City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 1, 2022
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
FROM: JAMES F. PARAJON, CITY MANAGER /s/
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Consideration of the Monthly Financial Report for the Period Ending December 31, 2021.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending December 31, 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 December 31, 2021, General Fund revenues totaled $394.3 million, an increase of $24.5 million or 6.6 percent compared to the same period in FY 2021. In November 2020, the City refunded existing debt to generate a savings of debt service of approximately $0.6 million. Including $0.2 million in FY 2022. For comparison purposes, without the $11.8 million in refinanced bond proceeds, total revenue in FY 2022 is $382.6 million, which is $12.8 million more than FY 2021, or a 3.4 percent increase.
The first significant tax revenue in FY 2022 was due on October 5, when personal property taxes for vehicle and business personal property were due. In FY 2021, through December 2020, the City had received $47.1 million of personal property tax revenue. For the same period in
FY 2022, the City has received $53.4 million. The second half of calendar year real estate taxes were due on November 15. Through December 2021, the City has received $232.9 million of real estate tax revenue compared to $233.6 million in FY 2021 (December 2020).
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 revenues are remitted twice per year and once per y...
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