City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 8, 2025
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER
FROM: KENDEL TAYLOR, DIRECTOR OF FINANCE
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Consideration of the Monthly Financial Report for the Period Ending November 30, 2024.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending November 30, 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 November 30, 2024, General Fund revenues totaled $427.4 million, an increase of $28.9 million, or 7.3 percent, compared to the same period in FY 2024. 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 second payment on real estate taxes for calendar year 2024 are due on November 15. Through November 2024, the City has collected $5.9 million more in personal property tax revenue and $7.4 million more in real 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. Most revenues are tracking as anticipated compared to the amount budgeted and no category reflects a significant economic impact. It is important to note that Local Sales and Use Tax is below the amount collected through the same period last year by 1.2 percent. Sales tax revenue reflected significant increases in the past several years due to inflation. Revenue from fines and forfeitures is hi...
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