December 1, 2021
CITY OF OCEANSIDE FINANCES REMAIN STRONG
DESPITE COVID-19 PANDEMIC
The City of Oceanside has fared well financially through the effects of the COVID-19 pandemic. The impact to the City’s revenues during the past year was minimal, and like any good business, we plan ahead in order to maintain a financially sound and stable city. 

Property tax, sales and use taxes and occupancy taxes all exceeded revenue projections, and the City planned carefully to spend less, which resulted in a General Fund surplus of approximately $19 million.

The City’s General Fund had a total fund balance of $107.3 million at fiscal year's end. This is an increase of $23.9 million from 2020, and is due to increases in sales tax due to strong consumer spending, property and hotel tax, as well as careful spending by City Departments.

FINANCIAL HIGHLIGHTS

  • An $1.9 million increase in Transient Occupancy Taxes from the prior year when hotels and short-term rentals were closed for part of the year

  • Sales tax was up $6.3 million from prior year, due in part to the reopening of restaurants and hotels and the return of tourism to Oceanside’s economy

  • The City received $16.2 million of American Rescue Plan Act (ARPA) funds in May 2021, and another payment of $16.2 million is expected in May 2022. The City is developing a comprehensive spending plan for these funds, which are in addition to the surplus

Consistent with the strong economic outlook and decreasing unemployment, Oceanside continues to see investment in commercial properties and hotels and strong home sales, which is expected to result in consistent incremental increases in revenue over the next several years.
CITY AWARDED FOR FINANCIAL REPORTING
The Government Finance Officers Association (GFOA) awarded a Certificate of Achievement for Excellence in Financial Reporting to the City for its Comprehensive Annual Financial Report for the fiscal year ending June 30, 2020. The GFOA award demonstrates a constructive spirit of clear communication of financial disclosure to the Oceanside community we serve. Financial reports

AMERICAN RESCUE ACT PLAN FUNDING
The approximately $32 million in federal relief funds that the City of Oceanside will receive will allow us to further booster Oceanside's economic recovery, provide more aid to small businesses and non-profits, and help our most vulnerable residents. We will use federal relief funds responsibly over the next two years, allowing us to ensure City employees continue to provide the vital services residents rely on, while investing in a stronger future for our City. Though federal relief funds are one-time funding, we are committed to using them as a foundation for Oceanside's long-term stability.
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