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DRAFT - 11/27/18
<br />Louisville Coal Creek Golf Course
<br />25-Year Building and Equipment Renewal and Replacement Projections
<br />Assumptions:
<br />Building Renewal and Replacement Reserve Factor (Louisville estimate)
<br />2.00%
<br />Initial Building Replacement Value for Non -Core and Shell (Louisville estimate)
<br />2,702,000
<br />Annual Building Current Replacement Value Inflation Factor
<br />3.0%
<br />Annual FF&E Replacement Value Inflation Factor
<br />3.0%
<br />Annual User Fee Cost Recovery Revenue Inflation Factor
<br />3.0%
<br />Annual Non -Capital Operating Expense Inflation Factor (Cost of Government)
<br />3.0%
<br />Annual CIP Allocation Inflation Factor
<br />3.0%,
<br />1
<br />2
<br />3
<br />4
<br />5
<br />6
<br />7
<br />8
<br />9
<br />10
<br />11
<br />12
<br />13
<br />14
<br />15
<br />16
<br />17
<br />18
<br />19
<br />20
<br />21
<br />22
<br />23
<br />24
<br />25
<br />25 Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Fiscal Year
<br />Reserve/
<br />2015
<br />2016
<br />2017
<br />2018
<br />2019
<br />2020
<br />2021
<br />2022
<br />2023
<br />2024
<br />2025
<br />2026
<br />2027
<br />2028
<br />2029
<br />2030
<br />2031
<br />2032
<br />2033
<br />2034
<br />2035
<br />2036
<br />2037
<br />2038
<br />2039
<br />Expenditures
<br />Furniture, Fixtures, and Equipment (FF&E) Replacement:
<br />FF&E Replacement Value with 5 Year Replacement Cycle
<br />10,000
<br />10,300
<br />10,609
<br />10,927
<br />11,255
<br />11,593
<br />11,941
<br />12,299
<br />12,668
<br />13,048
<br />13,439
<br />13,842
<br />14,258
<br />14,685
<br />15,126
<br />15,580
<br />16,047
<br />16,528
<br />17,024
<br />17,535
<br />18,061
<br />18,603
<br />19,161
<br />19,736
<br />20,328
<br />Annual Renewal and Replacement Reserve for FF&E with 5 Year Replacement
<br />5
<br />2,000
<br />2,060
<br />2,122
<br />2,185
<br />2,251
<br />2,319
<br />2,388
<br />2,460
<br />2,534
<br />2,610
<br />2,688
<br />2,768
<br />2,852
<br />2,937
<br />3,025
<br />3,116
<br />3,209
<br />3,306
<br />3,405
<br />3,507
<br />3,612
<br />3,721
<br />3,832
<br />3,947
<br />4,066
<br />72,919
<br />FF&E Replacement Value with 6 Year Replacement Cycle
<br />14,000
<br />14,420
<br />14,853
<br />15,298
<br />15,757
<br />16,230
<br />16,717
<br />17,218
<br />17,735
<br />18,267
<br />18,815
<br />19,379
<br />19,961
<br />20,559
<br />21,176
<br />21,812
<br />22,466
<br />23,140
<br />23,834
<br />24,549
<br />25,286
<br />26,044
<br />26,825
<br />27,630
<br />28,459
<br />Annual Renewal and Replacement Reserve for FF&E with 6 Year Replacement
<br />6
<br />2,333
<br />2,403
<br />2,475
<br />2,550
<br />2,626
<br />2,705
<br />2,786
<br />2,870
<br />2,956
<br />3,044
<br />3,136
<br />3,230
<br />3,327
<br />3,427
<br />3,529
<br />3,635
<br />3,744
<br />3,857
<br />3,972
<br />4,092
<br />4,214
<br />4,341
<br />4,471
<br />4,605
<br />4,743
<br />85,072
<br />FF&E Replacement Value with 7 Year Replacement Cycle
<br />489,609
<br />504,297
<br />519,426
<br />535,009
<br />551,059
<br />567,591
<br />584,619
<br />602,157
<br />620,222
<br />638,829
<br />657,994
<br />677,733
<br />698,065
<br />719,007
<br />740,578
<br />762,795
<br />785,679
<br />809,249
<br />833,527
<br />858,532
<br />884,288
<br />910,817
<br />938,141
<br />966,286
<br />995,274
<br />Annual Renewal and Replacement Reserve for FF&E with 7 Year Replacement
<br />7
<br />69,944
<br />72,042
<br />74,204
<br />76,430
<br />78,723
<br />81,084
<br />83,517
<br />86,022
<br />88,603
<br />91,261
<br />93,999
<br />96,819
<br />99,724
<br />102,715
<br />105,797
<br />108,971
<br />112,240
<br />115,607
<br />119,075
<br />122,647
<br />126,327
<br />130,117
<br />134,020
<br />138,041
<br />142,182
<br />2,550,112
<br />FF&E Replacement Value with 9 Year Replacement Cycle
<br />132,332
<br />136,302
<br />140,391
<br />144,603
<br />148,941
<br />153,409
<br />158,011
<br />162,752
<br />167,634
<br />172,663
<br />177,843
<br />183,178
<br />188,674
<br />194,334
<br />200,164
<br />206,169
<br />212,354
<br />218,725
<br />225,286
<br />232,045
<br />239,006
<br />246,177
<br />253,562
<br />261,169
<br />269,004
<br />Annual Renewal and Replacement Reserve for FF&E with 9 Year Replacement
<br />9
<br />14,704
<br />15,145
<br />15,599
<br />16,067
<br />16,549
<br />17,045
<br />17,557
<br />18,084
<br />18,626
<br />19,185
<br />19,760
<br />20,353
<br />20,964
<br />21,593
<br />22,240
<br />22,908
<br />23,595
<br />24,303
<br />25,032
<br />25,783
<br />26,556
<br />27,353
<br />28,174
<br />29,019
<br />29,889
<br />536,081
<br />FF&E Replacement Value with 10 Year Replacement Cycle
<br />10,982
<br />11,311
<br />11,651
<br />12,000
<br />12,360
<br />12,731
<br />13,113
<br />13,506
<br />13,912
<br />14,329
<br />14,759
<br />15,202
<br />15,658
<br />16,127
<br />16,611
<br />17,110
<br />17,623
<br />18,152
<br />18,696
<br />19,257
<br />19,835
<br />20,430
<br />21,043
<br />21,674
<br />22,324
<br />Annual Renewal and Replacement Reserve for FF&E with 10 Year Replacement
<br />10
<br />1,098
<br />1,131
<br />1,165
<br />1,200
<br />1,236
<br />1,273
<br />1,311
<br />1,351
<br />1,391
<br />1,433
<br />1,476
<br />1,520
<br />1,566
<br />1,613
<br />1,661
<br />1,711
<br />1,762
<br />1,815
<br />1,870
<br />1,926
<br />1,983
<br />2,043
<br />2,104
<br />2,167
<br />2,232
<br />40,040
<br />FF&E Replacement Value with 12 Year Replacement Cycle
<br />73,878
<br />76,094
<br />78,377
<br />80,728
<br />83,150
<br />85,645
<br />88,214
<br />90,861
<br />93,586
<br />96,394
<br />99,286
<br />102,264
<br />105,332
<br />108,492
<br />111,747
<br />115,100
<br />118,553
<br />122,109
<br />125,772
<br />129,546
<br />133,432
<br />137,435
<br />141,558
<br />145,805
<br />150,179
<br />Annual Renewal and Replacement Reserve for FF&E with 12 Year Replacement
<br />12
<br />6,157
<br />6,341
<br />6,531
<br />6,727
<br />6,929
<br />7,137
<br />7,351
<br />7,572
<br />7,799
<br />8,033
<br />8,274
<br />8,522
<br />8,778
<br />9,041
<br />9,312
<br />9,592
<br />9,879
<br />10,176
<br />10,481
<br />10,795
<br />11,119
<br />11,453
<br />11,796
<br />12,150
<br />12,515
<br />224,461
<br />FF&E Replacement Value with 13 Year Replacement Cycle
<br />75,000
<br />77,250
<br />79,568
<br />81,955
<br />84,413
<br />86,946
<br />89,554
<br />92,241
<br />95,008
<br />97,858
<br />100,794
<br />103,818
<br />106,932
<br />110,140
<br />113,444
<br />116,848
<br />120,353
<br />123,964
<br />127,682
<br />131,513
<br />135,458
<br />139,522
<br />143,708
<br />148,019
<br />152,460
<br />Annual Renewal and Replacement Reserve for FF&E with TBD Year Replacement
<br />13
<br />5,769
<br />5,942
<br />6,121
<br />6,304
<br />6,493
<br />6,688
<br />6,889
<br />7,095
<br />7,308
<br />7,528
<br />7,753
<br />7,986
<br />8,226
<br />8,472
<br />8,726
<br />8,988
<br />9,258
<br />9,536
<br />9,822
<br />10,116
<br />10,420
<br />10,732
<br />11,054
<br />11,386
<br />11,728
<br />210,342
<br />FF&E Replacement Value with 15 Year Replacement Cycle
<br />6,600
<br />6,798
<br />7,002
<br />7,212
<br />7,428
<br />7,651
<br />7,881
<br />8,117
<br />8,361
<br />8,612
<br />8,870
<br />9,136
<br />9,410
<br />9,692
<br />9,983
<br />10,283
<br />10,591
<br />10,909
<br />11,236
<br />11,573
<br />11,920
<br />12,278
<br />12,646
<br />13,026
<br />13,416
<br />Annual Renewal and Replacement Reserve for FF&E with 15 Year Replacement
<br />15
<br />440
<br />453
<br />467
<br />481
<br />495
<br />510
<br />525
<br />541
<br />557
<br />574
<br />591
<br />609
<br />627
<br />646
<br />666
<br />686
<br />706
<br />727
<br />749
<br />772
<br />795
<br />819
<br />843
<br />868
<br />894
<br />16,042
<br />Annual FF&E 5 Year Expenditures
<br />5
<br />10,618
<br />12,309
<br />14,270
<br />16,543
<br />19,178
<br />72,919
<br />Annual FF&E 6 Year Expenditures
<br />6
<br />15,093
<br />18,022
<br />21,519
<br />25,695
<br />80,328
<br />Annual FF&E 7 Year Expenditures
<br />7
<br />535,944
<br />659,144
<br />810,664
<br />2,005,752
<br />Annual FF&E 9 Year Expenditures
<br />9
<br />149,375
<br />194,900
<br />344,275
<br />Annual FF&E 10 Year Expenditures
<br />10
<br />12,590
<br />16,919
<br />29,509
<br />Annual FF&E 12 Year Expenditures
<br />12
<br />87,373
<br />124,573
<br />211,947
<br />Annual FF&E 13 Year Expenditures
<br />13
<br />90,103
<br />90,103
<br />Annual FF&E 15 Year Expenditures
<br />15
<br />8,184
<br />8,184
<br />Total Annual FF&E Expenditures
<br />-
<br />-
<br />-
<br />-
<br />10,618
<br />15,093
<br />535,944
<br />-
<br />149,375
<br />24,899
<br />-
<br />105,395
<br />90,103
<br />659,144
<br />22,454
<br />-
<br />-
<br />216,419
<br />-
<br />33,462
<br />810,664
<br />-
<br />-
<br />150,268
<br />19,178
<br />2,843,016
<br />Building Renewal and Replacement:
<br />Current Replacement Value of Non -Core and Shell (All Buildings)
<br />2,702,000
<br />2,783,060
<br />2,866,552
<br />2,952,548 3,041,125
<br />3,132,359
<br />3,226,329
<br />3,323,119
<br />3,422,813
<br />3,525,497
<br />3,631,262
<br />3,740,200
<br />3,852,406
<br />3,967,978
<br />4,087,017
<br />4,209,628
<br />4,335,917
<br />4,465,994 4,599,974
<br />4,737,973
<br />4,880,113
<br />5,026,516
<br />5,177,311
<br />5,332,631
<br />5,492,610
<br />Average Building Annual Renewal and Replacement Expense
<br />54,040
<br />55,661
<br />57,331
<br />59,051 60,822
<br />62,647
<br />64,527 66,462
<br />68,456
<br />70,510
<br />72,625
<br />74,804
<br />77,048
<br />79,360
<br />81,740
<br />84,193
<br />86,718
<br />89,320 91,999
<br />94,759
<br />97,602
<br />100,530
<br />103,546
<br />106,653
<br />109,852
<br />1,970,259
<br />Sources and Uses - Golf Course Fund
<br />Sources of Funds:
<br />1,422,245
<br />7,200
<br />1,535,442
<br />4,107
<br />I
<br />1,701,600 1,725,700
<br />13,650 8,600
<br />1,758,590
<br />8,600
<br />1
<br />1,790,450 1,830,920. 1,872,790
<br />8,600 8,600 8,600
<br />1,921,310
<br />8,600
<br />1,978,949
<br />8,858
<br />2,038,318
<br />9,124
<br />2,099,467
<br />9,397
<br />2,162,451
<br />9,679
<br />2,227,325
<br />9,970
<br />2,294,145
<br />10,269
<br />2,362,969
<br />10,577
<br />2,433,858 2,506,874
<br />10,894 11,221
<br />m2,582,080
<br />11,558
<br />2,659,542
<br />11,904
<br />2,739,329
<br />12,262
<br />2,821,509
<br />12,629
<br />2,906,154
<br />13,008
<br />2,993,338
<br />13,399
<br />52,365,355
<br />241,306
<br />Charges for Services
<br />Miscellaneous Revenue
<br />Subtotal - Fund Operating Revenue
<br />1,429,445 1,539,549 1,715,250 1,734,300 1,767,190 1,799,050 1,839,520 1,881,390 1,929,910 1,987,807 2,047,442 2,108,865 2,172,131 2,237,295 2,304,413 2,373,546 2,444,752 2,518,095 2,593,638 2,671,447 2,751,590 2,834,138 2,919,162 3,006,737 52,606,661
<br />- - - - - - - - - -
<br />General Fund Operating Subsidy
<br />Subtotal - Fund Revenue
<br />1,429,445 1,539,549 1,715,250 1,734,300 1,767,190 1,799,050 1,839,520 1,881,390 1,929,910 1,987,807 2,047,442 2,108,865 2,172,131 2,237,295 2,304,413 2,373,546 2,444,752 2,518,095 2,593,638 2,671,447 2,751,590 2,834,138 2,919,162 3,006,737 52,606,661
<br />- - - - - 249,200 117,360 117,360 241,490 72,625 180,199 167,151 738,504 104,194 84,193 86,718 305,739 91,999 128,222 908,266 100,530 103,546 256,921 129,030 4,183,247
<br />Capital Expenditures Funded Through the Capital Projects Fund (based on lease cost)
<br />Total Sources of Funds
<br />1,429,445 1,539,549 1,715,250 1,734,300 1,767,190 2,048,250 1,956,880 1,998,750 2,171,400 2,060,433 2,227,641 2,276,016 2,910,634 2,341,489 2,388,606 2,460,264 2,750,492 2,610,094 2,721,859 3,579,713 2,852,121 2,937,684 3,176,083 3,135,767 56,789,909
<br />105,658 134,525 104,650 111,130 114,290 118,450 122,690 127,100 131,670 135,620 139,689 143,879 148,196 152,642 157,221 161,937 166,796 171,799 176,953 182,262 187,730 193,362 199,163 205,138 3,592,550
<br />555,506 630,213 621,330 706,950 742,910 767,750 792,120 817,350 843,440 868,743 894,805 921,650 949,299 977,778 1,007,111 1,037,325 1,068,445 1,100,498 1,133,513 1,167,518 1,202,544 1,238,620 1,275,779 1,314,052 22,635,248
<br />610,376 551,453 828,240 900,370 931,530 964,970 996,920 1,029,990 1,064,240 1,096,167 1,129,052 1,162,924 1,197,811 1,233,746 1,270,758 1,308,881 1,348,147 1,388,592 1,430,250 1,473,157 1,517,352 1,562,872 1,609,758 1,658,051 28,265,608
<br />88,348 86,596 84,460 89,990 92,980 96,180 99,390 102,720 106,160 109,345 112,625 116,004 119,484 123,069 126,761 130,563 134,480 138,515 142,670 146,950 151,359 155,900 160,577 165,394 2,880,519
<br />Uses of Funds:
<br />General & Marketing
<br />Golf Operations & Pro Shop
<br />Golf Course Maintenance
<br />Golf Clubhouse Operations & Maintenance
<br />Subtotal - Operating Expenses
<br />1,359,889 1,402,786 1,638,680 1,808,440 1,881,710 1,947,350 2,011,120 2,077,160 2,145,510 2,209,875 2,276,172 2,344,457 2,414,790 2,487,234 2,561,851 2,638,707 2,717,868 2,799,404 2,883,386 2,969,888 3,058,984 3,150,754 3,245,276 3,342,635 57,373,925
<br />68,873 8,757 14,500 10,860 18,410 249,200 117,360 117,360 241,490 - - - - - - - - - - - - - - - 846,810
<br />- - - - - - - - - - 105,395 90,103 659,144 22,454 - - 216,419 - 33,462 810,664 - - 150,268 19,178 2,107,087
<br />- - - - - - - - - 72,625 74,804 77,048 79,360 81,740 84,193 86,718 89,320 91,999 94,759 97,602 100,530 103,546 106,653 109,852 1,350,751
<br />Actual/Estimated Capital Expenditures from Budget and LTFP
<br />FF&E Expenditures (from preceding schedule)
<br />Average Annual Building R&R Expense (from preceding schedule)
<br />Total Uses of Funds
<br />1,428,761 1,411,543 1,653,180 1,819,300 1,900,120 2,196,550 2,128,480 2,194,520 2,387,000 2,282,501 2,456,371 2,511,607 3,153,294 2,591,428 2,646,044 2,725,425 3,023,607 2,891,403 3,011,608 3,878,154 3,159,515 3,254,300 3,502,197 3,471,665 61,678,572
<br />684 128,006 62,070 (85,000) (132,930) (148,300) (171,600) (195,770) (215,600) (222,068) (228,730) (235,592) (242,660) (249,939) (257,438) (265,161) (273,116) (281,309) (289,748) (298,441) (307,394) (316,616) (326,114) (335,898) (4,888,664)
<br />Annual Net Surplus/(Deficit) of Funds
<br />Cumulative Net Surplus/(Deficit) of Funds
<br />684 128,690 190,760 105,760 (27,170) (175,470) (347,070) (542,840) (758,440) (980,508) (1,209,238) (1,444,830) (1,687,490) (1,937,429) (2,194,867) (2,460,028) (2,733,143) (3,014,453) (3,304,201) (3,602,642) (3,910,036) (4,226,652) (4,552,766) (4,888,664)
<br />158,108 158,792 286,798 348,868 263,868 130,938 (17,362) (188,962) (384,732) (600,332) (822,400) (1,051,130) (1,286,722) (1,529,382) (1,779,321) (2,036,759) (2,301,920) (2,575,035) (2,856,345) (3,146,093) (3,444,534) (3,751,928) (4,068,544) (4,394,658)
<br />684 128,006 62,070 (85,000) (132,930) (148,300) (171,600) (195,770) (215,600) (222,068) (228,730) (235,592) (242,660) (249,939) (257,438) (265,161) (273,116) (281,309) (289,748) (298,441) (307,394) (316,616) (326,114) (335,898)
<br />Beginning Fund Balance - Golf Course Fund
<br />Net of Fund Operating Revenue and Operating Expenditures
<br />Ending Fund Balance - Golf Course Fund
<br />158,792 286,798 348,868 263,868 130,938 (17,362) (188,962) (384,732) (600,332) (822,400) (1,051,130) (1,286,722) (1,529,382) (1,779,321) (2,036,759) (2,301,920) (2,575,035) (2,856,345) (3,146,093) (3,444,534) (3,751,928) (4,068,544) (4,394,658) (4,730,556)
<br />40,829 89,402 133,953 194,534 253,864 605,135 554,238 654,709 508,628 508,628 508,628 508,628 508,628 508,628 508,628 508,628 508,628 508,628 508,628 508,628 508,628 508,628 508,628 508,628
<br />Calculation of Renewal & Replacement Reserve
<br />Actuals and Current Year Estimates
<br />From Budget & Long -Term Financial Plan
<br />Calculated in Worksheet Using Assumptions Shown Above
<br />18
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