07-March monthly financial report

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City of Paris March 2011 Financial Report Comments Net to Date Comparison of Revenues: 1. Property tax collections are 3.92% less than this time last year. The collection percentage for the current year equals 95.03% of the tax roll compared to 94.86% last year. 2. Sales taxes are up 3.77% over last year. 3. Hotel occupancy taxes are down 7.05%. As of 4-18-2011, Ramada Inn is delinquent for the quarter ending 9-30-2010 and the quarter ending 12-31-2010 although they did make a partial payment on the third quarter delinquency. I estimate they still owe $10,500. It is my understanding that there is a sale pending on the hotel. La Quinta owes $709.80 in interest from the 2nd quarter of 2010 plus they are delinquent for the 4th quarter of 2010 which amounts to approximately $13,068. 4. Franchise fees are up 2.24% compared to last year. 5. Permit fees are up $12,907 or 40.60%. 6. Municipal Court fines are up 6.82%. 7. Interest & lease payments are down $10,211. It is normal for the flow of interest revenue to vary from year to year. 8. Sanitation fees are up 13.18%. This reflects the rate change approved by the Council last July. 9. EMS fees are up 6.07%. 10. 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 a slightly smaller return of equity payment from the TML insurance pool this year and last year's reimbursement by TxDOT of some airport maintenance costs. 11. Total General Fund revenues are .21% above last year. General Fund revenues to date are 63.60% of the budget while the City is 50.00% through the budget year. 12. Total General Fund expenditures are down 1.39% compared to last year after six months. General Fund expenditures to date equal 45.79% of budget with the City being 50.00% through the budget year. 13. Sewer revenue is down 6.57% compared to last year due in part to reduced flow and load from Sara Lee. Water revenue is up 5.54% 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 2.90% above last year and equal 49.43% of budget which is below the 50.00% budget to date percentage. Total Water & Sewer expenses are 2.41% above last year at this point in time and represent 30.59% of the total budget (44.85% adjusted for debt payments) while the City is 50.00% through the budget year. - 16