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08-May monthly financial reportCITY COUNCIL AGENDA ITEM BRIEFING SHEET Submittal Date: 6-20-11 Originating Department: Presented By: Agenda Item No.: Council Date: 6-27-11 Finance Gene Anderson g 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: None EXHIBITS: May 2011 Financial Report ACTION: BUDGET INFO: Z Financial Report ❑ Minute Order Expense $NA ❑ Department Report ❑ Resolution ❑ P i Budgeted Amt. $NA resentat on ❑ Ordinance ❑ Public Hearin ❑ Oth y'I'D Actual $NA g er Acct. Name NA Acct. Number NA FISCAL NOTES: None REVIEWED AND APPROVED BY: Z Administtation Z City Clerk ❑ Community Development ❑ EMS/IT Z Finance ❑ Fire ❑ Municipal Coutt Z Legal ❑ Library ❑ Police ❑ Eng./Public Works ❑ Utilities City of Paris 28 Revised 2/04/08 City of Paris May 2011 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections are 3.78% less than this time last year. The primary cause of the collection difference is the drop in the 0&M portion of the tax rate and the corresponding increase in the debt portion of the tax rate to cover the 2010 series bonds issued to pay for Collegiate Drive. The new debt issue was absorbed in the existing 52 cent tax rate. Collections for the current year equal 96.50% of the tax roll compared to 96.45% last year. 2. Sales taxes are up 4.58%a over last year. 3. Hotel occupancy taxes are down 2.39% from last year. As of 6-20-2011, Ramada Inn is delinquent for the quarter ending 9-30-2010, the quarter ending 12-31-2010, and the quarter ending 3-30-2011 although they did make a partial payment on the third quarter 2010 delinquency. It is my understanding that there is a sale pending on the hotel. If the hotel sells, we should be able to collect our taxes out of the proceeds. La Quinta is delinquent for the 15t quarter of 2011. It is unknown at this time how the City will be treated in the bankruptcy proceeding filed by La Quinta. 4. Franchise fees are up 3.26% compared to last year. 5. Permit fees are up $4,014 or 6.47%. 6. Municipal Court fines are up 5.22%. 7. Interest & lease payments are down $23,982. It is normal for the flow of interest revenue to vary from year to year. 8. Sanitation fees are up 13.45%. This reflects the rate change approved by the Council last 1uly. 9. EMS fees are up 3.87%. 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 primary difference to date is caused by a slightly smaller return of equity payment from the TML insurance pool this year and last year's reimbursement by TxDOT of some airport maintenance costs. 11. Total General Fund revenues are .89% above last year. General Fund revenues to date are 76.29% of the budget while the City is 66.66% through the budget year. 12. Total General Fund expenditures are down 1.03% compared to last year after eight months. General Fund expenditures to date equal 61.58% of budget with the City being 66.66% through the budget year. 13. Sewer revenue is down 6.49% compared to last year due in part to reduced flow and load from Sara Lee and the closure of Sesame Solutions. Water revenue is up 4.37% year to date as the City had a dry summer in 2010 which caused the watering season to extend into the Fall months. Miscellaneous water and sewer revenues are up due to the $149,484 refund received from the US Corps of Engineers on Pat Mayse Lake. Total Water & Sewer revenues are 1.76% above last year and equal 64.59% of budget which is below the 66.66% budget to date percentage. Total Water & Sewer expenses are .46% above last year at this point in time and represent 41.04% of the total budget (55.30% adjusted for debt payments) while the City is 66.66%a through the budget year. 29 Departmental Expenditure Summary: At this point the City is eight 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 five departments whose expenditures are over 66.66% at this time. 1. City Council-68.86%. The overage amounts to $2,451 and is due to elevator repairs, drapery repairs in council room, public relations fees, and election expenses. 2. City Manager-83.66%. The overage amounts to $50,262 and is due to the settlement agreement reached with the Manager. EMS-66.71%. The overage amounts to $1,053 and is statistically insignificant. 4. Cox Field-83.91%. The overage amounts to $19,557 and is due to the additional TXDOT match requirement on the airport runway grant. Warehouse-67.40%. The overage amounts to $923 and is statistically insignificant. 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. 30 Year to Date Comparison 7. May, 2011 Current Year Previous Year Net to Date General Fund Taxes Collected 5,988,841.61 6,224,419.98 (235,578.37) Sales Tax 4,020,096.97 3,843,802.10 176,294.87 Hotel-Motel Tax 314,697.61 322,425.33 (7,727.72) Franchise Fees 1,977,277.30 1,914,753.36 62,523.94 Permits 65,992.48 61,978.40 4,014.08 Court Fines 240,082.18 228,164.92 11,917.26 Leases & Interest 115,665.81 139,648.46 (23,982.65) Fees & Copies 9,875.79 9,455.22 420.57 Sanitation Fees 986,619.34 869,637.13 116,982.21 EMS Fees 1,632,091.45 1,571,135.85 60,955.60 Mixed Beverage Tax 43,248.98 43,608.30 (359.32) Miscellaneous Fees 173,677.40 199,140.86 (25,463.46) Water & Sewer Transfer 500,000.00 500,000.00 - Recreation Programs 45,508.20 41,921.67 3,586.53 General Fund Total Revenues 16,113,675.12 15,970,091.58 143,583.54 General Fund Total Expenditures 12,976,262.77 13,111,843.51 (135,580.74) Net to Date 3,137,412.35 2,858,248.07 279,164.28 PEDC Fund Sales Tax 804,019.38 768,760.38 35,259.00 Interest Earned 15,872.30 18,049.89 (2,177.59) Loan Payments 228,089.36 304,000.00 (75,910.64) PEDC Fund Total Revenues 1,047,981.04 1,090,810.27 (42,829.23) PEDC Fund Total Expenditures 487,511.38 1,019,995.94 (532,484.56) Net to Date 560,469.66 70,814.33 489,655.33 Water & Sewer Fund Sewer 3,203,414.96 3,425,978.39 (222,563.43) Water 4,992,358.54 4,782,991.95 209,366.59 Interest Earned 51,635.82 35,430.71 16,205.11 Miscellaneous 454,304.71 306,667.20 147,637.51 W&S Fund Total Revenues 8,701,714.03 8,551,068.25 150,645.78 W&S Fund Total Expenditures 5,368,870.93 5,343,938.21 24,932.72 Net to Date 3,332,843.10 3,207,130.04 125,713.06 Comparison Report Page 1 r~ 1 6/8/2011 J1 Year to Date Comparison Capital Projects Fund Interest Earned Auction Proceeds Capital Projects Fund Revenues Capital Projects Fund Expenditures Net to Date WW&SS Rev Bond 2000 Construction Interest Earned WW&SS Rev Bond 2000 Const Revenues WW&SS Rev Bond 2000 Const Fund Expenditures Net to Date Equipment Replacement Fund InterestEarned Auction Proceeds Equipment Replacement Fund Revenues Equipment Replacement Fund Expenditures Net to Date CO 2010 Construction Fund Interest Earned Repayments From Other Funds CO 2010 Construction Fund Revenues CO 2010 Construction Fund Expenditures Net to Date Special Funds Special Funds Interest Earned Special Revenue Funds Revenue Special Revenue Funds Expenditures Net to Date Child Safety Fund Interest Earned Donations Child Safety Fund Revenues Child Safety Fund Expenditures Net to Date May, 2011 Current Previous Net to Year Year Date 1,135.88 7,098.92 (5,963.04) 1,135.88 7,098.92 (5,963.04) 107,341.65 1,338,554.78 (1,231,213.13) (106,205.77) (1,331,455.86) 1,225,250.09 1,218.23 7,912.86 (6,694.63) 1,218.23 7,912.86 (6,694.63) 3,461,432.00 - 3,461,432.00 (3,460,213.77) 7,912.86 (3,468,126.63) 8,568.81 64,986.21 (56,417.40) 8,568.81 64,986.21 (56,417.40) 220,250.00 - 220,250.00 211,681.19) 64,986.21 (276,667.40) 10,187.08 2,965,973.46 (2,955,786.38) - 2,965,973.46 10,187.08 2,965,973.46 (2,955,786.38) 726,000.60 478,358.05 247,642.55 715,813.52) 2,487,615.41 (3,203,428.93) 20,202.18 (20,202.18) 1.34 215.30 (213.96) 1.34 20,417.48 (20,416.14) 29,042.43 (29,042.43) 1.34 (8,624.95) 8,626.29 101.69 66.23 35.46 300.00 13,256.00 (12,956.00) 401.69 13,322.23 (12,920.54) 1,620.85 13,180.34 (11,559.49) (1,219.16) 141.89 (1,361.05) Comparison Report Page 2 32 6/8/2011 Year to Date Comparison May, 2011 Mib Current Year Previous Year Net to Date Health Department Interest Earned - Fees & Grants 666,390.72 672,943.96 (6,553.24) Health Department Fund Revenues 666,390.72 672,943.96 (6,553.24) Health Department Fund Expenditures 600,264.32 614,489.28 (14,224.96) Net to Date 66,126.40 58,454.68 7,671.72 Grant Fund Grants 1,112,458.33 595,035.99 517,422.34 Interest Earned 91.30 17.00 74.30 Grant Fund Revenues 1,112,549.63 595,052.99 517,496.64 Grant Fund Expenditures 841,498.54 682,959.79 158,538.75 Net to Date 271,051.09 (87,906.80) 358,957.89 Water Contract Fund Interest Earned 12,433.89 14,305.04 (1,871.15) Deposits Billed (50.00) (165.50) 115.50 Water Contract Fund Revenue 12,383.89 14,139.54 (1,755.65) Water Contract Fund Expenditures Net to Date 12,383.89 14,139.54 (1,755.65) Community Development Block Grant Interest Earned and Fees 3,825.68 2,805.22 736.03 G ra nts Community Dvl Block Grant Fd Revenues 3,825.68 2,805.22 736.03 Community Dvl Block Grant Fd Expenditures 1,350.00 2,250.00 (900.00) Net to Date 2,475.68 555.22 1,636.03 Home Buyers Assistance 2009 Grants - 62,000.00 (62,000.00) Home Buyers Assistance 2009 Revenues - 62,000.00 (62,000.00) Home Buyers Assistance 2009 Expenditures 20,000.00 43,650.00 (23,650.00) Net to Date (20,000.00) (18,350.00) (1,650.00) Texas Department of Community Affairs Interest Earned - OCC Payments 130,175.20 1,500.00 128,675.20 TX Dept of Community Affairs Revenues 130,175.20 1,500.00 128,675.20 TX Dept of community Affairs Expenditures 126,330.20 1,500.00 124,830.20 Net to Date 3,845.00 - 3,845.00 Comparison Report Page 3 33 6/8/2011 Year to Date Comparison May, 2011 fmih Current Year Previous Year Net to Date Municipal Court Tech Fee Municipal Court Tech Fee 8,239.97 8,239.97 Interest Earned 204.35 204.35 Municipal Court Tech Fee Revenue 8,444.32 8,444.32 Municipal Court Tech Fee Expenditures 4,371.00 438.00 Net to Date 4,073.32 (438.00) 4,511.32 Municipal Court Security Fee Court Security Fee 6,186.07 6,186.07 Interest Earned 295.28 295.28 Municipal Court Security Fee Revenues 6,481.35 6,481.35 Municipal Court Security Fee Expenditures 4,844.70 4,669.32 175.38 Net to Date 1,636.65 (4,669.32) 6,305.97 Municipal Court Child Safety Fee Child Safety Fee 471.76 471.76 Interest Earned 79.28 79•28 Municipal Court Child Safety Fee Revenues 551.04 551.04 Municipal Court Child Safety Fee Expenditures - - Net to Date 551.04 (551.04) Municipal Court Time Pay Fee Time Payment Fee 1,346.71 1,346.71 Interest Earned 27.11 27.11 Municipal Court Time Pay Fee Revenues 1,373.82 1,373.82 Municipal Court Time Pay Fee Expenditures - 712.85 (712.85) Net to Date 1,373.82 (712.85) 2,086.67 Police Conf Fds-Gambling Interest Earned 22.52 22.52 Police Conf Fds-Gambling Revenue 22.52 22.52 Police Conf Fds-Gambling Expenditures - - Net to Date 22.52 22.52 Judicial Fofreiture Fee Judicial Forfeiture Fee 4,576.35 4,576.35 Interest Earned 34.74 34.74 Police Judicial Forfeiture 4,611.09 4,611.09 Police Judicial Forfeiture Expenditures 11,611.04 - 11,611.04 Net to Date (6,999.95) (6,999.95) r~ A 6/8/2011 Comparison Report Page 4 J 'f Year to Date Comparison May, 2011 amb Current Year Previous Year Net to Date Tax & Rev CO 2000 Const Fund Interest Earned 213.39 272.01 (58.62) Tax & Rev CO 2000 Const Fund Revenues 213.39 272.01 (58.62) Tax & Rev CO 2000 Const Fund Expenditures 20,271.19 19,097.15 1,174.04 Net to Date (20,057.80) (18,825.14) (1,232.66) CO Series 2002 Construction Fd Interest Earned 6.52 6.38 0.14 CO Series 2002 Construction Fd Revenues 6.52 6.38 0.14 CO Series 2002 Construction Fd Expenditures Net to Date 6.52 6.38 0.14 Revenue Bonds Sinking Funds Transfer to GO Refunding 2003 75,000.00 (75,000.00) Interest Earned 37,897.83 41,902.09 (4,004.26) Revenue Bonds Sinking Funds Revenues 37,897.83 116,902.09 (79,004.26) Revenue Bonds Sinking Funds Expenditures 2,757,872.52 (2,757,872.52) Net to Date 37,897.83 (2,640,970.43) 2,678,868.26 Tax & Rev CO 2010 I&S Tx & Rev CO 2010 I&S 186,830.67 186,830.67 Interest Earned 236.88 - 236.88 2010 GO/W&S Refunding Bonds Revenues 187,067.55 - 187,067.55 2010 GO/W&S Refunding Bonds Expenditures 77,822.75 77,822.75 Net to Date 109,244.80 - 109,244.80 Tax & Rev CO 2000 I&S Fund Tax & Rev COs 2000 I&S 505,247.55 (505,247.55) Interest Earned 206.81 (206.81) Tax & Rev CO 2000 I&S Fund Revenues - 505,454.36 (505,454.36) Tax & Rev CO 2000 I&S Fund Expenditures 568,196.35 (568,196.35) Net to Date (62,741.99) 62,741.99 Tax & Rev CO 2002 I&S Fund Tax & Rev COs 2002 I&S 457,381.81 458,419.61 (1,037.80) Interest Earned 1,322.44 1,322.44 Tax & Rev CO 2002 I&S Fund Revenues 458,704.25 458,419.61 284.64 Tax & Rev CO 2002 I&S Fund Expenditures 357,336.25 352,436.25 4,900.00 Net to Date 101,368.00 105,983.36 (4,615.36) Comparison Report Page 5 35 6/8/2011 Year to Date Comparison 1. May, 2011 Current Year Previous Year Net to Date 2003 GO Refunding Bonds Cert. Of Oblig. 2003 I&S 364,545.45 405,469.07 (40,923.62) Interest Earned 1,603.42 642.45 960.97 2003 GO Refunding Bonds Revenues 366,148.87 406,111.52 (39,962.65) 2003 GO Refunding Bonds Expenditures 772,432.50 379,025.00 393,407.50 Net to Date (406,283.63) 27,086.52 (433,370.15) 2010 GO/W&S Refunding Bonds Cert. Of Oblig. 2010 I&S 450,195.06 450,195.06 Interest Earned 2,281.04 2,281.04 2010 GO/W&S Refunding Bonds Revenues 452,476.10 - 452,476.10 2010 GO/W&S Refunding Bonds Expenditures 1,866,971.88 - 1,866,971.88 Net to Date (1,414,495.78) - (1,414,495.78) Library Memorial Fund Interest Earned 188.86 185.64 3.22 Memorial Donations 1,632.45 12,729.94 (11,097.49) Library Memoria) Fund Revenues 1,821.31 12,915.58 (11,094.27) Library Memorial Fund Expenditures 1,298.34 2,172.90 (874.56) Net to Date 522.97 10,742.68 (10,219.71) Library Expendable Fund Interest Earned 416.22 402.61 13.61 Donations 1,228.77 1,228.77 Library Expendable Fund Revenues 1,644.99 402.61 1,242.38 LibraryExpendable Fund Expenditures - Net to Date 1,644.99 402.61 1,242.38 Library Permanent Fund Interest Earned 1.50 1.48 0.02 Donations Library Permanent Fund Revenues 1.50 1.48 0.02 Library Permanent Fund Expenditures Net to Date 1.50 1.48 0.02 Comparison Report Page 6 36 6/8/2011 il-11 f0 C E G 7 N G1 ~ 7 r ~ C G/ Q X W O 00 V1 V' V1 V M .--i Vl I, lD O O M 00 tD Ltl O 01 Ol N Ol 01 N ' -~Y W ri V1 I, M rl Ol M 00 Q1 O zt N lD N I- lO -I Lf1 O1 lf1 01 .--I .-1 lD V W e f+ 1 1- O l0 1- O 00 0 N Ol Q1 V O Q N N ~ 01 V Ql r-I r7 V Ol Lfl V 01 lD O 00 e-i M ll1 6 4 N Ql N ~ V O If1 '7 ~ 00 O 1, M O I, M 00 e-I Ol O lD 00 c'~1 01 M N M 1, O N 00 m I, ~ Ol V l0 tf1 ~--I 00 1l tD Ql 1I1 e-1 OO O M l0 1l 01 e-I M e-1 N rl M lD O M I~ 1, I, fp ~ A O r p1 Q~ ry1 I, Op N V Vl 1- N O c~1 N O i- N V1 N ~O M 00 N ~O O ~'r1 f- c V 01 00 00 l0 00 l0 ~--I O Ql 1- lD Ol V lD e-I N N N M N 00 lf1 00 1!1 Kl I, 01 N M O f/1 C lD tD M V 1, L m 17 m .--1 e-I Ol M l0 ~-1 V M 1, i--I rl I, M cp N O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O O M V1 00 I~ Ql 00 N N Ol O Ol V1 00 M e-1 M Ql lD O l0 01 N tD VI v-I .--1 O fn lD .--I 1, O tD N M .--i O Ol M V N .--i O O O V 00 O O un P r-i o0 O O1 Ol M O C a. 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