Summary
The Fourth Quarter FY19 QCMR, covering the period ending June 30, 2019, provides a final financial assessment for FY19, highlighting higher-than-anticipated tax revenue, particularly in Business Taxes and Real Estate Transfer Taxes, which contributed to the revenue total of $4.78 billion. However, expenditures also rose above projections, primarily due to increased costs in pension contributions, health benefits, and overtime spending in public safety departments. The final year-end fund balance is projected at $297.7 million, $158.2 million higher than the original Five-Year Plan projection, ensuring a stronger-than-expected fiscal position going into FY20. The report highlights several areas of departmental improvement, including higher prisoner participation in educational and treatment programs and improved processing times for Licenses & Inspections permits. However, police overtime costs continued to exceed projections, despite efforts to implement cost-containment strategies. The report concludes that while the City ended FY19 in a strong financial position, future cost containment measures will be necessary to prevent unsustainable expenditure growth.