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<br /> <br /> <br />LEASANTON. <br /> <br />City Council <br />Staff Report <br /> <br />September 20, 200, <br />Parks and Community Services <br />Finance Department <br /> <br />SUBJECT: <br /> <br />APPROVAL OF THE FY 2005.06 AND FY 2006.07 OPERATING <br />BUDGETS FOR CALLIPPE PRESERVE GOLF COURSE AND <br />ADOPTION OF FINANCIAL POLICIES <br /> <br />STAFF RECOMMENDATION: <br /> <br />That the City Council take the following actions: <br /> <br />I) Adopt the operating budgets for FY 200,.06 and FY 2006.07 for <br />Callippe Preserve Golf Course as displayed in Attachments B.l and B.2; <br /> <br />2) Adopt the Golf Course Enterprise Financial Policy as noted in <br />Attachment E, <br /> <br />SUMMARY: Callippe Preserve Golf Course is scheduled for public opening the week of <br />November 7, 200" The City has contracted with CourseCo to manage and <br />operate the golf course, The Parks and Recreation Commission recently <br />adopted greens fees that include resident, senior and junior discounts, Staff <br />is presenting an operating budget for the golf course that will cover the <br />remaining seven (7) months in FY06, and all of FY07, During this period, <br />and for approximately 14 years, staff is projecting that annual General Fund <br />contributions will be needed to pay at least some of the debt service that was <br />issued to build the course and related infrastructure. Staff is recommending <br />the adoption of interim financial goals that are intended to minimize impacts <br />on the General Fund and other CIP projects during the period in which the <br />General Fund will need to contribute towards debt service. For the long <br />term, staff is recommending the adoption of financial policies that seek to <br />ensure financial independence and sustainability for the golf course <br />operation, <br /> <br />SR 0,:2" <br />Page 1 <br />