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Recycling Fund Summary <br />225 <br />The following table depicts the 2013 financial activity for the Recycling Fund for the fiscal period <br />226 <br />ending March 31, 2013 (unaudited). <br />227 <br />228 <br />20132013%% <br />ActualActualExpect.Diff. <br />Budget <br />Revenues <br />Intergovernmental revenue65,000$ 17,403$ 26.8%53.8%-27.0% <br />Charges for services466,695 79,637 17.1%10.1%7.0% <br />Total Revenues$ 97,041531,695$ 18.3%15.9%2.3% <br />Expenditures <br />Recycling operations524,891 130,698 24.9%26.0%-1.1% <br />Total Expenditures$ 130,698524,891$ 24.9%26.0%-1.1% <br />229 <br />230 <br />Comments: <br />231 <br />Recycling Fund revenues and expenditures were near expected levels overall. However, <br />232 <br />intergovernmental revenues were about half of what was expected because the City received only 25% <br />233 <br />of its normal Score Grant allotment in the first quarter instead of the usual 50%. <br />234 <br />235 <br />The Recycling Fund is currently in good financial condition with $264,000 in available cash reserves or <br />236 <br />50% of the operating budget. <br />237 <br />238 <br />Final Comments <br />239 <br />The City’s overall financial condition remains strong; however a number of concerns remain. The <br />240 <br />City’s cash reserve levels in some key operating units are below recommended levels. In addition, <br />241 <br />strengthening the City’s asset replacement funding mechanisms should remain a high priority for future <br />242 <br />budgets. <br />243 <br />PO <br />OLICYBJECTIVE <br />244 <br />The information presented above satisfies the reporting requirements in the City’s Operating Budget <br />245 <br />Policy. <br />246 <br />FI <br />INANCIAL MPACTS <br />247 <br />Not applicable. <br />248 <br />SR <br />TAFF ECOMMENDATION <br />249 <br />Not applicable. <br />250 <br />RCA <br />EQUESTED OUNCIL CTION <br />251 <br />No formal Council action is requested. The financial report is presented for informational purposes <br />252 <br />only. <br />253 <br />254 <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: None <br />Page 13 of 13 <br /> <br />