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File #: 23-0155    Name: September MFR Month 3 FY 2023
Type: Written Report Status: Agenda Ready
File created: 8/5/2022 In control: City Council Legislative Meeting
On agenda: 11/9/2022 Final action:
Title: Consideration of the Monthly Financial Report for the Period Ending September 30, 2022.
Attachments: 1. 23-0155_Att 1 - Revenue- September 2022, 2. 23-0155_Att 2 - Expenditure September 2022, 3. 23-0155_Att 3 - Consumer Spending Attachment 3, 4. 23-0155_Att 4 - 1Q Investment report, 5. 23-0155_Att 5 - Exhibit IV Draft
City of Alexandria, Virginia
________________

MEMORANDUM



DATE: NOVEMBER 2, 2022

TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL

THROUGH: JAMES F. PARAJON, CITY MANAGER /s/

FROM: KENDEL TAYLOR, INTERIM DEPUTY CITY MANAGER

DOCKET TITLE:
TITLE
Consideration of the Monthly Financial Report for the Period Ending September 30, 2022.
BODY
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending September 30, 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.

FY 2023 Period Ending September 30, 2022

As of September 30, 2022, General Fund revenues totaled $79.5 million, a difference of 14.1 percent compared to the same period in FY 2022. 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 are also much more pronounced in the early months of the fiscal year. The first significant tax revenue for FY 2023 is traditionally due on October 5 when personal property taxes for vehicle and business personal property are due. The bills are mailed in mid- to late-August and payments processed in August can vary significantly.

There are several significant differences between FY 2022 and FY 2023, but they are primarily timing, not economic. The technical change to the American Rescue Plan Act Funds (ARPA) projects results in a Transfer from Other Funds of $4.1million in FY 2023, where no such transfer existed in FY 2022. Personal Property tax revenue collections in FY 2023 are higher compared to last year, which is to be expected given the increase in the budgeted amount. Other Revenue includes the $1.0 million gift to the City associated with the Winkler Preserve, which...

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