MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE MEETING
Monday, October 6, 2025
4:00 pm Business Offices
8301 The Park Boulevard, University Park, FL 34201

Finance Committee Members present in person or via Zoom: Richard Crouch
Tony Crisaﬁo Cathie Schaffer Alan Port
Craig Dwight
Also, present in person or via Zoom:
David Murphy	Treasurer – University Park Recreation District John Fetsick	General Manager – University Park Country Club Paul Fay	Controller - University Park Country Club
Jennifer Kakretz	Executive Assistant - University Park Country Club Vivian Carvalho	District Manager – PFM Group Consulting LLC

FIRST ORDER OF BUSINESS	Organizational Matters
Call to Order, Roll Call, and Pledge of Allegiance
The meeting was called to order at 4:00 pm by John Fetsick. Those in attendance are outlined above.
The Pledge of Allegiance was recited.
Public Comments
There were no public comments at this time.

SECOND ORDER OF BUSINESS	Election of Chair, Vice Chair, and Secretary

Ms. Schaffer nominated Mr. Crouch for the position of Chairperson. The motion was seconded by Mr. Port, and unanimously approved to appoint Mr. Crouch as Chair.
Mr. Crisaﬁo nominated Ms. Schaffer for the position of Vice Chair. The motion was seconded by Mr. Port, and unanimously approved to appoint Ms. Schaffer as Vice Chair.
Ms. Schaffer nominated Mr. Port for the position of Secretary. The motion was seconded by Mr. Crouch, and unanimously approved to appoint Mr. Port as Secretary.

THIRD ORDER OF BUSINESS	Committee Members Roles and Responsibilities
Mr. Crouch provided recommendations for individuals he believed would be best suited for
speciﬁc roles and areas of responsibility.
Assignments:
Primary Financial Statement Review and KPIs, Membership Report: Mr. Crouch volunteered.
Audit Selection Committee: David Murphy, Tony Crisaﬁo, and Richard Crouch.
Reserve Requirements and Capital Expenditure Analysis: Cathie Schaffer.
Budgets and Benchmarking: Tony Crisaﬁo.
Investment Reports, Cash Flow, and Treasury: Craig Dwight.
Insurance and Governance Contracts, including Leases: Alan Port.
All members expressed agreement with their assigned roles and responsibilities. Mr. Crouch requested that each member return to the next Finance Committee meeting prepared to identify and present the key priorities within their area for review and recommendation to the Board.
FOURTH ORDER OF BUSINESS	Staff Report Matters: Budget Presentation
John Fetsick presented an executive summary of the 2026 budget, outlining country club operating revenues and departmental expenses, including payroll and direct operating

costs. He explained that the surplus operating income from the enterprise fund is used to support the recreation district’s general fund obligations. John also provided an overview of the capital reserve allocations derived from initiation fees and capital dues, followed by a review of the membership proﬁt and loss statement, which included membership dues, initiation fees, and capital dues, along with a breakdown of golf operation’s budget.
FIFTH ORDER OF BUSINESS	Public Comments
Public commentary opened with Former UPRD Board Treasurer Steven Ludmerer. Mr. Ludmerer commended the committee on a strong start, noting an effective division of responsibilities and focus on key issues. He emphasized the importance of ensuring all board members receive and review consistent ﬁnancial data when making decisions.
Mr. Ludmerer provided several recommendations:
Conﬁrm that, by statute, the Treasurer (David Murphy) cannot serve on the Audit Selection Committee and that an alternate member will need to be appointed (to be veriﬁed with legal counsel, Mark Barnebey).
Assign a committee member to focus on benchmarking using resources such as Club Benchmarking or RSM McGladrey to compare performance with similar gated golf communities.
Evaluate annual capital generation projections against future capital reserve
requirements (3–5 years) to identify and address funding gaps.
He concluded by offering to assist the committee at any time and noted plans to meet
further with members to provide additional insight.
A second member of the public, resident member Dean Matt, expressed strong support for the establishment of the Finance Committee, stating it is essential for University Park and its residents. He noted that if such a committee had existed earlier, the community’s ﬁnancial position might be stronger today.
Mr. Matt emphasized the importance of compliance with the district’s charter, speciﬁcally Manatee County Ordinance 18-29, Section 2-8-161, which requires maintaining a ﬁve-year plan. He stated that when the district pursued the 2024 bond proposal, no ﬁve-year plan had been prepared, despite the signiﬁcant ﬁnancial implications.
He referenced Resolution 2025-03, adopted on October 27, 2024, which included a ﬁve-year plan but argued that the plan does not address new capital projects and has not been updated or maintained as required. Dean encouraged the committee to review, update, and regularly maintain the plan to ensure compliance and transparency.

Additionally, he recommended creating an organizational chart showing full-time equivalents (FTEs) over the past several years to help the committee understand departmental structure and staffing trends. He concluded by wishing the committee success in its work.
SIXTH ORDER OF BUSINESS	Adjournment
The meeting was adjourned at 5:48 pm.