This is an AFCR. Management Discussion & Analysis

Is it saying that the city spent 3.5 billion over budget??

What are the main issues here?

Government-wide financial statements The Citys assets and deferred outflows exceeded its liabilities and deferred inflows in fiscal year 2022, resulting in $3.5 billion of net position. Net position associated with governmental activities is a deficit of approximately $744.1 million, while the net position associated with business-type activities is approximately $4.2 billion, or 121.5% of the total net position of the City. The largest portion of net position consists of net investment in capital assets, which is $4.8 billion, or 138% of total net position. The Citys unrestricted net position is a deficit of $2.9 billion. Unrestricted net position for governmental activities is a deficit of $3.4 billion, while unrestricted net position for business-type activities is approximately $525.6 million, or 12.5% of total business-type net position. The deficit in governmental unrestricted net position is largely due to the net pension liability of $1.2 billion and other postemployment benefits (OPEB) liability of $2.5 billion. During fiscal year 2022, total net position for the City of Austin increased $226.3 million or 7%. Of this amount, governmental activities increased $48.3 million, or 6.1% from the previous year and business-type activities increased $178.0 million, or 4.4%. Total revenues for the City increased $767.8 million; revenues for governmental activities increased $134.5 million; revenues for business-type activities increased $633.3 million. Total expenses for the City increased $350.1 million; expenses for governmental activities decreased $180.5 million; expenses for business-type activities increased $530.6 million.