SR 05:255 - Laserfiche WebLink

City of Pleasant on GOLF ENTERPRISE FINANCIAL POLICY (Adopted by Resolution No. 05--> (continued) LONG-TERM POLICIES The City shall strive to operate the Golf Enterprise on an enterprise basis, whereby the costs of service are borne entirely by the users. The City shall maintain adequate reserves in the Golf Enterprise Funds to fund: o Contingencies and o Cash flow to pay all operating and debt service costs on a timely basis. The City shall review golf fees at least bi-annually, and allow flexibility for management to temporarily lower fees or provide promotions to react to current market conditions. Golf fees and related revenues shall be set at a level to meet debt service requirements and to provide adequate annual operating asset (vehicles and equipment) replacement and capital asset (course and facilities) renovation accruals. The City shall establish and maintain adequate reserves for future operating asset replacement and capital asset renovation to maintain the quality of the course. To replace golf operating assets, the City may utilize other financing alternatives such as lease/purchase financing agreements. To renovate or expand golf capital assets, the City may utilize other financing alternatives such as debt financing, and seek other funding sources such as grants, donations, and development fees/exactions. In addition to the specific financial policies stated above, the Golf Enterprise Funds are subject to the "Financial Policies of the City of Pleasanton" which were originally adopted by Resolution No. 90-131, and as later amended.