08-May monthly financial report - Laserfiche WebLink

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City of Paris May 2011 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections are 3.78% less than this time last year. The primary cause of the collection difference is the drop in the 0&M portion of the tax rate and the corresponding increase in the debt portion of the tax rate to cover the 2010 series bonds issued to pay for Collegiate Drive. The new debt issue was absorbed in the existing 52 cent tax rate. Collections for the current year equal 96.50% of the tax roll compared to 96.45% last year. 2. Sales taxes are up 4.58%a over last year. 3. Hotel occupancy taxes are down 2.39% from last year. As of 6-20-2011, Ramada Inn is delinquent for the quarter ending 9-30-2010, the quarter ending 12-31-2010, and the quarter ending 3-30-2011 although they did make a partial payment on the third quarter 2010 delinquency. It is my understanding that there is a sale pending on the hotel. If the hotel sells, we should be able to collect our taxes out of the proceeds. La Quinta is delinquent for the 15t quarter of 2011. It is unknown at this time how the City will be treated in the bankruptcy proceeding filed by La Quinta. 4. Franchise fees are up 3.26% compared to last year. 5. Permit fees are up $4,014 or 6.47%. 6. Municipal Court fines are up 5.22%. 7. Interest & lease payments are down $23,982. It is normal for the flow of interest revenue to vary from year to year. 8. Sanitation fees are up 13.45%. This reflects the rate change approved by the Council last 1uly. 9. EMS fees are up 3.87%. 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 .89% above last year. General Fund revenues to date are 76.29% of the budget while the City is 66.66% through the budget year. 12. Total General Fund expenditures are down 1.03% compared to last year after eight months. General Fund expenditures to date equal 61.58% of budget with the City being 66.66% through the budget year. 13. Sewer revenue is down 6.49% compared to last year due in part to reduced flow and load from Sara Lee and the closure of Sesame Solutions. Water revenue is up 4.37% year to date as the City had a dry summer in 2010 which caused the watering season to extend into the Fall months. 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 1.76% above last year and equal 64.59% of budget which is below the 66.66% budget to date percentage. Total Water & Sewer expenses are .46% above last year at this point in time and represent 41.04% of the total budget (55.30% adjusted for debt payments) while the City is 66.66%a through the budget year. 29