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License Center Fund Summary <br />137 <br />The following table depicts the 2013 financial activity for the License Center Fund for the fiscal period <br />138 <br />ending March 31, 2013 (unaudited). <br />139 <br />140 <br />20132013%% <br />BudgetActualActualExpect.Diff. <br />Revenues <br />Charges for services1,185,295$ 255,557$ 21.6%16.9%4.6% <br />Interest Earnings10,000 - 0.0%0.0%0.0% <br />Total Revenues$ 255,5571,195,295$ 21.4%16.9%4.5% <br />Expenditures <br />License Center operations <br /> 210,6861,195,295 17.6%19.7%-2.1% <br />Total Expenditures$ 210,6861,195,295$ 17.6%19.7%-2.1% <br />141 <br />142 <br />Comments: <br />143 <br />License Center Fund revenues and expenditures are near expected levels. <br />144 <br />145 <br />The License Center Fund is currently in good financial condition with $790,000 in available cash <br />146 <br />reserves or 66% of the annual operating budget. The City’s Cash Reserve Policy establishes a target <br />147 <br />reserve level of 10-25% for this Fund. <br />148 <br />149 <br />The City needs to stay cognizant of increased competition from other area licensing centers, as well as <br />150 <br />new federal or state mandates that could result in the loss of revenues and/or higher operating costs. <br />151 <br />152 <br />It remains in the City’s best interest to locate the License Center in a city-owned facility rather than <br />153 <br />continuing to lease space. Approximately $500,000 would be available in the License Center Fund to <br />154 <br />provide for the acquisition or construction of a new facility. The License Center currently occupies <br />155 <br />3,332 square feet. It is estimated that a 3,500 square foot facility would cost approximately $600,000- <br />156 <br />$650,000. This cost would potentially decline if a larger facility is built to accommodate other City <br />157 <br />functions and/or storage needs. <br />158 <br />159 <br />Page 8 of 13 <br /> <br />