City of Alexandria, VA
Monthly Financial Report for the Period Ending July 31, 2012
Presented to City Council by City Manager Rashad M. Young on an informational basis only.
Final revenues and expenditures for FY 2012 will be reported later this fall in the City’s audited Comprehensive Annual Financial Report (CAFR). We expect to realize the revenue surplus we reported to City Council during budget deliberations. Final expenditures are still being reviewed.
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.
Sales Tax Collections: June local Sales Tax collections ($2.3 million), excluding gasoline, are up 1.8 percent from June 2011. Second quarter collections ($6.6 million) are up 2.9 percent from the second quarter of 2011 ($6.4 million). Through the first half of 2012 sales tax revenues are $12.6 million this is $0.8 million more than what was collected in the first half of 2011. Since 2007 collections in the second half of the calendar year have exceeded collections in the first half by roughly 4.6 percent. If that trend continues total retail collections for calendar year 2012 will be approximately $25.8 million, roughly $1.6 million over 2011 collections.
There were 163,000 payroll jobs added in July with 172,000 coming from the private sector while 9,000 government jobs lost. The federal government has lost 38,000 over the last 12 months and 2,000 in July.
Year-to-Date Revenues: As of July 31, 2012, actual General Fund revenues totaled $2.0 million, which is 18 percent more than the revenues for the same period last year, mainly due to increases in charges for highway maintenance, sanitation, and the use of parks and recreation facilities as well as for the sale of surplus property. Government accounting principles require that most taxes and intergovernmental revenues received in July are counted as revenue for the fiscal year ended June 30, 2012. See the online reference for more information.
Year-to-Date Expenditures: As of July 31, 2012, actual General Fund expenditures totaled $39.3 million, an increase of $2.4 million, or 6.5 percent, above expenditures for the same period last year. One month does not provide enough data to recognize any trends either positive or negative.
ONLINE REFERENCES (ATTACHMENTS):