Summary
The Fourth Quarter FY12 QCMR provides a final assessment of the City’s fiscal year, showing General Fund revenues exceeding the Five-Year Plan projection by $19.5 million, due primarily to strong Business Privilege and Sales Tax collections. Wage Tax revenues remained slightly below expectations, but overall revenue performance was better than anticipated. The City’s total obligations were $8.1 million higher than projected, driven by pension costs, healthcare expenses, and public safety overtime. The operating surplus for the year was $58.4 million, improving financial stability. The final year-end fund balance stands at $70.2 million, marking a significant improvement from earlier projections. The report concludes that while FY12 ended on a strong financial note, rising pension and benefit costs remain a long-term fiscal concern.