Expecting to Lose Up to $12 Million, Oxnard Mulls Borrowing from Utilities

The first slide of the Oxnard chief financial officer’s presentation to be given on Tuesday contains this message: “Warning: Estimates subject to change.” No politician, economist or crystal ball can show exactly how deep and how lasting this recession will go. As municipal finance leaders put together a budget for the fiscal year that begins July 1, the best they can do is use projections with limited certainty.