Summary
The Fourth Quarter FY22 QCMR, covering the period ending June 30, 2022, provides a final financial assessment of the fiscal year, reporting better-than-expected revenue growth across multiple tax categories, particularly Real Estate Transfer Tax, Business Income & Receipts Tax (BIRT), and Wage Tax. Total revenues reached $5.49 billion, exceeding the Revised Five-Year Plan by $410.9 million, while obligations declined to $5.32 billion, reducing overall spending pressures. The final year-end fund balance of $492.4 million represents 9.3% of obligations, surpassing the City’s 6-8% reserve target but remaining below the GFOA’s recommended 17% reserve level. Operational highlights included a reduction in structure fires and improvements in sanitation services, though fire deaths and crime rates remained concerning. The report emphasizes the need for continued fiscal discipline, particularly in labor costs and long-term financial planning, as the City prepares for economic uncertainties ahead.