City of Alexandria, Virginia
DATE: APRIL 2, 2014
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: RASHAD M. YOUNG, CITY MANAGER/s/
Consideration of the Monthly Financial Report for the Period Ending February 28, 2014.
ISSUE: Receipt of the City's Monthly Financial Report for the period ending February 28, 2014
RECOMMENDATION: That City Council receives the Monthly Financial Report for the period ending February 28, 2014.
ECONOMIC HIGHLIGHTS: Through the month of February, tax revenue from sources other than real estate and personal property continue to lag relative to this date last fiscal year. Part of this is due to the timing of payments, but part is due to the economy continuing to grow at a slower pace than anticipated. On the expenditure side, the unusually high number of snow storms this winter has led to costs exceeding the budget in that area. To date (including March storms), the City has spent an estimated $1.6 million on snow clearance and emergency operations as compared to the budget of $0.8 million. Staff is closely monitoring revenues and expenditures and will provide continued updates on their status.
In December, The District of Columbia's Office of Revenue Analysis issued its annual publication "Tax Rates and Tax Burdens: Washington Metropolitan Area 2012." The publication compiles the average tax burden for a family of three among local jurisdictions at different levels of income. Among the six jurisdictions reviewed, which includes the District of Columbia, Montgomery County, Prince George's County, Alexandria, Arlington, and Fairfax, Alexandria had the second highest tax burden among families with a $25,000 income level, the third highest tax burden among families with a $50,000 and $75,000 income level, and the fourth highest tax burden among families with a $100,000 or $...Click here for full text