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2013_1014_packet
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5/8/2014 10:55:31 AM
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10/10/2013 12:38:05 PM
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Recycling Fund Summary <br />The following table depicts the 2013 financial activity for the Recycling Fund for the fiscal period <br />ending September 30, 2013 (unaudited). <br />Revenues <br />Intergovernmental revenue <br />Charges for services <br />Total Revenues <br />Expenditures <br />Recycling operations <br />Total Expenditures <br />2013 2013 % % <br />Bud�et Actual Actual Expect. Diff. <br />$ 65,000 $ 34,807 53.5% 116.7% -63.1% <br />466,695 303,215 65.0% 73.7% -8.7% <br />$ 531,695 $ 338,021 63.6% 79.3% -15.7% <br />531,695 411,064 77.3% 76.7% 0.6% <br />$ 531,695 $ 411,064 77.3% 76.7% 0.6% <br />Comments: <br />Recycling Fund revenues were lower than expected due to a couple of significant events. <br />Intergovernmental revenues were about half of what was expected because the City received only 50% <br />of its normal Score Grant allotment in the first three fiscal quarters instead of the usual 100% seen in <br />prior years. In addition, revenue sharing only amounted to $34,000 during the first 9 months instead of <br />the projected $68,000. Expenditures were at expected levels. <br />The Recycling Fund is currently in good financial condition with $264,000 in available cash reserves or <br />50% of the operating budget. <br />Final Comments <br />The City's overall financial condition remains strong; however a number of concerns remain. The <br />City's cash reserve levels in some key operating units are below recommended levels. In addition, <br />strengthening the City's asset replacement funding mechanisms should remain a high priority for future <br />budgets. <br />2� POLICY �BJECTIVE <br />� The information presented above satisfies the reporting requirements in the City's Operating Budget <br />� Policy. <br />< FINANCIAL IMPACTS <br />� Not applicable. <br />� STAFF RECOMMENDATION <br />� Not applicable. <br />2: REQUESTED COUNCIL ACTION <br />�: No formal Council action is requested. The financial report is presented for informational purposes <br />��� only. <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: None <br />Page 13 of 13 <br />
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