While Oxford’s population continues to grow, so does its government services and facilities, making Oxford worth a pretty penny.

According to the recently approved audit of the city government, Oxford’s governmental and public assets were worth $331 million as of Sept. 30, 2023, up from $313 million in 2022.

The fiscal year runs from Oct. 1 to Sept. 30.

The audit was conducted by Franks, Franks, Wilemon, Hagood, P.A., who started doing the city’s audit in 2013Accountant Bryon Wilemon presented the audit to the Board of Aldermen Tuesday.

The city’s liabilities also increased, from $144 million in 2022 to $163 million in 2023.

The assets of the city exceeded its liabilities by $185 million.

A large portion, 74%, of the city’s net position reflects its investment in capital assets (such as land, buildings, machinery, equipment, and infrastructure), less any related debt used to acquire those still outstanding assets.

Approximately 13 percent of Oxford’s revenue comes from property taxes and approximately 12 percent from sales tax, with 36 percent of all revenue coming from some type of tax.

Another 46 percent comes from fees charged for services, and the balance is from operating and capital grants and contributions, intergovernmental revenue, investment earnings and miscellaneous revenues.

The city took in $15 million in property tax and $14 million in sales tax.

Most of its expenses came from public safety which includes fire and police protection, and totaled about $25 million. General government expenses were $11 million and Public Works was around $9.5 million.

The audit noted one material weakness: Oxford has not fully implemented an adequate system of controls for properly tracking the activity of fixed assets; however, Wileman noted that the city has made “strides” in correcting the issue.

“The city has continued to make improvements here, it’s just not 100% yet,” he said Tuesday.

The audit noted one significant deficiency: The city had expenditures above budgeted amounts in four expense categories for the year due to the revenue being posted as an expenditure.

There were no findings of any deficiency or weakness in the city’s handling of federal awards.