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File #: 13-0514    Name: Monthly Financial Report for The Period Ending September 30, 2012 -- Staff Report
Type: Status: Agenda Ready
File created: 8/13/2012 In control: City Council Legislative Meeting
On agenda: 11/13/2012 Final action:
Title: Consideration of the Monthly Financial Report for the Period Ending September 30, 2012
Attachments: 1. 13-0514_Economic Indicators - Statistics (1), 2. 13-0514_Economic Indicators - Charts (1), 3. 13-0514_12SEPREV (2), 4. 13-0514_12SEPTEXP (3), 5. 13-0514_NLC Council Presentation by Carolyn Coleman, 6. 13-0514_After Items
City of Alexandria, Virginia
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MEMORANDUM



DATE: NOVEMBER 7, 2012

TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL

FROM: RASHAD M. YOUNG, CITY MANAGER /s/

DOCKET TITLE:
TITLE
Consideration of the Monthly Financial Report for the Period Ending September 30, 2012
BODY
_________________________________________________________________

ISSUE: Receipt of the City’s Monthly Financial Report for the period ending September 30, 2012.

RECOMMENDATION: That City Council receive the following Monthly Financial Report for the period ending September 30, 2012.

BACKGROUND: N/A

DISCUSSION: Final revenues and expenditures for FY 2012 will be reported in November in the City’s audited Comprehensive Annual Financial Report (CAFR). We will realize the revenue surplus we reported to City Council during budget deliberations. This surplus and uses of the fund balance are outlined in Budget Memo #58 and included in the table below.

Use of Fund Balance
Use Amount
Support FY 2013 Expenditures at One Percent of Revenues $2.58 million
FY 2014 Capital Improvement Program $1.76 million
Encumbrances (estimated) $1.70 million
Compliance with Financial Policies $1.10 million
Additional Equipment Replacement $0.26 million
One-Time Land Use and Planning Studies $0.84 million
Funding for Innovation and Professional Development Fund $0.45 million
Total $8.68 million*
*Doesn’t add up due to rounding.


These funds will be included in the re-appropriation ordinance in December.


ECONOMIC HIGHLIGHTS:

This is the second of four monthly financial reports specifically focused on segments of the City’s tax base as background for the FY 2014 proposed budget to be presented on February 26, 2013. A report on the state of the real estate market and development was delivered at the October 9, 2012 City Council meeting. The November report features an update on State and federal revenues. Reports on local non-property taxes and personal property ta...

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