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185 Golf Course Fund Summary <br /> 186 The following table depicts the 2011 financial activity for the Golf Course Fund for the fiscal period <br /> 187 ending September 30,2011 (unaudited). <br /> 188 <br /> 2011 2011 <br /> Budget Actual Actual Expect. Diff. <br /> Revenues <br /> Charges for services $ 341,485 $ 253,564 74.3% 75.5% -1.2% <br /> Interest earnings 14,000 - 0.0% 0.0% 0.0% <br /> Miscellaneous 2,000 7,826 391.3% 132.5% 258.8% <br /> Total Revenues $ 357,485 $ 261,390 73.1% 73.8% -0.7% <br /> Expenditures <br /> Golf Course operations 359,950 244,610 68.0% 64.9% 3.1% <br /> Other - - n/a n/a n/a <br /> 189 Total Expenditures $ 359,950 $ 244,610 68.0% 64.9% 3.1% <br /> 190 <br /> 191 Comments: <br /> 192 Golf Course Fund revenues and expenditures were near expected levels. Revenues and expenditures can <br /> 193 fluctuate greatly from year to year depending on the length of the golfing season and overall weather. <br /> 194 <br /> 195 The Golf Course Fund is currently in good financial condition with a cash reserve of$415,000 or 115%of <br /> 196 the annual operating budget. However it does not have sufficient funds to replace the clubhouse and <br /> 197 maintenance facilities at the end of their useful life. Future green fee increases will be needed to offset <br /> 198 projected increases in operational and capital replacement costs. <br /> 199 <br /> 200 <br /> Page 12 of 13 <br />