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Table 7. Sewer O&M and Debt Funds — Amended Budget vs.Actual Yearend Amended Recommended Sewer 0&M 1 Budget Actual $Variance I Actual Beginning Fund Balance $5,299,511 $5,299,511 $0 $5,299,511 9 9 Plus Revenues 14,137,000 14,836,708 699,708 14,836,708 Transfers In/(Out) (1,118,700) (1,135,119) (16,419) (1,187,270) Less Expenditures (13,098,743) (12,445,799) 652,944 (12,459,615) Ending Fund Balance 5,219,068 6,555,301 1,336,233 6,489,334 Change in Fund Balance Callippe Preserve Golf Course Operating Fund The Callippe Preserve Golf Course operating fund ended the year with a positive operating balance of$183,672 as shown below in Table 8. Of these excess funds, $112,000 was transferred to the General Fund to repay the golf course loan (originally $10 million; as of June 30, 2017 the remaining balance is $6.3 million). During FY 2016/17, the Callippe Golf Course experienced worse playable weather than in FY 2015/16. As a result, there were decreased rounds played compared to FY 2015/16. The highlights of the golf course operations in FY 2016/17 are as follows: • 53,814 rounds of golf were played in FY 2016/17, down from 57,812 rounds played in FY 2015/16 o Operating revenues were less than budgeted by $488,181 • Expenses were $219,101 less than budgeted due to savings in personnel. Page 8 of 12