07 - FEBRUARY MONTHLY FINANCIAL REPORT

Home Browse Search

City of Paris February 2015 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections are 7.17% more this year than this time last year. The current tax roll is 92.89% collected vs. 94.59% last year. 2. Sales taxes are up 48.75% 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 5.49 %. 3. Hotel occupancy taxes are up 4.03% from last year. All hotels are current on their taxes. 4. Franchise fees are up 13.24 %. 5. Permit fees are up 64.68% compared to last year. This amounts to $23,072.34. 6. Municipal Court fines are 5.64% 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 13.14 %. 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. Recreation fees are up $4,243 or 18.38 %. 12. Total General Fund revenues are 14.23% above last year. This increase is primarily due to increases in sales tax (including the state audit adjustment discussed above), current taxes, and EMS fees. Year to date receipts are 62.42% of the budget with the City being 41.66% through the budget year. 13. Total General Fund expenditures are down 0.89 % compared to last year. General Fund expenditures to date equal 42.28% of budget with the City being 41.66% through the budget year. 14. Sewer revenue is up 2.32% compared to last year. 15. Water revenue is down 2.84% compared to last year due in large part to the mild weather in September and October. 16. Total Water & Sewer revenues are 0.79% below last year and equal 40.76% of budget which is below the 41.66% budget to date percentage. 17. Total Water & Sewer expenses are 4.09% below last year at this point in time and represent 26.50% of the total budget (30.05% adjusted for debt) while the City is 41.66% through the budget year. Departmental Expenditure Summary: At this point the City is five months or 41.66% through the budget year. It is important to remember that expenditures do not occur equally throughout the year. For example, capital expenditures and association memberships are one time expenditures that if made early in the fiscal year can produce a