City of Alexandria, Virginia
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MEMORANDUM
DATE: MARCH 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 January 31, 2015.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending January 31, 2015.
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.
Seven months through fiscal year 2015, year-to-date General Fund revenues and expenditures are 2.1% and 1.7% lower than the four-year average for percent of budget collected and spent, respectively. While expenditures appear to be on pace to end the year within budget, the revenue picture remains a concern as detailed in last month's report. The Office of Management and Budget is working with departments to identify areas for expenditure savings to ensure expenditures remain below revenue projections, and that the budget remains in balance.
As of January 31, 2015, General Fund revenues totaled $321.9 million, or 50.1% of the budgeted revenue. Through the first seven months of the fiscal year, the City is 2.1% below the four year average rate of revenue received. Tax revenue from sources other than real estate and personal property continue to lag relative to the four-year average. Part of this is due to the timing of payments, but in large part this is due to the Washington D.C. and regional economy growing at a very slow pace. In recent years the Washington D.C. economy has gone from one of the fastest growing regional economies in the U.S. to one of the slowest growing economies in the nation.
Revenue projections for FY 2016 were based on an analysis of reven...
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