Financial Capital: Oceanside, California

Financial Capital: Oceanside, California

The financial capital a community holds is a reflection of the community’s income, wealth, and investments. It is more than the total numbers of dollars within a community, but the money within a community does help a community flourish.

Every year the City of Oceanside adopts an operating budget with a budget theme. The theme for this fiscal year 2016-17 budget includes Public Safety, Quality of Life, Economic Development, and service restoration. Each budget themes receive an increase in allocated money to fund jobs that support the community. For example an increase in $4.2 million in cost of service which includes restoration of police officers, lifeguard sergeant, paramedics, etc. The general fund revenues are projected at 138.77 million for the FY 2016-17 and consists of property taxes, sales taxes, all other taxes, and fines that are used for these general purposes (Lawrence, 2016).

In the Oceanside-Escondido CCD region, 11.6% of the households make less than 14,999 annually, well below the poverty line. For the remainder of the households, 8.2% make between 15,000-24,999 a year, 23.2% make between 25,000-49,999 a year, 17.5% make between 50,000-74,999, 33.4% make between 75,000-199,999, and 6.1% make over 200,000 (U.S. Census Bureau, 2014).

The people’s income determines tax dollars contributed to government operations. In the state of California 31.5% of tax dollars are allocated to health and human services, 30.1% are allocated to K through 12 education, 8.7% is allocated to higher education, 7.8% to corrections and rehabilitation, 6.4% to transportation, and the remaining dollars are split with less than 5% each to other vital categories (2016 Income Tax, 2016).  

Cooperation with the San Diego Association of Governments to encourages the use of federal and state housing programs. Low income and hispanic neighborhoods face gang violence at higher rates, these are barriers to thriving financial capital.  Efforts with youth development programs are used to combat gang involvement and increase connections with the community (City of Oceanside, 2015).

The City of Oceanside has financial support pouring in through tax dollars. An annual operating budget determines how to spend government money, mainly on needed community jobs. Tax dollars are allocated to mostly health, k-12 education, and higher education. The community utilizes development programs to encourage alternative career opportunities. These programs build social capital and encourage workforce connections that will aid the community on a financial level.

References

2016 Income Tax Receipt. (2016). Retrieved November 26, 2016, from https://www.ftb.ca.gov/individuals/taxReceipt/

City of Oceanside 2015-2016 Consolidated Plan. (2015, July 31). Retrieved November 26, 2016, from https://www.ci.oceanside.ca.us/civicax/filebank/blobdload.aspx?BlobID=23109

Lawrence, M. S. (Ed.). (2016, July 1). Operating Budget Fiscal Year 2016-17. Retrieved November 26, 2016, from https://www.ci.oceanside.ca.us/civicax/filebank/blobdload.aspx?BlobID=42868

U.S. Census Bureau. (2014). 2010-2014 American Community Survey 5-year Estimates. Retrieved September 14, 2016, from http://factfinder.census.gov/bkmk/table/1.0/en/ACS/14_5YR/DP03/0500000US17097