City of Alexandria, Virginia
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MEMORANDUM
DATE: MAY 6, 2020
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 March 31, 2020.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending March 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.
DISCLAIMER: This monthly financial report provides an update for City Council on the financial condition of the City as of March 31, 2020. In March 2020, the City's economic outlook changed dramatically as safeguards related to the COVID-19 virus were put into place. On March 24, 2020, City Council passed several emergency ordinances and resolutions to provide relief the business community. Social distancing, restrictions placed on the number of people that can gather, quarantine recommendations and the virtual elimination of travel and tourism has had a significant negative impact on revenue projections in FY 2020. On April 1, 2020, staff presented City Council with an updated projection for FY 2020. This new projection has been included in Attachment 1. It is important to note that the current revenue forecast is not sufficient to cover the appropriated expenditure amount. A combination of expenditure reductions and use of fund balance is expected to be utilized to fund this gap as outlined in the FY2021 Budget version 2.0.
REVENUES: It is too early to begin to see the impacts of the COVID-19 virus on the City's year-to-date revenue collections. Most categories were still tracking at rates that similar to the percent of the budgeted amount...
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