City of Alexandria, Virginia
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MEMORANDUM
DATE: DECEMBER 4, 2024
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: KENDEL TAYLOR, DIRECTOR OF FINANCE
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Consideration of the Monthly Financial Report for the Period Ending October 31, 2024.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending October 31, 2024.
RECOMMENDATION: That City Council receives the Monthly Financial Report.
BACKGROUND: The following discussion is a summary of the Monthly Financial Report for this period. Detailed comparative schedules are attached.
As of October 31, 2024, General Fund revenues totaled $177.7 million, an increase of $14.0 million, or 8.5 percent, compared to the same period in FY 2024. It is important to note that revenues collected in July and some of the revenue collected in August are for taxes owed in June and are therefore accrued to the prior fiscal year. Timing issues are also much more pronounced in the early months of the fiscal year. The first significant tax revenue for FY 2025 is traditionally due on October 5 when personal property taxes for vehicle and business personal property are due. The bills are mailed in mid to late August and payments processed in August can vary significantly. Through October 2024, the City has collected $2.8 million more in real property tax revenue and $3.7 million more in personal property tax revenue compared to the amounts collected in FY 2024.
Revenue may not track consistently with a monthly calendar since many revenue sources have due dates that do not occur evenly throughout the year. The largest revenue source, real estate tax, is remitted twice per year. Personal property tax revenue is due on October 5 each year. All revenues are tracking as anticipated compared to the amount budgeted and no category reflects a significant economic imp...
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