City of Alexandria, Virginia
________________
MEMORANDUM
DATE: FEBRUARY 6, 2013
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of the Monthly Financial Report for the Period Ending December 31, 2012.
BODY
_________________________________________________________________
ISSUE: Receipt of the City’s Monthly Financial Report for the period ending December 31, 2012.
RECOMMENDATION: That City Council receive the following Monthly Financial Report for the period ending December 31, 2012.
BACKGROUND: N/A
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 December 31, 2012. FY 2013 projections for the entire year will be provided as part of the FY 2014 Proposed Budget presented on February 26. Detailed economic revenue and expenditures charts (Online References) are also available from the City of Alexandria website at alexandriava.gov/FinancialReports.
ECONOMIC HIGHLIGHTS:
· The national economy sped up in the third quarter of 2012. The real gross domestic product (GDP) increased at an annualized rate of 3.1 percent in the third quarter, up from 1.3 percent in the second quarter and 2.0 percent in the first quarter.
· The local economy shows both signs of improvement and room for concern. Alexandria unemployment (not seasonally adjusted) fell to 4.0 percent in November, down from 4.2 percent in October and 4.5 percent in September, reaching the lowest level since 2008. Consumption-related tax revenues, however, give some room for concern. While fiscal year-to-date sales tax and admissions tax collections have increased 5.0 percent over the same period in 2011, meal sales and transient lodging tax revenues are down 7.0 percent and 8.0 percent respectively.
· Consumer prices decelerated significantly in ca...
Click here for full text