Summary
The Third Quarter FY12 QCMR provides an updated financial outlook, showing continued revenue growth, with General Fund revenues projected at $3.53 billion, $15.3 million above the Five-Year Plan. The increase is mainly due to higher Business Privilege Tax and Real Estate Transfer Tax collections, offsetting weaker-than-expected Wage Tax performance. On the expenditure side, obligations are now projected to be $6.2 million higher than planned, due to rising pension contributions and personnel costs. The City’s operating surplus is projected at $50.6 million, helping to improve the financial position. The year-end fund balance is now expected to be $65.4 million, a notable improvement from prior projections. The report highlights the importance of continued expenditure monitoring, as pension costs remain a long-term financial challenge.