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File #: 14-2236    Name:
Type: Status: Agenda Ready
File created: 12/13/2013 In control: City Council Legislative Meeting
On agenda: 2/11/2014 Final action:
Title: Consideration of the Monthly Financial Report for the Period Ending December 31, 2013.
Attachments: 1. 14-2236 Attachment 1 Revenues December 2013, 2. 14-2236 Attachment 2 Expenditures December 2013, 3. 14-2236 Attachment 3 Contingent Reserves
City of Alexandria, Virginia
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MEMORANDUM



DATE: FEBRUARY 5, 2014

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 December 31, 2013.
BODY
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ISSUE: Receipt of the City's Monthly Financial Report for the period ending December 31, 2013.

DISCUSSION: That City Council receives the Monthly Financial Report for the period ending December 31, 2013.

ECONOMIC HIGHLIGHTS:

On January 17, President Obama signed a $1.1 trillion spending bill that will fund the federal government through the end of September. This will remove a source of uncertainty for the City's economy through the remainder of FY 2014 and the first quarter of FY 2015.

The Economic Tables will no longer be included in the Monthly Financial Report. Instead, they will be posted online at the City's web site: http://www.alexandriava.gov/FinancialReports. They will continue to be updated monthly or when data becomes available.

REVENUE HIGHLIGHTS:

Year-to-Date Revenues: As of December 31, 2013, actual General Fund revenues totaled $302.5 million, which is approximately four percent, or $12.2 million, more than the report for the same period last year. Most of this increase ($9.9 million) is related to higher real property tax collections from assessments and tax rate increases and tax rate increases to personal property ($3.5 million). This growth is somewhat offset by revenue projections in other key areas, such as sales taxes and transient lodging taxes, running below budgeted revenues: FY 2014 other local taxes, which include sales and transient lodging taxes, are $1.3 less than the comparable period in FY 2013. All other sources of revenue combined represent a net increase of $0.1 million. The City has set aside $1 million in fund balance to compen...

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