Preliminary Total Obligations Lower Than City’s Target Budget
Through the end of June, the City expended $4.351 billion and encumbered an additional $203.8 million. As a result, preliminary FY2021 total obligations amounted to $4.554 billion or 92.2% of the $4.941 billion target budget. However, year end book closing activities will affect the final obligations totals, which are expected to be released in the fall. Accordingly, the City estimates that FY2021 obligations will be $4.919 billion, or $21.8 million less than the target budget.
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