City of Alexandria, VA
Monthly Financial Report for the Period Ending August 31, 2010
Presented as a memo to City Council from City Manager James K. Hartmann on October 12, 2010.
Final revenues and expenditures for FY 2010 will be reported later this fall in the City’s audited Comprehensive Annual Financial Report (CAFR). As discussed at the September 14 City Council meeting, careful fiscal management and oversight for expenditures produced sufficient savings not only to cover a the shortfall in FY 2010 but also to provide $3 million in additional uncommitted savings that can be used for such things as future one-time capital expenses, to build up our reserves for future economic downturns, disasters, or other emergencies, and to help fund FY 2012 operating expenses.
At the October 18, 2010 budget work session, City Staff will provide a preliminary outlook for FY 2011 and FY 2012 revenues under current tax and fee rates.
NOTE: Click on the headings below or the "online references" to view more detailed economic, revenue or expenditure data. Click on any highlighted bullet or text to view additional information, including charts and memos.
Year-to-Date Revenues: As of August 31, 2010, actual General Fund revenues totaled $20.1 million, which is 5.0 percent greater than FY 2010 revenues for the same period last year. Government accounting principles require that most taxes and intergovernmental revenues received in July and August are counted as revenue for the fiscal year ended June 30, 2010.
Year-to-Date Expenditures: As of August 31, 2010, actual General Fund expenditures totaled $59.6 million, an increase of $6.6 million, or 12.4 percent, above expenditures for the same period last year. Personnel expenditures declined 1.1 percent. Non-personnel spending increased 26.4 percent. For most departments, differences in spending patterns for non personnel this early in the year reflect the timing of bill payments and not necessarily changes in spending patterns. Even though such non-personnel spending is up over last year, it is still below the pace expected under the FY 2011 budget.
ONLINE REFERENCES (ATTACHMENTS)