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Table 7. Sewer O&M Funds — Amended Budget vs. Actual
<br /> FY 2018/19 FY 2018/19
<br /> Sewer(O&M) Midyear Actual Variance Variance %
<br /> Beginning Balance, July 1 $6,846,889 $6,846,889 $0 0.0%
<br /> Revenues 14,929,500 14,984,163 54,663 0.4%
<br /> Net Transfers (1,101,700) (1.079,391) 22.309 -2.0%
<br /> Expenses
<br /> DSRSD (10,000,000) (10,147,647) (147,647) 1.5%
<br /> All other expenses (3,061,376) (3,132,280) (70,904) 2.3%
<br /> Total Expenses (13,061,376) (13,279,927) (218,551) 1.7%
<br /> Net Income $766,424 $624,845 ($141.580) -18.5%
<br /> Ending Balance, June 30 $7,613,313 $7,471,734 ($141,580) -1.9%
<br /> Callippe Preserve Golf Course Operating Fund
<br /> The Callippe Preserve Golf Course operating fund ended the year with an operating
<br /> balance of $0 as shown below in Table 8. Because of the lack of excess funds, nothing
<br /> was transferred to the General Fund to repay the golf course loan (originally $10 million;
<br /> as of June 30, 2019 the remaining balance is $6.2 million).
<br /> The highlights of the golf course operations in FY 2018/19 are as follows:
<br /> • 49,233 rounds of golf were played in FY 2018/19, down from 52,612
<br /> rounds played in FY 2017/18
<br /> • Operating revenues were less than budgeted by $422,170
<br /> • Expenses were $303,896 less than budgeted due to savings in personnel
<br /> costs.
<br /> Table 8. Callippe Preserve Golf Course Operating Fund — Amended Budget vs. Actual
<br /> FY 2018/19 FY 2018/19
<br /> Golf Operations Midyear Actual Variance Variance
<br /> Beginning Balance, July 1 $1,126 $1,126 $0 0.0%
<br /> Revenues 4,141,354 3,719,184 (422,170) -10.2%
<br /> Expenses (3,824.958) (3,521.062) 303,896 -7.9%
<br /> Net 316,396 198,122 (118,274) -37.4%
<br /> Transfer Out-
<br /> Golf Replacement (202,000) (199,248) 2,752 -1.4%
<br /> General Fund Loan Repaymt (87,203) - 87.203 -100.0%
<br /> Net Income $27,193 ($1,126) ($28,319) -104.1%
<br /> Ending Balance, June 30 $28,319 $0 ($28,319) -100.0%
<br /> Cemetery Fund
<br /> As shown in Table 9 below, the Cemetery Fund ended the year with a fund balance of
<br /> $186,663 which is $31,634 more than anticipated in the midyear budget due to actual
<br /> revenues exceeding the budget by $40,494 and actual expenditures exceeding the
<br /> budget by $8,860. The General Fund budget includes a transfer-out of $45,000 to the
<br /> Cemetery Fund.
<br /> Page 8 of 11
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