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Recycling Fund Summary <br />_ The following table depicts the 2009 financial activity for the Recycling Fund for the fiscal period ending <br />� June 30, 2009 (unaudited). <br />Revenues <br />Intergovernmental revenue <br />Charges for services <br />Miscellaneous <br />Total Revenues <br />Expenditures <br />Recycling operations <br />Total Expenditures <br />2009 2009 % % <br />Bud�et Actual Actual Expect. Diff. <br />$ 75,000 $ 34,818 46.4% 44.9% 1.5% <br />157,550 128,558 81.6% 39.8% 41.8% <br />125,000 - n/a n/a n/a <br />$ 357,550 $ 163,376 45.7% 42.6% 3.1% <br />357,550 215,608 60.3% 63.0% -2.7% <br />$ 357,550 $ 215,608 60.3% 63.0% -2.7% <br />� Comments: <br />� Recycling Fund revenues were higher than expected due to the rate increase which appears to be generating <br />� more-than expected revenues. This should offset the expected decline in revenue sharing. Expenditures <br />� were slightly lower than expected but comparable to the previous year's levels. <br />L <br />� The Recycling Fund is currently in poor financial condition, with a cash reserve of $26,000 or 6% of the <br />� annual operating budget. Future rate increases will be needed to offset projected increases in operational <br />� costs and potential reductions in revenue sharing. <br />L <br />� Final Comments <br />� The City's overall financial condition remains strong; however a couple of concerns should be noted. First, <br />� it is expected that the City will lose $400,000 in state aid for 2009. In addition, a sustained economic <br />� downturn will result in lower investment earnings and lower licenses and permit revenues. In addition, the <br />� City's cash reserve levels in key operating units and asset replacement funds are below recommended <br />� levels and should be addressed with future budgets. <br />L <br />L <br />L <br />L <br />L <br />L <br />L <br />POLICY OBJECTIVE <br />The information presented above satisfies the reporting requirements in the City's Operating Sudget Policy. <br />FINANCIAL IMPACTS <br />Not applicable. <br />STAFF RECOMMENDATION <br />Not applicable. <br />REQUESTED COUNCIL ACTION <br />No formal Council action is requested. The financial report is presented for informational purposes only. <br />Prepared by: Chris Miller, Finance Director <br />Attachments: A: None <br />Page 14 of 14 <br />