PICA: City of Philadelphia’s General Fund Revenues for FY16: $81.1 Million Higher Than Projected—Fund Balance $36.4 Million Higher Than Projected
PICA Issues Staff Report on City’s 4th Quarter City Managers Report
October 14, 2016—PICA’s Staff Report on the City’s Quarterly City Managers Report (QCMR) for the 4th quarter of FY16 shows General Fund revenues at $3.9 billion, an increase of $81.1 million from the initial FY16-20 Five-Year Financial Plan estimate. The increase reflects higher than projected tax revenue ($39.1 million), locally generated non-tax revenue ($16.8 million), and revenue from other governments ($27.9 million). The report also shows FY16 General Fund year-end balance is projected at $105.7 million, $36.4 million higher than the initial FY16-20 Plan projection.