Obligations Through August Slightly Ahead of City’s Spending Projections

September 14, 2020 —PICA today issued its first Monthly City Obligations Update. This new report commenced as a result of the PICA Board’s concerns about the City’s spending in light of the COVID-19 pandemic and its impact on the economy. At the PICA Annual Board meeting, the Board approved the City’s FY2021-2025 Five Year Plan with Addendum (the “Plan”), and the City agreed to provide PICA staff with monthly updates on the City’s spending. The Monthly City Obligations Update allows PICA to monitor the City’s obligations and ensure compliance with the approved FY2021-2025 Five Year Plan.

Through the end of the second month of the fiscal year, the City expended $321.3 million and encumbered an additional $573.5 million. Total obligations amounted to $894.8 million or 18.6% of the $4.8 billion FY2021 budget. This is slightly higher than the average budgeted monthly spend of 16.6%, and lower than what was obligated at the same time last year which was 22.2% of the budget.

For the full report, click here.

For the accompanying press release, click here.