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CITY OF PARIS, TEXAS
<br />Notes to Financial Statements (Continued)
<br />September 30, 2023
<br />IV. Detailed Notes onm All Activitiesand Funds (Continued)
<br />B. Investments (Continued)
<br />Concentration credit risk is the risk of loss attributed to the magnitude of a government's investment in a single
<br />issuer. With the exception of obligations of the United States or its agencies and authorized pools, no more than
<br />50% of the City's total investment portfolio will be invested in a single financial institution with the exception
<br />of its local depository. PEDC's investment balance consists of only externally pooled accounts.
<br />The custodial credit risk for investments is the risk that, in the event of failure of the counterparty to a
<br />transaction, a government will not be able to recover the value of investment or collateral securities that are in
<br />the possession of an outside party. In accordance with the City's deposit and investment policy, all deposits
<br />placed at a financial institution shall be insured or collateralized with applicable State law.
<br />Foreign currency risk is the risk that an investment denominated in the currency of a foreign country could
<br />reduce in value as a result of changes in currency exchange rates. At September 30, 2023, the City was not
<br />exposed to foreign currency risk.
<br />C. Accounts Receivable and Payable
<br />Amounts are aggregated into a single accounts receivable (net of allowance for uncollectibles) line for certain
<br />funds and aggregated columns. Below is the detail of receivables in the aggregate, including the applicable
<br />allowances for uncollectible accounts:
<br />Net receivable balances not expected to be collected within one year are Property Taxes - $581,688, Fines -
<br />$31,332, EMS - $743,210, Street Assessments - $26,473, and Leases - $2,020,375.
<br />Governmental funds report deferred inflows of resources in connection with receivables for revenue that is
<br />not considered to be available to liquidate liabilities of the current period. At September 30, 2023, the
<br />deferred inflows of resources were $2,775,770.
<br />At year end, PEDC had a receivable for sales tax of $367,186. The balance is expected to be collected within one
<br />year.
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<br />Nonmajor
<br />Governmental
<br />General
<br />Debt Service
<br />Funds
<br />Entea3rise
<br />Receivables:
<br />Accrued Interest
<br />$ 22,901
<br />$ -
<br />$ -
<br />$ 263,547
<br />Property Taxes
<br />1,035,601
<br />78,987
<br />-
<br />28,116
<br />Sales Tax
<br />1,835,488
<br />-
<br />-
<br />-
<br />Hotel Occupancy Tax
<br />293,956
<br />-
<br />-
<br />-
<br />Franchise
<br />523,179
<br />-
<br />-
<br />-
<br />Accounts
<br />285,013
<br />-
<br />9,977
<br />2,969,700
<br />Street Assessments
<br />26,473
<br />-
<br />-
<br />-
<br />Fines
<br />2,464,849
<br />-
<br />-
<br />-
<br />EMS
<br />5,945,680
<br />-
<br />-
<br />-
<br />Leases
<br />1,349,811
<br />-
<br />824,370
<br />Notes
<br />2,247,922
<br />-
<br />-
<br />-
<br />Gross Receivables
<br />16,030,873
<br />78,987
<br />- 834,347
<br />3,2ti1,m363 m
<br />Less: Allowance for Uncollectibles
<br />(5,885,289)
<br />19,747
<br />-
<br />1;67,723)
<br />Net Total Receivables
<br />$10,145,584
<br />$ 59,240
<br />$ ,834,347
<br />$ 3,193,640
<br />Net receivable balances not expected to be collected within one year are Property Taxes - $581,688, Fines -
<br />$31,332, EMS - $743,210, Street Assessments - $26,473, and Leases - $2,020,375.
<br />Governmental funds report deferred inflows of resources in connection with receivables for revenue that is
<br />not considered to be available to liquidate liabilities of the current period. At September 30, 2023, the
<br />deferred inflows of resources were $2,775,770.
<br />At year end, PEDC had a receivable for sales tax of $367,186. The balance is expected to be collected within one
<br />year.
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