City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 6, 2019
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 December 31, 2018
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending December 31, 2018.
RECOMMENDATION: That City Council receive the Monthly Financial Report.
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. Attachment 3 reflects the City's Investment Portfolio as of December 31, 2018. At this time in FY 2019, the City's revenue and expenditures are not noticeably different than the same time period last year.
Revenues
As of December 2018, General Fund revenues totaled $358.0 million, a decrease of
$118.8 million or 24.9 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 December 31, 2018, General Fund revenues total $358.0 million, which is a 1.5 increase compared to FY 2018 for the same time period, in which $352.6 million was collected. Midway through the fiscal year, approximately 47.5 percent of budgeted revenues have been collected. Revenues may not track consistently with the calendar since many revenue sources have due dates that do not occur evenly through the year. Personal Property taxes were due on October 5 and collections through December exceed last year's collections by $1.9 million or 4.1 percent. Second-half of the calendar year Real Property taxes were due on November 15 and collections totaled $217.7 million, which is $5.9 million or
2.8 percent more than FY 2018 at ...
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