Summary
The Fourth Quarter FY21 QCMR, covering the period ending June 30, 2021, provides a final assessment of the fiscal year, showing General Fund revenues exceeding expectations due to improved Business Income & Receipts Tax (BIRT) and Real Estate Transfer Tax collections. However, expenditures continued to rise, with significant increases in employee benefits, overtime costs, and contractual services. The final year-end fund balance stands at $78.8 million, surpassing the Five-Year Plan estimate by $27.4 million, though this was largely due to the infusion of $26.0 million in federal American Rescue Plan (ARP) funding. The City saw a 44.2% increase in homicides, with 568 recorded by year-end, and continued challenges in sanitation and public health service delivery. The report highlights continued financial risks, particularly in wage tax refund requests from remote workers and escalating pension liabilities. While the City ended the fiscal year with a stronger-than-expected fund balance, long-term fiscal stability remains uncertain due to ongoing economic challenges and structural expenditure growth​.