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2 Recycling Fund Summary <br />24 i The following table depicts the 2008 financial activity for the Recycling Fund for the fiscal period <br />1 <br />242 ending June 30, 2008 (unaudited). <br />243 <br />244 <br />245 Comments.- <br />246 Recycling Fund revenues and expenditures were lower than expected but comparable to the previous year's <br />247 levels . <br />248 <br />249 The Recycling Fund is currently in poor financial condition, with a cash reserve of $,22,000 or 6% of the <br />25, :) annual operating budget. Future rate increases will be needed to offset projected increases in operational <br />2 1 COStSo <br />252 <br />253 Final Comments <br />254 The City's overall financial condition remains strong. At this time, there does not appear to be any financial <br />255 concerns from an operational standpoint. However, the City's cash reserve levels in key operating units <br />256 and asset replacement funds are below recommended levels and should be addressed. <br />257 <br />2 �` ,, No formal Council action is requested. The financial update is presented for informational purposes only. <br />259 POLICY OBJECTIVE <br />26o The information presented above satisfies the City's Operating Budget Policy. <br />Page 14 of 15 <br />2008 <br />2008 <br />% <br />% <br />Bu. <br />Actual <br />Actual <br />Expect. <br />Diff. <br />Revenues <br />Intergovernmental revenue <br />75.1000 <br />31.1843 <br />42.5% <br />64.2% <br />-21.8% <br />Charges for services <br />219.1750 <br />100.1491 <br />45.7% <br />39.3% <br />6.5% <br />Miscellaneous <br />90.1000 <br />33.1231 <br />n/a <br />n/a <br />n/a <br />Total Revenues <br />384.1750 <br />165.1565 <br />43.0% <br />7.1% <br />-24.1% <br />Expenditures <br />Recycling operations <br />384.1750 <br />237.1990 <br />61.9% <br />57.2% <br />4.6%_ <br />Total Expenditures <br />384.1750 <br />237.1990 <br />61.9% <br />70.8% <br />-9.0% <br />244 <br />245 Comments.- <br />246 Recycling Fund revenues and expenditures were lower than expected but comparable to the previous year's <br />247 levels . <br />248 <br />249 The Recycling Fund is currently in poor financial condition, with a cash reserve of $,22,000 or 6% of the <br />25, :) annual operating budget. Future rate increases will be needed to offset projected increases in operational <br />2 1 COStSo <br />252 <br />253 Final Comments <br />254 The City's overall financial condition remains strong. At this time, there does not appear to be any financial <br />255 concerns from an operational standpoint. However, the City's cash reserve levels in key operating units <br />256 and asset replacement funds are below recommended levels and should be addressed. <br />257 <br />2 �` ,, No formal Council action is requested. The financial update is presented for informational purposes only. <br />259 POLICY OBJECTIVE <br />26o The information presented above satisfies the City's Operating Budget Policy. <br />Page 14 of 15 <br />