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Table 7. Sewer O&M and Debt Funds -Amended Budget vs. Actual
<br /> Amended
<br /> Sewer O&M/Debt Funds Budget Actual S Variance %Variance
<br /> Beginning Fund Balance $3,823,903 $3,823,903 -
<br /> Plus Revenues 12,809,545 12,873,906 64,361 0.5%
<br /> Less Net Transfers (1,090,000) (1,092,850) (2,850) 0.3%
<br /> Less Expenditures (11,646,755) (11,797,628) (150,873) 1.3%
<br /> Ending Fund Balance $3,896,693 $3,807,331 ($89,362)
<br /> Change in Fund Balance $72,790 ($16,572) ($89,362)
<br /> CALLIPPE PRESERVE GOLF COURSE OPERATING FUND
<br /> The Callippe Preserve Golf Course operating fund ended the year with a positive
<br /> operating balance of $138,796 as shown below in Table 8. These excess funds from
<br /> operations were transferred to the General Fund to repay the golf course loan (originally
<br /> $10 million; as of June 30, 2013 the remaining balance is $7.325 million). The most
<br /> notable activity that occurred in the 2012/13FY for the golf course was the payoff of the
<br /> 2003 Golf Course Certificates of Participation by the City.
<br /> Table 8. Callippe Preserve Golf Course Operating Fund—Amended Budget vs. Actual
<br /> Amended
<br /> Cailippe Preserve Operating Rind Budget Actual $Variance %Variance
<br /> Beginning Fund Balance $1,190,949 $1,190,949 $0
<br /> Plus Revenues 4,135,755 4,004,255 (131,500) -3.2%
<br /> Less Net Transfers (1,542,010) (1,557,130) (15,120) 1.0%
<br /> Less Expenditures (3,780,356) (3,499,278) 281,078 -7.4%
<br /> Net Income 4,338 138,796 134,458
<br /> Less Transfer to General Fund - (135,813) (135,813)
<br /> Ending Fund Balance $4,338 $2,983 ($1,355)_
<br /> The highlights of the operations of the golf course in 2012/13FY are as follows:
<br /> • 56,104 rounds of golf were played in 2012/13FY, down from 58,272
<br /> rounds played in 2011/12FY
<br /> • Operating revenues were less than budgeted by $131,500
<br /> • Expenses were $281,078 less than budgeted due to fewer rounds
<br /> played.
<br /> STORM DRAIN FUND
<br /> The Storm Drain Operating Fund ended the year with a fund balance of $870,473. This
<br /> was slightly higher than anticipated in the Amended Budget by $110,832 as shown in
<br /> Table 9. The reason for this variance was that expenditures were less than anticipated.
<br /> The General Fund budget includes an annual operating transfer to the Storm Drain
<br /> Page 8 of 11
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