10 Monitoring actual municipal revenues and expenditures verses the Council adopted budget

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City of Paris March 2009 Financial Report Comments Net to Date Comparison of Revenues: 1. Property tax collections are 1.5% less than this point last year. The largest delinquencies currently are Golden Acres Retirement Village (2006, 2007, 2008) $25,136., Paris Travelers (aka La Quinta) 2007 and 2008 $24,780, and Paris Realty, LLC (2008) $5,296. Golden Acres is attempting to qualify for an exemption on their property. Their attorneys have been in contact with the Appraisal District. 2. Sales tax collections are 19.5% above last year's collections to date. Sales tax remittances to the City from the State reflect sales from two months earlier. So, March collections reflect January sales. 3. Hotel occupancy taxes stand 27.5% over this same time last year. All hotel taxes are current. 4. Franchise taxes are up 8.9% at this point. 5. Permit fees, while not a significant revenue source, are up 21.9%. 6. Municipal Court fines are down 3.3% after six 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 have picked up and are only .57% 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. The Water & Sewer transfers to the General Fund are on schedule this year. Last year's transfers were ahead of schedule at this point in the year which is why there is a$122,500 difference in the 2009 and 2008 amounts. 11. Water revenue is up 3.05%, while sewer revenue is up 11.5% reflecting the rate increase enacted by the Council. 12. In the Water & Sewer Fund, the receipts from the City of Irving represent reimbursements under the MOU agreement. 13. 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. 14. The Water & Sewer Miscellaneous line item is down due to increased charge offs. 15. General Fund revenues to date equal 66.229'0 of that budget even though we are only 50% through the budget year. This is due to the fact that the City has collected 95.45% of its current taxes. This represents the normal collection pattern. Taxes become delinquent and start incurring penalties as of February 15S encouraging most people to pay prior to that date. Property taxes are 1.5% behind last year's collections. Water & Sewer revenues to date equal 48.84% of that budget with the normally high summer revenue months still to come. . 000030