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City of Paris, Texas
<br />Notes to Financial Statements
<br />September 30, 2007
<br />IV. Detailed Notes on All Funds and Component Unit (Continued)
<br />A. Deposits and Investments (Continued)
<br />Custodial Credit Risk -Deposits. In the case of deposits, this is the risk that in the event of a bank
<br />failure, the City's deposits may not be returned to it. As of September 30, 2007, the City's bank
<br />balance was not exposed to custodial credit risk. As of the same date PEDC had exposure to
<br />custodial credit risk because $285,544 of the PEDC bank balance of $870,544 was uninsured.
<br />Custodial Credit Risk -Investments. For an investment, this is the risk that in the event of the
<br />failure of the counter-party, the City may not be able to recover the value of its investments or
<br />collateral securities that are in the possession of an outside party. As of September 30, 2007, the
<br />City did not have custodial credit risk exposure.
<br />Foreign Currency Risk is the risk that an investment denominated in the currency of a foreign
<br />country could reduce its United States of America dollar value as a result of changes in foreign
<br />currency exchange rates. At September 30, 2007, the City was not exposed to foreign currency
<br />risk.
<br />B. Receivables
<br />Receivables as of year-end, including the applicable allowances for uncollectible accounts, are as
<br />follows:
<br /> Special Capital Debt
<br /> General Revenue Projects Service Enterprise
<br />Receivables:
<br />Interest $ 37,034 $ - $ - $ - $ 6,168
<br />Property Taxes 749,319 - - 85,766 -
<br />Sales Tax 995,000 - - - -
<br />Accounts 119,638 44,557 - - 1,790,395
<br />Other Governments 69,858 217,630 15,404 - -
<br />Street Assessments 26,473 - - - -
<br />Fines 141,529 - - - -
<br />EMS 1,538,879 - - - -
<br />Notes Receivable - 43,951 - - -
<br />Gross Receivables 3,677,730 306,138 15,404 85,766 1,796,563
<br />Less: Allowable for
<br />Uncollectibles (1,538,606) - - 21,442 -
<br />Net Total Receivables $ 2,139,124 $ 306,138 $ 15,404. $ 64,324 $ 1,796,563
<br />Receivable balances not expected to be collected within one year are Property Taxes - $479,915,
<br />Fines - $100,000, EMS - $1,138,879; Notes Receivable - $32,020; and Street Assessment - $26,473.
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