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Page 13 of 13 <br />Recycling Fund Summary 225 <br />The following table depicts the 2013 financial activ ity for the Recycling Fund for the fiscal period 226 <br />ending June 30, 2013 (unaudited). 227 <br /> 228 <br />20132013%% <br />Budget Actual Actual Expect.Diff. <br />Revenues <br />Intergovernmental revenue65,000 $ 17,403 $ 26.8%71.7%-44.9% <br />Charges for services466,695 190,169 40.7%40.9%-0.1% <br />Total Revenues 531,695 $ 207,573 $ 39.0%44.8%-5.8% <br />Expenditures <br />Recycling operations531,695 276,677 52.0%57.1%-5.1% <br />Total Expenditures 531,695 $ 276,677 $ 52.0%57.1%-5.1% 229 230 <br />Comments: 231 <br />Recycling Fund revenues and expenditures were n ear expected levels overall. However, 232 <br />intergovernmental revenues we re about half of what was expected because the City received only 25% 233 <br />of its normal Score Grant allotment in the firs t and second quarter instead of the usual 50%. 234 <br /> 235 <br />The Recycling Fund is currently in good financial condition with $264,000 in available cash reserves or 236 <br />50% of the operating budget. 237 <br /> 238 <br />Final Comments 239 <br />The City’s overall financial cond ition remains strong; however a numb er of concerns remain. The 240 <br />City’s cash reserve levels in some key operating units are below recommende d levels. In addition, 241 <br />strengthening the City’s asset repl acement funding mechanisms should re main a high priority for future 242 <br />budgets. 243 <br />P OLICY O BJECTIVE 244 <br />The information presented above satisfies the repor ting requirements in the City’s Operating Budget 245 <br />Policy. 246 <br />F INANCIAL I MPACTS 247 <br />Not applicable. 248 <br />S TAFF R ECOMMENDATION 249 <br />Not applicable. 250 <br />R EQUESTED C OUNCIL A CTION 251 <br />No formal Council action is requested. The financia l report is presented for informational purposes 252 <br />only. 253 <br /> 254 <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: None