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File #: 14-3146    Name: Monthly Financial Report
Type: Resolution Status: Agenda Ready
File created: 9/10/2014 In control: City Council Legislative Meeting
On agenda: 10/14/2014 Final action:
Title: Consideration of the Monthly Financial Report for the Period Ending August 31, 2014.
Attachments: 1. 14-3146_Attachment 1_Monthly Financial Report - August 2014
City of Alexandria, Virginia
________________

MEMORANDUM



DATE: OCTOBER 8, 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 August 31, 2014.
BODY
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ISSUE: Receipt of the Monthly Financial Report for the period ending August 31, 2014.

RECOMMENDATION: That City Council receives the Monthly Financial Report (Attachment 1).

BACKGROUND: The Office of Management and Budget and Department of Finance worked to improve how the information provided in the Monthly Financial Report is communicated. The revised report is attached. The most significant change to the report, aside from the visual changes, is how we compare the current budget to historical trends to show variances. Prior year reports compared current year-to-date revenues and expenditures with prior year-to-date revenues and expenditures for the same period in terms of dollars and the percent change from year-to-year. Because the budget is different in the two years, the dollar comparison and percent change provided little insight into the current year's performance against the budget. As a result, this month's report compares the percent of budget year-to-date to the four-year average of that same measure to illustrate how the current year performance against the budget compares to an average of recent years' performance. The four-year average was chosen over a year-to-year comparison to avoid one-year anomalies.

The following discussion is a summary of the Monthly Financial Report for this period.

DISCUSSION:
Overall, in this early stage of the fiscal year, the City's revenues and expenditures are not noticeably different than this period compared to the last four years.

As of August 31, 2014, actual General Fund Revenues totaled $22.3 million. This represen...

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