City Council Minutes 1991 11 06 - Laserfiche WebLink

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..., users of the course, both resident and non-resident. Judging from the first year's revenues of about 1.2 million dollars, I would feel it is safe to say that the golf course business can be a good source of revenue for the City in years to come. As with any successful business it must be nurtured. The course is not yet completely finished, improvements and maintenance are essential, we can't say, "Well it's here and it's functioning, so there is nothing more to do." The recommendations made in this budget are vital for its continuing success. The long term results of investing the maximum funds will ensure the City of some very healthy returns once the debts are satisfied. The golf course brings more than recreation to our City, it somehow projects the quality of life that we experience here. I think it sends an attractive message to people traveling along Highway 36 about Louisville. It has provided our town with quality homes and upgraded property values. It could be an incentive for major companies locating here. It contributes to our retail tax base. In short it, is an asset not to be neglected. I encourage you to look at this asset with a serious eye and recognize its potential for the City. We must be patient with its growth and development and we can all benefit, golfer and non- golfers, from its rewards. Sackett: Do we have a combined balance sheet for the City? Asti-Caranci: Yes, each year in our annual audit. Sackett: So it is a year old. Do we have one projected for the budget? So you don't know if the net worth of the City will increase or decrease based on this budget? Asti-Caranci: No. Sackett: Maybe, before the end of the year I could follow-up on because I want to understand it better. I would like to see what happened to the net worth over the past few years and where this budget goes. Do you know what our debt to equity is? Asti-Caranci: Not off the top of my head I don't. 9