City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 4, 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 April 30, 2024.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending April 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 April 30, 2024, General Fund revenues totaled $553.9 million, an increase of $21.4 million, or 4.0 percent, compared to the same period in FY 2023. There are no significant variations in receipts through ten months of the fiscal year that are due to anything but timing billing, posting and accruals. It is important to note that several revenue categories lag by one or two months (e.g., the City has only received 8 months of Sales Tax revenue and 9 months of other categories, such as Transient Lodging and Restaurant Meals Tax Revenue).
Revenue may not track consistently with a monthly calendar since many revenue sources have due dates that do not occur evenly throughout the year. Transient Lodging and Restaurant Meal tax revenues continue to reflect post pandemic recovery trends. It is interesting to note that in
FY 2024 Short-Term Rental accounts for approximately 27 percent of the total Transient Lodging revenue, which is consistent with FY 2023. The rate of growth is much more pronounced in FY 2024, due to the length of time it took hotels to recover from the pandemic. Traditional hotels are showing a year over year growth of approximately 32 percent compared to FY 2023, and Short-Term Rentals are up 33 percent compared to FY 2023.
Business License taxes a...
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