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"1 "72 License Center Fund Summary <br />"1 "7 3 The following table depicts the 2008 financial activity for the License Center Fund for the fiscal period <br />I <br />"1 "74 ending June 30, 2008 (unaudited). <br />17 5 <br />Revenues <br />Charges for services <br />Miscellaneous <br />Total Revenues <br />Expenditures <br />License Center op erations <br />Other <br />Total Expenditures <br />2008 2008 % % <br />uB Actual Actual Expect. Diff. <br />1,20 ,27 455.1147 37.8% 50.5% 12.8% <br />-1 -1 n/a n/a n/a <br />$ <br />1,20 ,27 $ 455.1147 37.8% 50.5% -12. % <br />1,20 ,27 444.1277 36.9% 45.2% -8.3% <br />-1 -1 n/a n/a n/a <br />$ <br />1,20 ,27 $ 444.1277 36.9% 45.2% -8.3% <br />"1 "7 6 <br />1 7 7 Comments.- <br />"1 "7 8 License Center Fund revenues and expenditures are below expected levels. Notable exceptions include.- <br />"1 "7 9 <br />180 1), Charges for services revenues are approximately 13% lower than expected reflecting lower <br />"I "I transaction volumes from passports and vehicle dealer licensing; both of which are related to the <br />"1 2 downturn in the economy. The City has responded by leaving one full-time position vacant until <br />"1 3 the level of activity improves. <br />"1 4 <br />185 The License Center Fund is currently in good financial condition with a cash reserve of $,350,000 or 35% of <br />"1 6 the annual operating budget. However the City needs to stay cognizant of increased competition from other <br />"1 "7 area licensing centers, as well as new federal or state mandates that could result in higher operating costs. <br />"I <br />Page 9 of 15 <br />