Online Reference 2:  Comparative Statement of Revenues, General Fund, For the Periods Ending February 28, 2010, and February 28, 2009.

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NOTE:  Click on any of the highlighted revenue categories below to see the revenue summary for that category or click on the link above to view all revenue summaries and explanations.  Click on any highlighted number for notes.  See below for a chart of year-to-date changes for selected revenue categories. 

Revenues Chart

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Notes

1. Personal Property Tax:  Revenues collected to date represent 99.4 percent of budgeted revenue. As indicated in the FY 2011 Proposed Budget, preliminary collections to date indicate revenues may exceed the budget by $0.4 million.  A state reduction in its personal property tax relief subsidy is unlikely given the General Assembly's recent budget actions.
2. Local Sales and Use Taxes: The substantial increase in sales tax revenue is primarily related to one-time repayments in the prior year (FY 2009) to Fairfax County of $1.5 million for sales tax collections from businesses with an Alexandria address that are actually located in Fairfax County.  Excluding one-time repayments made in the prior year, year-over-year retail sales collections from July through January are 2.8 percent below last year.
3. Charges for City Services:  Increase in this category is largely due to greater year-to-date collections from parking meter receipts, refuse user charges, and ambulance fees.
4. Revenue from the Use of Money and Property: Continued decreased revenue in this category reflects the extremely low interest rates budgeted and earned on City operating funds, which are conservatively invested for safety and liquidity reasons.
5. Year-to-Date Revenues: As of February 28, 2010, actual General Fund revenues totaled $291.2 million, which is 0.56 percent above FY 2009 revenues of $289.6 million for the same period last year.  The FY 2011 budget contains a revised estimate for FY 2010 revenues.  That estimate shows a revenues shortfall of $7.0 million or 1.3 percent compared to the original FY 2010 budget estimate of General Fund revenues of $530 million, primarily due to lower real property revenues (due to lower assessments than previously forecast) and lower intergovernmental revenues.  The revenue estimate shown in Online Reference 2 also includes the City Manager’s proposed 7 cent tax increase from 90.3 cents per $100 to 97.3 cents per $100 which would generate net budget surplus revenues only of approximately $3.9 million.

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