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n <br />The License Center Fund is projected to realize an operating deficit in the amount of $311,200 in 2015. <br />This is shown in the table below. <br />License Center Fund 2015 2015 <br />Budget Projected <br />Revenue $ 1,413,500 $ 1,406,508 <br />Expenditures ] ,736,923 1,717,708 <br />Surplus (Deficit) $ (323,423) $ (3ll,200) <br />The projected deficit is slightly ]ower due to the likely deferral of planned capita] improvements to <br />2016. <br />With this operating deficit the License Cente� Fund's cash reserve level is projected as follows: <br />80% <br />70% <br />60% <br />50% <br />40% <br />30% <br />20% <br />10% <br />0% <br />License Center Fund Cash Reserve Level <br />2011 2012 2013 2014 2015 2016 <br />Projected Projected <br />� Actual Target: High Target: Low <br />101 I I <br />102 <br />103 <br />Page 5 of 7 <br />