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SUBJECT: <br />2020 RECOMMENDED BUDGET <br />DATE: <br />SEPTEMBER 24, 2019 <br />PAGE8OF9 <br />W <br />2008 2009 <br />w <br />2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 <br />su' Revenue <br />Expenditures Fund Balance -Minimum ��.Target <br />Effective April 1, 2010, the City entered into a license agreement with Western Golf <br />Properties. Under this agreement, all operational revenue and expenses were accounted <br />for by Western Golf Properties. Other than capital outlay, the only expenses recorded by <br />the City were loan repayments to the Wastewater Utility fund. The only revenue recorded <br />by the City was license payments from Western Golf Properties. <br />The revenue and expense spikes in 2014 reflect the flood reconstruction efforts and the <br />related grants. The City reassumed operations at the golf course in mid-2015. <br />The revenue and expenses in 2015-2016 are significantly higher than 2017-2018 due to <br />transfers -in from the General Fund and Capital Projects Fund and transfers -out to the <br />Wastewater Utility Fund. <br />The Reserve Policy for the Golf Course Fund, as proposed, states, <br />The minimum working capital balance of the Golf Course Fund shall be maintained at or <br />above 15% of current operating expenditures. For purpose of this policy, operating <br />expenditures are defined as all expenditures, excluding interfund transfers and capital <br />outlay. <br />In addition to maintaining an operating reserve, the Golf Course Fund will also maintain <br />a capital asset renewal and replacement reserve. The purpose of this reserve is to <br />CITY COUNCIL COMMUNICATION <br />18 <br />