Projected Revenues and Obligations Both Reach $5 Billion
City Projects FY2020 Fund Balance of Over $350 Million
February 26, 2020 —The City projects increases in both revenues and expenses of over $90 million, according to PICA’s Staff Report on the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for the second quarter (October 1 – December 31). Better than expected tax collections are the primary driver for the projected increase in revenues, while projected increases in wages, advances/miscellaneous spending, and outside contracts are the primary causes for the projected increase in spending. While obligations were projected to reach $5 billion in the City’s FY2020-2024 five year plan, the second quarter QCMR marks the first time the City’s revenue projection has reached the $5 billion threshold. The estimated year-end General Fund balance for FY2020 increased to $352.0 million, $142 million higher than in the City’s Five Year Plan.
For the full report, click here.
For the accompanying press release, click here.
For past reports, click here.