Summary
The Third Quarter FY20 QCMR, covering the period ending March 31, 2020, reflects early financial impacts of the COVID-19 pandemic, with revenue projections lowered by $70.4 million from Q2, while obligations increased by $37.1 million. The City’s projected fund balance at year-end has declined to $268.0 million, which is still $58.1 million higher than the Five-Year Plan estimate, but with increasing financial uncertainty. Overtime costs, emergency response spending, and additional healthcare-related expenses contributed to rising obligations. The report notes that PICA commended the City for issuing the QCMR on time despite pandemic-related challenges but urged the inclusion of performance metrics in future reports. Key financial risks include lower tax revenue collections and increased expenditures tied to emergency response and healthcare services. The City’s financial stability remains uncertain as pandemic-related economic disruptions continue to evolve.