Summary
The Fourth Quarter FY17 QCMR provides a final assessment of the City’s fiscal performance, showing General Fund revenues at $4.19 billion, $44.8 million above the original projection. The increase is attributed to higher-than-expected tax revenue, particularly in Business Privilege and Wage Taxes. However, obligations have also increased to $4.25 billion, $51.3 million above the Five-Year Plan, reflecting rising pension contributions, healthcare costs, and overtime spending in public safety departments. The operating deficit has improved to $56.3 million, down from previous estimates, due to higher-than-expected revenue collections. The final year-end fund balance stands at $127.2 million, $87.2 million higher than the original Plan estimate, providing the City with a stronger financial cushion. The report emphasizes the importance of continued expenditure controls to maintain long-term financial stability.