10 - October 2022 Financial Report

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City of Paris October 2022 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections reported are 75.66% less than what was reported in 2021. This large percentage difference is due to tax bills not going out until late October. Appeal hearings and late tax rate adoptions by a couple of entities delayed the process including the mailing of the tax bills. Current collections for October 2022 were reported as $23,950. Current tax collections this year are .29% of the tax levy vs. 2.24% last year. 2. Sales taxes are up 19.39% from last year ($133,195). 3. Hotel occupancy taxes are down 26.47% compared to last year ($76,630). 4. Franchise fees are down 31.51% compared to last year ($52,783). This appears to be a timing issue on payments this year. CSC Holding made a large payment in October 2021 but not in October 2022, 5. Permit fees are up 262.72% from last year ($75,019). This increase is primarily from new commercial permits. 6. Municipal Court fines and related fees are up compared to last year increasing 11.82% ($1,846). 7. Other revenue includes leases, interest, copy fees, birth & death certificates, library fees, mixed beverage tax, and other minor revenues. This revenue is up 25.20% ($14,686). 8. Sanitation fees are flat when compared to 2021 collections being down only $106. 9. EMS fees are up 19.01% compared to last year ($47,448). 10. W&S Administration fees are up flat compared to last year. This is in accordance with the 2022-23 Budget, 11. Total General Fund revenues are down 0.38% compared to last year. This is due to current property tax collections during October of 2022 being limited to the last week of the month. General Fund revenues equal 6.64% of the budget with the City being 8.33% through the budget year. 12. Total General Fund expenditures are up 20.19% ($292,322) compared to last year. General expenses were up primarily in the Police and EMS Departments but were also up in several of the smaller departments. General Fund expenditures to date equal 6.30% of budget with the City being 8.33% through the budget year. 13. Sewer revenue is up 13.92% ($92,436). 14. Water revenue is up 6.21% ($51,778). 15. Other revenue sources are up 10.51% ($5,676). 16. Total Water & Sewer revenues, ignoring transfers and adjustments, are 9.66% above last year and represents 7.78% of the total budget. 17. Total Water & Sewer expenses are 23.08% above last year at this point and represent 3.39% of the total budget (No debt payments to date.) while the City is 8.33% through the budget year.