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CALLIPPE PRESERVE GOLF COURSE OPERATING FUND The Callippe Preserve Golf Course operating funds consist of the Golf Course Operator Fund (reports on the actual operations of the golf course), the Golf General Fund, Contributed Capital Fund, and the Replacement Fund. The total fund balance for all three golf operating funds is $2,620,442. This is $399,968 more than anticipated and the majority of the variance is explained by the actual operations of the golf course. The Golf Course Operator Fund highlights include: - Ended the year with operating revenues of $4,666,218 and operating expenditures of $3,533,406 for a net income of $1,132,812 before factoring in the transfer in from the General Fund of $500,000 and before making the annual debt service payment of $1,590,829 - Revenues exceeded the budget by $461,045 including: / Green fees $281,000 over budget estimates / Other revenues (cart fees, food and beverage, range revenue, etc.) $148,000 over budget estimates / Interest earnings $31,000 over budget estimates / 73,365 rounds of golf were played - Expenses were $62,368 more than budgeted, Due to additional operational costs related to the increased number of rounds played. The net income for FY 2006-07 and the projected income for FY 2007-08 and FY 2008- 09, as well as approved reserves in the General Fund should be sufficient to pay golf bond debt service for FY 2007-08 and the next two years (FY 2008-09 & FY 2009-10), as required by policy. (The golf course debt service is funded two years in advance by accumulating reserves from net income of the golf course together with approved reserves held in the General Fund.) STORM DRAIN FUND The Storm Drain Operating Fund ended the year with a $103,954 surplus of revenues compared to expenditures which is $44,149 better than budgeted. While the Storm Drain Fund is classified as an enterprise, it has never truly been self-supporting. The General Fund subsidized the Storm Drain Fund by transferring $100,000 in each of FY 2005-06 and FY 2006-07. Future General Fund subsidies will be necessary unless revenues can be increased or costs can be decreased. Recent court decisions have determined that amail-ballot election would be required to increase fees. Page 7 of 10