07-September 2010 Financial Report

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City of Paris September 2010 Financial Report Comments Net to Date Comparison of Revenues: 1. Overall tax collections (current taxes, delinquent taxes, penalties & interest, plus attorney fees) are 0.62% less than last year's collections. Current property tax collections (O&M share) are down .89% or $55,894 compared to 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 0&M portion of the rate. As a percentage of the tax roll levied, we finished at 97.73% collection vs. 98.02% last year. 2. Sales tax collections are 8.50% below last year's collections at the end of the fiscal year but is .08% above the 2009-10 budgeted amount. 3. Hotel occupancy taxes are 7.53% below last year. At the end of September, all hotels were current on their payments except for La Quinta which owes penalty and interest on their delinquent 2nd quarter tax payment. They have paid the actual 2nd tax. The next due date for occupancy taxes is October 31St 4. Franchise taxes are down 3.23% 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 $82,971 compared to last year. This is mainly due to the large permit issued to PISD last year. 6. Municipal Court fines and related fees are down 8.80% for the year. 7. Hanger lease payments and interest earnings are down $85,930 compared to last year but this is due to almost entirely to lower interest income caused by low rates and a smaller fund balance. 8. EMS fees are down .77% from last year. 9. Miscellaneous collections are up 28.65% 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. The City also received a $38,803 refund from CAPP brought about by reduced ancillary service charges set by ERCOT. In addition there was a TXDOT reimbursement of routine airport maintenance at Cox Field. 10. Total General Fund revenues are 3.77% below last year's receipts due to the lower gas and electric franchise payments plus lower sales tax receipts. General Fund revenues equaled 99.05% of the budget at the end of the fiscal year. 11. Total General Fund expenditures ended .16% above last year. General Fund expenditures for the year equaled 95.53% of budget. 12. Water revenue was up 1.30% while sewer revenue was down 3.15% for the year. Miscellaneous revenues were up because there have not been any major account charge offs this year. 13. Total Water & Sewer Water revenue was down .41% from last year. Water & Sewer revenues for the year equal 99.44% of budget. 14. Total non-debt Water & Sewer expenses are 7.42% lower than last year and amount to 90.26% of the current budget not including the debt appropriations of $3,954,125 and debt payments of $3,254,372 made to date. Total Water & Sewer expenditures for the year were 87.89% of budget if you include the appropriations and payments for debt. c) oa -t -