City of Alexandria, Virginia
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MEMORANDUM
DATE: MARCH 4, 2020
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 January 31, 2020.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending January 31, 2020.
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.
REVENUES: 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 January 31, 2020, General Fund revenues totaled $394.5 million, an increase of $21.1 million or 5.6% above revenues collected at the same time in FY 2019. After seven months in FY 2020, approximately 50.7 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. Personal property taxes were due on October 5th. Personal Property tax revenue is $52.5 million or 10.8 percent higher than collections for the same period last year. With the elimination of the decal, the motor vehicle license fee was eliminated. The personal property tax rate was increased to offset this fee elimination. The second half of the calendar year real estate tax were due on November 15th. Revenue from real property taxes is consistent with the budgeted amount in FY 2020 and the amount collected in FY 2019 through December. The next major tax type that is due is...
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