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Memo Lonnie Brokke, Parks & Recreation DirectorLonnie Brokke, Parks & Recreation Director To: Sean McDonagh, Golf Course SuperintendentSean McDonagh, Golf Course Superintendent Chris Miller, Finance DirectorChris Miller, Finance Director From: January 23, 2015 Date: Cedarholm Golf Course Financial Summary (2010Financial Summary (2010-2014) Re: Introduction The purpose of this memo is to provide a 5he purpose of this memo is to provide a 5-Year financial summary for Cedarholm Golf CourseYear financial summary for Cedarholm Golf Course. The information presented below is consistent with The information presented below is consistent with the Citys published financial statementsfinancial statements and has been prepared using generally accepted accountihas been prepared using generally accepted accounting & financial reporting standardsng & financial reporting standards. However, you may find it purposeful to compile and However, you may find it purposeful to compile and present the information in a different format present the information in a different format to highlight specific areas of operation.to highlight specific areas of operation. Most of the information presented below presented below relates to the Golf Course Statement of Revenues, ourse Statement of Revenues, Expenses, and Changes in Net Position; which is morExpenses, and Changes in Net Position; which is more commonly referred to as the operating e commonly referred to as the operating statement, income statement, or profit & loss statestatement, income statement, or profit & loss statement. I will briefly address the financial address the financial impacts of capital replacements as well.acts of capital replacements as well. As you know, major revenues sources for the As you know, major revenues sources for the golf course include: greens fees, equipment sales ourse include: greens fees, equipment sales and rentals, concessions, and interest earnings. Mand rentals, concessions, and interest earnings. Major operating expenses include; personnel, ajor operating expenses include; personnel, supplies, other services & charges, internal administrative charges, and deprecharges, internal administrative charges, and depreciation.iation. Each of these categories is presented separately to ensure transparency and allpresented separately to ensure transparency and allpresented separately to ensure transparency and allow interested parties to determine both the direct and indirect costs of to determine both the direct and indirect costs of operating the golf course.ourse. Financial Summary The following table depicts the 20102010-2014 financial results for the golf course. Please note that . Please note that the amounts listed for 2014 are preliminarythe amounts listed for 2014 are preliminary, unaudited figures that are subject to change.figures that are subject to change. \[See table on next page\] 1