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Recycling Fund Summary 2 6 The following table depicts the 2008 financial activity for the Recycling Fund for the fiscal period 2 ('-) 7 ending Septemer -30, 2008 unaudited). 208 Expenditures Recycling operations Total Expenditures 384.1750 352.1810 91.7% 94.9% -3.2% $ 384.1750 $ 352.1810 91.7% 94.9% -3.2% 209 2 1 ('-) Comments.- 2 1 ,i Recycling Fund revenues were lower than expected due to the timing of collecting revenue sharing 2 12 proceeds from the recycling contractor. Expenditures were slightly lower than expected but comparable to 2 13 the previous year's levels. 2 14 2 1 The Recycling Fund is currently in poor financial condition, with a cash reserve of $,22,000 or 6% of the 2 16 annual operating budget. Future rate increases will be needed to offset projected increases in operational 2 1 "7 COStSo 2 18 2 19 Final Comments 22o The City's overall financial condition remains strong. At this time, there does not appear to be any financial 22 1 concerns from an operational standpoint. However, the City's cash reserve levels in key operating units 222 and asset replacement funds are below recommended levels and should be addressed. 223 224 No formal Council action is requested. The financial update is presented for informational purposes only. 225 POLICY OBJECTIVE 226 The information presented above satisfies the reporting requirements in the City's Operating Budget Policy 227 FINANCIAL IMPACTS Not applicable. 229 STAFF RECOMMENDATION 234,,--) Not applicable. 23 °,i REQUESTED COUNCIL ACTION 232 No formal Council action is requested. The financial report is presented for informational purposes only. 233 Prepared by: Chris Miller., Finance Director Attachments: A: None Page 14 of 14 2008 2008 % % B Actual Actual E Diff. Revenues Intergovernmental revenue 75.1000 66.1661 88.9% 94.9% -6.0% Charges for services 219.1750 198.1989 90.6% 69.5% 21.0% Miscellaneous 90.1000 33.1627 n/a n/a n/a Total Revenues 384.1750 299.1277 77.8% 86.3% -8.5% Expenditures Recycling operations Total Expenditures 384.1750 352.1810 91.7% 94.9% -3.2% $ 384.1750 $ 352.1810 91.7% 94.9% -3.2% 209 2 1 ('-) Comments.- 2 1 ,i Recycling Fund revenues were lower than expected due to the timing of collecting revenue sharing 2 12 proceeds from the recycling contractor. Expenditures were slightly lower than expected but comparable to 2 13 the previous year's levels. 2 14 2 1 The Recycling Fund is currently in poor financial condition, with a cash reserve of $,22,000 or 6% of the 2 16 annual operating budget. Future rate increases will be needed to offset projected increases in operational 2 1 "7 COStSo 2 18 2 19 Final Comments 22o The City's overall financial condition remains strong. At this time, there does not appear to be any financial 22 1 concerns from an operational standpoint. However, the City's cash reserve levels in key operating units 222 and asset replacement funds are below recommended levels and should be addressed. 223 224 No formal Council action is requested. The financial update is presented for informational purposes only. 225 POLICY OBJECTIVE 226 The information presented above satisfies the reporting requirements in the City's Operating Budget Policy 227 FINANCIAL IMPACTS Not applicable. 229 STAFF RECOMMENDATION 234,,--) Not applicable. 23 °,i REQUESTED COUNCIL ACTION 232 No formal Council action is requested. The financial report is presented for informational purposes only. 233 Prepared by: Chris Miller., Finance Director Attachments: A: None Page 14 of 14