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Golf Course Fund Summary <br />189 <br />The following table depicts the 2012 financial activity for the Golf Course Fund for the fiscal period <br />190 <br />ending June 30, 2012 (unaudited). <br />191 <br />192 <br />20122012%% <br />ActualActualExpect.Diff. <br />Budget <br />Revenues <br />Charges for services310,230$ 167,868$ 54.1%42.1%12.0% <br />Interest earnings14,000 - 0.0%0.0%0.0% <br />Miscellaneous2,600 5,648 217.2%101.2%116.1% <br />Total Revenues <br />$ 173,516326,830$ 53.1%41.3%11.8% <br />Expenditures <br /> 150,712414,150 36.4%33.1%3.3% <br />Golf Course operations <br />Other- - n/an/an/a <br />Total Expenditures$ 150,712414,150$ 36.4%33.1%3.3% <br />193 <br />194 <br />Comments: <br />195 <br />Golf Course Fund revenues and higher than expected, but expenditures were near expected levels. <br />196 <br />Revenues and expenditures can fluctuate greatly from year to year depending on the length of the golfing <br />197 <br />season and overall weather. <br />198 <br />199 <br />The Golf Course Fund is currently in good financial condition with a cash reserve of $391,000 or 105% of <br />200 <br />the annual operating budget. However it does not have sufficient funds to replace the clubhouse and <br />201 <br />maintenance facilities at the end of their useful life. Future green fee increases will be needed to offset <br />202 <br />projected increases in operational and capital replacement costs. <br />203 <br />204 <br />205 <br />Page 12 of 13 <br /> <br />