08-JANUARY 2011 FINANCIAL REPORT

Home Browse Search

City of Paris January 2011 Financial Report Comments Net to Date Comparison of Revenues: 1. Some property tax collections paid in January were not allocated to the taxing entities until February. This sometimes happens sometimes in the heavy payment months. In February 2011, a total of $1,545,633.66 was deposited that were actually January payments. This still left the City $646,563 (12.03%) below last year's collections at the end of January. Based on collections during the first two weeks of February, this short fall will go away with the February report. 2. Sales taxes are up 7.61% over last year. 3. Hotel occupancy taxes are down less than 1%. As of 2-18-2011, Ramada Inn is delinquent for the quarter ending 9-30-2010 and the quarter ending 12-31-2010. La Quinta owes $709.80 in interest from the 2"d quarter of 2010 plus they are delinquent for the 4t" quarter of 2010. 4. Franchise fees are up 3.42% over last year. 5. Permit fees are up $7,347 or 31.79%. 6. Municipal Court fines are up 7.34%. 7. Interest & lease payments are down $7,833. It is normal for the flow of interest revenue to vary from year to year. 8. 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. 9. Sanitation fees are up 13.32%. This reflects the rate change approved by the Council last July. 10. EMS fees are up 13.56%. 11. 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. 12. Total General Fund revenues are 18.22% below last year due to the late distribution of tax payments and slower payment this year. This percentage decrease would be 2.57% if adjusted for January tax payments received in February. General Fund revenues to date are 38.23% of the budget (45.54% adjusted for January tax payments reported in February) while the City is 33.33% through the budget year. 13. Total General Fund expenditures are up less than one percent compared to last year after four months. General Fund expenditures to date equal 31.91% of budget with the City being 33.33% through the budget year. 14. Sewer revenue is down 5.43% compared to last year due in part to reduced flow and load from Sara Lee. Water revenue is up 10.34% 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 7.22% above last year and equal 38.23% of budget which is above the 33.33% budget to date percentage. Total Water & Sewer expenses are 2.67% above last year at this point in time and represent 28.13% of the total budget (adjusted for debt payments) while the City is 33.33% through the budget year. 34