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, <br />� <br />� <br />� <br />License Center Fund Summary <br />The following table depicts the 2013 financial activity for the License Center Fund for the fiscal period <br />ending September 30, 2013 (unaudited). <br />Revenues <br />Charges for services <br />Interest Earnings <br />Total Revenues <br />Expenditures <br />License Center operations <br />Total Expenditures <br />2013 2013 % % <br />Bud�et Actual Actual Expect. Diff. <br />$ 1,185,295 $ 897,647 75.7% 68.9% 6.9% <br />10,000 - 0.0% 0.0% 0.0% <br />$ 1,195,295 $ 897,647 75.1% 68.9% 62% <br />1,195,295 788,829 66.0% 66.1% -0.1% <br />$ 1,195,295 $ 788,829 66.0% 66.1% -0.1% <br />Comments: <br />License Center Fund revenues and expenditures are near expected levels. <br />The License Center Fund is currently in good financial condition with $790,000 in available cash <br />reserves or 66% of the annual operating budget. The City's Cash Reserve Policy establishes a target <br />reserve level of 10-25% for this Fund. <br />The City needs to stay cognizant of increased competition from other area licensing centers, as well as <br />new federal or state mandates that could result in the loss of revenues and/or higher operating costs. <br />It remains in the City's best interest to locate the License Center in a city-owned facility rather than <br />continuing to lease space. Approximately $600,000 would be available in the License Center Fund to <br />provide for the acquisition or construction of a new facility. The License Center currently occupies <br />3,332 square feet. It is estimated that a 3,500 square foot facility would cost approximately $700,000- <br />$750,000. This cost would potentially decline if a larger facility is built to accommodate other City <br />functions and/or storage needs. <br />Page8of13 <br />