Page 61 - NRH FY20 Approved Budget

BUDGET OVERVIEW

Golf Course Fund

FY 18/19 Adopted FY 18/19 Revised FY 19/20 Adopted

Revenue $2,601,454 $2,566,361 $1,651,547
Expenditures $2,601,454 $2,566,361 $1,651,547

Balance $0 $0 $0

FY 2018/2019 Revised Budget

Rounds for the FY 2018/2019 Revised Budget are expected to reach 47,300, which is 3,700 less
than what was projected in the adopted budget. Weather played a role in the decline of the Golf
Course Fund revenues just as it did for NRH2O and water sales. Green fees and pro shop
revenues declined due to the number of days the course was closed from wet weather. Overall
the revenue was $35,093 under what was projected in the adopted budget.

With the decrease in revenues, staff cut back on operating costs to make up for the deficit.
Operating costs were revised to $2,566,361, a decrease of $35,093 from the FY 2018/2019
Adopted Budget, which includes an addition of $154,519 added to the funds reserves. The
majority of the reductions come from operating expenses in the Pro Shop and from Course
Maintenance.

FY 2019/2020 Adopted Budget

For the FY 2019/2020 Adopted Budget the Golf Course Fund will have a dramatic change in
revenue. The golf course is expected to have the back twelve holes closed for most of the year
for renovations. The remodel will put the projected rounds for Iron Horse at 16,841, a decrease
of 34,159 from the adopted budget. To cover this deficit in revenue the Golf Course Fund will
receive an inter-fund loan from the Gas Development Fund in the amount of $697,479. This loan
will be paid back to the Gas Development Fund over the next ten years. All other revenues from
the golf course will decline as well and the fund is expected to have a decrease in revenues of
$949,907 from the adopted budget.

Expenses for the Golf Course Fund will also take a steep decline. The expenses will decline due
to the reduced traffic the course expects to see during the renovations. The Pro Shop and,
Driving Range, and Club House will all be open during the renovations. There will be a total of
$949,907 in operating expense reductions. There will also be no transfer to capital projects.

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