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Recycling Fund Summary The following table depicts the 2013 financial activity for the Recycling Fund for the fiscal period ending September 30, 2013 (unaudited). Revenues Intergovernmental revenue Charges for services Total Revenues Expenditures Recycling operations Total Expenditures 2013 2013 % % Bud�et Actual Actual Expect. Diff. $ 65,000 $ 34,807 53.5% 116.7% -63.1% 466,695 303,215 65.0% 73.7% -8.7% $ 531,695 $ 338,021 63.6% 79.3% -15.7% 531,695 411,064 77.3% 76.7% 0.6% $ 531,695 $ 411,064 77.3% 76.7% 0.6% Comments: Recycling Fund revenues were lower than expected due to a couple of significant events. Intergovernmental revenues were about half of what was expected because the City received only 50% of its normal Score Grant allotment in the first three fiscal quarters instead of the usual 100% seen in prior years. In addition, revenue sharing only amounted to $34,000 during the first 9 months instead of the projected $68,000. Expenditures were at expected levels. The Recycling Fund is currently in good financial condition with $264,000 in available cash reserves or 50% of the operating budget. Final Comments The City's overall financial condition remains strong; however a number of concerns remain. The City's cash reserve levels in some key operating units are below recommended levels. In addition, strengthening the City's asset replacement funding mechanisms should remain a high priority for future budgets. 2� POLICY �BJECTIVE � The information presented above satisfies the reporting requirements in the City's Operating Budget � Policy. < FINANCIAL IMPACTS � Not applicable. � STAFF RECOMMENDATION � Not applicable. 2: REQUESTED COUNCIL ACTION �: No formal Council action is requested. The financial report is presented for informational purposes �� only. Prepared by: Chris Miller, Finance Director Attachments: A: None Page 13 of 13