HomeMy WebLinkAbout2012-12-04; Public Financing Authority; Resolution 591
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Exhibit 1
RESOLUTION NO. 59
A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE CARLSBAD PUBLIC FINANCING AUTHORITY
APPROVING THE JANUARY 1, 2013 THROUGH JUNE 30,
2013 BUDGET FOR THE CROSSINGS AT CARLSBAD
WHEREAS, the Carlsbad Public Financing Authority, hereafter the "Authority," has
previously entered into a contract with Kemper Sports Management Incorporated for the
operation and maintenance of the Carlsbad City Golf Course, The Crossings at Carlsbad Golf
Course, hereafter referred to as "The Crossings;"
WHEREAS, Kemper Sports Management has developed a proposed six month
Operating Budget for The Crossings to fund operations from January 1, 2013 through June 30,
2013; and,
NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
Carlsbad Public Financing Authority (CPFA) ofthe City of Carlsbad, California, as follows:
1. That the above recitations are true and correct.
2. That the proposed January 1, 2013 through June 30, 2013 Operating Budget for
The Crossings is approved as set forth in Exhibit A attached to this Resolution.
3. That the CPFA Executive Director is authorized to approve expenditures above
the January 1, 2013 through June 30, 2013 Operating Budget provided there are sufficient
revenues generated above the January 1, 2013 through June 30, 2013 Operating Budget to
cover these additional expenditures. In addition, ifthe Food and Beverage Operation revenue is
higher than the January 1, 2013 through June 30, 2013 Food and Beverage Budget, then the
CPFA Executive Director is authorized to approve expenditures within the Food and Beverage
Program up to that additional revenue generated over the January 1, 2013 through June 30,
2013 Budget estimate.
AYES: Board Members Hall, Kulchin, Blackburn, Douglas and Packard.
NOES: None.
1 PASSED, APPROVED AND ADOPTED at a Joint Special Meeting of the Board
2 of Directors of the Carlsbad Public Financing Authority and the Carlsbad City Council on
3 the 4^^ day of December, 2012, by the following vote to wit:
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ABSENT: None.
ATTEST:
^ 0 -
17 LOkRALNE M. WOOltf, ^fcretary ' O
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Al' C A R LSBAD
Proposed Operating Budget
January 1, 2013 through June 30, 2013
REVENUES:
COURSE AND GROUNDS
PRO SHOP
PRACTICE CENTER
FOOD & BEVERAGE
GENERAL AND ADMINISTRATIVE
TOTAL REVENUES
COST OF SALES:
PRO SHOP
FOOD & BEVERAGE
TOTAL COST OF SALES
MERCHANDISE COGS %
F & B COGS %
PAYROLL
COURSE AND GROUNDS
PRO SHOP
FOOD & BEVERAGE
MARKETING
GENERAL AND ADMINISTRATIVE
PAYROLL TAKES & BENEFITS
TOTAL PAYROLL EXPENSE
OTHER EXPENSES:
COURSE AND GROUNDS
PRO SHOP
PRACTICE CENTER
FOOD & BEVERAGE
MARKETING
GENERAL AND ADMINISTRATIVE
CAPITAL OUTLAY
TOTAL OTHER EXPENSES
TOTAL EXPENSES
REVENUES LESS EXPENSES
CAPITAL RESERVE
PAYMENTS ON DEBT (INTEREST ONLY)
NET CASH FLOW
BUDGETED ROUNDS - TOTAL
$ 1,387,382
$ 200,828
$ 136,934
$ 1,263,600
$ 64
$ 2,988,808
$ 116,551
$ 344,047
$ 460,598
66%
29%
$ 336,690
$ 79,903
$ 370.419
$ 73,210
$ 107,225
$ 263,111
$ 1,230,558
$ 639,032
$ 27,471
$ 12,152
$ 123,715
$ 53,144
$ 284,195
$ -
$ 1,256,926
$ 2,948,082
$ 40.726
$ 27,040
$ 381,975
$ (368,289)
29,615
IP