City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 7, 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 September 30, 2018
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending September 30, 2018.
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 2017 are attached.
At this time in FY 2018, the City's revenue and expenditures are not noticeably different than the same time period last year. As of September 30, 2018, General Fund revenues totaled $72.3 million, an increase of $6.6 million or 10% more than the revenues collected at the same time in FY 2016. Through the first quarter, approximately 9.7 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. The variance in Consumer Utility taxes is the result of payment timing, and the significant increase in the Restaurant Meals Tax is the result of the increase in the tax rate from 4 percent to 5 percent, with 1 percent set-aside for Affordable Housing projects in the CIP.
As of September 30...
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