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Recycling Fund Summary 2 2 The following table depicts the 2011 financial activity for the Recycling Fund for the fiscal period ending 2 "3 September 30, 2011 (unaudited). 2 4, 2011 2011 % % Buffet Actual Actual Expect. Diff. Revenues Intergovernmental revenue $ 65,000 $ 70,267 108.1% 96.3% 11.8% Charges for services 426,580 342,117 80.2% 98.5% -18.3% Miscellaneous - - n/a n/a n/a Total Revenues $ 491,580 $ 412,384 83.9% 78.0% 5.9% Expenditures Recycling operations 524,891 392,389 74.8% 80.7% -6.0% 2 5 Total Expenditures $ 524,891 $ 392,389 74.8% 80.7% -6.0% 2C)6 2(,')7 Comments: 2(),1B Recycling Fund revenues and expenditures were near expected levels. Revenues were slightly higher than 2(,')9 expected due additional multi-family units being added. Expenditures are lower than expected compared to 2 1O prior year averages, but comparable to amounts from two and three years ago. 211 212 The Recycling Fund is currently in poor financial condition, with only$22,000 in cash reserves. A small 21"'311 operating surplus is expected in 2011. 2 14, 215 Final Comments 216 The City's overall financial condition remains strong; however a number of concerns remain. The City's 2 1��7 cash reserve levels in some key operating units are below recommended levels. In addition, strengthening 2"HE"3), the City's asset replacement funding mechanisms should remain a high priority for future budgets. 219 22() POLICY OBJECTIVE 22,,�� The information presented above satisfies the reporting requirements in the City's Operating Budget Policy. 222 FINANCIAL IMPACTS 22"":�11 Not applicable. 224, STAFF RECOMMENDATION 225 Not applicable. 226 REQUESTED COUNCIL ACTION 227 No formal Council action is requested. The financial report is presented for informational purposes only. 22,1B Prepared by: Chris Miller,Finance Director Attachments: A: None Page 13 of 13