2021-2022 Biennial Operating & Capital Budget

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Golf Course Fund Incorporating the revenue assumptions, the operating expenditure targets, interfund transfer projections, and the Capital Improvements Plan into the long-term financial planning model results in the following graph, which summarizes a history and six -year projection of revenue, expenditures, and reserves (defined as working capital) for the Golf Course Fund. 7..000..0® 5,X 0A100 5,000,000 4..000.000 1.000.000 ■ d r Golf Course Fund Yf v. rt rt #F rt 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2075 2026 — Revenue — Experwitures Fund 9&Eance —Minimum The City's Reserve Policy for the Golf Course Fund states, The minimum working capital balance of the Golf Course Fund shall be maintained at or above 15% of current operating expenditures. For purpose of this policy, operating expenditures are defined as all expenditures, excluding interfund transfers and capital outlay. Beginning in 2021, the Golf Course capital budget is scheduled to be funded by the Capital Projects Fund. With this change, the revenues generated by the Golf Course appear sufficient to meet the operating expenses over the long term. Awards & Acknowledgements Awards The Government Finance Officers Association of the United States and Canada (GFOA) presented an award for Distinguished Budget Presentation to the City of Louisville for its 2019-2020 biennial budget. In order to receive this award a governmental unit must publish a budget document that meets program criteria as a policy document, as an operations guide, as a financial plan, and as a communication medium. The award is valid for one biennium only. We believe our current budget continues to conform to program requirements, and we are submitting it to GFOA to determine its eligibility for another award. 17