City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 6, 2024
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: KENDEL TAYLOR, DIRECTOR OF FINANCE
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Consideration of the Monthly Financial Report for the Period Ending September 30, 2024.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending September 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 September 30, 2024, General Fund revenues totaled $83.7 million, an increase of $2.0 million, or 2.5 percent, compared to the same period in FY 2024. It is important to note that revenues collected in July and some of the revenue collected in August are for taxes owed in June and are therefore accrued to the prior fiscal year. Timing issues are also much more pronounced in the early months of the fiscal year. 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 bills are mailed in mid to late August and payments processed in August can vary significantly. The most significant variance in FY 2025 compared to FY 2024 for the same period is the receipt and posting of payments from the Commonwealth. Last year by the end of September, the City had received and posted funds for street and highway maintenance.
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. Through the first three months of the fiscal year, no categ...
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