City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 7, 2015
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, ACTING CITY MANAGER /s/
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Consideration of the Monthly Financial Report for the Period Ending November 30, 2014.
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ISSUE: Receipt of the Monthly Financial Report for the period ending November 30, 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.
Through the first five months of FY 2015, year-to-date General Fund revenues and expenditures were within one percent of the four-year average for percent of budget collected and spent to date. Expenditures were 0.2% less than the average rate, while revenues were 0.6% less than the average rate. For reference purposes, in FY 2015 0.2% of the budget is approximately $1.2 million, and 0.6% is approximately $3.8 million. It is important to look at revenues compared to expenditures. While expenditures to-date are tracking below average, revenues are further below average. Early projections indicate that FY 2015 actual revenues may fall about $3 million below budgeted revenues. Since actual expenses in a fiscal year usually fall below budgeted expenses, a revenue shortfall of this magnitude can be accommodated by carefully managing the expense side of the FY 2015 budget. In January, staff will produce a more comprehensive projection of FY 2015 year-end revenues and expenditures based on data through the midpoint of the fiscal year. This FY 2015 revenue situation will also have FY 2016 revenue implications.
Through the first five months of the fiscal year, revenue received from General Property taxes, including real and personal property, was 0.2% less than the four-year...
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