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been decreasing since 2008-09FY when it was $852,300 due to the continued impact from the economy on golf course revenues. ➢ The ending fund balance for the 2011/12FY ($1,190,949) plus the Reserve for Golf Course Debt Service in the General Fund ($2,000,000) is sufficient to pay the golf bond debt service for the next two years (2012/13FY and 2013/14FY), 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, 2012 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. ➢ 58,272 rounds of golf were played in 2011/12FY, down from 58,559 rounds played in 2010/11 FY. ➢ Operating revenues were less than budgeted by $123,784 including: ✓ Green fees were $42,407 less than budget estimates ✓ Other revenues (cart fees, food and beverage, range revenue, etc.) were $81,377 less than budget estimates ➢ Expenses were $126,692 less than budgeted due to fewer rounds played. STORM DRAIN FUND The Storm Drain Operating Fund ended the year with a fund balance of $998,506. This was higher than anticipated in the Amended Budget by $52,166 as shown in Table 9. Expenditures were less than anticipated. The General Fund budget includes an annual 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 MidTerm Budget that the General Fund transfer of $330,000 not be done in the 2012-13FY. The year-end recommended budget adjustment is for the transfer of the excess funds from the Employee Benefit Fund. Table 9. Storm Drain Fund — Amended Budget vs. Actual Year-End Recommended Amended Budget Storm Drain Budget Adjustments Actual S Variance %Variance Beginning Fund Balance 803,323 803,323 - Plus Rewnues 671,110 672,980 1,870 0.3% Less Net Transfers 330,000 3,805 333,804 (1) 0.0% Less Expenditures (861,898) (811,601) 50,297 -5.8% Ending Fund Balance 942,535 3,805 998,506 52,166 Change in Fund Balance _ 139,212 3,805 195,183 52,166 Page 8 of 11