City of Alexandria, Virginia
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MEMORANDUM
DATE: SEPTEMBER 16, 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 July 31, 2020 and June 30, 2020.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending July 31, 2020 and June 30, 2020.
RECOMMENDATION: That City Council receives the Monthly Financial Report.
BACKGROUND: This memorandum provides FY 2021 financial information on revenues and expenditures of the General Fund for the period ending July 31, 2020. The Approved General Fund expenditure budget for FY 2021 totals $753.3 million, of which $76.7 million has been expended as of July 31, 2020, or 10.2 percent of budgeted expenditures. Revenues of $4.1 million have been received through July 31, 2020, which represents 0.5 percent of budgeted revenues. Revenues trail expenditures due to the periodic nature of property tax collections. In addition, most property and local tax revenues that are received in July are earned in June and are accrued back to FY 2020. The typical schedules showing detailed revenue and expenditure activity will be developed in the August 2020 Monthly Financial Report, which will be docketed in October. A calendar of significant financial events that will impact FY 2021 is included below to provide additional information about major revenue and expenditure events during the fiscal year. A more comprehensive list of tax due dates is attached (Attachment 1) and is available on the City's web site at http://apps.alexandriava.gov/Calendar/?show=finance.
At this time, as the City uses the required modified accrual accounting standards, FY 2020 accounting adjustments are still being entered to ensure that all transactions are posted to the correct fund and period. In addition, the totals in thi...
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