07 - SEPTEMBER 2015 FINANCIAL REPORT

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City of Paris September 2015 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections are 3.65% more than this time last year. The current tax roll is 96.35% collected vs. 97.47% last year. 2. Sales taxes are up 18.83% 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 5.16 %. 3. Hotel occupancy taxes are up 8.07% from last year. All hotels are up to date on their current period taxes. However, the audit conducted by MuniServices disclosed $22,567.56 in additional tax liability for three hotels. $9,089.13 of that liability has been paid and $13,478.43 remains due. A demand letter for payment has been sent to the relevant hotels. The hotel that owes the bulk of the tax liability found by the auditors has requested the auditors review additional data that they will provide. That review will be done in January 2016. 4. Franchise fees are down 1.34% with Oncor being lower than the previous year. 5. Permit fees are up 102.57% compared to last year with the issuance of permits for Paris Lakes. 6. Municipal Court fines are 14.13% 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 11.91 %. 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. The bulk of this year's increase comes from reimbursement of ice storm expenses. 11. Water & Sewer Transfers are not down but in the current year they have been netted against a transfer to another fund. 12. Recreation fees are down 7.18 %. 13. Total General Fund revenues are 9.45% above last year. This increase is primarily due to increases in sales tax (including the state audit adjustment discussed above), current taxes, ice storm reimbursements, and EMS fees. Year to date receipts are 107.52% of the budget with the City being 100.00% through the budget year. 14. Total General Fund expenditures are down 2.05% compared to last year. General Fund expenditures to date equal 97.50% of budget with the City being 100.00% through the budget year. 15. Sewer revenue is up 3.30% compared to last year. 16. Water revenue is up 1.45% compared to last year. 17. Total Water & Sewer revenues are 2.40% above last year and equal s 100.35% of budget which is above the 100.00% budget to date percentage.