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The Golf Course Operator Fund highlights include: ➢ Net income from current operations was $653,227 before making the annual debt service payment of $1,596,045. ➢ The net income for the 2009 -10FY and the projected income for the 2010 -11 FY, as well as approved reserves in the General Fund should be sufficient to pay the golf bond debt service for the next two years (2010 -11FY and 2011- 12FY), as required by the City's fiscal policies. o The City's fiscal policy requires the pre- funding of the golf course debt service two years in advance by accumulating reserves from net income of the golf course together with approved reserves held in the General Fund. At June 30, 2010 the Golf Course Reserve held in the General Fund was $2.0 million. This reserve plus the ending fund balance shown in Table 7 of $1.201 million totals $3.2 million. Two years of debt service equals $3.2 million. ➢ 63,685 rounds of golf were played in 2010, down 4.1% from 2009. ➢ Operating revenues were less than budgeted by $139,378 including: ✓ Green fees were $90,822 less than budget estimates ✓ Other revenues (cart fees, food and beverage, range revenue, etc.) were $48,555 less than budget estimates ✓ The amount spent per player per golf round was $65.65 ➢ Expenses were $262,540 less than budgeted. STORM DRAIN FUND The Storm Drain Operating Fund ended the year with a fund balance $596,605. This was higher than anticipated in the Amended Budget as shown in Table 8. Expenditures were less than anticipated. The General Fund budget included an operating transfer to the Storm Drain Fund of $330,000 Table 8. Storm Drain Fund — Amended Bud • et vs. Actual 44N 1,,�. 1 4 n� i y 1 a =. «, X ryryaxt i (ICI #i.x. .?.m. .t ; i'.i l ; 1 - `, r Al i # A1, n i: Beginning Fund Balance 488 210 488,210 Plus Revenues 675,557 662,340 (13,217) -2.0% Less Net Transfers 344,118 344,118 - 0.0% Less Expenditures 1,000,590 898,063 (102,527) -10.2% 507,295 596,605 89,310 17 6% INTERNAL SERVICE FUNDS Internal Service Funds account for the financing of goods or services provided by a department to other departments on a cost - reimbursement basis. Three examples of this are the Employee Benefit Fund, the Repair and Replacement Fund and the Self Insurance Fund. These funds not only account for current year expenditures but also long term liabilities of the City. These liabilities may not result in actual expenditures in the short term, but will result in future expenditures for the future replacement of Page 6 of 9