Development News for Oxford, Mississippi

Oxford Approves FY2027 Electric Budget and 4% Rate Increase for Utilities

The Oxford Board of Aldermen reviewed and approved the Oxford Utilities electric division budget for fiscal year 2027. This budget includes a 4% customer retail rate increase, which has not seen a net positive adjustment in 17 years. The increase is attributed to rising material and equipment costs, exacerbated by Winter Storm Fern, which depleted reserves. The rate adjustment is expected to generate sufficient funds for necessary capital projects. The average residential customer will see an approximate $4 per month increase, totaling $48 annually. This rate increase will maintain Oxford's position as having one of the lowest electric rates in the state and region. The board also approved the proposed electric retail rate adjustment.

Mayor Authorized to Sign Contract, Grant Deadline Extended for Facility Renovations

The Mayor was granted permission to sign a contract related to MDOT (Mississippi Department of Transportation) funding for facility renovations. The request specifically pertained to extending the grant deadline from the current September 30th to September 30th, 2027. This extension is necessary because the planned renovation work might extend beyond the original grant expiration date, and the funds are federal. The project aims to ensure funding availability for the renovations.

Oxford's General Fund Strong, Winter Storm Recovery Expenses Detailed

The Board reviewed the April 2026 budget. For the first seven months of the fiscal year, the general fund remains financially strong. Total general fund revenues reached approximately $35 million, representing 69% of the $51 million annual budget collected by April 30th. Revenue collection is ahead of expectations compared to the previous fiscal year. Ad valorem taxes were at 90% of budget, and sales tax revenue was at 62% of budget. Department expenditures are generally in line with expectations, with most departments spending between 40% and 60% of their budgets. Winter Storm Fern recovery expenses are estimated at $16.2 million total. Of this, $9.22 million has been submitted to FEMA for reimbursement, with $7 million remaining to be submitted. Over $5 million has been received from FEMA (75% of submitted costs), and $1.9 million has come from state emergency loans. The city anticipates a net cost of slightly over $2 million after all reimbursements.

Downtown Oxford to Implement New License Plate-Based Parking Kiosk System

The Board of Aldermen authorized a contract with IPS for new multispace parking kiosks in downtown Oxford. IPS is the current provider. The project involves purchasing and installing 35 multispace parking kiosks, which will replace the 12 existing single-space meters on off-street lots and add more around the square. The new system will transition to a license plate-based recognition system, allowing users to pay for parking and move between spaces within the system without being tied to a specific meter. The same text-to-pay and mobile payment options will be maintained. The total project cost is $241,496, funded by the parking budget. Installation is targeted for completion by August 15th, before the football season.