City of Alexandria, Virginia
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MEMORANDUM
DATE: DECEMBER 5, 2012
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
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Consideration of the Monthly Financial Report for the Period Ending October 31, 2012.
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ISSUE: Receipt of the City’s Monthly Financial Report for the period ending October 31, 2012.
RECOMMENDATION: That City Council receive the following Monthly Financial Report for the period ending October 31, 2012.
BACKGROUND: None
DISCUSSION: This report includes highlights of the City’s financial condition and provides fiscal year (FY) 2013 financial information on revenues and expenditures of the General Fund for the period ending October 31, 2012. Detailed economic revenue and expenditure charts (Online References) are also available from the City of Alexandria website at alexandriava.gov/FinancialReports
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ECONOMIC HIGHLIGHTS: This is the third of four monthly financial reports specifically focused on segments of the City’s tax base as background for the FY 2014 proposed budget to be presented on February 26, 2013. A report on the state of the real estate market and development was delivered at the October 9, 2012 City Council meeting, and a report on state and federal revenues was delivered at the November 13, 2012, City Council meeting. The December report features an update on local non-property taxes. A report on personal property taxes is planned to be delivered in January, to be followed by the annual real estate property assessment report that month. Please note that this report does not reflect the potential effects of the fiscal cliff described to City Council at the November meeting.
The three-month trailing average for local sales and use tax collections through September increased 7.0 percent over the same period last year, reflec...
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