HomeMy WebLinkAbout2009-12-01; Public Financing Authority; 41; Crossings at Carlsbad Gof Course 2010 Budget15
CARLSBAD PUBLIC FINANCING AUTHORITY - AGENDA BILL
AB#
MTG.
DEPT.
41
12/01/09
FIN
APPROVAL OF THE CROSSINGS AT
CARLSBAD GOLF COURSE BUDGET
FOR 2010 AND ADDITIONAL
APPROPRIATION FOR 2009
DEPT. HEAD *
\.^.....*
CITY ATTY. sT&2-
CITY MGR. ^j-^
RECOMMENDED ACTION:
It is recommended the Board of Directors of the Carlsbad Public Financing Authority (Authority)
adopt Resolution No. 52 approving the 2010 Operating and Capital Budget for
The Crossings at Carlsbad Golf Course and an additional appropriation of up to $150,000 for
2009.
ITEM EXPLANATION:
The Authority is the joint powers entity formed by the City of Carlsbad and Carlsbad Municipal
Water District to be responsible for the finance, construction, operation and maintenance of The
Crossings at Carlsbad Golf Course (The Crossings) on behalf of the City of Carlsbad, which is
the owner of the property. On May 2, 2006, the Authority retained Kemper Sports
Management, Inc. (KSM) to manage and operate the golf course and associated
improvements. The Crossings opened to the public August 2007. For the Authority's
consideration, KSM has prepared a 2010 calendar year operating and capital budget for The
Crossings. This operating budget for 2010 is an estimate based on actual operating
performance for calendar year 2009 and the experience of KSM with other similar golf courses.
The Crossings has been negatively affected by the slow economy especially in golf rounds
played and group golf events which has affected the greens fees revenue. KSM has
considered the slow economy in developing the proposed budget for The Crossings for 2010.
The 2010 Budget estimates that The Crossings will generate operating revenues of
approximately $6.0 million which is a 5% increase over the 2009 revised projections. The
operating expenses, food and beverage service and debt service, in addition to setting aside
funds for future capital needs, is estimated at $7.1 million or approximately 0.8% more than the
2009 projections primarily due to the increase in water and sewer rates, and the Food and
Beverage Program, which generates additional revenue to offset the increase in expenses.
The annual operating loss is expected to be approximately $1,181,000. In addition to the
operating expenses, there are the habitat maintenance and monitoring costs which are
estimated at approximately $441,453. The habitat budget and the $1,181,000 for the operating
loss would need to be funded by the General Fund. In addition, The Crossings also requires
capital projects to continue to improve the health and safety at the golf course as well as other
projects that were not anticipated when the construction budget was developed. The total
amount requested for the capital budget is $138,000.
DEPARTMENT CONTACT: Lisa Irvine 760-602-2430 lisa.irvine@carlsbadca.gov
FOR CITY CLERKS USE ONLY.
COUNCIL ACTION: APPROVED
DENIED
CONTINUED
WITHDRAWN
AMENDED
*/D
D
D
D
CONTINUED TO DATE SPECIFIC
CONTINUED TO DATE UNKNOWN
RETURNED TO STAFF
OTHER -SEE MINUTES
D
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Page 2
The following chart summarizes the proposed 2010 budget for The Crossings and compares it
to the 2009 projections.
Projected Revenues
Green Fees
Food and Beverage
Other
Projected Expenses
Cost of Sales
Payroll
Other Expenses
Revenues Less Expenses
Less Capital Reserve
Less Payments on Debt
Net Income/ (Loss) from Operations
Habitat Costs
Capital Project Requests
Net Cash Flow (General Fund Contribution)
Paid Rounds
Average Fee per Paid Round
2010
Budget
$2,696,358
$2,718,650
$607,680
$945,270
$2,543,323
$2,559,168
($25,073)
$ 52,313
$1,104,000
($1,181,386)
$441,453
$138,000
($1,760,839)
45,000
$59.92
2009
Projections
$2,535,438
$2,593,349
$604,133
$884,480
$2,447,192
$2,659,771
($258,523)
$50,709
$1,104,000
($1,413,232)
$522,493
$0
($1,935,725)
44,209
$57.35
Difference
$160,920
$125,301
$3,547
$60,790
$96,131
($100,603)
$233,451
$1,604
0
$231,846
($81,040)
$138,000
$174,886
791
$2.57
Revenues - The majority of the revenues are generated from golf play rates and the food and
beverage operations. The golf revenue assumes that there will be approximately 45,000
rounds played of golf or an average of 3,750 per month. There are no proposed changes to the
greens fees.
Page 3
Expenditures - The expenditures include the golf course, carts, pro shop, driving range, food
and beverage, marketing and administrative expenses. In addition, the expenditures include
KSM's management fee and performance incentive fee. The management fee for 2010 is
$156,000 and the incentive fee is estimated at $76,134. No salary increases or incentive pay
are included in the proposed budget for 2010.
Capital Reserve - 2% of greens fee revenues will be set aside for a capital reserve. The
capital reserve for 2010 is estimated to be approximately $52,313.
Payments on Debt - The Authority issued $18.5 million of tax exempt bonds to help finance
the construction of the golf course. The budget for debt service payments for 2010 is
$1,104,000 which is sufficient to cover the debt service requirements.
Habitat Costs - The development permits on the golf course require the restoration and
maintenance of large areas of habitat for 5 years or as long as it takes the habitat to become
established. It is estimated that the habitat costs may be $5 million over the five year period.
Costs are anticipated to be higher in the initial years and then will decline as the Coastal Sage
Scrub and other native plants and animals are better established. One of the more significant
costs during this time period is water. The mitigation areas require watering until the plants are
well established. Once established and accepted, the habitat created is anticipated to require
no irrigation and a minimal level of monitoring and maintenance. Once the habitat areas are
established, it is expected that the golf course operating revenues would be sufficient to cover
all the costs of operation including habitat maintenance which is expected to drop to a minimal
level after establishment. The proposed 2010 budget assumes $441,453 for habitat
maintenance and monitoring. The budget assumes that watering will be discontinued beginning
in July 2010 to help return the habitat to its natural state.
2010 Capital Projects - The request is for several projects to help improve the public safety of
the golf course as well as improve the payability and conditions of the course and grounds.
The chart lists the projects requested for 2010.
2010 Capital Improvement Projects
1.
2.
3.
4.
5.
6.
7.
Trencher for Drainage
Add Steps on East Side of Clubhouse
Banquet Supplies (e.g. wedding arch, induction
table top burners, dual lamp carving station,
etc.)
Grease Hood to Replace Steam Hood
Penetrant Pumps (2) for soil conditioning
Split Rail Fencing between Holes 2&7 and 1&8
Banquet Chairs (50% replacement)
TOTAL
$
$
$
$
$
15,000
13,500
12,000
25,000
6,000
$ 16,500
$ 50,000
$138,000
Page 4
2009 BUDGET REVISIONS:
The Crossings has been negatively impacted by the recession, especially in total rounds played
and group golf events which have affected the green fees collected. As a result of the decline
in golf revenues, KSM has revised The Crossings budget for 2009 reducing the expenditures
accordingly. For 2009 the total revenues for The Crossings is expected to be $5.7 million,
down approximately $650,000 from the original budget, primarily due to green fees revenues.
The Crossings expenditures are expected to be $7.7 million, a reduction of approximately
$500,000 from the original budget. The $500,000 in expenditure reductions included
eliminating the capital program of $197,950. Even with these significant budget savings, The
Crossings budget may require up to an additional $150,000 appropriation increase to end the
calendar year.
The original subsidy projected for The Crossings for 2009 was $1,792,178. Due to the
economy and increase in water and sewer rates, the revised projected subsidy for 2009 could
be up to $1,936,000 or an increase of approximately $150,000. The attached resolution
authorizes an appropriation and advance of up to that amount, if needed (Exhibit 1). The actual
additional appropriation needed will be finalized once the books are closed at the end of the
calendar year.
FISCAL IMPACT:
After paying the debt service and setting aside funding in a capital reserve, The Crossings is
projected to have an operating net loss of $1,181,386 for calendar year 2010. There is
$138,000 requested for capital projects and an additional $441,453 for habitat maintenance and
monitoring. The total requested from the General Fund Reserve for the 2010 budget will be
approximately $1,760,839.
Included in the General Fund's Ten Year Financial Forecast for FY 2009-10 is an advance of
approximately $1.83 million to cover six months of calendar year 2009 and six months of
calendar year 2010 projected shortfalls for the golf course. In the Ten Year Financial Forecast,
the $1.83 million is split between two calendar years since The Crossings budget is on a
calendar year and the City of Carlsbad is on a July-June fiscal year. The advance from the
General Fund Reserve does not impact the General Fund day to day operations. In the future,
when the golf course is able, the advance will be returned to the General Fund.
In the golf course business, if demand for golf course services is higher than anticipated, then
corresponding revenues and expenditures may also be higher than anticipated. As occurred in
the 2009 budget, it is once again recommended that the Authority authorize the Executive
Director the discretion to approve additional expenditures above the 2010 Operating Budget if
there are additional revenues generated above the revenue budget to cover the proposed
expenditures. For example, if revenues generated are 105% of the budget, then the Executive
Director would have the discretion to approve additional expenditures up to the amount of the
additional revenue generated. In addition, due to the demand for food and beverage services
which are generally independent from golf course operations, it is recommended that the
Authority authorize the Executive Director the discretion to approve additional expenditures with
the 2010 Food and Beverage Program if there are additional revenues generated above the
Food and Beverage Program revenue budget to cover the proposed additional expenditures.
For this purpose, the Food and Beverage Program will be considered separate from other golf
PageS
course operations. This will be especially needed if there is more demand for catered events
than originally budgeted.
The Crossings budget may require up to an additional $150,000 appropriation increase for
calendar year 2009. This would bring the total advance from the General Fund to The
Crossings to approximately $1,936,000 for 2009. The advance is from the General Fund
Reserve and does not impact the General Fund day to day operations.
ENVIRONMENTAL IMPACT:
On June 7, 2000 the Planning Commission adopted Resolution No. 4772 certifying the
Environmental Impact Report for the Carlsbad Municipal Golf Project, and the operation of the
golf course and maintenance and monitoring of habitat areas are within the scope of the EIR.
The operation, repair, maintenance and leasing or minor alterations of existing facilities falls
within the categorical exemption specified in CEQA guidelines Section 15301, Class 1 and has
been determined not to have a significant effect on the environment and exempt from the
provisions of CEQA.
EXHIBITS:
1) Resolution No. 52 approving the 2010 Budget for The Crossings and
additional appropriation for 2009.
2) 2010 Summary Budget for The Crossings.
Exhibit 1
1 RESOLUTION NO. 52
2 A RESOLUTION OF THE BOARD OF DIRECTORS OF
THE CARLSBAD PUBLIC FINANCING AUTHORITY
3 APPROVING THE 2010 BUDGET FOR THE CROSSINGS
4 AT CARLSBAD AND ADDITIONAL APPROPRIATION FOR
2009.
5
6 WHEREAS, the Carlsbad Public Financing Authority, hereafter the "Authority",
7 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
9 Carlsbad Golf Course, hereafter referred to as "The Crossings";
10
WHEREAS, Kemper Sports Management has developed a proposed 2010
11
Operating and Capital Budget for The Crossings.
12
WHEREAS, Kemper Sports Management estimates that The Crossings requires
up to an additional $150,000 budget appropriation for the 2009 Operating Budget due to
1 5 the negative impacts of the economic recession.
16 NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the
17 Carlsbad Public Financing Authority of the City of Carlsbad, California, as follows:
1 8 1. That the above recitations are true and correct.
19
2. That the proposed 2010 Operating and Capital Budget for the Crossings is
20
approved as summarized in Exhibit 2.
21
3. That the Authority does hereby grant the Finance Director, at the direction
23 of the CPFA Executive Director, to provide advances as needed from the General Fund
24 Reserve for anticipated operating losses and capital costs for The Crossings.
25 4. That the CPFA Executive Director at his/her discretion is authorized to
9 f\approve expenditures above the 2010 Operating Budget if there are sufficient revenues
27 generated above the 2010 Operating Budget to cover these additional expenditures. In
28
(o
Exhibit 1
1 addition, if the Food and Beverage Program revenue is higher than the 2010 Food and
2 Beverage Budget, then the CPFA Executive Director is authorized to approve
expenditures within the Food and Beverage Program up to that additional revenue
4
generated over the 2010 Budget estimate.
5
5. That the Finance Director has the authority to provide an appropriation
6
and advance from the General Fund up to an additional $150,000 for The Crossings
2009 Budget as needed to compensate for the reduction in The Crossings revenueso
due to the economic recession.
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PASSED, APPROVED AND ADOPTED at a Special Meeting of the Carlsbad
Public Financing Authority held on the 1st day of December 2009, by the following vote
to wit:
AYES: Board Members Lewis, Kulchin, Hall, Packard and Blackburn.
NOES: None.
ABSENT: None.
; Cairman of the Board
ATTEST:
LORRAINE M. WOODjSecretary
(SEAL)
Esiffi
Exhibit 2
2010 The Crossings at Carisbad Budget
Summary Profit & Loss Statement
For the Twelve Month* Ended December 31, 2010
Description
REVENUES:
COURSE AND GROUNDS
CARTS
FRO SHOP
PRACTICE CENTER
FOOD S, BEVERAGE
INITIATION FEES
MONTHLY DUES INCOME
GENERAL AND ADMINISTRATIVE
TOTAL REVENUES
COST OF SALES:
PRO SHOP
FOOD & BEVERAGE
TOTAL COST OF SALES
MERCHANDISE COGS %
FSB COGS %
PAYROLL
COURSE AND GROUNDS
CARTS
PRO SHOP
PRACTICE CENTER
FOOD & BEVERAGE
MARKETING
GENERAL AND ADMINISTRATIVE
TOTAL GROSS PAYROLL
PAYROLL TAXES & BENEFITS
TOTAL PAYROLL EXPENSE
OTHER EXPENSES:
COURSE AND GROUNDS
CARTS
PRO SHOP
PRACTICE CENTER
FOOD & BEVERAGE
MARKETING
GENERAL AND ADMINISTRATIVE
TOTAL OTHER EXPENSES
TOTAL EXPENSES
EBITDA
CAPITAL RESERVE
PAYMENTS ON DEBT
CAPITAL EXPENDITURES
NET INCOME/(LOSS) FROM OPERATIONS
HABITAT COSTS
NET CASH FLOW
BUDGETED ROUNDS -TOTAL
BUDGETED 18 HOLE ROUNDS
BUDGETED 9 HOLE ROUNDS
January
177,533
300
24,830
17,000
144,265
50
363,978
11.223
42,971
54,193
67.0%
31.5%
44,938
11,452
18,600
52,582
13,000
21,420
161,992
29,359
191,350
57,413
16,210
5,558
500
20,91 1
19,146
55,234
174,972
420.515
(56,538)
3.474
92,000
(152,012)
(36.921)
(188,933)
2,750
2,664
86
February
166,340
400
24,860
17,000
1 14,663
-
50
323,313
12,362
35,147
47,509
67.0%
31.7%
41,153
10,408
17,993
44.642
13,000
20,964
148.161
28,566
176,727
60,813
16,210
3,428
3,025
13,708
9,985
52,384
159,553
383,788
(60,475)
3.240
92.000
-
(155,715)
(41,778)
(197,494)
2,650
2,550
100
March
212,213
450
30,400
19,000
181.054
-
50
443,167
16,080
51,259
67,339
67.0%
30.7%
44,938
12,205
18,894
60,946
15,050
21,420
173,453
31,240
204,694
69,163
15,760
2,540
750
26.111
9.580
57,975
181,879
453,912
(10,745)
4,144
92,000
-
(106,890)
(52,167)
(159,057)
3,500
3.353
147
April
218,794
400
32,030
20,000
205,394
-
-
50
476,668
17,085
59,773
76,858
67.0%
31.2%
46,590
12,120
19,008
64,441
13,000
21,268
176.428
30,496
206,924
80,373
16,010
3,825
3,275
21,111
10,985
51,384
186,963
470,746
5,923
4,261
92,000
53,500
(143,839)
(32.502)
(176,341)
3,700
3,561
139
May
236,762
400
30,890
21,000
245,200
-
50
534,302
16,415
66,833
83,248
67.0%
30.1%
47,949
13,073
19,231
-
70,197
13,000
21,420
184,871
29,794
214,664
99,103
16,260
2,815
260
32,236
3,560
56,950
211,174
509,086
25,216
4,610
92.000
34,500
(105,895)
(53,337)
(159,232)
4,100
3,955
145
June
245,662
400
32,980
21,000
261,579
-
50
561,671
17,420
70,202
87,622
67.0%
29.6%
46,590
13,341
19.203
-
73,315
15,050
21,268
188,768
30,616
219,384
109,903
16,260
3,365
3,275
29,861
7,105
58.259
228,028
535,035
26,636
4,778
92,000
-
(70,142)
(54,873)
(125,015)
4,350
4,244
106
July
286,897
450
36,360
21,000
268,573
-
50
613,330
19,095
72,773
91,868
67.0%
29.5%
47,949
13,786
19,432
-
71,743
13,000
21,420
187,331
40,582
227,913
106,403
16,760
6,508
1,575
32,393
6,221
58,934
228,794
548.575
64,755
5,595
92,000
(32,841)
(26,360)
(59,201)
5,100
4,960
140
August
296,183
450
36,550
21,000
334,193
50
688,426
19,095
84,952
104,047
67.0%
29.4%
47,949
13,786
19.432
-
81.429
13,000
21,420
197,016
40,512
237,529
110.953
16,760
2,278
3,275
41,911
4,685
60,734
240,496
582,072
106,354
5,777
92,000
8,577
(27,926)
(19,349)
5,100
4,898
202
September
240,892
450
30,400
20,000
264,259
-
50
556,050
16.080
72,053
88,133
67.0%
30.1%
47,864
12,377
19,008
-
71,161
15,050
21,268
186,729
36,390
223,120
126,853
16,760
2,030
500
29,311
9.080
57,859
242,393
553,646
2,405
4,671
92,000
(94,266)
(29,743)
(124,010)
3,900
3,747
153
October
211,246
450
33.280
19,000
264,707
-
-
50
528,732
15,913
72,397
88,310
67.0%
30.1%
49,265
12,205
18,983
-
72,478
13,000
21,420
187.351
34,430
221,781
124,103
16,760
7,650
3,025
33,111
11,635
53,884
250,168
560,259
(31,527)
4,064
92,000
(127,590)
(16,895)
(144,486)
3,850
3,702
148
November
198,421
400
27,100
16,000
194,942
50
436,913
12,563
57,550
70,113
67.0%
31.3%
43,676
11,151
18,398
-
56,470
13,000
21,268
163,964
30,931
194,895
92,763
15,760
3,883
500
24,611
3,535
51,284
192,336
457,344
(20,430)
3,792
92,000
(116,222)
(36,217)
(151,440)
3,100
2.987
113
December
205,415
300
34,550
16,000
239,823
50
496,138
16,750
69,280
86,030
67.0%
30.7%
44,938
11,452
18,600
-
78,635
15,050
21,420
190,095
34,246
224,341
77,263
16,010
3,775
1,675
29.961
4,935
128,793
262,412
572,783
(76,645)
3,905
92,000
50,000
(222,550)
(33,730)
(256,280)
2,900
2,800
100
2010 Budget
2,696,358
4,850
374,230
228,000
2,718,650
-
-
600
6,022,688
190,079
755,191
945,270
67.0%
30.3%
553,800
147,358
226,783
-
798,038
164,200
255,980
2,146,159
397.163
2,543,323
1,115,106
195,520
47,655
21,625
335.236
100,352
743,674
2,559,168
6,047.761
(25,072)
52,313
1,104,000
138,000
(1,319,385)
(441.453)
(1,760,838)
45,000
43.420
1,580
% Revenue
4477%
0.08%
6.21%
3.79%
45.14%
0.00%
0.00%
001%
100.00%
9.20%
2.45%
3.77%
0.00%
13.25%
2.73%
4.25%
35.63%
6.59%
42.23%
18.52%
3.25%
0.79%
0.36%
5.57%
1.67%
12.35%
42.49%
10042%
•0.42%
0.87%
18.33%
2.29%
-2191%
2009 Pro)
2.535.438
4.388
372,495
226,959
2,593,349
291
5,732,920
186,787
697,693
884,480
67.9%
29.7%
553,748
141,827
222,628
-
722,853
134,392
254,569
2,030,017
417,175
2,447,192
1.055,307
187,890
48,216
16,703
369,099
100,031
882.524
2,659,771
5,991.443
(258,523)
50.709
1.104,000
(1,413,232)
(522,493)
(1,935,725)
44,209
42,713
1.496
$ Change
160,920
462
1,735
1,041
125,301
309
289,768
3,292
57,498
60,790
52
5.531
4,155
.
75.185
29,808
1,411
116.142
(20.012)
96,131
59,799
7,630
(561)
4,922
(33.863)
321
(138.849L
(100,603)
56,318
233,451
1.604
-
138,000
93,846
81,040
174,886
791
707
84
% Change
6.35%
10.53%
0.47%
0.46%
4.83%
106.19%
5.05%
1.76%
8.24%
6.87%
0.01%
3.90%
1.87%
10.40%
22.18%
0.55%
5.72%
-4.80%
3.93%
5.67%
4.06%
-1.16%
29.46%
-9.17%
0.32%
-15.73%
-3.78%
0.94%
-90.30%
3.16%
0.00%
6.64%
-15.51%
9.03%
1.79%
R12
2,705,314
5,648
384,068
244,566
2,465,915
(3,571)
5,801,930
199,054
676,241
875,295
68.3%
30.1%
545,470
148,800
233.952
-
712,269
-
392,301
2,032,792
393,361
2,426,153
991,586
189,498
52,846
19,024
347,347
106,133
997,950
2,704,385
6,005,833
(203,903)
53,512
1.104,000
9,404
(1,370,819)
(505,633)
(1,876,452)
31.798
30.560
1,238
2008 Actual
3,239,147
6,503
438,691
270.364
2,350,058
-
-
6,221
6,310,984
234,388
687,492
921,880
69.5%
31.3%
557,664
163,613
254,834
-
732,535
391,679
2,100,325
388,679
2,489,004
976,186
190,022
50,892
18,558
264,906
106,317
966,407
2,573,288
5,984,172
326,812
64,196
1,104,000
246,082
(1,087,466)
(589,139)
(1,676,606)
37.239
35,966
1.273
The Crossings at
Carlsbad
Proposed 2010
Operating & Capital Budget
December 1, 2009
1
2009 Accomplishments
Golf World’s 2010 Readers’ Choice
Award -#1 Public Food and Dining
Facility
Our City: San Diego Magazine –The
Best in San Diego Golf –The Best
Clubhouse and Food Experience for
2009
The Crossings Club has 670
members
Improved course conditions and
playability 2
2009 Accomplishments
(continued)
Banquet Highlights
59 weddings in 2009.
Projecting 55 weddings for 2010.
Hosted wedding show in October
Community Events
Valentines Day Dinner
Easter Brunch
Mother’s Day Brunch
3
2009 Accomplishments
(continued)
Community Events (cont.)
Two Wine Tasting Events
Beer Pairing Event/Fund Raiser
Father’s Day Brunch
Concert Under the Stars
Thanksgiving Day Brunch
New Year’s Eve Dinner & Celebration
4
The Crossings at Carlsbad
Two Actions are Requested
Tonight:
Approve the 2010 Operating and
Capital Budget for the golf course
Approve up to an additional
appropriation of $150,000 for 2009
5
The Crossings at Carlsbad
2010 Proposed Budget
Considered the economic recession
Paid rounds of golf estimated at
45,000
No change in fees since opening in
August 2007
Food and Beverage operations
continue to grow
No salary increases or incentive pay
6
2010 Budget Summary
Description 2010 Proposed 2009 Projections
REVENUES
Green Fees $ 2,696,358 $ 2,535,438
Food & Beverage
Other
2,718,650
607,680
2,593,349
604,133
TOTAL REVENUES $ 6,022,688 $ 5,732,920
TOTAL COST OF SALES 945,270 884,480
TOTAL PAYROLL EXPENSE 2,543,323 2,447,192
TOTAL OTHER EXPENSES 2,559,168 2,659,771
TOTAL EXPENSES $ 6,047,761 $ 5,991,443
Revenues Less Expenses ($ 25,073)( $ 258,523)
(continued)
7
2010 Budget Summary
(continued)
Description 2010 Proposed 2009 Projections
CAPITAL RESERVE $ 52,313 $ 50,709
PAYMENT ON DEBT 1,104,000 1,104,000
NET INCOME/(LOSS) FROM
OPERATIONS $ (1,181,386)$ (1,413,232)
HABITAT COSTS (441,453)(522,493)
CIP Budget (138,000 $0
NET CASH FLOW $ (1,760,839)$ (1,935,725)
PAID ROUNDS –TOTAL 45,000 44,209
8
The Crossings at Carlsbad
In addition to golf, there are
the trails surrounding the golf
course available to the public.
If exclude Debt Payment and
Habitat costs, the Golf Course
operations would be near
breakeven.
9
2010 CIP Budget
Dining Room Chairs (50%
replacement)
$ 50,000
Add steps on east side of Clubhouse $ 13,500
Grease Hood to Replace Steam Hood $ 25,000
Split Rail Fencing between Holes 2 &
7 and 1 & 8
$ 16,500
Other (Banquet Supplies, Penetrant
Pumps, Trencher)
$ 33,000
TOTAL $138,000
10
The Crossings at Carlsbad
1)Approve Resolution No. 52
approving the 2010 Operating
and Capital Budget for the Golf
Course
2)Approve up to an Additional
$150,000 appropriation for 2009
and additional advance from
General Fund Reserve
11
The Crossings at
Carlsbad
Proposed 2010
Operating & Capital Budget
December 1, 2009