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Information Technology Fund Summary <br />62 <br />The following table depicts the 2012 financial activity for the Information Technology Fund for the fiscal <br />63 <br />period ending June 30, 2012 (unaudited). <br />64 <br />65 <br />20122012%% <br />BudgetActualActualExpect.Diff. <br />Revenues <br />Charges for services733,840$ 380,298$ 51.8%44.3%7.5% <br />General property taxes- - 0.0%0.0%0.0% <br />Rentals / Lease319,300 224,945 70.4%62.5%7.9% <br />Miscellaneous195,092 21,840 11.2%4.0%7.2% <br />Total Revenues$ 627,0831,248,232$ 50.2%44.5%5.7% <br />Expenditures <br />Information technology1,248,232 607,921 48.7%48.1%0.6% <br />Other- - n/an/an/a <br />Total Expenditures$ 607,9211,248,232$ 48.7%48.1%0.6% <br />66 <br />67 <br />Comments: <br />68 <br />Information Technology revenues and expenditures were near expected levels. <br />69 <br />70 <br />The Information Technology Fund is currently in poor financial condition with a cash reserve of $109,000 <br />71 <br />or 10% of the annual operating budget. <br />72 <br />73 <br />The Information Technology Fund is expected to continue to face challenges in meeting unmet citywide <br />74 <br />needs. Current funding sources are insufficient to replace city equipment at the end of their useful lives. In <br />75 <br />addition, the Fund has no cash reserves rendering it unable to provide for any new initiatives. A computer <br />76 <br />replacement charge to other funds may be recommended with the 2013 or 2014 Budget to improve the <br />77 <br />Fund’s financial stability. <br />78 <br />79 <br />80 <br />Page 4 of 13 <br /> <br />