City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 6, 2018
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 April 30, 2018.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending April 30, 2018.
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 2018 are attached.
As of April 30, 2018, General Fund revenues totaled $608.2 million, an increase of $155.6 million, or 34.4%, more than the revenues collected at the same time in FY 2017. Through ten months of FY 2018, approximately 67.0 percent of budgeted revenues have been collected. The significant variance compared to the prior year is due to different sizes of bond refundings. In
FY 2017, $34.2 million in outstanding debt was refinanced at lower interest rates for a savings of approximately $2.4 million. In FY 2018, $167.4 million in outstanding debt was refinanced and will produce approximately $13 million in debt service savings over the next 15 years. If the refunding is excluded in both years, 67.0 percent of budgeted revenues have been collected, and revenues through the first ten months reflect a 5.2 percent increase compared to the same time period last year. Real Property tax revenues are 7.4 percent higher at this point in FY 2018 compared to the same period in FY 2017, which is consistent with the tax rate and assessment increases approved in Calendar Year 2017.
Through January 2018, Other Local Tax revenues equal $99.5 million compared to $96.9 million in April 2017. Recordation tax revenue exceeds last year by $2.1 million primarily d...
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