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Table 7. Golf Course Operations Fund Budget Adjustments
<br /> Adjustments 2011/12FY
<br /> 2011/12FY Approved by Midyear Budget Recommended
<br /> Original Budget City Council Adjustments Midyear Budget
<br /> Beginning Fund Balance $ 1,191,121 $ - $ - $ 1,191,121
<br /> Revenue
<br /> Green Fees 2,461,900 - (250,000) 2,211,900
<br /> Other Revenue 1,843,600 - - 1,843,600
<br /> Interest 2,000 - - 2,000
<br /> Total Revenue 4,307,500 - (250,000) 4,057,500
<br /> Transfers In (Out)
<br /> From General Fund: Contribution 1,000,000 - 330,000 1,330,000
<br /> From Golf Capital Improvement Fund - - (80,000) (80,000)
<br /> To 2003 COP Fund: Debt Service (1,592,360) - - (1,592,360)
<br /> Total Transfers (592,360) - 250,000 (342,360)
<br /> Expenses
<br /> Wages 1,513,890 - - 1,513,890
<br /> Materials& Supplies 808,420 - - 808,420
<br /> Services 578,120 - 1,883 580,003
<br /> Leases 266,560 - - 266,560
<br /> Water 419,600 - - 419,600
<br /> Management Fees 130,220 - - 130,220
<br /> Total Expenses 3,716,810 - 1,883 3,718,693
<br /> Net Income (1,670) - (1,883) (3,553)
<br /> Ending Fund Balance $ 1,189,451 $ - $ (1,883) $ 1,187,568
<br /> The City has $2.0 million reserved in the General Fund for Golf Course Debt Service
<br /> which, when combined with the $1.187 million fund balance in the Golf Operations
<br /> Fund, constitutes an amount sufficient to pay two years of debt service (approximately
<br /> $3.2 million).
<br /> Submitted bye:° / Approv by:
<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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