City of Alexandria, VA
Monthly Financial Report for the Period Ending September 30, 2010
Presented as a memo to City Council from City Manager James K. Hartmann on November 9, 2010.
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 September 30, 2010, actual General Fund revenues totaled $52.6 million, which is 1.0 percent less 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 September 30, 2010, actual General Fund expenditures totaled $114.3 million, an increase of $5.4 million, or 5.0 percent, above expenditures for the same period last year. Personnel expenditures remain on par with last year. These personnel expenditures are slightly higher than the budget primarily because turnover savings are deducted from the budget on the first day of the fiscal year, while the savings are realized during the year. Also, funds to pay for the implementation of pay adjustments due to the Watson Wyatt Study, which were effective July 1, 2010, are yet to be appropriated in a supplemental appropriation ordinance, now scheduled for December. Non-personnel spending increased 8.9 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.
FISCAL YEAR 2010 CLOSEOUT:
Discussion at previous council meetings showed that the unreserved fund balance at the end of FY 2010 will be $3.0 million higher than the April projection. City staff discussed these fund balance and possible uses in a docket item on October 26th. City staff will include proposed commitments and assignments of these fund balances in the context of the Comprehensive Annual Financial Report docket item, which will be docketed for Council consideration at the November 23 legislative meeting.
ONLINE REFERENCES (ATTACHMENTS):