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Golf Course Fund Summary <br />The following table depicts the 2013 financial activity for the Golf Course Fund for the fiscal period <br />ending September 30, 2013 (unaudited). <br />Revenues <br />Charges for services <br />Interest earnings <br />Miscellaneous <br />Total Revenues <br />Expenditures <br />Golf Course operations <br />Total Expenditures <br />2013 2013 % % <br />Bud�et Actual Actual Expect. Diff. <br />$ 325,000 $ 261,235 80.4% 79.1% 1.3% <br />14,000 - 0.0% 0.0% 0.0% <br />2,600 - 0.0% 254.6% 0.0% <br />$ 341,600 $ 261,235 76.5% 77.4% -0.9% <br />410,800 237,959 57.9% 63.9% -6.0% <br />$ 410,800 $ 237,959 57.9% 63.9% -6.0% <br />Comments: <br />Golf Course Fund revenues and expenditures were near expected levels. Revenues and expenditures <br />can fluctuate greatly from year to year depending on the length of the golfing season and overall <br />weather conditions. <br />The Golf Course Fund is currently in good financial condition with $315,000 in available cash reserves <br />for operations and capital replacements. However it does not have sufficient funds to replace the <br />clubhouse and maintenance facilities in 2015 as currently scheduled. A comprehensive financial <br />analysis should be conducted to determine the Golf Course can reach financial sustainability under <br />current revenue sources. <br />Page 12 of 13 <br />