2020 Supplemental Budget Report - Laserfiche WebLink

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7,000..000 6,000..000 5,000,0130 4AXM 0f30 3,0130,000 2,000..000 1,0013,000 Golf Course Fund s- 410 2002009 2010 2011 201 2013 2014 2035 2016 2017 2018 2019 2020 2021 2022 2023 4 gnu. nue — Expenditures *--■ €und f3afan.e Minimum Effective April 1, 2010, the City entered into a license agreement with Western Golf Properties. Under this agreement, all operational revenue and expenses were accounted for by Western Golf Properties. Other than capital outlay, the only expenses recorded by the City were loan repayments to the Wastewater Utility fund. The only revenue recorded by the City was license payments from Western Golf Properties. The revenue and expense spikes in 2014 reflect the flood reconstruction efforts and the related grants. The City reassumed operations at the golf course in mid-2015. The revenue and expenses in 2015-2016 are significantly higher than 2017-2018 due to transfers -in from the General Fund and Capital Projects Fund and transfers -out to the Wastewater Utility Fund as payment for an interfund loan. The 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. To assist the Golf Course Fund in meeting this reserve minimum, beginning with the 2021 fiscal year, all Golf Course capital outlay will be funded through the Capital Projects Fund. The projected Golf Course Fund reserves at the end of 2020 are $136,000. This equates to only 8% of operating expenditures and does not meet the minimum reserve as defined by the Reserve Policy. 15