City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 7, 2023
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER
FROM: KENDEL TAYLOR, INTERIM DEPUTY CITY MANAGER
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Consideration of the Monthly Financial Report for the Period Ending December 31, 2022.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending December 31, 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 of General Fund Revenues (Attachment 1) and General Fund Expenditures (Attachment 2).
As of December 31, 2022, General Fund revenues totaled $421.7 million, a difference of $27.4 million or 6.9 percent compared to the same period in FY 2022. Revenue does not track evenly throughout the year since many revenue sources have due dates that do not occur evenly throughout the year. The largest revenue source, real estate tax, is remitted twice per year. Personal property tax revenue is due on October 5 each year. Through the first six months of the year, no category is showing any significant economic variance from the budgeted amount.
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. Through the end of December, Personal Property taxes total $60.4 million or 90.4 percent of the budgeted amount, compared to $53.4 million in FY 2022, which was 96.8 percent of the budgeted amount. The FY 2022 budgeted amount was developed during the uncertainties of COVID-19. Collections for personal property tax revenue are tracking at the expected rate.
Real Estate tax revenue is remitted to the City twice each year, in November and June. As of December 2022, the City has collected $24...
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