City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 4, 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 September 30, 2020.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending September 30, 2020.
RECOMMENDATION: That City Council receive 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 total revenue collection is not noticeably different than what was projected for the first three months of the fiscal year, however revenue collections are likely to decline as COVID-19's impact on the City may be greater than budgeted. Based on current economic forecasts, and fiscal trends, the post COVID-19 economic recovery will likely be longer than earlier projected, and revenues will be less than currently budgeted. With FY 2021 revenues projected to be $10 million less than budgeted, staff has begun to review options that will keep the FY 2021 budget in balance without resorting to further use of fund balance beyond $7.9 million that was budgeted for FY 2021.
As of September 30, 2020, General Fund revenues totaled $65.8 million, an increase of $0.9 million or 1.5% more than the revenues collected at the same time in FY 2020. Through the first quarter, approximately 8.8 percent of budgeted revenues have been collected. Timing anomalies are most pronounced early in the fiscal year, which can be the cause of the significant year over year variance. In addition, revenue collected in July and some of the revenue collected in August are for taxes owed in June and are therefore accrued and accounted in the prior fiscal year.
The first significant tax revenue in...
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