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07-Deliberate on May monthly financial reportCITY COUNCIL AGENDA ITEM BRIEFING SHEET Submittal Date: Originating Department: Presented By: A,genda Item No.: 06/10/10 Council Date: Finance Gene Anderson 7. 06/28/10 RECOMMENDED MOTION: Not an action item. POLICY ISSUE(S): Fiscal oversight. Section 69 (3) of the Paris City Charter requires the Finance Director to submit to the Council through the City Manager a monthly statement of all receipts and disbursements. The attached report meets that requirement. BOARD/COMMISSION RECOMMENDATION: EXHIBITS: May 2010 Financial Report ACTION: BUDGET INFO: Z Financial Report Z Minute Order Expense $N/A ❑ Department Report ❑ Resolution Budgeted Amt. $N/A ❑ Presentation ❑ Ordinance y'I'D Actual $N/A ❑ Public Hearing ❑ Other Acct. Name N/A Acct. Number N/A FISCAL NOTES: REVIEWED AND APPROVED BY: Z Administration Z City Clerk ❑ Community Development ❑ EMS/IT Z Finance ❑ Fire ❑ Municipal Court Z Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Utilities City of Paris Revised 2/04/08 - - 2n City of Paris May 2010 Financial Report Comments Net to Date Comparison of Revenues: Current property tax collections (O&M share) are down 1.55% or $95,882 compared to this time last year. Property tax collections have been slow in coming in this year, but at this point we have caught up with last year's collection percentage. As a percentage of the tax roll collected, we are at 96.94% this year compared to 96.93% last year. A decrease in raw dollar collections for O&M activities was expected and budgeted accordingly. Budgeted 0&M tax revenue was expected to drop by $99,289 because while the total tax rate remained at 52 cents per $100 of value, more of that rate went to debt service and less to O&M. This shift in the rate was caused by the senior tax freeze which went into effect with the current budget year. The debt portion of the rate this year was calculated on the non-frozen taxable value this year while the debt rate last year was calculated on total taxable value. Tax revenue lost this year because of the tax freeze amounts to $ 27,445. Next year the loss will be approximately 38,150 based on preliminary values received. Sales tax collections are 10.80% below last year's collections through this month which is 1.00% behind the current budget. 3. Hotel occupancy taxes are 14.58% below this same time last year. At the end of May, all hotels were current on their payments except for La Quinta and the old Holiday Inn which owed for the first quarter of 2010. (Both of these hotels paid in June.) 4. Franchise taxes are down 12.39% primarily due to much lower quarterly remittances from Atmos Energy. Information provided by Atmos indicates that the drop is due to a combination of much lower natural gas prices and slightly lower sales volume. TXU Energy payments are also lower this yea r. 5. Permit fees are down $70,785 compared to last year. This is due to the large permit issued to PfSD last year. 6. Municipal Court fines are down 15.62% or $42,266. 7. Hanger lease payments and interest earnings are down $65,069 compared to tast year but this is due to the somewhat irregular timing of these payments. At times renters will get behind a month or two then catch up and sometimes they pay in advance knowing that they are going to be away for a while. Over the course of the year this works itself out but it can at give a distorted view of collections during the year. Likewise, interest revenue does not take place evenly throughout the year. 8. EMS fees are down 5.71% from last year. 9. Miscellaneous collections are up 16.67% and this is primarily due to the $85,060 TML equity return to the City related to general liability and worker's compensation insurance. Because it is a non- profit insurance pool, TML periodically refunds member cities any excess reserves built up over time. This should equal out by the end of the year as TML also sent an equity return last year in August. There was also a$13,167 TXDOT reimbursement of routine airport maintenance at Cox Field. 10. Total General Fund revenues are 6.49% below last year's receipts at this time due to the lower gas and electric franchise payment plus lower sales and property tax payments. General Fund revenues to date equal 73.49% of the budget while the City is 66.66% through the budget year. 11. Total General Fund expenditures are 3.57% less than last year through this month. General Fund expenditures to date equal 60.43% of budget while the City is 66.66% through the budget year. 12. Water revenue is down 3.02% reflecting the unusually large rainfall we experienced in the Spring. Some of this drop was recovered in May as the weather turned hot. Sewer revenue is down only 2 , 1.30%. Miscellaneous revenues appear to be up only because they have not been offset by any major charge offs. 13. Total Water & Sewer Water revenue is down 2.19% from last year. This reflects the decreased water sales and the completion of reimbursements from the City of Irving last year. Water & Sewer revenues to date equal 62.41% of that budget. This percentage is behind the budget to date percentage of 66.66%. However, the upcoming summer months usually produce the highest water sales. 14. Total non-debt Water & Sewer expenses are 10.34% lower than this point last year and amount to 57.20% of the current budget not including the debt appropriations of $3,954,125 and debt payments of $2,757,872 made to date. Total Water & Sewer expenditures to date are 60.93% of budget if you include the appropriations and payments for debt. Departmental Expenditure Summary: At this point the City is 8 months or 66.66% 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 distorted expenditure percentage. Within the General and Water & Sewer Funds there are 3 departments whose expenditures are over 66.66% at this time. 1. Traffic & Lighting-75.16%. The overage amounts to $36,835 and is due mainly to expenditures for electricity. 2. EMS-68.50%. The overage amounts to $41,301 and related primarily to the purchase of a new ambulance. Waste Water Treatment Plant-69.33%. The overage amounts to $51,068 and is due to overtime, equipment maintenance, sludge removal, and development of the WWTP Master Plan. In the Capital Projects Fund: 1. Community Development is at 207.28% of its budget due to expenditures for the One Oak Apartments Project. This project was not specifically budgeted for but will come out of reserves. 2. The Engineering Department is at 104.49% of its budget by purchasing a vehicle for that department. 3. Sanitation Department is at 73.38% of its budget due to purchase of a loader and truck. 4. The Traffic & Lighting Department is at 86.65% of budget due to a one-time vehicle purchase. 5. The Garage is at 98.67% of budget because it has made its only budgeted purchase of a vehicle 6. EMS is at 102.14% of budget since it has purchased all of its equipment for the year. 7. Water Distribution is at 99.13% of budget because it has purchased its backhoe and dump truck as planned. 8. Sewer Maintenance is at 97.43% of budget due to vehicle purchases. In the Collegiate Drive related construction fund: 1. $478,358 has been spent for engineering, surveying, and issuance fees which will be reimbursed by the issuance of certificates of obligation. The bulk of this money went to TxDOT for the City's share of the portion of road that the State will be working on. 2 t 7 General comments to the City Council: Over 99% of all of the City operational activity takes place in the General Fund or the Water and Sewer 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 and Water & Sewer Fund. However, if it were needed, I would make comment on activity in one of the other funds. I 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. The activity of the Health Department and Paris Economic Development Corporation is reflected in the monthly report. This is a result of the City performing the bookkeeping functions for both of these groups. Both groups have their own managing board. 2v Net to Date Comparison mmb Description May 2010 May 2009 May Net to Date General Fund Taxes Collected 6,224,419.98 6,298,799.07 (74,379.09) Sales Tax 3,843,802.10 4,309,483.63 (465,681.53) Hotel-Motel Tax 322,425.33 377,481.84 (55,056.51) Franchise Fees 1,914,753.36 2,185,653.19 (270,899.83) Permits 61,978.40 132,763.32 (70,784.92) Court Fines 228,164.92 270,431.18 (42,266.26) Leases & Interest 139,648.46 204,717.83 (65,069.37) Fees & Copies 9,455.22 12,156.90 (2,701.68) Lamar County Fire 150.00 1,200.00 (1,050.00) Sanitation Fees 869,637.13 870,855.16 (1,218.03) EMS Fees 1,571,135.85 1,666,450.12 (95,314.27) Mixed Beverage Tax 43,608.30 46,947.21 (3,338.91) Miscellaneous Fees 199,140.86 170,672.75 28,468.11 Water & Sewer Transfer 500,000.00 500,000.00 - Summer Programs 41,921.67 32,307.20 9,614.47 General Fund Total Revenues 15,970,241.58 17,079,919.40 (1,109,677.82) General Fund Total Expenditures 13,111,843.51 13,598,426.28 (486,582.77) Net to Date 2,858,398.07 3,481,493.12 (623,095.05) PEDC Fund Sales Tax 768,760.38 861,896.68 (93,136.30) Interest Earned 18,049.89 42,991.87 (24,941.98) Loan Payments 304,000.00 304,000.00 - PEDC Fund Total Revenues 1,090,810.27 1,208,888.55 (118,078.28) PEDC Fund Total Expenditures 1,019,995.94 706,153.65 313,842.29 Net to Date 70,814.33 502,734.90 (431,920.57) Water & Sewer Fund Sewer 3,425,978.39 3,471,314.57 (45,336.18) Water 4,782,991.95 4,932,397.45 (149,405.50) City of Irving 84,920.95 (84,920.95) Interest Earned 35,430.71 45,975.73 (10,545.02) Miscellaneous 306,621.23 208,657.73 97,963.50 W&S Fund Total Revenues 8,551,022.28 8,743,266.43 (192,244.15) W&S Fund Total Expenditures 5,343,938.21 5,960,846.80 (616,908.59) Net to Date 3,207,084.07 2,782,419.63 424,664.44 May Department Expenditure Summary 6/11/2010 7() Net to Date Comparison l. Description May 2010 May 2009 May Net to Date Capital Projects Fund Interest Earned 7,098.92 9,341.86 (2,242.94) Auction Proceeds Capital Projects Fund Revenues 7,098.92 9,341.86 (2,242.94) Capital Projects Fund Expenditures 1,338,554.78 810,885.53 527,669.25 Net to Date (1,331,455.86) (801,543.67) (529,912.19) WW&SS Rev Bond 2000 Construction Interest Earned 7,912.86 12,513.00 (4,600.14) WW&SS Rev Bond 2000 Const Revenues 7,912.86 12,513.00 (4,600.14) WW&SS Rev Bond 2000 Const Fund Expenditures Net to Date 7,912.86 12,513.00 (4,600.14) Equipment Replacement Fund Interest Earned 64,986.21 (1,919.71) 66,905.92 Equipment Replacement Fund Revenues 64,986.21 (1,919.71) 66,905.92 Equipment Replacement Fund Expenditures Net to Date 64,986.21 (1,919.71) 66,905.92 CO 2010 Construction Fund Interest Earned -17,630.00 - (17,630.00) Bond Proceeds 2,965,973.46 - (2,965,973.46) CO 2010 Construction Fund Revenues 2,948,343.46 - (2,983,603.46) CO 2010 Construction Fund Expenditures 478,358.05 - 478,358.05 Net to Date 2,469,985.41 - 2,469,985.41 Special Funds Special Funds 20,202.18 54,297.00 (34,094.82) Interest Earned 215.30 275.84 (60.54) Special Revenue Funds Revenue 20,417.48 54,572.84 (34,155.36) Special Revenue Funds Expenditures 29,042.43 50,791.17 (21,748.74) Net to Date (8,624.95) 3,781.67 (12,406.62) Child Safety Fund Interest Earned 66.23 88.78 (22.55) Donations 13,256.00 18,906.50 Child Safety Fund Revenues 13,322.23 18,995.28 (5,673.05) ild Safety Fund Expenditures F 13,180.34 11,154.57 2,025.77 Net to Date 141.89 7,840.71 (7,698.82) May Department Expenditure Summary 6/11/2010 . 1 0 Net to Date Comparison EMAD Description May 2010 May 2009 May Net to Date Health Department Interest Earned 14.71 112.81 (98.10) Fees & Grants 672,943.96 776,902.41 (103,958.45) Heaith Department Fund Revenues 672,958.67 777,015.22 (104,056.55) Health Department Fund Expenditures 614,489.28 562,746.29 51,742.99 Net to Date 58,469.39 214,268.93 (155,799.54) Grant Fund Grants 595,035.99 391,824.99 203,211.00 Interest Earned 17.00 17.00 Grant Fund Revenues 595,052.99 391,824.99 203,228.00 Grant Fund Expenditures 682,959.79 556,098.33 126,861.46 Net to Date (87,906.80) (164,273.34) 76,366.54 Water Contract Fund Interest Earned 14,305.04 14,305.04 Deposits Billed (165.50) (165.50) Water Contract Fund Revenue 14,139.54 14,139.54 Water Contract Fund Expenditures Net to Date 14,139.54 14,139.54 Community Development Block Grant Interest Earned and Fees 2,805.22 3,079.62 736.03 Grants Community Dvl Block Grant Fd Revenues 2,805.22 3,079.62 736.03 Community Dvl Block Grant Fd Expenditures 2,250.00 350.00 350.00 Net to Date 555.22 2,729.62 386.03 Home Buyers Assistance 2009 G ra nts 62,000.00 62,000.00 Home Buyers Assistance 2009 Revenues 62,000.00 62,000.00 Home Buyers Assistance 2009 Expenditures 43,650.00 43,650.00 Net to Date 18,350.00 (18,350.00) Texas Department of Community Affairs Interest Earned 801.53 801.53 OCC Payments 1,500.00 1,500.00 TX Dept of Community Affairs Revenues 2,301.53 2,301.53 TX Dept of community Affairs Expenditures 1,500.00 1,500.00 Net to Date 801.53 801.53 May Department Expenditure Summary 6/11/2010 01 Net to Date Comparison 7. Description May 2010 May 2009 May Net to Date Municipal Court Tech Fee Municipal Court Tech Fee 1,885.89 1,885.89 Interest Earned 8.97 Municipal Court Tech Fee Revenue 1,894.86 1,894.86 Municipal Court Tech Fee Expenditures Net to Date 1,894.86 1,894.86 Municipal Court Security Fee Court Security Fee 1,415.91 1,415.91 Interest Earned 8.97 Municipal Court Security Fee Revenues 1,424.88 1,424.88 Municipal Court Security Fee Expenditures Net to Date 1,424.88 1,424.88 Municipal Court Child Safety Fee Child Safety Fee 58.16 58.16 Interest Earned 1.85 Municipal Court Child Safety Fee Revenues 60.01 60.01 Municipal Court Child Safety Fee Expenditures Net to Date 60.01 (60.01) Municipal Court Time Pay Fee Time Payment Fee 218.66 218.66 Interest Earned 0.66 Municipal Court Time Pay Fee Revenues 219.32 219.32 Municipal Court Time Pay Fee Expenditures Net to Date 219.32 219.32 Judicial Fofreiture Fee Judicial Forfeiture Fee 22,681.16 22,681.16 Interest Earned 1.01 Police Judicial Forfeiture 22,682.17 22,682.17 Police Judicial Forfeiture Expenditures Net to Date 22,682.17 22,682.17 Tax & Rev CO 2000 Const Fund Interest Earned 272.01 553.97 (281.96) Tax & Rev CO 2000 Const Fund Revenues 272.01 553.97 (281.96) Tax & Rev CO 2000 Const Fund Expenditures 18,384.30 Net to Date (18,112.29) 553.97 (18,666.26) May Department Expenditure Summary 6/11/2010 n n Net to Date Comparison M:b Description May 2010 May 2009 May Net to Date CO Series 2002 Construction Fd Interest Earned 6.38 7.81 (1.43) CO Series 2002 Construction Fd Revenues 6.38 7.81 (1.43) CO Series 2002 Construction Fd Expenditures Net to Date 6.38 7.81 (1.43) Revenue Bonds Sinking Funds Transfer to GO Refunding 2003 75,000.00 380,000.00 (305,000.00) Interest Earned 41,902.09 46,236.24 (4,334.15) Revenue Bonds Sinking Funds Revenues 116,902.09 426,236.24 (309,334.15) Revenue Bonds Sinking Funds Expenditures 2,757,872.52 3,056,614.53 (298,742.01) Net to Date (2,640,970.43) (2,630,378.29) (10,592.14) Tax & Rev CO 2000 I&S Fund Tax & Rev COs 2000 I&S 505,247.55 484,652.14 20,595.41 Interest Earned 206.81 535.36 (328.55) Tax & Rev CO 2000 I&S Fund Revenues 505,454.36 485,187.50 20,266.86 Tax & Rev CO 2000 I&S Fund Expenditures 568,196.35 389,668.13 178,528.22 Net to Date (62,741.99) 95,519.37 (158,261.36) Tax & Rev CO 2002 I&S Fund Tax & Rev COs 2002 I&S 458,419.61 421,615.23 36,804.38 Interest Earned 774.46 774.46 Tax & Rev CO 2002 I&S Fund Revenues 459,194.07 421,615.23 37,578.84 Tax & Rev CO 2002 I&S Fund Expenditures 352,436.25 342,824.75 9,611.50 Net to Date 106,757.82 78,790.48 27,967.34 2003 GO Refunding Bonds Cert. Of Oblig. 2003 I&S 405,469.07 377,579.28 27,889.79 Interest Earned 642.45 1,224.86 (582.41) 2003 GO Refunding Bonds Revenues 406,111.52 378,804.14 27,307.38 2003 GO Refunding Bonds Expenditures 379,025.00 46,000.00 333,025.00 Net to Date 27,086.52 332,804.14 (305,717.62) May Department Expenditure Summary 6/11/2010 q q Net to Date Comparison mxb Description May 2010 May 2009 May Net to Date 2010 GO/W&5 Refunding Bonds Cert. Of Oblig. 2003 I&S 12,894.51 12,894.51 Interest Earned 1,520.84 1,520.84 2010 GO/W&5 Refunding Bonds Revenues 14,415.35 - 14,415.35 2010 GO/W&S Refunding Bonds Expenditures - - - Net to Date 14,415.35 - 14,415.35 Library Memorial Fund Interest Earned 185.64 264.11 (78.47) Memorial Donations 12,729.94 3,866.80 8,863.14 Library Memorial Fund Revenues 12,915.58 4,130.91 8,784.67 Library Memorial Fund Expenditures 2,172.90 1,313.11 859.79 Net to Date 10,742.68 2,817.80 7,924.88 Library Expendable Fund Interest Earned 402.61 636.28 (233.67) Donations Library Expendable Fund Revenues 402.61 636.28 (233.67) LibraryExpendable Fund Expenditures - - - Net to Date 402.61 636.28 (233.67) Library Permanent Fund Interest Earned 1.48 1.80 (0.32) Donations Library Permanent Fund Revenues 1.48 1.80 (0.32) Library Permanent Fund Expenditures Net to Date 1.48 1.80 (0.32) May Department Expenditure Summary 6/11/2010 v l C O G E O U ~ E E 7 N 7 ~ C G1 a W C N E t f7 a w 0 N U W h ~ ~ m O> OD O 0 O N C O t+l N O N I- M 00 O aD t0 CO aD O~ 0 -T i O fD ln N l c'7 l O O V 0 ~ N N ' ~ (D (D ' t17 ~ 00 ~ m OD O ('7 0 ~ ~ 0 0 t 0 4 M 0 O D 00 I O O N O I- I~ f0 ~ M t- O N u7 c ~ ~ 0 N N cr ~C1 I- 0 0 M a0 f0 0 ~ N oJ a0 (O O N tD O O 0 t I- th 0 O O M N 0 N ~ O ~ C ~ Cp Ln LL) 1~ a0 C7 'aT 00 N (D ln t~ aD t0 ~ O O (O oD h N tn aD ch I~ N 0 D h (O O Oi O M Oi O M O m N N N ~ f0 ~ ~ f~ ~ 1~ If7 ~ ~ a0 N ~ ~ m O c'7 V ~ a (D r O~ N ~ M M ~ ~ t 0 M N M C ~ n1 1~ N N ~ (O O q N (D m N ~ ~ c7 (p 1n CO N O a0 f0 ~ I17 y V . - e- aD aD cD <O ~ ~ 0) a I~ cD c'o Ln f0 cD M ~ a0 I- O N N li f0 ~ fh N a V h O <D N a0 "V cV O h f") (O Oi 07 ~ O O CC ch O M n W 0 N a0 N aD N u) O aO aC d' O m ~ f- h N N I~ a0 ln O O 7 O F- (D Oi (O m I~ V N ~ h c'7 lc7 N a0 W (D N O~ ln ~ a0 I~ N th tD Ih N m O I~ 'Q V 07 e- 01 ~ ('7 O> ln OD ln M N 'a M ~fl N C~ f LL~ tD a0 aD a0 ln M C CD I~ ~ c'7 O N Q ~ N N V M v N t0 0 aD c'7 h ~ o~ 07 c7 ~ m O~ c'7 G~ ln C O 'r a N 1- y C7 N ~j } o rn Ln o> rn rn v a v rn Ln rn ao r- Lo v o in o ao U~ o ro o 0 0 o ao ci rl-~ ao Co v~ a ~ co co Ln v, cn c N c~ a o v v o v o 0 0 O CD ~ CO ln O ~ N N (D f~ f~ O M m N 0 O t0 N O , [O O d ~ ~ O N n r 0 0 m ~ O m ~ n ~ ~ m O O O O O Oz N O a 0 ~ O f- N ~ O ~ O C~ N O c'~ aD 1n O LtJ ln O 0 y ~ U) V) N N a0 M N a0 a, f- f- Ifi O O g CO N !n O ' M O CO I- N} m N M N t0 ch M N tO 0 a ln ui ef (O op oD r a ~ O N f0 N Iq ~ T N ~f M h N LO l0 O M ll ) tf) N a O CO N O N M N N c~ N o c~ v Ln u~ co rn ~ Un ~ ao v v o rn co v o o c o in rn r m L a0 ~ N (O f0 ~ fh 00 ~ (O 0 tl~ O ~ O N ll~ O N M Lo N. 01 In I- 01 N N a M O M c0 0 m O a0 h O a0 f~ V N ~ T (9 R N N Il f0 O f~ (D a0 I- 0 N 0 M aO aO tD O <p '7 oD h O N N M 'at 00 N lli O 0 1- (O N a0 N lf) aD QJ O V: f- a0 aD N m c ~ o co ui o o ui o r- a) rn o cc U'i m o o r u') Lo rn n ac co Q M v M r- N cN cv rn n ~ cO 04 u~ v r> rn rn = ~ U v ~ aD o o e o o e o 0 o e e o o e o 0 o e ° o o ° o e e o o a ~ u~ e ao o r~ Ln co v ~n a r~ o 0 co co u~ co ao ~o ~n ~ o o r) O 0 y (D co~ ~ R O V h O ~ N fD fh ~ V ~ N N a0 th N F G Lfl N O 1n N N ~T a0 O a V 0 0 Ih N aC ~ Cli ^ ch pi Oi M } W 1n (O f0 f0 (O (O (O (O a (D (O lI7 ln t17 (D [O t0 <f (O h ~ f0 N aD N st 0 v M ln I~ (p O O M W (D u) O m 07 N 01 O O) N V t0 .p 0) f+) aD t0 N h (D Ifi O~ lf7 C~ (D T a0 O 't M h O N N m m < O R (V N a + 0) q cn ' ~ sf a) Lr) ? 0) (O O O c0 th In O C V p~j ~ ( O ~ tA r- a0 a0 O t~ I- t0 c 7 G1 O Lfi c 7 a0 a0 O M 01 O 1- t0 oD aD m a0 O N C7 1, O C ~ ~ t0 Q7 ~ (O ~ a0 O ~ M (O O Q Cy ~ O f- O) O) ch I~ ap N a ~ I~ N O c`7 f- O I- O LO GO O tD th 07 N N y st M aD 00 (O a0 R O T 1~ c0 m "Y O O N N M N ln N M 0) C7 m W c7 (D ~ M f- f~ M N 1- Lti f~ N O C D OD N N 1f i fD U-) (O I- m ln M v O O I, N ~ 0 O a0 O a0 cO IT y O (G ~ O 0~ Ln Il M fl N V O) I O ~ O m a0 c'7 lC! 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