HomeMy WebLinkAbout1998-11-18 PACKET 08.B.REQUEST OF CITY GOUNCIL ACTIOiV
DATE
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PREPARED BY Finance liz Johnson
ORIGINATING DEPARTMENT STAFF AUTHCJR
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COUNCIL ACTION REQUEST
Receive information an River Oaks Golf Course operating results to date.
BUDGET IMPLICATION $ $
BUDGETED AMOUNT ACTUAL AMOUNT FUNDING SOURCE
ADVISORY CQMMISSION ACTION
❑ PLANNING
❑ PUBLIC SAFETY
❑ PUBLIC WORKS
❑ PARKS AND RECREATION
❑ HUMAN SERVICES/R{GHTS
❑ ECONOMIC DEV. AUTHORITY
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SUPPORTING DOCUMENTS
� MEMOILETTER:
❑ RESOLUTION:
❑ ORDINANCE:
❑ ENGINEERING RECOMPNENDATION:
❑ LEGAL RECOMMENDATION:
❑ OTHER:
ADMINISTRA70RS COMMENTS
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REVIEWED
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APPROVED
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DENIED
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� City Adminis4rator Date
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Memorandum
To: Honorable Mayor and City Council
Ryan Schroeder, City Administrator
From: Elizabeth Johnson, Finance Director
Date: 11/10l98
Re: Golf course operating year to date
Introduction
memo is intended to provide a summary of yeaz to date operations for River Oaks
use has had a very positive year. Cash balance is cunently at $370,570.
�ugh the end of October aze $1,188,706.96 and expenses aze $832,509.19.
retained earnings wiil be adjusted by the remainder of 1998 expenses and
(1)to ii/10/98
It appeazs that Golf Course Operations is over budget primarily because of inerchandise
for resale and rental and lease expenses. Purchases for concession equaled $141,228
operations compaze to budget as follows:
November 10, 1998
versus a budget of $126,70Q Concession revenues equal $232,900, which is a net gain
to retained earnings of $91,697.
Rentai and lease expenses of $49,417 aze over the budget of $25,200. This expense line
will be adjusted for the principal portion of leases. This adjust will equa] an appro�cimate
$20,100 deduction in 1998 from the $49,417.
Ending 1998 cash should equal approximately $350,000 and ending 1998 retained
eamings should equal approximately $200,000 after remaining expenses and audit
adjustments.
This shouid provide a basis for discussions of any Golf Course expansion or land
purchase.