07 - March Monthly Financial Report

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City of Paris March 2022 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections reported are 3.80% more than what was reported in 2021. Current tax collections this year are 96.14% of the tax levy vs. 94.82% last year. 2. Sales taxes are up 1.43% from last year ($109,926). 3. Hotel occupancy taxes are up 12.16% compared to last year ($43,778). 4. Franchise fees are up 9.09% compared to last year ($145,421). 5. Permit fees are up 101.87% from last year ($77,938). Both new residential and new commercial permits are up significantly. 6. Municipal Court fines and related fees are up 9.74% compared to last year ($10,873). 7. Other revenue includes leases, interest, copy fees, birth & death certificates, library fees, mixed beverage tax, and other minor revenues. This revenue is down 4.14% ($18,741). 8. Sanitation fees are flat when compared to 2021 collections being down only $315. 9. EMS fees are down 12.55% compared to last year ($207,440). 10. W&S Administration fees are up 24.48% over last year ($118,028). This is in accordance with the 2021-22 Budget. 11. Total General Fund revenues are 3.33% more than last year ($571,336). This mainly due to property tax collections being ahead of last year. General Fund revenues equal 69.30% of the budget with the City being 50.00% through the budget year. 12. Total General Fund expenditures look like they are up 29.91% ($3,374,718) compared to last year. However, this expenditure number includes the $2,500,000 loan that the City gave to PEDC. If the loan is backed out of the expenditure totals, the increase would be 7.75% (874,718). General Fund expenditures to date equal 56.66% of budget (46.90% when adjusted for the PEDC loan.) The City is 50.00% through the budget year. 13. Sewer revenue is up 18.62% ($640,297). This reflects the gradually increasing rates that the City Council has approved to fund the new wastewater plant. 14. Water revenue is up 2.97% ($120,920). 15. Other revenue sources are up 2.43% ($7,346). 16. Total Water & Sewer revenues, ignoring transfers and adjustments, are 9.84% above last year and represents 69.45% of the total budget. 17. Total Water & Sewer expenses are 0.42% below last year at this point and represent 30.10% of the total budget (47.07% adjusted for debt payments to date.) while the City is 50.00% through the budget year. Departmental Expenditure Summary: At this point the City is six months or 50.00% through the budget year. It is important to remember that expenditures do not occur equally throughout the year. For example, capital expenditures and association memberships are one time expenditures that if made early in the fiscal year can produce a