08 - September 2022 Financial Report

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City of Paris September 2022 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections reported are 3.96% more than what was reported in 2021($315,855). Current tax collections this year are 97.83% of the tax levy vs. 97.17% last year. 2. Sales taxes are up 2.63% from last year ($242,247). 3. Hotel occupancy taxes are down 3.71% compared to last year ($32,736). 4. Franchise fees are up 8.64% compared to last year ($280,641). 5. Permit fees are up 145.59% from last year ($290,760). Both new residential and new commercial permits are up significantly. 6. Municipal Court fines and related fees are down 52.21% compared to last year ($259,359). This was due an auditor's adjusting entry to recognize fine revenue as it is levied not as it is collected. 7. Other revenue includes leases, interest, copy fees, birth & death certificates, library fees, mixed beverage tax, and other minor revenues. This revenue is up 6.88% ($68,013). 8. Sanitation fees are flat when compared to 2021 collections being down only $929. 9. EMS fees are down 27.57% compared to last year ($1,325,403). This decrease is also due to an auditor's adjusting entry to recognize revenue as billed not collected. 10. W&S Administration fees are up 24.48% over last year ($236,056). This is in accordance with the 2021-22 Budget. 11. Total General Fund revenues are 0.63% less than last year ($184,731). This is due to the change in the timing of revenue recognition in Municipal Court and EMS. General Fund revenues on a cash basis equal 112.90% of the budget with the City being 100% through the budget year. 12. Total General Fund expenditures look like they are up 12.24% ($3,125,217) 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 2.44% ($625,217). General Fund expenditures to date equal 99.98% of budget. The City is 100% through the budget year. 13. Sewer revenue is up 17.99% ($1,306,886). This reflects the gradually increasing rates that the City Council has approved to fund the new wastewater plant. 14. Water revenue is up 5.20% ($448,212). 15. Other revenue sources are up 1.89% ($11,227). 16. Total Water & Sewer revenues, ignoring transfers and adjustments, are 10.72% above last year and represents 1.098% of the total budget. 17. Total Water & Sewer expenses are 5.17% above last year at this point and represent 65.50% of the total budget (92.28% adjusted for debt payments to date.) while the City is 100 % through the budget year.