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The Golf Fund accounts for the operation of one, par-three, nine- hole golf course. This golf course was purchased in 1967, and the annual profits from the user charge have been sufficient to cover all operating costs and the bond principal and interest payments since the purchase date. Green fees were increased in 1987 to $4.50 from $4.25 in 1985. Below is a summary of golf operations: Operating revenues Gross profits on merchandise sold User charges Other Total Operating Revenues Operating expenses Personal Service Depreciation Other Total Operating Expense Operating income Non-operating revenues (expenses) Net Income 1987 $ 5,529 172,692 6,865 S 185,086 $ 87,579 7,037 42,091 S 136.707 $ 48,379 13,536 S 61,915 1986 $ 7,318 149,128 6.533 S 162.979 $ 73,440 10,689 38.260 S 122,589 $ 40,340 4.784 S 45,174 The Ice Arena Fund accounts for the operation of one ice arena, with a seating capacity of approximately 1,950. During 1987, general property taxes in the amount of $79,797 were collected to pay the bond principal and interest, and to assist in paying for the current year's operations. Below is a summary of the Ice Arena operations: Operatinq revenues Gross profits on merchandise sold User charges Other Total operating revenues Operating expenses Personal service Depreciation Other Total operating expenses Operating Income (loss) Nonoperating revenues (expenses) Net Income 12 1987 $ 16,159 308,238 11.102 S 335,449 186,485 31,352 123.733 S 341,520 $ (6,070) S 110,630 S 104,560 1986 $ 10,725 276,773 5,365 $ 292,863 182,886 31,105 136,128 S 350,119 (57,256) S 38,142 S�( 19 , 114 )