022.
Assessed values of real property are established by State law at 35% of appraised market value. A
revaluation of all property is required to be completed no less than every six years with equalization
adjustments in the third year following reappraisal. Public utility property taxes are assessed on tangible
personal property as well as land improvements at true value (50% of cost).
The Butler County Treasurer collects property taxes on behalf of all taxing districts in the County,
including the City of Oxford. The County Auditor periodically remits to the City its portion of the taxes
collected. The full tax rate for all City operations for the year ended December 31, 2022, was $6.90 per
$1,000 of assessed value.
The assessed values of real property upon which 2022 property tax receipts were based are as follows:
Real Property Assessed Valuation $ 378,662,760
Public Utility Property Assessed Valuation 13,982,600
Total $ 392,645,360
NOTE 7 - INCOME TAX
The City levies a municipal income tax of 2.00% on substantially all income earned within the City which
includes .25% which was approved by voters for Fire and EMS services and collected for the first time in
2011. In addition, the residents of the City are required to pay income tax on income earned outside of
the City; however, the City allows a credit for income taxes paid to another municipality up to 100°/o of the
City's current tax rate. Employers within the City are required to withhold income tax on employee
compensation and remit the tax to the City quarterly. Corporations and other individual taxpayers are
required to pay their estimated tax quarterly and file a declaration annually.
Income tax proceeds are used for general fund operations, fire and EMS services, capital improvements,
debt service and other governmental functions when needed, as determined by the Council. In 2022, the
proceeds were receipted into the General and Fire and EMS Funds.
NOTE 8 - INTERFUND ASSETS/LIABILITIES
Advances to Advances from
Other Funds Other Funds
General Fund $ 9,004 $ -
Parking Fund - 660,000
Nonmajor Governmental Funds 660,000 9,004
$ 669,004 $ 669,004
The interfund loans were made to provide operating capital. The Parking Fund originally borrowed
$2,700,312 from the Capital Improvement Fund to construct a parking garage. This interfund loan is not
expected to be repaid within one year.
48
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 9 -CAPITAL ASSETS
Capital asset activity for the year ended December 31, 2022 was as follows:
Beginning Ending
Balance Increases Decreases Balance
Governmental Activities
Capital assets not being depreciated:
Land and right-of-way easements $ 14,491,737 $ 820,740 $ - $ 15,312,477
Construction in progress 675,940 248,515 (56,800) 867,655
Total capital assets not being depreciated 15,167,677 1,069,255 (56,800) 16,180,132
Capital assets being depreciated:
Buildings 19,947,666 80,868 - 20,028,534
Improvements 5,783,503 - - 5,783,503
Equipment 10,865,324 806,226 (392,477) 11,279,073
Infrastructure 54,456,719 1,069,996 (26,408) 55,500,307
Total capital assets being depreciated 91,053,212 1,957,090 (418,885) 92,591,417
Less accumulated depreciation:
Buildings (3,858,648) (464,888) - (4,323,536)
Improvements (5,494,318) (105,432) - (5,599,750)
Equipment (6,978,820) (508,682) 359,051 (7,128,451)
Infrastructure (26,564,920) (1,521,904) 26,408 (28,060,416)
Total accumulated depreciation (42,896,706) (2,600,906) 385,459 (45,112,153)
Total capital assets being depreciated, net 48,156,506 (643,816) (33,426) 47,479,264
Capital assets, net $ 63,324,183 $ 425,439 $ (90,226) $ 63,659,396
Depreciation expense was charged to governmental functions as follows:
Security of persons and property $ 423,901
Leisure time activities 413,843
Community and economic development 131,225
Transportation 1,512,647
General government 119,290
Total depreciation expense $ 2,600,906
49
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 9 -CAPITAL ASSETS—continued
Beginning Ending
Balance Increases Decreases Balance
Business-Type Activities
Capital assets not being depreciated:
Land $ 430,105 $ - $ - $ 430,105
Construction in progress 195,120 16,360 (26,500) 184,980
Total capital assets not being depreciated 625,225 16,360 (26,500) 615,085
Capital assets being depreciated:
Buildings 9,752,965 185,037 - 9,938,002
Improvements 8,028,233 29,565 - 8,057,798
Equipment 13,763,583 276,949 - 14,040,532
Infrastructure 34,927,149 - - 34,927,149
Total capital assets being depreciated 66,471,930 491,551 - 66,963,481
Less accumulated depreciation:
Buildings (6,760,497) (217,548) - (6,978,045)
Improvements (7,993,989) (8,768) - (8,002,757)
Equipment (9,026,329) (598,567) - (9,624,896)
Infrastructure (16,581,723) (666,272) - (17,247,995)
Total accumulated depreciation (40,362,538) (1,491,155) - (41,853,693)
Total capital assets being depreciated, net 26,109,392 (999,604) - 25,109,788
Capital assets, net $ 26,734,617 $ (983,244) $ (26,500) $ 25,724,873
Depreciation expense was charged to segments as follows:
Water $ 645,609
Sewer 834,054
Refuse 11,492
Total depreciation expense $ 1,491,155
NOTE 10 - DEFINED BENEFIT PENSION PLANS
Net Pension Liability
The net pension liability reported on the statement of net position represents a liability to employees for
pensions. Pensions are a component of exchange transactions—between an employer and its
employees—of salaries and benefits for employee services. Pensions are provided to an employee—on a
deferred-payment basis—as part of the total compensation package offered by an employer for employee
services each financial period. The obligation to sacrifice resources for pensions is a present obligation
because it was created as a result of employment exchanges that already have occurred.
The net pension liability represents the City's proportionate share of each pension plan's collective
actuarial present value of projected benefit payments attributable to past periods of service, net of each
pension plan's fiduciary net position. The net pension liability calculation is dependent on critical long-
term variables, including estimated average life expectancies, earnings on investments, cost of living
adjustments and others. While these estimates use the best information available, unknowable future
events require adjusting this estimate annually.
Ohio Revised Code limits the City's obligation for this liability to annually required payments. The City
cannot control benefit terms or the manner in which pensions are financed; however, the City does
receive the benefit of employees' services in exchange for compensation including pension.
50
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 10 - DEFINED BENEFIT PENSION PLANS—continued
GASB Statement No. 68 assumes the liability is solely the obligation of the employer, because (1) they
benefit from employee services; and (2) State statute requires all funding to come from these employers.
All contributions to date have come solely from these employers (which also includes costs paid in the
form of withholdings from employees). State statute requires the pension plans to amortize unfunded
liabilities within 30 years. If the amortization period exceeds 30 years, each pension plan's board must
propose corrective action to the State legislature. Any resulting legislative change to benefits or funding
could significantly affect the net pension liability. Resulting adjustments to net pension liability would be
effective when the changes are legally enforceable.
The proportionate share of each plan's unfunded benefits is presented as a long-term net pension liability
on the accrual basis of accounting. Any liability for the contractually-required pension contribution
outstanding at the end of the year is included in intergovernmental payable on both the accrual and
modified accrual bases of accounting.
Plan Description—Ohio Public Employees Retirement System (OPERS)
City employees, other than full-time police and firefighters, participate in the Ohio Public Employees
Retirement System (OPERS). OPERS administers three separate pension plans. The Traditional Pension
Plan is a cost-sharing, multiple-employer defined benefit pension plan. The Member-Directed Plan is a
defined contribution plan and the Combined Plan is a cost-sharing, multiple-employer defined benefit
pension plan with defined contribution features. While members (e.g., City employees) may elect the
Member-Directed Plan and the Combined Plan, the majority of employee members are in OPERS'
Traditional Plan; therefore, the following disclosures focus on the Traditional Pension Plan.
OPERS provides retirement, disability, survivor and death benefits, and annual cost of living adjustments
to members of the Traditional Plan. Authority to establish and amend benefits is provided by Chapter 145
of the Ohio Revised Code (ORC). OPERS issues a stand-alone financial report that includes financial
statements, required supplementary information and detailed information about OPERS' fiduciary net
position that may be obtained by visiting https://www.opers.orq/financial/reports.shtml, by writing to Ohio
Public Employees Retirement System, 277 East Town Street, Columbus, OH 43215-4642, or by calling
800-222-7377.
Senate Bill (SB) 343 was enacted into law with an effective date of January 7, 2013. In the legislation,
members were categorized into three groups with varying provisions of the law applicable to each group.
The following table provides age and service requirements for retirement and the retirement formula
applied to final average salary (FAS) for the three-member groups under the Traditional Pension Plan as
per the reduced benefits adopted by SB 343 (see OPERS' Annual Comprehensive Financial Report
referenced above for additional information):
Group A Group B Group C
Eligible to retire prior to 20 years of service credit prior to Members not in other Groups
January 7,2013 or five years January 7,2013 or eligible to retire and members hired on or after
after January 7,2013 ten years after January 7,2013 January 7,2013
State and Local State and Local State and Local
Age and Service Requirements: Age and Service Requirements: Age and Service Requirements:
Age 60 with 60 months of service Age 60 with 60 months of service credit Age 57 with 25 years of service credit
credit or Age 55 with 25 years of or Age 55 with 25 years of service or Age 62 with 5 years of service credit
service credit credit
Formula: Formula: Formula:
2.2°/o of FAS multiplied by years of 2.2%of FAS multiplied by year of 2.2%of FAS multiplied by years of
Service for the first 30 years and service for the first 30 years and 2.5% service for the first 35 years and 2.5%
2.5°/o for service years in excess of for service years in excess of 30 years for service years in excess of 35 years
30 years
51
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 10 - DEFINED BENEFIT PENSION PLANS—continued
Final average salary (FAS) represents the average of the three highest years of earnings over a
member's career for Groups A and B. Group C is based on the average of the five highest years of
earnings over a member's career.
Members who retire before meeting the age and years of service credit requirement for unreduced
benefits receive a percentage reduction in the benefit amount.
When a benefit recipient has received benefits for 12 months, an annual cost of living adjustment (COLA)
is provided. This COLA is calculated on the base retirement benefit at the date of retirement and is not
compounded. For those retiring prior to January 7, 2013, the COLA will continue to be a 3% simple
annual COLA. For those retiring subsequent to January 7, 2013, beginning in calendar year 2019, the
COLA will be based on the average percentage increase in the Consumer Price Index, capped at 3°/o.
Funding Policy—The ORC provides statutory authority for member and employer contributions. For 2022,
member contribution rates were 10% of salary and employer contribution rates were 14%. Employer
contribution rates are actuarially determined and are expressed as a percentage of covered payroll. The
City's contractually required contribution was $794,832 for 2022.
Plan Description—Ohio Police & Fire Pension Fund (OP&F)
City full-time police and firefighters participate in the Ohio Police & Fire Pension Fund (OP&F), a cost-
sharing, multiple-employer defined benefit pension plan administered by OP&F. OP&F provides
retirement and disability pension benefits, annual cost-of-living adjustments, and death benefits to plan
members and beneficiaries. Benefit provisions are established by the Ohio State Legislature and are
codified in Chapter 742 of the Ohio Revised Code (ORC). OP&F issues a publicly available financial
report that includes financial information and required supplementary information and detailed information
about OP&F fiduciary net position. The report may be obtained by visiting the OP&F website at www.op-
f.orq or by writing to the Ohio Police and Fire Pension Fund, 140 East Town Street, Columbus, OH
43215-5164.
Upon attaining a qualifying age with sufficient years of service, a member of OP&F inay retire and receive
a lifetime monthly pension. OP&F offers four types of service retirement: normal, service commuted,
age/service commuted and actuarially reduced. Each type has different eligibility guidelines and is
calculated using the member's average annual salary. The following discussion of the pension formula
relates to normal service retirement.
For members hired after July 1, 2013, the minimum retirement age is 52 for normal service retirement
with at least 25 years of service credit. For members hired on or before July 1, 2013, the minimum
retirement age is 48 for normal service retirement with at least 25 years of service credit.
The annual pension benefit for normal service retirement is equal to a percentage of the allowable
average annual salary. The percentage equals 2.5% for each of the first 20 years of service credit, 2.0%
for each of the next five years of service credit and 1.5% for each year of service credit in excess of 25
years. The maximum pension of 72% of the allowable average annual salary is paid after 33 years of
service credit.
Under normal service retirement, retired members who are at least 55 years old and have been receiving
OP&F benefits for at least one year may be eligible for a cost-of-living adjustment (COLA). The age 55
provision for receiving a COLA does not apply to those who are receiving a permanent and total disability
benefit and statutory survivors.
52
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 10 - DEFINED BENEFIT PENSION PLANS—continued
Members retiring under normal service retirement, with less than 15 years of service credit on July 1,
2013, will receive a COLA equal to either 3°/o or the percent increase, if any, in the consumer price index
(CPI) over the 12-month period ending September 30 of the immediately preceding year, whichever is
less. The COLA amount for members with at least 15 years of service credit as of July 1, 2013 is equal to
3% of their base pension or disability benefit.
Funding Policy—The ORC provides statutory authority for member and employer contributions as follows:
Police Firefighters
2022 Statutory Maximum Contribution Rates
Employer 19.50 % 24.00 %
Employee 12.25 % 12.25 %
2022 Actual Contribution Rates
Employer:
Pension 19.00 % 23.50 %
Post-employment Health Care Benefits 0.50 % 0.50 %
Total Employer 19.50 % 24.00 %
Employee 12.25 % 12.25 %
Employer contribution rates are expressed as a percentage of covered payroll. The City's contractually
required contribution to OP&F was $788,430 for 2022.
Pension Liabilities, Pension Expense, and Deferred Outflows of Resources and Deferred Inflows
of Resources Related to Pensions
The net pension liability for OPERS was measured as of December 31, 2021 and the total pension
liability used to calculate the net pension liability was determined by an actuarial valuation as of that date.
OP&F's total pension liability was measured as of December 31, 2021, and was determined by rolling
forward the total pension liability as of January 1, 2021, to December 31, 2021. The City's proportion of
the net pension liability was based on the City's share of contributions to the pension plan relative to the
contributions of all participating entities. Following is information related to the proportionate share:
OPERS OP&F Total
Proportionate Share of Net
Pension Liability $ 3,262,404 $ 8,274,636 $ 11,537,040
Proportion of Net Pension
Liability 0.037497% 0.132449%
Change in Proportion 0.000988% 0.006202%
Pension Expense $ (489,109) $ 868,556 $ 379,447
53
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 10 - DEFINED BENEFIT PENSION PLANS—continued
Net pension liabilities are generally liquidated from the General, Parking, Street and enterprise funds. At
December 31, 2022, the City reported deferred outflows of resources and deferred inflows of resources
related to pensions from the following sources:
OPERS OP&F Total
Deferred Outflows of Resources
Differences between expected
and actual experience $ 166,312 $ 238,593 $ 404,905
Change in assumptions 407,960 1,512,249 1,920,209
Change in proportionate share and
difference in employer contributions 120,102 815,555 935,657
City contributions subsequent to
the measurement date 794,832 788,430 1,583,262
$ 1,489,206 $ 3,354,827 $ 4,844,033
Deferred Inflows of Resources
Differences between expected
and actual experience $ 71,553 $ 430,167 $ 501,720
Net differences between projected
and actual investment earnings 3,880,510 2,169,482 6,049,992
Change in proportionate share and
difference in employer contributions 5,677 389,774 395,451
$ 3,957,740 $ 2,989,423 $ 6,947,163
$1,583,262 reported as deferred outflows of resources related to pension resulting from City contributions
subsequent to the measurement date will be recognized as a reduction of the net pension liability in the
year ending December 31, 2023. Other amounts reported as deferred outflows of resources and deferred
inflows of resources related to pension will be recognized in pension expense as follows:
OPERS OP&F Total
Year Ending December 31:
2023 $ (433,270) $ 269,369 $ (163,901)
2024 (1,300,332) (498,868) (1,799,200)
2025 (912,465) (245,117) (1,157,582)
2026 (617,299) (158,563) (775,862)
2027 - 210,153 210,153
$ (3,263,366) $ (423,026) $ (3,686,392)
Actuarial Assumptions—OPERS
Actuarial valuations of an ongoing plan involve estimates of the values of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality and cost trends. Actuarially determined amounts are
subject to continual review or modification as actual results are compared with past expectations and new
estimates are made about the future.
54
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 10 - DEFINED BENEFIT PENSION PLANS—continued
Projections of benefits for financial reporting purposes are based on the substantive plan (the plan as
understood by the employers and plan members) and include the types of benefits provided at the time of
each valuation. The total pension liability in the December 31, 2021 actuarial valuation was determined
using the following actuarial assumptions:
Wage inflation:
Current measurement period 2.75%
Prior measurement period 3.25%
Future salary increases
(including inflation):
Current measurement period 2.75% to 10.75%
Prior measurement period 3.25% to 10.75%
COLA or Ad Hoc COLA Pre 1/7/2013 retirees: 3°/a simple;
Post 1/7/2013 retirees: 3% simple through
2022, then 2.05% simple
Investment rate of return:
Current measurement period 6.90%
Prior measurement period 7.20%
Actuarial cost method Individual entry age
Pre-retirement mortality rates are based on 130% of the Pub-2010 General Employee Mortality tables
(males and females) for State and Local Government divisions and 170% of the Pub-2010 Safety
Employee Mortality tables (males and females) for the Public Safety and Law Enforcement divisions.
Post-retirement mortality rates are based on 115°/o of the PubG-2010 Retiree Mortality Tables (males and
females) for all divisions. Post-retirement mortality rates for disabled retirees are based on the PubNS-
2010 Disabled Retiree Mortality Tables (males and females) for all divisions. For all of the previous
described tables, the base year is 2010 and mortality rates for a particular calendar year are determined
by applying the MP-2020 mortality improvement scales (males and females)to all of these tables.
The most recent experience study was completed for the five-year period ended December 31, 2020.
During 2021, OPERS managed investments in three investment portfolios: the Defined Benefit portfolio,
the Health Care portfolio and the Defined Contribution portfolio. The Defined Benefit portfolio contains the
investment assets of the Traditional Pension Plan, the defined benefit component of the Combined Plan
and the annuitized accounts of the Member-Directed Plan. Within the Defined Benefit portfolio,
contributions into the plans are all recorded at the same time, and benefit payments all occur on the first
of the month. Accordingly, the money-weighted rate of return is considered to be the same for all plans
within the portfolio. The annual money-weighted rate of return expressing investment performance, net of
investment expenses and adjusted for the changing amounts actually invested, for the Defined Benefit
portfolio was a gain of 15.3% for 2021.
55
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 10 - DEFINED BENEFIT PENSION PLANS—continued
The allocation of investment assets within the Defined Benefit portfolio is approved by the Board of
Trustees in the annual investment plan. Plan assets are managed on a total return basis with a long-term
objective of achieving and maintaining a fully funded status for the benefits provided through the defined
benefit pension plans. The long-term expected rate of return on defined benefit investment assets was
determined using a building-block method in which best-estimate ranges of expected future rates of
return are developed for each major asset class. These ranges are combined to produce the long-term
expected rate of return by weighting the expected future rates of return by the target asset allocation
percentage, adjusted for inflation. Best estimates of arithmetic rates of return were provided by the
Board's investment consultant. For each major asset class that is included in the Defined Benefit
portfolio's target asset allocation as of December 31, 2021, these best estimates are summarized in the
following table:
Weighted Average
Long-Term Expected
Target Real Rate of Return
Asset Class Allocation (Arithmetic)
Fixed Income 24.00% 1.03%
Domestic Equities 21.00°/a 3.78%
Real Estate 11.00% 3.66%
Private Equity 12.00% 7.43%
International Equities 23.00% 4.88%
Risk Parity 5.00% 2.92%
Other Investments 4.00% 2.85%
Total 100.00% 4.21%
Discount Rate. The discount rate used to measure the total pension liability was 6.9%. The projection of
cash flows used to determine the discount rate assumed that contributions from plan members and those
of the contributing employers are made at the statutorily required rates. Based on those assumptions, the
pension plan's fiduciary net position was projected to be available to make all projected future benefit
payments of current plan members. Therefore, the long-term expected rate of return on pension plan
investments was applied to all periods of projected benefit payments to determine the total pension
liability.
Sensitivity of the City's Proportionate Share of the Net Pension Liability to Changes in the
Discount Rate. The following table represents the City's proportionate share of the net pension liability
calculated using the current period discount rate assumption of 6.9%, as well as what the City's
proportionate share of the net pension liability would be if it were calculated using a discount rate that is
one-percentage point lower(5.9%) and one-percentage point higher(7.9%)than the current rate:
Current
1% Decrease Discount 1% Increase
(5.9°/o) Rate of 6.9% (7.9%)
City's proportionate share
of the net pension liability $ 8,601,872 $ 3,262,404 $ (1,180,465)
56
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 10 - DEFINED BENEFIT PENSION PLANS—continued
Actuarial Assumptions—OP&F
OP&F's total pension liability as of December 31, 2021 is based on the results of an actuarial valuation
date of January 1, 2021, and rolled-forward using generally accepted actuarial procedures. The total
pension liability is determined by OP&F's actuaries in accordance with GASB Statement No. 67, as part
of their annual valuation. Actuarial valuations of an ongoing plan involve estimates of reported amounts
and assumptions about probability of occurrence of events far into the future. Examples include
assumptions about future employment mortality, salary increases, disabilities, retirements and
employment terminations. Actuarially determine amounts are subject to continual review and potential
modifications, as actual results are compared with past experiences and new estimates are made about
the future.
Key methods and assumptions used in calculating the total pension liability in the latest actuarial
valuation, prepared as of January 1, 2021, are presented below:
Valuation date January 1, 2021 with actuarial liabilities rolled
forward to December 31, 2021
Actuarial cost method Entry age normal
Investment rate of return:
Current measurement period 7.50%
Prior measurement period 8.00%
Projected salary increases 3.75%to 10.50%
Payroll growth 2.75% plus productivity increase rate of 0.5%
Inflation assumptions 2.75%
Cost of living adjustments 2.20°/o simple per year
Mortality for non-disabled participants is based on the RP-2014 Total Employee and Healthy Annuitant
Mortality Tables rolled back to 2006, adjusted and projected with the Buck Modified 2016 Improvement
Scale. Rates for surviving beneficiaries are adjusted by 120%.
Age Police Fire
67 or less 77°/a 68%
68-77 105% 87%
78 and up 115% 120%
Mortality for disabled retirees is based on the RP-2014 Disabled Mortality Tables rolled back to 2006,
adjusted according to the rates in the following table, and projected with the Buck Modified 2016
Improvement Scale.
Age Police Fire
59 or less 35% 35%
60-69 60% 45%
70-79 75% 70%
80 and up 100% 90%
The most recent experience study was completed for the five-year period ended December 31, 2016.
57
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 10 - DEFINED BENEFIT PENSION PLANS—continued
The long-term expected rate of return on pension plan investments was determine using a building-block
approach and assumes a time horizon, as defined in OP&F's Statement of Investment Policy. A
forecasted rate of inflation serves as the baseline for the return expected. Various real return premiums
over the baseline inflation rate have been established for each asset class. The long-term expected
nominal rate of return has been determined by calculating a weighted average of expected real return
premiums for each asset class, adding the projected inflation rate and adding the expected return from
rebalancing uncorrelated asset classes. Best estimates of the long-term expected geometric real rates of
return for each major asset class included in OP&F's target asset allocation as of December 31, 2021 are
summarized below:
Long-Term
Expected
Target Real Rate
Asset Class Allocation of Return
Cash and cash equivalents 0.0% 0.00%
Domestic equity 21.0% 3.60°/a
Non-U.S. equity 14.0% 4.40%
Private markets 8.0% 6.80%
Core fixed income* 23.0% 1.10°/a
High yield fixed income 7.0% 3.00%
Private credit 5.0% 4.50%
U.S. inflation linked bonds* 17.0% 0.80°/o
Midstream energy infrastructure 5.0% 5.00%
Real assets 8.0% 5.90°/o
Gold 5.0% 2.40%
Private real estate 12.0% 4.80%
125.0%
Note:Assumptions are geometric. *Levered 2x
OP&F's Board of Trustees has incorporated the risk parity concept into OP&F's asset liability valuation
with the goal of reducing equity risk exposure, which reduces overall Total Portfolio risk without sacrificing
return and creating a more risk-balanced portfolio based on their relationship between asset classes and
economic environments. From the notional portfolio perspective above, the Total Portfolio may be levered
up to 1.25 times due to the application of leverage in certain fixed income asset classes.
Discount Rate. The total pension liability was calculated using the discount rate of 7.5°/o. The projection
of cash flows used to determine the discount rate assumed the contributions from employers and from
the members would be computed based on contribution requirements as stipulated by state statute.
Projected inflows from investment earnings were calculated using the longer-term assumed investment
rate of return of 7.5%. Based on those assumptions, OP&F's fiduciary net position was projected to be
available to make all future benefit payments of current plan members. Therefore, a long-term expected
rate of return on pension plan investments was applied to all periods of projected benefits to determine
the total pension liability.
Sensitivity of the City's Proportionate Share of the Net Pension Liability to Changes in the
Discount Rate. Net pension liability is sensitive to changes in the discount rate, and to illustrate the
potential impact the following table presents the net pension liability calculated using the discount rate of
7.5°/o, as well as what the net pension liability would be if it were calculated using a discount rate that is
one-percentage point lower(6.5%)or one-percentage point higher(8.5%)than the current rate.
Current
1% Decrease Discount 1% Increase
(6.5%) Rate of 7.5% (8.5%)
City's proportionate share
of the net pension liability $ 12,271,172 $ 8,274,636 $ 4,946,511
58
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 11 - DEFINED BENEFIT OTHER POSTEMPLOYMENT BENEFITS
Net OPEB Liability/(Asset)
The net OPEB liability/(asset) represents the City's proportionate share of each OPEB plan's collective
actuarial present value of projected benefit payments attributable to past periods of service, net of each
OPEB plan's fiduciary net position. The net OPEB liability/(asset) calculation is dependent on critical long-
term variables, including estimated average life expectancies, earnings on investments, cost of living
adjustments, health care cost trends and others. While these estimates use the best information
available, unknowable future events require adjusting these estimates annually.
Ohio Revised Code limits the City's obligation for this liability to annual required payments. The City
cannot control benefit terms or the manner in which OPEB are financed; however, the City does receive
the benefit of employees' services in exchange for compensation including OPEB.
GASB Statement No. 75 assumes the liability is solely the obligation of the employer, because they
benefit from employee services. OPEB contributions come from these employers and health care plan
enrollees which pay a portion of the health care costs in the form of a monthly premium. The Ohio
Revised Code permits, but does not require the retirement systems to provide health care to eligible
benefit recipients. Any change to benefits or funding could significantly affect the net OPEB
liability/(asset). Resulting adjustments to the net OPEB liability/(asset) would be effective when the
changes are legally enforceable. The retirement systems may allocate a portion of the employer
contributions to provide for these OPEB benefits.
The proportionate share of each plan's unfunded benefits is presented as a long-term net OPEB asset or
net OPEB liability on the accrual basis of accounting. Any liability for contractually-required OPEB
contributions outstanding at the end of the year is included in intergovernmental payable on both the
accrual and modified accrual bases of accounting.
Plan Description—Ohio Public Employees Retirement System (OPERS)
The Ohio Public Employees Retirement System (OPERS) administers three separate pension plans: the
Traditional Pension Plan, a cost-sharing, multiple-employer defined benefit plan; the Member-Directed
Plan, a defined contribution plan; and the Combined Plan, a cost-sharing, multiple-employer defined
benefit plan that has elements of both a defined benefit and defined contribution plan.
OPERS maintains a cost-sharing, multiple-employer defined benefit post-employment health care trust,
which funds multiple health care plans including medical coverage, prescription drug coverage and
deposits to a Health Reimbursement Arrangement to qualifying benefit recipients of both the Traditional
Pension and Combined plans. This trust is also used to fund health care for Member-Directed plan
participants, in the form of a Retiree Medical Account (RMA). At retirement or refund, Member-Directed
plan participants may be eligible for reimbursement of qualified medical expenses from their vested RMA
balance.
Effective January 1, 2022, OPERS discontinued the group plans currently offered to non-Medicare
retirees and re-employed retirees. Instead, eligible non-Medicare retirees will select an individual medical
plan. OPERS will provide a subsidy or allowance via a Health Reimbursement Arrangement allowance to
those retirees who meet health care eligibility requirements. Retirees will be able to seek reimbursement
for plan premiums and other qualified medical expenses.
59
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 11 - DEFINED BENEFIT OTHER POSTEMPLOYMENT BENEFITS—continued
In order to qualify for postemployment health care coverage, age and service retirees under the
Traditional Pension and Combined plans must have twenty or more years of qualifying Ohio service
credit. Health care coverage for disability benefit recipients and qualified survivor benefit recipients is
available. The health care coverage provided by OPERS meets the definition of an OPEB as described in
GASB Statement No. 75. See OPERS' Annual Comprehensive Financial Report referenced below for
additional information.
The Ohio Revised Code permits, but does not require, OPERS to provide health care to its eligible benefit
recipients. Authority to establish and amend health care coverage is provided to the Board in Chapter 145
of the Ohio Revised Code.
Disclosures for the health care plan are presented separately in the OPERS financial report. Interested
parties may obtain a copy by visiting https://www.opers.orq/financial/reports.shtml, by writing to OPERS,
277 East Town Street, Columbus, Ohio 43215-4642, or by calling (614) 222-5601 or 800-222-7377.
Funding Policy—The Ohio Revised Code provides statutory authority requiring public employers to fund
postemployment health care through their contributions to OPERS. When funding is approved by
OPERS' Board of Trustees, a portion of each employer's contribution to OPERS is set aside to fund
OPERS health care plans.
Employer contribution rates are expressed as a percentage of the earnable salary of active members. In
2022, state and local employers contributed at a rate of 14.0% of earnable salary and public safety and
law enforcement employers contributed at 18.1%. These are the maximum employer contribution rates
permitted by the ORC. Active member contributions do not fund health care.
Each year, the OPERS Board determines the portion of the employer contribution rate that will be set
aside to fund health care. The portion of employer contributions allocated to health care for members in
the Traditional Pension Plan was 0% during calendar year 2022. For the Combined Plan, the portion of
the employer contributions allocated to health care was 0°/o from January 1, 2022 to June 30, 2022, and
was 2%from July 1, 2022 to December 31, 2022.
As recommended by OPERS' actuary, the portion of employer contributions allocated to health care
beginning January 1, 2023 remains at 0% for the Traditional Pension Plan and 2% for the Combined
Plan. The OPERS Board is also authorized to establish rules for the retiree or their surviving beneficiaries
to pay a portion of the health care provided. Payment amounts vary depending on the number of covered
dependents and the coverage selected. The employer contribution as a percentage of covered payroll
deposited into the RMA for participants in the Member-Directed Plan for 2022 was 4.0%.
The City's contractually required contribution to the OPERS Member-Directed Plan was $6,521 for 2022.
Plan Description—Ohio Police &Fire Pension Fund(OP&F)
The City contributes to the Ohio Police and Fire Pension Fund (OP&F) sponsored healthcare program, a
cost-sharing, multiple-employer defined postemployment healthcare plan administered by a third-party
provider. This program is not guaranteed and is subject to change at any time upon action of the Board of
Trustees. OP&F provides health care benefits including coverage for medical, prescription drug, dental,
vision, and Medicare Part B premiums to retirees, qualifying benefit recipients and their eligible
dependents.
OP&F provides access to postretirement health care coverage for any person who receives or is eligible
to receive a monthly service, disability, or statutory survivor benefit, or is a spouse or eligible dependent
child of such person. The health care coverage provided by OP&F meets the definition of an OPEB as
described in GASB Statement No. 75.
60
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 11 - DEFINED BENEFIT OTHER POSTEMPLOYMENT BENEFITS—continued
The Ohio Revised Code allows, but does not mandate, OP&F to provide OPEB. Authority for the OP&F
Board of Trustees to provide health care coverage to eligible participants and to establish and amend
benefits is codified in Chapter 742 of the Ohio Revised Code.
OP&F issues a publicly available financial report that includes financial information and required
supplementary information for the plan. The report may be obtained by visiting the OP&F website at
www.op-f.orq or by writing to Ohio Police and Fire Pension Fund, 140 East Town Street, Columbus, Ohio
43215-5164.
Funding Policy—The Ohio Revised Code provides for contribution requirements of the participating
employers and of plan members to the OP&F defined benefit pension plan. Participating employers are
required to contribute to the pension plan at rates expressed as percentages of the payroll of active
pension plan members, currently 19.5% and 24.0% of covered payroll for police and fire employer units,
respectively. The Ohio Revised Code states that the employer contribution may not exceed 19.5% of
covered payroll for police employer units and 24.0% of covered payroll for fire employer units. Active
members do not make contributions to the OPEB plan.
OP&F inaintains funds for health care in two separate accounts. There is one account for health care
benefits and one account for Medicare Part B reimbursements. A separate health care trust accrual
account is maintained for health care benefits under IRS Code Section 115 trust. An IRS Code Section
401(h)account is maintained for Medicare Part B reimbursements.
The Board of Trustees is authorized to allocate a portion of the total employer contributions made into the
pension plan to the Section 115 trust and the Section 401(h) account as the employer contribution for
retiree health care benefits. For 2022, the portion of the employer contributions allocated to health care
was 0.5% of covered payroll. The amount of employer contributions allocated to the health care plan each
year is subject to the Trustees' primary responsibility to ensure that pension benefits are adequately
funded and is limited by the provisions of Section 115 and 401(h).
The OP&F Board of Trustees is also authorized to establish requirements for contributions to the health
care plan by retirees and their eligible dependents or their surviving beneficiaries. Payment amounts vary
depending on the number of covered dependents and the coverage selected.
The City's contractually required contribution to OP&F was $19,459 for 2022.
OPEB Assets and Liabilities, OPEB Expense, and Deferred Outflows and Inflows of Resources
Related to OPEB
The net OPEB asset and total OPEB liability for OPERS were determined by an actuarial valuation as of
December 31, 2020, rolled forward to the measurement date of December 31, 2021, by incorporating the
expected value of health care cost accruals, the actual health care payment, and interest accruals during
the year. OP&F's total OPEB liability was measured as of December 31, 2021 and was determined by
rolling forward the total OPEB liability as of January 1, 2021 to December 31, 2021. The City's proportion
of the net OPEB liability/(asset) was based on the City's share of contributions to the respective
retirement systems relative to the contributions of all participating entities.
61
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 11 - DEFINED BENEFIT OTHER POSTEMPLOYMENT BENEFITS—continued
The following is information related to the proportionate share and OPEB expense:
OPERS OP&F Total
Proportionate Share of Net
OPEB Liability/(Asset) $ (1,148,991) $ 1,451,753 $ 302,762
Proportion of Net OPEB
Liability/(Asset) 0.036684% 0.132449%
Change in Proportion 0.000769% 0.006202%
OPEB Expense $ (1,023,766) $ 283,249 $ (740,517)
Net OPEB liabilities are generally liquidated from the General Fund. At December 31, 2022, the City
reported deferred outflows of resources and deferred inflows of resources related to OPEB from the
following sources:
OPERS OP&F Total
Deferred Outflows of Resources
Differences between expected
and actual experience $ - $ 66,039 $ 66,039
Change in assumptions - 642,589 642,589
Change in proportionate share and
difference in employer contributions 13,849 544,242 558,091
City contributions subsequent to
the measurement date 6,521 19,459 25,980
$ 20,370 $ 1,272,329 $ 1,292,699
Deferred Inflows of Resources
Differences between expected
and actual experience $ 174,284 $ 191,870 $ 366,154
Net differences between projected
and actual investment earnings 547,758 131,143 678,901
Change in assumptions 465,098 168,612 633,710
Change in proportionate share and
difference in employer contributions 21,879 49,018 70,897
$ 1,209,019 $ 540,643 $ 1,749,662
$25,980 reported as deferred outflows of resources related to OPEB resulting from City contributions
subsequent to the measurement date will be recognized as a reduction of the net OPEB liability or an
increase in the net OPEB asset in the year ending December 31, 2023.
62
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 11 - DEFINED BENEFIT OTHER POSTEMPLOYMENT BENEFITS—continued
Other amounts reported as deferred outflows and inflows of resources related to OPEB will be recognized
in OPEB expense as follows:
OPERS OP&F Total
Year Ending December 31:
2023 $ (747,587) $ 223,428 $ (524,159)
2024 (249,234) 203,959 (45,275)
2025 (119,682) 194,159 74,477
2026 (78,667) 20,934 (57,733)
2027 - 33,370 33,370
Thereafter - 36,377 36,377
$ (1,195,170) $ 712,227 $ (482,943)
Actuarial Assumptions—OPERS
Actuarial valuations of an ongoing plan involve estimates of the value of reported amounts and
assumptions about the probability of occurrence of events far into the future. Examples include
assumptions about future employment, mortality, and cost trends. Actuarially determined amounts are
subject to continual review or modification as actual results are compared with past expectations and new
estimates are made about the future.
Projections of health care costs for financial reporting purposes are based on the substantive plan and
include the types of coverages provided at the time of each valuation and the historical pattern of sharing
of costs between OPERS and plan members. The total OBEB liability was determined by an actuarial
valuation as of December 31, 2020, rolled forward to the measurement date of December 31, 2021. The
actuarial valuation used the following actuarial assumptions applied to all prior periods included in the
measurement in accordance with the requirements of GASB Statement No. 74:
Wage inflation:
Current measurement period 2.75%
Prior measurement period 3.25%
Projected salary increases:
Current measurement period 2.75% to 10.75%, including wage inflation
Prior measurement period 3.25%to 10.75%, including wage inflation
Singe discount rate: 6.00%
Investment rate of return 6.00%
Municipal bond rate:
Current measurement period 1.84%
Prior measurement period 2.00%
Health care cost trend rate:
Current measurement period 5.5% initial, 3.50% ultimate in 2034
Prior measurement period 8.5% initial, 3.50°/o ultimate in 2035
Actuarial cost method Individual entry age
63
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 11 - DEFINED BENEFIT OTHER POSTEMPLOYMENT BENEFITS—continued
Pre-retirement mortality rates are based on 130% of the Pub-2010 General Employee Mortality tables
(males and females) for State and Local Government divisions and 170% of the Pub-2010 Safety
Employee Mortality tables (males and females) for the Public Safety and Law Enforcement divisions.
Post-retirement mortality rates are based on 115% of the PubG-2010 Retiree Mortality Tables (males and
females) for all divisions. Post-retirement mortality rates for disabled retirees are based on the PubNS-
2010 Disabled Retiree Mortality Tables (males and females) for all divisions. For all of the previous
described tables, the base year is 2010 and mortality rates for a particular calendar year are determined
by applying the MP-2020 mortality improvement scales (males and females)to all of these tables.
The most recent experience study was completed for the five-year period ended December 31, 2020.
During 2021, OPERS managed investments in three investment portfolios: the Defined Benefit portfolio,
the Health Care portfolio and the Defined Contribution portfolio. The Defined Benefit portfolio contains the
investment assets of the Traditional Pension Plan, the defined benefit component of the Combined Plan
and the annuitized accounts of the Member-Directed Plan. Within the Health Care portfolio, contributions
into the plans are assumed to be received continuously throughout the year based on the actual payroll
payable at the time contributions are made, and health care-related payments are assumed to occur mid-
year. Accordingly, the money-weighted rate of return is considered to be the same for all plans within the
portfolio. The annual money-weighted rate of return expressing investment performance, net of
investment expenses and adjusted for the changing amounts actually invested, for the Health Care
portfolio was a gain of 14.3°/o for 2021.
The allocation of investment assets within the Defined Benefit portfolio is approved by the Board of
Trustees in the annual investment plan. Plan assets are managed on a total return basis with a long-term
objective of achieving and maintaining a fully funded status for the benefits provided through the defined
benefit pension plans. The long-term expected rate of return on defined benefit investment assets was
determined using a building-block method in which best-estimate ranges of expected future rates of
return are developed for each major asset class. These ranges are combined to produce the long-term
expected rate of return by weighting the expected future rates of return by the target asset allocation
percentage, adjusted for inflation. Best estimates of arithmetic rates of return were provided by the
Board's investment consultant. For each major asset class that is included in the Health Care portfolio's
target asset allocation as of December 31, 2021, these best estimates are summarized in the following
table:
Weighted Average
Long-Term Expected
Target Real Rate of Return
Asset Class Allocation (Arithmetic)
Fixed Income 34.00% 0.91%
Domestic Equities 25.00% 3.78%
REITs 7.00% 3.71%
International Equities 25.00°/o 4.88%
Risk Parity 2.00% 2.92%
Other Investments 7.00°/a 1.93%
Total 10� 3.45%
64
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 11 - DEFINED BENEFIT OTHER POSTEMPLOYMENT BENEFITS—continued
Discount Rate. A single discount rate of 6.00% was used to measure the OPEB liability on the
measurement date of December 31, 2021. Projected benefit payments are required to be discounted to
their actuarial present value using a single discount rate that reflects (1) a long-term expected rate of
return on OPEB plan investments (to the extent that the health care fiduciary net position is projected to
be sufficient to pay benefits), and (2) tax-exempt municipal bond rate based on an index of 20-year
general obligation bonds with an average AA credit rating as of the measurement date (to the extent that
the contributions for use with the long-term expected rate are not met). This single discount rate was
based on the actuarial assumed rate of return on the health care investment portfolio of 6.00% and a
municipal bond rate of 1.84%. The projection of cash flows used to determine this single discount rate
assumed that employer contributions will be made at rates equal to the actuarially determined
contribution rate. Based on these assumptions, the health care fiduciary net position and future
contributions were sufficient to finance health care costs through 2121. As a result, the actuarial assumed
long-term expected rate of return on health care investments was applied to projected costs through the
year 2121, the duration of the projection period through which projected health care payments are fully
funded.
Sensitivity of the City's Proportionate Share of the Net OPEB Asset to Changes in the Discount
Rate. The following table presents the City's proportionate share of the net OPEB asset calculated using
the single discount rate of 6.00%, as well as what the City's proportionate share of the net OPEB asset if
it were calculated using a discount rate that is 1.0% point lower (5.00%) or 1.0°/o point higher (7.00%)
than the current rate:
Current
1% Decrease Discount 1% Increase
(5.00%) Rate of 6.00% (7.00%)
City's proportionate share
of the net OPEB (asset) $ (675,748) $ (1,148,991) $ (1,541,893)
Sensitivity of the City's Proportionate Share of the Net OPEB Asset to Changes in the Health Care
Cost Trend Rate. Changes in the health care cost trend rate may also have a significant impact on the
net OPEB asset. The following table presents the net OPEB asset calculated using the assumed trend
rates, and the expected net OPEB asset if it were calculated using a health care cost trend rate that is
1.0°/o lower or 1.0°/o higher than the current rate.
Retiree health care valuations use a health care cost-trend assumption that changes over several years
built into the assumption. The near-term rates reflect increases in the current cost of health care; the
trend starting in 2022 is 5.50%. If this trend continues for future years, the projection indicates that years
from now virtually all expenditures will be for health care. A more reasonable alternative is that in the not-
too-distant future, the health plan cost trend will decrease to a level at, or near, wage inflation. On this
basis, the actuaries project premium rate increases will continue to exceed wage inflation for
approximately the next decade, but by less each year, until leveling off at an ultimate rate, assumed to be
3.50% in the most recent valuation.
Current Health
Care Cost
Trend Rate
1°/o Decrease Assumption 1% Increase
City's proportionate share
of the net OPEB (asset) $ (1,161,464) $ (1,148,991) $ (1,134,317)
65
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 11 - DEFINED BENEFIT OTHER POSTEMPLOYMENT BENEFITS—continued
Actuarial Assumptions—OP&F
OP&F's total OPEB liability as of December 31, 2021 is based on the results of an actuarial valuation
date of January 1, 2021 and rolled forward using generally accepted actuarial procedures. The total
OPEB liability is determined by OP&F's actuaries in accordance with GASB Statement No. 74, as part of
their annual valuation. Actuarial valuations of an ongoing retirement plan involve estimates of the value of
reported amounts and assumptions about probability of occurrence of events far into the future. Examples
include assumptions about future employment mortality, salary increases, disabilities, retirements and
employment terminations. Actuarially determined amounts are subject to continual review and potential
modifications, as actual results are compared with past expectations and new estimates are made about
the future.
Projections of benefit for financial purposes are based on the substantive plan (the plan as understood by
the employers and plan members) and include the types of benefits provided at the time of each valuation
and the historical pattern of sharing benefit costs between the employers and plan members to that point.
The projection of benefits for financial reporting purposes does not explicitly incorporate the potential
effects of legal or contractual funding limitations.
Actuarial calculations reflect a long-term perspective. For a newly hired employee, actuarial calculations
will take into account the employee's entire career with the employer and also take into consideration the
benefits, if any, paid to the employee after termination of employment until the death of the employee and
applicable contingent annuitant. In many cases, actuarial calculations reflect several decades of service
with the employer and the payment of benefits after termination.
Key Methods and assumptions used in calculating the total OPEB liability in the latest actuarial valuation
are presented below:
Actuarial valuation date January 1, 2021, with actuarial liabilities rolled forward to
December 31, 2021
Actuarial cost method Entry age normal
Investment rate of return:
Current measurement period 7.5%
Prior measurement period 8.0%
Projected salary increases 3.75%to 10.50%
Payroll growth 3.25%
Single discount rate:
Current measurement period 2.84%
Prior measurement period 2.96%
Municipal bond rate:
Current measurement period 2.05%
Prior measurement period 2.12%
Cost of living adjustments 2.2% simple per year
66
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 11 - DEFINED BENEFIT OTHER POSTEMPLOYMENT BENEFITS—continued
Mortality for non-disabled participants is based on the RP-2014 Total Employee and Healthy Annuitant
Mortality Tables rolled back to 2006, adjusted according to the rates in the following table, and projected
with the Buck Modified 2016 Improvement Scale. Rates for surviving beneficiaries are adjusted by 120%.
Age Police Fire
67 or less 77% 68%
68-77 105% 87%
78 and up 115% 120%
Mortality for disabled retirees is based on the RP-2014 Disabled Mortality Tables rolled back to 2006,
adjusted according to the rates in the following table, and projected with the Buck Modified 2016
Improvement Scale.
Age Police Fire
59 or less 35°/a 35%
60-69 60% 45%
70-79 75% 70%
80 and up 100% 90%
The most recent experience study was completed for the five-year period ended December 31, 2016.
The long-term expected rate of return on OPEB plan investments was determined using a building-block
approach and assumes a time horizon, as defined in OP&F's Statement of Investment Policy. A
forecasted rate of inflation serves as a baseline for the return expected. Various real return premiums
over the baseline inflation rate have been established for each asset class. The long-term expected
nominal rate of return has been determined by calculating a weighted average of the expected real return
premiums for each asset class, adding the projected inflation rate and adding the expected return from
rebalancing uncorrelated asset classes. Best estimates of the long-term expected real rates of return for
each major asset class included in OP&F's target asset allocation as of December 31, 2021 are
summarized below:
Long-Term
Expected
Target Real Rate
Asset Class Allocation of Return
Cash and cash equivalent 0.0% 0.00%
Domestic equity 21.0% 3.60%
Non-U.S. equity 14.0% 4.40°/a
Private markets 8.0% 6.80%
Core fixed income* 23.0% 1.10%
High yield fixed income 7.0% 3.00%
Private credit 5.0°/o 4.50%
U.S. inflation linked bonds* 17.0% 0.80%
Midstream energy infrastructure 5.0% 5.00%
Real assets 8.0% 5.90%
Gold 5.0% 2.40%
Private real estate 12.0% 4.80%
Total 125.00%
Note:Assumptions are geometric. *Levered 2x
67
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 11 - DEFINED BENEFIT OTHER POSTEMPLOYMENT BENEFITS—continued
OP&F's Board of Trustees has incorporated the risk parity concept into OP&F's asset liability valuation
with the goal of reducing equity risk exposure, which reduces overall Total Portfolio risk without sacrificing
return and creating a more risk-balanced portfolio based on their relationship between asset classes and
economic environments. From the notional portfolio perspective above, the Total Portfolio may be levered
up to 1.25 times due to the application of leverage in certain fixed income asset classes.
Discount Rate. Total OPEB liability was calculated using the discount rate of 2.84%. The projection of
cash flows used to determine the discount rate assumed the contributions from employers and from
members would be computed based on contribution requirements as stipulated by state statute.
Projected inflows from investment earnings were calculated using the longer-term assumed investment
rate of return of 7.5%. Based on those assumptions, OP&F's fiduciary net position was projected to not
be able to make all future benefit payment of current plan members. Therefore, a municipal bond rate of
2.05% at December 31, 2021 was blended with the long-term rate of 7.5°/o, which resulted in a blended
discount rate of 2.84%.
Sensitivity of the City's Proportionate Share of the Net OPEB Liability to Changes in the Discount
Rate. Net OPEB liability is sensitive to changes in the discount rate, and to illustrate the potential impact,
the following table presents the net OPEB liability calculated using the discount rate of 2.84%, as well as
what the net OPEB liability would be if it were calculated using a discount rate that is 1% point lower
(1.84%) and 1% point higher(3.84%)than the current discount rate.
Current
1% Decrease Discount 1% Increase
(1.84%) Rate of 2.84% (3.84%)
City's proportionate share
of the net OPEB liability $ 1,824,886 $ 1,451,753 $ 1,145,037
NOTE 12 -OTHER EMPLOYEE BENEFITS
Deferred Compensation Plans
City employees and elected officials have the option to participate in two independently-managed
deferred compensation plans, both created in accordance with Internal Revenue Code Section 457.
Participation is on a voluntary payroll deduction basis. According to the plans, the deferred compensation
is not available until termination, retirement, death or an unforeseen emergency.
Compensated Absences
Accumulated Unpaid Vacation and Compensatory Time
City employees earn vacation leave at varying rates based upon length of service. They may earn
compensatory time at one and one-half times their regular rate of pay in lieu of overtime pay for all hours
worked in excess of the 40-hour workweek. In the case of death or separation from employment, an
employee (or their estate) is paid for any unused vacation or compensatory leave. The obligation for
accrued unpaid vacation and compensatory time for the City as a whole amounted to $1,016,039 at
December 31, 2022.
68
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 12 -OTHER EMPLOYEE BENEFITS—continued
Accumulated Unpaid Sick Leave
City employees earn sick leave at the rate of 10 hours a month. Sick leave is cumulative without limit. In
the event of death or separation, a non-police employee (or their estate) is paid one-third of their
accumulated sick leave up to a maximum of 1,200 hours. Police officers grandfathered per the contract
beginning January 1, 1992 may convert their first 600 hours at one-half and an additional 600 hours at a
one-to-one ratio. During the month of April, all other employees have the option to convert a maximum of
1,200 hours of sick leave to cash at a five-to-one ratio. This payout option requires an employee to retain
a 240-hour sick leave balance. The obligation for accrued unpaid sick leave for the City as a whole
amounted to$331,273 at December 31, 2022.
NOTE 13 - RISK MANAGEMENT
The City maintains comprehensive insurance coverage with private carriers for real property, building
contents, vehicle, property and general liability insurance, property and general liability for the closed
municipal landfill, police professional liability, and public officials' errors and omissions insurance. Vehicle
policies include liability coverage for bodily injury and property damage. Claim payments have not
exceeded coverage in the past three years. There was no decline in the level of coverage from the prior
year.
The City has established a medical self-insurance fund. The purpose of this fund is to pay medical claims
of employees and their covered dependents and minimize the total cost of annual medical insurance to
the City. Medical claims exceeding $75,000 per individual, $250,000 per lasered-individual, or$1,982,937
in the aggregate in a given year are covered through a private insurance carrier.
The claims liability of$242,696 reported in the fund at December 31, 2022 is based on the requirements
of GASB Statement No. 10 which requires that a liability for unpaid claims costs be reported if information
prior to the issuance of the financial statements indicates that it is probable that a liability has been
incurred at the date of the financial statements and the amount of the loss can be reasonably estimated.
Liabilities include an amount for claims that have been incurred but not reported (IBNR). The estimate
was not affected by incremental claim adjustment expenses and does not include other allocated or
unallocated claim adjustment expenses.
Changes in the fund's claims liability amount for the past two years were:
2022 2021
Unpaid claims, beginning of year $ 186,372 $ 187,550
Incurred claims (including IBNR) 2,173,076 2,418,585
Claim payments (2,116,752) (2,419,763)
Unpaid claims, end of year $ 242,696 $ 186,372
69
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 14 - LONG-TERM LIABILITIES
The following is a summary of changes during 2022 and balances for long-term liabilities of the City as of
December 31, 2022 for governmental activities:
Due
Beginning Ending Within
Balance Additions Reductions Balance One Year
Governmental activities:
General obligation bonds:
2019 Various Purpose Bonds $ 6,215,000 $ - $ 385,000 $ 5,830,000 $ 400,000
Unamortized premiums 474,726 - 22,606 452,120 -
Compensated absences 823,177 614,080 497,536 939,721 579,235
Total $ 7,512,903 $ 614,080 $ 905,142 $ 7,221,841 $ 979,235
In 2019, the City issued $7,215,000 in various purpose general obligation bonds to refinance the
$4,800,000 in 2018 bond anticipation notes and to finance construction of the Southpointe Roadway
project. The bonds bear interest rates ranging from 2.50% to 4.00% and mature on December 1, 2042.
The bonds will be repaid from the Aquatic Center and Southpointe TIF debt service funds.
Compensated absences are generally liquidated from the General, Parking, and Street funds.
Principal and interest requirements to retire the City's outstanding obligations at December 31, 2022
were:
Governmental Activities
Series 2019 Various Purpose Bonds
Principal Interest Total
2023 $ 400,000 $ 214,325 $ 614,325
2024 410,000 202,325 612,325
2025 425,000 190,025 615,025
2026 435,000 177,275 612,275
2027 445,000 166,400 611,400
2028-2032 1,215,000 625,200 1,840,200
2033-2037 1,125,000 414,000 1,539,000
2038-2042 1,375,000 169,000 1,544,000
$ 5,830,000 $ 2,158,550 $ 7,988,550
70
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 14 - LONG-TERM LIABILITIES—continued
The following is a summary of changes during 2022 and balances for long-term liabilities of the City as of
December 31, 2022 for business-type activities:
Due
Beginning Ending Within
Balance Additions Reductions Balance One Year
Business-type activities:
Refuse Fund:
Landfill post-closure payable $ 819,452 $ - $ 117,996 $ 701,456 $ -
Subtotal 819,452 - 117,996 701,456 -
Compensated absences 441,163 133,843 167,415 407,591 165,722
Total $ 1,260,615 $ 133,843 $ 285,411 $ 1,109,047 $ 165,722
Compensated absences are liquidated from the Water, Sewer and Refuse funds. See Note 16 for more
information on the landfill post-closure payable.
NOTE 15 -TRANSFERS
The City made the following transfers during 2022:
Transfers In Transfers Out
General Fund $ - $ 2,993,477
Fire and EMS Fund 20,000 -
Parking Fund - 10,000
Oxford Area Trails Property Tax Fund - 1,035,000
Non-major governmental funds 4,324,102 305,625
$ 4,344,102 $ 4,344,102
The General fund makes transfers to other funds for general obligation bond retirement, operating costs,
and for capital projects and equipment purchases. The Parking fund made transfers to the Parking
Improvement fund for capital projects which are legal in accordance with the Ohio Revised Code. The
Oxford Area Trails Property Tax fund made transfers to the Oxford Area Trails Capital Projects fund for
capital improvements. Finally, several nonmajor special revenue and capital projects funds made
transfers to nonmajor debt service funds for bond retirement.
NOTE 16 - LANDFILL POST-CLOSURE CARE
During 1986, the City stopped receiving refuse in its public landfill. State and federal laws and regulations
require the City to permanently close the landfill and to perform certain maintenance and monitoring
functions at the site for thirty years after closure. This amount is based on what it would cost to perform
all future post-closure care in 1996. The Ohio Environmental Protection Agency officially certified the
closure of the landfill in May 1996. The remaining post-closure liability recorded in the Refuse Fund is
$701,456. However, the actual cost of post-closure care may be higher due to inflation, changes in
technology, or changes in landfill laws and regulations. This liability will be paid from Refuse fund
revenue. The reporting of the landfill closure and post-closure liability in the refuse fund follows the
guidelines set by GASB Statement No. 18.
71
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 17 - FUND BALANCES
Fund balance is classified as nonspendable, restricted, assigned and/or unassigned based primarily on
the extent to which the City is bound to observe constraints imposed upon the use of the resources in the
governmental funds. The constraints placed on fund balance for the major governmental funds and all
other governmental funds are presented below:
Oxford Coronavirus Other
General Fire&EMS Parking Area Trails Local Fiscal Governmental
Fund Fund Fund Property Tax Recovery Funds Total
Fund Balances:
Nonspendable:
Inventory and prepaids $ 155,569 $ 9,713 $ 9,090 $ - $ - $ 214,534 $ 388,906
Restricted for:
Fire&EMS operations - 1,834,184 - - - - 1,834,184
Life squad - - - - - 24,697 24,697
Law enforcement - - - - - 174,283 174,283
Community development - - - - - 726,768 726,768
Leisure time activities - - - 177,145 - - 177,145
Streets&highways - - - - - 738,933 738,933
Capital projects - - - - - 2,913,922 2,913,922
Total restricted - 1,834,184 - 177,145 - 4,578,603 6,589,932
Assigned to:
Capital projects - - - - - 3,348,723 3,348,723
Capital equipment - - - - - 1,657,629 1,657,629
Parking capital projects - - - - - 134,535 134,535
Total assigned - - - - - 5,140,887 5,140,887
Unassigned 8,458,258 - 9( 9,187) - (34,191) (11,455) 8,313,425
Total fund balances $8,613,827 $1,843,897 $ 9( 0,097) $ 177,145 $ (34,191) $ 9,922,569 $20,433,150
NOTE 18 - RELATED ORGANIZATION
The Mayor of Oxford, with approval of City Council, appoints the Board of Trustees of McCullough-Hyde
Hospital, Inc. The City's accountability for the hospital does not extend beyond making the appointments.
During 2022, the City made no contributions to the Hospital.
72
CITY OF OXFORD, OHIO
Notes to the Financial Statements
Year Ended December 31, 2022
NOTE 19 -COMMITTMENTS
Contractual Commitments
The City has active projects as of December 31, 2022 for building improvements, street improvements,
equipment purchases and studies. The City has expended approximately $705,000 on these active
projects with remaining commitments of approximately$2,515,000.
Encumbrances
Encumbrance accounting is utilized to the extent necessary to assure effective budgetary control and
accountability and to facilitate effective cash planning and control. At year end, the amount of
encumbrances outstanding was as follows:
General Fund $ 72,373
Fire and EMS Fund 323,085
Parking Fund 9,665
Coronavirus Local Fiscal Recovery Fund 1,947,549
Other Governmental Funds 4,003,633
$ 6,356,305
NOTE 20 -CONTINGENT LIABILITIES
Litigation
The City is of the opinion that ultimate disposition of claims and legal proceedings will not have a material
effect on the financial condition of the City.
Federal and State Grants
The City received federal and state grants for specific purposes that are subject to review and audit by
grantor agencies or designee. Such audits could lead to a request for reimbursement to the grantor
agency for expenditures disallowed under the terms of the grant. The City believes all expenditures meet
grant qualifications.
Asset Retirement Obligations
Ohio Revised Code Section 6111.44 requires the City to submit any changes to their sewage treatment
system to the Ohio Environmental Protection Agency (EPA) for approval. Through this permitting
process, the City would be responsible to address any public safety issues associated with their sewage
treatment facility and the permit would specify the procedures required to dispose of all or part of the
sewage treatment plant. At this time, the City does not have an approved permit from the Ohio EPA to
dispose of all or part of their sewage treatment plant. Due to a lack of specific legal requirements for
retiring the sewage treatment plant, the City has determined that the amount of the asset retirement
obligation cannot be reasonably estimated.
73
CITY OF OXFORD
THIS PAGE IS INTENTIONALLY LEFT BLANK
74
REQUIRED SUPPLEMENTARY
I N FORMATION SECTION
Schedules of Proportionate Share of Net Pension
and OPEB Assets and Liabilities and Schedules of
Contributions
75
CITY OF OXFORD
THIS PAGE IS INTENTIONALLY LEFT BLANK
76
CITY OF OXFORD
Required Supplementary Information
Schedule of City's Proportionate Share of the Net Pension Liability
and City Pension Contributions
Ohio Public Employees Retirement System-Traditional Pension Plan
City's Proportionate Plan Fiduciary
City's City's Share of the Net Net Position as a
Proportion Proportionate City's Pension Liability as Percentage of the
Measurement of the Net Share of the Net Covered a Percentage of its Total Pension
Year(1)(2) Pension Liability Pension Liability Payroll Covered Payroll Liability
2014 0.039316% $ 4,634,844 $ 4,354,200 106.45% 86.36%
2015 0.039316% 4,741,949 4,820,183 98.38% 86.45%
2016 0.038381% 6,648,062 4,830,483 137.63% 81.08%
2017 0.036455% 8,278,290 4,795,233 172.64% 77.25%
2018 0.035950% 5,639,827 4,789,485 117.75% 84.66°/a
2019 0.036904% 10,107,197 5,037,129 200.65% 74.70%
2020 0.036578% 7,229,804 5,103,250 141.67% 82.17%
2021 0.036509% 5,406,204 5,053,757 106.97% 86.88%
2022 0.037497% 3,262,404 5,415,543 60.24% 92.62%
Contributions in
Relation to the Contributions
Contractually Contractually Contribution City's as a Percentage
Calendar Required Required Deficiency Covered of Covered
Year Contributions Contributions (Excess) Payroll Payroll
2013 $ 566,046 $ (566,046) $ - $ 4,354,200 13.00%
2014 578,422 (578,422) - 4,820,183 12.00%
2015 579,658 (579,658) - 4,830,483 12.00%
2016 575,428 (575,428) - 4,795,233 12.00%
2017 622,633 (622,633) - 4,789,485 13.00%
2018 705,198 (705,198) - 5,037,129 14.00%
2019 714,455 (714,455) - 5,103,250 14.00%
2020 707,526 (707,526) - 5,053,757 14.00%
2021 758,176 (758,176) - 5,415,543 14.00%
2022 794,832 (794,832) - 5,677,371 14.00%
(1) Information prior to 2014 is not available.The City will continue to present information for years available
until a full ten-year trend is compiled.
(2)Amounts presented for each year were determined as of the City's measurement date,which is the prior
year-end.
Notes to Schedule:
Change in assumptions. In 2017, changes in assumptions were made based upon an updated experience study that was
completed for the five-year period ended December 31, 2015. Significant changes included a reduction of the discount rate
from 8.0%to 7.5%, a reduction in the wage inflation rate from 3.75%to 3.25%, and transition from the RP-2000 mortality
tables to the RP-2014 mortality tables.
In 2019, a reduction of the discount rate was made from 7.5%to 7.2%.
In 2022, changes in assumptions were made based upon an updated experience study that was completed for the five-
year period ended December 31, 2020. Significant changes included a reduction of the discount rate from 7.2%to 6.9%,
a reduction in wage inflation from 3.25%to 2.75%, and transition from RP-2014 mortality tables to Pub-2010 mortality
tables.
77
CITY OF OXFORD
Required Supplementary Information
Schedule of City's Proportionate Share of the Net Pension Liability
and City Pension Contributions
Ohio Police and Fire Pension Fund
City's Proportionate Plan Fiduciary
City's City's Share of the Net Net Position as a
Proportion Proportionate City's Pension Liability as Percentage of the
Measurement of the Net Share of the Net Covered a Percentage of its Total Pension
Year(1)(2) Pension Liability Pension Liability Payroll Covered Payroll Liability
2014 0.096572% $ 4,703,365 $ 1,874,491 250.91% 73.00%
2015 0.096572% 5,002,838 1,985,010 252.03% 71.71%
2016 0.101441% 6,525,772 2,165,660 301.33% 66.77%
2017 0.103329% 6,544,766 2,336,516 280.11% 68.36%
2018 0.121097% 7,432,290 2,782,494 267.11% 70.91%
2019 0.128696% 10,505,028 3,062,125 343.06% 63.07%
2020 0.134769% 9,078,775 3,366,217 269.70% 69.89%
2021 0.126247% 8,606,365 3,253,474 264.53% 70.65%
2022 0.132449% 8,274,636 3,553,579 232.85% 75.03%
Contributions in
Relation to the Contributions
Contractually Contractually Contribution City's as a Percentage
Calendar Required Required Deficiency Covered of Covered
Year Contributions Contributions (Excess) Payroll Payroll
2013 $ 320,163 $ (320,163) $ - $ 1,874,491 17.08%
2014 404,148 (404,148) - 1,985,010 20.36%
2015 435,081 (435,081) - 2,165,660 20.09%
2016 469,406 (469,406) - 2,336,516 20.09%
2017 559,003 (559,003) - 2,782,494 20.09%
2018 615,181 (615,181) - 3,062,125 20.09%
2019 676,273 (676,273) - 3,366,217 20.09%
2020 653,623 (653,623) - 3,253,474 20.09%
2021 713,914 (713,914) - 3,553,579 20.09%
2022 788,430 (788,430) - 3,924,490 20.09%
(1) Information prior to 2014 is not available. The City will continue to present information for years available
until a full ten-year trend is compiled.
(2)Amounts presented for each year were determined as of the City's measurement date,which is the prior
year-end.
Notes to Schedule:
Change in assumptions. In 2018, changes in assumptions were made based upon an updated experience study that was
completed for the five-year period ended December 31, 2016. Significant changes included a reduction of the discount rate
from 8.25%to 8.0%, a reduction in the wage inflation rate from 3.75%to 3.25%, and transition from the RP-2000 mortality
tables to the RP-2014 mortality tables.
In 2022, the single discount rate changed from 8.0%to 7.5%.
78
CITY OF OXFORD
Required Supplementary Information
Schedule of City's Proportionate Share of the Net OPEB Liability/(Asset)
and City OPEB Contributions
Ohio Public Employees Retirement System
City's Proportionate Plan Fiduciary
City's City's Share of the Net OPEB Net Position as a
Proportion Proportionate Share City's Liability/(Asset)as Percentage of the
Measurement of the Net OPEB of the Net OPEB Covered a Percentage of its Total OPEB
Year(1)(2) Liability/(Asset) Liability/(Asset) Payroll Covered Payroll Liability
2017 0.037134% $ 3,750,616 $ 4,795,233 78.22% 54.05%
2018 0.036377% 3,950,252 4,789,485 82.48% 54.14%
2019 0.037254% 4,856,999 5,037,129 96.42% 46.33%
2020 0.036612% 5,056,999 5,103,250 99.09% 47.80%
2021 0.035915% (639,856) 5,053,757 (12.66%) 115.57%
2022 0.036684% (1,148,991) 5,415,543 (21.22%) 128.23%
Contributions in
Relation to the Contributions
Contractually Contractually Contribution City's as a Percentage
Calendar Required Required Deficiency Covered of Covered
Year Contributions Contributions (Excess) Payroll Payroll
2013 $ 43,542 $ (43,542) $ - $ 4,354,200 1.00%
2014 96,404 (96,404) - 4,820,183 2.00%
2015 96,610 (96,610) - 4,830,483 2.00%
2016 95,905 (95,905) - 4,795,233 2.00%
2017 51,724 (51,724) - 4,789,485 1.00%
2018 10,751 (10,751) - 5,037,129 0.21%
2019 11,007 (11,007) - 5,103,250 0.22%
2020 9,063 (9,063) - 5,053,757 0.18%
2021 5,530 (5,530) - 5,415,543 0.10%
2022 6,521 (6,521) - 5,677,371 0.11%
(1) Information prior to 2017 is not available.The City will continue to present information for years available until
a full ten-year trend is compiled.
(2)Amounts presented for each year were determined as of the City's measurement date,which is the prior year-end
Notes to Schedule:
Change in assumptions. In 2018, the single discount rate changed from 4.23%to 3.85%.
In 2019,the single discount rate changed from 3.85%to 3.96%, the investment rate of return changed from
6.50%to 6.00%, and the health care cost trend rate changed from 7.5% initial to 10.0% initial.
In 2020,the single discount rate changed from 3.96%to 3.16%and the health care cost trend rate changed
from 10.0% initial, 3.25% ultimate in 2028 to 10.5% initial, 3.50% ultimate in 2030.
In 2021,the single discount rate changed from 3.16%to 6.00%and the health care cost trend rate changed
from 10.5% initial, 3.50% ultimate in 2030 to 8.5°/o initial, 3.50% ultimate in 2035.
In 2022, changes in assumptions were made based upon an updated experience study that was completed
for the five-year period ended December 31, 2020. Significant changes included a reduction in wage inflation
from 3.25%to 2.75%, and transition from RP-2014 mortality tables to Pub-2010 mortality tables.
79
CITY OF OXFORD
Required Supplementary Information
Schedule of City's Proportionate Share of the Net OPEB Liability
and City OPEB Contributions
Ohio Police and Fire Pension Fund
City's Proportionate Plan Fiduciary
City's City's Share of the Net Net Position as a
Proportion Proportionate City's OPEB Liability as Percentage of the
Measurement of the Net Share of the Net Covered a Percentage of its Total OPEB
Year(1) (2) OPEB Liability OPEB Liability Payroll Covered Payroll Liability
2017 0.103329% $ 4,904,803 $ 2,336,516 209.92% 15.96%
2018 0.121097% 6,861,206 2,782,494 246.58% 14.13%
2019 0.128696% 1,171,978 3,062,125 38.27% 46.57%
2020 0.134769% 1,331,215 3,366,217 39.55% 47.08%
2021 0.126247% 1,337,607 3,253,474 41.11% 45.42%
2022 0.132449% 1,451,753 3,553,579 40.85% 46.90%
Contributions in
Relation to the Contributions
Contractually Contractually Contribution City's as a Percentage
Calendar Required Required Deficiency Covered of Covered
Year Contributions Contributions (Excess) Payroll Payroll
2013 $ 63,938 $ (63,938) $ - $ 1,874,491 3.41%
2014 10,644 (10,644) - 1,985,010 0.54%
2015 11,376 (11,376) - 2,165,660 0.53%
2016 12,111 (12,111) - 2,336,516 0.52%
2017 14,079 (14,079) - 2,782,494 0.51%
2018 15,347 (15,347) - 3,062,125 0.50%
2019 16,814 (16,814) - 3,366,217 0.50%
2020 16,239 (16,239) - 3,253,474 0.50%
2021 17,743 (17,743) - 3,553,579 0.50%
2022 19,459 (19,459) - 3,924,490 0.50%
(1) Information prior to 2017 is not available. The City will continue to present information for years available until
a full ten-year trend is compiled.
(2)Amounts presented for each year were determined as of the City's measurement date, which is the prior year-end.
Notes to Schedule:
Change in assumptions. In 2018, the single discount rate changed from 3.79%to 3.24%.
In 2019,the single discount rate changed from 3.24%to 4.66%.
In 2020,the single discount rate changed from 4.66%to 3.56%.
In 2021,the single discount rate changed from 3.56%to 2.96%.
In 2022,the single discount rate changed from 2.96%to 2.84%.
Change in benefit terms. Beginning January 1, 2019, OP&F changed its retiree health care model to a stipend-based
health care model, depositing stipends into individual health reimbursements accounts that retirees will use to be
reimbursed for health care expenses.
80
SUPPLEMENTAL SECTION
Combining Statements
and
Individual Fund Statements
81
CITY OF OXFORD
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a2
LISTING OF CITY FUNDS
During 2022, the City had 35 funds for reporting purposes, as follows:
GENERAL FUND (1 )
The General Fund is used to account for all financial resources traditionally associated with governments,
except those required to be accounted for in another fund.
SPECIAL REVENUE FUNDS (17)
Special Revenue Funds are used to account for financial resources for which specific uses are mandated
by City ordinances or Federal and State statutes.
Major Special Revenue Funds:
Fire and EMS Fund—To account for fire and emergency medical services.
Parkinq Fund — To account for operation of parking control activities within the City, funded by
revenues from meter collections, garage fees and fines.
Oxford Area Trails Property Tax Fund— To account for the collection of property taxes levied for
Oxford Area Trail.
Coronavirus Local Fiscal Recovery Fund — To account for monies received from the Federal
American Rescue Plan Act (ARPA) program and costs associated with the additional response to
the COVID-19 pandemic.
Non-major Special Revenue Funds:
Street Fund — Required by State law to account for that portion of the gasoline tax and motor
vehicle license fees designated for maintenance of streets within the City.
State Hiphway Fund— Required by State law to account for that portion of the gasoline tax and
motor vehicle license fees designated for maintenance of state highways within the City.
Communitv Development Block Grant Fund — To account for monies received from the federal
government under the Community Development Block Grant Program.
Community Development Block Grant Loan Fund — To account for monies received from the
federal government under the Community Development Block Grant Program. The monies are
used for economic development loans.
Law Enforcement Fund — To account for monies received from the State for purposes of drug
enforcement.
Enforcement and Education Fund— To account for monies received from the State for purposes
of law enforcement and education.
Life Spuad Fund — To account for contributions from private sources for the purpose of
improving life squad services in the City and surrounding area.
83
Housinp Trust Fund-To account for monies donated toward the education and promotion of the
awareness of affordable housing.
Special Assessment Fund — To accumulate special assessment revenues collected by the
County Treasurer and remitted to the City by the County Auditor for payment of assessment liens.
OVI Task Force Fund — To account for Federal monies channeled through the State for OVI
check points.
Southpointe TIF District Fund—To account for the collection of payments in lieu of taxes from the
Southpoint tax increment financing district and residential improvement districts for improvements
and debt repayment.
Local Coronavirus Relief Fund — To account for monies received from the Federal CARES Act
program and costs associated with the response to the COVID-19 pandemic.
OneOhio Opioid Settlement Fund — To account for monies received from the State's OneOhio
Opioid Settlement with pharmaceutical companies for opioid treatment and prevention.
DEBT SERVICE FUNDS (2)
The Debt Service Funds are used to account for the accumulation of resources for, and the payment of,
general long-term debt principal and interest.
Non-major Debt Service Funds:
Aquatic Center Debt Service Fund — To account for monies transferred in from other
governmental funds for the retirement of the Series 2018 Bond Anticipation Notes and related
future bond issuances.
Southpointe TIF Debt Service Fund— To account for monies transferred in from the Southpointe
TIF special revenue funds for the retirement of the Series 2019 Various Purpose General
Obligation Bonds.
CAPITAL PROJECTS FUNDS (7)
The Capital Projects Funds are used to account for financial resources used for the acquisition or
construction of major capital facilities.
Non-major Capital Projects Funds:
Capital Epuipment Fund — To account for financial resources used for the acquisition of
equipment.
Capital Improvement Fund — To account for financial resources for the acquisition or
construction of various capital projects.
Parkinp Improvement Fund — To account for financial resources used for the acquisition,
construction, or improvement to municipal parking lots and garage.
Municipal Facilities Capital Improvement Fund— To account for financial resources used for the
acquisition, construction, or improvement for acquired or existing municipal facilities.
Oxford Area Trails Capital Improvement Fund — To account for financial resources used to
construct recreational trails.
84
Apuatic Center Capital Improvement Fund — To account for financial resources used for the
construction of the City's aquatic center project.
Hiph St. Pedestrian Safety Capital Improvement Fund— To account for financial resources used
for the construction and improvement for High Street pedestrian safety.
ENTERPRISE FUNDS (4)
Enterprise Funds are established to account for operations where the intent of the City is that the costs of
providing goods or services on a continuing basis be recovered primarily through user charges.
Enterprise Funds:
Water Fund—To account for the provision of water service to the City and surrounding areas.
Sewer Fund— To account for the provision of sanitary sewer service to the City and surrounding
areas.
Refuse Fund—To account for the provision of refuse collection and disposal services to the City
as well as costs associated with the municipal landfill post-closure monitoring.
Storm Water Fund—To account for the provision of operation of the City's storm water utility.
INTERNAL SERVICE FUNDS (2)
The Internal Service Funds are used to account for the financing of services provided by one department
to other departments of the City, on a cost-reimbursement basis.
Employee Benefits Fund—To accumulate monies for the payment of employee health insurance,
life insurance and medical claims under a self-insured plan. The City charges departments for
insurance and pays actual claims, administrative costs, and insurance premiums from this fund.
Internal Service Fund — To account for financing of services provided by one department to
another department for postage, gasoline and copies.
CUSTODIAL FUNDS (2)
Custodial funds are used to account for assets held in a fiscal agent capacity.
Hotel Tax Fund— Used as a clearing fund for guest tax revenues collected by the City from hotels
within the City for the benefit of Enjoy Oxford, formerly Oxford Visitors Bureau.
eoard of Buildinq Standards Fund—To account for monies received on building permits which
will be disbursed to the State of Ohio.
85
CITY OF OXFORD
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86
CITY OF OXFORD, OHIO
Combining Balance Sheet
Nonmajor Governmental Funds
December 31, 2022
Nonmajor Nonmajor Total
Special Nonmajor Capital Nonmajor
Revenue Debt Projects Governmental
Funds Services Funds Funds
Assets:
Equity in pooled cash and investments $ 2,004,646 $ - $ 7,097,293 $ 9,101,939
Receivables:
Taxes 3,710 - - 3,710
Special assessments 684,703 - - 684,703
Loans 201,588 - - 201,588
Interest 864 - - 864
Intergovernmental 354,129 - - 354,129
Payments in lieu of taxes 332,322 - - 332,322
Materials and supplies inventory 214,534 - - 214,534
Advances to other funds - - 660,000 660,000
Total assets $ 3,796,496 $ - $ 7,757,293 $ 11,553,789
Liabilities, Deferred Inflows of
Resources and Fund Balances:
Liabilities:
Accounts payable $ 33,621 $ - $ 12,382 $ 46,003
Accrued salaries 20,808 - 897 21,705
Intergovernmental payable 16,685 - 618 17,303
Compensated absences payable 5,951 - - 5,951
Advances from other funds 9,004 - - 9,004
Totalliabilities 86,069 - 13,897 99,966
Deferred Inflows of Resources:
Payments in lieu of taxes
budgeted for next year 332,322 - - 332,322
Unavailable revenue 1,198,932 - - 1,198,932
Total deferred inflows of resources 1,531,254 - - 1,531,254
Fund balances:
Nonspendable 214,534 - - 214,534
Restricted 1,976,094 - 2,602,509 4,578,603
Assigned - - 5,140,887 5,140,887
Unassigned (11,455) - - (11,455)
Total fund balances 2,179,173 - 7,743,396 9,922,569
Total liabilities, deferred inflows of
resources and fund balances $ 3,796,496 $ - $ 7,757,293 $ 11,553,789
87
CITY OF OXFORD, OHIO
Combining Balance Sheet
Nonmajor Special Revenue Funds
December 31, 2022
Community
Community Development
State Development Block Grant Law
Street Highway Block Grant Loan Enforcement
Assets:
Equity in pooled cash and investments $ 674,465 $ 94,529 $ 39,000 $ 571,511 $ 47,451
Receivables:
Taxes - - - - -
Special assessments - - - - -
Loans - - - 201,588 -
Interest - - - 864 -
Intergovernmental 185,885 15,072 129,000 - 1,927
Payments in lieu of taxes - - - - -
Materials and supplies inventory 214,534 - - - -
Total assets $ 1,074,884 $109,601 $ 168,000 $ 773,963 $ 49,378
Liabilities, Deferred Inflows of
Resources and Fund Ba/ances:
Liabilities:
Accounts payable $ 18,839 $ - $ - $ - $ 2,435
Accrued salaries 20,808 - - - -
Intergovernmental payable 16,685 - - - -
Compensated absences payable 5,951 - - - -
Advances from other funds - - - - -
Totalliabilities 62,283 - - - 2,435
Deferred Inf/ows of Resources:
Payments in lieu of taxes
budgeted for next year - - - - -
Unavailable revenue 156,080 12,655 129,000 202,218 1,927
Total deferred inflows of resources 156,080 12,655 129,000 202,218 1,927
Fund Balances:
Nonspendable 214,534 - - - -
Restricted 641,987 96,946 39,000 571,745 45,016
Unassigned (deficit) - - - - -
Total fund balances 856,521 96,946 39,000 571,745 45,016
Total liabilities, deferred inflows of
resources and fund balances $ 1,074,884 $109,601 $ 168,000 $ 773,963 $ 49,378
88
Total
Local OneOhio Nonmajor
Enforcement Coronavirus Opioid Special
and Life Housing Special OVI Task Southpointe Relief Settlement Revenue
Education Squad Trust Assessment Force TIF Fund Fund Funds
$ 122,372 $24,697 $ 2,781 $ 109,532 $ - $ 311,413 $ - $ 6,895 $ 2,004,646
- - 3,710 - - - - - 3,710
- - - 684,703 - - - - 684,703
- - - - - - - - 201,588
- - - - - - - - 864
- - - - 22,245 - - - 354,129
- - - - - 332,322 - - 332,322
- - - - - - - - 214,534
$ 122,372 $24,697 $ 6,491 $ 794,235 $ 22,245 $ 643,735 $ - $ 6,895 $ 3,796,496
$ - $ - $ - $ - $ 12,347 $ - $ - $ - $ 33,621
- - - - - - - - 20,808
- - - - - - - - 16,685
- - - - - - - 5,951
- - - - 9,004 - - - 9,004
- - - - 21,351 - - - 86,069
- - - - - 332,322 - - 332,322
- - - 684,703 12,349 - - - 1,198,932
- - - 684,703 12,349 332,322 - - 1,531,254
- - - - - - - - 214,534
122,372 24,697 6,491 109,532 - 311,413 - 6,895 1,976,094
- - - - 11,455 - - - (11,455)
122,372 24,697 6,491 109,532 11,455 311,413 - 6,895 2,179,173
$ 122,372 $24,697 $ 6,491 $ 794,235 $ 22,245 $ 643,735 $ - $ 6,895 $ 3,796,496
89
CITY OF OXFORD, OHIO
Combining Balance Sheet
Nonmajor Debt Service Funds
December 31, 2022
Total
Aquatic Southpointe Nonmajor
Center TIF Debt
Debt Debt Service
Service Service Funds
Assets:
Equity in pooled cash and investments $ - $ - $ -
Fund Balances:
Assigned $ - $ - $ -
90
CITY OF OXFORD,OHIO
Combining Balance Sheet
Nonmajor Capital Projects Funds
December 31,2022
High St. Total
Municipal Oxford Aquatic Southpointe Pedestrian Nonmajor
Facilities Area Trails Center TIF Safety Capital
Capital Capital Parking Capital Capital Capital Capital Capital Project
Equipment Improvement Improvement Improvement Improvement Improvement Improvement Improvement Funds
Assets:
Equity in pooled cash and investments $ 1,658,229 $ 2,428,457 $ 134,535 $ 272,048 $ 2,592,020 $ 12,004 $ - $ - $ 7,097,293
Advances to other funds 66Q000 660,000
Total assets $ 1,658,229 $ 3,085,457 $ 134,535 $ 272,048 $ 2,592,020 $ 12,004 $ - $ - $ 7,757,293
Liabilities and Fund Balances:
Liabilities:
Accounts payable $ 600 $ 11,782 $ - $ - $ - $ - $ - $ - $ 12,382
Accrued salaries - - - - 897 - - - 897
Intergovernmental payable - - - - 618 - - - 618
Total liabilities 600 11,782 1,515 13,897
Fund Balances:
Restricted - - - - 2,590,505 12,004 - - 2,602,509
Assigned 1,657,629 3,076,675 134,535 272,048 - - - - 5,140,887
Total fund balances 1,657,629 3,076,675 134,535 272,048 2,590,505 12,004 7,743,396
Total liabilities,deferred inflows of
resources and fund balances $ 1,658,229 $ 3,085,457 $ 134,535 $ 272,048 $ 2,592,020 $ 12,004 $ - $ - $ 7,757,293
91
CITY OF OXFORD
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92
CITY OF OXFORD, OHIO
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance
Nonmajor Governmental Funds
Year Ended December 31, 2022
Nonmajor Nonmajor Total
Special Nonmajor Capital Nonmajor
Revenue Debt Projects Governmental
Funds Services Funds Funds
Revenues:
Property and other taxes $ 6,474 $ - $ - $ 6,474
Intergovernmental 982,157 - 475,861 1,458,018
Charges for services 24,151 - - 24,151
Fines, costs and forfeitures 3,450 - - 3,450
Special assessments 111,829 - - 111,829
Payments in lieu of taxes 361,508 - - 361,508
Interest 606 - 58 664
Contributions 22 - 18,525 18,547
Other 68,009 - - 68,009
Total revenues 1,558,206 - 494,444 2,052,650
Expenditures:
Current:
Security of persons and property 221,760 - - 221,760
Community and economic development 223,778 - - 223,778
Transportation 973,801 - - 973,801
General government 348,936 - 31,892 380,828
Capital outlay 166,552 - 1,825,454 1,992,006
Debt service:
Principal retirement - 385,000 - 385,000
Interest and fiscal charges - 225,875 - 225,875
Total expenditures 1,934,827 610,875 1,857,346 4,403,048
Excess of expenditures over revenues (376,621) (610,875) (1,362,902) (2,350,398)
Other financing sources (uses):
Transfers in 561,960 610,875 3,151,267 4,324,102
Transfers out (305,625) - - (305,625)
Total otherfinancing sources (uses) 256,335 610,875 3,151,267 4,018,477
Net change in fund balance (120,286) - 1,788,365 1,668,079
Fund balance at beginning of year 2,299,459 - 5,955,031 8,254,490
Fund balance at end of year $ 2,179,173 $ - $ 7,743,396 $ 9,922,569
93
CITY OF OXFORD, OHIO
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance
Nonmajor Special Revenue Funds
Year Ended December 31, 2022
Community
Community Development
State Development Block Grant Law
Street Highway Block Grant Loan Enforcement
Revenues:
Property and other taxes $ - $ - $ - $ - $ -
Intergovernmental 431,861 30,713 112,778 - 3,750
Charges for services 24,151 - - - -
Fines, costs and forfeitures - - - - 3,325
Special assessments - - - - -
Payments in lieu of taxes - - - - -
Interest 5,329 599 - (10,361) 351
Contributions - - - - -
Other 44,818 - - 19,980 3,211
Total revenues 506,159 31,312 112,778 9,619 10,637
Expenditures:
Current:
Security of persons and property - - - - 15,343
Community and economic development - - 223,778 - -
Transportation 973,503 298 - - -
General government - - - - -
Capital outlay 166,552 - - - -
Total expenditures 1,140,055 298 223,778 - 15,343
Excess(deficiency)of revenues
over(under)expenditures (633,896) 31,014 (111,000) 9,619 (4,706)
Other financing sources(uses):
Transfers in 511,960 - - - -
Transfers out - - - - -
Total otherfinancing sources(uses) 511,960 - - - -
Net change in fund balance (121,936) 31,014 (111,000) 9,619 (4,706)
Fund balance at beginning of year 978,457 65,932 150,000 562,126 49,722
Fund balance at end of year $ 856,521 $ 96,946 $ 39,000 $ 571,745 $ 45,016
94
Total
Local OneOhio Nonmajor
Enforcement Coronavirus Opioid Special
and Life Housing Special OVI Task Southpointe Relief Settlement Revenue
Education Squad Trust Assessment Force TIF Fund Fund Funds
$ - $ - $ 6,474 $ - $ - $ - $ - $ - $ 6,474
14,378 - - - 181,810 - 200,000 6,867 982,157
- - - - - - - - 24,151
125 - - - - - - - 3,450
- - - 111,829 - - - - 111,829
- - - - - 361,508 - - 361,508
954 181 10 1,754 - 2,825 (1,064) 28 606
- 22 - - - - - - 22
- - - - - - - - 68,009
15,457 203 6,484 113,583 181,810 364,333 198,936 6,895 1,558,206
20,878 - - - 185,539 - - - 221,760
- - - - - - - - 223,778
- - - - - - - - 973,801
- - - 150,000 - - 198,936 - 348,936
- - - - - - - - 166,552
20,878 - - 150,000 185,539 - 198,936 - 1,934,827
(5,421) 203 6,484 (36,417) (3,729) 364,333 - 6,895 (376,621)
- - - 50,000 - - - - 561,960
- - - - - (305,625) - - (305,625)
- - - 50,000 - (305,625) - - 256,335
(5,421) 203 6,484 13,583 (3,729) 58,708 - 6,895 (120,286)
127,793 24,494 7 95,949 (7,726) 252,705 - - 2,299,459
$ 122,372 $ 24,697 $ 6,491 $ 109,532 $ (11,455) $ 311,413 $ - $ 6,895 $ 2,179,173
95
CITY OF OXFORD, OHIO
Combining Statement of Revenues, Expenditures
and Changes in Fund Balance
Nonmajor Debt Service Funds
Year Ended December 31, 2022
Total
Aquatic Southpointe Nonmajor
Center TIF Debt
Debt Debt Service
Service Service Funds
Expenditures:
Debt service:
Principal retirement $ 140,000 $ 245,000 $ 385,000
Interest and fiscal charges 165,250 60,625 225,875
Total expenditures 305,250 305,625 610,875
Excess of expenditures over revenues (305,250) (305,625) (610,875)
Other financing sources
Transfers in 305,250 305,625 610,875
Net change in fund balance - - -
Fund balance at beginning of year - - -
Fund balance at end of year $ - $ - $ -
96
CITY OF OXFORD,OHIO
Combining Statement of Revenues,Expenditures
and Changes in Fund Balance
Nonmajor Capital Projects Funds
Year Ended December 31,2022
High St. Total
Municipal Oxford Aquatic Pedestrian Nonmajor
Facilities Area Trails Center Safety Capital
Capital Capital Parking Capital Capital Capital Capital Project
Equipment Improvement Improvement Improvement Improvement Improvement Improvement Funds
Revenues:
Intergovernmental $ - $ 392,384 $ - $ - $ - $ - $ 83,477 $ 475,861
Interest - - - - - - 58 58
Contri butions 1,525 17,000 18,525
Total revenues 1,525 409,384 83,535 494,444
Expenditures:
Current:
General government - - - - 31,892 - 31,892
Capital outlay 72,309 1,164,670 19,750 - 261,727 - 306,998 1,825,454
Total expenditures 72,309 1,164,670 19,750 - 293,619 - 306,998 1,857,346
Excess(deficiency)of revenues
over(under)expenditures (70,784) (755,286) (19,750) - (293,619) - (223,463) (1,362,902)
Other financing sources:
Transfers in 894,465 1,211,802 10,000 1,035,000 3,151,267
Net change in fund balance 823,681 456,516 (9,750) - 741,381 - (223,463) 1,788,365
Fund balance at beginning of year 833,948 2,620,159 144,285 272,048 1,849,124 12,004 223,463 5,955,031
Fund balance at end of year $ 1,657,629 $ 3,076,675 $ 134,535 $ 272,048 $ 2,590,505 $ 12,004 $ - $ 7,743,396
97
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
General Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Property and other taxes $ 1,516,159 $ 1,630,535 $ 1,615,957 $ (14,578)
Income taxes 8,673,150 9,514,065 9,539,156 25,091
Intergovernmental 629,869 629,869 729,204 99,335
Charges for services 816,630 848,082 1,021,522 173,440
Fines, costs and forfeitures 174,400 174,400 209,438 35,038
Licenses, permits and inspections 495,000 495,000 420,652 (74,348)
Interest 60,273 60,273 102,047 41,774
Contributions 10,000 10,000 10,957 957
Other 165,500 203,000 192,776 (10,224)
Total revenues 12,540,981 13,565,224 13,841,709 276,485
Expenditures:
Current:
General government
Management information systems
Other 166,416 190,102 173,328 16,774
City Manager
Personal services 153,489 153,593 153,602 (9)
Other 9,732 9,732 6,579 3,153
Total City Manager 163,221 163,325 160,181 3,144
Finance department
Personal services 188,790 192,773 192,773 -
Other 122,493 122,493 115,152 7,341
Total finance department 311,283 315,266 307,925 7,341
Income tax collections
Other 360,195 560,195 444,826 115,369
Total income tax collections 360,195 560,195 444,826 115,369
Law
Other 168,903 168,903 127,447 41,456
Totallaw 168,903 168,903 127,447 41,456
Civil service and personnel
Personal services 286,570 288,993 288,993 -
Other 75,890 75,890 50,464 25,426
Total civil service and personnel $ 362,460 $ 364,883 $ 339,457 $ 25,426
(Continued)
98
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
General Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Expenditures (continued):
Current(continued):
General government(continued)
Clerk of Council
Personal services $ 92,345 $ 92,345 $ 90,462 $ 1,883
Other 13,350 16,350 10,740 5,610
Total Clerk of Council 105,695 108,695 101,202 7,493
Legislative
Personal services 27,229 27,229 27,026 203
Other 15,377 15,377 7,514 7,863
Totallegislative 42,606 42,606 34,540 8,066
Municipal building
Personal services 109,634 103,124 79,683 23,441
Other 62,710 62,710 60,386 2,324
Total municipal building 172,344 165,834 140,069 25,765
City garage
Personal services 111,738 111,738 104,448 7,290
Other 33,833 33,833 21,678 12,155
Total city garage 145,571 145,571 126,126 19,445
Court house
Other 41,398 41,398 19,774 21,624
Engineering
Personal services 130,160 131,743 119,588 12,155
Other 67,365 65,782 43,012 22,770
Total engineering 197,525 197,525 162,600 34,925
Contingency
Personal services 20,000 14,600 - 14,600
Other 20,000 17,000 - 17,000
Total contingency 40,000 31,600 - 31,600
Total general government $ 2,277,617 $ 2,495,903 $ 2,137,475 $ 358,428
(Continued)
99
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
General Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Expenditures (continued):
Current(continued):
Security of persons and property
Police law enforcement
Personal services $ 4,928,758 $ 4,928,758 $ 4,715,256 $ 213,502
Other 983,806 983,806 969,102 14,704
Total police law enforcement 5,912,564 5,912,564 5,684,358 228,206
Traffic control
Personal services 44,712 44,712 43,851 861
Other 45,290 45,290 41,179 4,111
Total traffic control 90,002 90,002 85,030 4,972
Street lighting
Other 93,891 93,891 46,823 47,068
Total security of persons and property 6,096,457 6,096,457 5,816,211 280,246
Public heath services
Cemeteries
Other 15,000 15,000 13,391 1,609
Public health
Other 6,600 6,600 6,582 18
Community assistance
Other 145,174 169,647 159,874 9,773
Total public health services 166,774 191,247 179,847 11,400
Leisure time activities
Senior citizens and community center
Other 22,500 22,500 13,729 8,771
Swimming pool
Personal services 188,256 188,256 155,476 32,780
Other 89,154 89,234 89,234 -
Total swimming pool $ 277,410 $ 277,490 $ 244,710 $ 32,780
(Continued)
100
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
General Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Expenditures (continued):
Current(continued):
Leisure time activities (continued)
Recreation programs
Personal services $ 799,128 $ 826,358 $ 759,435 $ 66,923
Other 308,950 308,869 297,166 11,703
Total recreation programs 1,108,078 1,135,227 1,056,601 78,626
Parks maintenance
Personal services 325,203 325,203 301,420 23,783
Other 135,772 135,772 112,180 23,592
Total parks maintenance 460,975 460,975 413,600 47,375
Total leisure time activities 1,868,963 1,896,192 1,728,640 167,552
Community and economic development
Planning department
Personal services 318,905 332,506 332,506 -
Other 180,855 180,855 144,505 36,350
Total planning department 499,760 513,361 477,011 36,350
Inspections
Personal services 173,844 173,950 173,950 -
Other 174,300 211,800 108,148 103,652
Total inspections 348,144 385,750 282,098 103,652
Affordable housing
Other 8,600 8,600 8,600 -
Urban forestry
Other 32,500 32,500 32,209 291
Economic development
Personal services 181,823 173,518 160,539 12,979
Other 22,433 22,433 14,471 7,962
Total economic development 204,256 195,951 175,010 20,941
Totalcommunityandeconomicdevelopment 1,093,260 1,136,162 974,928 161,234
Total expenditures 11,503,071 11,815,961 10,837,101 978,860
Excess of revenues over expenditures $ 1,037,910 $ 1,749,263 $ 3,004,608 $ 1,255,345
(Continued)
101
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
General Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Other financing sources (uses):
Advances in $ 3,527,837 $ 3,927,837 $ 3,927,837 $ -
Advances out (3,527,837) (3,927,837) (3,927,837) -
Transfers in 156,904 171,282 171,282 -
Transfers out (1,393,477) (2,993,477) (2,993,477) -
Total other financing sources(uses) (1,236,573) (2,822,195) (2,822,195) -
Net change in fund balance (198,663) (1,072,932) 182,413 $ 1,255,345
Fund balance, beginning of year 8,155,977 8,155,977 8,155,977
Prior year encumbrances appropriated 198,663 198,663 198,663
Fund balance, end of year $ 8,155,977 $ 7,281,708 $ 8,537,053
102
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
Fire and EMS Major Special Revenue Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Income taxes $ 1,236,978 $ 1,366,331 $ 1,369,916 $ 3,585
Intergovernmental 77,000 77,000 315,278 238,278
Charges for services 775,000 775,000 734,171 (40,829)
Fines, costs, and forfeitures 25,000 25,000 50,000 25,000
Licenses, permits and inspections 3,000 3,000 6,525 3,525
Interest 14,135 14,135 15,205 1,070
Contributions - - 6,023 6,023
Other 35,000 35,000 27,341 (7,659)
Total revenues 2,166,113 2,295,466 2,524,459 228,993
Expenditures:
Current:
Security of persons and property
Personal services 1,903,027 2,244,498 2,226,765 17,733
Other 586,906 585,323 552,971 32,352
Capital outlay 970,480 970,480 852,980 117,500
Total expenditures 3,460,413 3,800,301 3,632,716 167,585
Excess of expenditures over revenues (1,294,300) (1,504,835) (1,108,257) 396,578
Other financing sources:
Transfers in 20,000 20,000 20,000 -
Net change in fund balance (1,274,300) (1,484,835) (1,088,257) $ 396,578
Fund balance, beginning of year 1,754,295 1,754,295 1,754,295
Prior year encumbrances appropriated 898,771 898,771 898,771
Fund balance, end of year $ 1,378,766 $ 1,168,231 $ 1,564,809
103
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
Parking Major Special Revenue Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Charges for services $ 547,600 $ 547,600 $ 759,464 $ 211,864
Fines, costs, and forfeitures 120,000 120,000 206,907 86,907
Interest 2,441 2,441 4,713 2,272
Other 4,200 4,200 2,046 (2,154)
Total revenues 674,241 674,241 973,130 298,889
Expenditures:
Current:
Transportation
Personal services 468,311 468,311 395,276 73,035
Other 182,920 182,920 178,589 4,331
Total expenditures 651,231 651,231 573,865 77,366
Excess of revenues over expenditures 23,010 23,010 399,265 376,255
Other financing uses:
Transfers out (75,485) (75,485) (75,485) -
Net change in fund balance (52,475) (52,475) 323,780 $ 376,255
Fund balance, beginning of year 325,567 325,567 325,567
Prior year encumbrances appropriated 5,338 5,338 5,338
Fund balance, end of year $ 278,430 $ 278,430 $ 654,685
104
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Oxford Area Trails Property Tax Major Special Revenue Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Propertytaxes $ 1,045,000 $ 1,045,000 $ 1,103,914 $ 58,914
Intergovernmental - - 8,879 8,879
Interest 709 709 2,471 1,762
Total revenues 1,045,709 1,045,709 1,115,264 69,555
Expenditures:
Current:
General government
Other 15,000 15,000 11,145 3,855
Excess of revenues over expenditures 1,030,709 1,030,709 1,104,119 73,410
Other financing uses:
Transfers out (1,035,000) (1,035,000) (1,035,000) -
Net change in fund balance (4,291) (4,291) 69,119 $ 73,410
Fund balance, beginning of year 108,026 108,026 108,026
Fund balance, end of year $ 103,735 $ 103,735 $ 177,145
105
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Coronavirus Local Fiscal Recovery Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Intergovernmental $ 1,210,399 $ 1,220,063 $ 1,220,063 $ -
Interest - - 14,920 14,920
Total revenues 1,210,399 1,220,063 1,234,983 14,920
Expenditures:
Current:
General government
Other 2,250,700 2,260,364 2,260,364 -
Netchangeinfundbalance (1,040,301) (1,040,301) (1,025,381) $ 14,920
Fund balance, beginning of year 424 424 424
Prior year encumbrances appropriated 1,040,301 1,040,301 1,040,301
Fund balance, end of year $ 424 $ 424 $ 15,344
106
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Street Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Intergovernmental $ 499,413 $ 499,413 $ 431,619 $ (67,794)
Charges for services 16,000 16,000 26,440 10,440
I nterest 4,140 4,140 5,329 1,189
Other 5,000 10,673 44,818 34,145
Total revenues 524,553 530,226 508,206 (22,020)
Expenditures:
Current:
Transportation
Personal services 822,880 822,880 748,527 74,353
Other 675,234 680,907 591,312 89,595
Total expenditures 1,498,114 1,503,787 1,339,839 163,948
Excess of expenditures over revenues (973,561) (973,561) (831,633) 141,928
Other financing sources:
Transfers in 542,094 542,094 542,094 -
Net change in fund balance (431,467) (431,467) (289,539) $ 141,928
Fund balance, beginning of year 668,496 668,496 668,496
Prior year encumbrances appropriated 136,467 136,467 136,467
Fund balance, end of year $ 373,496 $ 373,496 $ 515,424
107
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
State Highway Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Intergovernmental $ 35,858 $ 35,858 $ 30,693 $ (5,165)
Interest 253 253 599 346
Total revenues 36,111 36,111 31,292 (4,819)
Expenditures:
Current:
Transportation
Other 20,200 20,200 5,116 15,084
Net change in fund balance 15,911 15,911 26,176 $ 10,265
Fund balance, beginning of year 63,535 63,535 63,535
Fund balance, end of year $ 79,446 $ 79,446 $ 89,711
108
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Community Development Block Grant Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Intergovernmental $ 130,778 $ 241,778 $ 112,778 $ (129,000)
Expenditures:
Current:
Community and economic development
Other 112,778 223,778 223,778 -
Net change in fund balance 18,000 18,000 (111,000) $ (129,000)
Fund balance, beginning of year 150,000 150,000 150,000
Fund balance, end of year $ 168,000 $ 168,000 $ 39,000
109
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Community Development Block Grant Loan Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Interest $ 2,801 $ 2,801 $ 4,227 $ 1,426
Other 27,240 27,240 19,980 (7,260)
Total revenues 30,041 30,041 24,207 (5,834)
Expenditures:
Current:
Community and economic development
Other 160,000 160,000 - 160,000
Net change in fund balance (129,959) (129,959) 24,207 $ 154,166
Fund balance, beginning of year 562,321 562,321 562,321
Fund balance, end of year $ 432,362 $ 432,362 $ 586,528
110
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Law Enforcement Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Intergovernmental $ 5,000 $ 5,000 $ 3,750 $ (1,250)
Fines, costs, and forfeitures 1,500 1,500 3,325 1,825
Interest 311 311 351 40
Contributions 2,000 2,000 - (2,000)
Other 3,150 3,150 3,211 61
Total revenues 11,961 11,961 10,637 (1,324)
Expenditures:
Current:
Security of persons and property
Other 21,300 21,300 20,054 1,246
Total expenditures 21,300 21,300 20,054 1,246
Net change in fund balance (9,339) (9,339) (9,417) $ (78)
Fund balance, beginning of year 49,722 49,722 49,722
Fund balance, end of year $ 40,383 $ 40,383 $ 40,305
111
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Enforcement and Education Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Fines, costs, and forfeitures $ 500 $ 500 $ 125 $ (375)
Interest 707 707 954 247
Total revenues 1,207 15,585 15,457 (128)
Expenditures:
Current:
Security of persons and property
Other 16,000 16,000 6,771 9,229
Total expenditures 16,000 16,000 6,771 9,229
Excess(deficiency)of revenues
over(under)expenditures (14,793) (415) 8,686 9,101
Other financing uses:
Transfers out - (14,378) (14,378) -
Net change in fund balance (14,793) (14,793) (5,692) $ 9,101
Fund balance, beginning of year 128,064 128,064 128,064
Fund balance, end of year $ 113,271 $ 113,271 $ 122,372
112
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Life Squad Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Interest $ 122 $ 122 $ 181 $ 59
Contributions - - 22 22
Total revenues 122 122 203 81
Net change in fund balance 122 122 203 $ 81
Fund balance, beginning of year 24,494 24,494 24,494
Fund balance, end of year $ 24,616 $ 24,616 $ 24,697
113
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Housing Trust Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Other local taxes $ 20,000 $ 20,000 $ 2,764 $ (17,236)
Interest - - 10 10
Total revenues 20,000 20,000 2,774 (17,226)
Expenditures:
Current:
Community and economic developmeni
Other 20,000 20,000 - 20,000
Net change in fund balance - - 2,774 $ 2,774
Fund balance, beginning of year 7 7 7
Fund balance, end of year $ 7 $ 7 $ 2,781
114
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Special Assessment Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Special assessments $ 57,775 $ 57,775 $ 111,829 $ 54,054
Interest - 931 1,754 823
Total revenues 57,775 58,706 113,583 54,877
Expenditures:
Current:
General government
Other 150,000 150,000 150,000 -
Excess of expenditures over revenues (92,225) (91,294) (36,417) 54,877
Other financing sources (uses):
Advances in 150,000 150,000 150,000 -
Advances out (150,000) (150,000) (150,000) -
Transfers in 50,000 50,000 50,000 -
Total other financing sources(uses) 50,000 50,000 50,000 -
Net change in fund balance (42,225) (41,294) 13,583 $ 54,877
Fund balance, beginning of year 95,949 95,949 95,949
Fund balance, end of year $ 53,724 $ 54,655 $ 109,532
115
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
OVI Task Force
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Intergovernmental $ 225,000 $ 225,000 $ 182,226 $ (42,774)
Expenditures:
Current:
Security of persons and property
Personal services 136,648 136,648 136,648 -
Other 384,064 384,064 384,064 -
Total expenditures 520,712 520,712 520,712 -
Excess of expenditures over revenues (295,712) (295,712) (338,486) (42,774)
Other financing sources (uses):
Advances in 225,000 225,000 225,000 -
Advances out (225,000) (225,000) (225,000) -
Total other financing sources(uses) - - - -
Net change in fund balance (295,712) (295,712) (338,486) $ (42,774)
Fund balance, beginning of year (305,380) (305,380) (305,380)
Prior year encumbrances appropriated 295,712 295,712 295,712
Fund balance, end of year $ (305,380) $ (305,380) $ (348,154)
116
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Southpointe TIF District Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Payments in lieu of taxes $ 328,129 $ 328,129 $ 361,508 $ 33,379
Interest 1,703 1,703 2,825 1,122
Total revenues 329,832 329,832 364,333 34,501
Excess of revenues over expenditures 329,832 329,832 364,333 34,501
Other financing uses:
Transfers out (305,715) (305,715) (305,625) (90)
Net change in fund balance 24,117 24,117 58,708 $ 34,411
Fund balance, beginning of year 252,705 252,705 252,705
Fund balance, end of year $ 276,822 $ 276,822 $ 311,413
117
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Local Coronavirus Relief Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Intergovernmental $ - $ 200,000 $ 200,000 $ -
Expenditures:
Current:
General government
Other - 200,000 200,000 -
Net change in fund balance - - - $ -
Fund balance, beginning of year - - -
Fund balance, end of year $ - $ - $ -
118
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
OneOhio Opioid Settlement Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Intergovernmental $ - $ 6,867 $ 6,867 $ -
Interest - - 2$ 28
Total revenues - 6,867 6,895 28
Net change in fund balance - 6,867 6,895 $ 28
Fund balance, beginning of year - - -
Fund balance, end of year $ - $ 6,867 $ 6,895
119
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Aquatic Center Debt Service Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Expenditures:
Debt service:
Principal $ 140,000 $ 140,000 $ 140,000 $ -
Interest 165,250 165,250 165,250 -
Total expenditures 305,250 305,250 305,250 -
Excess of expenditures over revenues (305,250) (305,250) (305,250) -
Other financing sources:
Transfers in 305,250 305,250 305,250 -
Net change in fund balance - - - $ -
Fund balance, beginning of year - - -
Fund balance, end of year $ - $ - $ -
120
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual- Budget(Non-GAAP) Basis
Southpointe TIF Debt Service Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Expenditures:
Debt service:
Principal 245,000 245,000 245,000 -
Interest 60,625 60,625 60,625 -
Total expenditures 305,625 305,625 305,625 -
Excess of expenditures over revenues (305,625) (305,625) (305,625) -
Other financing sources:
Transfers in 305,625 305,625 305,625 -
Net change in fund balance - - - $ -
Fund balance, beginning of year - - -
Fund balance, end of year $ - $ - $ -
121
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
Capital Improvement Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Intergovernmental $ 276,500 $ 553,000 $ 392,384 $ (160,616)
Contributions - 17,000 17,000 -
Total revenues 276,500 570,000 409,384 (160,616)
Expenditures:
Capital outlay 1,376,162 1,786,362 1,472,360 314,002
Excess of expenditures over revenues (1,099,662) (1,216,362) (1,062,976) 153,386
Other financing sources (uses):
Transfers in 211,802 1,211,802 1,211,802 -
Advances in 276,500 276,500 276,500 -
Advances out (276,500) (276,500) (276,500) -
Total other financing sources(uses) 211,802 1,211,802 1,211,802 -
Net change in fund balance (887,860) (4,560) 148,826 $ 153,386
Fund balance, beginning of year 1,348,423 1,348,423 1,348,423
Prior year encumbrances appropriated 651,162 651,162 651,162
Fund balance, end of year $ 1,111,725 $ 1,995,025 $ 2,148,411
122
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
Capital Equipment Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Contributions $ - $ 1,500 $ 1,525 $ 25
Expenditures:
Capital outlay 354,918 379,362 236,297 143,065
Excess of expenditures over revenues (354,918) (377,862) (234,772) 143,090
Other financing sources:
Transfers in 294,465 894,465 894,465 -
Net change in fund balance (60,453) 516,603 659,693 $ 143,090
Fund balance, beginning of year 793,005 793,005 793,005
Prior year encumbrances appropriated 40,943 40,943 40,943
Fund balance, end of year $ 773,495 $ 1,350,551 $ 1,493,641
123
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
Parking Improvement Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Expenditures:
Capital outlay $ 119,750 $ 119,750 $ 86,500 $ 33,250
Excess of expenditures over revenues (119,750) (119,750) (86,500) 33,250
Other financing sources:
Transfers in 10,000 10,000 10,000 -
Net change in fund balance (109,750) (109,750) (76,500) $ 33,250
Fund balance, beginning of year 124,535 124,535 124,535
Prior year encumbrances appropriated 19,750 19,750 19,750
Fund balance, end of year $ 34,535 $ 34,535 $ 67,785
124
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
Municipal Facilities Capital Improvement Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Fund balance, beginning of year $ 272,048 $ 272,048 $ 272,048
Fund balance, end of year $ 272,048 $ 272,048 $ 272,048
125
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
Oxford Area Trails Capital Improvement Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Intergovernmental $ 2,250,000 $ 2,250,000 $ - $ (2,250,000)
Expenditures:
Capital outlay 5,693,311 5,787,517 5,776,254 11,263
Excess of expenditures over revenues (3,443,311) (3,537,517) (5,776,254) (2,238,737)
Other financing sources (uses):
Transfers in 1,035,000 1,035,000 1,035,000 -
Advances in 2,871,337 2,871,337 2,871,337 -
Advances out (2,871,337) (2,871,337) (2,871,337) -
Total other financing sources(uses) 1,035,000 1,035,000 1,035,000 -
Net change in fund balance (2,408,311) (2,502,517) (4,741,254) $ (2,238,737)
Fund balance, beginning of year 1,690,410 1,690,410 1,690,410
Prior year encumbrances appropriated 161,375 161,375 161,375
Fund balance, end of year $ (556,526) $ (650,732) $ (2,889,469)
126
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
Aquatic Center Capital Improvement Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Expenditures:
Capital outlay $ 23,063 $ 23,063 $ 12,004 $ 11,059
Net change in fund balance (23,063) (23,063) (12,004) $ 11,059
Fund balance, beginning of year - - -
Prior year encumbrances appropriated 12,004 12,004 12,004
Fund balance, end of year $ (11,059) $ (11,059) $ -
127
CITY OF OXFORD, OHIO
Schedule of Revenues, Expenditures and Changes in Fund
Balances- Budget and Actual - Budget(Non-GAAP) Basis
High St. Pedestrian Safety Capital Improvement Capital Projects Fund
Year Ended December 31, 2022
Budgeted Amounts Variance
Original Final From Final
Budget Budget Actual Budget
Revenues:
Intergovernmental $ - $ - $ 83,477 $ 83,477
Interest - - 58 58
Total revenues - - 83,535 83,535
Expenditures:
Capital outlay 589,814 589,814 306,998 282,816
Excess of expenditures over revenues (589,814) (589,814) (223,463) 366,351
Other financing sources (uses):
Advances in 400,000 400,000 400,000 -
Advances out - (400,000) (400,000) -
Total other financing sources(uses) 400,000 - - -
Net change in fund balance (189,814) (589,814) (223,463) $ 366,351
Fund balance, beginning of year (366,351) (366,351) (366,351)
Prior year encumbrances appropriated 589,814 589,814 589,814
Fund balance, end of year $ 33,649 $ (366,351) $ -
128
CITY OF OXFORD, OHIO
Combining Statement of Net Position
Internal Service Funds
December 31, 2022
Employee Internal
Benefits Service Total
Assets
Equity in pooled cash and investments $ 256,446 $ 56,929 $ 313,375
Receivables:
Accounts 173,743 3,370 177,113
Interest 388 - 388
Materials and supplies inventory - 20,807 20,807
Total assets 430,577 81,106 511,683
Liabilities
Claims payable 242,696 - 242,696
Net Position
Unrestricted $ 187,881 $ 81,106 $ 268,987
129
CITY OF OXFORD, OHIO
Combining Statement of Revenues, Expenses
and Changes in Net Position
Internal Service Funds
Year Ended December 31, 2022
Employee Internal
Benefits Service Total
Operating revenues:
Charges for services $ 2,115,140 $ 268,261 $ 2,383,401
Operating expenses:
Contractual services 45,382 - 45,382
Supplies and materials - 267,261 267,261
Claims 2,173,076 - 2,173,076
Total operating expenses 2,218,458 267,261 2,485,719
Operating income (loss) (103,318) 1,000 (102,318)
Non-operating revenues:
Interest revenue (2,759) 471 (2,288)
Change in net position (106,077) 1,471 (104,606)
Net position, beginning of year 293,958 79,635 373,593
Net position, end of year $ 187,881 $ 81,106 $ 268,987
130
CITY OF OXFORD, OHIO
Combining Statement of Cash Flows
Internal Service Funds
Year Ended December 31, 2022
Employee Internal
Benefits Service Total
Cash flows from operating activities:
Cash received from customers $ - $ 28,216 $ 28,216
Cash received from interfund services provided 2,034,114 239,442 2,273,556
Cash payments to suppliers for goods and services (100,554) (261,501) (362,055)
Cash payments for employee medical claims (2,116,752) - (2,116,752)
Net cash from operating activities (183,192) 6,157 (177,035)
Cash flows from noncapital financing activities:
Advances from other funds 5,000 - 5,000
Return advances to other funds (5,000) - (5,000)
Net cash from noncapital financing activities - - -
Cash flows from investing activities:
Interest (2,467) 471 (1,996)
Net change in cash and investments (185,659) 6,628 (179,031)
Cash and investments beginning of year 442,105 50,301 492,406
Cash and investments end of year $ 256,446 $ 56,929 $ 313,375
Reconciliation of operating income (loss)to net cash
from operating activities:
Operating income (loss) $ (103,318) $ 1,000 $ (102,318)
Adjustments to reconcile operating income (loss)to
net cash from operating activities:
Changes in assets and liabilities:
Receivables (81,026) (603) (81,629)
Materials and supplies inventory - 5,760 5,760
Accounts payable (55,172) - (55,172)
Claims payable 56,324 - 56,324
Net cash from operating activities $ (183,192) $ 6,157 $ (177,035)
131
CITY OF OXFORD, OHIO
Combining Statement of Fiduciary Net Position
Custodial Funds
December 31, 2022
Board of
Hotel Building Total
Tax Standards Custodial
Fund Fund Funds
Assets
Receivables:
Taxes $ 16,252 $ - $ 16,252
Liabilities
Due to local organizations 16,252 - 16,252
Net Position
Restricted for local organizations $ - $ - $ -
132
CITY OF OXFORD, OHIO
Combining Statement of Changes in Fiduciary Net Position
Custodial Funds
Year Ended December 31, 2022
Board of
Hotel Building Total
Tax Standards Custodial
Fund Fund Funds
Additions
Hotel taxes collections for other organizations $ 280,299 $ - $ 280,299
Licenses and permit collections for the State - 2,138 2,138
Total additions 280,299 2,138 282,437
Deductions
Distribution of hotel tax collections to other organizations 280,299 - 280,299
Distribution of license and permit collections to the State - 2,138 2,138
Total deductions 280,299 2,138 282,437
Change in fiduciary net position - - -
Net position, beginning of year - - -
Net position, end of year $ - $ - $ -
133
CITY OF OXFORD
THIS PAGE IS INTENTIONALLY LEFT BLANK
134
• •+ � i�li.�' Vl
' i �
� r OHIO
� : . . . �
STATISTICAL SECTION
CITY OF OXFORD
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Statistical Section
This part of the City of Oxford Ohio's Annual Comprehensive Financial Report presents detailed
information as a context for understanding what the information in the financial statements, note
disclosures, and required supplementary information says about the City's overall financial health.
Contents Pa e s
Financial Trends 136 - 149
These schedules contain trend information to help the reader understand
how the city's financial position has changed over time.
Revenue Capacity 150 - 154
These schedules contain information to help the reader understand and
assess the factors affecting the City's ability to generate its most significant
local revenue sources, the property tax and the sales tax.
Debt Capacity 156 - 165
These schedules present information to help the reader assess the
affordability of the City's current levels of outstanding debt and the
City's ability to issue additional debt in the future.
Economic and Demographic Information 166 - 167
These schedules offer economic and demographic indicators to help the
reader understand the environment within which the City's financial
activities take place and to provide information that facilitates
comparisons of financial information over time and among governments.
Operating Information 168 - 173
These schedules contain service and infrastructure data to help the
reader understand how the information in the City's financial report
relates to the services the city provides and the activities it perForms.
Sources: Unless otherwise noted, the information in these schedules is derived from the Annual
Comprehensive Financial Reports for the relevant year. The county implemented GASB
Statement 34 in 2001; schedules presenting government-wide information include information
beginning in that year.
135
CITY OF OXFORD,OHIO
Net Position by Component
Last Ten Years
(accrual basis of accounting)
2013 2014 2015 2016
Governmental Activities:
Net investments in Capital Assets $ 37,250,098 $ 38,144,104 $ 40,532,820 $ 48,412,266
Restricted 3,516,792 4,173,776 4,137,880 4,709,925
Unrestricted (Deficit) 12,758,914 13,967,494 6,849,255 7,897,826
Total Governmental Activities Net Position 53,525,804 56,285,374 51,519,955 61,020,017
Business-type Activities:
Net investments in Capital Assets 25,703,277 27,285,532 27,386,511 27,833,536
Restricted 1,564,474 1,470,811 1,637,030 2,196,130
Unrestricted (Deficit) 8,913,941 8,839,703 8,262,825 8,644,335
Total Business-type Activities Net Position 36,181,692 37,596,046 37,286,366 38,674,001
Primary Government:
Net investments in Capital Assets 62,953,375 65,429,636 67,919,331 76,245,802
Restricted 5,081,266 5,644,587 5,774,910 6,906,055
Unrestricted (Deficit) 21,672,855 22,807,197 15,112,080 16,542,161
Total Primary Government Net Position $ 89,707,496 $ 93,881,420 $ 88,806,321 $ 99,694,018
(1)- In 2018,the City restated net position for implementation of GASB Statement No. 75.
Information prior to 2017 was not available.
136
2017 2018(1) 2019 2020 2021 2022
$ 50,088,887 $ 53,866,769 $ 55,480,293 $ 57,064,566 $ 56,634,457 $ 57,377,276
4,831,493 4,964,663 6,895,749 6,906,392 8,360,329 8,207,886
(619,285) (4,465,006) (1,239,199) (1,955,570) 107,362 2,396,874
$ 54,301,095 $ 54,366,426 $ 61,136,843 $ 62,015,388 $ 65,102,148 $ 67,982,036
28,889,403 28,760,423 28,076,549 28,011,362 26,734,617 25,724,873
2,293,550 2,328,824 2,395,498 2,481,625 2,593,484 2,836,790
8,188,996 8,334,901 8,707,246 8,777,278 11,522,298 11,932,245
39,371,949 39,424,148 39,179,293 39,270,265 40,850,399 40,493,908
78,978,290 82,627,192 83,556,842 85,075,928 83,369,074 83,102,149
7,125,043 7,293,487 9,291,247 9,388,017 10,953,813 11,044,676
7,569,711 3,869,895 7,468,047 6,821,708 11,629,660 14,329,119
$ 93,673,044 $ 93,790,574 $ 100,316,136 $ 101,285,653 $ 105,952,547 $ 108,475,944
(continued)
137
CITY OF OXFORD OHIO
Net Position by Component
Last Ten Years
(accrual basis of accounting)
2013 2014 2015 2016
Net investments in Capital Assets $ 62,953,375 $ 65,429,636 $ 67,919,331 $ 76,245,802
Restricted 5,081,266 5,644,587 5,774,910 6,906,055
Unrestricted (Deficit) 21,672,855 22,807,197 15,112,080 16,542,161
Total Net Position $ 89,707,496 $ 93,881,420 $ 88,806,321 $ 99,694,018
Net Position
$100,000,000
$90,000,000
$80,000,000
$70,000,000
$60,000,000
$50,000,000
$40,000,000
$30,000,000
$20,000,000
$10,000,000
$0
2013 2014 2015 2016
om�as�ea oaesnaaa ou��esnaaa am�ai
(1)-In 2018,the City restated net position for implementation of GASB Statement No.75.
Information prior to 2017 was not available.
138
2017 2018(1) 2019 2020 2021 2022
$ 78,978,290 $ 82,627,192 $ 83,556,842 $ 85,075,928 $ 83,369,074 $ 83,102,149
7,125,043 7,293,487 9,291,247 9,388,017 10,953,813 11,044,676
7,569,711 3,869,895 7,468,047 6,821,708 11,629,660 14,329,119
$93,673,044 $93,790,574 $100,316,136 $101,285,653 $ 105,952,547 $ 108,475,944
(continued)
Net Position
$110,000,000
$90,000,000
$70,000,000
$50,000,000
$30,000,000
$10,000,000 � � � �
($10,000,000)
2017 2018(1) 2019 2020 2021 2022
o���es�ed eRe=„��ed o��,e=„��ed e1o��
on of GASB Statement No.75.
139
CITY OF OXFORD OHIO
Changes in Net Position
Last Ten Years
(accrual basis of accounting)
2013 2014 2015 2016
Expenses
Governmental Activities:
Security of Persons and Property $ 5,776,151 $ 6,029,165 $ 6,197,036 $ 6,912,855
Public health services 133,080 122,530 122,331 123,304
Leisure time activities 1,664,647 1,703,467 1,736,278 2,015,365
Community enviornment 866,627 896,508 941,057 1,124,403
Transportation 2,346,876 2,437,072 2,307,734 2,518,789
General Government 1,842,327 1,657,466 1,620,353 1,969,819
Interest on long term debt 65,189 58,835 51,256 42,779
Total Governmental
Activities Expenses 12,694,897 12,905,043 12,976,045 14,707,314
Business-type Activities:
Water 2,384,808 2,433,786 2,353,068 2,543,610
Sewer 2,664,910 2,875,139 2,903,344 3,299,986
Refuse 2,387,231 1,483,773 1,314,535 1,429,391
Stormwater 26,461 25,477 34,425 26,587
Total 8usiness-type
Activities Expenses 7,463,410 6,818,175 6,605,372 7,299,574
Total Primary Government
Expenses 20,158,307 19,723,218 19,581,417 22,006,888
Program Revenues
Governmental Activities:
Charges for Services
Security of Persons and Property 673,216 781,443 805,365 768,171
Public health services 2,920 6,441 4,324 4,704
Leisure Time Activities 273,996 284,360 288,388 311,923
Community and Economic Development 355,373 325,891 406,534 489,793
General Government 219,713 265,383 199,520 247,763
Operating Grants& Contributions 610,081 588,411 623,665 792,681
Capital Grants & Contributions 2,104,993 1,410,344 617,613 8,857,616
Total Primary Government
Program Revenues 5,004,984 4,435,791 3,685,775 12,222,983
140
2017 2018 2019 2020 2021 2022
$ 7,896,735 $ 8,450,135 $ 3,734,801 $ 9,247,405 $ 8,448,985 $ 9,416,735
127,344 127,993 129,301 215,288 133,367 179,857
2,024,345 2,043,100 2,132,662 1,690,665 1,745,849 1,954,367
1,250,832 1,200,613 1,328,799 1,132,111 762,929 1,065,198
2,883,374 2,916,745 3,164,874 3,020,821 5,477,619 3,338,514
2,467,271 2,684,968 2,262,040 3,492,954 2,399,064 2,577,688
33,876 127,956 308,076 224,707 213,719 202,306
16,683,777 17,551,510 13,060,553 19,023,951 19,181,532 18,734,665
2,374,664 2,914,576 2,947,077 2,593,802 1,674,092 2,893,459
3,282,520 3,275,360 3,512,124 3,429,402 2,396,229 2,891,636
1,420,472 1,515,698 1,643,825 1,621,529 1,569,908 1,728,350
12,951 36,151 49,006 29,690 12,445 29,630
7,090,607 7,741,785 8,152,032 7,674,423 5,652,674 7,543,075
23,774,384 25,293,295 21,212,585 26,698,374 24,834,206 26,277,740
979,076 958,652 1,024,170 858,411 894,449 929,214
2,300 4,110 4,550 1,500 3,150 2,500
306,846 318,531 504,692 251,242 618,479 647,393
573,099 454,215 436,914 348,171 388,986 414,814
757,972 781,626 777,700 554,733 923,647 1,157,936
229,754 305,679 328,695 473,981 698,794 486,618
1,241,927 819,178 876,901 2,560,480 1,064,092 1,120,897
1,021,500 526,037 1,012,226 995,974 3,637,726 1,431,902
5,112,474 4,168,028 4,965,848 6,044,492 8,229,323 6,191,274
(continued)
141
CITY OF OXFORD
Changes in Net Position(continued)
Last Ten Years
(accrual basis of accounting)
2013 2014 2015 2016 2017
Business-type Activities:
Charges for Services
Water $ 2,589,075 $ 2,465,656 $ 2,740,798 $ 2,605,859 $ 2,673,633
Sewer 2,797,836 2,669,784 2,838,540 2,789,082 2,764,606
Refuse 1,779,637 1,816,867 1,864,550 1,636,072 1,592,089
Stormwater - - - - 389
Operating Grants and Contributions 15,971 12,861 16,111 - -
Capital Grants and Contributions 394,580 1,085,263 207,910 1,480,150 1,977,653
Total Business-type Activities
Program Revenues 7,577,099 8,050,431 7,667,909 8,511,163 9,008,370
Total Primary Government
Program Revenues 12,582,083 12,486,222 11,353,684 20,734,146 14,120,844
Net(Expense)/Revenue
Governmental Activities (7,689,913) (8,469,252) (9,290,270) (2,484,331) (11,571,303)
Business-type Activities 113,689 1,232,256 1,062,537 1,211,589 1,917,763
Total Primary Government
Net(Expense)/Revenue (7,576,224) (7,236,996) (8,227,733) (1,272,742) (9,653,540)
General Revenues and Other
Changes in Net Position
Governmental Activities:
Property Taxes Levied for:
General Purposes 1,209,594 1,235,909 1,221,740 1,258,641 1,289,001
Income Taxes 7,104,280 7,935,333 8,191,354 8,635,262 8,636,554
Income taxes for Fire and EMS 1,027,187 1,143,925 1,172,058 1,244,852 1,240,974
Grants and Entitlements 530,731 467,826 490,780 450,751 429,566
(not restricted to specific program)
Investment earnings 36,463 130,387 80,528 149,852 157,399
Miscellaneous 278,957 345,442 269,875 285,035 323,441
Transfers (40,000) (30,000) (40,000) (40,000) (40,000)
Total Governmental Activities 10,147,212 11,228,822 11,386,335 11,984,393 12,036,935
Business-type Activities:
Investment Earnings 40,419 111,214 61,928 118,233 117,221
Miscellaneous 38,084 40,884 20,010 17,813 28,026
Transfers 40,000 30,000 40,000 40,000 40,000
Total Business-type Activities 118,503 182,098 121,938 176,046 185,247
Total Primary Government 10,265,715 11,410,920 11,508,273 12,160,439 12,222,182
Change in Net Position
Governmental Activities 2,457,299 2,759,570 2,096,065 9,500,062 465,632
Business-type Activities 232,192 1,414,354 1,184,475 1,387,635 2,103,010
Total Primary Government
Change in Net Posifion $2,689,491 $4,173,924 $3,280,540 $10,887,697 $2,568,642
142
2018 2019 2020 2021 2022
$ 2,714,750 $ 2,774,495 $ 2,560,193 $ 2,661,194 $ 2,763,711
2,886,079 2,981,874 2,634,516 2,812,977 2,871,373
1,567,216 1,548,132 1,559,968 1,602,349 1,580,932
8,250 -
318,747 122,460 310,940 178,003 245,111
7,495,042 7,426,961 7,065,617 7,254,523 7,461,127
11,663,070 12,392,809 13,110,109 15,483,846 13,652,401
(13,383,482) (8,094,705) (12,979,459) (10,952,209) (12,543,391)
(246,743) (725,071) (608,806) 1,601,849 (81,948)
(13,630,225) (8,819,776) (13,588,265) (9,350,360) (12,625,339)
1,365,745 2,706,314 2,532,003 3,010,631 3,092,281
9,644,582 9,342,313 8,635,125 8,703,534 9,755,976
1,379,252 1,323,602 1,233,955 1,258,713 1,400,891
458,561 655,381 581,500 709,220 1,258,767
316,831 507,682 333,921 (60,033) (396,752)
323,842 369,830 797,807 416,904 312,116
(40,000) (40,000) (256,307) - -
13,448,813 14,865,122 13,858,004 14,038,969 15,423,279
218,903 410,630 308,551 (58,599) (309,481)
40,039 29,586 134,920 36,884 34,938
40,000 40,000 256,307 - -
298,942 480,216 699,778 (21,715) (274,543)
13,747,755 15,345,338 14,557,782 14,017,254 15,148,736
65,331 6,770,417 878,545 3,086,760 2,879,888
52,199 (244,855) 90,972 1,580,134 (356,491)
$117,530 $6,525,562 $969,517 4,666,894 2,523,397
(continued)
143
CITY OF OXFORD
Fund Balances, Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
2013 2014 2015 2016 2017
General Fund
Nonspendable $ 83,569 $ 120,534 $ 144,120 $ 128,896 $ 124,849
Assigned 145,070 1,112,306 24,542 - -
Unassigned 6,843,346 6,675,438 8,336,408 8,490,523 6,429,017
Total General Fund 7,071,985 7,908,278 8,505,070 8,619,419 6,553,866
All Other Governmental Funds
Nonspendable 192,183 214,048 215,225 173,889 166,347
Restricted 1,558,971 3,306,221 3,350,048 3,838,304 3,999,976
Assigned 2,812,851 6,122,896 5,241,425 6,508,321 8,244,714
Unassigned 2,497,637 (701,833) (620,214) (358,346) (337,622)
Total All Other Governmental Funds 7,061,642 8,941,332 8,186,484 10,162,168 12,073,415
Total Governmental Funds $ 14,133,627 $ 16,849,610 $ 16,691,554 $ 18,781,587 $18,627,281
144
2018 2019 2020 2021 2022
$ 142,048 $ 134,489 $ 133,834 $ 129,899 $ 155,569
50,000 58,674 - 16,044
6,396,711 7,094,540 7,501,806 8,709,045 8,458,258
6,588,759 7,287,703 7,635,640 8,854,988 8,613,827
157,421 169,475 179,887 171,564 233,337
7,365,021 8,483,341 5,825,540 7,010,702 6,589,932
5,762,958 4,114,905 4,855,891 3,870,440 5,140,887
(434,875) (137,512) (514,439) (415,448) (144,833)
12,850,525 12,630,209 10,346,879 10,637,258 11,819,323
$ 19,439,284 $ 19,917,912 $ 17,982,519 $ 19,492,246 $ 20,433,150
(continued)
145
CITY OF OXFORD
Changes in Fund Balances, Governmental Funds
Last Ten Years
(modified accrual basis of accounting)
2013 2014 2015 2016
Revenues
PropertyandOtherTaxes $1,301,573 $1,235,145 $1,220,978 $1,258,037
Municipal Income Taxes 8,249,273 9,045,760 9,317,842 9,740,117
Intergovernmental 1,437,662 2,452,720 1,764,528 1,207,199
Charges for Services 1,541,299 1,605,605 1,734,748 1,660,714
Fines and Forfeitures 337,777 354,517 319,157 316,032
Licenses and Permits 381,774 445,730 445,070 572,643
Special Assessments 38,915 26,663 41,921 42,109
Payments in lieu of taxes
Interest 17,608 109,707 97,344 144,596
Contributions and Donations 25,666 14,720 95,488 114,153
Other 321,861 570,965 296,739 297,711
Total Revenues 13,653,408 15,861,532 15,333,815 15,353,311
Expenditures
Current:
Security of Persons and Property 5,555,883 5,888,581 5,881,057 6,174,513
Public Health Services 133,080 122,530 122,331 123,304
Leisure Time Activities 1,304,355 1,339,864 1,326,600 1,352,695
Community Environment 901,112 885,993 955,428 1,128,455
Transportation 1,249,306 1,306,384 1,243,206 1,273,358
General Government 1,705,564 1,520,666 1,599,640 1,717,351
Capital Outlay 2,790,248 1,744,731 4,014,309 1,142,752
Debt Service:
Principal Retirement 250,000 250,000 260,000 270,000
Interest and Fiscal Charges 63,050 56,800 49,300 40,850
Debt Issuance Cost - - - -
Total Expenditures 13,952,598 13,115,549 15,451,871 13,223,278
Excess of Revenues Over
(Under)Expenditures (299,190) 2,745,983 (118,056) 2,130,033
Other Financing Sources(Uses)
Transfers-In 4,090,546 2,102,269 2,430,355 3,103,673
Transfers-Out (4,130,546) (2,132,269) (2,470,355) (3,143,673)
Proceeds from Notes Payable - - - -
Premium on Issuance of Bonds - - - -
Total OtherFinancing Sources(Uses) (40,000) (30,000) (40,000) (40,000)
Net Change in Fund Balances ($339,190) $2,715,983 ($158,056) $2,090,033
Debt Service as a Percentage of
Noncapital Expenditures 2.89% 2.77% 2.78% 2.64%
146
2017 2018 2019 2020 2021 2022
$1,288,009 $1,364,897 $2,377,499 $2,203,625 $2,632,137 $2,730,053
10,050,615 10,520,961 10,575,970 9,692,511 10,302,477 10,954,381
1,959,169 1,781,737 2,351,416 3,954,355 5,239,006 2,861,713
1,935,155 1,910,944 2,101,939 1,528,047 2,227,679 2,613,574
327,860 320,656 371,182 289,570 424,964 470,247
640,360 557,882 568,259 441,902 441,729 427,177
31,551 33,435 53,642 98,510 107,287 111,829
328,127 327,788 377,604 361,508
165,610 302,344 484,047 353,437 (59,403) (405,606)
255,568 27,279 172,382 41,430 32,598 35,527
371,192 348,879 397,962 816,719 419,211 288,451
17,025,089 17,169,014 19,782,425 19,747,894 22,145,289 20,448,854
7,152,652 6,962,332 7,624,875 7,239,398 8,037,500 8,802,352
127,344 127,993 129,301 215,288 133,367 179,857
1,415,517 1,408,851 1,561,371 1,450,984 1,669,732 1,738,266
1,161,225 1,141,505 1,243,646 1,050,529 1,129,850 1,213,015
1,388,191 1,365,612 1,398,324 1,374,801 1,679,006 1,611,709
1,939,994 2,003,394 1,868,709 3,424,223 2,645,865 2,706,890
3,119,964 7,302,931 7,392,454 6,284,839 4,722,967 2,644,986
275,000 290,000 5,355,000 365,000 380,000 385,000
32,075 42,172 318,326 248,225 237,275 225,875
- - 129,331 - - -
16,611,962 20,644,790 27,021,337 21,653,287 20,635,562 19,507,950
413,127 (3,475,776) (7,238,912) (1,905,393) 1,509,727 940,904
5,007,033 3,672,124 4,316,751 4,245,688 2,598,999 4,344,102
(5,047,033) (3,712,124) (4,356,751) (4,275,688) (2,598,999) (4,344,102)
- 4,800,000 7,215,000
- 54,048 542,540
(40,000) 4,814,048 7,717,540 (30,000) - -
$373,127 $1,338,272 $478,628 ($1,935,393) $1,509,727 $940,904
2.33% 2.55% 29.76% 3.95% 3.28% 3.69%
Total Debt Service 610,875
Total Expenditures 19,507,950
Less:capital additions from reconciliation (2,969,545)
16,538,405
Revised Debt Service as a Percentage of Noncapital Expenditures 3.69%
147
CITY OF OXFORD, OHIO
Assessed and Estimated Actual Value of Taxable Property
Last Ten Years
Real Property
Public Utility
Assessed Value Estimated Estimated
Levy Collection Residential/ Commercial/ Actual Assessed Actual
Year Year Agricultural Industrial/PU Value Value Value
2012 2013 $ 191,940,590 $ 91,739,000 $ 810,513,114 $ 7,047,210 $ 8,008,193
2013 2014 188,417,460 96,220,200 813,250,457 8,937,670 10,156,443
2014 2015 180,706,210 100,488,130 803,412,400 9,358,220 10,634,341
2015 2016 182,215,270 104,088,250 818,010,057 9,605,450 10,915,284
2016 2017 182,953,370 106,694,400 827,565,057 9,855,360 11,199,273
2017 2018 195,948,020 117,288,530 894,961,571 10,291,240 11,694,591
2018 2019 196,724,490 118,227,190 899,861,943 11,384,750 12,937,216
2019 2020 197,264,680 122,951,200 914,902,514 11,853,290 13,469,648
2020 2021 224,982,970 150,461,280 1,072,697,857 13,481,340 15,319,705
2021 2022 225,868,860 152,767,580 1,081,818,400 14,008,920 15,919,227
Real property is reappraised every six years with a State mandated update of the current
market value in the third year following each reappraisal.
The assessed value of real property(including public utility real property) is 35 percent of
estimated true value. Personal property tax is assessed on all tangible personal property used
in business in Ohio. The assessed value of public utility personal property ranges from 25 percent
of true value for railroad property to 88 percent for electric transmission and distribution
property.
The tangible personal property values associated with each year are the values that, when multiplied
by the applicable rates, generated the property tax revenue billed in that year. For real property, the
amounts generated by multiplying the assessed values by the applicable rates would be reduced by
the 10%, and 2 1/2% and homestead exemptions before being billed.
Source: Butler County Auditor's Office
148
Tangible Personal Property
General Business Total
Estimated Estimated Direct
Assessed Actual Assessed Actual Tax Rate
Value Value Value Value Ratio (in mills)
$ - $ - $290,726,800 $ 818,521,306 35.52% $ 3.65
- - 293,575,330 823,406,899 35.65% 3.65
- - 290,552,560 814,046,740 35.69% 3.65
- - 295,908,970 828,925,341 35.70% 3.65
- - 299,503,130 838,764,330 35.71% 3.65
- - 323,527,790 906,656,162 35.68% 6.90
- - 326,336,430 912,799,159 35.75% 6.90
- - 332,069,170 928,372,162 35.77% 6.90
- - 388,925,590 1,088,017,562 35.75% 6.90
- - 392,645,360 1,097,737,627 35.77% 6.90
(continued)
Assessed Values
400,000,000
350,000,000
300,000,000
250,000,000
200,000,000
150,000,000
100,000,000
50,000,000
2012 2013 2014 2015 2016 2017 2018 2019 2020 2021
oReal ■Public Utility Personal ❑General Business Personal
149
CITY OF OXFORD,OHIO
Property Tax Rates
(per$1,000 of assessed value)
Last Ten Years
2013 2014 2015 2016
Unvoted Millage
Operating $ 3.65 $ 3.65 $ 3.65 $ 3.65
Total Unvoted Millage 3.65 3.65 3.65 3.65
Voted Millage-by levy
None - - - -
Total Voted millage - - - -
Total millage $ 3.65 $ 3.65 $ 3.65 $ 3.65
The rates presented for a particular calendar year are the rates that,when applied to the assessed values
in the Assessed Value Table,generated the property tax revenue billed in that year.
Rates may only be raised by obtaining the approval of a majority of the voters at a public election.
Property Tax Rates of Direct and Overlapping Governments
(per$1,000 of assessed value)
Last Ten Years
2013 2014 2015 2016
Butler County $ 9.72 $ 9.72 $ 9.72 $ 9.72
Metroparks of Butler County 0.50 0.50 0.50 0.70
Lane Public Library 0.75 0.75 0.75 0.75
Talawanda School 55.80 55.30 55.30 54.30
Butler County Vocational School 1.93 1.93 1.93 1.93
Cities:
Oxford City 3.65 3.65 3.65 3.65
Townships:
Oxford Township 0.24 0.24 0.24 0.24
Total Millage $ 72.59 $ 72.09 $ 72.09 $ 71.29
The rates presented in this Table represent the original voted rates.
Source: Butler County Treasurer's Office for both tables
150
2017 2018 2019 2020 2021 2022
$ 3.65 $ 3.65 $ 3.65 $ 3.65 $ 3.65 $ 3.65
3.65 3.65 3.65 3.65 3.65 3.65
- 3.25 3.25 3.25 3.25 3.25
- 3.25 3.25 3.25 3.25 3.25
$ 3.65 $ 6.90 $ 6.90 $ 6.90 $ 6.90 $ 6.90
2017 2018 2019 2020 2021 2022
$ 9.72 $ 9.72 $ 9.72 $ 9.22 $ 7.30 $ 9.72
0.70 0.70 0.70 0.70 0.70 0.70
0.75 0.75 0.75 0.75 0.75 0.75
54.30 55.30 55.30 54.80 54.80 54.80
1.93 1.93 1.93 1.93 1.93 1.93
3.65 6.90 6.90 6.90 6.90 6.90
0.24 0.24 0.24 0.24 0.24 0.24
$ 71.29 $ 75.54 $ 75.54 $ 74.54 $ 72.62 $ 75.04
(continued)
151
CITY OF OXFORD, OHIO
Property Tax Levies and Collections
Last Ten Levy Years
Percent of Percent of
Current Tax Total Tax
Current Collections Delinquent Collections
Levy Collection Tax Current Tax to Current Tax Total Tax to Current
Year Year Levy Collections Tax Levy Collections Collections Tax Levy
2012 2013 $ 1,048,575 $ 1,035,692 98.77% $ 37,628 $ 1,073,320 102.36%
2013 2014 1,071,550 1,032,911 96.39 37,616 1,070,527 99.90
2014 2015 1,060,517 1,032,115 97.32 37,537 1,069,652 100.86
2015 2016 1,080,068 1,056,216 97.79 28,405 1,084,621 100.42
2016 2017 1,094,588 1,075,019 98.21 24,040 1,099,059 100.41
2017 2018 1,180,876 1,147,460 97.17 23,558 1,171,018 99.17
2018 2019 2,251,577 2,050,379 91.06 56,185 2,106,564 93.56
2019 2020 2,291,277 2,042,582 89.15 45,319 2,087,901 91.12
2020 2021 2,683,587 2,316,901 86.34 90,471 2,407,372 89.71
2021 2022 2,709,253 2,374,963 87.66 66,147 2,441,110 90.10
Source: Butler County Auditor's Office
The County has not identify delinquent tax collections by tax year, thus amounts could include
collections from a previous collection year(s). Effort will be made to work with County personnel
to obtain this information for future reporting.
152
CITY OF OXFORD, OHIO
Principal Taxpayers
Real Estate Tax
January 1, 2022 and January 1, 2013
January 1, 2022
Percent of
Assessed Real Property
Name of Taxpayer Value Assessed Value
DUKE ENERGY OHIO INC $ 13,281,490 3.38%
OXFORD WEST PROPERTIES 1 LLLP 7,592,880 1.93%
EVR INVESTMENTS LLC 7,506,170 1.91%
PEP OXFORD OH LLC 6,786,240 1.73%
TRES WALNUT LLC 5,824,790 1.48%
STEWART DEVELOPERS LLC 5,583,620 1.42%
PAUL W BAER TRUST PROPERTIES LLC 5,322,510 1.36%
GASLIGHT AVENUE AT STEWART SQUARE LLC 5,134,910 1.31%
BROOKSIDE AT CHESTNUT LLC 4,847,710 1.23%
MAM OXFORD LLC 4,697,610 1.20%
Totals $ 66,577,930 16.95%
Total Assessed Valuation $392,645,360
January 1, 2013
Percent of
Assessed Real Property
Name of Taxpayer Value Assessed Value
DUKE ENERGY OHIO $ 6,967,370 2.40%
BLUE ATLANTIC OXFORD 6,300,000 2.17%
STEWART DEVELOPERS 4,755,140 1.64%
BROWN ROAD ASSOCIATES 3,937,500 1.35%
D & B FAMILY LTD 3,524,110 1.21%
WAL-MART REAL ESTATE 2,818,920 0.97%
SOUTHWESTERN OHIO 2,780,350 0.96%
OXFORD APARTMENTS 2,765,030 0.95%
HOELZER/HOELZER RENTALS 2,685,200 0.92%
SSC OXFORD LLC 2,162,470 0.74%
Totals $ 38,696,090 13.31%
Total Assessed Valuation $290,726,800
Real property taxes paid in 2022 are based on January 1, 2021 values.
Real property taxes paid in 2013 are based on January 1, 2012 values.
Source: Butler County Auditor's Office
153
CITY OF OXFORD,OHIO
Income Tax Revenue Base and Collections
Lasf Ten Years
Taxes Percentages of Taxes Percentage of Taxes Percentage of
Tax Tax Total Tax from Taxes From from Taxes from from Taxes from
Year Rate Collected Withholdinq Withholdinp Net Profits Net Profits Individuals Individuals
2013 2.00% $ 8,247,356 $ 7,185,618 87.13% $ 497,750 6.04% $ 563,988 6.84%
2014 2.00°/a 8,815,535 7,530,446 85.42% 545,225 6.18% 739,864 8.40%
2015 2.00% 9,230,490 7,819,892 84.72% 702,756 7.61% 707,842 7.67%
2016 2.00% 9,507,252 8,025,370 84.41% 776,047 8.16% 705,835 7.42%
2017 2.00% 9,904,406 8,322,304 84.03% 781,139 7.89% 818,770 8.27%
2018 2.00% 10,121,832 8,575,632 84.72% 687,470 6.79% 858,731 8.48%
2019 2.00% 10,345,556 8,760,781 84.68% 678,997 6.56% 905,778 8.76%
2020 2.00% 9,551,110 8,337,313 87.29% 489,407 5.12% 724,390 7.58%
2021 2.00% 9,651,994 8,393,121 86.96% 481,929 4.99% 776,944 8.05%
2022 2.00% 10,554,958 8,996,780 85.24% 646,762 6.13°/a 911,415 8.63°/a
Source: Regional Income Tax Agency
154
CITY OF OXFORD
THIS PAGE IS INTENTIONALLY LEFT BLANK
155
CITY OF OXFORD,OHIO
Ratio of Outstanding Debt By Type
Last Ten Years
Governmental Activities Business-Type Activities Totals
General Bond General OWDA Total Percentage
Obligation Anticipation Obligation Loans Primary of Personal Per
Year Bonds Notes Bonds Payable Government Income Capita
2013 $ 1,657,383 - $ 880,012 $ 2,881,115 $ 5,418,510 2.02% $253.78
2014 1,405,133 - - 2,131,808 3,536,941 1.10% 164.74
2015 1,142,883 - - 1,500,591 2,643,474 0.82°/a 121.36
2016 870,633 - - 995,966 1,866,599 0.53°/a 84.45
2017 593,383 - - 495,539 1,088,922 0.30°/a 48.74
2018 301,133 4,854,048 - - 5,155,181 1.42°/a 225.52
2019 7,479,938 - - - 7,479,938 1.92% 326.85
2020 7,092,332 - - - 7,092,332 1.72% 306.89
2021 6,689,730 - - - 6,689,730 1.55% 290.42
2022 6,282,120 - - - 6,282,120 1.49% 277.66
156
Business-Type Activities Totals
General OWDA Total Percentage
Obligation Loans Primary of Personal Per
Bonds Payable Government Income Capita
$ 880,012 $ 2,881,115 $ 5,418,510 2.02% $ 253.78
- 2,131,808 3,536,941 1.10% 164.74
- 1,500,591 2,643,474 0.82% 121.36
- 995,966 1,866,599 0.53% 84.45
- 495,539 1,088,922 0.30% 48.74
- - 301,133 0.08% 13.17
- - 7,479,938 1.92% 326.85
- - 7,092,332 1.72% 306.89
- - 6,689,730 1.55% 290.42
- - 6,282,120 1.49% 277.66
(continued)
157
CITY OF OXFORD, OHIO
Ratios of General 8onded Debt Outstanding
Last Ten Years
Ratio of Net Net
General Resources Bonded Debt Bonded
Obligation Available to Net General to Estimated Debt per
Year Bonds & Notes Pay Principal Bonded Debt Actual Value Capita
2013 $ 1,657,383 $ - $ 1,657,383 0.20% $ 77.63
2014 1,405,133 - 1,405,133 0.17% 65.45
2015 1,142,883 - 1,142,883 0.14% 52.47
2016 870,633 - 870,633 0.11% 39.39
2017 593,383 - 593,383 0.07% 26.56
2018 5,155,181 - 5,155,181 0.58% 225.52
2019 7,479,938 - 7,479,938 0.83% 326.85
2020 7,092,332 - 7,092,332 0.78% 306.89
2021 6,689,730 - 6,689,730 0.62% 290.42
2022 6,282,120 - 6,282,120 0.58% 277.66
158
CITY OF OXFORD, OHIO
Computation of Direct and Overlapping
Debt Attributable to Governmental Activities
December 31, 2022
Amount of
Percentage Direct and
Debt Applicable to Overlapping
Outstanding County (1) Debt
Direct:
City of Oxford $ 6,282,120 100.00% $ 6,282,120
Subtotal 6,282,120 6,282,120
Overlapping:
Butler County 20,290,270 3.94% 799,437
Talawanda School District 21,800,000 46.20% 10,071,600
Subtotal 42,090,270 10,871,037
Total $ 48,372,390 $ 17,153,157
Source: Ohio Municipal Advisory Council
(1) Percentages were determined by dividing the assessed valuation of the political subdivision
located within the boundaries of the County by the total assessed valuation of the
subdivision. The valuations used were for the 2022 collection year.
159
CITY OF OXFORD, OHIO
Ratio of Debt
to Actual Value and Debt per Capita
Last Ten Years
General Bonded Debt
Estimated General
Actual Value of Bonded Debt Net General
Year Population (1) Taxable Property(2) Outstanding Bonded Debt
2013 21,351 - $ 818,521,306 $ 1,657,383 $ 1,657,383
2014 21,470 - 823,406,899 1,405,133 1,405,133
2015 21,782 - 814,046,740 1,142,883 1,142,883
2016 22,104 - 828,925,341 870,633 870,633
2017 22,341 - 838,764,330 593,383 593,383
2018 22,859 - 906,656,162 5,155,181 5,155,181
2019 22,885 - 912,799,159 7,479,938 7,479,938
2020 23,110 - 928,372,162 7,092,332 7,092,332
2021 23,035 - 1,088,017,562 6,689,730 6,689,730
2022 22,625 - 1,097,737,627 6,282,120 6,282,120
ources: (1) U.S. Bureau of Census, Census of Population
(a) 2020 Federal Census
(b) Census Estimates
(2) Butler County Auditor's Office
160
General Debt
Ratio of Net Net Ratio of
Bonded Debt Bonded General Debt to General
to Estimated Debt per Capital Other Total Estimated Debt
Actual Value Capita Leases Obligations Debt Actual Value Per Capita
0.20% $ 77.63 $ - $ - $ 1,657,383 0.20% $ 77.63
0.17% 65.45 - - 1,405,133 0.17% 65.45
0.14% 52.47 - - 1,142,883 0.14% 52.47
0.11% 39.39 - - 870,633 0.11% 39.39
0.07% 26.56 - - 593,383 0.07% 26.56
0.57% 225.52 - - 5,155,181 0.57% 225.52
0.82% 326.85 - - 7,479,938 0.82% 326.85
0.76% 306.89 - - 7,092,332 0.76% 306.89
0.61% 290.42 - - 6,689,730 0.61% 290.42
0.57% 277.66 - - 6,282,120 0.57% 277.66
161
CITY OF OXFORD, OHIO
Computation of Legal Debt Margin
Last Ten Years
2013 2014 2015 2016
Assessed Valuation $ 290,726,800 $ 293,575,330 $ 290,552,560 $ 295,908,970
Overall Debt Limit-10'/z%of Assessed Value(1) $ 30,526,314 $ 30,825,410 $ 30,508,019 $ 31,070,442
Amount of Debt Applicable to Debt Limit
Total Outstanding Bonded Debt 5,396,115 3,526,808 2,635,591 1,860,966
Less Debt Outside the Limitations (3,751,115) (2,131,808) (1,500,591) (995,966)
Debtwithin Limitations 1,645,000 1,395,000 1,135,000 865,000
Less Amount Available in Debt Service - - - -
Amount of Debt Subject to Limitations 1,645,000 1,395,000 1,135,000 865,000
Overall Legal Debt Margin $ 28,881,314 $ 29,430,410 $ 29,373,019 $ 30,205,442
Legal Debt Margin as a Percentage of the
Debt Limit 94.61% 95.47% 96.28% 97.22%
Unvoted Debt Limit-5'/z%of Assessed Value(1) $ 15,989,974 $ 16,146,643 $ 15,980,391 $ 16,274,993
Amount of Debt Applicable to Debt Limit
Total Outstanding Bonded Debt 5,396,115 3,526,808 2,635,591 1,860,966
Less Debt Outside the Limitations (3,751,115) (2,131,808) (1,500,591) (995,966)
Debtwithin Limitations 1,645,000 1,395,000 1,135,000 865,000
Less Amount Available in Debt Service - - - -
Amount of Debt Subject to Limitations 1,645,000 1,395,000 1,135,000 865,000
Unvoted Legal Debt Margin $ 14,344,974 $ 14,751,643 $ 14,845,391 $ 15,409,993
Unvoted Legal Debt Margin as a Percentage of
the Unvoted Debt Limit 89.71% 91.36% 92.90% 94.69%
Source: Butler County Auditors Office
(1) Ohio Bond Law sets a limit of 10'/2%for overall debt and 5'/2%for unvoted debt.
162
2017 2018 2019 2020 2021 2022
$ 299,506,130 $ 323,527,790 $ 326,336,430 $ 332,069,170 $ 388,925,590 $ 392,645,360
$ 31,448,144 $ 33,970,418 $ 34,265,325 $ 34,867,263 $ 40,837,187 $ 41,227,763
1,085,539 5,100,000 6,960,000 6,595,000 6,215,000 5,830,000
(495,539)
590,000 5,100,000 6,960,000 6,595,000 6,215,000 5,830,000
590,000 5,100,000 6,960,000 6,595,000 6,215,000 5,830,000
$ 30,858,144 $ 28,870,418 $ 27,305,325 $ 28,272,263 $ 34,622,187 $ 35,397,763
98.12% 84.99°/a 79.69% 81.09% 84.78% 85.86%
$ 16,472,837 $ 17,794,028 $ 17,948,504 $ 18,263,804 $ 21,390,907 $ 21,595,495
1,085,539 5,100,000 6,960,000 6,595,000 6,215,000 5,830,000
(495,539) - - - - -
590,000 5,100,000 6,960,000 6,595,000 6,215,000 5,830,000
590,000 5,100,000 6,960,000 6,595,000 6,215,000 5,830,000
$ 15,882,837 $ 12,694,028 $ 10,988,504 $ 11,668,804 $ 15,175,907 $ 15,765,495
96.42% 71.34% 61.22% 63.89°/a 70.95% 73.00%
(continued)
163
CITY OF OXFORD, OHIO
Pledged Revenue Coverage
Last Ten Years
(Mortgage Revenue) General Obligation Bonds - Water
Water Less: Debt Service (1)
Service Operating Net Available
Year Charges Expenses Revenue Principal Interest Coverage
2013 $ 2,604,633 $ 1,827,926 $ 776,707 $855,000 $ 34,500 87.00%
2014 2,483,551 1,866,440 617,111 - -
2015 2,749,843 1,817,685 932,158 - -
2016 2,617,159 1,952,227 664,932 - -
2017 2,687,517 1,839,890 847,627 - -
2018 2,739,408 2,274,827 464,581 - -
2019 2,787,337 2,357,930 429,407 - -
2020 2,618,159 1,980,581 637,578 - -
2021 2,676,958 968,376 1,708,582 - -
2022 2,797,050 2,235,647 561,403 - -
Source: City of Oxford Finance Department
164
OWDA Loans - Sewer
Sewer Less: Debt Service
Service Operating Net Available
Year Charges Expenses Revenue Principal Interest Coverage
2013 $ 2,819,071 $ 1,898,556 $ 920,515 $ 446,589 $ 114,632 164.00%
2014 2,690,852 2,029,114 661,738 484,487 76,734 118.00%
2015 2,848,546 1,972,901 875,645 504,625 56,596 156.00%
2016 2,795,229 2,274,686 520,543 500,427 60,794 93.00%
2017 2,777,085 2,471,731 305,354 495,539 65,682 54.00%
2018 2,899,814 2,382,978 516,836 - -
2019 2,996,960 2,727,396 269,564 - -
2020 2,701,977 2,638,327 63,650 - -
2021 2,831,338 1,491,583 1,339,755 - -
2022 2,872,783 2,042,874 829,909 - -
OWDA Loans - Refuse
Refuse Less: Debt Service
Service Operating Net Available
Year Charges Expenses Revenue Principal Interest Coverage
2013 $ 1,780,928 $ 2,356,102 $ (575,174) $ 272,188 $ 27,655 -192.00%
2014 1,818,788 1,464,864 353,924 146,730 3,192 236.00%
2015 1,703,011 1,311,593 391,418 - -
2016 1,636,438 1,425,432 211,006 - -
2017 1,593,752 1,426,690 167,062 - -
2018 1,568,862 1,502,449 66,413 - -
2019 1,549,790 1,650,835 (101,045) - -
2020 1,569,461 1,620,375 (50,914) - -
2021 1,605,108 1,546,784 58,324 - -
2022 1,581,121 1,714,741 (133,620) - -
165
CITY OF OXFORD, OHIO
Demographic and Economic Statistics
Last Ten Years
Per Capita
Personallncome Personal Unemployment
Year Population (1) (in thousands) Income Rate (2)
2013 21,351 $ 268,616,931 $ 12,581 6.90%
2014 21,470 320,976,500 14,950 4.80%
2015 21,782 323,027,060 14,830 4.20%
2016 22,104 350,171,568 15,842 4.20%
2017 22,341 361,857,177 16,197 4.10%
2018 22,859 363,092,356 15,884 4.00%
2019 22,885 389,594,240 17,024 4.50%
2020 23,110 412,629,050 17,855 4.40%
2021 23,035 430,593,255 18,693 4.40%
2022 22,625 422,929,125 19,184 3.50%
Sources: (1) 2020 US Census Bureau; 2012 - 2020 US Census Population Estimates
(2) Ohio Bureau of Employment Services; rates are for Butler County
166
CITY OF OXFORD, OHIO
Principal Employers
2022 and 2013
2022
Percentage of
Ranking Employer Nature of Business Withholdings
1 Miami University Education 49.4%
2 Talawanda School District Education 4.1%
3 Schneider Electric Manufacturer 3.9%
4 McCullough Hyde Hospital Hospital 3.8%
5 WalMart Associates, Inc. Retail 2.2%
6 RDI Corporation Marketing 1.6%
7 TriHealth G LLC Healthcare 1.2%
8 City of Oxford Government 1.0%
9 Kroger Retail 1.0%
10 Wildberry Incense Manufacturer 1.0%
Total Top Ten Withholdings $ 6,226,283
Total Withholdings $ 8,996,780
2013
Percentage of
Ranking Employer Nature of Business Withholdings
1 Miami University Education 54.3%
2 McCullough Hyde Hospital Hospital 5.5%
3 Talawanda School District Education 3.8%
4 Schneider Electric USA Inc Manufacturing 3.4%
5 City of Oxford Government 2.1%
6 Onesource Employee Managem Healthcare 1.5%
7 Kroger Limited Partnership Retail 1.3%
8 WAL-MART Associates, Inc. Retail 1.3%
9 RDI Marketing Services Inc. Marketing 0.8%
10 Monarch Construction Co. Construction 0.5%
Total Top Ten Withholdings $ 5,353,559
Total Withholdings $ 7,185,618
Source: 2022 - Regional Income Tax Agency
167
CITY OF OXFORD, OHIO
City Government Employees by Function/Activity
Last Ten Years
2013 2014 2015 2016 2017
General Government
Office of the City Manager 4.00 3.50 4.00 4.00 4.00
Finance Department 7.50 7.50 7.50 7.00 7.00
Law Department 1.00 1.00 1.00 1.00 1.00
Management Information Systems
Community Environment
Economic Development 1.00 1.00 1.00 1.00 1.00
Community Development 5.00 5.00 5.00 5.00 5.00
Leisure Time Activities
Parks and Recreation 21.75 20.25 20.25 20.25 20.25
Security of Persons and Property
Police Division 50.00 50.00 50.00 50.00 50.00
Fire Division 52.00 52.00 52.00 55.00 58.00
Public Service
Administration 7.50 7.50 7.50 7.50 7.50
Streets and Maintenance 16.50 16.50 16.50 16.50 16.50
Wastewater Division 13.00 13.00 13.00 13.00 13.00
Water Division 10.00 10.00 10.00 10.00 10.00
Total 189.25 187.25 187.75 190.25 193.25
Method: 1.00 for each full-time, 0.50 for each part-time and 0.25 for each seasonal employee
Source: City of Oxford HR Department
168
2018 2019 2020 2021 2022
4.00 4.50 6.50 8.00 6.00
7.00 7.00 7.00 7.00 7.00
1.00 0.00 0.00 0.00 0.00
1.00 1.00 0.00 0.00 1.00
5.50 5.00 5.00 5.00 5.00
20.25 25.25 26.25 26.25 28.50
50.00 45.50 46.50 46.50 44.00
61.00 61.00 61.00 43.00 32.00
7.50 7.50 7.50 8.50 8.50
17.50 17.50 18.75 24.25 18.75
13.00 13.00 13.00 13.50 13.00
10.00 10.00 10.00 10.25 10.00
197.75 197.25 201.50 192.25 173.75
(continued)
169
CITY OF OXFORD,OHIO
Operating Indicators by Funcfion/Activity
Last Ten Years
2013 2014 2015 2016 2017
General Government
Legislative and Executive
City Council
Number of ordinances 66 35 43 50 34
Number of resolutions 82 78 77 77 96
Number of ineetings 23 26 30 30 69
Management Information Systems
Number of devices 181 181 181 181 186
Finance Department-Purchasing
Number of bid contracts awarded 9 7 9 6 14
Number of purchase orders issued 394 336 370 387 435
Risk Management
Number of claims 11 9 9 6 7
Public Safety
Enforcement
Number of incidents reported 1,736 1,748 1,629 1,767 2,017
Number of accidents investigated 346 402 364 388 308
Number of parking citations 13,300 13,981 11,606 13,367 12,436
Number of traffic non-moving citations 144 115 115 128 252
Number of traffic moving citations 710 1,028 807 853 883
Number of minor misdemeanor citations 380 382 288 351 489
Number of DUI citations 74 67 35 38 39
Number of arrests 1,095 1,058 613 491 1,342
Number of OPD CFS(calls for service) 24,207 21,979 17,991 18,454 21,821
Number of parking meters 779 779 779 779 779
Emergency Medical Services
Number of emergency responses 2,326 2,486 2,711 2,863 3,253
Public Works
Engineer
Miles of roads resurfaced 2.99 2.63 2.87 3.07 0.00
Number of bridges replaced/improved 0.00 0.00 1.00 2.00 0.00
Number of culverts built/replaced/improved 0.00 0.00 1.00 1.00 0.00
Water District
Annual water treated(in miuion qauons) 838.50 716.20 681.87 723.28 740.74
Number of tap-ins 16 21 36 26 25
Number of customers 4,517 4,468 4,554 4,580 4,711
Miles of water mains 74.99 74.99 74.99 74.99 76.02
Sewer District
Annual sewage treated(in miuion qauons) 910.00 893.00 903.00 841.00 895.00
Number of tap-ins 9 13 14 12 13
Number of customers 4,313 4,274 4,245 4,275 4,392
Miles of sanitary sewers 67.18 67.18 67.18 67.18 68.19
Parks and Recreation
Parks
Number of parks 11 11 11 11 11
Acreage developed 128.95 128.95 128.95 128.95 128.95
Acreage undeveloped 23.00 23.00 23.00 23.00 23.00
Community and Economic Development
Number of contacts 52 45 42 48 36
Number of projects 20 12 12 15 12
Number ofjobs created 70.00 (24.00) 4.00 132 24
Building Department
Number of permits issued 556 555 520 1,017 929
Number of inspections performed 1,027 1,249 1,221 1,381 2,443
Source: City of Oxford Departmental Staff
170
2018 2019 2020 2021 2022
48 39 57 53 46
105 109 100 122 92
35 33 27 29 34
266 288 303 318 208
8 15 6 10 9
466 461 616 449 479
8 10 7 8 8
1,645 1,457 1,259 1,590 1,387
361 268 185 278 289
11,617 13,385 9,482 15,654 20,436
217 195 114 117 134
694 611 536 668 509
249 208 90 187 168
42 69 39 81 65
1,274 1,058 764 1,013 ��
21,074 18,074 12,399 18,638 17,954
779 779 779 750 756
3,211 3,046 2,417 3,106 3,221
3.04 3.01 3.92 3.61 4.70
1.00 0.00 2.00 0.00 0.00
1.00 1.00 0.00 2.00 0.00
845.00 892.00 696.00 701.00 729.12
23 24 19 19 30
4,783 4,796 4,870 4,930 4,928
76.88 77.25 77.67 77.99 78.42
995.00 969.00 821.00 842.00 861.00
12 13 12 13 15
4,470 4,479 4,556 4,612 4,606
69.04 69.37 69.39 69.71 69.71
11 11 11 11 11
128.95 128.95 128.95 128.95 128.95
23.00 23.00 23.00 23.00 23.00
60 48 48 55 70
20 18 18 16 11
56 52 52 22 43
700 660 549 465 421
1,469 1,586 1,209 1,075 1,066
(continued)
171
CITY OF OXFORD, OHIO
Capital Asset Statistics by Function/Activity
Last Ten Years
2013 2014 2015 2016 2017
General Government
Legislative and Executive
City Council
Administrative office space (sq. ft.) 300.00 300.00 300.00 300.00 300.00
City Manager's Office
Administrative office space 460.00 460.00 460.00 460.00 460.00
Finance Department
Administrative office space 821.00 821.00 821.00 821.00 821.00
Management Information Systems
Administrative office space 221.00 221.00 221.00 221.00 221.00
Public Safety
Police
Jail capacity 11 11 11 11 11
Number of patrol vehicles 32 28 31 31 30
Fire
Number of fire fighting vehicles 4 4 4 4 4
Emergency Medical Services
Number of stations 1 1 1 1 1
Number of emergency squads 3 3 3 3 3
Public Service
Engineer
Centerline miles of roads 53.76 53.76 54.00 54.00 55.70
Number of bridges 1 1 1 2 2
Number of culverts 20 20 20 20 20
Number of vehicles 3 3 3 3 3
Water District
Number of treatment facilities 1 1 1 1 1
Miles of water lines 74.99 74.99 74.99 74.99 76.02
Sewer District
Number of treatment facilities 1 1 1 1 1
Number of pumping stations 1 1 1 1 1
Miles of sewer lines 67.18 67.18 67.18 67.18 68.18
Parks and Recreation
Parks
Number of parks 11 11 11 11 11
Acreage developed 128.95 128.95 128.95 128.95 128.95
Acreage undeveloped 23.00 23.00 23.00 23.00 23.00
Miles of trails 5.86 5.86 5.86 5.86 7.52
Community and Economic Development
Number of related infrastructure projects 1 0 1 1 2
Building Department
Administrative office space 306.00 306.00 306.00 306.00 306.00
Source: City of Oxford Departmental Staff
172
2018 2019 2020 2021 2022
300.00 300.00 300.00 300.00 300.00
768.00 768.00 768.00 768.00 768.00
1,080.00 1,080.00 1,080.00 1,080.00 1,080.00
336.00 336.00 336.00 336.00 336.00
11 11 11 11 11
30 30 30 24 24
5 3 3 3 3
1 1 1 1 1
3 3 3 3 3
55.70 56.07 56.49 56.81 57.24
2 2 3 3 3
20 20 20 20 21
3 3 3 3 3
1 1 1 1 1
76.88 77.25 77.67 77.99 78.42
1 1 1 1 1
1 1 1 1 1
69.04 69.37 69.39 69.71 69.71
11 11 11 11 11
128.95 128.95 128.95 128.95 128.95
23.00 23.00 23.00 23.00 23.00
7.52 7.52 8.87 8.87 8.87
3 3 4 4 3
1,315.00 1,315.00 1,315.00 1,315.00 1,315.00
(continued)
173
CITY OF OXFORD
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