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The Golf Course Operator Fund highlights include: Ended the year with operating revenues of $4,433,054 and operating expenditures of $3,650,391 for net income of $782,663 before making the annual debt service payment of $1,593,595. 66,294 rounds of golf were played in 2009, down 6.6% from 2008. Operating revenues were less than budgeted by $109,835 including: Green fees $82,720 less than budget estimates Other revenues (cart fees, food and beverage, range revenue, etc.) $24,084 less than budget estimates The amount spent by player per golf round increased 2.3% over the prior year to $65.93 Expenses were $108,522 less than budgeted. The net income for FY 2008 -09 and the projected income for FY 2009 -10 and FY 2010- 11, as well as approved reserves in the General Fund should be sufficient to pay golf bond debt service for FY 2009 -10 and the next two years (FY 2010 -11 FY 2011 -12), as required by policy. (The golf course debt service is funded two years in advance by accumulating reserves from net income of the golf course together with approved reserves held in the General Fund.) STORM DRAIN FUND The Storm Drain Operating Fund ended the year with a $55,991 surplus of revenues compared to expenditures which is $60,176 better than estimated in the adjusted budget. The General Fund budget included an operating transfer to the Storm Drain Fund of $330,000. INTERNAL SERVICE FUNDS Internal charges (accruals) are costs reflected in the operating budgets that represent liabilities we are accumulating over time. These liabilities may not result in actual expenditures in the short term, but will result in future expenditures for the future replacement of equipment we are now using (similar to charges for depreciation). They also include accruals for renovations of parks and facilities that are aging as we use them and employee costs that are accruing now but will be paid out later, such as unused vacation and benefits. In accordance with the City's adopted financial policies and the City's General Plan, the City recognizes costs as they accrue, and sets money aside to fund the future expenditures, rather than allowing these costs to accumulate and become a burden on future generations. Replacement/Renovation Funds In accordance with its financial policies and the General Plan, the City maintains various Replacement/Renovation Funds. The purpose of these Funds is to provide ongoing replacement of City equipment, vehicles, traffic signals, and streetlights, and to make major repairs/ renovations to City facilities, parks, and medians, in order to extend their lives. Page 6 of 8