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Page 4 of 13 <br />Information Technology Fund Summary 71 <br />The following table depicts the 20 13 financial activity for the Info rmation Technology Fund for the 72 <br />fiscal period ending June 30, 2013 (unaudited). 73 <br /> 74 <br />20132013%% <br />Budget Actual Actual Expect.Diff. <br />Revenues <br />Charges for services860,018 $ 490,829 $ 57.1%46.9%10.2% <br />General property taxes- - 0.0%0.0%0.0% <br />Rentals / Lease328,879 273,553 83.2%68.2%14.9% <br />Miscellaneous373,163 18,720 5.0%0.0%5.0% <br />Total Revenues 1,562,060 $ 783,102 $ 50.1%47.3%2.8% <br />Expenditures <br />Information technology1,562,060 804,921 51.5%49.4%2.1% <br />Total Expenditures 1,562,060 $ 804,921 $ 51.5%49.4%2.1% 75 <br /> 76 <br />Comments: 77 <br />Information Technology revenues and expend itures were near expected levels. 78 <br /> 79 <br />The Information Technology Fund is currently in fair financial condition with $226,000 in available 80 <br />cash reserves for operations or capital replacements. This represents 14% of the total operating budget. 81 <br />The City’s Cash Reserve Policy establishes a target reserve level of 10-25% for this Fund excluding 82 <br />any long-term capital replacement needs. 83 <br /> 84 <br />The Information Technology Fund is expected to continue to face chal lenges in meeting unmet 85 <br />citywide needs. Current funding so urces are insufficient to replace c ity equipment at the end of their 86 <br />useful lives. Additional funding will be required beginning in 2014 to improve the Fund’s financial 87 <br />stability. 88 <br /> 89 <br />90