City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 2, 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 November 30, 2012.
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ISSUE: Receipt of the City’s Monthly Financial Report for the period ending November 30, 2012.
RECOMMENDATION: That City Council receive the following Monthly Financial Report for the period ending November 30, 2012.
BACKGROUND: N/A
DISCUSSION: This report includes highlights of the City’s financial condition and provides fiscal year (FY) 2013 financial information on revenues and expenditures of the General Fund for the period ending November 30, 2012. Detailed economic revenue and expenditure charts (Online References) are also available from the City of Alexandria website at alexandriava.gov/FinancialReports.
ECONOMIC HIGHLIGHTS:
· The national market for existing home sales shows signs of strengthening. Existing home sales increased 5.9 percent in November, the highest rate in three years, and the median sale price for existing homes increased by 10.1 percent over the previous year. The national inventory of existing home sales decreased 3.8 percent, to 4.8 months, the lowest inventory since 2005.
· National new housing starts are improving but remain below what market watchers consider to be a healthy rate. New housing starts improved by 3.6 percent in October over the previous month and were 87 percent above the recession low before declining in November as a likely result of Hurricane Sandy. Even with Sandy’s impact, new starts were 21.6 percent higher than the previous year. The seasonally adjusted annual rate of new housing starts in November was 861,000 as compared to the recession low of 478,000 in April 2009. Industry analysts consider 1.5 million new starts to be reflective of a...
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