City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 4, 2022
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
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Consideration of the Monthly Financial Report for the Period Ending November 30, 2021.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending November 30, 2021.
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 November 30, 2021, General Fund revenues totaled $256.1 million, an increase of $21.4 million of 9.1 percent compared to the same period in FY 2021. The first significant tax revenue in FY 2022 is traditionally due on October 5, when personal property taxes for vehicle and business personal property were due. In FY 2021, through November 2020, the City had received $40.6 million of personal property tax revenue. For the same period in FY 2022, the City has received $50.9 million. It is important to note that in FY 2021, the personal property tax due date was moved to December to provide taxpayers with a brief extension in light of the pandemic. However, through 41 percent of the fiscal year, the City has collected 92.4 percent of budgeted personal property revenue. This compares to pre-pandemic collection rates of 88.4 percent in FY 2020 and 89.4 percent in FY 2019. The increase in personal property tax revenues is largely due to pandemic-triggered increases in the value of used and new cars.
Revenues do often not track consistently with a monthly calendar since many revenue sources have due dates that do not occur evenly through the year. Large revenue sources, such as real estate and personal property tax revenues are remitted twice per year and once per year, respectively. Through the fir...
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