City of Alexandria, Virginia
________________
MEMORANDUM
DATE: JANUARY 6. 2021
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 November 30, 2020.
BODY
_________________________________________________________________
ISSUE: Receipt of the Monthly Financial Report for the Period Ending November 30, 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.
REVENUES
As of November 30, 2020, General Fund revenues totaled $342.0 million, a decrease of $7.9 million or 2.3% less than the revenues collected at the same time in FY 2020. Through the first five months, approximately 45.0 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 FY 2020, Personal Property taxes were due on October 5, but in
FY 2021, Council extended the deadline to December 15. Real Estate taxes were due on November 16.
At this time in FY 2021, the City's total revenue collection is not noticeably different than what was projected for the first five months of the fiscal year; however, revenue collections are likely to decline as COVID-19's continued impact on the City's finances will be greater than the budget projections from the Spring. The development and possible revisions to the FY 2021 General Fund revenue budget included a careful review of each revenue category to estimate the impact COVID-19 might have on receipts and many categories were reduced in advance of continued impacts on the City's economy from the pandemic. Based on current pandemic and economic forecasts and fiscal trends, the post COVID-19 economic recovery will likely be l...
Click here for full text