FY2017 Obligations Projected to Outpace Revenues by $65 Million
May 30, 2017—Total General Fund expenditures are projected to exceed revenues by $65 million in fiscal year 2017 according to the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for the third quarter. The higher-than-projected obligations can be largely attributed to a $28.8 million projected increase in employee benefits costs. In addition, increases in spending in the Fire ($14 million), Sheriff ($5 million), Prisons ($4 million), and Streets ($2 million) Departments added to the increased obligations.
For the full report click here.
For the accompanying press release click here.