FY2022 Revenues Projected to Outpace Obligations
Year-End Fund Balance Projected at $492.4 Million
The Quarterly City Managers Report (“QCMR”) for the fourth quarter (period ending June 30, 2022) projects FY2022 revenues at $5.490 billion, $171 million more than FY2022 obligations, which are projected at $5.319 billion. This marks the first time since FY2019 that the City has ended the year without an operating deficit. The QCMR also projects a year-end fund balance of $492.4 million, which was previously presented in the City’s FY2023-FY2027 Five Year Plan submitted to PICA on June 30, 2022, and approved by the PICA Board on July 27, 2022.
In addition to analysis of projected fourth 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