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$199,014 was transferred to the General Fund to repay the golf course loan (originally $10 million; as of June 30, 2015 the remaining balance is $6.685 million). During FY 2014/15, the Callippe Golf Course experienced better playable weather and improved greens and bunkers. As a result, there were increased rounds played compared to FY 2013/14. However, the revenues were affected by construction activity and the reduced playability of the course during July and August of 2014. The golf course operators issued $5 coupons during that period that were redeemed throughout the year. The revenues are expected to increase in FY 2015/16 based on a full year of operations with the improved playability of the course. The highlights of the golf course operations in FY 2014/15 are as follows: • 56,066 rounds of golf were played in FY 2014/15, up from 54,998 rounds played in FY 2013/14 • Operating revenues were less than budgeted by $492,590 • Expenses were $458,505 less than budgeted due to savings in personnel and water expenses. Table 8. Callippe Preserve Golf Course Operating Fund —Amended Budget vs. Actual Amended Callippe Preserve Operating Fund Budget Actual $Variance Beginning Fund Balance $1,090 $1,090 $0 Plus Revenues 4,114,207 3,621,617 (492,590) Less Net Transfers (80,000) (80,000) - Less Expenditures (3,686,744) (3,228,239) 458,505 Net Income 348,553 314,468 (34,085) Less Transfer to General Fund (233,163) (199,014) 34,149 Ending Fund Balance $115,390 115,454 $64 STORM DRAIN FUND The Storm Drain Operating Fund ended the year with a fund balance of$1,279,233. This is $140,144 greater than anticipated in the Amended Budget as shown in Table 9. The primary reason for this variance was that expenditures were less than anticipated. The General Fund budget includes an annual operating transfer to the Storm Drain Fund of $324,165. Page 8of11