City of Alexandria, Virginia
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MEMORANDUM
DATE: DECEMBER 6, 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 October 31, 2017.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending October 31, 2017.
RECOMMENDATION: That City Council receive the Monthly Financial Report (Attachments 1 and 2).
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 October 31, 2017, General Fund revenues totaled $125.1 million, a decrease of $3.1 million or 2.4% less than the revenues collected at the same time in FY 2016. Through the first four months, approximately 17.2 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. Personal Property taxes were due on October 5th and collections through October exceed last year's collections by $1 million or 2.5 percent. Real Property taxes were due on November 15th. Collections in October are sporadic and often large transactions from mortgage companies. Any variance in October for Real Property tax revenue is due to timing. Other local taxes are showing positive growth compared to FY 2017. Through October 2017, Other Local Tax revenues equal $23.5 million compared to $21.3 million in October 2016. Recordation tax revenue exceeds last year by $0.8 ...
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