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<br />CAl.LlPPE
<br />BUDGET
<br />2006/2007
<br /> Q!lQZ ~ I\!!a ill "" l!2Y .Q!S, J.!!l ~ M!! !I!lII Mm< .!!Ill
<br />ROUNDS 55,000 6,536 6,596 5,031 4,710 3,408 .." 2,395 2,410 4,078 5,009 5,837 6,
<br />REVENUE
<br />Green Fees 1,911,800 227,193 228,919 174,861 163,720 118,469 102.185 83,243 83,n6 141,767 174,100 202,905 210,062
<br />Per Rnd.Avg. 34.76 34.76 34.76 34,76 34.76 34.76 306 34.76 34.76 34.76 34.76 34.76 34.76
<br />C.... 500,500 59,478 59,930 45,n8 42,861 3t015 26,909 21,793 21,932 37,114 45,579 53,120 54,993
<br />Merchandise Sales 302,500 35,948 36,221 27,668 25,905 18,745 16,263 13,171 13,256 22,432 27,547 32,105 33,238
<br />Food & Beverage 385,000 45,752 46,100 35,214 32.970 23,857 20,699 16,764 16,871 28,549 35,060 40,861 42,302
<br />Driving Range 117,700 13,987 14,093 10,765 10,079 7,294 6,328 5,125 5,158 8,728 10,718 12,492 12,932
<br />Other Miscellaneous Rev 55,000 6,536 6,586 5,031 4,710 3,408 2,957 2,395 2,410 4,078 5,009 5,837 6,043
<br />GROSS OPERATING REVENUE 3,272,500 388,894 391,849 299,317 280,246 202,788 175,941 142,490 143,403 242,668 298,013 347,320 359,571
<br />REV PER ROUND 59.50 59.50 59.50 59.50 59.50 59.50 59.SO 5950 59.50 59.50 59.50 59.SO 59.50
<br />COST OF GOODS SOLD
<br />Merchandise 226,875 26,961 27,166 20,751 19,429 14,059 12,198 9,879 9,942 16,824 20,661 24,079 24,928
<br />Food & Beverage 134750 16013 16135 12325 11540 8350 7245 "" 5905 9992 12271 14301 14806
<br />Total Cost of Goods Sold 361,625 42,974 43,301 33,076 30,968 22,409 19,442 15,746 15,847 26,816 32,932 38,380 39,734
<br />NET OPERATING REVENUE 2,910,875 345,920 348,548 266,241 249,277 180,379 156,499 126,745 127,556 215,852 265,082 308,940 319,837
<br />OPERATING EXPENSES
<br />Course Maintenance
<br />Labor Costs 556,626 48,691 48,691 48,691 48,691 42,941 42,941 42,941 42,941 47,858 46,n4 48,691 46,n4
<br />Non Labor Costs 629,799 75,998 71,582 68,382 62,917 35,831 19,007 20,517 23,475 24,626 72,081 69,122 86,261
<br />MltigatlonCosts 92039 7670 7670 7670 7670 7670 7670 7670 7670 7670 7670 7670 7670
<br />Subtotal 1,278,464 132,359 127,943 124,743 119,278 86,442 69,618 71,128 74,086 80,154 126,525 125,483 140,705
<br />Golf Ooeratlons
<br />Labor Costs 323,741 30,684 32,133 28,549 27,219 22,590 23,021 23,021 21,715 25,346 28,726 30,588 30,1SO
<br />Non Labor Casts 126761 19053 9928 6253 17288 6099 6188 7863 8113 13353 8328 8628 9728
<br />Subtotal 4SO,502 49,737 42,061 36,802 44,507 30,628 31,209 30,884 29,828 38,699 37,054 39,216 39,878
<br />Food & Beveraae
<br />Labar Costs 153,855 13,744 13,744 12,959 12,213 12,134 12,134 12,134 12,134 12,213 12,959 13,744 13,744
<br />Nan Labar COsts 43 300 5298 3708 3006 4414 2741 2571 4626 2531 2756 4377 3551 3"
<br />SUbtotal 197,155 19,042 17,452 15,965 16,627 14,875 14,705 16,762 14,665 14,969 17,335 17,295 ",
<br />General & AdminIstrative
<br />Labor Casts 128,294 17,455 25,136 16,064 18,064 13.901 12,869 12,093 12,027 17,970 18,001 18,919 16,947
<br />Nan Labor Costs 199446 10691 10691 10691 10691 10691 10691 10691 10691 10691 10691 10691 10691
<br />Subtotal 327,741 28,146 35,827 26,756 28,755 24,592 23,560 22,784 22,719 28,661 28,692 29,610 27,638
<br />T atal Operating Expense 2253862 229,284 223283 204 265 209167 156.537 139092 141558 141298 162482 209607 211604 225,885
<br />NOI Before Mgrnt Fee & Reserve 657013 116636 125265 61975 40110 23842 17407 (~4.e1:;:i {1:>.I42i 53370 55474 97 336 94152
<br />Management Fees
<br />Fixed 78,000 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 6,500 '.500
<br />Incentive 60883 5072 5072 5072 5072 5072 5,072 5072 5072 5072 5072 5072 5072
<br />Total Management Fees 138,863 11,572 11,572 11,572 11,572 11,572 11,572 11,572 11,572 11,572 11,572 11,572 11,572
<br />Replacement Reserve 65450 7776 7837 5988 5605 4056 3519 2660 2668 4853 5960 6946 7191
<br />NET OPERATING INCOME 452700 97287 105856 44417 22933 8215 2316 (2i'1T.~' C?il ~!l?' 36945 37,942 78818 75389
<br /> 2006 2007 8UOGETw mitipalicn.Xl.S SUMMARY
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