City Projects FY2019 Fund Balance of Almost $300 Million
City Spending Again Outpaces Revenues for the Fiscal Year
August 27, 2019 —FY2019 revenues are estimated at $4.742 billion and expenditures are estimated at $4.833 billion, according to PICA’s Staff Report on the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for the fourth quarter (period ending June 30, 2019). These estimates are higher than the revenue and expenditure projections in the City’s FY2019-FY2023 Five Year Plan (“the Plan”) by $125.2 million and $107.2 million, respectively. While both estimated revenues and expenditures increased, it appears that City spending will once again outpace revenues in FY2019. The estimated year end General Fund balance totals $297.7 million, $158.2 million higher than in the Plan.
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