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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. Fines & Forfeits and Rental and <br />Lease revenue were also lower partially due to the timing of collections. Most operating divisions <br />experienced lower than expected expenditures resulting from personnel vacancies, and other measures <br />taken to offset the expected loss of state-aid. Lower equipment and other capital replacements also <br />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 continued loss of state aid, lower license and permit revenues, and diminished interest earnings. <br />Information on individual operating fund performance is shown below. <br />Page 3 of 14 <br />