05 Audit for FY01-02 - Laserfiche WebLink

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The Paris economy has slowed, but it is believed that the down turn has bottomed out. The Paris Economic Development Corporation is working hand in hand with the Lamar County Chamber of Commerce to recruit new business to the area as well as supporting already existing businesses. General Fund receipts equaled 103.83% of budget. As required by charter~ expenses did not exceed budget appropriations. General Fund expenditures were only 96.25% of budget. For the 2002-2003 fiscal year~ the City Council adopted a tax rate of 61 cents per $100 of value. This rate allows maintaining all services at their current levels or above and funds the interest and sinking fund for the certificates of obligation issued in 1993, 2000, and 2002. At the end of September 2002~ Paris' unemployment rate was 6.7% compared to 5.9% at the same time last year. Major Initiatives The City of Paris continues to work in environmentally related areas. Since 1984 over $37 million has been spent on water and wastewater improvements. Mother $7~ million will be spent in the next 2 years according to the City's long range plan. The City also continues to expand its effort in law enforcement related areas. Specifically, the City has targeted prevention efforts with local youth. Programs in this effort include the Police Athletic League, juvenile gang officers, and the DARE program. Other continuing law enforcement programs include a regional drug task force, auto theft task force, participation in the federally funded "Cops Fast" program, violent crimes against women program, and other similar programs. Other areas of significant efforts made this past year include plans for a new police and courts building, a new street overlay program, and completing the renovation of the old Santa Fe Depot. Recreationally, the City funded additional improvements at Depot Park, Oak Park Park, Bywaters Park, MLK Park, the Aquatic Center, and PJC Tennis Courts. From a development standpoint the City has taken several steps. Reentry into the State of Texas Main Street Program should channel additional funds for revitaliza- tion of existing structures and businesses. In December of 1998, the City Council formally annexed over 4,638 acres of property in order to control development of this area and to control entry ways to the City. The City continues to work closely with the Paris Economic Development Corporation to attract new business to Paris and to support existing businesses as well. working with the Chamber of Commerce, the City is effectively using the new civic center to attract people and business to Paris. City officials are also closely working with Keep Paris Beautiful, Inc. to promote and improve the City. Financial Inforr~ation The financial statements of the City of Paris, Texas, have been prepared in conformity with generally accepted accounting principles as applied to govern- mental units. The Governmental Accounting Standards Board is the accepted standard-setting body for establishing governmental accounting and financial reporting principles.