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City of Paris October 2008 Financial Report Comments Net to Date Comparison of Revenues: 1. There were no property tax collections for October 2008 because the appraisal district was unable to mail out statements until near the end of the month due to a computer problem. There were some tax payments made in October, but no allocation of those payments was made to the taxing entities in October. 2. Sales tax collections were up 6.5% over last October. 3. Hotel occupancy taxes were up 26.7% over this same time last year. La Quinta has now paid the past due second quarter 2008 taxes and related penalties. That payment will be reflected in the November report. The tax amounted to $15,315.13 while the penalty amount was $1,531.51. La Quinta was sent a demand letter November 3rd for the interest that had accrued on their delinquency. The interest amount was $142.91. Third quarter 2008 taxes were due October 315` and all hotels made a timely payment except La Quinta. They are currently delinquent on their third quarter taxes and have incurred a S% penalty as of this date. 4. In the Water & Sewer Fund, the receipts from the City of Irving represent reimbursements under the MOU agreement. Departmental Expenditure Summary: At this point the City is 1 month or 8.33% through the budget year. It is important to remember that expenditures do not occur equally throughout 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. Within the General and Water & Sewer Funds there are four departments whose expenditures are over 8.339'o at this time. 1. City Council-10.76%. The overage amounts to $2,682 and consists primarily of public notices, postage, and agenda related supplies. 2. Sanitation-11.999'0. The overage amounts to $42,319 and most of that amount was for house demolition waste carried to the landfill. Those charges should have been charged to Community Development and that correction will be made in November. 3. Water Billing-9.669'0. This overage amounts to $26,870 and is made up entirely of consultant fees related to the Pat Mayse water study. Expenses for this study are run through this department but were not specifically budgeted for so as not to artificially inflate that department's budget. Consultant expenses will be reimbursed by the City of Irving. 4. Water Production-8.699'0. This overage amounts to $9,746 and consists mainly of general liability insurance costs that were paid for the fourth quarter of 2008. General Fund expenditures total 6.959'a of the budget while Water & Sewer Fund expenditures total 5.39% of the budget. - oUonig , - T T_ _T..