City of Alexandria, Virginia
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MEMORANDUM
DATE: APRIL 8, 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 February 28, 2015.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending February 28, 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.
As previously reported through this monthly financial report and the FY 2016 budget development process, slow revenue growth due to the regional economic slowdown continues to be a concern that staff is monitoring carefully. As of receipts through February, City General Fund revenues are still projected to come in below the amount budgeted, however staff has also been carefully monitoring expenditures and it appears at this point in the fiscal year that the amount of expenditure savings currently projected for year-end will be sufficient to keep expenditures within projected revenues.
Through February 2015, year-to-date General Fund revenues collected are 2.0% lower than the four-year average, while General Fund expenditures are tracking within 1.0% of the four-year average of budget spent. City staff have been working to refine year-end revenue and expenditure projections as well as manage expenditures, to ensure that actual expenditures are both under budget and in balance with revenues received. A projection of year-end revenues based on collections through February 2015 is has been added to the Comparative Statement of Revenues (Attachment 1 on page 6) in the projected revenue column. On the expenditure side, departments report year-end projections to the Office of Mana...
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