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File #: 24-1346    Name: September 2023 MFR
Type: Written Report Status: Agenda Ready
File created: 8/21/2023 In control: City Council Legislative Meeting
On agenda: 11/14/2023 Final action:
Title: Consideration of the Monthly Financial Report for the Period Ending September 30, 2023.
Attachments: 1. 24-1346_Att 1 - Revenue-September 2023, 2. 24-1346_Att 2 - Expenditure September 2023, 3. 24-1346_Att 3 - 1Q Investment report
City of Alexandria, Virginia
________________

MEMORANDUM



DATE: NOVEMBER 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 September 30, 2023.
BODY
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending September 30, 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 are attached.

As of September 30, 2023, General Fund revenues totaled $78.5 million, a decline of 1.3 percent compared to the same period in FY 2023. 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 2024 is traditionally due on October 5 when personal property taxes for vehicles and business personal property are due. The bills are mailed in mid to late August and payments processed prior to the due date can vary significantly. There are no significant variations in receipts through the first quarter of the fiscal year that are due to anything but timing of billing, posting and accruals.

Revenue may not track consistently with a monthly calendar 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 three months of the fiscal year, no category has sufficient receipts to establish a clear pattern.


As of September 30, 2023, G...

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