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The general ledger for March closed on April 9, 2020, closing the second fiscal quarter and completing half of the current fiscal year.  Slightly less than half of the month was affected by the COVID-19 pandemic.  The Office of Management and Budget (OMB) has completed a thorough analysis of revenues and expenses and produced the attached detailed reports.  Hard data regarding revenues are lagging normal reporting times while expense data continues to be much more “real-time.”  Because of this, very few revenues have been updated since the April 9, 2020 projections, while all expense projections have been updated.  This projection, like the last one, presumes that the City will remain in a similar situation to the current State of Emergency with recommendations to shelter at home and a mandatory curfew for a total of two months, and presumes that revenues will increase to near prior levels after those two months. 

As such, OMB projects a net end-of-year deficit of 9.7 million (with a deficit of 5.8 million in the General Fund, and a surplus of .1 million in the Internal Service Fund). 

Overall actual revenues received year-to-date in the General Fund through February 2020 (41.8 million), were 7.6 million higher than through the same period last year (14.2 million).  This represents approximately 67.0 percent of General Fund budgeted revenues collected already this year, with most of the year’s Property Taxes already collected. 

Overall actual expenditures year-to-date in the General Fund through February 2020 (55.6 million) were 6.7 million higher than through the same period last year (38.9 million).  This represents approximately 56.3 percent of General Fund budgeted expenditures spent this year.

In conclusion, presuming a two-month heightened COVID-19 situation, the City of Miami is currently projected to have a net end-of-year deficit of 9.7 million (with a deficit of 5.8 million in the General Fund, and a surplus of .1 million in the Internal Service Fund). 

Should you or your staff have any questions or concerns, please do not hesitate to direct them to me at 305-416-1500 or crose@miamigov.com. 

Christopher Rose, Director

https://www.crespogramnews.com/april-23rd---latest-financial-report.html