City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 4, 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 December 31, 2014.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending December 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.
The regional economic slowdown continues to present one of the most, if not the most, significant ongoing financial challenges the City currently faces. From a fiscal management perspective, the City has a long standing record of managing expenditures, items under its direct control, prudently and below budgeted levels. Furthermore, the City estimates future revenue collections conservatively and based on local and regional data available. However in the last two fiscal years, in particular, slower regional economic growth continues to put pressure on the revenues necessary to meet costs and demands for services. The Washington D.C. regional economy has gone from one of the fastest growing regional economies in the U.S. to the second slowest growing regional economy in the U.S. The Detroit economy on a percentage basis is growing at a faster pace than our regional economy. This report will show the impact to the City's current Fiscal Year 2015 budget and planning for the FY 2016 budget. Additionally, this month's report provides a more in-depth look at the underlying economic indicators that are potentially contributing to our current economic environment. Economic Indicators highlighted in this report include unemployment, job inventory and payroll.
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