Alexandria’s 2023 in Numbers: City Releases Annual Financial Report Summary for First Time
For fiscal year 2023 (FY23), the City of Alexandria has released its first-ever Popular Annual Financial Report (PAFR), recapping financial activities for the previous year.
The PAFR is a summary of the Annual Comprehensive Financial Report, which contains detailed financial data on the City’s finances, including audited financial statements. It aims to explain Alexandria’s finances in a concise, intuitive manner and serve as a guide to the full financial report for residents.
Highlights of the FY23 PAFR include:
The City brought in $1.047 billion in revenues for government activities, an increase of $60 million from FY22. The City receives general revenues from real estate, personal property, sales, and other local taxes, as well as interest earnings. Program revenues are generated from operating and capital grants and charges for services. More than half of the City’s revenues are generated from property taxes.
Expenses for governmental activities totaled $1.048 billion, an increase of $100 million from FY 2022. Most basic City services are reported: General government, judicial administration, public safety, public works, library services, health and welfare, transit, culture and recreation, community development, and education. More than one-third of the City’s expenses are for education.
The City has a diverse tax base with the top 10 taxpayers in the City holding just over 10% of the total real property tax base.
The FY23 Approved General Fund Operating Budget totaled $839.2 million and maintained the same tax rate of $1.11 as in FY22 to fund investments in affordable housing and climate action and improvements to transportation and infrastructure.
General Fund Balance (reserves)
The spendable general fund balance is the accumulated total of all prior years’ actual general fund revenues in excess of expenditures — often referred to as “surplus” — that is available for appropriation by City Council.
The City’s spendable fund balance as a percent of general fund revenue is 24% as of fiscal year end on June 30, 2023.
Total general fund balance has increased by 257% over the course of the last decade, from $62.7 million in FY14 to $223.7 million in FY23.
If you prefer communication in another language, free interpretation and translation services are available to you, please email LanguageAccess@alexandriava.gov or call 703.746.3960.