June 3, 2016—PICA’s Staff Report on the City’s Quarterly City Manager’s Report (QCMR) for the third quarter of FY16 shows the City’s tax revenue is projected at $2,935.8 million, $23.5 million higher than projected in the FY16-20 Five-Year Plan (the Plan). The increase reflects strong performance of wage and earnings, sales and real estate transfer tax revenue.
Yet the higher-than-projected tax revenue is offset by General Fund Obligations, projected at $4,067.1 million, an increase of $69.0 million from Plan. The increase reflects costs associated with the Papal visit, overtime, indemnities, and snow removal---$8.2 million of the increased costs associated with the Papal visit are not yet reimbursed.
Click here to view the full report and here to view the accompanying press release.