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Golf Fund Golf revenues from green fees are projected based on 56,075 rounds of play in FY 2015/16 and 56,916 rounds in FY 2016/17. Revenues are projected to decrease by 1.6% in FY 2015/16 and increase by 3% in FY 2016/17. Expenses are projected to decrease by 4.2% in FY 2015/16 and increase by 2% in FY 2016/17. The golf course will transfer $312,475 to the General Fund to repay the General Fund for loans made to the Golf Fund during development of the golf course. The loan balance is approximately $7 million as of June 30, 2015. The following table summarizes the Golf Fund for the three years ending FY 2016/17. Golf Course Operating Fund FY 2014/15 Midyear FY 2015/16 % FY 2016/17 Golf Operations Budget Projected Change Projected Change July 1, Beginning Fund Balance $ 1,090 $ 115,390 $ 115,390 Revenues 4,114,207 4,048,080 -1.6% 4,169,522 3.0% Expenses 3,686,744 3,533,605 -4.2% 3,605,821 2.0% Net Income from Operations 427,463 514,475 563,701 Transfer Out - Golf Replacement (80,000) (202,000) 152.5% (208,000) 3.0% General Fund Loan Repayment (233,163) (312,475) 34.0% (355,701) 13.8% Net Income 114,300 - - June 30, Ending Fund Balance $ 115,390 $ 115,390 $ 115,390 Cemetery Fund Since taking ownership of the Pleasanton Pioneer Cemetery in 2007, the City has completed several one-time improvements. The City also adopted operating policies for the cemetery, including the creation of 400 additional plots and approving the plot fee schedule and contract with Catholic Funeral and Cemetery Services for burial and monument services for families that have purchased plots. For FY 2015/16 and FY 2016/17, the Cemetery Fund assumes the facility will transition from a "pioneer" standard to a more park-like setting consistent with the recently adopted Cemetery Master Plan. The General Fund provides a $30,000 annual subsidy to the fund for maintenance of the facility. Special Revenue Funds Lower Income Housing Fund The Lower Income Housing Fund receives revenue from an affordable housing in lieu fee assessed at the time of a commercial or residential development in the City. The Fund is utilized 13