08 - November 2022 Financial Report

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City of Paris November 2022 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections reported are 6.01% less than what was reported in 2021. This 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 tax collections this year are 10.41% of the tax levy vs. 11.37 % last year. We expect current collections to overtake last year's current collections in December. 2. Sales taxes are up 13.65% from last year ($212,208). 3. Hotel occupancy taxes are up 7.46% compared to last year ($15,655). 4. Franchise fees are up 7.45% compared to last year ($30,948). 5. Permit fees are up 168.34% from last year ($69,134). This increase is primarily from new commercial permits. 6. Municipal Court fines and related fees are up compared to last year increasing 7.62% ($2,696). 7. Other revenue includes leases, interest, copy fees, birth & death certificates, library fees, mixed beverage tax, and other minor revenues. This revenue is up 31.86% ($36,047). The bulk of this increase comes from increased interest earnings. 8. Sanitation fees are down by 15.35%when compared to 2021 collections ($7,482). 9. EMS fees are up 20.96% compared to last year ($101,373). 10. W&S Administration fees are flat compared to last year. This is in accordance with the 2022-23 Budget. 11. Total General Fund revenues are up 9.92% compared to last year. Sales taxes and EMS fees account for most of the increase. General Fund revenues equal 16.37% of the budget with the City being 16.66% through the budget year. 12. Total General Fund expenditures are down 1.77% ($73,291) compared to last year. General Fund expenditures to date equal 14.69% of budget with the City being 16.66% through the budget year. 13. Sewer revenue is up 9.29% ($125,739). 14. Water revenue is up 4.74% ($73,397). 15. Other revenue sources are up 30.13% ($31,409). 16. Total Water & Sewer revenues, ignoring transfers and adjustments, are.7.67% above last year and represents 13.82% of the total budget with the City being 16.66% through the budget. 17. Total Water & Sewer expenses are 1.02% below last year at this point and represent 8.91% of the total budget (No debt payments to date.) while the City is 16.66% through the budget year.