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File #: 20-0820    Name: Month 10 Monthly Financial Report
Type: Status: Agenda Ready
File created: 4/16/2020 In control: City Council Legislative Meeting
On agenda: 6/9/2020 Final action:
Title: Consideration of the Monthly Financial Report for the Period Ending April 30, 2020.
Attachments: 1. 20-0820_Att 1 - Revenue- April 2020, 2. 20-0820_Att 2 - Expenditure April 2020, 3. 20-0820_Att 3 - Consumer Spending Comparisons
City of Alexandria, Virginia
________________

MEMORANDUM


DATE: JUNE 3, 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 April 30, 2020.
BODY
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending April 30, 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 April 30, 2020. In March 2020, the City's economic outlook changed dramatically as safeguards related to the COVID-19 pandemic were put into place. On March 24, 2020, City Council passed several emergency ordinances and resolutions to provide some tax 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 (Attachment 1). It is important to note that the current FY 2020 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 FY 2021 Budget version 2.0.

REVENUES. With this report, the fiscal impacts of the restrictions from the pandemic are becoming evident. Through the first 9 months of FY 2020, the economic outlook appeared very strong. Nearly all revenue categories were performing ...

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