City of Alexandria, Virginia
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MEMORANDUM
DATE: JUNE 5, 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 April 30, 2019.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending April 30, 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. 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 April 30, 2019, General Fund revenues totaled $449.4 million, a decrease of $158.8 million, or 26.0 percent, below the revenues collected at the same time in FY 2018. FY 2018 reflects a $167.8 million in bond refunding proceeds. Factoring this out for comparison, as of April 30. 2019, General Fund revenues totaled $449.4 million, which is a 2.0 percent increase over FY 2018 for the same time period, in which $440.5 million was collected. With ten months completed in the fiscal year, approximately 60.0 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. Business License taxes were due on March 1 and collections through April exceed last year's collections by $1.7 million or
5.3 percent. First of the calendar year Real Property taxes will be due on June 15. Through the first 10 months of the fiscal year, collections total $220.9 million, which is $6.4 million or
3.0 percent more than FY 2018 at this time.
One of the strongest categories in FY 2019 is Local Sales and Use Tax. Sales ...
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