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Golf Course Fund Summary <br />235 <br />The Golf Course Fund includes the activities of the City’s Cedarholm golf course. Its primary funding <br />236 <br />source is green fees. <br />237 <br />238 <br />The following table depicts the 2014 financial activity for the Golf Course Fund for the fiscal period <br />239 <br />ending September 30, 2014 (unaudited). <br />240 <br />241 <br />20142014%% <br />BudgetActualActualExpect.Diff. <br />Revenues <br />Charges for services360,800$ 275,313$ 76.3%82.6%-6.3% <br />Interest earnings14,000 - 0.0%0.0%0.0% <br />Miscellaneous2,600 - 0.0%163.7%0.0% <br />Total Revenues$ 275,313377,400$ 72.9%79.6%-6.6% <br />Expenditures <br />Golf Course operations <br /> 269,960377,400 71.5%63.0%8.6% <br />Total Expenditures$ 269,960377,400$ 71.5%63.0%8.6% <br />242 <br />243 <br />Comments: <br />244 <br />Golf Course Fund revenues and expenditures were near expected levels. Revenues and expenditures <br />245 <br />can fluctuate greatly from year to year depending on the length of the golfing season and weather <br />246 <br />conditions. <br />247 <br />248 <br />The Golf Course Fund is currently in fair financial condition with $259,000 in available cash reserves <br />249 <br />for operations and capital replacements. However it does not have sufficient funds to replace the <br />250 <br />clubhouse and maintenance facilities as currently scheduled. A comprehensive financial analysis <br />251 <br />should be conducted to determine the Golf Course can reach financial sustainability under current <br />252 <br />revenue sources. <br />253 <br />254 <br />255 <br />Page 12 of 14 <br />