07 - JANUARY 2016 FINANCIAL REPORT

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City of Paris January 2016 Financial Report Comments The program used to prepare the monthly financial report crashed a few months ago. Even with professional help we were unable to reconstruct it as it was, therefore, we have been working on creating a new report that is similar to the old one but will be easier to maintain. The new report is a work in progress and so this January version still needs some modification which we will be doing over the next few months. Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections are 4.75% less than this time last year. This decrease is a timing issue related to when the appraisal district recognizes and forwards current year collections to the city. Current taxes are 72.00% collected vs. 82.81% last year. 2. Sales taxes are down 26.46% from last year. This is due to the onetime state audit adjustment payment received last year in the amount of $872,390. Adjusting for this payment, sales taxes to date are up $66,397 which is equal to a 3.05% increase over last year. 3. Hotel occupancy taxes are down 5.82% from last year. All hotels are current on their taxes. 4. Franchise fees are down 3.97 %. This is due to Suddenlink making its quarterly payment in February vs. January last year. 5. Permit fees are down compared to last year by 26.88 %. This reduction is primarily in new construction. 6. Municipal Court fines are 3.90% above last year's collections. 7. Miscellaneous & Other revenue includes leases, interest, copy fees, birth & death certificates, library fees, mixed beverage tax, and other minor revenues. These revenues are down due to a change in how Paris Lakes was being billed for inspections. They were originally billed in advance for all construction inspections. This was later changed to monthly billing as construction progressed and a credit was issued for the previous billing. The prior year also included a bookkeeping entry to add some old street assessments to the general ledger, the sale of two vehicles to PISD, and an insurance payment from TML on a sanitation truck. 8. Sanitation fees are down because all residential related fees were moved to the new Land Fill Fund. 9. EMS fees are up compared to last year. The net difference is $47,603 or 6.20 %. 10. Transfers from the Water & Sewer Fund are up 2.74% in accordance to 2015 -16 Budget. 11. Recreation revenues are up 25.86% or $2,657. 12. Total General Fund revenues are 13.43% below last year. This decrease is primarily due to the sales tax windfall received last year as discussed above but is also affected by the timing of property tax collections. 13. Total General Fund expenditures are up 2.69% compared to last year. General Fund expenditures to date equal 35.69% of budget with the City being 33.33% through the budget year. 14. Sewer revenue is up 2.74% compared to last year. 15. Water revenue is up 3.05% compared to last year.