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<br /> <br /> <br />~\\ El~ <br />~ .n~ <br />\.~~\~ <br /> <br />~\ } ~ \ rn~l~e.~ <br />*,\"~~~ @'\. ~ ~~.~ <br />\~\~ \~~~~_~~~\~J- <br /> <br />Honorable Mayor <br />Members of City Council <br />City of Paris, Texas <br /> <br />August 17, 2007 <br /> <br />Enclosed are the 2006-2007 fiscal year's General Fund, Water and Sewer Fund, Debt Service <br />Fund, Special Revenue Funds, and other minor fund budgets that comprise the' City of Paris' <br />Comprehensive Budget. The effective date of the budget begins on October 1, 2007 and ends on <br />September 30, 2008. <br /> <br />The overall economy of the region and City has been stable during the past year, as the property <br />values have increased, as well as the sales tax. Both taxes playa key role in the City's finances. <br />The City has made signjficant improvement in the General Fund balance oyer the past two years, <br />as a result of major reductions in certain operational areas. However, the Water and Sewer Fund <br />continues to struggle to operate within the available resources, especially as a result of this year's <br />cool and wet early-midsummer, which has had an impact on the available revenue for <br />operational purposes. <br /> <br />It is recommended that the City adopt the current tax rate that it currently has. The City must <br />consider the effective tax rate that has been calculated under the law, which is. approximately <br />three (3) cents than the current tax rate. Maintaining the current tax rate will require the City to <br />have at least two (2) public hearings under state statutes. <br /> <br />The General Fund revenue estimates are covered on pages 1 through 4, and the expenditures are <br />covered on pages 4 through 63. The estimated revenue increase for FY 2007-08 is $874,080 <br />(4.3%) above the FY 2006-07 approved budget. The estimated FY 2007-08 expenditures <br />increased by $1,055,552 (5.2%) over the FY 2006-07 approved budget. <br /> <br />The General Fund is estimated to have a fund balance as of September 30, 2007 as follows: <br /> <br />Estimated Fund Balance (9/31/07) <br />25% of the FY 07-08 budgeted expenditures* for a reserve of <br /> <br />$7,523,507 <br />-5.314.430 <br /> <br />Estimated funds available for other needs <br />Establishment of Equipment Replacement Fund** <br />Other Capital Projects: <br /> <br />2,209,077 <br />-1,250,000 <br /> <br />Street Rehabilitation <br />Demolition of old structures <br />Directional Signs <br />Street sign upgrades <br /> <br />-250,000 <br />-100,000 <br />-20,000 <br />-25.000 <br /> <br />Estimated funds available for other needs <br /> <br />$564,077 <br /> <br />P.O. BOX 9037 · PARIS TX 75461-9037 · 214-785-7511 <br />