City of Philadelphia’s Projected Fund Balance for FY17 $55.5 Million Higher Than Forecasted
General Fund Revenue $19.5 Million Higher Than Previous Estimate
January 4, 2017—PICA’s Staff Report on the City’s Quarterly City Managers Report (QCMR) for the first quarter of FY17 shows a General Fund year-end balance projected at $95.8 million, $55.5 million higher than the initial FY17-21 Five-Year Financial Plan estimate. The report also shows General Fund revenue projected at $4.2 billion, an increase of $19.5 million from the initial Plan estimate. The increase reflects higher than projected tax revenue of $17.7 million, and an increase in revenue from other governments of $2.9 million.
For the full report click here.
For the accompanying press release click here.