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06 - JULY 2017 FINANCIAL REPORTItem No. 6 memorandum TO: City Council John Godwin, City Manager FROM: Gene Anderson, Finance Director SUBJECT: JULY 2017 FINANCIAL REPORT DATE: August 11, 2017 BACKGROUND: Section 69 (3) of the Paris City Charter requires the Finance Director to submit to the City Council through the City Manager a monthly statement of all receipts and disbursements. The attached report satisfies that requirement. STATUS OF ISSUE: This report updates the City Council on the City's financial activities through the month stated in the subject line. BUDGET: Not affected by this report. RECOMMENDATION: Motion to receive the monthly financial report. City of Paris July 2017 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections are 4.93% more than this time last year. Current tax collections are at 98.02% vs. 96.84% at this time last year. 2. Sales taxes are up 4.96% from last year. February collections included a onetime net audit collection of $126,245.49. $105,204.58 of this went to the general fund and $21,040.91 to PEDC. 3. Hotel occupancy taxes are up 5.38% from last year. All hotels are current on their taxes. 4. Franchise fees are up 2.12% compared to last year. 5. Permit fees are up 9.93 %. The largest area of increase has been in new commercial permits. 6. Municipal Court fines are 6.84% below last year's collections. 7. Other revenue includes leases, interest, copy fees, birth & death certificates, library fees, mixed beverage tax, and other minor revenues. This revenue is up 21.53 %. The biggest area of increase is interest earned. 8. Sanitation fees are flat being down only 0.33 %. 9. EMS fees are up 3.25% compared to last year. 10. Total General Fund revenues are 4.37% above last year after adjusting for transfers. General Fund revenues equal 91.17% of the budget with the City being 83.33% through the budget year. 11. Total General Fund expenditures are down 1.34% compared to last year. General Fund expenditures to date equal 81.24% of budget with the City being 83.33% through the budget year. 12. Sewer revenue is flat compared to last year being down only 0.44 %. 13. Water revenue is flat being down 0.61% compared to last year. 14. Total Water & Sewer revenues, ignoring transfers, are 0.22% below last year. 15. Total Water & Sewer expenses are 3.71% below last year at this point and represent 56.86% of the total budget (79.58% adjusted for debt payments) while the City is 83.33% through the budget year. Departmental Expenditure Summary: At this point the City is ten months or 83.33% 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 distorted expenditure percentage. Within the General, Water & Sewer, and Sanitation Funds there are five departments whose expenditures are over 83.33 %. 1. City Council- 128.72 %. The overage amounts to $34,697. This overage is due election related expenses and electrical repairs to the building. 2. Police - 85.29 %. The overage amounts to $120,270 and is due to the annual payment for general liability insurance, uniforms, supplies,' emergency notification service, phones, travel, vehicle maintenance, electronic data processing, vehicles, and confidential funds. 3. Community Development - 88.11 %. The overage amounts to $25,946 and is due to paying the required grant match for fiscal year 2016 -17. 4. Streets - 87.35 %. The overage amounts to $63,145 and is due to the annual payment for general liability insurance, contract services for concrete work, purchase of a vehicle, and temp workers. 5. Cox Field Airport - 88.45 %. The overage amounts to $5,475 and is due to the annual insurance payment and preparation of the storm water permit. General comments to the City Council: 1. Over 99% of all of the City operational activity takes place in the General Fund, the Water & Sewer Fund, or the Sanitation Fund. The other funds are special purpose funds with limited activity and usually with legal restrictions on what their money can be spent on. For that reason, I normally only comment on the activity of the General Fund, Water & Sewer Fund, and the Sanitation Fund. However, if circumstances merited it, I would make comment on activity in one of the other funds. 2. 1 try to anticipate questions you might have about the report and comment on those points. After you receive your packet and review the monthly report, if you have questions about the report, please let the Manager know (or me if you can't reach the Manager) before the Council meeting if possible in case I have to research the answer to your question. That does not prevent you from asking the question at the meeting if you wish to make a point, but it does help prevent questions coming up that I can't answer on the spot and possibly delaying the Council in making a decision. 3. The activity of the Paris Economic Development Corporation is reflected in the monthly report. This is a result of the City performing the bookkeeping functions for this agency. 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