07 January 2008 Financial Report

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City of Paris January 2008 Financial Report Comments Net to Date Comparison: 1. Property tax payments are 40.8% ahead last year's collection at this point. This large variation is due to LCAD's faster turnaround on forwarding collections to the local entities. 2. Sales taxes are down 6.6% after an especially weak November collection. 3. Franchise fees are down 3.64% because payment from Suddenlink was not received in January 2008 while it was received by January 2007. 4. Permits are up down at this point due to the unusually large permit issued to Kimberly Clark last year that amounted to over $45,000 in permit fees. 5. Court fines are up over 14.79% continuing the pattern of increase established last fiscal year. 6. The "Leases" 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. 7. EMS fees are up 12% as the number of runs continues to rise. Total runs to date this year are 3,000 compared to 2665 for last year. 8. Sewer revenue is down 4.29% and water revenue is up 5.93%. 9. Water & Sewer "Miscellaneous" is up due to the increased service fees adopted as part of the 2007 rate study. 10. Interest earned in the Water & Sewer Fund is down due to lower interest rates and the timing of investment maturities. Departmental Expenditure Summary: At this point the City is 4 months or 33.33% through the budget. It is important to remember that expenditures do not occur equally through the year. For example, capital expenditures and association memberships are one time expenditures that if made early in the fiscal year can produce a distorted expenditure percentage. There are four departments whose expenditures are over 33.33%. 1. City Council (39.01%)-Line items over 33% include "Public Notices", "Electricity", "Natural Gas", and "Training". 2. Municipal Court (35.40%)-Line items over 33% include "Office Supplies", "Other Supplies", "Insurance", and "Credit Card Service Fees". 3. Police Department (34.39%)-Line items over 33% include "Office Supplies" and "Electricity", but the primary reason for the overage is that 100% of the grant match for law enforcement grants has been paid to the Grant Fund. 4. Traffic & Public Lighting (36.04%)-Line items over include "Batteries" and "Signals & Markers".