July Obligations Slightly Ahead of Expectations
Since contracts are encumbered at the beginning of the year, the City has expended $341.7 million and encumbered and additional $221.5 million, resulting in total obligations of $563.1 million. This total is approximately $70.5 million, or 14.3 percent more than in FY2022. It also represents 9.6 percent of the total FY2023 approved budget.
The City has projected a total of $5.842 billion in obligations for FY2023, an increase of $494 million over the prior year budget. The current obligation projections can be found in the City’s FY2023-FY2027 Five Year Financial Plan, that was approved on July 27, 2022, by the PICA Board.
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