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Golf Course Fund Summary <br />. The following table depicts the 2009 financial activity for the Golf Course Fund for the fiscal period <br />� ending March 31, 2009 (unaudited). <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />1 <br />Revenues <br />Charges for services <br />Interest earnings <br />Miscellaneous <br />Total Revenues <br />Expenditures <br />Golf Course operations <br />Other <br />Total Expenditures <br />2009 2009 % % <br />Bud�et Actual Actual Expect. Diff. <br />$ 393,700 $ 25,799 6.6% 3.5% 3.0% <br />8,000 - 0.0% 0.0% 0.0% <br />2,500 914 36.5% 17.5% 19.1% <br />$ 404,200 $ 26,712 6.6% 3.5% 3.1% <br />404,200 28,369 7.0% 13.5% -6.5% <br />- - n/a n/a n/a <br />$ 404,200 $ 28,369 7.0% 13.5% -6.5% <br />Comments: <br />Golf Course Fund revenues were nominally higher than expected, whereas expenditures were lower. <br />Revenues and expenditures can fluctuate greatly from year to year depending on the length of the golfing <br />season and the number of paid rounds. <br />The Golf Course Fund is currently in good financial condition with a cash reserve of $365,000 or 106% of <br />the annual operating budget. However it does not have sufficient funds to replace the clubhouse and <br />maintenance facilities at the end of their useful life. Future green fee increases will be needed to offset <br />projected increases in operational and capital replacement costs. <br />Page 13 of 14 <br />