City of Alexandria, Virginia
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MEMORANDUM
DATE: DECEMBER 3, 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 October 31, 2014.
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ISSUE: Receipt of the Monthly Financial Report for the period ending October 31, 2014.
RECOMMENDATION: That City Council receive the Monthly Financial Report (Attachment 1).
BACKGROUND: The following discussion is a summary of the Monthly Financial Report for this period. The complete report is attached.
DISCUSSION: Through the first four months of FY 2015, year-to-date General Fund revenues and expenditures were in line with the four-year average of percent of budget collected and spent.
As of October 31, 2014, actual General Fund revenues totaled $140.7 million, which is 2.7% more than the four-year average percent of budget collected. Revenue collections are mostly consistent with the four-year averages, with a few notable exceptions. Personal Property tax revenue is up slightly compared to the four-year average. This is due to increased collection and enforcement efforts by staff, as well as efforts made during the summer to improve the accuracy of assessments and to verify taxpayer address information. Communications tax revenue continues to decline as changes in the industry from the bundling of services lead to lower tax rates, and changes in consumer preferences lead to lower utilization of phone and cable services. Some Real Property tax revenue has begun to come in, but Real Property taxes were due November 17, 2014. These collections will be fully detailed in next month's Report, as they are a substantial revenue source for the City.
As of October 31, 2014, General Fund expenditures totaled $183.6 million, or 28.8% of budgeted expenditures. Compared to ...
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