07-Move to approve the JUly 2009 Financial Report

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City of Paris July 2009 Financial Report Comments Net to Date Comparison of Revenues: 1. Property tax collections are 0.71% less than this point last year. La Quinta paid its property tax delinquency on July 315`. The City's share of this payment was $30,185 and will be reflected on the August financial report. 2. Sales tax collections to date are 14.88% above last year's collections to date. Sales tax remittances to the City from the State reflect sales from two months earlier. July collections reflect May sales. July was the first month this fiscal year those collections were below last year's amounts. They were $36,212.78 or 7.91% below last year's level. The State Comptroller has remitted the August sales tax payment to us, and it was $24,639.05 or 4.10% below the August 2008 amount. 3. Hotel occupancy taxes stand 28.55% over this same time last year. All hotel taxes are current except for La Quinta which is delinquent for the first and second quarters of 2009. This amounts to approximately $36,000 plus penalties. The City Attorney is pursuing collection. 4. Franchise taxes are up 3.8% at this point. 5. Permit fees are up 180.5% due to Paris High School's building permit fee of nearly $90,000. 6. Municipal Court fines are down 14.25% after ten 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. Sanitation fees are 1.20% below last year. 9. EMS fees are 2.17% behind last year. 10. Miscellaneous collections are down because last year's collections included revenue collected from the sale of the abandoned Southern Disposal dumpsters. 11. Total General Fund revenues are 2.9% above last year's receipts at this time. General Fund revenues to date equal 91.11% of that budget while the City is 83.33% through the budget year. 12. Total General Fund expenditures are 6.5% more than last year, but within the current budget at 80.91%. 13. Water revenue is up 3.49% while sewer revenue is up 10.17%. 14. In the Water & Sewer Fund, the receipts from the City of Irving represent reimbursements under the MOU agreement. To date $145,699.08 has been billed and collected. 15. 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. 16. The Water & Sewer Miscellaneous line item is down because charge offs from the previous year were not made in a timely manner thus skewing the current year amount. Charge offs are now being made in a timely fashion. There does appear to be some increase in delinquencies. 17. Total Water & Sewer Water revenue is up 5.08% over last year. Water & Sewer revenues to date equal 81.58% of that budget. This percentage is behind the budget to date percentage of 83.33%, but the summer months produce the highest revenues of the year. Operations are still expected to produce the budgeted amounts.