07-Motion to approve the June 2009 Financial Report

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City of Paris June 2009 Financial Report Comments Net to Date Comparison of Revenues: 1. Property tax collections are 1.4% less than this point last year. Both the City Attorney and I have spoken with the City's delinquent tax attorney firm about pursuing the larger accounts that went delinquent this year. They should begin work on that process in July. 2. Sales tax collections are 17.4% above last year's collections to date. Sales tax remittances to the City from the State reflect sales from two months earlier. June collections reflect April 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 3.8% at this point. 5. Permit fees are up 179.3% due to Paris High School's building permit fee of nearly $90,000. 6. Municipal Court fines are down 12.9% after nine 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 3.5% 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. This should be the last month the deposits distort this number. 10. Total General Fund revenues are 2.2% above last year's receipts at this time. General Fund revenues to date equal 85.7% of that budget while the City is only 75.0% through the budget year. The difference between actual collections to date and budget collections to date is because the City has collected 97.38% of its current taxes and 86.38% of its sales tax revenues. 11. Total General Fund expenditures are 4.53% more than last year, but within the current budget. General Fund expenditures are at 71.03% of budget while the City is 75.0% through the budget year. 12. Water revenue is up 3.07% while sewer revenue is up 9.89%. 13. In the Water & Sewer Fund, the receipts from the City of Irving represent reimbursements under the MOU agreement. 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. 16. Total Water & Sewer Water revenue is up 4.62% over last year. Water & Sewer revenues to date equal 72.19% of that budget. This percentage is behind the budget to date percentage of ul 0 VV.1 6