The City of Atlanta published its Fiscal Year 2022 Annual Comprehensive Financial Report (ACFR) which ended on June 30, 2022. The report showed a positive fund balance of $240 million—the highest in the City history. The fund balance represents the total cumulative operating surpluses at the end of FY 2022.
The report highlighted several key points such as:
The General Fund balance saw a significant increase of 28.4%, or $53.1 million, reaching a total of approximately $240.2 million. This increase was mainly driven by growth in revenues from general business licenses, which experienced notable gains post-pandemic. Additionally, revenues from licenses and permits, property taxes, local option sales taxes (or LOST) and hotel/motel also contributed to the increase.
The strong revenue recovery post-pandemic is indicative of a reliable economic base for the City of Atlanta.
For the past 10 years, the unrestricted fund balance has been above 20% of the General Fund Budget.
“The City of Atlanta is on solid financial ground with strong credit ratings, placing Atlanta on a path to sustainable growth while making smart investments into our communities along the way,” said Mayor Andre Dickens. “Thank you to our CFO and entire Finance team for ensuring the City is a judicious and responsible steward of tax dollars.”
The City’s strong fiscal condition has also given Mayor Dickens the ability to make a $9.5 million investment in the City’s workforce, focusing on increasing pay for employees—including historic pay increases for first responders. Starting in January, all City employees received cost-of-living adjustments in their paychecks, with public safety personnel receiving larger increases to support recruitment and retention of police, firefighter, corrections, and E-911 personnel.
“The City of Atlanta’s financial condition is at its strongest point in history. We have been able to keep reserves while achieving a robust recovery from the pandemic. The City’s…
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