Revenues and Expenditures Higher Than Projected in Five Year Plan

Fund Balance Projected at $222.7 Million

February 27, 2019 —FY2019 revenues are projected at $4.638 billion and expenditures are projected at $4.803 billion, according to PICA’s Staff Report on the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for the second quarter (period ending December 31, 2018). These estimates increased over the projections in the City’s FY2019-FY2023 Five Year Plan (“the Plan”) by $20.8 million and $77.9 million, respectively. The estimated year end General Fund balance for FY2019 is projected to total $222.7 million, $83.2 million higher than in the Plan. As revenue projections decreased in the second quarter and expenditure projections increased, it appears that expenditures may once again outpace City revenues in FY2019.

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