Summary
The Third Quarter FY22 QCMR, covering the period ending March 31, 2022, highlights a significant revenue boost, with General Fund revenue increasing to $5.43 billion, $353.2 million above the Five-Year Plan. This increase was primarily driven by strong collections in the Real Estate Transfer Tax, Business Income & Receipts Tax (BIRT), Sales Tax, Wage Tax, and Parking Tax. Despite higher-than-expected obligations, which increased to $5.36 billion, the City’s projected year-end fund balance has surged to $389.9 million, exceeding prior estimates by $256 million. Public safety data showed a slight decrease in homicides and shooting victims, but overall crime trends remained concerning. Staffing challenges persisted, with City employment levels declining 6.6% from pre-pandemic highs. The report underscores the importance of managing rising labor costs while maintaining fiscal reserves to address future economic uncertainties.