07-Monitoring actual revenues and expenditures verses the adopted budget

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City of Paris February 2010 Financial Report Comments Net to Date Comparison of Revenues: 1. Property tax collections are down 1.40% compared to this time last year. 2. Sales tax collections are 10.66% below last year's collections through this month which is .14% ahead of the current budget. 3. Hotel occupancy taxes are 15.14% below this same time last year. La Quinta and Holiday Inn (the older one) were delinquent as of February 28`", but both paid in March. 4. Franchise taxes are down 14.34% primarily due to much lower quarterly remittances from Atmos Energy. Information provided by Atmos indicates that the drop is due to a combination of much lower natural gas prices and slightly lower sales volume. TXU Energy payments are also lower this year. 5. Permit fees are up $3,441 compared to last year. 6. Municipal Court fines are down 11.85% or $20,959. 7. Hanger lease payments and interest earnings are down $36,943 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 15.279'o from last year. 9. Miscellaneous collections are up and this is primarily due to the $85,060 TML equity return to the City related to general liability and worker's compensation insurance. Because it is a non-profit insurance pool, TML periodically refunds member cities any excess reserves built up over time. There was also a$13,167 TXDOT reimbursement of routine airport maintenance at Cox Field. 10. Total General Fund revenues are 5.70% below last year's receipts at this time due to the lower gas and electric franchise payment plus slower property tax payments. General Fund revenues to date equal 55.46% of the budget while the City is 41.669'o through the budget year. 11. Total General Fund expenditures are 7.709'0 less than last year through this month. General Fund expenditures to date equal 38.289'0 of budget while the City is 41.669'o through the budget year. 12. Water revenue is down 5.00% reflecting the unusually large rainfall we have experienced while sewer revenue is down only.759'0. Miscellaneous revenues appear to be up only because they have not been offset by any major charge offs. 13. Total Water & Sewer Water revenue is down 3.19% 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 39.739'0 of that budget. This percentage is behind the budget to date percentage of 41.66%. 14. Total non-debt Water & Sewer expenses are 13.289'0 lower than this point last year and amount to 34.40% of the current budget not including the debt appropriations of $3,954,125 and debt payments of $2,757,872 made to date. (In last month's report I overstated the debt expenditures to date by erroneously including the general obligation payments in the total.) Total Water & Sewer expenditures to date are 44.919'0 of budget if you include the appropriations and payments for debt. Departmental Expenditure Summary: At this point the City is 5 months or 41.669'o through the budget year. It is important to remember that expenditures do not occur equally throughout the year. For example, capital expenditures and association memberships are one time expenditures that if made early in the fiscal year can produce a distorted expenditure percentage. Within the General and Water & Sewer Funds there are 4 departments whose expenditures are over 41.669'o at this time.