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City of Paris <br />June 2010 Financial Report Comments <br />Net to Date Comparison of Revenues: <br />1. Overall tax collections (current taxes, delinquent taxes, penalties & interest, plus attorney fees) <br />have caught up with last year's collections. Current property tax collections (O&M share) are down <br />.62% or $38,891 compared to this time last year but this amount is less than the expected drop. As <br />a percentage of the tax roll levied, we are at 97.07% collection. <br />2. Sales tax collections are 11.12% below last year's collections through this month which is 1.28% <br />behind the current budget. <br />3. Hotel occupancy taxes are 7.67% below this same time last year. At the end of June, all hotels were <br />current on their payments. The next due date for hotel tax payments is July 315t <br />4. Franchise taxes are down 10.34% primarily due to much lower quarterly remittances from Atmos <br />Energy. Information provided by Atmos indicates that the drop is due to a combination of much <br />lower natural gas prices and slightly lower sales volume. TXU Energy payments are also lower this <br />year. <br />5. Permit fees are down $76,211 compared to last year. This is due to the large permit issued to PISD <br />last year. <br />6. Municipal Court fines and related fees are down 14.53%a or $43,515. <br />7. Hanger lease payments and interest earnings are down $69,081 compared to last year but this is <br />due to the somewhat irregular timing of these payments. At times renters will get behind a month <br />or two then catch up and sometimes they pay in advance knowing that they are going to be away <br />for a while. Over the course of the year this works itself out but it can at give a distorted view of <br />collections during the year. Likewise, interest revenue does not take place evenly throughout the <br />year. <br />8. EMS fees are down 4.33% from last year. <br />9. Miscellaneous collections are up 15.98% and this is primarily due to the TML equity return to the <br />City related to general liability and worker's compensation insurance. Because it is a non-profit <br />insurance pool, TML periodically refunds member cities any excess reserves built up over time. This <br />should equal out by the end of the year as TML also sent an equity return last year in August. There <br />was also a TXDOT reimbursement of routine airport maintenance at Cox Field. <br />10. Total General Fund revenues are 5.77% below last year's receipts at this time due to the lower gas <br />and electric franchise payments plus lower sales tax receipts. General Fund revenues to date equal <br />80.23% of the budget while the City is 75.00% through the budget year. <br />11. Total General Fund expenditures are 4.28% less than last year through this month. General Fund <br />expenditures to date equal 67.41% of budget while the City is 75.00% through the budget year. <br />12. Water revenue is down 1.92% reflecting the unusually large rainfall we experienced in the Spring. <br />However, this shortfall is decreasing with the onset of the hot Summer months. Sewer revenue is <br />down only 1.35%. Miscellaneous revenues appear to be up only because they have not been offset <br />by any major charge offs. <br />13. Total Water & Sewer Water revenue is down 1.69 %o from last year. This reflects the decreased <br />water sales and the completion of reimbursements from the City of Irving last year. Water & Sewer <br />revenues to date equal 70.67% of that budget. This percentage is behind the budget to date <br />percentage of 75.00%. However, the upcoming summer months usually produce the highest water <br />sales. <br />14. Total non-debt Water & Sewer expenses are 8.35% lower than this point last year and amount to <br />64.20% of the current budget not including the debt appropriations of $3,954,125 and debt <br />~g <br />