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License Center Fund Summary <br />152 <br />The License Center Fund accounts for the activities of the City’s deputy registrar and passport <br />153 <br />functions. As a deputy registrar, the City serves as an agent for the state in processing drivers’ licenses, <br />154 <br />license tabs, and motor vehicle registrations. The City also serves as a passport acceptance agency on <br />155 <br />behalf of the U.S. State Department. The License Center’s primary funding source is agent fees <br />156 <br />retained for services on behalf of the State and Federal governments. <br />157 <br />158 <br />The following table depicts the 2014 financial activity for the License Center Fund for the fiscal period <br />159 <br />ending September 30, 2014 (unaudited). <br />160 <br />161 <br />20142014%% <br />BudgetActualActualExpect.Diff. <br />Revenues <br />Charges for services$1,388,090$1,066,80176.9%72.9%3.9% <br />Interest Earnings 6,000 0.0%0.0%0.0%- <br />Total Revenues$1,394,090$1,066,80176.5%72.7%3.8% <br />Expenditures <br />License Center operations <br /> 1,310,075 67.3%66.1%1.2%881,371 <br />Total Expenditures$1,310,075$ 67.3%66.1%1.2%881,371 <br />162 <br />163 <br />Comments: <br />164 <br />License Center Fund revenues and expenditures are near expected levels. <br />165 <br />166 <br />The License Center Fund is currently in excellent financial condition with $925,000 in available cash <br />167 <br />reserves or 71% of the annual operating budget. The City’s Cash Reserve Policy establishes a target <br />168 <br />reserve level of 25% for this Fund. The 2015 Recommended Budget calls for the use of $141,000 in <br />169 <br />reserves to support other city operations. <br />170 <br />171 <br />The City needs to stay cognizant of increased competition from other area licensing centers, as well as <br />172 <br />new federal or state mandates that could result in the loss of revenues and/or higher operating costs. <br />173 <br />174 <br />175 <br />Page 8 of 14 <br />