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07 - JULY 2015 FINANCIAL REPORTItem No. 7 memorandum TO: City Council John Godwin, City Manager FROM: Gene Anderson, Finance Director SUBJECT: JULY 2015 FINANCIAL REPORT DATE: August 17, 2015 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 2015 Financial Report Comments Net to Date Comparison of Revenues: 1. The operations and maintenance property tax and related collections are 3.76% more than this time last year. The current tax roll is 96.13% collected vs. 97.25% last year. 2. Sales taxes are up 22.22% 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 5.70 %. 3. Hotel occupancy taxes are up 8.38% from last year. All hotels are current on their taxes. 4. Franchise fees are down 0.35% which is only $9,547. 5. Permit fees are up 117.64% compared to last year with the issuance of permits for Paris Lakes. 6. Municipal Court fines are 11.62% 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 12.74 %. 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. Recreation fees are down 5.37 %. 12. Total General Fund revenues are 10.97% 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 95.47% of the budget with the City being 83.33% through the budget year. 13. Total General Fund expenditures are down 1.05% compared to last year. General Fund expenditures to date equal 83.16% of budget with the City being 83.33% through the budget year. 14. Sewer revenue is up 2.84% compared to last year. 15. Water revenue is down 1.66% compared to last year. 16. Total Water & Sewer revenues are 0.51% above last year and equal s 80.55% of budget which is below the 83.33% budget to date percentage. 17. Total Water & Sewer expenses are 1.74% below last year at this point in time and represent 54.81% of the total budget (67.80% adjusted for debt) while the City is 83.33% through the budget year. Departmental Expenditure Summary: At this point the City is nine 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 and Water & Sewer Funds there are eight departments whose expenditures are over 83.33% at this time. 1. City Council- 85.94%. The overage amounts to $1,952 and is due to public notices, membership dues, online connectivity for iPads, and work authorized by the Council to solve some downtown electrical line problems. 2. Police- 85.79%. The overage amounts to $138,866 and is due to unemployment benefits, postage, tires, pound supplies, other supplies, insurance, the emergency notification service, publications, contract services, utilities, maintenance agreements, and building maintenance. 3. Fire - 87.11%. The overage amounts to $163,013 and is due to overtime, bunker gear, insurance, building & equipment maintenance, overtime, utilities, and demolition costs. 4. Public Works- 99.93%. The overage amounts to $27,214 and is due to an error in payroll budgeting, office supplies, phone expense, publications, building maintenance, and insurance payments. 5. EMS - 91.51%. The overage amounts to $184,610 and is due to overtime, building & equipment maintenance, office supplies, postage, utilities, ambulance purchase, and medical supplies. 6. Paris Band - 84.91 %. The overage amounts to $364. With the seasonal nature of band expenses, this department should come in under budget for the year. 7. Library - 85.07 %. The overage amounts to $11,794 and is due to insurance, postage, technical processing, media, and utilities. 8. General Expenses - 83.53 %. The overage amounts to $3,180 which is an immaterial amount in its $1,566,897 budget. General comments to the City Council: 1. 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. 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. PEDC has its own managing board. Year to Date Comparison j July, 2015 Current Year Previous Year Net to Date General Fund Taxes Collected 6,074,472.27 5,854,128.82 220,343.45 Sales Tax 61453,887.84 5,280,184.43 1,173,703.41 Hotel -Motel Tax 590,948.48 545,221.74 45,726.74 Franchise Fees 2,678,808.77 2,688,356.56 (9,547.79) Permits 200,976.88 92,339.75 108,637.13 Court Fines 272,626.35 308,485.72 (35,859.37) Leases & Interest 113,430.96 178,104.67 (64,673.71) Fees & Copies 8,672.72 8,032.16 640.56 Streets & Highways Sanitation Fees 26,472.83 1,217,566.67 0.00 1,217,096.61 26,472.83 470.06 EMS Fees 2,000,455.41 1,774,260.06 226,195.35 Mixed Beverage Tax 54,323.14 53,828.98 494.16 Miscellaneous Fees 610,172.80 203,374.77 406,798.03 Water & Sewer Transfer 729,166.60 729,166.60 0.00 Recreation Programs 128,421.13 135,717.70 (7,296.57) General Fund Total Revenues 21,160,402.85 19,068,298.57 2,092,104.28 General Fund Total Expenditures 18,391,109.69 18,587,707.94 (196,598.25) Net to Date 2,769,293.16 480,590.63 2,288,702.53 PEDC Fund Sales Tax 1,290,777.52 1,056,036.84 234,740.68 Interest Earned 1,462.44 56,214.75 (54,752.31) Miscellaneous Revenue 0.00 0.00 PEDC Fund Total Revenues 1,292,239.96 1,112,251.59 179,988.37 PEDC Fund Total Expenditures 195,281.29 2,735,200.58 (2,539,919.29) Net to Date 1,096,958.67 (1,622,948.99) 2,719,907.66 Water &Sewer Fund Sewer 4,613,365.60 4,4851705.68 127,659.92 Water 6,403,934.76 6,512,121.05 (108,186.29) Interest Earned 30,412.82 18,817.50 11,595.32 Miscellaneous 378,385.95 350,786.11 27,599.84 W &S Fund Total Revenues 11,426,099.13 11,367,430.34 58,668.79 W &S Fund Total Expenditures 7,769,800.89 7,907,697.56 (137,896.67) Net to Date 3,656,298.24 3,459,732.78 196,565.46 Comparison Report Page 1 8/17/2015 Year to Date Comparison ' July, 2015 Current Year Previous Year Net to Date Capital Projects Fund Interest Earned 1,447.74 979.20 468.54 Auction Proceeds 0.00 Sell of Airport Property 90,100.00 0.00 90,100.00 Capital Projects Fund Revenues 91,547.74 979.20 90,568.54 Capital Projects Fund Expenditures 150,844.97 177,543.41 (26,698.44) Net to Date (149,397.23) (176,564.21) 27,166.98 Equipment Replacement Fund Interest Earned 497.67 550.88 (53.21) Auction Proceeds 0.00 500.00 (500.00) Equipment Replacement Fund Revenues 497.67 1,050.88 (553.21) Equipment Replacement Fund Expenditures 10,979.78 222,077.31 (211,097.53) Net to Date (10,482.11) (221,026.43) 210,544.32 CO 2010 Construction Fund Interest Earned 3,619.21 2,177.70 1,441.51 Repayments From Other Funds CO 2010 Construction Fund Revenues 3,619.21 2,177.70 1,441.51 CO 2010 Construction Fund Expenditures 6,976.06 0.00 6,976.06 Net to Date (3,356.85) 2,177.70 (5,534.55) TWDB Loan Fund Bond Proceeds 286,531.46 1,9751114.81 (1,688,583.35) Interest Earned 10.88 0.00 10.88 TWDB LoanFund Revenues 286,542.34 1,975,114.81 (1,688,583.35) TWDB Loan Fund Expenditures 213,935.58 1,912,076.15 (1,698,140.57) Net to Date 72,606.76 63,038.66 9,568.10 Special Revenue Fund Interest Earned 0.00 0.00 Special Revenue Fund Revenues 0.00 0.00 Special Revenue Fund Expenditures 0.00 0.00 0.00 Net to Date 0.00 0.00 0.00 Child Safety Fund Interest Earned 107.51 76.72 30.79 Donations 1,980.00 275.00 Child Safety Fund Revenues Child Safety Fund Expenditures 2,087.51 4,110.96 351.72 4,144.31 1,735.79 (33.35) Net to Date (2,023.45) (3,792.59) 1,769.14 Comparison Report Page 2 8/17/2015 Year to Date Comparison July, 2015 .Mtl— Current Year Previous Year Net to Date Health Department Interest Earned 21.83 69.80 (47.97) Fees & Grants 0.00 638,888.15 (638,888.15) Miscellaneous Revenue 0.00 Health Department Fund Revenues 21.83 638,957.95 (638,936.12) Health Department Fund Expenditures 0.00 754,647.24 (754,647.24) Net to Date 21.83 (115,689.29) 115,711.12 PEG Channel Fund Interest Earned 469.67 543.11 (73.44) PEG Franchise Fee 57,775.53 30,183.68 PEG Channel Fund Revenues 58,245.20 30,726.79 27,518.41 PEG ChannelFund Expenditures 0.00 0.00 0.00 Net to Date 58,245.20 30,726.79 27,518.41 Grant Fund Grants 853,007.32 397,498.77 455,508.55 Interest Earned 28.69 84.52 (55.83) Grant Fund Revenues 853,036.01 397,583.29 455,452.72 Grant Fund Expenditures 585,310.95 779,154.57 (193,843.62) Net to Date 267,725.06 (381,571.28) 649,296.34 Water Contract Fund Interest Earned 9,901.11 12,415.83 (2,514.72) Deposits Billed (316.68) (318.75) 2.07 Water Contract Fund Revenue 9,584.43 12,097.08 (2,512.65) Water Contract Fund Expenditures Net to Date 9,584.43 12,097.08 (2,512.65) Community Development Block Grant Interest Earned and Fees 4,377.40 6,964.46 (2,587.06) Grants 0.00 0.00 0.00 Community Dvl Block Grant Fd Revenues 4,377.40 6,964.46 (2,587.06) Community Dvl Block Grant Fd Expenditures 0.00 0.00 Net to Date 4,377.40 6,964.46 (2,587.06) Home Buyers Assistance 2009 Grants Home Buyers Assistance 2009 Revenues 0.00 0.00 0.00 Home Buyers Assistance 2009 Expenditures 0.00 0.00 Net to Date 0.00 0.00 0.00 Comparison Report Page 3 8/17/2015 Year to Date Comparison j July, 2015 Current Year Previous Year Net to Date Texas Department of Community Affairs Interest Earned 3.57 2.40 1.17 OCC Payments 387,199.20 0.00 387,199.20 TX Dept of Community Affairs Revenues 387,202.77 2.40 387,200.37 TX Dept of Community Affairs Expenditures 393,484.04 5,199.00 388,285.04 Net to Date 6,281.27 5,196.60 1,084.67 Municipal Court Tech Fee Municipal Court Tech Fee 9,369.57 10,825.02 (1,455.45) Interest Earned 184.53 95.16 89.37 Municipal Court Tech Fee Revenue 9,554.10 10,920.18 (1,366.08) Municipal Court Tech Fee Expenditures 1,580.46 1,568.76 11.70 Net to Date 7,973.64 9,351.42 (1,377.78) Municipal Court Security Fee Court Security Fee 7,038.48 8,155.28 (1,116.80) Interest Earned 248.64 154.62 Municipal Court Security Fee Revenues 7,287.12 8,309.90 (1,022.78) Municipal Court Security Fee Expenditures 6,851.67 11,084.59 (4,232.92) Net to Date 435.45 (2,774.69) 3,210.14 Municipal Court Child Safety Fee Child Safety Fee 1,041.39 1,467.97 (426.58) Interest Earned 57.38 46.64 Municipal Court Child Safety Fee Revenues 1,098.77 1,514.61 (415.84) Municipal Court Child Safety Fee Expenditures 0.00 0.00 Net to Date 1,098.77 1,514.61 (415.84) Municipal Court Time Pay Fee Time Payment Fee 1,669.96 1,893.91 (223.95) Interest Earned 52.15 27.97 Municipal Court Time Pay Fee Revenues 1,722.11 1,921.88 (199.77) Municipal Court Time Pay Fee Expenditures 71.00 11284.80 (1,213.80) Net to Date 1,651.11 637.08 1,014.03 Police Conf Fds- Gambling Conf Funds - Gambling Interest Earned 18.63 11.20 7.43 Police Conf Fds - Gambling Revenues 18.63 11.20 7.43 Police Conf Fds- Gambling Expenditures 0.00 0.00 0.00 Net to Date 18.63 11.20 7.43 Comparison Report Page 4 8/17/2015 Year to Date Comparison 7 July, 2015 Current Year Previous Year Net to Date Judicial Fofreiture Fee Judicial Forfeiture Fee 20,757.59 6,164.14 14,593.45 Interest Earned 69.88 12.80 57.08 Police Judicial Forfeiture Revenues 20,827.47 6,176.94 14,650.53 Police Judicial Forfeiture Expenditures 4,354.12 7,312.97 (2,958.85) Net to Date 16,473.35 (1,136.03) 17,609.38 GO Bonds 2013 Construction Interest Earned 108,858.85 0.10 108,858.75 GO Bonds 2013 Construction Fund Revenues 108,858.85 0.10 108,858.75 Tax & Rev CO 2000 Const Fund Expenditures 0.00 0.00 Net to Date 108,858.85 0.10 108,858.75 Tax & Rev CO 2000 Const Fund Interest Earned 0.16 0.16 Tax & Rev CO 2000 Const Fund Revenues 0.16 0.00 0.16 Tax & Rev CO 2000 Const Fund Expenditures 0.00 0.00 0.00 Net to Date 0.16 0.00 0.16 CO Series 2002 Construction Fd Interest Earned CO Series 2002 Construction Fd Revenues 0.00 0.00 0.00 CO Series 2002 Construction Fd Expenditures 0.00 0.00 0.00 Net to Date 0.00 0.00 0.00 GO Bonds 2013 Construction Fund Interest Earned 108,858.85 119,520.23 (10,661.38) Bond Proceeds 0.00 GO Bonds 2013 Construction Fund Revenues 108,858.85 119,520.23 (10,661.38) GO Bonds 2013 Construction Fund Expenditures Net to Date 108,858.85 119,520.23 (10,661.38) Revenue Bonds Sinking Funds Interest Earned 36,415.03 35,951.59 463.44 Revenue Bonds Sinking Funds Revenues 36,415.03 35,951.59 463.44 Revenue Bonds Sinking Funds Expenditures 0.00 Net to Date 36,415.03 35,951.59 463.44 Tax & Rev CO's 2013 TWDB I &S Fund Tax & Rev CO's 2013 TWDB I &S Fund Interest Earned 337.85 564.64 (226.79) Comparison Report Page 5 8/17/2015 Year to Date Comparison 7. July, 2015 Current Year Previous Year Net to Date Tax & Rev CO's 2013 TWDB I &S Revenues 337.85 564.64 (226.79) Tax & Rev CO's 2013 TWDB I &S Expenditures 171,546.50 171,546.50 0.00 Net to Date 1 (171,208.65) (170,981.86) (226.79) Comparison Report Page 6 8/17/2015 Year to Date Comparison ' July, 2015 Current Year Previous Year Net to Date 2012 GO Ref Bonds I & S 2012 GO Ref Bonds I & 5 Interest Earned 0.00 0.00 0.00 2012 GO Ref Bonds I &S Revenues 0.00 0.00 0.00 2012 GO Ref Bonds I &S Expenditures Net to Date 0.00 0.00 0.00 Tax & Rev CO 2010 I &S Tx & Rev CO 2010 I &S 210,259.73 220,856.40 (10,596.67) Interest Earned 379.19 232.63 146.56 Tax & Rev CO 2010 Refunding Bonds Revenues 210,638.92 221,089.03 (10,450.11) Tax & Rev CO 2010 Refunding Bonds Expenditures 211,185.01 210,403.76 781.25 Net to Date (546.09) 10,685.27 (11,231.36) Tax & Rev CO 2002 I &S Fund Tax & Rev COs 2002 I &S 0.00 0.00 Interest Earned 0.00 0.00 0.00 Transfer from fund 42 0.00 0.00 Tax & Rev CO 2002 I &S Fund Revenues 0.00 0.00 0.00 Tax & Rev CO 2002 I &S Fund Expenditures 0.00 0.00 0.00 Net to Date 0.00 0.00 0.00 Cert of Oblig 2003 I &S Fund Interest Earned 0.00 0.00 0.00 Cert of Oblig 2003 I &S Fund Revenues 0.00 0.00 0.00 Cert of Oblig 2003 I &S Fund Expenditures 0.00 0.00 0.00 Net to Date 0.00 0.00 0.00 2010 GO /W &S Refunding Bonds Cert. Of Oblig. 2010 I &S Interest Earned 448,681.77 2,435.90 467,695.84 3,072.62 (19,014.07) (636.72) 2010 GO /W &S Refunding Bonds Revenues 451,117.67 470,768.46 (19,650.79) 2010 GO /W &S Refunding Bonds Expenditures Net to Date 1,629,906.26 (1,178,788.59) 1,632,431.26 (1,161,662.80) (2,525.00) (17,125.79) Comparison Report Page 7 8/17/2015 Year to Date Comparison 7 ' July, 2015 Current Year Previous Year Net to Date 2012 GO Ref Bonds I & S 2012 GO Ref Bonds I & S 647,883.27 826,587.43 (178,704.16) Interest Earned 2,666.86 1,363.23 1,303.63 2012 GO Ref Bonds I & S Revenues 650,550.13 827,950.66 (177,400.53) 2012 GO Ref Bonds I & S Expenditures Net to Date 650,550.13 827,950.66 (177,400.53) Interlocal Coop Agreement I &S Interlocal Coop Agreement I &S 102,772.39 108,804.19 (6,031.80) Interest Earned 110.80 75.89 34.91 Interlocal Coop Agreement I &S Revenues 102,883.19 108,880.08 (5,996.89) Interlocal Coop Agreement I &S Expenditures Net to Date 102,883.19 108,880.08 (5,996.89) GO Bonds 2013 1 & S GO Bds 2013 Property Taxes 0.00 0.00 0.00 Interest Earned 7,076.72 616.36 6,460.36 GO Bonds 20131 & S Revenues 7,076.72 616.36 6,460.36 GO Bonds 20131 & S Expenditures Net to Date 7,076.72 616.36 6,460.36 Tax & Rev CO 2002 I &S Fund Tax & Rev COs 2002 I &S 0.00 0.00 Interest Earned 959.65 (959.65) Transfer from fund 42 (399,906.96) Tax & Rev CO 2002 I &S Fund Revenues 0.00 (398,947.31) 398,947.31 Tax & Rev CO 2002 I &S Fund Expenditures 0.00 0.00 0.00 Net to Date 0.00 (398,947.31) 398,947.31 2003 GO Refunding Bonds Cert. Of Oblig. 2003 I &S 0.00 0.00 0.00 Interest Earned 0.00 1,384.47 0.00 2003 GO Refunding Bonds Revenues 0.00 1,384.47 (1,384.47) 2003 GO Refunding Bonds Expenditures 0.00 0.00 0.00 Net to Date 0.00 1,384.47 (1,384.47) Library Memorial Fund Interest Earned 98.23 90.26 Memorial Donations 3,382.06 2,694.63 687.43 Library Memorial Fund Revenues 3,480.29 2,784.89 695.40 Library Memorial Fund Expenditures 2,649.68 9,349.81 1 (6,700.13) Comparison Report Page 8 8/17/2015 Year to Date Comparison July, 2015 .ash Current Year Previous Year Net to Date Net to Date 830.61 (6,564.92) 7,395.53 Library Expendable Fund Interest Earned 338.77 205.41 133.36 Donations 0.00 0.00 0.00 Library Expendable Fund Revenues 338.77 205.41 133.36 LibraryExpendable Fund Expenditures 0.00 Net to Date 338.77 205.41 133.36 Library Permanent Fund Interest Earned 227.25 0.74 226.51 Donations Library Permanent Fund Revenues 227.25 0.74 226.51 Library Permanent Fund Expenditures 0.00 0.00 0.00 Net to Date 227.25 0.74 1 226.51 Comparison Report Page 9 8/17/2015 f0 C E f!1 i 7 °a c 0J C x W Ln ri 0 N n 00 N Oo to D_ h 7 c w Q x LU O d d m m 00 V 00 M to 00 ri lD O O O t0 V to O n OO O to t0 N O N .-1 lD O 00 N n to m ri to N n .-I � ri N rl N M n O n M n O V O a O n 00 O O N y m M 00 ri M V 00 N m m n a' n 00 N a M N O M Or1 00 M It a' N M m n y, O1 U to ri o V m M tD ri n M N O m M v M 00 00 N to O N m O O tD M m r l r-1 i 00 O n to M O m ri r\ to •-1 N a tD N m O o o ri a .-r ri n O oo O) .-1 r\ to O M 0 ri M r- M to O r` r- tf1 01 V O m M N 00 .i N N to n n tD M 00 N n a N 7 m Co m ri tD tD V N r\ ri m M n N e1 n M ri to N o0 ri O N m to tD M M M ri 00 M 00 m M W M N M Ch ri tD ct .1 00 M tD - fM1 O O O O O O O O O O 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 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 01 N V a to N m O ri a to P o N M O o Q tD N W lD N O tD M W to L 01 M 00 m N� m O ri o M m V M V o o M M N M n M w M O tD t0 m n d' fY M OD o0 ri N to m m lD n N o0 lD M u) M O V m F. 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