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City of Paris September 2008 Financial Report-Comments Net to Date Comparison of Revenues: 1. Property tax collections were down .7% for the year. The collection rate on current taxes was 98.28% for the year. 2. Sales taxes were up 2.5% for the year. 3. Hotel tax receipts were down 3.4% for the year because one local hotel has failed to pay in a timely manner. La Quinta is approaching the 3 month delinquent mark in payment of their occupancy tax for the quarter ending 6-30- 2008. As you recall they were over two months delinquent in paying the taxes due on the quarter ending 3-31-2008. I have contacted them by mail and phone concerning their delinquency. 4. Franchise fees were up 5.7% compared to last year. 5. Permits ended down 4.8% which is a modest decrease when considering the unusually large permit issued to Kimberly Clark last year that amounted to over $45,000 in permit fees. 6. Court fines were up 11.7% for the year on an increased volume of cases. 7. The Leases & Grants number also includes interest earned on the General Fund. A decrease in interest earnings accounts for this line item decrease of 21.5% Because all grants have been moved to the Grant Fund, this line title will be "Leases & Interest" beginning in October 2008. 8. Sanitation fees were up .9% for the year. 9. EMS fees were up 7.8% on heavy call volume in 2007-08. 10. Summer Program fees were up 25.9% for the year. 11. Total General Fund revenue for the year was up 1.8% or $388,786. The largest dollar revenue increases were in sales taxes, franchise taxes, and EMS fees. General Fund revenues were 105.1 % of the budgeted revenue amount. General Fund expenditures were up $1,557,125 or 8.4% for the year. Expenditures in the General Fund were 95.84% of the budgeted amount. For the year, General Fund revenues exceeded General Fund expenditures by $1,273,698. 12. Sewer revenue was up a modest .29% for the year. 13. Water revenue was up 5.4% for the year. 14. Water & Sewer interest is down due to lower interest rates. 15. Water & Sewer Miscellaneous is up primarily due to the increased service fees adopted as part of the 2007 rate study. However, I wish to make special commendation to Water Billing Office Manager Stephanie Fouse and her staff who over the last two fiscal years have reduced water account charge offs from $83,441 to $35,478. Their diligence in looking out for the City's best interest is exemplary and contributed to the net increase in this revenue area. 16. Total Water & Sewer revenue was up 5.0% or $632,680 for the year. Total Water and Sewer expenditures were up 11.5% or $902,849 for the year. Water & Sewer revenues exceeded Water & Sewer expenditures by $588,310.91 for the fiscal yeaz. - OIIUO2U