City of Alexandria, Virginia
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MEMORANDUM
DATE: MARCH 6, 2019
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 January 31, 2019
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending January 31, 2019.
RECOMMENDATION: That City Council receive the Monthly Financial Report.
BACKGROUND: The following discussion is a summary of the Monthly Financial Report for this period. Schedules comparing revenues and expenditures to date to the same period in
FY 2018 are attached. Attachment 3 reflects highlights of the City's Calendar Year 2019 Real Estate Assessment Report. Revenue from real property taxes accounts for approximately 60 percent of the City's General Fund Revenues each year. At this time in FY 2019, the City's revenue and expenditures are not noticeably different than the same time period last year.
Revenues
As of January 2019, General Fund revenues totaled $373.5 million, a decrease of $117.8 million, or 24.0 percent, below the revenues collected at the same time in FY 2018. FY 2018 reflects a $124.5 million bond refunding that occurred in the first quarter last year. Factoring this out for comparison, as of January 31, 2019, General Fund revenues totaled $373.5 million, which is a 1.7 percent increase over FY 2018 for the same time period, in which $367.0 million was collected. With seven months completed in the fiscal year, approximately 49.5 percent of budgeted revenues has been collected. Revenues may not track consistently with the calendar since many revenue sources have due dates that do not occur evenly through the year. Personal Property taxes were due on October 5 and collections through December exceed last year's collections by $1.9 million or 4.1 percent. Second-half of the calendar year Real P...
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