Summary
The Fourth Quarter FY20 QCMR, covering the period ending June 30, 2020, provides a final financial assessment of FY20, highlighting the significant impact of the COVID-19 pandemic on City finances. General Fund revenues were revised downward by $78.6 million from Q3 projections, reflecting declines in Wage Tax and Business Income and Receipts Tax collections due to economic shutdowns. Obligations continued to increase, primarily driven by rising personnel costs, public health expenditures, and overtime, which reached a record $208.5 million. Despite these challenges, the final year-end fund balance of $254.9 million remains $45.0 million higher than the Five-Year Plan estimate, but the report warns that the City is entering FY21 with significant financial uncertainty. Key operational concerns include an increase in homicides (up 28 from FY19), higher Fire Department overtime despite near-full staffing levels, and a decrease in on-time trash collection due to workforce disruptions. The report underscores the need for fiscal caution and careful budget planning to mitigate ongoing pandemic-related revenue losses.