Enterprise Fund Operations Adopted Budget FY 2021 and Latest Forecast FY 2020

										

										
							As of 6/17/20			
			FY 2021		FY 2021		FY 2020		FY 2020	
							Forecast		Original Budget	
	UNIVERSITY PARK COUNTRY CLUB OPERATIONS		Oct '20 to Sept '21		Comments/Assumptions		Oct '19 to Sept '20		Oct '19 to Sept '20	
	
REVENUE									

Membership Dues		

$3,852,384		4% Dues rate increase + monthly surcharge per membership category
starting 1/1/21. Current membership levels less a net loss of 10 full
memberships.		

$3,221,780		

$3,200,091	
										
	Golf Operations		2,525,706		15% Reduction from fiscal 2020 budget		2,596,129		2,877,887	
										
	Tennis & Fitness Centre		67,806		25% Reduction from fiscal 2020 budget		56,214		89,485	
										
	Restaurant Operations		1,721,582		20% Reduction from fiscal 2020 budget		1,625,324		2,152,912	
										
	Other Income		5,000				3,968		5,760	
										
	TOTAL REVENUE		8,172,478				7,503,415		8,326,135	

	EXPENSES									
	
Golf Operations		
1,135,772		Most expenses unchanged, except for gross margin on reduced
merchandise sales and other costs in FY'21 tied to COVID impact		
1,020,602		
1,161,609	

Tennis & Fitness Centre		
328,056		Expenses static except for less personal training and fitness class costs
in FY'21		
317,416		
343,640	

Restaurant Operations		
2,272,626		Reduced food & beverage cost by 20% from FY'20 budget. Minor
payroll and other cost savings in FY'21		
2,314,530		
2,534,927	
										
	Golf Course Maintenance		2,612,710		FY'20 budget less certain operating expense savings in FY'21		2,497,325		2,559,739	
										
	General & Administration		1,615,937		FY'20 budget less certain operating expense savings in FY'21		1,523,473		1,482,801	
										
	TOTAL EXPENSES		7,965,101				7,673,346		8,082,716	
										
	Operating Income (Loss) Excluding Non-Cash
Charges		
207,377				
($169,931)		
243,419	
										
	Initiation Fees		159,250				130,000		132,075	
										
	Surplus (Deficit) Available for other District Needs		$366,627				($39,931)		$375,494	

	Notes on FY 2021 Budget and FY 2020 Forecast Assumptions								
	1. Budget and forecast prepared based on historical operations, impact of experience since mid-March 2020 and estimates for FY 2021					
	2. Current level of staff/employees remains constant during the periods with minor exceptions					
	3. Inpact of PPP grants, if any, is not included herein as the PPP has no impact on operating forecast and budget					

7/8/20