Summary
The First Quarter FY13 QCMR, covering the period ending September 30, 2012, provides an updated assessment of the City’s financial performance. General Fund revenues are projected at $3.59 billion, $23.6 million above the original Five-Year Plan, primarily due to higher-than-expected tax collections and adjustments in locally generated non-tax revenue. However, obligations increased by $34.9 million, reflecting higher personnel costs and pension contributions. The operating deficit is projected at $47.4 million, which is worse than the initial Five-Year Plan estimate of $36.1 million. Despite this, the year-end fund balance is projected at $117.9 million, $36.5 million above the original estimate, due to strong prior-year adjustments. The report highlights ongoing fiscal risks, including the impact of labor agreements and pension obligations on long-term financial stability.