City’s FY2022 Spending Projected to Outpace Revenues by $358 Million

 Year-End Fund Balance Projected at $133.9 Million

The Quarterly City Managers Report (“QCMR”) for the first quarter (period ending September 30, 2021) projects FY2022 revenues at $5.080 billion; however, FY2022 obligations are projected at $5.348 billion. Thus, spending is projected to outpace revenues by $358 million. The QCMR also projects a year-end fund balance of $133.9 million, far below the target set by City officials, and the Government Finance Officers Association’s recommended level.

In addition to analysis of projected first quarter financials, PICA’s Staff Report on the QCMR also identifies key management issues and tracks departmental performance for several City departments.

For the full report, click here.

For the accompanying press release, click here.

For past reports, click here.