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City of Paris July 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 $6,313,273 collected to date for current taxes exceeds the $5,941,533 collected at this same time last year. The 2005-06 "Taxes Collected" number of$7,453,913 included $1,332,532 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 5.70% above this point last year. 3. Hotel taxes are up 20.36% from this time last year. 4. "Franchise Fees" are 14.04% lower at this point in 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 25.34% at this point in the year due to Kimberly Clark's 20 million dollar expansion. This permit alone was over $45,000. 6. Court fines are up 9.94% from this time last year. 7. The "Leases & Grants" category is up 48.00% this year because this category includes interest earned which is up over this same point last year. There were substantial interest payments received in June. 8. General Fund "Miscellaneous Fees" are up over last year because in July 2006 the City refunded Walgreens Pharmacy $23,617 in property taxes previously paid for the years 2004 and 2005. This was part of an agreed to settlement by the appraisal district over disputed property values. Because the refund was for years other than the then current year (2006), the refund was charged to "Miscellaneous Fees" so as not to distort the current taxes collected figure. 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. "Summer Programs" revenue is down 7.77% due to lower attendance at the pool. The attendance was adversely affected by the rainy weather in the early summer months. 11. Water revenue is down 2.32% and sewer revenue is down 3.54% compared to this time last year. It is believed that this is weather related. 12. Water & Sewer "Miscellaneous" revenues are now ahead oflast year due to reduced utility charges offs ($16,377 less at this point) and some 2005-06 late fees were not posted until the 2006-07 fiscal year.