City of Alexandria, Virginia
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MEMORANDUM
DATE: FEBRUARY 6, 2024
TO: THE HONORABLE MAYOR AND MEMBERS OF CITY COUNCIL
THROUGH: JAMES F. PARAJON, CITY MANAGER /s/
FROM: KENDEL TAYLOR, INTERIM DEPUTY CITY MANAGER
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Consideration of the Monthly Financial Report for the Period Ending December 31, 2023.
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ISSUE: Receipt of the Monthly Financial Report for the Period Ending December 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 are attached.
As of December 31, 2023, General Fund revenues totaled $432.1 million, an increase of $10.4 million, or 2.5 percent, compared to the same period in FY 2023. There are no significant variations in receipts through the midpoint of the fiscal year that are due to anything but timing billing, posting and accruals. It is important to note that several revenue categories lag by one or two months (e.g., the City has only received 4 months of Sales Tax revenue and 5 months of other categories, such as Transient Lodging and Restaurant Meals Tax Revenue).
Revenue may not track consistently with a monthly calendar since many revenue sources have due dates that do not occur evenly throughout the year. Transient Lodging and Restaurant Meal tax revenues continue to reflect post pandemic recovery trends. The largest revenue source, real estate tax, is remitted twice per year and aligns closely with real estate tax revenue from the same period in FY 2023. Real Estate tax revenue was due to the City on November 15. Through December 31, 2023, the City has collected $258.0 million or 48.5 percent of the budgeted amount. This is comparable to FY 2023 when the City had collected $249.5 million as of December 31, 2022, or 48.5 percent of the budgeted amount. Personal P...
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