City of Alexandria, Virginia
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MEMORANDUM
DATE: NOVEMBER 2, 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 September 30, 2021.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending September 30, 2021.
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.
As of September 30, 2021, General Fund revenues totaled $69.7 million, an increase of $3.9 million of 5.9 percent compared to the same period in FY 2021. It is important to note that revenues collected in July and some of the revenue collected in August are for taxes owed in June and are therefore accrued to the prior fiscal year. Timing issues of tax receipts are also much more pronounced in the early months of the fiscal year. For example, several Consumer Utility payments were received in August outside of the accrual period and are reflected in FY 2022. In FY 2021, the payments were received on time and reflected in the appropriate fiscal year. The first significant tax revenue in FY 2022 s traditionally due on October 5, when personal property taxes for vehicle and business personal property were due. The bills were mailed in mid to late August and payments processed in August can vary significantly. In FY 2021, through September 2020, the City had received $25.8 million of personal property tax revenue. For the same period in FY 2022, the City has received $27.2 million.
Revenues do often not track consistently with a monthly calendar since many revenue sources have due dates that do not occur evenly through the year. Large revenue sources, such as real estate and personal property tax revenue...
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