Spend Responsibly Within Budget

The City of Memphis is committed to being fiscally responsible and a good steward of taxpayers' dollars.  As such we constantly track our spending in relation to our total budget.  The chart below shows that we are spending within our limits and are on track to stay within our budget for FY18.  The green line shows the amount of money that has been spent, and the blue and orange lines represent the projected spend and standard deviation, based on the rate of spending in previous years.  You can find the city budget in its entirety here.

Unrestricted Fund Balance 
It is essential that governments maintain adequate levels of fund balance to mitigate current and future risks and to ensure stable tax rates.  The GFOA (Government Finance Officers Association) recommends that governments maintain a minimum unrestricted fund balance equal to two months of operating expenditures.  The term "unrestricted fund balance" refers to the amount of money in the general fund that is not reserved for a particular use.  
As displayed in the chart to the left, the City of Memphis has increased its unrestricted fund balance by 71% since 2013, and continues to work towards its goal of $110 million (approximately two months of expenses).  This chart is updated annually upon release of the Comprehensive Annual Financial Report. 
Pension Contribution
Each year, the City of Memphis works with an actuary to determine the amount of money the City must contribute to its pension plan to ensure the plan remains adequately funded.  This amount is known as the Actuarially Determined Contribution, or ADC.  The City has made great strides in recent years, increasing its funding from 20% of ADC in FY14 to 88% of ADC in FY2018.  The City is on track to meet its goal of funding 100% of the ADC by 2020. This chart is updated each fiscal year as the budget is released.