2015-05-05_PR Comm Packet - Laserfiche WebLink

Home

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