Summary
The Fourth Quarter FY14 QCMR, covering the period ending June 30, 2014, provides a final assessment of the City’s financial performance, with General Fund revenues at $3.82 billion, $88.1 million above the original projection. Expenditures also increased, with total obligations reaching $3.92 billion, $21.9 million higher than planned, due to rising pension costs and labor expenses. The operating deficit has decreased to $98.6 million, a significant improvement from earlier projections. The year-end fund balance of $184.7 million is $106.2 million higher than the initial estimate, reflecting stronger tax collections and effective budget adjustments. The report notes that while FY14 ended with a positive fiscal outcome, continued cost control and revenue stability are critical moving forward. It recommends maintaining financial discipline to address long-term obligations​.