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Recycling Fund Summary <br />206 <br />The following table depicts the 2012 financial activity for the Recycling Fund for the fiscal period ending <br />207 <br />June 30, 2012 (unaudited). <br />208 <br />209 <br />20122012%% <br />BudgetActualActualExpect.Diff. <br />Revenues <br />Intergovernmental revenue65,000$ 70,028$ 107.7%51.3%56.5% <br />Charges for services459,891 190,407 41.4%54.9%-13.5% <br />Miscellaneous- - n/an/an/a <br />Total Revenues$ 260,434524,891$ 49.6%43.8%5.8% <br />Expenditures <br />Recycling operations524,891 271,029 51.6%64.8%-13.2% <br />Total Expenditures$ 271,029524,891$ 51.6%64.8%-13.2% <br />210 <br />211 <br />Comments: <br />212 <br />Recycling Fund revenues were at expected levels while expenditures were below. Expenditures are <br />213 <br />somewhat lower than expected due to the timing of the payments made to the contractor for curbside <br />214 <br />pickup. <br />215 <br />216 <br />The Recycling Fund is currently in good financial condition, with $250,000 in cash reserves, or 40% of the <br />217 <br />operating budget. <br />218 <br />219 <br />Final Comments <br />220 <br />The City’s overall financial condition remains strong; however a number of concerns remain. The City’s <br />221 <br />cash reserve levels in some key operating units are below recommended levels. In addition, strengthening <br />222 <br />the City’s asset replacement funding mechanisms should remain a high priority for future budgets. <br />223 <br />224 <br />PO <br />OLICYBJECTIVE <br />225 <br />The information presented above satisfies the reporting requirements in the City’s Operating Budget Policy. <br />226 <br />FI <br />INANCIALMPACTS <br />227 <br />Not applicable. <br />228 <br />SR <br />TAFF ECOMMENDATION <br />229 <br />Not applicable. <br />230 <br />RCA <br />EQUESTEDOUNCILCTION <br />231 <br />No formal Council action is requested. The financial report is presented for informational purposes only. <br />232 <br />233 <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: None <br />Page 13 of 13 <br /> <br />