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Page 8 of 13 License Center Fund Summary 137 The following table depicts the 2013 financial activity for the License Center Fund for the fiscal period 138 ending June 30, 2013 (unaudited). 139 140 20132013%% Budget Actual Actual Expect.Diff. Revenues Charges for services1,185,295 $ 584,937 $ 49.3%43.9%5.5% Interest Earnings10,000 - 0.0%0.0%0.0% Total Revenues 1,195,295 $ 584,937 $ 48.9%43.9%5.1% Expenditures License Center operations 1,195,295 519,911 43.5%47.3%-3.8% Total Expenditures 1,195,295 $ 519,911 $ 43.5%47.3%-3.8% 141 142 Comments: 143 License Center Fund revenues and expe nditures are near expected levels. 144 145 The License Center Fund is currently in good financial condition with $790,000 in available cash 146 reserves or 66% of the annual operating budget. The City’s Cash Reserve Policy establishes a target 147 reserve level of 10-25% for this Fund. 148 149 The City needs to stay cognizant of increased comp etition from other area licensi ng centers, as well as 150 new federal or state mandates that co uld result in the loss of revenues an d/or higher oper ating costs. 151 152 It remains in the City’s best interest to locate the License Center in a city-owned facility rather than 153 continuing to lease space. Approximately $600,000 woul d be available in the License Center Fund to 154 provide for the acquisition or construction of a new facility. The License Center currently occupies 155 3,332 square feet. It is estimated that a 3,500 square foot facility would cost approximately $700,000-156 $750,000. This cost would potentially d ecline if a larger facility is built to accommodate other City 157 functions and/or storage needs. 158 159