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City of Paris August 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 $7,529,457 included $1,340,961 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 4.70% above this point last year. 3. Hotel taxes are up 13.28% from this time last year. 4. As reported previously, "Permits" are up 27.81 % at this point in the year due to Kimberly Clark's 20 million dollar expansion. This permit alone was over $45,000. 5. Court fines are up 12.34% from this time last year. 6. The "Leases & Grants" category is up 44.72% 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. 7. 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. 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 revenue is down 5.17% and sewer revenue is down 4.41 % compared to this time last year. It is believed that this is weather related. 10. Water & Sewer "Miscellaneous" revenues are now ahead of last year due to reduced utility charges offs ($30,839 less at this point) and some 2005-06 late fees were not posted until the 2006-07 fiscal year. 11. The City Council expense to date due to payments made to the Pace Group ($39,654) and higher than expected election costs ($25,470). 12. The City Manager expense to date is higher than expected due to the cost of the interim manager ($79,478). The Texas First Group is paid an hourly rate based on the budgeted salary and benefit costs of the City Manager. The City has to pay for each hour worked without the benefit of having someone who is a salaried exempt employee. The City also paid for related travel and lodging expenses.