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131 License Center Fund Summary <br />132 The following table depicts the 2008 financial activity for the License Center Fund for the fiscal period <br />133 ending Septemer _30, 2008 unaudited). <br />134 <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 />1.1205.1275 703.1878 58.4% 79.0% -20.6% <br />-1 -1 n/a n/a n/a <br />$ 1.1205.1275 $ 703.1878 58.4% 79.0% -20.6% <br />1,20 ,27 684.1872 56.8% 74.2% 17.3% <br />-1 -1 n/a n/a n/a <br />$ <br />1,20 ,27 $ 684.1872 56.8% 74.2% -17. % <br />135 <br />136 Comments.- <br />137 License Center Fund revenues are down significantly due to the slowdown in the local economy. New and <br />138 used car sales have decreased which in turn results in less titling fees at the License Center. In addition, <br />139 consumer demand for passports has also waned due to reduced travel to other countries. Expenditures are <br />140 below expected levels due to a reduction in hours and wages from part-time employees as well as leaving a <br />141 budgeted full-time position vacant. In addition, an internal transfer of surplus monies from the License <br />142 Center Fund to the General and Information Technology Funds has been delayed pending final year <br />143 financial results. <br />144 <br />145 The License Center Fund is currently in good financial condition with a cash reserve of $,350,000 or 35% of <br />14 6 the annual operating budget. However the City needs to stay cognizant of increased competition from other <br />147 area licensing centers, as well as new federal or state mandates that could result in higher operating costs. <br />148 A sustained economic downturn also poses a risk. <br />149 <br />Page 9 of 14 <br />