Share to Facebook Share to Twitter Bookmark and Share
File #: 18-7917    Name: MFR August 2018
Type: Status: Agenda Ready
File created: 7/20/2018 In control: City Council Legislative Meeting
On agenda: 10/9/2018 Final action:
Title: Consideration of the Monthly Financial Report for the Period Ending August 31, 2018.
Attachments: 1. 18-7917_Att 1 - Revenue - August 2018, 2. 18-7917_Att 2 - Expenditure - August 2018
City of Alexandria, Virginia
________________

MEMORANDUM



DATE: OCTOBER 3, 2018

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 August 31, 2018.
BODY
_________________________________________________________________

ISSUE: Receipt of the Monthly Financial Report for the Period Ending August 31, 2018.

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 2018: The unaudited preliminary estimate for FY 2018 General Fund revenues is $894.1 million. At the same time, FY 2018 expenditures and encumbrances totaled $890.3 million, enabling the City to end the year with a surplus of revenues over expenditures and encumbrances of about $4.0 million. These totals include nearly $167 million in revenue and expenditures associated with two bond refundings. Of the $4.0 million surplus, all of it will be committed in fund balance and reappropriated in the fall for incomplete operating and capital projects.

In addition to these fund balance commitments, $2.0 million is assigned in Fund Balance for future Washington Metropolitan Transit Authority (WMATA) costs associated with prior and current year use of recent collective bargaining agreements. At this time, the final amount owed and the timing of this payment is unknown. In recent weeks WMATA staff have indicated to jurisdictions which fund WMATA's operating subsidies (State of Maryland, District of Columbia and Virginia local governments) that due to the retroactive nature of WMATA's recent Labor Settlement that approximately $54 million is due from the state and local funding entities for FY 2018 and FY 2019. The City's share of this would be $2.6 million. In order to prepare to fund this forthcoming obligation ...

Click here for full text