07 - April monthly financial report

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City of Paris April 2020 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections are 2.43% less than this time last year ($178,675). This decrease is due to lower current and delinquent tax collections to date plus the lower penalty & interest collected on the delinquent taxes. Current tax collections are 95.46% of the tax levy vs. 95.81% last year. 2. Sales taxes are up 4.25% from last year. There is a two month lag time between actual sales and city receipt of those sales taxes. There has been an increase every month in sales taxes for this fiscal year through March. April collections (February sales) were down $5,083 (0.93%) compared to the same month last year. However, May collections are up $23,590 (4.45%). 3. Hotel occupancy taxes are up 9.26% compared to last year. This is the difference in the 9% and 7% tax rates. 4. Franchise fees are up 4.17% compared to last year ($74,783). 5. Permit fees are up 73.51% from last year. This amounts to $60,070. Both new commercial and new residential permits are up significantly. 6. Municipal Court fines and related fees are 22.35% ($43,534) below last year's collections. 7. Other revenue includes leases, interest, copy fees, birth & death certificates, library fees, mixed beverage tax, and other minor revenues. This revenue up 54.46% ($193,258) caused by HHS Stimulus payment, increased T -Mobile lease payments, hanger rentals, event center lease, fuel flowage fees, and credit card fees. 8. Sanitation fees are down 10.95% compared to 2019 collections. This is only $21,136.67 and was expected with more of these fees going directly to the Sanitation Fund in this budget. 9. EMS fees are up 6.67% compared to last year. 10. Total General Fund revenues are 2.51 % more than last year. General Fund revenues equal 73.58% of the budget with the City being 58.33% through the budget year. 11. Total General Fund expenditures are up 3.06% ($397,023) compared to last year. General Fund expenditures to date equal 56.66% of budget with the City being 58.33% through the budget year. 12. Sewer revenue is up 7.59% ($259,070). 13. Water revenue is up 1.35% ($57,285). 14. Other revenue sources are down 15.83% ($53,885). This decrease caused by increased charge offs and lower interest rates. 15. Total Water & Sewer revenues, ignoring transfers and adjustments, are 3.28% above last year. 16. Total Water & Sewer expenses are 3.70% below last year at this point and represent 37.06% of the total budget (50.78% adjusted for debt payments)while the City is 58.33% through the budget year.