City of Alexandria, VA
Monthly Financial Report for the Period Ending September 30, 2012
Presented to City Council by City Manager Rashad M. Young on November 13, 2012.
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.
Final revenues and expenditures for FY 2012 will be reported in November in the City’s audited Comprehensive Annual Financial Report (CAFR). We will realize the surplus we reported to City Council during budget deliberations. This surplus and uses of the fund balance that will be used in FY 2013 include:
These funds will be included in the re-appropriation ordinance in December.
This is the second of four monthly financial reports specifically focused on segments of the City’s tax base as background for the FY 2014 proposed budget to be presented on February 26, 2013. A report on the state of the real estate market and development was delivered at the October 9, 2012 City Council meeting. The November report features an update on State and federal revenues. Reports on local non-property taxes and personal property taxes are planned to be delivered in December and January respectively, to be followed by the annual real estate property assessment report in January.
Year-to-Date Revenues: As of September 30, 2012, actual General Fund revenues totaled $58.6 million, which is 3.0 percent more than the revenues for the same period last year. Most of this increase is related to personal property taxes that were billed earlier in FY 2013 than in FY 2012. Government accounting principles require that most taxes and intergovernmental revenues received in July be counted as revenue for the fiscal year ended June 30, 2012. See the online reference for more information. Three months does not provide enough data to recognize any trends, either positive or negative.
Year-to-Date Expenditures: As of September 30, 2012, actual General Fund expenditures totaled $132.3 million, an increase of $12 million, or 9.9 percent, above expenditures for the same period last year. Personnel expenditures remain on par with the budget but are 4.0 percent less than the previous year because of the percentage of payrolls processed in the period. Non-personnel spending increased 19 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. We are closely monitoring and controlling these expenditures to be at or below budget.
ONLINE REFERENCES (ATTACHMENTS):