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Golf Course Fund Summary <br />, The following table depicts the 2012 financial activity for the Golf Course Fund for the iiscal period <br />�� � ending September 30, 2012 (unaudited). <br />Revenues <br />Charges for services <br />Interest earnings <br />Miscellaneous <br />Total Revenues <br />2012 2012 % % <br />Budget Actual Actual Expect• Diff. <br />$ 310,230 $ 288,641 93.0% 71.6% 21.5% <br />14,000 - 0.0% 0.0% 0.0% <br />2,600 2,591 99.7% 221.4% ###### <br />$ 326,830 $ 291,232 89.1% 70.5% 18.6% <br />Expenditures <br />Golf Course operations 414,150 260,915 63.0% 61.4% 1.6% <br />Other - - n/a n/a n/a <br />Total Expenditures $ 414,150 $ 260,915 63.0% 61.4% 1.6% <br />Comments: <br />Golf Course Fund revenues and higher than expected, but expenditures were near expected levels. <br />Revenues and expenditures can fluctuate greatly from year to year depending on the length of the golfing <br />season and overall weather. 2012 Budgeted revenues were reduced significantly from previous years to <br />more accurately reflect financial results. <br />The Golf Course Fund is currently in good financial condition with a cash reserve of $391,000 or 105°/o of <br />the annual operating budget. However it does not have sufficient funds to replace the clubhouse and <br />maintenance facilities at the end of their useful life. Future green fee increases will be needed to offset <br />projected increases in operational and capital replacement costs. <br />Page 12 of 13 <br />