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124 License Center Fund Summary <br /> 125 The following table depicts the 2011 financial activity for the License Center Fund for the fiscal period <br /> 126 ending September 30, 2011 (unaudited). <br /> 12/ <br /> 2011 2011 <br /> Budget Actual Actual Expect. Diff. <br /> Revenues <br /> Charges for services. $1,144,725 $ 744,526 65.0% 58.4% 6.6% <br /> Miscellaneous - - n/a n/a n/a <br /> Total Revenues $1,144,725 $ 744,526 65.0% 58.4% 6.6% <br /> Expenditures <br /> License Center operations 1,144,725 755,512 66.0% 60.2% 5.8% <br /> Other - - n/a n/a n/a <br /> 128 Total Expenditures $1,144,725 $ 755,512 66.0% 60.2% 5.8% <br /> 129 <br /> 130 Comments: <br /> 131 License Center Fund revenues and expenditures are near expected levels. <br /> 132 <br /> 133 The License Center Fund is currently in good fmancial condition with a cash reserve of$395,000 or 34%of <br /> 134 the annual operating budget. However the City needs to stay cognizant of increased competition from other <br /> 135 area licensing centers,as well as new federal or state mandates that could result in higher operating costs. <br /> 136 <br /> 137 The sustained economic downturn continues to pose some risk,although the License Center continues to <br /> 138 generate a small operating surplus. <br /> 139 <br /> 140 <br /> Page 8 of 13 <br />