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City of Paris November 2009 Financial Report Comments Net to Date Comparison of Revenues: 1. Property tax collections are up 33.2% over last November; however, remember that collections were slowed last year due to computer problems at the appraisal district. The current year to date collection amount is similar to November 2007 collections and is therefore a more typical amount than the 2008 numbers. 2. Sales tax collections are 1.71% above last year's collections through this month. Expect December sales taxes to be down compared to last year. Sales tax remittances to the City from the State reflect sales from two months earlier. 3. Hotel occupancy taxes are 4.8% above this same time last year. All hotels are current on their taxes. The next payment deadline is January 31, 2010. 4. Franchise taxes are up 87.9% because TXU Energy made their quarterly payment this November and last year it was December before their payment was made. 5. Permit fees are up 41.79'o but this amounts to only $2,703. 6. Municipal Court fines are down 12.0% or $6,724. 7. Hanger lease payments and interest earnings are down $4,349 compared to last year but this is due to the somewhat irregular timing of these 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 down $44,238 from last year. This is primarily due to reduced call volume. 9. Miscellaneous collections are up and this is primarily due to the TXDOT reimbursement of routine airport maintenance completed at Cox Field. Under GAAP if this reimbursement is received in the same fiscal year as the expenditure it would be credited against the expense account it was paid from. If the reimbursement takes place in the following year as happened in this case, it must be reported as miscellaneous revenue and not a reduction of expenses. 10. Total General Fund revenues are 15.289'o above last year's receipts at this time due to the earlier collection of property and franchise taxes. General Fund revenues to date equal 14.95% of the budget while the City is 16.669'o through the budget year. This percentage will take a dramatic swing in a positive direction as property tax collections pick up in December. 11. Total General Fund expenditures are 6.579'0 less than last year through this month. One of the main reasons for this drop was the lump sum payment made to employees in November 2008 was not repeated in the current budget. General Fund expenditures to date equal 15.509'0 of budget while the City is 16.66% through the budget year. 12. Water revenue is down 9.399'o reflecting the unusually large rainfall we have experienced while sewer revenue is up 1.36%. 13. Total Water & Sewer Water revenue is down 5.269'o from last year. This reflects the decreased water sales and the completion of reimbursements from the City of Irving. Water & Sewer revenues to date equal 16.149'0 of that budget. This percentage is slightly behind the budget to date percentage of 16.669'0. 14. Total Water & Sewer expenses are 19.41% lower than this point last year and amount to 9.76Yo of the current budget with no debt payments made to date. Budget to date expenditures would be 16.669'0.