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ITEM #7a <br />L <br />City ot <br />Louisville <br />COLORADO • SINCE 1878 <br />FINANCE COMMITTEE <br />COMMUNICATION <br />SUBJECT: <br />DATE: <br />UPDATE ON GOLF COURSE ENTERPRISE FUND <br />AUGUST 17, 2015 <br />PRESENTED BY: KEVIN WATSON, FINANCE DIRECTOR <br />SUMMARY: <br />Councilmember Stolzmann requested a general update of the Golf Course Enterprise <br />Fund including the following information: <br />• Number of rounds of golf, driving range numbers, and cart rental numbers by day <br />or week compared to what was expected; <br />• Number of complementary rounds; <br />• Operating revenues compared to expectation; <br />• Operating expenditures compared to expectation; and <br />• Overview of the fund position. <br />Attached is a report from the Golf Course point -of -sale (POSExpress) that contains <br />activity for July 2015, including activity for season passes, club rentals, driving range <br />fees, cart rentals lessons, green fees, and merchandise sales. <br />An analysis of 2015 revenue and expenditure activity compared to the 2015 budget is <br />included in Agenda Item VIII — Financial Statements for the Month Ended July 31, 2015. <br />An analysis of revenue, expenditures, and changes in working capital is presented in <br />the table on the following page. The table consolidates information from the Park & <br />Recreation Department's recent revenue and expenditure estimates for 2015, revenue <br />estimates and requested budget for 2016, revenue projections for 2017 through 2020, <br />and the Long -Term Financial Plan's expenditure projections for 2017 through 2020. <br />Please note that the Long -Term Financial Plan is based off the 2016 Requested Budget <br />and the current revenue estimates for 2016 through 2020. These will surely be updated <br />during the 2016 budget process. <br />FINANCE COMMITTEE COMMUNICATION <br />16 <br />