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File #: 21-0652    Name: February 28 2021 Monthly FInancial Report
Type: Status: Agenda Ready
File created: 1/12/2021 In control: City Council Legislative Meeting
On agenda: 4/6/2021 Final action:
Title: Consideration of the Monthly Financial Report for the Period Ending February 28, 2021.
Attachments: 1. 21-0652_Att 1 - Revenue-February FY2021, 2. 21-0652_Att 2 - Expenditure February FY2021, 3. 21-0652_Att 3 - Consumer Spending Attachment 3
City of Alexandria, Virginia
________________

MEMORANDUM


DATE: MARCH 31, 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 February 28, 2021.
BODY
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending February 28, 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 February 28, 2021, General Fund revenues collected equaled $465.4 million, an increase of $37.8 million or 8.8 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 FY 2021 is $415.5 million, which is $12.1 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 the current fiscal year. Revenues with considerable declines are being partially 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 reflected in Attachment 1, column C.1.

Personal Property tax revenues are showing a significant decline compared to FY 2020. Staff has not utilized the City's third-party collection firm to pursue delinquent taxes considering the stark economic situation for many households. As approved by Council, the personal property due date was delayed from October 5 to December 15 t...

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