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<br />Preserve matures, and operations are expected to generate sufficient cash flow in approximately <br />12 to 14 years to pay all costs, including debt service, The initial debt service subsidy is <br />projected to be ~l.l million in the first full year, and decrease annually over the next 12 to 14 <br />years, The recommended financial policies are designed to provide reserves for uncertainty and <br />to protect the CIP from funding volatility, <br /> <br />Respectfully Submitted, <br /> <br /> <br />f' <br /> <br /> <br />~1~/~tA <br /> <br />J es ,Wolfe <br />Director of Parks and <br />Community Services <br /> <br />Susan Rossi <br />Director of Finance <br /> <br />Nelson Fialho <br />City Manager <br /> <br />Attachments: A, Local Golf Course Green Fee and Cart Rental Comparisons <br />B.l, Callippe Budget 200,/2006 <br />B.2, Callippe Budget 2006/2007 <br />C, Callippe Preserve Summary Operating Pro Forma Twenty Year <br />D, FYO, Program and Facility Costs <br />E, Golf Enterprise Financial Policy <br />F, Junior Golf <br /> <br />SR 0,:2), <br />Page 12 <br />