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Information Technology Fund Summary <br />71 <br />The following table depicts the 2013 financial activity for the Information Technology Fund for the <br />72 <br />fiscal period ending March 31, 2013 (unaudited). <br />73 <br />74 <br />20132013%% <br />BudgetActualActualExpect.Diff. <br />Charges for services860,018$ 243,308$ 28.3%22.3%6.0% <br />General property taxes- - 0.0%0.0%0.0% <br />Rentals / Lease328,879 165,330 50.3%48.3%2.0% <br />Miscellaneous373,163 9,360 2.5%7.1%-4.6% <br />$ 417,9981,562,060$ 26.8%26.9%-0.2% <br />Information technology1,562,060 431,112 27.6%24.5%3.1% <br />$ 431,1121,562,060$ 27.6%24.5%3.1% <br />75 <br />76 <br />Comments: <br />77 <br />Information Technology revenues and expenditures were near expected levels. <br />78 <br />79 <br />The Information Technology Fund is currently in poor financial condition with $226,000 in available <br />80 <br />cash reserves for operations or capital replacements. This represents 14% of the total operating budget. <br />81 <br />The City’s Cash Reserve Policy establishes a target reserve level of 10-25% for this Fund excluding <br />82 <br />any long-term capital replacement needs. <br />83 <br />84 <br />The Information Technology Fund is expected to continue to face challenges in meeting unmet <br />85 <br />citywide needs. Current funding sources are insufficient to replace city equipment at the end of their <br />86 <br />useful lives. Additional funding will be required beginning in 2014 to improve the Fund’s financial <br />87 <br />stability. <br />88 <br />89 <br />90 <br />Page 4 of 13 <br /> <br />