City of Alexandria, Virginia
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MEMORANDUM
DATE: MAY 6, 2015
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
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Consideration of the Monthly Financial Report for the Period Ending March 31, 2015.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending March 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.
Similar to previous months in FY 2015, slow revenue growth due to the regional economic slowdown continues to be a concern that staff is monitoring carefully. As of the end of March, City General Fund revenues are still projected to come in below the amount budgeted, but these projections have improved since earlier in the fiscal year. Staff is carefully monitoring expenditures. The amount of expenditure savings currently projected for year-end is expected to be sufficient to keep expenditures below projected revenues.
As part of the FY 2016 budget process, City staff re-estimated FY 2015 revenues based on collections through March 2015. This projection reflects the recovery of a portion of previous estimated shortfalls in the amount of $2.0M of additional projected revenues in the areas of Local Sales Tax, Business License Tax, and Bank Franchise Tax the revised projections are included on the Comparative Statement of Revenues (Attachment 1 on page 6).
Through the end of March, 2015, General Fund revenues totaled $385.4 million, or 59.5% of the budgeted revenue which is 2.0% below the four-year average of revenue received. Sales Tax has improved slightly, although it continues to fall short of the budgeted amount. The current projection of $25.3M has increased by $0.7M over the ...
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