City of Alexandria, Virginia
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MEMORANDUM
DATE: MAY 5, 2021
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: MARK B. JINKS, CITY MANAGER /s/
DOCKET TITLE:
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Consideration of the Monthly Financial Report for the Period Ending March 31, 2021.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending March 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 March 31, 2021, General Fund revenues collected equaled $496.3 million, an increase of $43.2 million or 9.5 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 $446.4 million, which largely due to the COVID-19 pandemic is $6.7 million less than FY 2020, or a 1.5 percent decrease.
At this time in FY 2021, the City's total revenue collection is not noticeably different in total than the COVID-19 impacted revenues that were projected for the first eight 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 was recently reviewed and revised as a part of the revenue reforecast for the FY 2022 Budget deliberations. The most recent FY 2021 General Fund revenue forecast 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 collec...
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