City of Alexandria, Virginia
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MEMORANDUM
DATE: MAY 3, 2017
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 March 31, 2017.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending March 31, 2017.
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. Schedules comparing revenues and expenditures to date to the same period in
FY 2016 are attached.
At this time in FY 2017, the City's revenue and expenditures are not materially different than the same time period last year. As of March 31, 2017, General Fund revenues totaled $439.8 million, an increase of $30.7 million or 7.5% above the revenues collected at the same time in
FY 2016. Through the first nine months of the fiscal year, approximately 63.9 percent of budgeted revenues have been collected. Revenues may not track consistently with the calendar since many revenue sources have dues dates that do not occur evenly through the year. Large revenue sources, such as real estate and personal property tax revenues are remitted twice per year and once per year, respectively.
It should be noted that FY 2016 included a bond refunding of $10.6 million in the first quarter that increased recorded revenue. This compares with a bond refunding in FY 2017 that occurred in November 2016 of $34.2 million, which saved approximately $2.4 million over the next 10 years. If the refunding revenue is excluded in both years, revenue of $405.6 million collected in the first nine months of FY 2017 compares to $398.4 million in the first nine months of
FY 2017. This is an increase of 1.8 percent compared to last year. General Property taxes are tren...
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