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additional growth created by the De Minimis Rate unless necessary.
<br />It is strongly recommended that the City of Paris attempt to utilize this allowed growth each year, when
<br />needed,in order to keep up with the growing costs of performing the Financial Policy.The costs that the City
<br />sees (third party, professional services, benefits, insurance, fuel, etc.) is not limited by this same legislation,
<br />therefore if the City falls behind, it could find itself unable to keep up, thus cutting services.Fortunately, the
<br />legislation is currently written such that a City can still utilize unused growth within three years (if the City
<br />utilizes 2.5% of the allowed 3.5% in year one, it can still use that additional 1% within the next three years).
<br />After that though, the City forever loses that growth potential, thus the road to falling behind begins.Utilizing
<br />the 3.5% growth each year, when needed,also allows for steady and healthy increases instead of drastic and
<br />last-minuteones.I am in no way proposing that we arbitrarily increase the property tax for M&O each year
<br />by 3.5% if it is not needed.But if the service calls for this, giventhe legislators have already acted on behalf
<br />of the publicby limiting the growth potential, the 3.5%, which is not a lot to work with,would be reasonable
<br />to utilize when necessary.
<br />Reasons for Salient Changes from the Previous Fiscal Year
<br />So as not to repeat information, please see Sections43(7) and 43(8) below, which are combined in this memorandum.
<br />Changes in Financial Policy
<br />The Financial Policy for FY24/25is the same as given in FY23/24.
<br />City of Paris Charter –Article V –Section 43(2)
<br />“A consolidated statement of receipts and expenditures for all funds.”
<br />Fund NumberFund TitleExpenditureRevenueNetNotes
<br />1General Fund$ 34,437,000 $ 33,061,000 $ (1,376,000)Deficit caused by capital expenditures that will be covered by reserves.
<br />2Economic Development Fund$ 5,207,431$ 1,980,000$ (3,227,431)Deficit will be covered by funds already received.
<br />3Airport Fund$ 1,060,407$ 984,681 $ (75,726)Deficit covered by General Fund contribution.
<br />4American Rescue Plan Act Fund$ 798,000 $ - $ (798,000) Expending funds already received.
<br />6Tax & Rev CO 2021 Construction Fund$ - $ - $ -WWTP construction fund.
<br />7COP Evidence Fund$ - $ - $ -Misc. money seized as evidence.
<br />8Housing Foundation Fund$ - $ - $ -Used to accept donations for the housing program.
<br />10Water & Sewer Fund$ 22,037,204 $ 22,037,204 $ -Utility Fund
<br />11Capital Projects Fund$ 25,000$ 25,000$ -Misc. capital projects using funds accrued over time plus interest.
<br />12Main Street Fund$ - $ - $ -Main Street activity. Fund raising and donations.
<br />13Equipment Replacement Fund$ - $ 8,000$ 8,000Originally set up to purchase sanitation trucks every other year.
<br />17Main Street Advisory Board$ - $ - $ -Main Street Board activities.
<br />18Main Street BIG$ - $ - $ -Set up to pay for façade cost reimbursements.
<br />19Vacant Building Fund$ 3,000$ 3,000$ -Vacant building registration fees.
<br />20Municipal Court Local Traffic Fee$ 130$ 130$ -Court costs.
<br />21Child Safety Fund$ 200$ 200$ -Court costs.
<br />22Municipal Court Local Truancy Fee$ 5,750$ 5,750$ -Court costs.
<br />23PEG Channel Fund$ 50,000$ 50,000$ -Funding for local cable channel.
<br />24Lake Crook Restoration Fund$ - $ - $ -Donated funds for Lake Crook improvements.
<br />25Grant Fund$ 554,192 $ 554,192 $ -Various grants run through this fund.
<br />26Municipal Court Jury Fund$ 100$ 100$ -Court costs.
<br />27Water Contract Fund$ - $ 30,000$ 30,000 Deposits for utility accounts plus interest earned on them.
<br />29Passing School Bus Fund$ - $ - $ -Court costs.
<br />30Community Block Grant Fund$ - $ 10,000$ 10,000 CDBG grant
<br />31State Consolidated Fee$ 1,000$ 1,000$ -Court costs.
<br />32Auto Theft Program Fund$ 15,000$ 15,000$ -Inspection Program fees.
<br />33Municipal Court Tech Fee$ 10,000$ 5,000$ (5,000)Court costs.
<br />34Municipal Court Security Fee$ 18,250$ 6,500$ (11,750)Court costs.
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