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File #: 23-0809    Name: January 2023 Monthly Financial Report
Type: Written Report Status: Agenda Ready
File created: 2/9/2023 In control: City Council Legislative Meeting
On agenda: 3/14/2023 Final action:
Title: Consideration of the Monthly Financial Report for the Period Ending January 31, 2023.
Attachments: 1. 23-0809_Att 1- Revenue- January 2023, 2. 23-0809_Att 2 - Expenditure January 2023, 3. 23-0809_Att 3 - Consumer Spending Attachment 3
City of Alexandria, Virginia
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MEMORANDUM

DATE: MARCH 7, 2023

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 January 31, 2023.
BODY
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending January 31, 2023.

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 January 31, 2023, General Fund revenues totaled $440.2 million, a difference of $28.2 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 seven 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 January, Personal Property taxes total $62.0 million or 92.9 percent of the budgeted amount, compared to $54.3 million in FY 2022, which was 98.5 percent of the budgeted amount. The FY 2022 budgeted amount was developed during the uncertainties of COVID. 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 January 2023, the City has collected $250.9...

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