This Latin expression is generally attributed to to the ancient Roman, Publius Vergilius Maro (Anglicized form - Virgil). Usually inscribed on the face of sundials, this adage is to remind the individual that "time flies" and is irrecoverable.
Virgil is also well known for his twelve books of the Aeneid, the adventures of Aeneas from Trojan war to the landing in modern day Italy. Many years later the legend of Romulus and Remus evolved. According to the story, these two brothers fought and Romulus was victorious. The question I have is if Remus had won the fight, Would the city be called Reme.