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Table 7. Sewer O&M and Debt Funds —Amended Budget vs. Actual
<br /> Year-End
<br /> Recommended
<br /> Amended Budget
<br /> Sewer O&MIDebt Rinds Budget Adjustments Actual S Variance %Variance
<br /> Beginning Fund Balance 3,470,380 3,470,380 -
<br /> Plus Revenues 11,967,968 12,445,438 477,470 4.0%
<br /> Less Net Transfers (1,090,000) 9,889 (1,095,854) ('15,743) 1.5%
<br /> Less Expenditures (10,598,455) (10,996,061) (397,606) 3.8%
<br /> Ending Fund Balance 3,749,893 9,889 3,823,903 64,121
<br /> Change in Fund Balance 279,513 9,889 353,523 64,121
<br /> The Sewer Operating Funds highlights included:
<br /> D Sewer revenues of $12.445 million were approximately $477,000
<br /> more than projected due to the increase in DSRSD fees.
<br /> D Expenditures (including a transfer to the Sewer Replacement Fund
<br /> of $1.2 million) were approximately $397,000 more than the
<br /> Amended Budget. This was mainly due to an increase in the
<br /> DSRSD regional sewer rates effective January 1, 2012.
<br /> D Ending Fund Balance of $3.823 million was $64,121 higher than
<br /> anticipated in the Budget. In July 2010 when sewer rates were
<br /> reviewed, staff recommended the rates be set to generate a
<br /> balanced operating position (revenues equal annual expenditures
<br /> including transfers to the repair and replacement fund) with a
<br /> minimum fund balance of $3.5 million. The current rate structure is
<br /> achieving this goal.
<br /> CALLIPPE PRESERVE GOLF COURSE OPERATING FUNDS
<br /> The Callippe Preserve Golf Course operating funds had a total fund balance of
<br /> $1,190,949 as of June 30, 2012 as shown below in Table 8.
<br /> Table 8. Callippe Preserve Golf Course Operating Fund—Amended Budget vs. Actual
<br /> Amended
<br /> Callippe Preserve Operating Fund Budget Actual $Variance %Variance
<br /> Beginning Fund Balance 1,191,121 1,191,121 -
<br /> Plus Revenues 4,057,500 3,933,716 (123,784) -3.1%
<br /> Less Net Transfers (342,360) (341,887) 473 -0.1%
<br /> Less Expenditures (3,718,693) (3,592,001) 126,692_ -3.4%
<br /> Ending Fund Balance 1,187,568 1,190,949 3,381_
<br /> Change in Fund Balance (3,553) (172) 3,381
<br /> The Golf Course Operator Fund highlights include:
<br /> D Net income from current operations was $334,094 before making
<br /> the annual debt service payment of $1,596,045. Net income has
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