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File #: 21-0650    Name: December 2020 Monthly FInancial Report
Type: Status: Agenda Ready
File created: 1/12/2021 In control: City Council Legislative Meeting
On agenda: 2/9/2021 Final action:
Title: Consideration of the Monthly Financial Report for the Period Ending December 31, 2020.
Attachments: 1. 21-0650_Att 1 - Revenue December FY2021, 2. 21-0650_Att 2 - Expenditure December FY2021, 3. 21-0650_ Att 3 - Consumer Spending, 4. 21-0650_Att 4 - Investment Report 2QFY2021
City of Alexandria, Virginia
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MEMORANDUM


DATE: FEBRUARY 3. 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 December 31, 2020.
BODY
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending December 31, 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.

REVENUES

As of December 31, 2020, General Fund revenues totaled $369.8 million, a decrease of $6.4 million or 1.7% less than the revenues collected at the same time in FY 2020. Through the first six months, approximately 48.6 percent of budgeted revenues have been collected.

At this time in FY 2021, the City's total revenue collection is not noticeably different than what was projected for the first six months of this fiscal year. Revenues with considerable declines are being somewhat offset with additional revenues in other categories. The forthcoming FY 2022 Operating Budget will include a comprehensive forecast of the FY 2021 General Fund Revenues that will be incorporated into subsequent Monthly Financial Reports.

Personal Property tax revenues are showing a significant decline compared to FY 2020. Staff has not utilized the third-party collection firm to pursue delinquent taxes in light of the stark economic situation for many households. As approved by Council, the due date was delayed from October 5 to December 15 this year, so time is also impacting collections. Notices will be mailed in the coming weeks alerting individuals about their delinquent status and encouraging them to reach out to the Finance Department to arrange a payment plan if needed. It is also important to note that t...

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