City’s Fourth Quarterly City Managers Report Projects $254 Million General Fund Balance for FY2020
September 2, 2020 —FY2020 revenues are estimated at $4.860 billion and obligations are estimated at $5.087 billion, according to PICA’s Staff Report on the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for the fourth quarter (period ending June 30, 2020). These estimates are higher than the revenue and obligations projections in the City’s FY2020-FY2024 Five Year Plan (“the Plan”) by $57.6 million and $62.0 million, respectively.
The estimated year end General Fund balance totals $254.9 million, $45.0 million higher than in the Plan. However, this represents a decrease of $97.1 million, over the fund balance projected in the second quarter of FY2020 (December 31. 2019), reflecting the impact of the COVID-19 global pandemic to the City’s finances.
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