09-B Monthly Financial Report - Laserfiche WebLink

Home Browse Search

City of Paris March 2007 Financial Report Comments On the "Net To Date Comparison", please note the following. 1. As reported previously, there is a distortion in the "Taxes Collected" line item due to a change in how property tax collections for debt are handled this year. Current property tax collections are at 99.85%. The $6,204,647 collected to date for current taxes exceeds the $5,903,225 collected at the end of March 2006. The 2005-06 collected to date number of$7,233,888 includes collections for debt related Interest & Sinking Funds that were run through the General Fund on their way to the correct I & S Fund. In 2006-07, property tax collections for debt are deposited directly into the proper I & S Fund and no longer go through the General Fund. 2. Sales taxes are 6% above last year at this mid-point ofthe budget year. 3. As reported previously, "Franchise Fees" are higher at this point ofthe year because TXU Energy now pays its franchise fees quarterly as opposed to annually. Also, a prorated share of the water and sewer utility franchise payment has been paid. 4. As reported previously, "Permits" are up this year due to Kimberly Clark's 20 million dollar expansion. This permit alone was over $45,000. 5. As reported previously, the "Leases" amount has been down because last year this category reflected leases and some grant revenue. The related grants were moved to the Grant Fund in March 2006 so this category is no longer distorted when compared to the previous year. 6. Sanitation fees are up 19% because no fees were transferred from the Water & Sewer Fund in March of 2006. 7. General Fund "Miscellaneous Fees" are down compared to last year because to date TML equity distributions to member cities of the Pool were larger in 2006 than they have been in 2007. These distributions represent refunds of premiums for general liability and worker's compensation coverage due to favorable experience history. 8. As reported previously, "Water Sales" are down because of decreased residential usage. The increased rainfall since October 2006 is the cause of decreased usage. 9. As previously reported, Water & Sewer Fund "Interest" is up due to the shortened period of investment which causes interest payments to be reported sooner than with longer term investments. 10. Water & Sewer "Miscellaneous Fees"at the end of March are down in 2007 due to some sanitation fees due the Water & Sewer Fund had not been transferred by the end of March 2006 and water charge offs for 2006 through March are greater than the same period in 2007.