City of Alexandria, Virginia
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MEMORANDUM
DATE: MARCH 2, 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 January 31, 2016.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending January 31, 2016.
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.
Through January 2016, the City has collected 51.6 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 seven months of the fiscal year are $333.2 million or 51.3 percent of the budgeted amount. Through January 2015, the City had collected $322.1 million, which equaled 50.4 percent of total revenue collected for the entire fiscal year. Including bond proceeds, revenues collected to date are $343.8 million. Compared to FY 2015, revenue collections are $21.7 million higher in FY 2016, which reflects a 6.7 percent increase. It should be noted that the variance compared to FY 2015 includes $10.6 million of refunding bond proceeds. Without the bond proceeds, the comparative increase is 3.4 percent.
As of January 2016, General Fund expenditures totaled $352.1 million, an increase of $29.7 million over the same time period for FY 2015. The variance is almost entirely related to timing of interfund transfers, including the cash capital fundi...
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