Oceanside Gets Moderate Risk Score From California State Auditor

OCEANSIDE, CA — How fiscally responsible is the City of Oceanside? According to the California State Auditor, Oceanside gets a 'Moderate Risk' score of 184.

The California State Auditor is authorized to identify local government agencies that are at high risk for the potential of waste, fraud, abuse, or mismanagement, or that have major challenges associated with their economy, efficiency, or effectiveness. More than 470 California cities are ranked based on detailed information of various financial indicators to assess their fiscal health.

"We make sure that California government stays one step ahead by proposing innovative solutions to problems. Because of the work we do, government agencies do a better job serving the people of California." said Elaine M. Howle, CPA, California State Auditor.

The Legislature asks us to examine some of California's biggest challenges. This includes homelessness, education accountability, environmental concerns, and government waste.

The August 2021 assessment was to determine the financial situation of California cities in light of stimulus payments from the federal American Rescue Plan Act, property taxes, and increased tax revenues as the economy has started reopening.

How did Oceanside score overall?

Oceanside is considered Yellow level risk overall and scored 68.56 out of 100 points. Out of the 10 factors that each city was scored on, Oceanside had 3 Green (Low-Risk) Factors, 6 Yellow (Moderate Risk) Factors and 2 Red (High-Risk) Factors.

Oceanside is one of 146 Cities across California that tied for the #1 spot of Worst OPEB (Other Post-Employment Benefits) Funding.

How did Oceanside score on each risk factor?

Overall Risk = 184 (Yellow)
General Fund Reserves = 155 (Yellow)
Debt Burden = 266 (Green)
Liquidity = 58 (Green)
Revenue Trends = 347 (Yellow)
Pension Obligations = 168 (Yellow)
Pension Funding = 275 (Yellow)
Pension Costs = 149 (Yellow)
Future Pension Costs = 130 (Red)
OPEB Obligations= 74 (Green)
OPEB Funding = 1 (Red)

General Fund Reserves
Statewide City Rank (where 1 is the worst) 155
Total Points (out of a possible 30 points) 15.16
% of General Fund Reserves to Expenditures and Transfers Out 40%
Average Annual Unrestricted Fund Balances Trend 12%
General Fund Unrestricted Fund Balances $69,790,468
General Fund Expenditures and Transfers Out $174,699,938
2017-18 General Fund Unrestricted Fund Balances $56,545,263
2018-19 General Fund Unrestricted Fund Balances $66,541,009
2019-20 General Fund Unrestricted Fund Balances

Debt Burden
Statewide City Rank (where 1 is the worst) 266
Total Points (out of a possible 15 points) 14.33
% of Long-Term Obligations to Government-Wide Revenue 28%
Long Term Obligations (Excluding Retirement Obligations) $108,717,196
Government-wide Revenue

Liquidity
Statewide City Rank (where 1 is the worst) 58
Total Points (out of a possible 10 points) 10
% of General Fund Cash & Investments to General Fund Liabilities 866%
General Fund Cash and Investments $77,151,709
General Fund Liabilities $8,912,695

Revenue Trends
Statewide City Rank (where 1 is the worst) 347
Total Points (out of a possible 5 points) 3.63
Average Annual Change in General Fund Revenue 9%
2017-18 General Fund Revenue $140,010,179
2018-19 General Fund Revenue $152,335,806
2019-20 General Fund Revenue

Pension Obligations
Statewide City Rank (where 1 is the worst) 168
Total Points (out of a possible 10 points) 6.64
% of Pension-Related Obligations to Government-Wide Revenue 67%
Net Pension Liability (Asset) $240,470,627
Pension-Related Debt Outstanding $20,495,000
Government-wide Revenue $386,722,415

Pension Funding
Statewide City Rank (where 1 is the worst) 275
Total Points (out of a possible 5 points) 3.8
Pension Funded Ratio 76%
Value of Pension Assets $785,782,720
Accrued Pension Liabilities $1,033,612,093

Pension Costs
Statewide City Rank (where 1 is the worst) 149
Total Points (out of a possible 5 points) 3.06
% of Annual Required Pension Contributions to Government-Wide Revenue 7%
Actuarially Determined Pension Contributions $28,198,614
Government-wide Revenue $386,722,415

Future Pension Costs
Statewide City Rank (where 1 is the worst) 130
Total Points (out of a possible 5 points) 1.94
% of Projected Pension Contributions to Government-Wide Revenue 11%
Projected Required Contributions for 2027-28 $41,550,651
Government-wide Revenue $386,722,415

OPEB Obligations
Statewide City Rank (where 1 is the worst) 74
Total Points (out of a possible 10 points) 10
% of Net OPEB Liability to Government-Wide Revenue 2%
Net OPEB Liability (Asset) $9,553,658
Government-Wide Revenue $386,722,415

OPEB Funding (Other post-employment benefits)
Statewide City Rank (where 1 is the worst) 1
Total Points (out of a possible 5 points) 0
OPEB Funded Ratio 0%

How did other cities in San Diego County score? The number associated with each city represents its statewide rank. The lower the number the worse the financial health.

Calexico (34.41 out of 100 points) was the only city in the county that scored a RED High-Risk designation and was ranked the 5th worst city in the state. San Diego had the lowest score in the Yellow rankings, while the city with the best score in the county is Carlsbad.

Yellow - Moderate Risk Score

37. San Diego (51.04 out of 100 points)

62. Escondido (55.13 out of 100 points)

68. Brawley (55.7 out of 100 points)

140. Del Mar (64.62 out of 100 points)

151. Chula Vista (65.55 out of 100 points)

158. La Mesa (66.3 out of 100 points)

162. El Cajon (66.48 out of 100 points)

167. National City (66.71 out of 100 points)

176. Encinitas (67.77 out of 100 points)

184. Oceanside (68.56 out of 100 points)

198. Santee (69.82 out of 100 points)

Green Low-Risk cities in SD County:

234. San Marcos (73.91 out of 100 points)

238. Lemon Grove (74.62 out of 100 points)

258. Solana Beach (76.57 out of 100 points)

293. Imperial Beach (80.77 out of 100 points)

308. El Centro (82.45 out of 100 points)

341. Coronado (85.76 out of 100 points)

347. Vista (86.27 out of 100 points)

368. Poway (89.29 out of 100 points)

371. Carlsbad (89.82 out of 100 points)

Get more information about the scores and the methodology used by the California State Auditor.

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