COVID-19 Pandemic Continues to Impact City Budget

The Quarterly City Managers Report (“QCMR”) for the second quarter (period ending December 31, 2020), estimates FY2021 revenues at $4.602 billion and obligations at $4.934 billion, according to PICA’s Staff Report. These estimates are higher than the projections in the City’s FY2021-FY2025 Five Year Plan (the “Plan”) by $20.6 million (revenues) and $129.3 million (obligations). Therefore, City spending is projected to outpace revenues in FY2021.

The QCMR also projects a year-end fund balance of $29.1 million, $22.3 million less than projected in the Plan and far below targets set by both City officials and the Government Finance Officers Association, but $6.2 million more than the City’s first quarter projection.

PICA’s Staff Report 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.