Summary
The Fourth Quarter FY10 QCMR, submitted in August 2010, confirms a $51.7 million deficit, marking two consecutive years of negative fund balances. The final tax revenue projection for FY10 was $2.335 billion, a $400,000 improvement over Q3, due largely to $27 million from a tax amnesty program. Wage and Real Estate Transfer Tax revenues increased, but Business Privilege and Real Estate Taxes declined. On the expenditure side, employee benefits costs were $17.5 million higher due to slower-than-expected savings from health plan restructuring. The Streets Department required an additional $23 million, primarily for snow removal. The City also failed to achieve expected savings in tipping fees and cost-cutting initiatives, further straining the budget.