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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 />� Se�tember 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 $ 69,490 92.7% 74.5% 18.1% <br />157,550 208,081 132.1% 73.5% 58.6% <br />125,000 3,186 n/a n/a n/a <br />$ 357,550 $ 280,757 78.5% 79.8% -1.2% <br />357,550 380,862 106.5% 93.9% 12.6% <br />$ 357,550 $ 380,862 106.5% 93.9% 12.6% <br />� Comments: <br />� Recycling Fund revenues were lower than expected due to a significant reduction in revenue sharing <br />� monies from the City's recycling contractor. This was offset somewhat by an increase in user fee revenues <br />� due to higher participation rates. Expenditures were higher than expected due to higher participation rates. <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 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, and $450,000 in 2010. In addition, a <br />� sustained economic downturn will result in lower investment earnings and lower licenses and permit <br />� revenues. In addition, the City's cash reserve levels in key operating units and asset replacement funds are <br />� below recommended 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 />