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License Center Fund Summary <br />. The following table depicts the 2009 financial activity for the License Center Fund for the fiscal period <br />� ending March 31, 2009 (unaudited). <br />2009 2009 % % <br />Bud�et Actual Actual Expect. Diff. <br />Revenues <br />Charges for services $ 1,245,375 $ 148,495 11.9% 21.3% -9.4% <br />Miscellaneous - - n/a n/a n/a <br />Total Revenues $ 1,245,375 $ 148,495 11.9% 21.3% -9.4% <br />Expenditures <br />License Center operations 1,245,375 208,022 16.7% 19.4% -2.7% <br />Other - - n/a n/a n/a <br />Total Expenditures $ 1,245,375 $ 208,022 16.7% 19.4% -2.7% <br />� Comments: <br />� License Center Fund revenues are down significantly due to the continued downturn in the local economy. <br />� New and used car sales have decreased which in turn results in less titling fees at the License Center. In <br />� addition, consumer demand for passports has also waned due to reduced travel to other countries. <br />� Expenditures are below expected levels due to a reduction in hours and wages from part-time employees as <br />� well as leaving a budgeted full-time position vacant. <br />1 <br />� The License Center Fund is currently in good financial condition with a cash reserve of $306,000 or 29% of <br />� the annual operating budget. However the City needs to stay cognizant of increased competition from other <br />� area licensing centers, as well as new federal or state mandates that could result in higher operating costs. <br />� A sustained economic downturn also poses a risk. <br />1 <br />Page 9 of 14 <br />