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City of Paris January 2009 Financial Report Comments Net to Date Comparison of Revenues: 1. Property tax collections are 2.2% behind this point last year. 2. Sales tax collections are 14.94% above last year's collections to date. Sales tax remittances to the City from the State reflect sales from two months earlier. So, January collections reflect November sales. 3. Hotel occupancy taxes stand 20.60% 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 12-31-2008. 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 has been sent a demand letter demanding payment of the tax due for the fourth quarter. 4. Franchise taxes are up 3.49% this year. 5. Permit fees, while not a significant revenue source, are down 37.66Yo. 6. Municipal Court fines are down 10.66% after four months of activity. 7. Hanger lease payments and interest earnings are down 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. 8. EMS fees are catching up with last year's collections and are now only 1.34% behind last year. 9. Miscellaneous collections are down because last year's collections included revenue collected from the sale of the abandoned Southern Disposal dumpsters. 10. Water revenue is relatively flat compared to last year being up only 2.14%, but sewer revenue is up 11.15% reflecting the rate increase enacted by the Council. 11. In the Water & Sewer Fund, the receipts from the City of Irving represent reimbursements under the MOU agreement. 12. 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. 13. General Fund revenues to date equal 48.539'0 of that budget even though we are only 33.33% through the budget year. This is due to the fact that the City has collected 86.369'0 of its current taxes. This represents the normal collection pattern. Taxes become delinquent and start incurring penalties as of February 15`encouraging most people to pay prior to that date. Water & Sewer revenues to date equal 33.399'0 of that budget. - E1111"1