City’s FY2022 Spending Projected to Outpace Revenues by $288 Million
Year-End Fund Balance Projected at $133.7 Million
The Quarterly City Managers Report (“QCMR”) for the second quarter (period ending December 31, 2021) projects FY2022 revenues at $5.184 billion; however, FY2022 obligations are projected at $5.372 billion. Thus, spending is projected to outpace revenues by $288 million. The QCMR also projects a year-end fund balance of $133.7 million.
In addition to analysis of projected second 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