08- DECEMBER 2010 FINANCIAL REPORT

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City of Paris December 2010 Financial Report Comments Net to Date Comparison of Revenues: 1. Property tax collections are up 3.21% versus this point last year. 2. Sales taxes are up a modest 1.98% ($28,333) over last year. 3. Hotel occupancy taxes are down 9.64%. La Quinta and Ramada Inn were both delinquent in taxes for the quarter ending September 30, 2010 as of November 30'h. La Quinta paid their delinquent tax and penalty in December, but they still owe the related interest charge. As of 1-10-2011, Ramada Inn was still delinquent for the quarter ending 9-30-2010. The City Attorney has sent them a demand letter. 4. Franchise fees are up 3.06% over last year. 5. Interest & lease payments are down $4,853. It is normal for the flow of interest revenue to vary from year to year. 6. Regarding the Fire Department related revenue, the County discontinued their $150 monthly ($1800 annually) support payments last year after making a single payment. The County had made such payments to the City for fire protection services provided to County residents living inside the City limits. They make similar payments to rural fire departments. These payments have been made for well over 30 years. The only explanation given for stopping the payments was that there was no legal requirement to make them. 7. Sanitation fees are up 13.24%. This reflects the rate change approved by the Council last July. 8. EMS fees are up 6.21%. 9. General Fund miscellaneous fees/revenues are unpredictable in nature and amount but do occur each year. Variances from one year to the next are not unusual. The primary difference to date is caused by the $59,580 return of equity payment from the TML insurance pool. 10. Total General Fund revenues are 4.46% above last year primarily due to increased collection of property taxes, franchise fees, EMS fees, sanitation fees, sales taxes, and the TML refund cited above. General Fund revenues to date are 25.63%a of the budget while the City is 25.00% through the budget year. 11. Total General Fund expenditures are 2.90% less than last year after three months. General Fund expenditures to date equal 24.02% of budget with the City being 25.00% through the budget year. 12. Sewer revenue is down 5.94% compared to last year due in part to reduced flow and load from Sara Lee. Water revenue is up 11.73% year to date as the City benefited from a dry summer which caused a longer watering season. Miscellaneous water and sewer revenues are up due to the $149,484 refund received from the US Corps of Engineers on Pat Mayse Lake. Total Water & Sewer revenues are 8.75% above last year and equal 26.48% of budget which is above the 25.00% budget to date percentage. Total Water & Sewer expenses are 3.42% above last year at this point in time and represent 14.56% of the total budget while the City is 25.00% through the budget year. Departmental Expenditure Summary: At this point the City is one month or 25.00% 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 - 1~