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Revenue and Expenditure Comments <br />Overall, revenues and expenditures were lower than expected. Licenses and Permit revenue were <br />significantly lower reflecting the continued downturn in the economy. Fines & Forfeits revenue was also <br />lower partially due to the timing of collections. Most operating divisions experienced lower than expected <br />expenditures resulting from personnel vacancies, reductions in part-time staff, and other measures taken to <br />offset the loss of state-aid. Lower equipment and other capital replacements also contributed to the <br />reduction. <br />Additional 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 />