07-Deliberate on May monthly financial report

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City of Paris May 2010 Financial Report Comments Net to Date Comparison of Revenues: Current property tax collections (O&M share) are down 1.55% or $95,882 compared to this time last year. Property tax collections have been slow in coming in this year, but at this point we have caught up with last year's collection percentage. As a percentage of the tax roll collected, we are at 96.94% this year compared to 96.93% last year. A decrease in raw dollar collections for O&M activities was expected and budgeted accordingly. Budgeted 0&M tax revenue was expected to drop by $99,289 because while the total tax rate remained at 52 cents per $100 of value, more of that rate went to debt service and less to O&M. This shift in the rate was caused by the senior tax freeze which went into effect with the current budget year. The debt portion of the rate this year was calculated on the non-frozen taxable value this year while the debt rate last year was calculated on total taxable value. Tax revenue lost this year because of the tax freeze amounts to $ 27,445. Next year the loss will be approximately 38,150 based on preliminary values received. Sales tax collections are 10.80% below last year's collections through this month which is 1.00% behind the current budget. 3. Hotel occupancy taxes are 14.58% below this same time last year. At the end of May, all hotels were current on their payments except for La Quinta and the old Holiday Inn which owed for the first quarter of 2010. (Both of these hotels paid in June.) 4. Franchise taxes are down 12.39% 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 yea r. 5. Permit fees are down $70,785 compared to last year. This is due to the large permit issued to PfSD last year. 6. Municipal Court fines are down 15.62% or $42,266. 7. Hanger lease payments and interest earnings are down $65,069 compared to tast 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 5.71% from last year. 9. Miscellaneous collections are up 16.67% 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. This should equal out by the end of the year as TML also sent an equity return last year in August. There was also a$13,167 TXDOT reimbursement of routine airport maintenance at Cox Field. 10. Total General Fund revenues are 6.49% below last year's receipts at this time due to the lower gas and electric franchise payment plus lower sales and property tax payments. General Fund revenues to date equal 73.49% of the budget while the City is 66.66% through the budget year. 11. Total General Fund expenditures are 3.57% less than last year through this month. General Fund expenditures to date equal 60.43% of budget while the City is 66.66% through the budget year. 12. Water revenue is down 3.02% reflecting the unusually large rainfall we experienced in the Spring. Some of this drop was recovered in May as the weather turned hot. Sewer revenue is down only 2 ,