Page 58 - N. Richland Hills General Budget

BUDGET OVERVIEW

Golf Course Fund

FY 19/20 Adopted FY 19/20 Revised FY 20/21 Adopted

Revenue $1,651,547 $1,864,090 $2,727,072
Expenditures $1,651,547 $1,864,090 $2,727,072

Balance $0 $0 $0

FY 2019/2020 Revised Budget

During FY 2019/2020 the Iron Horse Golf Course has experienced significant operational impacts
this year with the temporary partial closure of the facility due to the planned major renovations to
the facility included in the FY 2019/2020 Adopted Budget. Revenues in the FY 2019/2020 Revised
Budget total $1,864,090 which reflect up $212,543 from the adopted budget in large part due to
an appropriation of fund balance of $97,521 to added as an amendment to the budget December
9, 2019 to add additional funding for the Iron Horse Golf Course Improvements project (GC1901).
In addition an increase in an interfund loan in the amount of $54,510 was included from the Gas
Development fund to help offset operational losses anticipated this fiscal year with the closure of
the course. Expenses totaled $1,864,090 and reflected up $212,543 due in large part to reflecting
the increased capital transfer of funding for the Iron Horse Golf Course improvement project
(GC1901) and additional debt service expense based on the current fiscal year reflecting the first
interest payment for the project.

FY 2020/2021 Adopted Budget

For the FY 2020/2021 Adopted Budget revenues and expenditures are expected to return to
normal operational levels with the grand re-opening of the Iron Horse Golf Course. FY 2020/2021
Estimated revenue is $2,727,072 and expenses are proposed at $2,727,072. Major expenditures
include $2,398,620 in operational expenses and $328,452 in debt service payments. The fund
is anticipated to end the fiscal year in balance.

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