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Golf Course Fund Long -Term Forecast <br />Incorporating the revenue assumptions, the operating expenditure targets, and the updated CIP <br />projections outlined in the preceding discussion, the following chart summarizes a history and <br />projection of revenue, expenditures, and reserves (defined as working capital) for the Golf Course <br />Fund. <br />111111ll1 <br />The City's Reserve Policy for the Golf Course Fund states, <br />The minimum working capital balance of the Golf Course Fund shall be maintained at or above <br />15% of current operating expenditures. For purpose of this policy, operating expenditures are <br />defined as all expenditures, excluding interfund transfers and capital outlay. <br />To assist the Golf Course Fund in meeting this reserve minimum, beginning with the 2021 <br />fiscal year, all Golf Course capital outlay will be funded through the Capital Projects Fund. <br />The projected Golf Course Fund balance at the end of 2028 is $631,000. In order to maintain in <br />compliance with the Reserve policy, some future capital projects may need to be funded by Capital <br />Projects Fund. <br />BUDGET DOCUMENT FORMAT <br />As previously mentioned, 2024 is the second year of the City's biennial budget process. This <br />current document is meant only to supplement the previously published document by presenting <br />the updated budget amounts and the updated Key Performance Indicators for 2024. Therefore, <br />this document is much less comprehensive than the 2023-2024 Biennial Operating & Capital Budget <br />document that was published in January 2023. <br />16 <br />