Under the PICA Act, within 45 days of the end of each fiscal quarter, the City is required to submit to PICA “reports describing actual or current estimates of revenues and expenditures compared to budgeted revenues and expenditures…” The City fulfills this requirement by submitting a Quarterly City Managers Report (QCMR). The most recent QCMR, covering the fourth quarter of FY14, was submitted to PICA on August 15th. The report is available here.
The QCMR projects FY14 General Fund revenues at $3,818.0 million. Obligations are projected at $3,916.6 million, and the operating deficit is projected at $98.6 million. The FY14 fund balance is projected at $184.7 million, $106.2 million higher than the initial projection in the FY14-FY18 Five Year Financial Plan. The full PICA staff report on the QCMR is available here.