City of Alexandria, Virginia
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MEMORANDUM
DATE: OCTOBER 4, 2017
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 August 31, 2017.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending August 31, 2017.
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 2017: The unaudited preliminary estimate for FY 2017 General Fund revenues is $728.2 million. At the same time, FY 2017 expenditures, encumbrances, carryover projects and planned assignments are projected to total $721.3 million, enabling the City to end the year with a surplus generated from the expenditure savings of about $7.0 million. It is planned to assign this remaining $7.0 million to FY 2019 or a subsequent year for Cash Capital. A portion of the additional real estate tax revenues generated in FY 2017 were allocated in the FY 2018 budget process towards Affordable Housing ($3.6 million), and due to the tax rate increase the existing assignment for Economic Contingency was increased by $3.6 million, and due to higher projected General Scale employee retirements the amount set aside for leave balance payout was increased from $0.5 million to $1.0 million. It is interesting to note that the FY 2017 Year End revenue projection was within one tenth of one percent of the unaudited preliminary revenue total.
FY 2018: As of August 31, 2017, General Fund revenues totaled $44.7 million, an increase $15.3 million or 52.1% above the revenues collected at the same time in FY 2017. This is entirely a function of the timing of revenue receipts. In accordance with governmental accounting rules, revenues rem...
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