Projected Revenues and Obligations Both Increase Compared to Five Year Plan

City Projects FY2020 Fund Balance of Over $300 Million

December 2, 2019 —FY2020 revenues are estimated at $4.966 billion and expenditures are estimated at $5.117 billion, increases of of $48.7 million and $92.4 million over the City’s Five Year Plan, according to PICA’s Staff Report on the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for the first quarter (July 1—September 30). Better than expected tax collections are the primary driver for the projected increase in revenues, while projected increases in wages and outside contracts are the primary causes for the projected increase in spending. While both estimated revenues and expenditures increased, City spending is projected to again outpace revenues in FY2020, by more than $150 million. The estimated year-end General Fund balance for FY2020 increased to $307.2 million, almost $100 million higher than in the City’s Five Year Plan.

PICA’s Staff Report has been entirely redesigned for FY2020, and also identifies key management issues and tracks departmental performance for several City departments.

To view the report, click here.

To view the accompanying press release, click here.

To view past reports, click here.