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City o[Paris May 2007 Financial Report Comments Regarding the "Net to Date Comparison", please note the following comments. 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 compared to last year. The $6,288,347 collected to date for current taxes exceeds the $5,909,744 collected at this same time last year. The 2005-06 "Taxes Collected" number of $7,372,642 included $1,321,319 in 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 7.27% above this point last year. 3. Hotel taxes are up 17.68% from this time last year. The most recent quarterly payment by local hotels would reflect the full hotel booking due to the archery tournament. 4. "Franchise Fees" are lower at this point of the year because TXU Energy now pays its franchise fees quarterly instead of annually as it did last year. The annual payment last year was paid in May. There will be one more quarterly payment in this fiscal year. A prorated share of the water and sewer utility franchise payment has been paid compared to last year when the annual payment was made in September 2006. However, this prorated payment is not sufficiently large to offset the 4th quarter payment forthcoming from TXU. 5. As reported previously, "Permits" are up this year due to Kimberly Clark's 20 million dollar expansion. This permit alone was over $45,000. 6. Court fines are up 11.88% from this time last year. 7. The "Leases & Grants" category is up 10.85% this year because this category includes interest earned which is up over this same point last year. 8. 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. 9. Water & Sewer "Miscellaneous" revenues are now ahead oflast year due to reduced utility charges offs ($20,246 less at this point) and some 2005-06 late fees were not posted until the 2006-07 fiscal year. Regarding the departmental expenditure summary for the current year, 10. The City Council expense to date is higher than expected due to payments made to the Pace Group and higher than expected election costs. 11. The City Manager expense to date is higher than expected due to the cost of the interim manager. The Texas First Group is paid an hourly rate based on the budgeted salary and benefit costs ofthe City Manager. The City has to pay for each hour worked without the benefit of having someone who is a salaried exempt employee. 12. The "General Expenses" category is higher than expected reflecting a higher than expected collection and remittance of hotel taxes and the fact that all city memberships (TML, COG, & Tx Coalition of Cities) have been paid for the year.