3501 Quadrangle Blvd., Suite 270, Orlando, FL 32817
Phone: 407-723-5900	Fax: 407-723-5901
https://universityparkrd.com/

The rescheduled meeting of the Finance Committee of the University Park Recreation District will be held on Wednesday, October 22, 2025, at 2:00 pm at the Business Offices located at 8301 The Park Boulevard, University Park, FL 34201 and or virtually.
Meeting ID:	859 2069 8933	Passcode:  908348
Join meeting via Zoom:
https://us02web.zoom.us/j/85920698933?pwd=NYdIiVEDRrGk8ymsXtIHEZWv3eArUl.1

Finance Committee Meeting Agenda
Organizational Matters
Call to Order
Roll Call to Conﬁrm Quorum
Public Comment Period [for any members of the public desiring to speak on any proposition before the Committee]
Business Matters
Review of September 30, 2025, Financials and Membership Report
Review of Proposed KPIs (Key Performance Indicators) - To Be Presented Quarterly
Review of Budgets/Benchmarks/Five-Year Forecasted Update
Update on Capital Expenditures/Reserve Requirements
Update on Investment Policy, Cash Flow, Treasury/Series 2024 Note
Update on Governance/Contracts/Leases/Risk Management

Next Meeting Scheduled

Date	Meeting Type	Time	Location	Note	
November 19, 2025	Finance Committee
Meeting	3:00 pm	Business Offices	In person or
by Zoom	

Finance Committee Member Requests & Public Comments
Adjournment

YTD	
OPERATING RESULTS, 12	
MONTHS	
Actual Results of	

Budget					

COMMENTS	
			THROUGH 9/30/25		UPCC Operations		$	Variance	%	Change		
						
											Total	Revenues	$13,050	$13,914	($864)	(6.2%)					Revenue	miss	impact				
			Less: Outside Golf	Capital	Allocation	(233)	(277)	44	(16.0%)	10%	of	Outside	Gol	f Allocated	to	Capital	
		Total Revenues, Less	Capital	Allocation	12,817	13,638	(820)	(22.2%)		
						
											Total	Expenses	12,574	13,303	728	5.5%			Expense	reduction	impact		
						
					Net	Operating	Surplus	(Deficit)	243	335	(92)	(27.4%)	Net Operating impact	
						
		Revenues	and	Expenses,	Details	Actual	Budget	$ Variance		%	Change		
Dues	revenue												$6,131	$6,145	(14)	(0.2%)		

3,471	

4,060	

(588)	

(14.5%)	Unfavorable primarily due to Hurricane Milton	
													($150k), less than favorable weather conditions	
													during season, and lower Pro Shop sales/foot traffic	
Golf	operations	revenue											($67k).																

3,012	

3,272	

(260)	

(7.9%)	Unfavorable to budget primarily due to Hurricane	
													Milton ($71k) and reduced foot traffic from golf	
Dining	operations	revenue											operations.														

Racquets/Fitness/Other	
operations	
revenue	
203	
161	
42	
26.2%	
Increase	
to	
fitness	
classes						
						
									Subtotal,	Revenues	12,817	13,638	(820)	(6.0%)					Revenue	miss	impact				

1,736	
1,885	
149	
7.9%	No LPGA	Pro	hired		Pro	Shop	COGS,	Credit	Card	
Golf	operations																Fees									
Golf	maintenance											3,444	3,441	(3)	(0.1%)		
												
4,314	
4,760	
446	
9.4%	COGS Control,	less		Temp	Labor	, less	Spoilage,	
Dining	operations															limited linens							
Racquets	&	Fitness	operations						622	662	39	5.9%		
														
2,458	
2,555	
97	
3.8%	Delayed Accountant	hire,	Maintenance	labor	Credit	
Genera	&	Adm																Card Fees					
									Subtotal,	Expenses	12,574	13,303	728	5.5%				Expense	reduction	impact		
						
Net Operating Surplus (Deficit),	net	of	$233k	
$243	
$335	
($92)	
(27.4%)								
outside golf capital allocation								Variance	is	$92k,	27.4%	from	budget		

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF OPERATIONS

,

,
l

10/21/2025	1/5

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF SEPTEMBER 31, 2025 AND 2024

		UPCC Operating Fund		Capital Irrigation Fund			
	Assets	Unaudited
9/30/25		Unaudited
9/30/24		Unaudited
9/30/25		Unaudited
9/30/24		Comments & Assumptions	
											
	Operating Cash & Short-Term Investments	$1,445		$756							
	Accounts Receivable	365		393							
	Inventory	315		288							
	Deposits & Prepaids	209		187							
	Future Assessments based on BAN or Long- Term Bonds					

5,922		

4,448		Amounts drawn from BAN, $4,059 + Amounts borrowed from UPCC Capital Reserves, $1,835 as of
FY25, $28 accrued interest	
	Subtotal, operating assets	2,334		1,623		5,922		4,448			
											
	Board Designated Cash & Investments &
Receivable from Irrigation Fund:										
	Operating Reserves	400		400						BOS designated for future use.	
	Capital Reserves	532		4							
	Capital Reserves Used for Irrigation Project--
Due from Capital Irrigation Fund	
1,835		
3,330						Portion of irrigation project paid out of UPCC reserve
funds	
	Sub total, Board Designated Cash, Capital
Reserves & Capital Irrigation Fund Receivable	
2,767		
3,734		
-		
-			

	Property and Equipment - Net	24,606		20,440							
	Property and Equipment - CIP	1,211		5,003		-		-			
	TotaI Assets	$30,918		$30,800		$5,922		$4,448			
											
	Liabilities & Net Position:										
	Accounts Payable										
	Operations Related	$319		$317							
	Accrued Liabilities & Other Payables	403		669		28		-			
	Gift Cards & Store Credits	122		109							
	Subtotal, operating liabilities	844		1,095		28		-			
											
	Deferred Revenue	1,579		1,467							
	Capital Lease Obligations	418		418							
	Capital Projects Payable	108		459							
											
	Due to UPCC Operating Fund					$1,835		$2,943			
	BAN Payable to Bank					4,059		1,505			
	Total Liabilities	2,950		3,439		5,922		4,448			
											
	Beginning Balance, Purchase of UPCC assets
in 2019	
16,750		
16,750		
-		
-			
	Due From Capital Irrigation Fund	1,835		3,330							
	Prior Years' Operating Surplus	7,281		5,536							
	Current Period Operating Surplus	2,102		1,745							
	Net Position	27,968		27,361		-		-			
											
	Total Liabilities & Net Position	$30,918		$30,800		$5,922		$4,448			

10/21/2025	2/5

UNIVERSITY PARK COUNTRY CLUB BALANCE SHEET FORCAST AS OF DECEMBER 31, 2025

		UPCC Operating Fund			

Assets	Unaudited Forcast 12/31/25		Unaudited 9/30/25		
$ Change		

Comments & Assumptions	
									
	Operating Cash & Short-Term Investments	
$115		
$1,445		
(1,330)		Includes $348k from FEMA, received at the end of September 2025	
	Accounts Receivable	371		365		6			
	Inventory	281		315		(34)			
	Deposits & Prepaids	81		209		(128)		Excludes prepaid items related to 2026	
	Subtotal, operating assets	848		2,334		(1,486)			
									
	Board Designated Cash & Investments &
Receivable from Irrigation Fund:								
	Operating Reserves	400		400		-		BOS designated for future use.	
	Capital Reserves	392		532		(140)		Completion of Back 9	
	Capital Reserves Used for Irrigation Project--
Due from Capital Irrigation Fund	
1,835		
1,835		
-		Portion of irrigation project paid out of UPCC reserve
funds	
	Subtotal, Board Designated Cash, Capital
Reserves & Capital Irrigation Fund Receivable	
2,627		
2,767		
(140)			

	Property and Equipment - Net	26,252		24,606		1,646			
	Property and Equipment - CIP	151		1,211		(1,060)		Back 9 reclassified out of CIP	
	TotaI Assets	$29,878		$30,918		(1,040)			

10/21/2025	3/5

UNIVERSITY PARK COUNTRY CLUB CAPITAL SOURCES AND USES AS OF SEPTEMBER 31, 2025

Sources		Notes	
			
2019, Construction Fund after UPCC club purchase	$4,157		
2021, Loan Forgiveness	856		
2024-5, Bond Anticipation Note for Irrigation Project	

3,754	$1,838 was paid out of Operating Cash and needs to be repaid from either BAN assessment or 2024 Bond funds when available.	
Sub total, Bond Proceeds and Loan Forgiveness	8,767	Bonds & Loan Forgiveness	
			
FY 2021 Init Fees & 10% Outside Golf	673		
FY 2022 Init Fees & 10% Outside Golf	666		
FY 2023 Init Fees, Cap Dues & 10% Outside Golf	1,330		
FY 2024 Init Fees, Cap Dues & 10% Outside Golf	1,850		
FY 2025 Init Fees, Cap Dues & 10% Outside Golf	1,439		
Sub total, Init Fees, Capital Dues & 10% Outside Golf	5,957	Capital raised through Operations	
			
Total Sources of Capital	14,724		

Uses			
			
2022, Parking Lot - Asphalt	136		
2021-2025, Golf Course Improvement & Irrigation	7,412		
2023, Tennis/Pickleball Courts	810		
2022-2023, Buildings - Renovations, A/C and Upgrades	
291		
2023-2025, Range Picker, Bag Drop/Pro Shop FF&E	120		
2022-2024, Grille - Kitchen Equipment	289		
2023, Golf Course Maintenance Equipment	459		
2023, IT Equipment - Computers, Server etc	91		
2023-2024, Racquets And Fitness Equipmet	89		
2021-2023, Indoor Dining Renovation	1,066		
2023-2024, Outdoor Dining (Cafe) Renovation	2,326		
Subtotal, Uses	13,089		
			
Construction In Progress			
2025, Back 9 Renovation	1,017		
2020, Master Plan Project	151		
Admin Office Renovation	26		
Varsity Club Renovation	9		
Locker Room Renovation	3		
Other - Carpeting	5		
Subtotal, CIP	1,210		
			
Total Uses	14,299		
			
Remaining Capital Reserves	425	Capital Account Balance at 9/30/2025	
			
Due to operating capital from BAN or Bond	1,835		
			
Total Capital Reserves	2,260	Balance with Irrigation Project repayment	

10/21/2025	4/5

Operating and Strategic Insights	PY	Budget	CY

Net Worth over Time

Net Operating Margin (before golf allocation)

Total Labor as a % of Operating Revenue

Net F&B Income/(Loss) as of % of F&B Revenue

Member Satisfaction (survey)

Member Retention (data)

Staff Satisfaction (survey)

Staff Retention (data)

University Park Recreation District Summary Operating Data
As of September 30, 2025

Rounds of Golf (as of September 30, 2025):

	September		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	2,524	3,250	(726)		41,700	49,147	(7,447)	
Outside Rounds	1,426	1,846	(420)		26,637	31,979	(5,342)	
	3,950	5,096	(1,146)		68,337	81,126	(12,789)	
Rounds of Golf (as of September 30, 2024):

	September		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	2,381	2,206	175		44,992	46,165	(1,173)	
Outside Rounds	1,353	1,638	(285)		29,043	32,023	(2,980)	
	3,734	3,844	(110)		74,035	78,188	(4,153)	

Dining Operations
Dining operations revenue is 260k unfavorable to budget, primarily due to the 8-day closure caused by Hurricane Milton and decreased foot traffic from golf operations in October, which accounted for $71K of the shortfall. Additionally, unfavorable weather conditions throughout the remainder of the fiscal year further reduced golf operations traffic, negatively impacting dining revenue.
Dining costs were $446K favorable to budget, driven by effective cost controls in both COGS and operating supplies such as linens and kitchen items. COGS accounted for
$244K of the total variance, primarily due to lower sales and a reduction in the COGS percentage. For the year, the COGS percentage for food was 46% versus the budget of 52%, representing a 17% improvement compared to the prior year of 63% (versus 55% PY budget).

Hurricane Milton
Total hurricane related expenses for the fiscal year amounted to $323K, excluding GCM labor. The club received $85K in insurance proceeds and $348K from FEMA, resulting in a net positive impact of $111K. These transactions were recorded separately from operations and are not included in the reported operating income of $243K.

University Park Recreation District Summary Operating Data
As of September 30, 2025

Membership
		
Full	
Racquets	
Social	Ne t Cha nge in
Membe rships	Trial Full	Trial Rac/Fit	Trial Fit/Soc	Trial Social	Sum Golf	Sum Tennis	Wait List	
2024 Totals 12/31/24		445	108	786	1339	2	0	0	2	0	0	9	
2025 Totals 9/30/25		455	110	787	1352	0	0	0	0	75	51	2	
Social Access		104	28		132								
Fitness		21	1	131	153								
Range			10	57	67								
Twilight Tennis				24	24								
Pickleball		2		56	58								
Total Passes		434								
*135 grandfathered non-members (flat to prior month), 195 grandfathered members (-4 to prior month)
**307 non-resident memberships (+3 to prior month)