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City of Paris <br />May 2008 Financial Report-Comments <br />Net to Date Comparison of Revenues: <br />1. Property tax collections are 1.1 % behind this time last year. While impossible to <br />know for sure, economic pressures are probably to blame for this small <br />variance. <br />2. Sales taxes are down 4.4% for the year after an especially weak November <br />collection. May collections were down 7.0% compared to May 2007. <br />3. Hotel tax receipts are down 6.3%. <br />4. Franchise fees are down 10.6% compared to last year because the TXU payment <br />was not received in May this year. <br />5. Permits are down at this point due to the unusually large permit issued to <br />Kimberly Clark last year that amounted to over $45,000 in permit fees. <br />6. Court fines are up 13.5% continuing the pattern of increase established last year. <br />7. EMS fees are up 11.0% on heavy call volume. <br />8. General Fund Miscellaneous Revenue is up 55.0% due to receiving $111,774 as <br />a guarantee of construction on improvements at the site of the two new hotels <br />being constructed. <br />9. Total General Fund revenue to date is up $199,462 compared to last year. <br />General Fund expenditures are up $881,246 or 7.3% above where they were at <br />the end of May last year. The completion of May places the City 66.66% <br />through the budget year. Year to date expenditures in the General Fund are <br />61.81 % of the General Fund budget. <br />10. Sewer revenue is down 2.4% due to an overall decrease in the residential winter <br />average. The winter average dropped from 650 cubic feet to 625 cubic feet this <br />past year. The winter average establishes residential sewer charges for a one <br />year period at a fixed amount. Thus, water sales can increase or decrease <br />without a corresponding increase or decrease in sewer revenue. The City went <br />to this flat winter average methodology some years ago to make sewer revenue <br />more predictable for budgeting purposes. <br />11. Water revenue is up 2.4%. <br />12. Water & Sewer Miscellaneous is up due to the increased service fees adopted as <br />part of the 2007 rate study. <br />13. Interest earned in the Water & Sewer Fund is down due to lower interest rates. <br />- OU0028 <br />