City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 8, 2014
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, 2013.
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ISSUE: Receipt of the City's Monthly Financial Report for the period ending November 30, 2013.
DISCUSSION: That City Council receives the Monthly Financial Report for the period ending November 30, 2013.
ECONOMIC HIGHLIGHTS:
Below are a few of the key economic indicators that City staff tracks to assist with revenue projections and analysis:
* Alexandria's unemployment rate spiked in October to 4.9 percent from 4.4 percent last month; the number of employed decreased by 642 persons. This represents the highest October unemployment rate in four years. Continued increases to this indicator may impact disposable income of residents translating into continued softening of consumption based taxes, such as sales taxes and restaurant meals taxes.
* From Smith Travel Research, via ACVA, Alexandria's hotel occupancy rate fell from 76.1 percent in October 2012 to around 72.4 percent in October 2013. The average room rate also was lower compared to last year. This has a direct impact on the amount of revenue collected in transient lodging taxes, which is discussed in more detail in the "Revenue Highlights" section.
There is additional information regarding sequestration and its impact in a detailed analysis at the City's web site: http://www.alexandriava.gov/FinancialReports.
REVENUE HIGHLIGHTS:
Year-to-Date Revenues: As of November 30, 2013, actual General Fund revenues totaled $281.8 million, which is approximately 4 percent more than the report for the same period last year. Most of this increase is related to higher real property tax collections from assessment a...
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