City Projects Fund Balance to Drop by $84 Million
Obligations Projections Increase While Revenues, Fund Balance Decrease
June 2, 2020 —The City projects increases in expenses by $37.1 million, and decreases in revenues by $70.4 million according to PICA’s Staff Report on the City of Philadelphia’s Quarterly City Managers Report (“QCMR”) for the third quarter (January 1 – March 31). Also, the City’s fund balance is now projected to end the fiscal year at $268.0 million, a drop of $84.0 million compared to the second quarter projection of $352.0 million. The City’s response to the COVID-19 pandemic, coupled with a recent decrease in tax revenues is a likely factor in the adjusted projections.
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