City of Alexandria, Virginia
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MEMORANDUM
DATE: MAY 8, 2013
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 March 31, 2013.
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ISSUE: Receipt of the City's Monthly Financial Report for the period ending March 31, 2013.
RECOMMENDATION: That City Council receive the following Monthly Financial Report for the period ending March 31, 2013.
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 March 31, 2013. Detailed economic, revenue, and expenditure charts (Online References) are also available from the City's website at alexandriava.gov/FinancialReports.
ECONOMIC HIGHLIGHTS:
* The growth in consumer prices slowed down in March. According to data from the Bureau of Labor Statistics, the national Consumer Price Index for All Urban Consumers (CPI-U) increased 1.5 percent in March 2013, the lowest annual increase since July 2012 and the second lowest since December 2010. This deceleration was predominantly due to a 1.6 percent decrease in the energy index caused by a 3.1 percent drop in the gasoline index and a 2.4 percent drop in the fuel oil index. The core CPI, excluding food and energy, increased by 1.9 percent, reflecting a relatively stable rate of inflation since August 2012. The DC CPI-U showed an annual increase of 1.4 percent in March 2013, reflecting a steady deceleration in regional consumer price growth since September 2012. As with the national CPI-U, the DC CPI-U increase was the lowest since July 2012, tying it for the lowest increase since late 2010, and most likely reflects a decrease in energy prices.
* Increased office vacancy rates an...
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