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File #: 14-2240    Name:
Type: Status: Agenda Ready
File created: 12/13/2013 In control: City Council Legislative Meeting
On agenda: 6/11/2014 Final action:
Title: Consideration of the Monthly Financial Report for the Period Ending April 30, 2014.
Attachments: 1. 14-2240 Attachment 1 Revenues, 2. 14-2240 Attachment 2 Expenditures, 3. 14-2240 Attachment 3 Contingent Reserves
City of Alexandria, Virginia
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MEMORANDUM



DATE: JUNE 4, 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 April 30, 2014.
BODY
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ISSUE: Receipt of the City's Monthly Financial Report for the period ending April 30, 2014.

RECOMMENDATION: That City Council received the Monthly Financial Report for the period ending April 30, 2014.

REVENUE HIGHLIGHTS:

Year-to-Date Revenues: The City's revenues continue to fall short of budgeted levels. As of April 30, 2014, actual General Fund revenues totaled $404.1 million, which is approximately $14.3 million or 3.7 percent more than the report for the same period last year. There is a total budgeted increase of 6.3 percent or $36.9 million compared to last year. Of that projected growth, 65 percent is from real estate taxes and 35 percent is from other revenues. So far to date, only one of the two real estate payments had been collected through April, but the other revenues, which were anticipated to grow by $12.5 million in FY 2014, have grown by $3.1 million through April compared to FY 2013.

The City has set aside $1 million in fund balance to compensate for potential short-term revenue reductions related to sequestration. At this point in the fiscal year, we are likely to utilize the fund balance set aside. Staff is closely monitoring vacancies and other expenditures to keep expenditure levels below budgeted amounts. Current revenue estimates were taken into consideration when building the revenue estimates for the FY 2015 budget.

The Commonwealth of Virginia has announced that it is expecting a $300 million revenue shortfall in FY 2014. In FY 2015, this may affect state aid to the city, which for FY 2015 is budgeted at approximately $65 million in All Funds Revenue,...

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