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Revenue and Expenditure Comments <br />Overall, revenues and expenditures were slightly lower than expected. Licenses and Permit revenue were <br />significantly lower reflected the continued downturn in the economy. Rental and Lease revenue were also <br />lower partially due to the timing of collections. Most operating divisions experienced lower than expected <br />expenditures resulting from personnel vacancies and a reduction in employee training. Lower equipment <br />and other capital replacements also contributed to the decline. <br />Final Comments <br />The City's overall financial condition remains strong, but the sustained economic downturn could result in <br />the loss of state aid, lower license and permit revenues, and diminished interest earnings. <br />Page 3 of 14 <br />