RESOLUTION 2020-14

A RESOLUTION OF THE BOARD OF SUPERVISORS OF THE UNIVERSITY PARK RECREATION DISTRICT APPROVING A PROPOSED PRELIMINARY COUNTRY CLUB 2020/2021 BUDGET AND SETTING A PUBLIC HEARING THEREON PURSUANT TO FLORIDA LAW; ADDRESSING TRANSMITTAL, POSTING AND PUBLICATION REQUIREMENTS; AND PROVIDING AN EFFECTIVE DATE.

WHEREAS, the University Park Recreation District (“District”) was recently established by the Manatee County Commission, Florida, effective August 2, 2018; and

WHEREAS, in November, 2019, the District acquired the University Park Country Club (“Country Club”) and has begun operating and maintaining the Country Club; and

WHEREAS, the District Manager has prepared and submitted to the Board of Supervisors of the University Park Recreation District (the “Board”) the proposed operating budget for the Country Club Fiscal Year 2020/2021 (“Proposed Budget”); and

WHEREAS, the Board has considered the Proposed Budget and desires to set the required public hearing thereon.

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF SUPERVISORS OF THE UNIVERSITY PARK RECREATION DISTRICT:

PROPOSED BUDGET APPROVED. The Proposed Budget prepared by the District Manager to the District Budget to provide a budget for the operation, maintenance, and capital improvement of the District for Fiscal Year 2020/2021 attached hereto as Exhibit A is hereby approved as the basis for conducting a public hearing to adopt said Proposed Budget.

SETTING A PUBLIC HEARING. A public hearing on said approved Proposed Budget is hereby declared and set for the following date, hour and location:

DATE:	August 14, 2020
HOUR:	1:00 p.m., or as soon thereafter as may be heard LOCATION:	University Park Country Club
7671 The Park Boulevard University Park, FL 34201

TRANSMITTAL OF PROPOSED BUDGET AMENDMENT TO LOCAL GENERAL PURPOSE GOVERNMENT. The District Manager is hereby directed to submit a copy of the Proposed Budget to Manatee County in accordance with Chapter 189, Florida Statutes.

4, POSTING OF PROPOSEOBUOGET. ln accordanoewilh Section 169016, Florida Statutes. the D strict's Secretary is further directed to post lhe approved Propose(! Budget on Ille District's website at least 1W0 days before lhe budget hearing date as set
forth in Section 2, shall be posted with n five (5) days after adoption, and shall remain on
the webs�e for at least two (2) years. lf the Districtdoes not have its own webs�e the
District's Secretary is d racted to 1ransmit the approved budget to lhe manager or ao:lm nistrator of Manatee County for posting on the r websites

5	PUBLICATION OF NOTICE	Notice of lhis public hearing shall be publ shed in lhe manner presaibed in Florio:la aw 

6.	EFFECTIVE DATE. This Resolution shall take effect immediately upon adoption.

PASSED AND ADOPTED THIS_£__"' DAY OF MAY, 2020

ATIEST
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UNIVERSITY PARK RECREATION DISTRICT

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Enterprise Fund Operations Forecast FY 2021

	Notes on FY 2021 Budget Assumptions			Notes on FY 2020 Forecast Assumptions			
	1. Budget prepared based on historical operations and impact of experience since mid-March 2020		1. Forecast prepared based on historical operations & impact of changes since mid-March 2020			
	2. Operations since mid-March 2020 and expected changes for FY 2021		2. Operations since mid-March and expected changes used as guidelines for estimates through Sept 2020	
	3. Cash flow estimates based on estimated cash balance at 9/30/20 rolled forward through 9/30/21		3. Cash flow estimates based on cash balance at 3/31/20 rolled forward through 12/31/20			
	4. Cash flow estimates assume that working capital does not change during the periods		4. Cash flow estimates assume that working capital does not change during the periods			
	5. Current level of staff/employees remains constant during the period with minor exceptions		5. Current level of employees remains constant during the period with minor exceptions			
	6. PPP grants, if any, are not included in cash flow estimates				6. PPP grants, if any, are not included in cash flow estimates				

													
													
			FY 2021		FY 2021		FY 2020		FY 2020	FY 2020			
			Preliminary Budget V. 5/5/20		Forecast		Forecast	Original Budget			
	COUNTRY CLUB OPERATIONS REVENUE		
Oct '20 to Sept '21	
Comments/Assumptions		
Oct '19 to Sept '20		
Comments/Assumptions	
Oct '19 to Sept '20			

Membership Dues		

$3,467,000		4% Dues rate increase + $25 surcharge per month per membership starting 1/1/21. Current membership levels less a net loss of
10 full memberships.		

$3,178,088		

Full resignations later than usual + 90 summer memberships @ $600	

$3,200,091			

Golf Operations		

2,445,000		
15% Reduction from fiscal 2020 budget		

2,575,953		Reduced play 25%, golf shop revenue 15% of budget both
from April-Sept	

2,877,887			

Tennis & Fitness Centre		

67,000		
25% Reduction from fiscal 2020 budget		

52,283		
Activity reduced by 90% from April-Sept	

89,485			

Restaurant Operations		

1,722,000		
20% Reduction from fiscal 2020 budget		

1,689,482		
Activity reduced by 55% from April-Sept	

2,152,912			

Initiation Fees & Other		

65,000		
50% reduction from fiscal 2020 budget		

121,435		
Activity reduced by 50% from April-Sept	

137,835			
													
	TOTAL REVENUE		7,766,000				7,617,240			8,458,210			
													
	EXPENSES												

Golf Operations		

1,105,000		
Expenses not changed, except for gross margin on reduced merchandise sales and other costs in FY'21		

1,047,225		

Purchases reduced ($70k) due to reduced golf shop sales from April-Sept	

1,161,609			

Tennis & Fitness Centre		

332,000		
Expenses not changed except for less personal training costs in FY'21		

318,032		
Cost reduced by 20% from April- Sept	

343,640			

Restaurant Operations		

2,325,000		
Cost of food & beverage reduced by 20% from FY'20 budget. Minor payroll and other cost savings in FY'21		

2,418,537		

Cost of sales reduced by $180k for restaurant operations from April-Sept	

2,534,927			

Golf Course Maintenance		
2,535,000		FY'20 budget less certain operating
expense savings in FY'21		
2,549,006		
No significant changes expected	
2,559,739			

General & Administration		
1,450,000		FY'20 budget less certain operating
expense savings in FY'21		
1,490,307		
No significant changes expected	
1,482,801			
													
	TOTAL EXPENSES		7,747,000				7,823,107			8,082,716			
													
	EBITDA		$19,000				($205,867)			$375,494			

													
			CASH BALANCE
FORECAST		
Comments/Assumptions		CASH BALANCE
FORECAST						
			$2,324,000		Cash balance 3/31/20, ACTUAL		$2,324,000		Cash balance 3/31/20, ACTUAL				
			
1,081,404		Estimated cash receipts for the period 4/1/20 to 9/30/20		
1,081,404		Estimated cash receipts for the period 4/1/20 to 9/30/20				
			
(3,608,332)		Estimated cash disbursements for the period 4/1/20 to 9/30/20		
(3,608,332)		for the period 4/1/20 to 9/30/20				
													
			(202,928)		Estimated cash balance 9/30/20		(202,928)		Estimated cash balance 9/30/20				
									Net cash change in:				
							(175,000)		October 2020				
							(225,000)		November 2020				
							
(602,928)		Estimated cash balance
11/30/20				
			
19,000		EBITDA net cash change, FY 2021 budget		
1,900,000		
December 2020				
			
($183,928)		
Estimated cash balance 9/30/21		
$1,297,072		Estimated cash balance
12/31/20				

													

5/6/20