City of Alexandria, Virginia
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MEMORANDUM
DATE: MARCH 29, 2022
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: KENDEL TAYLOR, DIRECTOR OF FINANCE
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Consideration of the Monthly Financial Report for the Period Ending February 28, 2022.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending February 28, 2022.
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.
General Fund Revenues
As of February 28, 2022, General Fund revenues totaled $450.5 million, a decrease of $14.9 million or 3.2 percent compared to the same period in FY 2021. In November 2021, the City refunded $11.8 million of existing debt to generate a savings of debt service of approximately $0.6 million., including $0.2 million in FY 2022. A similar refunding occurred in FY 2021 of $49.6 million of outstanding debt. For comparison purposes, without the refinanced bond proceeds, total revenue in FY 2022 is $438.7 million, which is $23.2 million more than FY 2021, or a 5.6 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 February 2021, the City had received $49.4 million of personal property tax revenue. For the same period in FY 2022, the City has received $54.8 million. The second half of calendar year real estate taxes were due on November 15. Through February 2022, the City has received $236.5 million of real estate tax revenue compared to $235.5 million in FY 2021 (February 2021).
Revenues often do not track consistently with a monthly calendar since many revenue sources have due dates that do not occur e...
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