Laserfiche WebLink
Recycling Fund Summary <br />256 <br />The Recycling Fund comprises the activities of the City’s curbside recycling program. Its primary <br />257 <br />funding source is fees charged to recycling customers. <br />258 <br />259 <br />The following table depicts the 2014 financial activity for the Recycling Fund for the fiscal period <br />260 <br />ending September 30, 2014 (unaudited). <br />261 <br />262 <br />20142014%% <br />BudgetActualActualExpect.Diff. <br />Revenues <br />Intergovernmental revenue155,000$ 65,721$ 42.4%98.7%-56.3% <br />Charges for services326,410 216,917 66.5%71.0%-4.6% <br />Total Revenues$ 282,638481,410$ 58.7%74.6%-15.8% <br />Expenditures <br />Recycling operations481,410 345,990 71.9%78.6%-6.8% <br />Total Expenditures$ 345,990481,410$ 71.9%78.6%-6.8% <br />263 <br />264 <br />Comments: <br />265 <br />Recycling Fund revenues were lower than expected as the City’s revenue sharing monies from Eureka <br />266 <br />Recycling declined from projections provided by third-party analysts. To date, the City has received <br />267 <br />only $30,000 in revenue sharing instead of the $105,000 that had been projected. If this trend continues <br />268 <br />for 2015, an offsetting increase in the customer recycling rates will be necessary. <br />269 <br />270 <br />Expenditures were near expected levels overall. <br />271 <br />272 <br />The Recycling Fund is currently in good financial condition with $234,000 in available cash reserves or <br />273 <br />49% of the operating budget. Based on current trends, this reserve level will likely drop by $30,000 - <br />274 <br />45,000 in 2014. <br />275 <br />276 <br />Final Comments <br />277 <br />The City’s overall financial condition remains strong; however a number of concerns remain. The <br />278 <br />City’s cash reserve levels in some key operating units are below recommended levels. In addition, <br />279 <br />strengthening the City’s asset replacement funding mechanisms should remain a high priority for future <br />280 <br />budgets. <br />281 <br />PO <br />OLICYBJECTIVE <br />282 <br />The information presented above satisfies the reporting requirements in the City’s Operating Budget <br />283 <br />Policy. <br />284 <br />FI <br />INANCIAL MPACTS <br />285 <br />Not applicable. <br />286 <br />SR <br />TAFF ECOMMENDATION <br />287 <br />Not applicable. <br />288 <br />RCA <br />EQUESTED OUNCIL CTION <br />289 <br />No formal Council action is requested. The financial report is presented for informational purposes <br />290 <br />only. <br />291 <br />Page 13 of 14 <br />