City of Alexandria, Virginia
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MEMORANDUM
DATE: MAY 4, 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 March 31, 2016.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending March 31, 2016.
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.
Through March 2016, the City has collected 61.5 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 nine months of the fiscal year are $398.4 million or 61.4 percent of the budgeted amount. Through March 2015, the City had collected $385.4 million, which equaled 60.3 percent of total revenue collected for the entire fiscal year. Including bond proceeds, revenues collected to date are $409.1 million. Compared to FY 2015, revenue collections are $23.7 million higher in FY 2016, which reflects a 5.8 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 March 2016, General Fund expenditures totaled $438.8 million, an increase of $18.0 million over the same time period for FY 2015. It should be noted that 75 percent of the fiscal year has been completed and 65.9 percent of the budget has been expe...
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