Oxford is worth more than ever — topping $364 million in total assets — after a year marked by growth in tax revenue, capital investments, and core city services, according to the city’s most recent audit presented to the Board of Aldermen last week

The audit, approved by city leaders June 3, showed Oxford’s governmental and public assets rose from $331 million in 2023 to $364 million as of Sept. 30, 2024. The city’s fiscal year runs from Oct. 1 through Sept. 30.

Franks, Franks, Wilemon, Hagood, P.A., the accounting firm that has conducted Oxford’s audits since 2013, handled this year’s review. Accountant Bryon Wilemon delivered the findings during the board’s regular meeting.

While assets climbed, so did liabilities — increasing from $163 million in 2023 to $175 million in 2024. Still, the city’s assets exceeded its liabilities by a healthy margin of $198 million.

Roughly 75% of that net position comes from Oxford’s investment in capital assets — land, buildings, equipment, and infrastructure — after accounting for any debt still tied to those holdings.

The audit also highlighted Oxford’s major revenue streams. Property taxes contributed approximately 23% of total revenue, bringing in $17 million in 2024, up from $15 million the previous year. Sales tax brought in $14.5 million, about 19% of total revenue, up from $13.9 million in 2023. Charges for services made up about 14% of the city’s income.

The city’s capital assets were valued at $119 million, an increase of $10 million over last year. Of that, $65 million was tied to buildings and $32 million to machinery and equipment.

As for expenses, public safety — which includes police and fire services — accounted for the largest portion, totaling about $26 million. General government operations cost $12 million, while Public Works came in at around $10 million.