August Obligations Slightly Ahead of PICA’s Projections

Since contracts are encumbered at the beginning of the year, the City has expended $649.4 million and encumbered and additional $421.8 million, resulting in total obligations of $1.071 billion. This total is approximately $141.5 million, or 15.2 percent more than in FY2022. It also represents 18.3 percent of the total FY2023 approved budget.

The twelve departments with the largest budgets account for over $916.2 million, or 85.5% of total obligations in August. These twelve departments have spent $105.2 million or 13.0 percent more than they did at the same time last year.

Finance has spent $37.8 million more than in FY2022, as shown in Table 2, primarily due to increased employee fringe benefit costs, indemnity payments and the mandated contribution to the Housing Trust Fund.

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