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City ends Fiscal Year 2022 with $49 million surplus

CITY HALL – The city has wrapped up its 2022 fiscal year with a stash of cash: $49 million, in fact, according to a report Friday by Comptroller Darlene Green.

“While pandemic related fiscal challenges are ongoing, St. Louis city is fortunate to have outperformed expectations during the fiscal year due to citywide recovery efforts,” Green said.

The city’s fiscal year 2022 total revenues showed 7.4% growth over the prior fiscal year. During the ongoing recovery period, revenue sources exceeded budget projections by $33.7 million, while departmental expenditures came in lower by $15.7 million. That’s largely because so many job positions are vacant.

“Despite challenges from the COVID-19 pandemic, St. Louis’ revenues exceeded expectations this past fiscal year,” Mayor Tishaura O. Jones said. “In this year’s budget and through the American Rescue Plan, St. Louis has instituted raises to city employees, offered an employee retention incentive, and invested in fixing our infrastructure. With this surplus, St. Louis has the opportunity to continue making critical investments in our city’s workforce and capital improvements.”

By ordinance, half of the operating balance ($24.7 million) will be transferred to the city’s Capital Fund. The remainder will accrue to the city’s General Fund reserve, which is more than 16% of the city’s total funds.

Staff

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