City of Alexandria, Virginia
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MEMORANDUM
DATE: OCTOBER 21, 2020
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
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Consideration of the Monthly Financial Report for the Period Ending August 31, 2020.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending August 31, 2020.
RECOMMENDATION: That City Council receives the Monthly Financial Report.
BACKGROUND: The following discussion is a summary of the Monthly Financial Report for this period. Detailed comparative schedules are attached.
At this time in FY 2021, the City's revenue and expenditures are not noticeably different than what was projected for the first two months of FY 2021, however revenue collections are likely to decline as COVID-19's impact on the City may be greater than budgeted. As of August 31, 2020, General Fund revenues totaled $28.3 million, an increase of $0.8 million or 2.7% more than the revenues collected at the same time in FY 2020. From what staff is seeing, the recovery will likely be longer than earlier projected, and revenues will be less than budgeted. It is important to note that revenues collected in July and some of the revenue collected in August are for taxes owed in June and are therefore accrued to the prior fiscal year.
As noted in last month's timeline, the first significant tax revenue in FY 2021 is traditionally due on October 5, when personal property taxes for vehicle and business personal property are due. Early in September, City Council extended this deadline to December 15. At this time new car sales and registrations with the City are less than last year at this time and that may lead to lower car tax revenues.
Revenues may not track consistently with a monthly calendar since many revenue sources have dues dates that do not occur evenly through the year. Large revenue sources, s...
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