City of Alexandria, Virginia
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MEMORANDUM
DATE: JULY 1, 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 May 31, 2020.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending May 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 May 31, 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. As of May 31, 2020, General Fund revenues totaled $523.1 million, an increase of $7.4 million or 1.4% above revenues collected at the same time in FY 2019. After eleven months in FY 2020, approximately 67.1 percent of budgeted revenues h...
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