Obligations Lower than PICA’s Spending Projections

Through February of FY2023, the City has expended $3,013.5 billion and encumbered an additional $390.6 million, resulting in total obligations of $3.404 billion. This total is approximately $355.3 million, or 11.7 percent more than in FY2022. It also represents 58.3 percent of the total FY2023 approved budget, slightly lower than PICA’s projection of 66.7 percent.

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