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

The monthly meeting of the Finance Committee of the University Park Recreation District will be held on Wednesday, January 21st at 3:00 pm at the Business Offices located at 8301 The Park Boulevard, University Park, FL 34201 and or virtually.
Meeting ID: 873 3546 9545 Passcode: 899142
Join meeting via Zoom: https://us02web.zoom.us/j/87335469545?pwd=dliIn6jiOFztxyJcXZcr5u3bnX53sX.1

Finance Committee Meeting Agenda
Updated 01/20/2026
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]
Administrative Matters
1.  Approval of 12/17/2025 meeting minutes

Staff Reports:
Review of December Financial Summary, KPI's and Membership Report
Review of Investments as a result of Dues Collection
Business Matters
Summary of Alternate bond Financing meeting with PBM and Bond Counsel
Review of Capital Income Options and Reserve Requirements
Review of Progress of Cost of Ownership Project
Discuss Purchase Card Status
Capital Expenditure Approval Process

Next Meeting Scheduled

Date	Meeting Type	Time	Location	Note	
February 18, 2026	Finance Committee Meeting	3:00 pm	Business Offices	In person or by Zoom	

Finance Committee Member Requests & Public Comments

Adjournment

12/17/2025 Meeting Minutes

MINUTES OF MEETING
UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE MEETING
Wednesday, December 17, 2025
3:00 pm Business Offices
8301 The Park Boulevard, University Park, FL 34201

All Finance Committee Members were present in person, except Mr. Dwight, who appeared via Zoom: Richard Crouch	Chair
Cathie Schaffer	Vice-chair Alan Port	Secretary
Tony Crisafio	Member
Craig Dwight	Member 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 Brown	Executive Assistant - University Park Country Club Kwame Jackson	Asst. 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 3:00 pm by Richard Crouch. The pledge of allegiance was recited.
Public Comments
Mr. Dean Matt addressed the Finance Committee during public comment, noting his professional background in regulated industries and emphasizing the importance of ethics and compliance. He stated that his comments related to prior meeting minutes and the status of a required five-year financial plan under the District’s charter. Mr. Matt asserted that, while a link to a plan had been provided, he did not believe the plan had been formally reviewed, approved, or maintained by the Board at the relevant time. He expressed concerns regarding compliance with applicable financial planning requirements and urged the committee to draw on their professional experience to ensure accountability and adherence to regulatory standards.
No additional public comments were submitted.
SECOND ORDER OF BUSINESS	Administrative Matters: Approval of meeting minutes.

The meeting minutes from the 10/22/2025 and 11/19/2025 meetings were reviewed by the committee. A motion was made by Mr. Crisafio and seconded by Ms. Schaffer to approve the minutes as presented. Motion passed unanimously.

THIRD ORDER OF BUSINESS	Staff Report: Review Amended Fiscal Year 2025 Budget
Mr. Paul Fay presented the amended fiscal year 2025 budget. It was clarified that the District’s adopted budget must be amended at the end of each fiscal year to comply with Florida statues. This is accomplished by adjusting the expense budget to reflect actual expenses and aligning revenues with expense so that any carry-forward amount is reduced to zero. The Country Club, General Fund, and the Revised Debt service Budget were reviewed. There were questions from the committee on why the District Council line item was over budget for FY2025. The causes for the over budget status related to the bond referendum, the BAN, appeal of the bond validation hearing, and questions related to these matters.

A motion was made by Mr. Crisafio to recommend to the UPRD Board that the FY 2025 budget for RD reporting purposes be revised as presented. The motion was seconded by Ms. Schaffer and passed unanimously.

FOURTH ORDER OF BUSINESS	Staff Report: Review of November 30 Financial Summary and Membership Report
Mr. Fay reported that through November 30, total revenues were favorable to budget (driven primarily by higher outside golf rounds and seasonal dining activity) while expenses were also favorable overall, resulting in an operating surplus and positive variance to budget; golf course maintenance was noted as unfavorable largely due to timing, as certain projects were completed earlier than planned. Mr.
Fetsick indicated satisfaction with early operating performance and advised that trends would be reviewed to determine whether expense forecasts should be adjusted. Mr. Fay also reviewed balance sheet and cash flow highlights, explaining that operating cash typically declines prior to annual dues collections, that receivables reflect billed dues and member charges, and that capital funds must remain segregated for capital purposes. The committee discussed the operating advance for the irrigation capital project and noted repayment is dependent on bond proceeds or other financing. The Committee also discussed sales tax payable timing, capital lease obligations related to carts and equipment, and deferred revenue reflecting prepaid dues. Capital sources and uses were summarized, with initiation fees trending favorably. There was a preliminary discussion, during which Mr. Fetsick indicated that it is likely that sufficient funds would be available for the front nine renovation project, while he acknowledged longer-term reserve pressures for future capital needs.
Mr. Fetsick presented the November membership report, noting a net increase of two full golf members and one racquet member during the month, resulting in totals of 464 full golf members, 115 racquet members, and 780 social memberships. Mr. Fetsick explained that recent full membership sales, waitlist clearances, and summer member conversions were intentionally completed in anticipation of normal annual attrition, with the objective of concluding the year at the 450 full membership cap, which management indicated was successfully achieved. It was clarified that reported figures reflect net changes, including offsets from resignations or downgrades. The committee requested that future membership reports include a clearer breakdown of resident versus non-resident memberships by category, and discussed whether additional trend information related to member passes could be useful for future capacity planning, with Mr. Fetsick agreeing to review potential reporting enhancements.

FIFTH ORDER OF BUSINESS	Staff Report: Discussion regarding length of Auditor Contract
Mr. Fay proposed changing the maximum contract length for auditors from 3 years to 5 years, explaining that most governmental entities allow 5-year contracts, and the district would still have the option to change auditors earlier if desired. Mr. Kwame Jackson from PFM, confirmed that many districts have moved from 3-year to 5-year arrangements in recent years, which benefits the district by reducing the frequency of the expensive RFP process. Mr. Dwight raised concerns about ensuring the district maintains the ability to exit the contract if needed.

A motion was made by Mr. Port to make a recommendation to the board to change the maximum auditor contract length from 3 to 5 years, subject to legal counsel review regarding termination provisions. The motion was seconded by Mr. Crisafio and passed unanimously.

SIXTH ORDER OF BUSINESS	Discussion of Capital Expenditure Approval Process and Policy
The committee discussed the need for management to draft a proposal clarifying when Board approval is required for capital expenditures, which may differ from the current operating agreement. Mr. Fetsick advised the matter would first be discussed at an upcoming Board meeting, after which a draft policy would be developed for Finance Committee review, subject to Board direction. The committee noted that significant capital leases should be explicitly addressed in the process and reviewed by the Finance Committee prior to Board consideration. Further discussion was tabled until the January meeting.
SEVENTH ORDER OF BUSINESS	Review of Capital Income Projections and Reserve Requirements
The Finance Committee reviewed the current capital reserve study presented by Ms. Schaffer, and noted that it is conservatively prepared, including asset categories that may not require immediate replacement. The committee discussed the value of conducting a department-by-department review of the reserve schedule to better assess realistic replacement needs and improve long-term planning. Members agreed to begin periodic departmental reviews of the reserve schedule to enhance accuracy and alignment with actual capital requirements.
The committee discussed several potential revenue sources to address long-term capital needs, including an annual capital charge per lot, a transfer fee on home sales, increases to resident capital dues to align with non-resident rates, and establishing a minimum capital dues contribution for all members. The potential financial impact, fairness to residents and non-residents, and overall sustainability of each option were considered.
The feasibility of implementing a transfer fee collected by the HOA upon the sale of a property was discussed as a potential predictable revenue source. Mr. Port volunteered to consult with legal counsel to evaluate the legal and operational implications of such a fee. The committee emphasized the importance of closing the capital reserve gap to fund critical projects, including kitchen renovations and fitness center upgrades, noting that current revenue sources are insufficient to meet future capital demands.
As next steps: The committee agreed to proceed with a detailed, department-by-department review of the capital reserve study. Mr. Port will consult with legal counsel regarding the transfer fee.
EIGTH ORDER OF BUSINESS	Review of the progress of Cost of Ownership Project

Mr. Crisafio presented on the status of the cost of ownership project, which is intended to compare University Park with similar communities based on home values and amenities. Data collection is underway, with approximately 45 University Park transactions compiled to date and additional transactions being gathered from four to six related communities to create a comprehensive comparison dataset. The committee noted challenges associated with the wide range of home values within University Park, which complicates direct comparisons, as well as the uniqueness of University Park’s amenities relative to other communities. To address these issues, the committee discussed segmenting University Park transactions into three home value bands to improve comparability and indicated that the final list of comparable communities would be confirmed following consultation with key stakeholders. Next steps include completing data collection, analyzing trends and insights using the proposed methodology, and presenting findings and recommendations at the January meeting.
NINTH ORDER OF BUSINESS	Discuss Purchase Card Status
Ms. Schaffer provided an update on the status of the purchase card program, noting that she and Paul Fay met with representatives from Chase Bank to discuss implementation. Chase presented its PaymentNet platform, which includes features such as user account management, card controls, general ledger mapping, and IT support. Staff also provided Chase with a vendor list detailing transaction volumes and total spend from the prior fiscal year to support a match report and formal proposal. The committee discussed anticipated benefits of the program, including improved cash flow through extended payment cycles of approximately 30 to 45 days and the potential for financial rebates. Concerns were raised regarding the proper management of sales tax exemptions, with emphasis on limiting use to approved vendors with exemptions on file and establishing controls for onboarding new vendors. Next steps include awaiting Chase’s proposal and match report, reviewing the program details, and developing processes to address sales tax compliance and vendor management prior to any implementation.
TENTH ORDER OF BUSINESS	Discuss Short-term Line of Credit
Mr. Dwight provided an update on the potential short-term line of credit and noted that no progress has been made to date, as year-end audited financial statements are required before an RFP can be issued. Members discussed the potential use of a line of credit as a cash flow management tool during periods of lower liquidity, particularly between August and December. The committee discussed bank engagement strategies, including leveraging ongoing purchase card discussions with Chase Bank to introduce the line of credit request, while noting that although Chase previously declined a line of credit for the HOA based on entity type, the club’s operational structure may present a different opportunity. Credit risk considerations were also discussed, including the potential benefit of structuring a longer cleanup or repayment period to mitigate risk and aligning the timing of the line of credit with the club’s cash flow cycle to demonstrate repayment capacity. Next steps include awaiting completion of the year-end audit, after which Mr. Fay and Mr. Fetsick will work with Mr. Dwight to engage banks familiar with the club’s operations and prepare an RFP for consideration.
ELEVENTH ORDER OF BUSINESS	Alternatives to BAN – Questions by Board Member
The committee discussed the need to address repayment of the BAN and to evaluate alternative funding mechanisms as requested by a UPRD Board member. Committee members noted that projected operating cash flow is not sufficient to retire the BAN and that repayment would likely require either a special assessment or longer-term financing. Options discussed included a special assessment structured over multiple years, extending the BAN within the limits of state statute and

the District’s charter, and issuing a bond, which was noted as requiring voter approval and potentially inefficient for the size of the obligation. The committee further discussed that BAN repayment represents only one component of a broader capital funding challenge, citing a significant capital reserve gap and the need to fund major projects such as kitchen renovations and fitness center upgrades. To advance the discussion, the committee agreed to hold a workshop in January to focus on BAN repayment and capital-raising strategies, including inviting representatives from PFM to review the prior BAN process and explore options for extension or alternative financing, as well as bond counsel to provide guidance on financing considerations.

Next Meeting Scheduled

Date	Meeting Type	Time	Location	Note	
January 13,
2026	Finance Committee Workshop
Meeting	10:00 AM	Business Offices	In person or by Zoom	
January 21,
2026	Finance Committee
Meeting	3:00 PM	Business Offices	In person or by Zoom	

Finance Committee Member Requests There were no committee member requests. Adjournment
The meeting was adjourned at 5:30 pm.

Informal Summary of the January 13, 2026 Finance Committee Workshop

Please note: Official meeting minutes will be provided at a later meeting date for approval by the committee.

DRAFT (for review only)
UPRD Finance Committee January 13, 2026
(Draft)
Mr. Crouch called the meeting to order at 10:01 am. Roll Call had the following members present:
Richard Crouch – Chair Alan Port
Cathie Schaffer Tony Crisafio Craig Dwight

Others present included:
Paul Fay – Controller – UPCC
John Fetsick – General Manager – UPCC (via Zoom) Bob Gang- Greenberg Traurig, Bond Counsel
Brent Wilder – PFM Financial Advisors, Managing Director Steven Ludmerer, former Treasurer

Public Comments were solicited. Mr. Matt provided comments.

Item 1. REPAYMENT OF 2024 NOTE (the BAN) AND ALTERNATIVES TO BOND FINANCING

Those present engaged in an active discussion of the history, terms, and alternatives to repay the 2024 Note (the BAN) and to ﬁnance capital improvements. The following facts, perspectives and conclusions were reached:

The 2024 Note was issued to ﬁnance the Irrigation System Improvements. These improvements were considered a necessity in 2023 and were to be repaid by proceeds from the Capital Improvement Bond or an Assessment. Appeals are delaying the Bond. The 2024 Note was undertaken to defer an Assessment in anticipation of the Bond being approved during the term of the Note.

Currently, the 2024 Note has been extended to August 2027. Given the timing of Assessment collection, assessments must be on 2026 Tax Bill (November 2026). This requires the assessment to be on UPRD’s Preliminary Budget for FY27 by June 2026 and Final FY27 Budget by early September 2026.
An additional extension of two years (statutory maximum0 is possible. A replacement ﬁve-year note would be considered circumventing the ﬁve-year statute limitation and is not permitted.
The group explored the possibility of assessing club members vs. residents. This is problematic as non-resident members would have no direct interest in the assets, allocation by membership class would be complex and arbitrary, resignations and downgrades may occur, etc. This was not deemed a viable option.
Given the current draw on the 2024 Note, and accrued interest, payoff of the note in 2027 would approximate $4.4 million. This would only allow recovery of ~ $600,000 of the $1,800,000 paid for the irrigation system from capital reserves. The resulting capital reserve funds balance would be reduced accordingly.
There was a consensus of the Committee members that assessing property owners for the full amount of the note ($5,000,000) as soon as possible is the preferred ﬁnancial recommendation.
According to counsel (Gang), if the Court invalidates the Bond, a new Referendum would be needed to issue greater than 5-year ﬁnancing (i.e. another Bond, Bank loan, etc.)
If an RFP doesn’t yield a satisfactory bid, a private placement could be used for short-term ﬁnancing. For long-term ﬁnancing, the statutes require a public offering that does not produce a satisfactory bid before a private placement can be considered.
The 2024 Note cannot be repaid in part. It may be repaid in whole at any time. Item 2. DISCUSSION OF CAPITAL RAISING OPTIONS
We cannot increase the 2024 Note Assessment for more than the $5MM current level.
Projections showed that a 1% transfer tax on home sales, plus a minimum capital dues of $500, would generate $800,000 in capital revenue. Further exploration of the options will be discussed at the next meeting of the Finance Committee.

Inﬂation is increasing the cost of the delayed Capital Improvement projects and may require added capital funds.
Action Items:
Paul Fay – Complete a what-if schedule, of the potential revenue from fee and capital dues changes.
Allen Port – Conﬁrm with counsel the viability of a Transfer Fee and the process for
implementation.
All – Review documents, sources and scenarios for additional capital/fee revenue and be prepared to discuss in depth at the next meeting.
The meeting was adjourned at

2026 Budget – Dues and Initiation Fees

University Park Country Club	
2026 Budget - Dues Initiation Fees	
2026	Budget																	
								     Membership 	Dues			 		Capital 	Dues					      Initiation 	Fees		
Memberships		Count	Rate	Total		%	Rate	Total			Qty	Rate		Total	
Full	Family	- Resident		190	11,715		2,221,826		5%	586	111,091			7	20,000	140,000	
Full	Single	- Resident		126	8,910		1,122,300		5%	446	56,115			8	20,000	160,000	
Full	Family	- Nonresident		69	11,715		822,871		10%	1,172	82,287			-	30,000	-	
Full	Single	- Nonresident		65	8,910		589,275		10%	891	58,928			2	30,000	60,000	
						Full	Total	450			4,756,272				308,421			17			360,000	
Racquets	Family	- Resident		28	5,050		145,503		5%	253	7,275				4,000	-	
Racquets	Single	- Resident		43	3,785		160,599		5%	189	8,030			2	4,000	8,000	
Racquets	Family	- Nonresident	15	5,050		76,445		10%	505	7,645				5,000	-	
Racquets	Single	- Nonresident		28	3,785		105,293		10%	379	10,529			3	5,000	15,000	
						Racquets	Total	114			487,840					33,479			5			23,000	
Social	Family	- Resident		475	1,550		701,888		5%	78	35,094			28	2,500	70,000	
Social	Single	- Resident		202	1,200		230,050		5%	60	11,503			18	2,500	45,000	
Social	Family	- Nonresident		55	1,550		83,113		10%	155	8,311			-	-		-	
Social	Single	- Nonresident		57	1,200		67,400		10%	120	6,740			-	-		-	
			Social	Total	789			1,082,450				61,648			46			115,000	
				Passes/Trial			397,526		Passes		11,221		Appl	Fee/Trials			12,800	
Total							6,724,088				414,769						510,800	

1/12/2026	1/1

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF OPERATIONS

YTD OPERATING RESULTS, 3 MONTHS THROUGH 12/31/25	Actual Results of UPCC Operations	

Budget	

$ Variance	

% Change	

COMMENTS	
			
Total Revenues	$3,646	$3,527	$119	3.4%		
Less: Outside Golf Capital Allocation	(72)	(63)	(8)	12.8%	10% of Outside Golf Allocated to Capital	
Total Revenues, Less Capital Allocation	3,575	3,464	111	3.2%		
			
Total Expenses	3,304	3,343	39	1.2%		
			
Net Operating Surplus (Deficit)	271	121	150	123.8%	Net Operating impact	
						
Revenues and Expenses, Details	Actual	Budget	$ Variance	% Change		
Dues revenue	$1,527	$1,556	($ 29)	(1.8%)		

Golf operations revenue	

1,038	

944	

94	

9.9%	
Outside rounds exceeded the budget by 863 rounds. Merchandise sales $25K favorable to budget.	
Dining operations revenue	939	904	35	3.9%		

Racquets/Fitness/Other operations revenue	
70	
59	
11	
18.3%		
			
Subtotal, Revenues	3,575	3,464	111	3.2%		
			
Golf operations	456	468	12	2.5%		

Golf maintenance	
915	
880	
(35)	
(3.9%)	Projects that were budgeted for later in the year
completed early	
Dining operations	1,136	1,173	37	3.2%	Linens, waste and supplies	
Racquets & Fitness operations	169	160	(9)	(5.3%)		
General & Adm	629	662	33	5.0%	Open position, Ins. & other various expenses	
Subtotal, Expenses	3,304	3,343	39	1.2%		
						
Net Operating Surplus (Deficit), net of $72k
outside golf capital allocation	
$271	
$ 121	
$ 150	
123.8%	
Variance is $150k, 123.8% from budget	

1/20/2026	1/5

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

		UPCC Operating Fund		Capital Irrigation Fund			
	Assets	Unaudited
12/31/25		Unaudited
12/31/24		Unaudited
12/31/25		Unaudited
12/31/24		Comments & Assumptions	
											
	Operating Cash & Short-Term Investments	$3,988		$4,221							
	Accounts Receivable	1,301		1,367							
	Inventory	348		326							
	Deposits & Prepaids	783		426						FY25 - 405k Prepaid Insurance & 378k Prepaid Cart
Lease, software, sales tax etc.	
	Future Assessments based on BAN or Long-Term Bonds					

5,962		

5,204		Amounts drawn from BAN, $4,059 + Amounts borrowed from UPCC Capital Reserves, $1,835 as of
FY25, $68 accrued interest	
	Subtotal, operating assets	6,420		6,340		5,962		5,204			
											
	Board Designated Cash & Investments &
Receivable from Irrigation Fund:										
	Operating Reserves	400		400						BOS designated for future use.	
	Capital Reserves	1,034		4							
	Capital Reserves Used for Irrigation Project--
Due from Capital Irrigation Fund	
1,835		
1,349						Portion of irrigation project paid out of UPCC reserve
funds	
	Sub total, Board Designated Cash, Capital
Reserves & Capital Irrigation Fund Receivable	
3,269		
1,753		
-		
-			

	Property and Equipment - Net	27,421		20,087							
	Property and Equipment - CIP	167		5,739		-		-			
	TotaI Assets	$37,277		$33,919		$5,962		$5,204			
											
	Liabilities & Net Position:										
	Accounts Payable										
	Operations Related	$408		$469	O						
	Accrued Liabilities & Other Payables	309		314		68		-			
	Gift Cards & Store Credits	134		125							
	Subtotal, operating liabilities	851		908		68		-			
											
	Deferred Revenue	5,751		5,325							
	Capital Lease Obligations	2,009		418						New cart lease and GCM Equipment	
	Capital Projects Payable	9		-							
											
	Due to UPCC Operating Fund					$1,835		$1,349			
	BAN Payable to Bank					4,059		3,855			
	Total Liabilities	8,621		6,652		5,962		5,204			
											
	Beginning Balance, Purchase of UPCC assets
in 2019	
16,750		
16,750		
-		
-			
	Due From Capital Irrigation Fund	1,835		1,349							
	Prior Years' Operating Surplus	9,868		7,281							
	Current Period Operating Surplus	203		1,888							
	Net Position	28,656		27,268		-		-			
											
	Total Liabilities & Net Position	$37,277		$33,919		$5,962		$5,204			

1/20/2026	2/5

UNIVERSITY PARK COUNTRY CLUB CAPITAL SOURCES AND USES AS OF DECEMBER 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	

3,757	$1,835 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	8,769	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		
FY 2026 Init Fees, Cap Dues & 10% Outside Golf	847		
Sub total, Init Fees, Capital Dues & 10% Outside Golf	6,804	Capital raised through Operations	
			
Total Sources of Capital	15,573		
			
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	124		
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	13,093		
			
FY2026 Uses			
			
2026, (4)Toro Greensmasters	29		
2026, Back 9 Renovation	1,164		
2026, Varsity Club Renovation	49		
2026, Admin Office Renovation	31		
2026, Ice Machines, GCM & Dining	15		
			
Subtotal, FY2026 Uses	1,289		
			
Construction In Progress			
2020, Master Plan Project	160		
Locker Room Renovation	3		
Other - Carpeting	5		
Subtotal, CIP	167		
			
Total Uses	14,549	Capital Account Balance at 12/31/2025	
			
Remaining Capital Reserves	1,025		
			
Due to operating capital from BAN or Bond	1,835	Balance with Irrigation Project repayment	
			
Total Capital Reserves	2,860		

1/20/2026	3/5

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF CASH FLOWS AS OF DECEMBER 31, 2025

MTD & YTD STATEMENT OF CASH FLOWS, 3 MONTHS THROUGH
12/31/25				
	December	
	MTD		YTD	
Cash Flows From Operating Activities:				
				
Cash Receipts From Members & Guests	$ 5,796		$ 6,644	
Cash Payments To Vendors & Suppliers	(1,214)		(2,130)	
Cash Payments To PBM Staff Serving UPCC & UPRD	(648)		(1,803)	
				
Net Cash Provided (Used) By Operating Activities	3,934		2,711	
				
Cash Flows From Capital, Financing, And Other Non-Operating
Activities:				
Initiation Fees	$ 55		$ 437	
Capital Dues	328		348	
Purchase Of Equipment & Capital Projects	(10)		(334)	
Transfer to General Fund	(70)		(120)	
Interest From Investments			1	
Net Cash Provided (Used) By Capital And Other Non-Operating
Activities	303		332	
				
Net Increase (Decrease) In Cash	4,237		3,044	
Cash At Beginning Of Period	1,189		2,378	
Cash At End Of Period	$ 5,421		$ 5,421	

1/20/2026	4/5

University Park Recreation District FY2026 General Fund Actual & Budget

Actual	Anticipated	Anticipated	FY 2026	
Through	Jan. - Sept.	FY 2026	Adopted	
12/31/2025		Total	Budget	
Revenues
PrYr Surplus	-	-	-	9,088	
Inter-Fund Transfers - Debt Service to O&M	5,486	70,000	75,486	70,000	
Inter-Fund Transfers - Country Club to O&M		120,000		85,955		205,955		220,912	
	$125,486	$155,955	$281,441	$300,000	

General & Administrative Expenses		
Assessment Administration	10,000		-		10,000		10,000	
Audit	7,875		27,125		35,000		35,000	
Bank Fees	85		200		285		500	
Bond Admistration Fee	6,687		-		6,687		7,500	
Contingency	180		540		720		15,000	
Dissemination Agent	5,000		-		5,000		5,000	
District Counsel	38,215		71,785		110,000		110,000	
Dues, Licenses, and Fees	175		-		175		2,500	
Election Costs	-		10,000		10,000		10,000	
Insurance	21,569		-		21,569		17,500	
Legal Advertising	1,528		3,472		5,000		5,000	
Management	17,500		52,500		70,000		70,000	
Meeting Set Up	-		-		-		5,000	
Office Supplies	-		600		600		1,000	
Postage & Shipping
Professional Services, Other	5
-		-
-		5
-		1,000
-	
Travel and Per Diem Web Site Maintenance	- 1,900		- 4,500		- 6,400		- 5,000	
Total General & Administrative Expenses	$110,719		$170,722		$281,441		$300,000	

1/20/2026	5/5

University Park Recreation District Summary Operating Data
As of December 31, 2025

Rounds of Golf (as of December 31, 2025):

	December		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	3,729	3,912	(183)		11,197	12,222	(1,025)	
Outside Rounds	2,874	2,540	334		8,283	7,420	863	
	6,603	6,452	151		19,480	19,642	(162)	
Rounds of Golf (as of December 31, 2024):

	December		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	3,614	3,802	(188)		10,090	11,729	(1,639)	
Outside Rounds	2,391	2,825	(434)		5,675	8,121	(2,446)	
	6,005	6,627	(622)		15,765	19,850	(4,085)	

Overall revenue is $111K favorable to budget, variance driven primarily by Golf and Dining operations. Golf operations revenue is $94k favorable to budget, with higher outside rounds producing a $84K favorable variance in greens fees, which helped offset lower member rounds resulting in a $8K unfavorable variance in cart fees. Merchandise sales also surpassed budget, contributing an additional $24K favorable variance.
Golf course maintenance expenses continue to remain over budget due to various projects that were scheduled for later in the year but were completed earlier. We anticipate this trend will continue over the next couple of months, with expenses realigning to budget by summer.

Investments

Account	Amount Invested	Interest	Face Value	Term	 Maturity Date	Yield	
Operating	2,212,321	37,679	2,250,000	180	7/16/2026	3.42	
Operating	295,762	4,238	300,000	150	6/18/2026	3.51	
Operating	197,715	2,285	200,000	120	5/19/2026	3.54	
Operating	248,644	1,356	250,000	60	3/17/2026	3.55	
Capital	790,585	9,415	800,000	120	5/19/2026	3.54	
	3,745,027	54,973	3,800,000				

Membership

University Park Recreation District Summary Operating Data
As of December 31, 2025

		Beg. Dec.		Additions		Resignations		Conversions		Total	
Golf											
Family - Resident		188		-		-		(10)		178	
Family - Non Resident		75		1		-		(1)		75	
Single - Resident		121		-		(1)		3		123	
Single - Non Resident		80		-		(4)		(5)		71	
		464		1		(5)		(13)		447	
Racquets & Fitness											
Family - Resident		31		1		-		(4)		28	
Family - Non Resident		17		-		-		(1)		16	
Single - Resident		40		-		(3)		(1)		36	
Single - Non Resident		27		-		(2)		-		25	
		115		1		(5)		(6)		105	
Social											
Family - Resident		466		-		(9)		1		458	
Family - Non Resident		56		-		(4)		-		52	
Single - Resident		201		1		(7)		13		208	
Single - Non Resident		57		-		(4)		5		58	
		780		1		(24)		19		776	
											
Total Memberships		1,359		3		(34)		-		1,328	
											
Passes		Beg. Dec.		Net Change		Total					
Fitness		153		-8		145					
Range		67		-12		55					
Pickleball		58		-8		50					
Twilight Tennis		24		-5		19					
SAP		132		-2		130					
		434		(35)		399					
*138 grandfathered non-members (+4 to prior month), 189 grandfathered members (-5 to prior month)
**293 non-resident memberships (-22 to prior month)

Business Matter – Item #1
Alternatives to BAN – Questions by Board Member
Attached are two documents, one is a legal opinion based upon certain questions concerning the RD's ability to Borrow funds.
The second is a treatise by a Board member discussing possible financing alternatives.

Please read through these documents in preparation of a discussion about these matters. The Board has asked us to investigate what our alternatives are if the Supreme Court does not approve our Bond issue.

Mark Barnebey <mbarnebey@blalockwalters.com>
.·-..---=-
University Park Recreation District/Short-term loans

10/10/2025 10:41 AM

To Sally Dickson - UPRD {sally.dickson@UniversityParkRD.com) <sally.dickson@universityparkrd.com> • steve.heitzner@universityparkrd.com • scott.huebner@universityparkrd.com • David.Murphy@universityparkrd.com <david.murphy@universityparkrd.com> • Russell.Piersons@universityparkrd.com <russell.piersons@universityparkrd.com> Copy
Vivian Carvalho {carvalhov@pfm.com) <carvalhov@pfm.com> • John Fetsick Gfetsick@universitypark-fl.com) <jfetsick@universitypark-fl.com> • Robert C.Gang{GangR@gtlaw.com) <gangr@gtlaw.com> • Marisa Powers <mpowers@blalockwalters.com> • Jennifer Alexander <jalexander@blalockwalters.com>

Supervisors - We recently received essentially the following questions: Inquiry:
Can the District roll over a loan for the same project into another loan?

Can the District revise the Charter to allow the RD to borrow for a longer term, for example 10
year?

Can the District revise the Charter to allow us to roll the BAN into the new "longer term" loan?

Response:

As some of these questions overlap, please allow me to answer them in a single response. The District has the authority to borrow money pursuant to Section 2-8-154 of the District Charter. Section 2-8-156 provides for Short Term Borrowing and provides in relevant part as follows:

The UPRD at any time may obtain short-term loans or lines of credit with a maturity of five years or less, in such amount on such terms and conditions as the Board may approve, for the purpose of paying any of the expenses of the UPRD or any costs incurred or that may be incurred in connection with any of the Projects....

Bonds are defined in Section 2-8-152 of the Charter as any general obligation bond, special assessment bond, refunding bond, and other such obligation in the nature of a bond, but provides that a Bond does not include short-term loans or lines of credit with a maturity of five years of less. Section 2-8-157 of the Charter provides Bonds must be the subject of a referendum prior to the issuance of the Bonds, unless they are refunding Bonds. Thus, a short-term loan of up to five years in length is currently not subject to a approval by referendum, but a long-er--term loan or bond issuance would be.
Although the Charter does not specifically discuss the possibility of an extension of a loan or a roll over to a new loan, the concern would be that the District could be attempting to circumvent the Charter referendum requirements for approval by the Electors by borrowing for a shorter period than five years and then extending or rolling over the loan to extend past the five year period. This concern could be mitigated by the facts and timing of the extension or roll over to a new loan, but that would be determined by the facts involving a future event and cannot be determined at this time. In the absence of specific information, we recommend that if the District believes that it will need longer than five years to repay a loan, then a referendum should be held unless there is a change to the Charter.

Observations;
UPCRD Charter allows for a short-term loan up to 5 years.
The Bond Anticipation Note (BAN) is a 3-year loan from Regents Bank and due August 2027.
If the 2024 Bond (Bond) fails at the FSC, the current plan is to assess homeowners on their 2027 taxes.
Due to Manatee County (MC):�ments, the deadline to inc.lude this assessment as a tax on 2027 taxes is August 2��	.-� ?_
The cost for MC to tax homeowners is expensive ($376k).  1. b O
The BAN is a $5M loan and currently UPCRD owe $4 M.
Interest on the BAN is about 5% per year and due 2 times per year, February and August.
The current plan is to roll the interest charge into the loan.

�� Considerations;

/

c/1,V:. \\

1 time tax assessment will inflate taxes without an explanation (Zillow) and could contribute to the untrue belief that University Park Country Club (UPCC) is a high tax neighborhood.
The majority voted for the Bond proving homeowners prefer deferred payment vs.
�ssessments
f All  Members benefit from a better golf course (1,353 Members vs. 1,202 homeowners)
/ We have divided community over the spending plans.
/  If UPCRD self-funds improvements through Dues and Capital Funds, homeowners will be more agreeable.
As a Recreational District (RD) we always have the legal option to assess, but it should be a last resort.
3 Sources of Capital; Initiation Fees (Full, $20k/$30K), Outside Golf (10%Capital Allocation), Capital Dues (5%/10%) Est. $1.4M per year

The new golf irrigation system is a Capital improvement and can be paid for from Capital Funds.
Regents Bank may or may not extend the term of the loan from 3 to 5 years.
To lengthen UPCRD short-term loan term from 5 years to 10 or more years may require a referendum.
UPCRD has planned capital improvement to the golf course, est $1M per year for 26 & 27.
If UPCRD pays the interest and pays down principle, in a worst-case scenario, the amount we would need to assess homeowners would be less.
Questions;
Do we have the funds to pay the interest on the BAN and pay down principle?
If we demonstrate that UPCRD can pay the interest and pay down principle for the BAN, will Regents or another bank, be more inclined to extend the loan to 5 years? 10 years? Or more?
If UPCRD extends the short-term lending period to 1O years and we add 7 years to the BAN can UPCRD pay the BAN from dues and capital funds?

1

J (

For example; the annual payments for a $4M loan, at 5% costs is about $691k. Pljase have the Finance Committee build cash f�ow m�	for these scenarios?
�A- Current 3 year BAN, due August 202;--
1. 5. BAN+ 2 years, due August 2029	�	vr :J
\ 6. Ban + 7 years, due August 2034	\
1
I

Business Matters – Item #2
Capital Income Projections and Reserve Requirements

University Park Country Club	
Fiscal Year 2026	
5 Year Capital Plan	
									
		2026	2027	2028	2029	2030		Comments	
Available Funds								
									
Beginning Balance	238,003	(407,964)	(1,139,186)	(97,208)	974,186			
									
Initiation Fees	510,800	536,340	563,157	591,315	620,881		

Assumes a 5% year-over-year increase	
Capital Dues	414,769	435,507	457,283	480,147	504,154			
Golf Ops Allocation	248,670	261,103	274,158	287,866	302,260			
BAN/Bond Repayment	1,835,548							
									
Total Available Funds	3,247,790	824,986	155,412	1,262,120	2,401,480			
									
Uses of Funds							Primary Uses	
									
The Park Grille								
	Grille	220,936	3,607	-	80,024	-		Building - A/C, roof, restroom renovation	
	Café	-	-	85,602	-	54,167		Bar Equipment, Firepits	
	Varsity Club	274,721	-	10,927	44,514	71,876		Building - A/C, Built-in Cabinetry, flooring, restroom renovation	
	Kitchen	251,475	-	-	2,926	-		Equipment	
Total Park Grille	747,132	3,607	96,529	127,464	126,043			
									
Racquets and Fitness								
	Building/Other	101,594	-	-	-	-		Building -Built-in Cabinetry, flooring, restroom reno	
	Fitness Equipment	101,764	-	-	-	-		Strength and Aerobic machines	
	Racquet Courts	122,253	-	2,185	10,346	34,779		Laser level, water fountains, ball machine	
Total Racquets and Fitness	325,611	-	2,185	10,346	34,779			
									
Golf Operations & GCM								
	Golf Operations	232,265	4,986	10,272	39,535	-		Cart barn roof, doors and metal wall, club storage	
	GCM Euipment	222,583	68,960	38,714	-	191,925		Club carts, greens rollers and topdressers	
	GCM Building/facility	222,480	-	-	-	22,026		Overhead doors, grinder	
	Irrigation	-	-	-	-	-			
	Golf Course	1,573,342	1,390,478	81,955	84,413	98,539		Bridges, bunkers, tees & fairways	
Total Golf Operations & GCM	2,250,670	1,464,424	130,941	123,948	312,490			
									
Asphalt Pavement	-	317,580	-	-	-		Parking Lot	
									
10% Contingency	332,341	178,561	22,966	26,176	47,331			
									
Total Uses of Funds	3,655,754	1,964,172	252,621	287,934	520,643			
									
Remainder	(407,964)	(1,139,186)	(97,208)	974,186	1,880,837			

12/15/2025	1/1

Capital Income Raising Options

Closing the capital gap												
												
Current sources:	2025 Pro Forma											
	Initiation fees		746,000									
												
	10% of outside play		276,000									
												
	Capital dues 5% / 10%		381,000									
		Current sources	1,403,000									
												
Potential new sources:												
	Capital charge per LOT, annual	$500 x 1200 lots	600,000									

												
	Transfer fees - 2025 ytd sales	1/2% under $600K	16,875			2025 ytd is a conservative assumption as the volume of sales is down,	
		1% over $600K	447,250			as are prices					
												
	Increase Capital Dues	10% all categories; $500 Min. for non-full members	380,000									
												
		New sources	1,444,125									
												
		Current + New Sources	2,847,125									
												
	Recommend eliminating F&B minimum when implement new charges										
												
						Dec. sales $6.6MM					
						1 sale <$600,000	$375,000		1,875 transfer fees	
						5 Sales > $600K totalling $6,225,000	62,250 transfer fees	
												
						prior 11 months $40,388,000				
						Total sales 2025 $46,988,000