10-C Financial Update for November, 2007

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City of Paris November 2007 Financial Report Comments Net to Date Comparison: 1. Property tax payments are lagging 12.7% behind last year's collection pace. However, December and January are the City's big collection months. 2. Sales taxes are down 8.5% after an especially weak November collection. 3. Franchise fees are up because the 2006-07 Water & Utility franchise amount was transferred for the first time in January 2007 compared to 2007-08 where transfers were made in October and November 2007. 4. Court fines are up over 34% continuing the pattern of increase established last fiscal year. 5. The "Leases & Grants" category is down from last year because it includes General Fund interest. The timing of cash 'flows from General Fund investments is different than it was the previous year. 6. Sanitation fees are up 13.6% over last year. 7. EMS fees are up 18.2% as the number of runs continues to rise. 8. Sewer revenue is up 9.12% and water revenue is up l2.78%.This increase is primarily due the last rate change approved by the Council but also due to changes in consumption. 9. Water & Sewer related interest is also down due to the timing of investment cash flows. 10. Water & Sewer "Miscellaneous" is up due to the increased service fees adopted as part of the 2007 rate study. Departmental Expenditure Summary: At this point the City is 2 months or 16.6% through the budget. It is important to remember that expenditures do occur equally through out the year. However, the departments that have spent in excess ofthat rate (8.3% per month) are listed below with comments on why they are ahead of that expenditure pace. 11. City Council expenditures are up due to payment for ordinance updates (including City Charter changes) and membership fees in Ark-Tex COG, ERCOT, and Texas Coalition of Cities have been paid for the whole year. 12. Municipal Court expenditures are up mainly due to an increase in the number of hours worked by the Municipal Judge. 13. Police expenditures are up mainly to the purchase of police cars and paying grant match money to the Grant Fund. 14. Community Development expenditures are up due to demolition & lot mowing activity plus some up-front costs associated with "Christmas in Paris" have not been reimbursed at this point by the Chamber and others. 15. The Street Department has seen increased expenditures for sidewalks/curbs, bridges/culverts, and storm sewers. 16. EMS expenditures ahead of schedule due to the payment for an ambulance. 17. The General Expenses Department indicates that payments to the Chamber for hotel tax and the Lamar County Appraisal District are slightly ahead of anticipated amounts. Also, there have been some one-time expenditures for equipment in the Technology Section of this budget. .,. T"