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2020_1130_CCPacket
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2020_1130_CCPacket
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1/13/2022 1:09:18 PM
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Roseville City Council
Document Type
Council Agenda/Packets
Meeting Date
11/30/2020
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Attachment D <br />License Center Fund Summary <br />The following table depicts the 2020 financial activity for the License Center Fund for the fiscal <br />period ending September 30, 2020 (unaudited). <br />20202020%% <br />Revenues <br />BudgetActualActualExpect.Diff. <br />Charges for Services1,911,300$ 1,035,383$ 54.2%81.0%-26.8% <br />Other- - <br />Interest earnings2,000 312 15.6%218.3%-202.7% <br />Total Revenue1,913,300$ 1,035,695$ 54.1%81.9%-27.8% <br />Expenditures <br />License Center2,035,490 1,261,105 62.0%71.6%-9.6% <br />Total Expenditures2,035,490$ 1,261,105$ 62.0%71.6%-9.6% <br /> <br />Comments: <br />License Center Fund revenues are down due to COVID closures (from Mid-March through late <br />May) and lower passport activity due to COVID imposed travel restrictions. Expenditures are <br />tracking lower as well, courier expenses were significantly reduced and replaced with staff mileage <br />which was less costly. Estimated year end impact if a net deficit of $155,000. <br /> <br />The License Center Fund is currently in fair financial condition with $305,000 in available cash <br />reserves for operations at the beginning of the year. If year-end projections hold true, the fund will <br />end the year with a 7% reserve level. This fund has contributed fund balance reserves to the Cash <br />Reserve fund in the past 2 years. The CityÓs Operating Cash Reserve Policy establishes a target <br />reserve level of 10-15% for this Fund excluding any long-term capital replacement needs. <br /> <br />Page 8 of 13 <br /> <br />
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