08-May 2009 Financial Report - Laserfiche WebLink

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City of Paris May 2009 Financial Report Comments Net to Date Comparison of Revenues: Property tax collections are 1.4% less than this point last year. I have spoken with the City's delinquent tax attorney firm about contacting some of the larger delinquent accounts from the current year. 2. Sales tax collections are 18.8% above last year's collections to date. Sales tax remittances to the City from the State reflect sales from two months earlier. May collections reflect March sales. 3. Hotel occupancy taxes stand 27.3% over this same time last year. All hotel taxes are current except for La Quinta which is delinquent for the first quarter of 2009. Both the City Attorney and I have sent payment demand letters to them. 4. Franchise taxes are up 5.6% at this point. 5. Permit fees are up 213.4`Yo due to Paris High School's building permit fee of nearly $90,000. 6. Municipal Court fines are down 10.3% after eight 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 3.7% behind last year. 9. Miscellaneous collections are down for two primary reasons. First, last year's collections included revenue collected from the sale of the abandoned Southern Disposal dumpsters. Second, the construction deposits for the Holiday Inn Express and the Comfort Inn were initially placed in miscellaneous revenue. The deposits were moved in July 2008 to an appropriate holding account. 10. Total General Fund revenues are 2.8% above last year's receipts at this time. General Fund revenues to date equal 79.1% of that budget while the City is only 66.66% through the budget year. The difference between actual collections to date and budget collections to date is because the City has collected 96.9% of its current taxes and 77.0% of its sales tax revenues. 11. Total General Fund expenditures are 5.1% more than last year, but within the current budget amounts. General Fund expenditures are at 62.99% of budget while the City is 66.66% through the budget year. 12. Water revenue is up 3.1% while sewer revenue is up 10.19'0. 13. In the Water & Sewer Fund, the receipts from the City of Irving represent reimbursements under the MOU agreement. A total of $142,536.75 had been billed to Irving as of May 31st and $142,536.75 has been collected. 14. 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. 15. 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. a u 0 0 0 G:3