07 - JANUARY 2015 FINANCIAL REPORT

Home Browse Search

City of Paris January 2015 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections are 11.08% less this year than this time last year. This is a timing issue on deposits not an under collection issue. The current tax roll is 82.81% collected vs. 86.75% last year. 2. Sales taxes are up 48.10% over last year due to a one time state audit adjustment. The adjustment added an extra $872,390 to the General Fund and $174,478 to PEDC. Without the audit adjustment, sales taxes for the year would be up compared to last year by 5.67 %. 3. Hotel occupancy taxes are up 5.05% from last year. All hotels are current on their taxes. 4. Franchise fees are up 12.09 %. 5. Permit fees are up 115.56% compared to last year. This amounts to $28,422. 6. Municipal Court fines are 2.56% below last year's collections. 7. Leases & Interest cash flows vary from year to year primarily due to investment maturity dates making it difficult to compare the current and previous year. 8. The Streets & Highways increase was a bookkeeping entry to add some old street assessments to the general ledger. 9. EMS fees are up 11.25 %. 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. 11. Total General Fund revenues are 6.57% above last year. This increase is primarily due to increases in sales tax (including the state audit adjustment discussed above) and EMS fees. Year to date receipts are 48.99% of the budget with the City being 33.33% through the budget year. 12. Total General Fund expenditures are up 1.62% compared to last year. Increased expenditures were primarily caused by having 3 pay periods in October and the payment for capital items in the new budget. General Fund expenditures to date equal 34.06% of budget with the City being 33.33% through the budget year. 13. Sewer revenue is up 1.12% compared to last year. 14. Water revenue is down 4.02% compared to last year due in large part to the mild weather in September and October. 15. Total Water & Sewer revenues are 1.86% below last year and equal 32.84% of budget which is the same as the 33.33% budget to date percentage. 16. Total Water & Sewer expenses are 9.38% below last year at this point in time and represent 21.2% of the total budget (24.74% adjusted for debt) while the City is 33.33% through the budget year.