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Recycling Fund Summary <br />_� The following table depicts the 2012 financial activity for the Recycling Fund for the iiscal period ending <br />_ September 30, 2012 (unaudited). <br />Revenues <br />Intergovernmentalrevenue <br />Charges for services <br />Miscellaneous <br />Total Revenues <br />Expenditures <br />Recycling operarions <br />Total Expenditures <br />2012 2012 <br />Budget Actual <br />$ 65,000 $ 87,460 <br />459,891 312,568 <br />$ 524,891 $ 400,028 <br />% % <br />Actual Expect• Diff. <br />134.6% ] 02.7% 31.9% <br />68.0% 95.0% -27.1 % <br />n/a n/a n/a <br />762% 80.1% -3.8% <br />524,891 413,313 78.7% 76.8% 2.0% <br />$ 524,891 $ 413,313 78.7% 76.8% 2.0% <br />Comments: <br />Recycling Fund revenues and expenditures overall were at expected ]evels. Intergovernmental revenues <br />were higher than expected. Future budget amounts will be adjusted accordingly. Charges for services were <br />higher than expected compared to the 3-year average, but commensurate with the previous two years. <br />The Recycling Fund is currently in good financial condition, with $250,000 in cash reserves, or 40% of the <br />operating budget. <br />Final Comments <br />The City's overall financial condition remains strong; however a number of concerns remain. The City's <br />cash reserve levels in some key operating units are below recommended levels. In addition, strengthening <br />the City's asset replacement funding mechanisms should remain a high priority for future budgets. <br />�: � POLICY OBJECTIVE <br />The information presented above satisfies the reporting requirements in the City's Operating Budget Policy. <br />L,' <br />z. <br />FINANCIAL IMPACTS <br />Not applicable. <br />STAFF RECOMMENDATION <br />Not applicable. <br />REQUESTED COUNCIL ACTION <br />No formal Council action is requested. The financial report is presented for informational purposes only. <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: None <br />Page 13 of 13 <br />