City of Alexandria, Virginia
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MEMORANDUM
DATE: OCTOBER 7, 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 August 31, 2015.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending August 31, 2015.
RECOMMENDATION: That City Council receives 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.
FY 2015: As discussed in the prior Monthly Financial Reports, revenues for FY 2015 were projected to be near and potentially even under the budgeted revenue amounts. Revenues for FY 2015 which totaled $638.9 million did come in under revenue projections, but only by $0.2 million. Expenditures were also under budget and enabled the City not to have to spend $2.4 million in fund balance that had been budgeted to be expended in FY 2015. This coupled with favorable expenditure experience enabled the City to not draw on fund balance for operating expenses, and to not have the spendable fund balance dip below the City's 10% floor policy guideline. The under expenditure is comprised in large part by salary and benefit monies that were not expended as a result of vacancies that have become harder to fill, as well as savings due to fewer employees choosing the City as their health insurance carrier, and enrollment by City employees in lower cost plans. Increased NVTC funds contributed to a lower WMATA cost to the City's General Fund, and a shift in bond issuance structure resulted in debt service savings.
The under expenditure of the approved FY 2015 budget also enabled there to be a designation of $7.0 million in the General Fund fund balance towards the upcoming FY 2017 to FY 2026 Capi...
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