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201 Recycling Fund Summary <br /> 202 The following table depicts the 2011 financial activity for the Recycling Fund for the fiscal period ending <br /> 203 September 30.2011 (unaudited). <br /> 204 <br /> 2011 2011 <br /> Budget Actual Actual Expect. Diff. <br /> Revenues <br /> Intergovernmental revenue $ 65,000 $ 70,267 108.1% 96.3% 11.8% <br /> Charges for services 426,580 342,117 80.2% 98.5% -18.3% <br /> Miscellaneous - - n/a n/a n/a <br /> Total Revenues $ 491,580 $ 412,384 83.9% 78.0% 5.9% <br /> Expenditures <br /> Recycling operations 524,891 392,389 74.8% 80.7% -6.0% <br /> 205 Total Expenditures $ 524,891 $ 392,389 74.8% 80.7% -6.0% <br /> 206 <br /> 207 Comments: <br /> 208 Recycling Fund revenues and expenditures were near expected levels. Revenues were slightly higher than <br /> 209 expected due additional multi-family units being added. Expenditures are lower than expected compared to <br /> 210 prior year averages,but comparable to amounts from two and three years ago. <br /> 211 <br /> 212 The Recycling Fund is currently in poor financial condition,with only$22,000 in cash reserves. A small <br /> 213 operating surplus is expected in 2011. <br /> 214 <br /> 215 Final Comments <br /> 216 The City's overall financial condition remains strong;however a number of concerns remain. The City's <br /> 217 cash reserve levels in some key operating units are below recommended levels. In addition,strengthening <br /> 218 the City's asset replacement funding mechanisms should remain a high priority for future budgets. <br /> 219 <br /> 220 POLICY OBJECTIVE <br /> 221 The information presented above satisfies the reporting requirements in the City's Operating Budget Policy. <br /> 222 FINANCIAL IMPACTS <br /> 223 Not applicable. <br /> 224 STAFF RECOMMENDATION <br /> 225 Not applicable. <br /> 226 REQUESTED COUNCIL ACTION <br /> 227 No formal Council action is requested. The fmancial report is presented for informational purposes only. <br /> 228 <br /> Prepared by: Chris Miller,Finance Director <br /> Attachments: A: None <br /> Page 13 of 13 <br />