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City of Paris December 2008 Financial Report Comments Net to Date Comparison of Revenues: 1. Property tax collections got back on track during December. Collections to date are 32.7% ahead of last year after lagging behind in October and November. 2. Sales tax collections continue to hold up well currently being 9.3% above last year. Sales tax remittances to the City from the State reflect sales from two months earlier. For example, December collections reflect October sales. 3. Hotel occupancy taxes stand 15.6% over this same time last year. All hotel taxes are current except for La Quinta which is now delinquent concerning the occupancy taxes for the quarter ending 9-30-2008. It is possible for occupancy taxes to be higher to date this year even though La Quinta is currently delinquent since La Quinta did not exist in 2007 and had no affect on 2007 collections. La Quinta was sent a demand letter requesting payment of the tax due plus the 10% penalty that has accrued. 4. Franchise taxes are up 6.8% to date due to increased collections from Atmos Gas. 5. Municipal Court fines are down 11.7% after three months, but December 2008 collections were up 309'0 over last December. 6. Hanger lease payments and interest earnings are up compared to last year but this is due to the somewhat irregular timing of such payments. At times renters will get behind a month or two then catch up and sometimes they pay in advance knowing that they are going to be away for a while. Over the course of the year this works itself out but it can at give a distorted view of collections during the year. Likewise, interest revenue does not take place evenly throughout the year. 7. EMS fees are down 6.2% as of December 31st. 8. Miscellaneous collections are down because last year's collections included revenue collected from the sale of the abandoned Southern Disposal dumpsters. 9. Water revenue is relatively flat compared to last year being up only 1.8%, but sewer revenue is up 9.39'o reflecting the rate increase enacted by the Council. 10. In the Water & Sewer Fund, the receipts from the City of Irving represent reimbursements under the MOU agreement. 11. Water & Sewer interest revenue is down but that is mostly a reflection of changing investment maturity dates which affect the cash flow of interest payments. Changing interest rates also have some impact on this line item. 12. General Fund revenues to date equal 25.12% of that budget. Water & Sewer revenues to date equal 25.119'0 of that budget. w U0001E)