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City of Paris <br />June 2011 Financial Report Comments <br />Net to Date Comparison of Revenues: <br />1. The operations and maintenance property tax and related collections are 4.94% less than this <br />time last year. The primary cause of the collection difference is the drop in the O&M portion of <br />the tax rate and the corresponding increase in the debt portion of the tax rate to cover the 2010 <br />series bonds issued to pay for Collegiate Drive. The new debt issue was absorbed in the existing <br />52 cent tax rate. Collections for the current year equal 97.07% of the tax roll which is identical to <br />last year's collection percentage at the same point in time. <br />2. Sales taxes are up 4.51% over last year. <br />3. Hotel occupancy taxes are down 9.70% from last year. As of 7-21-2011, Ramada Inn is <br />delinquent for the quarter ending 9-30-2010, the quarter ending 12-31-2010, and the quarter <br />ending 3-30-2011 although they did make a partial payment on the third quarter 2010 <br />delinquency. It is my understanding that there is a sale pending on the hotel. If the hotel sells, <br />we should be able to collect our taxes out of the proceeds. La Quinta is delinquent for the 15S <br />quarter of 2011. It is unknown at this time how the City will be treated in the bankruptcy <br />proceeding filed by La Quinta. I have met with the owner of La Quinta, and he has promised to <br />catch up with the taxes. <br />4. Franchise fees are up 2.37% compared to last year. <br />5. Permit fees are up $10,213 or 15.49%. <br />6. Municipal Court fines are up 1.20%. <br />7. Interest & lease payments are down $25,480. It is normal for the flow of interest revenue to <br />vary from year to year. <br />8. Sanitation fees are up 13.39%. This reflects the rate change approved by the Council last 1uly. <br />9. EMS fees are up 3.09%. <br />10. General Fund miscellaneous fees/revenues are unpredictable in nature and amount but do <br />occur each year. Variances from one year to the next are not unusual, however, so this line item <br />is budgeted conservatively each year. <br />11. Total General Fund revenues are .43% above last year. General Fund revenues to date are <br />82.90% of the budget while the City is 75.00% through the budget year. <br />12. Total General Fund expenditures are up 0.12% compared to last year after nine months. General <br />Fund expenditures to date equal 69.50% of budget with the City being 75.00% through the <br />budget year. <br />13. Sewer revenue is down 6.32% compared to last year due in part to reduced flow and load from <br />Sara Lee and the closure of Sesame Solutions. Water revenue is up 4.20% year to date as the <br />City had a dry summer in 2010 which caused the watering season to extend into the Fall <br />months. Miscellaneous water and sewer revenues are up due to the $149,484 refund received <br />from the US Corps of Engineers on Pat Mayse Lake. Total Water & Sewer revenues are 1.60% <br />above last year and equal 73.02% of budget which is below the 75.00% budget to date <br />percentage. Total Water & Sewer expenses are 1.35% above last year at this point in time and <br />represent 46.47% of the total budget (75.68% adjusted for debt payments) while the City is <br />75.00% through the budget year. <br />14 <br />