07-Deliberate on January monthly financial report

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City of Paris January 2010 Financial Report Comments Net to Date Comparison of Revenues: 1. Property tax collections are down 3.28% compared to this time last year. January 315t fell on a Sunday this year which gave tax payers until February 15` to make or mail payments without penalty. According to LCAD, a total of $2.5 million dollars was paid or mailed on February 1S`. The City's portion of that collection ($932,368) was not reflected on the January report and explains why collections are down at this point instead of up. If that collection had been reported on the January report, collections would be 13.50% ahead of last year. 2. Sales tax collections are 8.60% below last year's collections through this month which is 2.623'0 behind the current budget. 3. Hotel occupancy taxes are 3.169'o below this same time last year. La Quinta and Holiday Inn (the older one) were delinquent as of January 315t 4. Franchise taxes are down 12.55% due to a much lower quarterly remittance from Atmos Energy (down $96,262 for the quarter that ended September 2009). Information provided by Atmos indicates that the sales volume for this quarter was down 5.479'o from the previous year. The bulk of the drop in fees to the City is due to the drop in the price of natural gas. The price of natural gas ranged from $14.10 mcf down to $5.59 mcf during the July-September 2009 quarter. The City can expect a similar fee decrease for the quarter ending December 31, 2009 which will be paid in February. 5. Permit fees are up $7,586 compared to last year. 6. Municipal Court fines are down 13.949'0 or $17,245. 7. Hanger lease payments and interest earnings are down $25,301 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 12.369'o from last year. In addition to decreased run volume, collections from individuals have slowed. 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 5.739'a below last year's receipts at this time due to the lower gas franchise payment and slower property tax payments. General Fund revenues to date equal 45.44% of the budget while the City is 33.339'o through the budget year. 11. Total General Fund expenditures are 11.389'0 less than last year through this month. General Fund expenditures to date equal 30.80% of budget while the City is 33.33% through the budget year. 12. Water revenue is down 6.41% reflecting the unusually large rainfall we have experienced while sewer revenue is down 2.01%. Miscellaneous revenues appear to be up only because they have not been offset by any charge offs. 13. Total Water & Sewer Water revenue is down 4.45% from last year. This reflects the decreased water sales and the completion of reimbursements from the City of Irving last year. Water & Sewer revenues to date equal 31.77% of that budget. This percentage is behind the budget to date percentage of 33.33%. 14. Total non-debt Water & Sewer expenses are 13.819'0 lower than this point last year and amount to 27.219'0 of the current budget not including the debt appropriations of $3,954,125 and debt payments of $3,885,358.15 made to date. Total Water & Sewer expenditures to date are 48.34% of budget if you include the appropriations and payments for debt. The largest portion of the water and sewer debt is paid in December each year. n(~nP4_3