City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 6, 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 September 30, 2013.
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ISSUE: Receipt of the City's Monthly Financial Report for the period ending September 30, 2013.
DISCUSSION: That City Council receives the following Monthly Financial Report for the period ending September 30, 2013.
Final revenues and expenditures for FY 2013 (ending June 30, 2013) will be reported later this fall in the City's audited Comprehensive Annual Financial Report (CAFR).
ECONOMIC HIGHLIGHTS:
The federal government was partially closed from October 1 until October 16, when a continuing resolution was passed, ending the shutdown. The government is now funded through January 15, 2014. It is too early to gauge the effect of the shutdown on Alexandria's economy and the City's revenue stream from economically sensitive revenues such as sales tax, meals tax, and transient lodging. Going forward, City staff will monitor the revenue effects of the shutdown and identify and present them as they become available.
For the month of August, the average interest rate on a 30-year fixed rate loan increased to 4.49%, the highest level since July, 2011. However, Alexandria home sales continued to be strong. Overall home sales in August increased by almost 20% compared to last August, and the median value of a sold home increased by a little less than 3%. However, one interesting change in Alexandria's housing market is that for the first time since 2006, beginning in July, the inventory of Alexandria homes for sale increased compared to the same month the previous year. Because of the increase in the number of home sales, the months' worth of inventory has stayed relat...
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