12 Move to approve the March 2008 Financial Report

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City of Paris March 2008 Financial Report-Comments Net to Date Comparison of Revenues: 1. Sales taxes are down 4.8% after an especially weak November collection. 2. Franchise fees are up 6.6% compared to last year. 3. Permits are 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. 4. Court fines are up 9.1 % continuing the pattern of increase established last year. 5. The "Leases & Grants" category is down because the Auto Theft Task Force Grant revenues were moved from the General Fund to the Grant Fund. 6. EMS fees are up 9.7%. Year to date runs have increased from 4,131 to 4,540. 7. General Fund revenue is flat compared to last year while General Fund expenditures are up $991,175. The largest dollar increases are in the Police, Streets, Sanitation, Fire, and Community Development departments in that order. At the half way point in the budget year all of the departments above have spent 50% or less of their budget with the exception of the Police Department which has spent 51.93%. 8. Sewer revenue is down 4.44% due to an overall decrease in the residential winter average. The winter average dropped from 650 cubic feet to 625 cubic feet this past year. The winter average establishes residential sewer charges for a one year period at a fixed amount. Thus, water sales can increase or decrease without a corresponding increase or decrease in sewer revenue. The City went to this flat winter average methodology some years ago to make sewer revenue more predictable for budgeting purposes. 9. Water revenue is up 5.35%. 10. Water & Sewer "Miscellaneous" is up due to the increased service fees adopted as part of the 2007 rate study. 11. 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 6 months or 50% 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 five departments whose expenditures are over 50% at this time. 1. Municipal Court-50.72%. The overage amounts to $1,570 and is primarily composed of the one-time payment of longevity and overtime. 2. Accounting-53.79%. The overage amounts to $17,227 and consists of the annual longevity payment, the one-time purchase of minor apparatus, natural gas expense, office supplies, auditing fees, and lease payments. 3. Police-51.93%. The overage amounts to $106,960 and consists of the one-time purchase of vehicles and minor apparatus, overtime, wearing apparel, gasoline, tires, pound supplies, phone costs, travel & training expenses, electricity, contract services, and leases. 4. Streets-50.02%. The overage amounts to $325. No comment necessary. 5. Water Billing-55.26%. The overage amounts to $86,612 and is comprised of the administrative fees paid to the City's General Fund. .~ .. ~ 66