MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE MEETING
Wednesday, October 22, 2025
2:00 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, Pledge of Allegiance
The meeting was called to order at 2:00 pm by Chairperson, Richard Crouch. Those in attendance are outlined above. The pledge of allegiance was recited.
Before the public comment period, there was a brief discussion on F&B subsidies in club models for strategic planning, emphasizing that in the club industry, F&B performance is typically viewed not as a key ﬁnancial driver, but as an amenity that enhances member satisfaction and supports dues revenue.

Public Comments
Paul Charlesworth opened public commentary. Mr. Charlesworth informed the committee that he has met with Alan Port and briefed him on some historical background regarding UPRD’s risk management insurance.
SECOND ORDER OF BUSINESS	Review of September 30, 2025 Financials and Membership Report
General Manager, John Fetsick presented the September 30, 2025 Financials and Membership Report. There was a discussion where committee members compared UPCC to other Clubs who are able to hold private events such as weddings, business meetings/conferences, and holiday parties. Mr. Fetsick explained that UPCC is limited in the ability to bring in outside events that will not disrupt members, due to the lack of a ballroom and kitchen to support those events.
THIRD ORDER OF BUSINESS	Review of Proposed KPIs (Key Performance Indicators) – To Be Presented Quarterly
The meeting focused on reviewing and discussing key performance indicators (KPIs) for the club's financial and operational performance. The group identified several KPIs, including net worth over time, net operating margin, total labor as a percentage of operating revenue, and member/staff satisfaction and retention. They also discussed the importance of benchmarking against other clubs and the challenges of comparing semi-private clubs to private clubs due to differences in revenue streams and debt structures. The group agreed to report KPIs quarterly rather than monthly, and to consider adding liquidity metrics to their monitoring.
The committee discussed benchmarking financial performance metrics, focusing on income loss as a percentage of total food and beverage revenue rather than the absolute subsidy amount. Additional metrics considered included member satisfaction, retention, and staff satisfaction, as well as liquidity metrics to assess the club’s ability to fund cash needs and reserves. It was noted that current operating reserves cover only about two weeks of expenses, prompting discussion about strategies to increase liquidity over the next two years (potentially growing operating reserves from $400,000 to $800,000).
The group also discussed the rationale for maintaining cash reserves during hurricane season rather than paying down debt early, emphasizing the value of liquidity as a form of

financial insurance. The interest expense versus investment income (“delta”) was described as minimal due to returns from laddered treasury investments.
Paul Fay was tasked with compiling the discussed benchmark metrics and financial measures for review.
FOURTH ORDER OF BUSINESS	Review of
Budgets/Benchmarks/Five-Year Forecasted Update
Mr. 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. Mr. Fetsick 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	Update on Capital Expenditures/Reserve Requirements
Ms. Schaffer presented an update on capital expenditures and reserve requirements, noting that the reserve study provides a comprehensive asset inventory and guides the club’s internal capital request and approval process. Management continues to follow structured procedures for evaluating and authorizing capital purchases. The committee discussed the club’s significant capital funding gap, with annual capital generation of approximately $1.5 million versus long-term needs closer to $2 million, resulting in an estimated $500,000 shortfall and emphasizing the need to strengthen reserves to prevent erosion of net worth.
SIXTH ORDER OF BUSINESS	Update on Investment Policy, Cash Flow, Treasury/Series 2024 Note
Mr. Dwight provided an update on investment policy, cash ﬂow management, and matters related to the Treasury/Series 2024 Note. Management outlined the district’s current banking structure, noting that Ameris Bank holds general fund accounts, Regions Bank administers BAN proceeds, and U.S. Bank serves as trustee for existing bond obligations,

with principal paid annually and interest paid semiannually. The committee reviewed cash-ﬂow handling practices, including monthly bank statements, accounting of receipts, and reliance on PFM for tax roll administration. It was noted that investment earnings are projected at approximately $50,000 for the year, and members requested that the existing investment policy—last updated in 2018–2019—be circulated for review to determine whether legal or regulatory changes require updates. The discussion also highlighted the importance of adopting a formal, board-approved investment policy, particularly in anticipation of managing $18–19 million in proceeds if the new bond issuance moves forward.
SEVENTH ORDER OF BUSINESS	Update on
Governance/Contracts/Leases/ Risk Management
Mr. Port provided an update on governance, contracts, leases, and risk management, noting ongoing efforts to organize board materials and improve document accessibility for committee members. He inquired about establishing a centralized system for storing key reports and reference documents to avoid loss in email, and management agreed to explore options for a shared repository. He also highlighted the importance of tracking public comment requirements and ensuring committee compliance with Sunshine Law constraints when communicating outside scheduled meetings. In the area of risk management, the committee discussed updates on insurance coverage, with clariﬁcation that cyber liability and public officials/D&O policies are managed separately and that only the public officials policy is funded through the general fund, while all other insurance falls under the club enterprise fund.

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
There were no committee member requests or public comments.
Adjournment

The meeting was adjourned at 4:24 pm.