City of Alexandria, Virginia
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MEMORANDUM
DATE: APRIL 3, 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 February 28, 2019
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending February 28, 2019.
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 compares consumer taxes over the last quarter for 5 years to gauge the impact of the federal government shutdown. This analysis indicates that there was no apparent economic impact on Alexandria from the shutdown. 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 February 2019, General Fund revenues totaled $405.3 million, a decrease of $160.9 million, or 28.4 percent, below the revenues collected at the same time in FY 2018. FY 2018 reflects a $167.4 million in bond refunding proceeds. Factoring this out for comparison, as of February 28, 2019, General Fund revenues totaled $405.3 million, which is a 1.6 percent increase over FY 2018 for the same time period, in which $398.8 million was collected. With eight months completed in the fiscal year, approximately 53.5 percent of budgeted revenues has 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 February exceed last year's collections by $0.8 million or 1.7 percent. Second-half of the calendar year Real Property taxes wer...
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