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190 Golf Course Fund Summary <br />191 The following table depicts the 2008 financial activity for the Golf Course Fund for the fiscal period <br />192 ending Septemer _30, 2008 unaudited). <br />193 <br />Revenues <br />Charges for services <br />Interest earnings <br />Miscellaneous <br />Total Revenues <br />Expenditures <br />Golf Course op erations <br />Other <br />2008 <br />2008 <br />% <br />% <br />B u. d g2, g: at <br />Actual <br />Actual <br />Expect. <br />Diff. <br />350.1500 <br />301.1036 <br />85.9% <br />78.1% <br />7.7% <br />14.1000 <br />-1 <br />0.0% <br />0.0% <br />0.0% <br />2.1500 <br />3.1111 <br />124.5% <br />800.4% <br />-675.9% <br />367.1000 <br />304.1147 <br />82.9% <br />81.2% <br />1.6% <br />410.1100 321.1066 78.3% 69.0% 9.3% <br />-1 -1 n/a n/a n/a <br />Total Expenditures $ 410.1100 $ 321.1066 78.3% 69.0% 9.3% <br />194 <br />195 Comments.- <br />196 Golf Course Fund revenues were nominally higher than expected. Expenditures were higher than expected <br />197 due to the early acquisition of ground maintenance equipment that had originally been slated for 2009 but <br />198 was determined to be needed this year. <br />199 <br />2oo The Golf Course Fund is currently in good financial condition with a cash reserve of $,400,000 or 105% of <br />2 1 the annual operating budget. However it does not have sufficient funds to replace the clubhouse and <br />2 2 maintenance facilities at the end of their useful life. Future green fee increases will be needed to offset <br />2 3 projected increases in operational and capital replacement costs. <br />204 <br />Page 13 of 14 <br />