07-Finance Director to Submit Monthly Statement of Receipts & Disbursements

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City of Paris September 2011 Financial Report Comments Net to Date Comparison of Revenues: 1. Overall 0&M tax collections (current taxes, delinquent taxes, penalties & interest, plus attorney fees) are 4.55% less than last year's collections. Current property tax collections (0&M share) are down 4.10% compared to 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 bonds issued to pay for Collegiate Drive. The new debt was absorbed in the existing 52 cent tax rate. As a percentage of the tax roll levied, we finished at 97.65% collection vs. 97.73% last year. 2. Sales tax collections finished 3.13% above last year's actual collections and finished 6.79% above the 2010-11 budgeted amount. 3. Hotel occupancy taxes finished 5.71% below last year. At the end of September, all hotels were current on their payments except for La Quinta which owes for the 15L quarter of 2011 (estimated $14,766) and penalty plus interest on their delinquent 2"d quarter tax payment. They have paid the actual 2"d quarter tax. The next due date for occupancy taxes is October 315`. We have an informal agreement with La quinta which requires them to stay current on any new taxes plus pay 25% of the delinquency each month with the first delinquent payment being due October 31St 4. Franchise taxes were down .75% primarily due to lower quarterly remittances from Atmos Energy. Information provided by Atmos indicates that the drop is due to a combination of much lower natural gas prices and slightly lower sales volume. TXU Energy payments are also lower this year. This has been partially offset by increased payment from Suddenlink. 5. Permit fees finished up $23,206 or 26.09% above last year. 6. Municipal Court fines and related fees are down 2.14% or $7,351 for the year. 7. Hanger lease payments and interest earnings are down $52,430 compared to last year but this is due to almost entirely to lower interest income caused by low rates and a smaller fund balance. 8. Sanitation fees were up 10.67% for the year due to the rate change approved last July. 9. EMS fees were down 2.47% from last year. 10. Miscellaneous collections are up 4.23% and this is primarily due to the TML equity return to the City related to general liability and worker's compensation insurance. Because it is a non-profit insurance pool, TML periodically refunds member cities any excess reserves built up over time. The City also received a$38,803 refund from CAPP brought about by reduced ancillary service charges set by ERCOT. 11. Recreation program revenues were down due to the late opening of the pool caused by needed repairs. 12. Total General Fund revenues are 0.50% below last year's receipts. General Fund revenues equaled 101.39% of the budget for the fiscal year. 13. Total General Fund expenditures finished 2.07% below last year. General Fund expenditures for the year equaled 96.19% of budget. 14. Water revenue was up 6.37% while sewer revenue was down 2.11% for the year due to the Sara Lee and Sesame Solutions closures. Miscellaneous revenues were up because of the $149,484 refund from the US Corps of Engineers on Pat Mayse Lake. 15. Total Water & Sewer Water revenue was up 4.14% from last year. Water & Sewer revenues for the year equal 105.36% of budget. 16. Tota) non-debt Water & Sewer expenses are 0.33% higher than last year and amount to 91.17% of the current budget not including the debt appropriations of $3,803,775. - ~ - 26