City’s FY2021 Year-End Fund Balance Projected at $78.8 Million
City Spending is Projected to Outpace Revenues by $300 Million
The Quarterly City Managers Report (“QCMR”) for the fourth quarter (period ending June 30, 2021), projects a year-end fund balance of $78.8 million, $27.4 million higher than projected in the FY2021-FY2025 Five Year Plan (the “Plan”), yet far below the target set by City officials and the Government Finance Officers Association recommendation. FY2021 revenues are estimated at $4.615 billion, $27.4 million more than the Plan projection; however, obligations are projected at $4.930 billion, $114.6 million more than projected in the Plan and approximately $300 million more than projected revenues.
For the full report, click here.
For the accompanying press release, click here.
For past reports, click here.