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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 June 30, 2009 (unaudited). <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />Revenues <br />Charges for services <br />Miscellaneous <br />Total Revenues <br />2009 2009 <br />Bud�et Actual <br />$ 1,245,375 $ 429,512 <br />$ 1,245,375 $ 429,512 <br />% % <br />Actual Expect. Diff. <br />34.5% 47.7% -13.2% <br />n/a n/a n/a <br />34.5% 47.7% -13.2% <br />Expenditures <br />License Center operations 1,245,375 468,118 37.6% <br />Other - - n/a <br />Total Expenditures $ 1,245,375 $ 468,118 37.6% <br />41.9% -4.3% <br />n/a n/a <br />41.9% -4.3% <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 />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 />Page 9 of 14 <br />