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124 License Center Fund Summary <br /> 125 The following table depicts the 2011 financial activity for the License Center Fund for the fiscal period <br /> "126 ending September 30, 2011,(unaudited). <br /> 12"7 <br /> 2011 2011 % % <br /> Buffet Actual Actual Expect. Diff. <br /> Revenues <br /> Charges for services $1,144,725 $ 744,526 65.0% 58.4% 6.6% <br /> Miscellaneous - - n/a n/a n/a <br /> Total Revenues $1,144,725 $ 744,526 65.0% 58.4% 6.6% <br /> Expenditures <br /> License Center operations 1,144,725 755,512 66.0% 60.2% 5.8% <br /> Other - - n/a n/a n/a <br /> "I 2,1B Total Expenditures $1,144,725 $ 755,512 66.0% 60.2% 5.8% <br /> 129 <br /> Comments: <br /> 1311 License Center Fund revenues and expenditures are near expected levels. <br /> "I '�2 <br /> 1311 1311� The License Center Fund is currently in good financial condition with a cash reserve of$395,000 or 34%of <br /> 1"'311A, the annual operating budget. However the City needs to stay cognizant of increased competition from other <br /> "I 11�5 area licensing centers, as well as new federal or state mandates that could result in higher operating costs. <br /> F The sustained economic downturn continues to pose some risk, although the License Center continues to <br /> "1 1,1311 generate a small operating surplus. <br /> "I"":9 <br /> I Ij <br /> Page 8 of 13 <br />