11 April 2009 Financial Report - Laserfiche WebLink

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City of Paris April 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 (La Quinta) 2007 and 2008 $24,780, Sanitation Solutions (2008) $10,375, and Paris Realty, LLC (2008) $5,296. 2. Sales tax collections are 19.6% above last year's collections to date. Sales tax remittances to the City from the State reflect sales from two months earlier. So, April collections reflect February sales. 3. Hotel occupancy taxes stand 26.5% over this same time last year. All hotel taxes are current except for La Quinta which is delinquent for the first quarter of 2009. 4. Franchise taxes are up 3.3% at this point. 5. Permit fees are up 255.2% due to Paris High School's building permit fee of nearly $90,000. 6. Municipal Court fines are down 7.2% after seven 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 2.1% 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 up 3.1% while sewer revenue is up 10.4%. 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. The Water & Sewer Miscellaneous line item is down due to increased charge offs. I investigated this matter and found that the billing clerk had failed to journalize some charge offs on a timely basis resulting in an unusually large charge off when the transactions were finally journalized. This matter has been discussed with her and should not happen again. The Office Manager will monitor this situation. 14. General Fund revenues to date equal 72.49% of that budget even though we are only 58.33% through the budget year. This is due mainly to the fact that the City has collected 96.41% of its current taxes and 66.41% of its sales tax revenues. Water & Sewer revenues to date equal 56.419'0 of that budget. ~ LU~;U3~