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City of Paris September 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$7,575,079 included $1,344,016 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 4.45% above last year. 3. Hotel taxes are up 12.15% from this time last year. 4. As reported previously, "Permits" are up 22.79% at this point in the year due to Kimberly Clark's 20 million dollar expansion. 5. Court fines are up 13.49% from last year. 6. The "Leases & Grants" category is up 45.84% this year because this category includes interest earned which is up over this same point last year. 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. Also, the City closed out its Insurance Claims Fund associated with the City's prior self-insurance fund. Now that all run off liability has passed, the remaining money in the amount of $49,921.25 was deposited to the General Fund. 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 5.78% and sewer revenue is down 4.81 % 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 ($31,879 less than last year) and some 2005-06 late fees were not posted until the 2006-07 fiscal year. 11. The $20,151 expense listed under "Contingency" is really the cost of the Charter update. 12. The Departmental Expenditure Summary Comparison contains a $3,956,855 line item that accounts for the Water & Sewer Fund debt due for the year. Money is transferred from the Water & Sewer Fund to various Interest & Sinking funds from which the debt payments are actually made. These transfers r rr-'