07 Move to approve the July 2008 Financial Report

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City of Paris July 2008 Financial Report-Comments Net to Date Comparison of Revenues: 1. Property tax collections are 1.44% below this time last year. 2. Sales taxes are down 1.29% for the year. 3. Hotel tax receipts are down 3.93%. As of July 31St, La Quinta Inn was delinquent in payment for the first quarter of 2008. However, payment was received in the first week of August along with the appropriate penalties and interest. As of August ls`, La Quinta Inn went delinquent on its second quarter 2008 taxes. All other hotels are current. 4. Franchise fees are up 4.39% compared to last year. All franchise payments are current. 5. Permits are down substantially due to the unusually large permit issued to Kimberly Clark last year that amounted to over $45,000 in permit fees. If not for the KC permit, overall permit fees would be up compared to last year. 6. Court fines are up 15.98% continuing the pattern of increase established last year. Municipal Court has seen a noticeable increase in cases. 7. The Leases & Grants number also included interest earned on the General Fund. A decrease in interest earnings accounts for most of this line item decrease. 8. EMS fees are up 9.16% on heavy call volume. 9. Total General Fund revenue to date is up $125,551 or.68% compared to last year. General Fund expenditures are up $1,719,021 or 11.76% above where they were at the end of July last year. The completion of July places the City 83.33% through the budget year. Year to date expenditures in the General Fund are 78.09% of the General Fund budget. While expenditures are up over last year, they are within the budget parameters. In the past few years, the City reduced expenditures in order to help build up needed reserves. 10. Sewer revenue is down .73% 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. 11. Water revenue is up 4.11%. 12. Water & Sewer interest is down due to lower interest rates. 13. Water & Sewer Miscellaneous is up due to the increased service fees adopted as part of the 2007 rate study. ~ ~~00~9