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Callippe Preserve Golf Course Operating Fund <br /> The Callippe Preserve Golf Course operating fund ended the year with a positive <br /> operating balance of $402,436 as shown below in Table 8 Of these excess funds, <br /> $287,046 was transferred to the General Fund to repay the golf course loan (originally <br /> $10 million, as of June 30, 2016 the remaining balance is $6 4 million) <br /> During FY 2015/16, the Callippe Golf Course experienced worse playable weather than <br /> in FY 2014/15 As a result, there were decreased rounds played compared to FY <br /> 2014/15 <br /> The highlights of the golf course operations in FY 2015/16 are as follows <br /> ® 55,389 rounds of golf were played in FY 2015/16, down from 56,066 <br /> rounds played in FY 2014/15 <br /> ® Operating revenues were less than budgeted 'by $217,857 <br /> O Expenses were $192,365 less than budgeted due to savings in personnel <br /> Table 8. Callippe Preserve Golf Course Operating Fund—Amended Budget vs. Actual <br /> Canactd <br /> ICallippe Preserve (Do-rating?wad Budget Actual Q <br /> Beginning Fund Balance $115,453 $115,453 $0 <br /> Plus Revenues 4,048,080 3,830,223 (217,857) <br /> i <br /> Less Net Transfers (202,000) (202,000) 0 <br /> Less Expenditures (3,533,605) (3,341,240) 192,365 <br /> / <br /> Net Income 427,928 402,436 (25,492) <br /> Less Transfer to General Fund (312,475) (287,046) $25,429 <br /> Ending Fund Balance @i]95,453 @995,390 QED <br /> Storm Drain Fund <br /> As shown in Table 9 below, The Storm Drain Operating Fund ended the year with a fund <br /> balance of $1 3 million which is $433,352 greater than anticipated in the Amended <br /> Budget The primary reason for this variance was that expenditures were less than <br /> anticipated The General Fund budget includes an annual operating transfer to the Storm <br /> Drain Fund of$330,000 <br /> Page 8of11 <br />