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Recycling Fund Summary . The following table depicts the 2009 financial activity for the Recycling Fund for the fiscal period ending � March 31, 2009 (unaudited). Revenues Intergovernmental revenue Charges for services Miscellaneous Total Revenues Expenditures Recycling operations Total Expenditures 2009 2009 % % Bud�et Actual Actual Expect. Diff. $ 75,000 $ 34,818 46.4% 57.3% -10.9% 157,550 46,109 29.3% 40.7% -11.4% 125,000 809 n/a n/a n/a $ 357,550 $ 81,736 22.9% 52.8% -30.0% 357,550 113,915 31.9% 29.3% 2.6% $ 357,550 $ 113,915 31.9% 29.3% 2.6% � Comments: � Recycling Fund revenues were lower than expected due to the timing of collecting revenue sharing � proceeds from the recycling contractor. Expenditures were slightly lower than expected but comparable to � the previous year's levels. L � The Recycling Fund is currently in poor financial condition, with a cash reserve of $26,000 or 6% of the � annual operating budget. Future rate increases will be needed to offset projected increases in operational L COStS. L � Final Comments � The City's overall financial condition remains strong; however a couple of concerns should be noted. First, � it is expected that the City will lose $400,000 in state aid for 2009. In addition, a sustained economic � downturn will result in lower investment earnings and lower licenses and permit revenues. In addition, the � City's cash reserve levels in key operating units and asset replacement funds are below recommended � levels and should be addressed with future budgets. L L L L L L L POLICY OBJECTIVE The information presented above satisfies the reporting requirements in the City's Operating Sudget Policy. FINANCIAL IMPACTS Not applicable. STAFF RECOMMENDATION Not applicable. REQUESTED COUNCIL ACTION No formal Council action is requested. The financial report is presented for informational purposes only. Prepared by: Chris Miller, Finance Director Attachments: A: None Page 14 of 14