City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 3, 2016
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 December 31, 2015.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending December 31, 2015.
RECOMMENDATION: That City Council receives the Monthly Financial Report (Attachment).
BACKGROUND: The following discussion is a summary of the Monthly Financial Report for this period. The complete report is attached.
Midway through FY 2016, the City has collected 50.7 percent of budgeted revenues. As noted in prior reports for this fiscal year, all revenues are tracking fairly consistently with both budgeted amounts and prior year collections for the same time period. Without considering other funding sources, such as fund balance and refunding bond proceeds, which are fairly incomparable from one year to the next, total revenues collected through the first half of the fiscal year are $327.1 million or 50.4 percent of the budgeted amount. Through December 2014, the City had collected $312.5 million, which equaled 48.9 percent of total revenue collected for the entire fiscal year. Including bond proceeds, revenues collected to date are $337.8 million. Compared to FY 2015, revenue collections are $14.6 million higher in FY 2016, which reflects a 4.7 percent increase.
As of December 31, 2015, General Fund expenditures totaled $291.6 million, an increase of $36.3 million over the same time period for FY 2015, which equates to a 14.2 percent increase compared to last year at this time. It should be noted that 50 percent of the fiscal year has been completed and 43.8 percent of the budget has been expended. After adjusting for expenditures related to the bond refinancing, which will sa...
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