07-Deliberate on July monthly financial report

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City of Paris July 2010 Financial Report Comments Net to Date Comparison of Revenues: 1. Overall tax collections (current taxes, delinquent taxes, penalties & interest, plus attorney fees) are 0.46% less than last year's collections. Current property tax collections (O&M share) are down .89% or $55,894 compared to this time last year but this amount is less than the expected drop which was caused by the senior tax freeze shifting more of the tax rate to the debt portion of the rate and less to the O&M portion of the rate. As a percentage of the tax roll levied, we are at 97.55% collection vs. 97.57% last year. 2. Sales tax collections are 9.59% below last year's collections through this month which is 1.80% behind the current budget. 3. Hotel occupancy taxes are 7.02% below this same time last year. At the end of July, all hotels were current on their payments except for La Quinta and the Ramada Inn (old Holiday Inn). 4. Franchise taxes are down 5.84% primarily due to 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. This has been partially offset by increased payment from Suddenlink. 5. Permit fees are down $79,406 compared to last year. This is due to the large permit issued to PISD last year. 6. Municipal Court fines and related fees are down 12.86%a. 7. Hanger lease payments and interest earnings are down $79,951 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 4.62% from last year. 9. Miscellaneous collections are up 18.48% and this is primarily due to the 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 TXDOT reimbursement of routine airport maintenance at Cox Field. 10. Total General Fund revenues are 4.98% below last year's receipts at this time due to the lower gas and electric franchise payments plus lower sales tax receipts. General Fund revenues to date equal 85.97% of the budget while the City is 83.33% through the budget year. 11. Total General Fund expenditures are 2.05% less than last year through this month. General Fund expenditures to date equal 78.57% of budget while the City is 83.33% through the budget year. 12. Water revenue is down 1.70% reflecting the unusually large rainfall we experienced in the Spring. However, this shortfall is gradually decreasing with the onset of the hot Summer months. Sewer revenue is down 2.23%. 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 1.88% 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 79.69% of that budget. This percentage is behind the budget to date percentage of 83.33%. However, the summer months usually produce the highest water sales. I - 36