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License Center Fund Summary <br />127 <br />The following table depicts the 2012 financial activity for the License Center Fund for the fiscal period <br />128 <br />ending June, 2012 (unaudited). <br />129 <br />130 <br />20122012%% <br />BudgetActualActualExpect.Diff. <br />Revenues <br />Charges for services1,130,525$ 577,550$ 51.1%38.5%12.6% <br />Miscellaneous- - n/an/an/a <br />Total Revenues$ 577,5501,130,525$ 51.1%38.5%12.6% <br />Expenditures <br /> 625,6391,130,525 55.3%41.3%14.0% <br />License Center operations <br />Other- - n/an/an/a <br />Total Expenditures$ 625,6391,130,525$ 55.3%41.3%14.0% <br />131 <br />132 <br />Comments: <br />133 <br />License Center Fund revenues and expenditures are higher than expected. The overall volume of activity <br />134 <br />has steadily increased during the past six months. While this allows for the capture of added revenues, it <br />135 <br />also necessitates an increase in hours worked by part-time staff. <br />136 <br />137 <br />The License Center Fund is currently in excellent financial condition with a cash reserve of $598,000 or <br />138 <br />59% of the annual operating budget. However the City needs to stay cognizant of increased competition <br />139 <br />from other area licensing centers, as well as new federal or state mandates that could result in higher <br />140 <br />operating costs. <br />141 <br />142 <br />The sustained economic downturn continues to pose some risk, although the License Center continues to <br />143 <br />generate a small operating surplus. <br />144 <br />145 <br />146 <br />Page 8 of 13 <br /> <br />