City of Alexandria, Virginia
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MEMORANDUM
DATE: JANUARY 2, 2019
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 November 30, 2018.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending November 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.
At this time in FY 2019, the City's revenue and expenditures are not noticeably different than the same time period last year. As of November 30, 2018, General Fund revenues totaled $333.3 million, a decrease of $124.9 million or 27.3 percent lower than the revenues collected at the same time in FY 2018. FY 2018 reflects the $124.2 million bond refunding that occurred in the first quarter last year. Factoring this out for comparison's sake, as of November 30, 2018, general fund revenues total $333.3 million, which is a 0.2 decrease compared to FY 2018 for the same time period, in which $334.1 million was collected. Through the first five months, approximately 44.5 percent of budgeted revenues have been collected. Revenues may not track consistently with the calendar since many revenue sources have dues dates that do not occur evenly through the year. Personal Property taxes were due on October 5 and collections through November exceed last year's collections by $1.6 million or 3.6 percent. Second-half of the calendar year Real Property taxes were due on November 15 and collections totaled $216.1 million, which is $6.5 million or 3.1 percent more than FY 2018 at this time.
The variance in Consumer Utility and Transient Lod...
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