City of Alexandria, Virginia
________________
MEMORANDUM
DATE: NOVEMBER 8, 2017
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
TITLE
Consideration of the Monthly Financial Report for the Period Ending September 30, 2017.
BODY
_________________________________________________________________
ISSUE: Receipt of the Monthly Financial Report for the Period Ending September 30, 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 noticeably different than the same time period last year. As of September 30, 2017, General Fund revenues totaled $65.7 million, a decrease of $0.4 million or 0.5% more than the revenues collected at the same time in FY 2016. Through the first quarter, approximately 9 percent of budgeted revenues have been collected. Revenues may not track consistently with 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. Through the first quarter of the fiscal year, no category has sufficient receipts to provide evidence of any change in projected economic condition or forecast. Personal property taxes are collected on October 5th and the second half of the calendar year real estate tax is due on November 15th.
As of September 30, 2017, General Fund expenditures totaled $155.1 million, an increase of $14.0 million over the same time period for FY 2017. Similar to the situation with revenues, no significant unexpected revenue variance or expenditure has occurred in the first quarter of Fiscal Y...
Click here for full text