City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 6, 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 September 30, 2019
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending September 30, 2019.
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 2019 are attached.
At this time in FY 2020, the City's revenue and expenditures are not noticeably different than the same time period last year. As of September 30, 2019, General Fund revenues totaled $64.9 million, a decrease of $7.5 million or 10.3% below revenues collected at the same time in
FY 2019. Through the first quarter, approximately 8.4 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. 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 were due on October 5th. Next month's report should show a significant revenue increase to reflect the budgeted rate increase that eliminated the Motor Vehicle License Tax. The second half of the calendar year real estate tax is due on November 15th. Most variances are due to payment timing issues which can vary from year to year.
As of September 30, 2019, General Fund expenditures totaled $158.0 mi...
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