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The Recreation Fund is projected to generate an operating surplus in the amount of $80,000 in 2015. <br />This is shown in the table below. <br />Recreation Fund <br />Revenue <br />Expenditures <br />Surplus (Dcficit) <br />2015 2015 <br />Budget Projected <br />$ 4,283,320 $ 4,160,405 <br />4,283,320 4,080,�06 <br />$ - $ 80,000 <br />The projected surplus is primarily due to the personnel changes and vacancies that took place during the <br />� year. This results from the natural hiring delay that occurs when employees leave the organization as <br />well as the effects from hiring new employees at a lower pay step than their predecessors. A reduction <br />in temporary wages especially at the Skating Center is also a factor. <br />Budgetary savings also occurred due to lower energy related costs. With this surplus the Recreation <br />Fund's cash reserve level is projected as follows: <br />30% _ <br />25% <br />20% <br />15% <br />10% <br />5% <br />�% � <br />Recreation Fund Cash Reserve Level <br />74 <br />75 <br />76 <br />2011 2012 2013 2014 <br />� Actual Target <br />2015 2016 <br />Projected Projected <br />� <br />Page 3 of 7 <br />