18-Motion to approve Aug. 09 Financial Report

Home Browse Search

City of Paris August 2009 Financial Report Comments Net to Date Comparison of Revenues: 1. Property tax collections are 1.52% less than this point last year. 2. Sales tax collections to date are 12.68% above last year's collections to date. Sales tax remittances to the City from the State reflect sales from two months earlier. July and August collections are the first two months this fiscal year that collections were below last year's comparable amounts. July collections (May transactions) were $36,212.78 or 7.91% below the July 2008 level. Part of this decrease was due to a State Comptroller audit adjustment. August collections (June transactions) were $24,639.05 or 4.10% below the August 2008 amount. September 2009 collections have been received and were $28,020.52 or 6.06% below September 2008 collections. For fiscal year 2008-09 sales taxes were up $496,869 or 10.80%. 3. Hotel occupancy taxes stand 21.17% over this same time last year. All hotel taxes are current as of September 11th except for La Quinta which is delinquent for the second quarter of 2009. This amounts to approximately $20,000 including penalties. The formerly delinquent first quarter of 2009 was paid in September and will be reflected on that report. 4. Franchise taxes are up .549'o at this point. 5. Permit fees are up 90.5% due to Paris High School's building permit fee of nearly $90,000. 6. Municipal Court fines are down 16.62% after eleven 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 1.19% below last year. 9. EMS fees are 1.29% 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 1.67% above last year's receipts at this time. General Fund revenues to date equal 97.119'0 of that budget while the City is 91.669'o through the budget year. 12. Total General Fund expenditures are 3.72% more than last year. General Fund expenditures to date equal 88.689'0 of budget while the City is 91.66% through the budget year. 13. Water revenue is up 2.96% while sewer revenue is up 10.11%. 14. In the Water & Sewer Fund, the receipts from the City of Irving represent reimbursements under the MOU agreement. To date $146,674.06 has been billed and $145,699.08collected. 15. Water & Sewer interest revenue is down due to changing investment maturity dates which affect the cash flow of interest payments. Lower 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 4.129'0 over last year. Water & Sewer revenues to date equal 91.279'0 of that budget. This percentage is slightly behind the budget to date percentage of 91.66%.