City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 28, 2016
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
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Consideration of the Monthly Financial Report for the Period Ending August 31, 2016.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending August 31, 2016.
RECOMMENDATION: That City Council receives the Monthly Financial Report.
BACKGROUND: The following discussion is a summary of the Monthly Financial Report for this period. Detailed comparative schedules are attached.
FY 2016: The unaudited preliminary estimate for FY 2016 General Fund revenues is $667.0 million. At the same time, FY 2016 expenditures, encumbrances and carryover projects are projected to total $659.6 million, enabling the City to end the year with a small surplus generated from the expenditure savings, as well as the 3-cent increase in the 2016 real estate tax rate (which was effective with the June 2016 first-half real estate tax payment). The additional real estate tax revenues generated in FY 2016 were allocated in the FY 2017 budget process towards City capital projects ($4.3 million), economic development incentive funding ($0.6 million), as well as Affordable Housing Trust Fund monies generated by the National Science Foundation project real estate taxes ($0.5 million). The bottom line is that an approximate $2.0 million surplus results, which will be designated towards the FY 2018 operating and/or capital budget. The FY 2016 overall financial results will enable the City to maintain its reserve requirements as delineated by the City's financial policies and as expected by the bond rating agencies.
FY 2017: Through the first two months in FY 2017, the City's revenue and expenditures are not noticeably different than the same time period last year. As of August 31, 2016, General Fund reven...
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