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Table 7. Golf Course O • erations Fund Bud • et Adjustments
<br /> Mid -Term Revised Change
<br /> Adopted Budget Budget
<br /> Be• innin• Balance, Jul y_1, 2010 $ 1,201,103 $ 1,201,103 $ -
<br /> Revenue
<br /> Green Fees $ 2,507,660 $ 2,442,000 $ (65,660)
<br /> Other Revenue 1,716,500 1,700,000 (16,500)
<br /> Interest 13,000 5,400 (7,600)
<br /> Total Revenue $ 4,237,160 $ 4,147,400 $ (89,760)
<br /> Transfers In (Out)
<br /> From General Fund: Contribution $ 500,000 $ 1,150,000 $ 650,000
<br /> From Golf Capital Improvement Fund $ 419,063 - $ (419,063)
<br /> To 2003 COP Fund: Debt Service (1,592,360) (1,592,360)
<br /> Net Transfers $ (673,297) $ (442,360) $ 230,937
<br /> Expenses
<br /> Wages $ 1,586,760 $ 1,476,760 $ (110,000)
<br /> Materials & Supplies 874,770 749,770 (125,000)
<br /> Services 603,951 603,951 -
<br /> Leases 254,284 254,284 -
<br /> Water 500,250 450,250 (50,000)
<br /> Mana•ement Fees _ 179,220 180,000 780
<br /> Total Ex•enses $ 3,999,235 $ 3,715,015 $ (284,220)
<br /> Net Income 1$ (435,372)1 $ (9,975)1 $ 425,397 I
<br /> 'Ending Balance, June 30, 2011 1$ 765,731 1 $ 1,191,128 1 $ 425,397 I
<br /> The City has $2 million reserved in the General Fund to fund the Golf Course Debt
<br /> Service for two years (approximately $3.190 million). In addition to the General Fund
<br /> Reserve ($2 million) and in order to prefund two years of debt service (approximately
<br /> $3.190 million) the City also maintains the fund balance in the Golf Course Operations
<br /> Fund equal to or greater than $1.190 million.
<br /> Submitted by: Approved by:
<br /> a - (/ L
<br /> Emily E. Wagner Nelson Fialho
<br /> Director of Finance City Manager
<br /> Attachments:
<br /> 1. Resolution
<br /> 2. Attachment A — Recommended Budget Adjustments
<br /> 3. Attachment B — Major Revenue Trends
<br /> Page 6 of 6
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