City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 18, 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 July 31, 2013.
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ISSUE: Receipt of the City's Monthly Financial Report for the period ending July 31, 2013, the first month of fiscal year (FY) 2014. The August report will be docketed for the October 8, 2013 Council meeting. At that time, we will discuss the preliminary FY 2013 year-end results.
RECOMMENDATION: That City Council receive the following Monthly Financial Report for the period ending July 31, 2013, the first month of FY 2014.
DISCUSSION: This report includes highlights of the City's financial condition and provides FY 2014 financial information on revenues and expenditures of the General Fund for the period ending July 31, 2013. Detailed economic, revenue, and expenditure charts are available from the City of Alexandria website at alexandriava.gov/financialreports.
Final revenues and expenditures for FY 2013 will be reported later this fall in the City's audited Comprehensive Annual Financial Report (CAFR). We expect to realize the revenues as projected in the FY 2014 budget process. Final expenditures are still being reviewed.
As discussed with Council in June, we are including the ACPS quarterly capital reports as they become available (Attachment 4).
ECONOMIC HIGHLIGHTS:
The national economy continues to exhibit slow growth. According to the latest reports, the consumer confidence index grew, but only slightly, in August to 81.5 from 81.0. National retail sales were up 1.6 percent over the previous month and 6.7 percent over the previous year in July. Local retail sales grew 4.2 percent month to month but were 4.2 percent below the previous year in Jun...
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