City of Alexandria, Virginia
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MEMORANDUM
DATE: MARCH 3, 2021
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 January 31, 2021.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending January 31, 2021.
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 January 31, 2021, General Fund revenues collected equaled $433.3 million, an increase of $38.7 million or 9.8 percent more than the revenues collected at the same time in FY 2020. In November 2020, the City refunded existing debt to generate a savings of debt service of approximately $1.0 million. For comparison purposes, without the $49.9 million in refinanced bond proceeds, total revenue in FY2021 is $383.4 million, which is $11.1 million less than FY 2020, or a 2.8 percent decrease.
At this time in FY 2021, the City's total revenue collection is not noticeably different than the COVID-19 impacted revenues that were projected for the first seven months of this fiscal year. Revenues with considerable declines are being somewhat offset with additional revenues in other categories. The FY 2022 Proposed Operating Budget included a comprehensive forecast of the FY 2021 General Fund Revenues which is included in Attachment 1.
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 this later due date is also imp...
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