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Table 7. Callippe Preserve Golf Course Operating Fund — Amended Budget vs. Actual Amended& Proposed %Actual vs Callippe Preserve Operating Fund Budget Actual Variance Budget Beginning Fund Balance 1,201,103 1,201,103 Plus Revenues 4,147,400 3,871,125 (276,275) -6.7% Less Net Transfers (388,128) (388,128) - 0.0% Less Expenditures (3,715,015) (3,492,979) 222,036 -6.0% Ending Fund Balance 1,245,360 1,191,121 (54,239) Change in Fund Balance 44,257 (9,982) (54,239) The Golf Course Operator Fund highlights include: ➢ Net income from current operations was $402,177 before making the annual debt service payment of $1,596,045. Net income has been decreasing since 2008-09FY when it was $852,300 due to the continued impact from the economy on golf course revenues. ➢ The net income for the 2010-11 FY and the projected income for the 2011-12FY, as well as approved reserves in the General Fund should be sufficient to pay the golf bond debt service for the next two years (2011-12FY and 2012-13FY), as required by the City's fiscal policies. ✓ 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, 2011 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 $1.191 million totals $3.2 million. Two years of debt service equals $3.2 million. ➢ 58,559 rounds of golf were played in 2010-2011FY, down from 63,685 rounds played in 2009-2010FY. ➢ Operating revenues were less than budgeted by $276,275 including: ✓ Green fees were $267,511 less than budget estimates ✓ Other revenues (cart fees, food and beverage, range revenue, etc.) were $8,764 less than budget estimates ➢ Expenses were $222,036 less than budgeted due to less rounds played. STORM DRAIN FUND The Storm Drain Operating Fund ended the year with a fund balance $803,323. 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. Because of the large fund balance that exists in this fund, Staff recommended in the Two Year Budget that the General Fund transfer of $330,000 not be done in the 2012-13FY. Page 7 of 10