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

The committee meeting of the Finance Committee of the University Park Recreation District will be held on Wednesday, February 18th 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
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Finance Committee Workshop 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]
Administrative Matters
Consideration of Minutes of the:
January 13, 2026, Finance Committee Workshop Minutes
January 21, 2026, Finance Committee Meeting Minutes

Staff Matters
Presenter: Paul Fay
Review of January Financial Summaries and Membership Report
Discuss Benchmark meeting
Update on Capital Expenditure Approval Process
Business Matters
Continued Discussion on Capital Income Options and Reserve Requirements
Presenter: Cathie Schaffer
Capital Income Options
Reserve Requirement Considerations
Legal Clarification and Follow-Up Discussion on Transfer Fees and Alternate Bond Financing
Presenter: Alan Port & Cathie Schaffer
Follow-up on Legal Responses Regarding Transfer Fees
Alternate Bond Financing from Bond Counsel, RD Counsel, and PFM
Review of Progress on Cost of Ownership Project
Presenter: Tony Crisafio
Project Status Update
Discussion of Purchase Card Status
Presenter: Cathie Schaffer & Paul Fay
Current Purchase Card Program Status Update
Next Meeting Scheduled
Date	Meeting Type	Time	Location	Note	
March 2, 2026	Finance Committee Workshop	1:00 pm	Business Offices	In person or by Zoom	

Finance Committee Member Requests & Public Comments
Adjournment

Consideration of the Minutes:
January 13, 2026, Finance Committee Workshop Minutes
January 21, 2026, Finance Committee Meeting Minutes

MINUTES OF MEETING
UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE WORKSHOP MEETING
Tuesday, January 13, 2026
10:00 am
Business Offices
8301 The Park Boulevard, University Park, FL 34201

Finance Committee Members present in person or via Zoom: Richard Crouch	Chair
Cathie Schaffer	Vice-chair
Alan Port	Secretary
Tony Crisaﬁo	Member Craig Dwight (via Zoom)	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 Brent Wilder	Managing Director – PFM Group Consulting LLC Bob Gang	Bond Counsel – Greenberg Traurig, LLP.
Steven Ludmerer	Former Treasurer – University Park Recreation District

FIRST ORDER OF BUSINESS	Organizational Matters
Call to Order, Roll Call, Pledge of
Allegiance
The meeting was called to order at 10:00 am by Richard Crouch. The pledge of allegiance was recited.
Public Comments
Public comments were made by Mr. Dean Matt.

Page | 1

SECOND ORDER OF BUSINESS	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 followingfacts, 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 delayingthe Bond. The 2024 Note was undertaken to defer an Assessment in anticipation of the Bond beingapproved duringthe term of the Note.

Currently, the 2024 Note has been extended to August 2027. Given the timingof 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 maximum) is possible. A replacement five-year note would be considered circumventingthe five-year statute limitation and is not permitted. By law, the total term of any short term financingin anticipation of permanent bond financingis five years.

The committee discussed the potential approach of billingclub members versus
residents. Several considerations were raised, includingconcerns that non-resident members do not have a direct interest in the assets, the complexity and arbitrariness of allocatingcosts by membership class, and the potential for member resignations or downgrades. Based on the discussion, this approach was not viewed favorably by participants.

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.

Committee members discussed the timingand structure of assessingproperty owners for the full amount of the $5,000,000 note. Some members expressed a preference for
assessingthe full amount as soon as practicable; however, no recommendation or action was taken. This topic will be revisited for formal consideration at a future committee meeting.

Accordingto 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

Page | 2

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.

THIRD ORDER OF BUSINESS	DISCUSSION OF CAPITAL RAISING OPTIONS
The following items were discussed by the committee:
We cannot increase the 2024 Note Assessment for more than the $5MM current level.

Projections showed that a 1% transfer tax on home sales, based on 2025 closings, plus a minimum capital dues of $500, would generate approximately $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.

Alan 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.

Next Meeting Scheduled

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

Adjournment
Page | 3

The meeting was adjourned at approximately 11:54 am.

Page | 4

MINUTES OF MEETING
UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE MEETING
Wednesday, January 21, 2026
3:00 pm
Business Offices
8301 The Park Boulevard, University Park, FL 34201

Finance Committee Members present in person or via Zoom: Richard Crouch	Chair
Cathie Schaffer	Vice-chair
Alan Port	Secretary
Tony Crisaﬁo	Member
Craig Dwight (via Zoom)	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 Sydney Johnson	Communications Director – University Park Country Club Vivian Carvalho	District Manager – PFM
Kwame Jackson	Assistant District Manager – PFM
Various members of the public.

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
The public comment period was opened. Mr. Steve Ludmerer provided comments on the 5-Year Capital Plan, cash ﬂow and capital expenses.

Page | 1

SECOND ORDER OF BUSINESS	Approval of Meeting Minutes

The December 17, 2025 meeting minutes were reviewed by the committee. A motion was made by Alan Port and seconded by Cathie Schaffer to approve the minutes as presented. Motion passed unanimously.

THIRD ORDER OF BUSINESS	Staf f Reports: December Financial Summary, KPI's and Membership Report
Paul Fay presented the December Financial Summary, KPI’s and Membership Report. Key
points are summarized below.
Overall Performance (Q1 Ending December 31)
A positive variance of approximately $150,000 in net operating surplus was reported
for the first quarter ending December 31.
Revenue performance was favorable in golf operations (+$94K), dining operations (+$35K), and racquets/fitness (+$11K); dues revenue was slightly unfavorable due to fewer trial memberships.
Expense performance was favorable in golf operations (+$12K), dining operations (+$37K), and general and administrative expenses (+$33K); golf course mainte-nance expenses were unfavorable (-$35K) due to early completion of planned pro-jects.
Balance Sheet Overview
Operating and short term investments increased to approximately $4.0 million, with accounts receivable reported at $1.3 million.
Total assets increased by approximately $3.0 million, primarily driven by capital re-serves and completion of the Back 9 project.
The capital irrigation fund increased slightly due to accrued interest.
Cash Flow Summary
Net cash and short term investments increased by approximately $4.2 million in De-cember.
Total cash and short term investments were reported at approximately $5.4 million at month-end of which 1 million was capital revenue and .4 million designated as operating revenue.
Key Performance Indicators (KPIs):
Net worth growth reported at a 1.6% compound annual growth rate, below the 4.1% industry median, and primarily driven by debt.
Page | 2

Operating margin was 2.5% for FY25 and increased to 9.7% in FY26 Q1, reﬂecting seasonal revenue patterns.
Labor costs were reported to be in line with the industry median.
The food and beverage subsidy was favorable in FY26 Q1 due to high seasonal activity.
Membership Report
Total memberships totaled 1,328, including 447 full memberships, 105 rackets/ﬁtness memberships, and 789 social memberships.
An increase in grandfathered non-members was noted due to resignations.
Typical membership turnover was observed at the beginning of the membership cycle.
Current club members were estimated at approximately 2,186 individuals.
Non-resident full members were noted to generate revenue nearly equal to the combined revenue of racquets and social memberships.

FOURTH ORDER OF BUSINESS	Investments as a result of Dues
Collection
Paul Fay presented the UPRD’s investments as a result of dues collection.
Investment Actions
Approximately $3M from operating cash and $800K from capital reserves were invested into Treasury bills.
Treasury bills were laddered with maturity dates aligned to operational cash needs and upcoming capital projects, ensuring liquidity when funds are required.
Interest Earnings
Investments are expected to generate interest income, contributing to ﬁnancial stability.
Capital Account
$1M remains in the capital account, with $800K invested in a 120-day Treasury bill. The remaining funds are reserved for unforeseen capital expenses.
Future Cash Flow
Additional inﬂows from initiation fees, monthly capital dues, and outside golf play will continue to replenish the capital account before the Treasury bills mature.

Page | 3

Policy Compliance
Investment strategy aligns with the club’s investment policy reviewed in November.

FIFTH ORDER OF BUSINESS	Summary of Alternate bond Financing meeting with PFM and Bond Counsel
The committee reviewed an informal summary of the January 13th Finance Committee Workshop with PFM and Bond Counsel. This summary was created by former UPRD Treasurer, Steve Ludmerer.
Next Steps:
The committee awaits responses from bond counsel, legal advisors and PFM (Mark Barnabey, Bob Gang, and Brent Wilder) to conﬁrm conclusions and address any legal concerns.
Final recommendations to the board will be tabled until the next meeting.

SIXTH ORDER OF BUSINESS	Review of Capital Income
Options and Reserve Requirements
Current Capital Income Sources
Existing capital income is generated from initiation fees, 10% of outside golf play revenue, and capital dues.
In FY25, these sources contributed approximately $1.6M-$1.8M, but this falls short of the estimated $2M annual capital reserve needs.
Proposed Capital Income Options
Transfer Fee: A fee on home sales, with proposed rates of 0.5% for homes under
$600K and 1% for homes over $600K. This would have generated approximately
$460K in FY25, despite it being a slow year for sales. In stronger years, this could generate up to $800K.
Minimum Capital Dues: Implementing a minimum capital dues of $500 per membership, which would generate an additional $380K annually. This would primarily impact social members, who currently contribute signiﬁcantly less to capital reserves.
Elimination of Food & Beverage Minimum: Proposed a recommendation to remove the food and beverage minimum, which is seen as unpopular and ineffective. This could improve member satisfaction and reduce operational subsidies.

Page | 4

Reserve Requirements
The club’s capital reserve needs are increasing due to inﬂation and the acquisition of new assets, such as the $5.5M irrigation system, which adds $300K annually in depreciation costs.
The committee emphasized the importance of ensuring adequate funding to meet
long-term capital needs and maintain the ﬁnancial health of the club.
Committee Consensus
The committee leaned toward recommendation of implementing a transfer fee as the primary method to increase capital income, with further exploration of legal feasibility and implementation processes.
There was some support for a minimum capital dues increase, but concerns were raised about the burden on social members.
The committee agreed to explore a range of options for both transfer fees (1%-2%) and minimum capital dues ($200-$500) to determine the most equitable and effective approach.
Next Steps
Paul Fay will develop a "what-if" spreadsheet to model different scenarios for transfer fees and minimum capital dues.
Tony Crisaﬁo will gather more information on transfer fees at other clubs and legal considerations for implementation.
The committee will revisit the discussion in the next meeting to ﬁnalize recommendations.

SEVENTH ORDER OF BUSINESS	Review of Progress of Cost of
Ownership Project
Project Overview
The Cost of Ownership Project aims to compare the total cost of living in University Park with neighboring communities, including HOA fees, real estate taxes, and other costs.
The goal is to provide a comprehensive analysis of the financial competitiveness of University Park compared to similar communities.
Current Progress

Page | 5

Data has been collected for University Park, Laurel Oaks, Waterlefe, University Place, Country Club West, and Waterside.
Challenges were noted in gathering data for Waterside due to its large size (5,100 homes in a single zip code). Additional work is required to narrow down relevant data.
The project includes details on HOA fees, real estate taxes, and home sales prices for 2025.
Next Steps
Tony Crisafio will finalize spreadsheets for all six communities, including segmenta-tion by home sale price ranges, as well as analyze the data to identify trends and meaningful comparisons.
The committee will present the findings in a workshop, tentatively scheduled for February or March, to review the completed analysis and discuss implications for University Park.
EIGHTH ORDER OF BUSINESS	Discuss Purchase Card Status
Current Status
The committee has been exploring options for implementing a purchase card system to streamline ﬁnancial processes.
Initial discussions with Chase Bank resulted in a denial of the application.
Chase has reopened the application and is attempting to get it approved, though expectations for approval are low.
If Chase denies the application again, the committee plans to explore other banks that have expressed interest in working with University Park, such as Regions and Truist.
Next Steps
Cathie Schaffer will reach out to Brent Wilder to conﬁrm which banks were interested in working with University Park during the bond RFP process.
The committee will continue to pursue alternative options if Chase does not approve the application.

NINTH ORDER OF BUSINESS	Capital Expenditure Approval
Process
The committee decided to defer the discussion on the capital expenditure approval pro-cess to the next meeting. No detailed discussion or decisions were made during this meet-ing.
Page | 6

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	

Committee Member Requests and Public Comment Period
Public comment was opened. Bruce Mantia provided comments regarding the transfer fee and removing the food and beverage minimum. No other comments were received.
Adjournment
The meeting was adjourned at approximately 5:13 pm.

Page | 7

Staff Reports
a. January Financial Summaries and Membership Report
c. Update on Capital Expenditure Approval Process

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF OPERATIONS

YTD OPERATING RESULTS, 4 MONTHS THROUGH 1/31/26	Actual Results of UPCC Operations	

Budget	

$ Variance	

% Change	

COMMENTS	
						
Total Revenues	$4,979	$4,892	$87	1.8%		
Less: Outside Golf Capital Allocation	(102)	(92)	(10)	10.7%	10% of Outside Golf Allocated to Capital	
Total Revenues, Less Capital Allocation	4,876	4,799	77	1.6%		
						
Total Expenses	4,592	4,756	165	3.5%		
						
Net Operating Surplus (Deficit)	285	43	242	563.5%	Net Operating impact	
						
Revenues and Expenses, Details	Actual	Budget	$ Variance	% Change		
Dues revenue	$2,095	$2,119	($ 24)	(1.1%)		

Golf operations revenue	

1,439	

1,353	

86	

6.4%	
Outside rounds exceeded the budget by 953 rounds. Merchandise sales $20K favorable to budget.	
Dining operations revenue	1,244	1,236	8	0.7%		

Racquets/Fitness/Other operations revenue	
98	
91	
7	
7.6%		
						
Subtotal, Revenues	4,876	4,799	77	1.6%		
						
Golf operations	627	663	36	5.5%		

Golf maintenance	
1,261	
1,233	
(28)	
(2.3%)	Projects that were budgeted for later in the year
completed early	

Dining operations	
1,586	
1,681	
96	
5.7%	COGS 18k, Payroll 25k, Linens 16k, waste and
supplies	
Racquets & Fitness operations	235	237	2	0.7%		

General & Adm	
884	
943	
59	
6.2%	
Payroll 21k, Ins.10k, & other various expenses	
Subtotal, Expenses	4,592	4,756	165	3.5%		
						
Net Operating Surplus (Deficit), net of $102k
outside golf capital allocation	
$285	
$ 43	
$ 242	
563.5%	
Variance is $242k, 563.5% from budget	

2/12/2026	1/4

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF JANUARY 31, 2026 AND 2025

		UPCC Operating Fund		Capital Irrigation Fund			
	Assets	Unaudited
1/31/26		Unaudited
1/31/25		Unaudited
1/31/26		Unaudited
1/31/25		Comments & Assumptions	
											
	Operating Cash & Short-Term Investments	$4,145		$3,488							
	Accounts Receivable	803		867							
	Inventory	375		356							
	Deposits & Prepaids	720		582						FY26 - 347k Prepaid Insurance & 373k Prepaid Cart
Lease, software, sales tax etc.	
	Future Assessments based on BAN or Long-Term Bonds					

5,975		

5,583		Amounts drawn from BAN, $4,140 + Amounts borrowed from UPCC Capital Reserves, $1,835	
	Subtotal, operating assets	6,043		5,292		5,975		5,583			
											
	Board Designated Cash & Investments &
Receivable from Irrigation Fund:										
	Operating Reserves	400		400						BOS designated for future use.	
	Capital Reserves & Short-Term Investments	1,142		6							
	Capital Reserves Used for Irrigation Project--Due
from Capital Irrigation Fund	
1,835		
1,728						Portion of irrigation project paid out of UPCC reserve
funds	
	Sub total, Board Designated Cash, Capital Reserves
& Capital Irrigation Fund Receivable	
3,377		
2,135		
-		
-			

	Property and Equipment - Net	27,242		19,953							
	Property and Equipment - CIP	171		6,152		-		-			
	TotaI Assets	$36,833		$33,532		$5,975		$5,583			
											
	Liabilities & Net Position:										
	Accounts Payable										
	Operations Related	$448		$351							
	Accrued Liabilities & Other Payables	289		286		-		-			
	Gift Cards & Store Credits	135		123							
	Subtotal, operating liabilities	871		760		-		-			
											
	Deferred Revenue	5,312		4,924							
	Capital Lease Obligations	2,009		418						New cart lease and GCM Equipment	
	Capital Projects Payable	2		-							
											
	Due to UPCC Operating Fund					$1,835		$1,728			
	BAN Payable to Bank					4,140		3,855			
	Total Liabilities	8,195		6,103		5,975		5,583			
											
	Beginning Balance, Purchase of UPCC assets in
2019	
16,750		
16,750		
-		
-			
	Due From Capital Irrigation Fund	1,835		1,728							
	Prior Years' Operating Surplus	9,868		7,281							
	Current Period Operating Surplus	185		1,670							
	Net Position	28,638		27,429		-		-			
											
	Total Liabilities & Net Position	$36,833		$33,532		$5,975		$5,583			

2/12/2026	2/4

UNIVERSITY PARK COUNTRY CLUB CAPITAL SOURCES AND USES AS OF JANUARY 31, 2026

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	977		
Sub total, Init Fees, Capital Dues & 10% Outside Golf	6,935	Capital raised through Operations	
			
Total Sources of Capital	15,704		
			
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		
2026, Golf Club Rentals	12		
Subtotal, FY2026 Uses	1,301		
			
Construction In Progress			
2020, Master Plan Project	160		
Locker Room Renovation	5		
Other - Carpeting	5		
Racquets - Patio Furniture	2		
Subtotal, CIP	171		
			
Total Uses	14,564		
			
Remaining Capital Reserves	1,140	Capital Account Balance at 1/31/2026	
			
Due to operating capital from BAN or Bond	1,835		
			
Total Capital Reserves	2,975	Balance with Irrigation Project repayment	

2/12/2026	3/4

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF CASH FLOWS AS OF JANUARY 31, 2026

MTD & YTD STATEMENT OF CASH FLOWS, 4 MONTHS THROUGH
1/31/26				
	January	
	MTD		YTD	
Cash Flows From Operating Activities:				
				
Cash Receipts From Members & Guests	$ 1,416		$ 8,060	
Cash Payments To Vendors & Suppliers	(419)		(2,548)	
Cash Payments To PBM Staff Serving UPCC & UPRD	(818)		(2,621)	
				
Net Cash Provided (Used) By Operating Activities	179		2,892	
				
Cash Flows From Capital, Financing, And Other Non-Operating
Activities:				
Initiation Fees	$ 92		$ 529	
Capital Dues	10		358	
Purchase Of Equipment & Capital Projects	(15)		(350)	
Transfer to General Fund	-		(120)	
Interest From Investments	-		1	
Net Cash Provided (Used) By Capital And Other Non-Operating
Activities	87		418	
				
Net Increase (Decrease) In Cash	266		3,310	
Cash At Beginning Of Period	5,421		2,378	
Cash At End Of Period	$ 5,687		$ 5,687	

2/12/2026	4/4

University Park Recreation District Summary Operating Data
As of January 31, 2026

Rounds of Golf (as of January 31, 2026):

	January		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	4,507	4,777	(270)		15,704	16,999	(1,295)	
Outside Rounds	2,776	2,686	90		11,059	10,106	953	
	7,283	7,463	(180)		26,763	27,105	(342)	
Rounds of Golf (as of January 31, 2025):

	January		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	4,105	4,813	(708)		14,195	16,542	(2,347)	
Outside Rounds	2,675	2,845	(170)		8,350	10,966	(2,616)	
	6,780	7,658	(878)		22,545	27,508	(4,963)	

Overall revenue is $77K favorable to budget, variance driven primarily by Golf. Golf operations revenue is $86k favorable to budget, with higher outside rounds producing an
$89K favorable variance in greens fees, which helped offset lower member rounds resulting in a $6K unfavorable variance in cart fees. Merchandise sales also surpassed budget, contributing an additional $20K 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.

Membership

University Park Recreation District Summary Operating Data
As of January 31, 2026

MEMBERSHIP COUNTS											
		Beg. Jan.		Additions		Resignations		Conversions		Total	
Golf											
Family - Resident		178		-		-		-		178	
Family - Non Resident		75		2		-		-		77	
Single - Resident		123		-		-		(1)		122	
Single - Non Resident		71		1		(1)		-		71	
		447		3		(1)		(1)		448	
Racquets & Fitness											
Family - Resident		28		-		-		-		28	
Family - Non Resident		15		-		-		-		15	
Single - Resident		37		-		-		-		37	
Single - Non Resident		25		-		-		-		25	
		105		-		-		-		105	
Social											
Family - Resident		458		1		(1)		2		460	
Family - Non Resident		52		-		-		-		52	
Single - Resident		208		3		(2)		-		209	
Single - Non Resident		58		-		-		-		58	
		776		4		(3)		2		779	
											
Total Memberships		1,328		7		(4)		1		1,332	
											
Passes		Beg. Jan.		Net Change		Total					
Fitness		145		1		146					
Range		55		-		55					
Pickleball		50		-		50					
Twilight Tennis		19		1		20					
SAP		130		-		130					
		399		2		401					
*140 grandfathered non-members (+2 to prior month), 187 grandfathered members (-2 to prior month)
**298 non-resident memberships (+3 to prior month)

University Park Country Club						
Capital Account Forecast						
		Initiation	Capital	10% Outside	
Total	
		Fees	Dues	Golf		
Capital Account Balance 1/31/26	1,144,457				1,144,457	
February		25,000	10,660	36,037	1,216,154	
March		7,500	10,660	37,805	1,272,119	
April		7,500	10,660	25,374	1,315,653	
May		2,500	10,660	14,948	1,343,760	
June		2,500	10,660	13,692	1,370,612	
July		-	10,660	12,061	1,393,333	
August		-	10,660	6,717	1,410,709	
September		-	10,660	9,663	1,431,033	
October		-	10,660	17,505	1,459,198	
November		-	10,660	25,335	1,495,192	
December		-	10,660	28,776	1,534,629	
		45,000	117,260	227,912	1,534,629	
Additional Draws from BAN					500,000	
Funds Available					2,034,629	
						
2026 Projects						
Front 9 Renovation					(1,100,000)	
Additional Pickleball Courts?					(250,000)	
Boardwalk Replacement?					(150,000)	
					(1,500,000)	
						
Funds Remaining at 12/31/2026					534,629	

2/12/2026	1/1

Capital Expenditure Approval Process
University Park Country Club
A capital expenditure is any purchase or project that: Has a useful life greater than one year, and Exceeds the Club’s capitalization threshold of $2,500, and Results in the acquisition, improvement, or replacement of a ﬁxed asset.
Roles and Responsibilities Management
Review and update capital budget
Identify capital needs and prepare capital request form(s)
Provide operation justiﬁcation for each request
Obtain quote and attach to form
Manage approved projects within budget and scope
General Manager
Review and approve capital expenditures within authorized limits
Make recommendations to the Board
Controller
Ensures expenditures are properly recorded and tracked by project
Evaluate impact on reserves, debt, and operating budgets

Board of Directors
Review and approve capital expenditures
Ensure alignment with the Club’s strategic and master plans
Approve funding methods (reserves, assessments, ﬁnancing)

Capital Planning/Budgeting Process

The Controller annually updates the Capital Reserve Study and prepares a proposed capital budget. The budget includes all existing capital assets, identifies assets currently due for replacement, and outlines assets scheduled for replacement in the upcoming fiscal year.
Department Managers meet with the controller and a member of the Finance Committee to review and revise the asset listings relevant to their areas, including remaining useful life, lifecycle assumptions, and estimated replacement costs. Managers will then categorize each asset as:
Need to Have
Like to Have
Deferrable

The Finance Committee reviews the capital plan and proposed capital budget on an annual basis and provides recommendations as necessary.
The Board of Directors approves the annual capital budget as part of the overall Club budgeting process.

Capital Expenditure Request Process

Management submits a completed Capital Expenditure Request form that includes the project description, purpose, estimated cost, and supporting vendor quotes.
The Controller and Finance Committee review the request to conﬁrm alignment with the approved capital budget and assess the impact on reserve balances and cash ﬂow.
Capital expenditure approvals are authorized as follows:
Management: Up to $50,000, provided the expenditure is within the approved capital budget
Finance Committee: Recommendation authority
Board of Directors: Final approval for expenditures exceeding Management authority
Management is responsible for project execution and vendor oversight. Projects must be completed within the approved scope, timeline, and budget. Management will provide periodic progress updates to the Finance Committee and the Board.
Upon project completion, actual costs are compared to the approved budget. Capital assets are recorded in the Club’s ﬁxed asset register, and reserve schedules are updated as necessary.

Emergency - Capital Expenditure

An capital expenditure is necessary when immediate action is required to:
Protect health and safety
Prevent major operational disruption
Avoid regulatory or legal non-compliance
Prevent signiﬁcant ﬁnancial loss or asset damage

Amount	Emergency Approval	
Up to $100,000	General Manager	
Over $100,000	General Manager + Board Chair (or available Board member)	

Continued Discussion on Capital Income Options and Reserve Requirements

University Park Country Club Capital Dues Scenarios

Capital Dues		2026		Scenario #1		Scenario #2		Scenario #3		Scenario #4	
																						
			Budget		Minimum	Yes			Minimum	Yes			Minimum	Yes			Minimum	Yes		
							Amount	$	200			Amount	$	300			Amount	$	400			Amount	$	500		

Memberships	

Membership Dues	
% of Dues 5%
5%
10%
10%

5%
5%
10%
10%

5%
5%
10%
10%	

Count	

Rate	

Total	
% of Dues
5%
5%
10%
10%

5%
5%
10%
10%

5%
5%
10%
10%	

Count	

Rate	

Total	
% of Dues
5%
5%
10%
10%

5%
5%
10%
10%

5%
5%
10%
10%	

Count	

Rate	

Total	
% of Dues
5%
5%
10%
10%

5%
5%
10%
10%

5%
5%
10%
10%	

Count	

Rate	

Total	
% of Dues
5%
5%
10%
10%

5%
5%
10%
10%

5%
5%
10%
10%				
Full Family - Resident	11,715		190	585.75	111,292.50		190	585.75	111,292.50		190	585.75	111,292.50		190	585.75	111,292.50		190	585.75	111,292.50	
Full Single - Resident	8,910		126	445.50	56,133.00		126	445.50	56,133.00		126	445.50	56,133.00		126	445.50	56,133.00		126	500.00	63,000.00	
Full Family - Nonresident	11,715		69	1,171.50	80,833.50		69	1,171.50	80,833.50		69	1,171.50	80,833.50		69	1,171.50	80,833.50		69	1,171.50	80,833.50	
Full Single - Nonresident	8,910		65	891.00	57,915.00		65	891.00	57,915.00		65	891.00	57,915.00		65	891.00	57,915.00		65	891.00	57,915.00	
Full Total					306,174.00				306,174.00				306,174.00				306,174.00				313,041.00	
Racquets Family - Resident	5,050		28	252.50	7,070.00		28	252.50	7,070.00		28	300.00	8,400.00		28	400.00	11,200.00		28	500.00	14,000.00	
Racquets Single - Resident	3,785		43	189.25	8,137.75		43	200.00	8,600.00		43	300.00	12,900.00		43	400.00	17,200.00		43	500.00	21,500.00	
Racquets Family - Nonresident	5,050		15	505.00	7,575.00		15	505.00	7,575.00		15	505.00	7,575.00		15	505.00	7,575.00		15	505.00	7,575.00	
Racquets Single - Nonresident	3,785		28	378.50	10,598.00		28	378.50	10,598.00		28	378.50	10,598.00		28	400.00	11,200.00		28	500.00	14,000.00	
Racquets Total					33,380.75				33,843.00				39,473.00				47,175.00				57,075.00	
Social Family - Resident	1,550		475	77.50	36,812.50		475	200.00	95,000.00		475	300.00	142,500.00		475	400.00	190,000.00		475	500.00	237,500.00	
Social Single - Resident	1,200		202	60.00	12,120.00		202	200.00	40,400.00		202	300.00	60,600.00		202	400.00	80,800.00		202	500.00	101,000.00	
Social Family - Nonresident	1,550		55	155.00	8,525.00		55	200.00	11,000.00		55	300.00	16,500.00		55	400.00	22,000.00		55	500.00	27,500.00	
Social Single - Nonresident	1,200		57	120.00	6,840.00		57	200.00	11,400.00		57	300.00	17,100.00		57	400.00	22,800.00		57	500.00	28,500.00	
Social Total					64,297.50				157,800.00				236,700.00				315,600.00				394,500.00	
																						
				Total	403,852.25			Total	497,817.00			Total	582,347.00			Total	668,949.00			Total	764,616.00	
																						
					Increase from Current Budget	93,964.75	178,494.75	265,096.75	360,763.75	

2/9/2026

Legal Clarification and Follow-Up Discussion on Transfer Fees and Alternate Bond Financing

From: Mark Barnebey <mbarnebey@blalockwalters.com>
Sent: Tuesday, February 3, 2026 3:36 PM
To: John Fetsick <jfetsick@universitypark-ﬂ.com>; David.Murphy@universityparkrd.com
Cc: Marisa Powers <MPowers@blalockwalters.com>; Jennifer Alexander
<jalexander@blalockwalters.com>; Robert C. Gang (GangR@gtlaw.com) <GangR@gtlaw.com>
Subject: University Park Recreation District/Transfer Fees

John – Below are my summary responses to the Finance Committee question (my responses are in red):

The Committee is considering options to increase capital reserves, which in the Committee's opinion are less than adequate. One of those options is to impose a transfer fee on real estate sales within University Park for the express purpose of enhancing capital reserves for the UPRD. A rate of about 1% was discussed at the Committee’s recent meeting. In that regard, we have a few questions for you:

	Is UPRD legally able to impose such a transfer fee? I am assuming you are referring to a fee charged to a purchaser of a lot within the District at the time of sale to offset the capital costs of improvements within the District.	Section 2-8-152(f) of the Charter defines fees as:

“fees for admission to or use of recreational facilities including, but not limited to user fees, club fees and transfer fees.”

Section 2-8-153(q) of the Charter provides that the District has the authority “To establish, charge and collect fees for admission to or use of Recreational Facilities and to apply such fees to offset the expenses for the operation of the UPRD and/or the operation, maintenance, improvement, enlargement or acquisition of Recreational Facilities and/or to the payment of Bonds”. Thus, the District may adopt transfer fees so long as they are used for the purposes set forth in Section 2-8-153(q).
To my knowledge, there are no other Recreation Districts implementing such fees. Thus, my conservative recommendation would be to consider starting with a relatively small fee to begin.

	Are there any major procedural issues in authorizing such a transfer fee? By "major," we mean issues that would impose substantial obstacles to the authorization of such a fee - for example, required third-party approvals by the UPRD membership or by another governmental entity, or a substantial expense for a

required third-party opinion.	Any transfer fee would require rule adoption.	This would require notice and a rule adoption hearing. Since I do not know exactly what is being proposed, it is difficult to answer the remainder of the question, but adoption would not likely require a third party opinion unless the transfer fee was being used for financing purposes.

	Are there any major issues in the mechanics of implementing such a fee? Again “major” means, for example, a substantial expense or inconvenience in connection with a required third party intermediary, or material and inconvenient procedures for handling funds collected. My response is the same as to question 2. A notice of implementation of the transfer fee would have to recorded in order to implement the fee.	I am not aware of fees by other entities based on a percentage of sales price.	Some research would be needed as to this issue, if being considered and you may want to consider shifting to a set fee amount per lot sale.

	Are there any material limitations on the imposition of such a fee of which we should be aware? For example, there might be a limitation on a maximum rate. I am not aware of any maximum rate per se, but such fees should be reasonable in relation to authority granted under Section 2-8-153(q) of the Charter. Again,

	Is there any reason that PBM and UPCAI could not assist in the collection of such a transfer fee? I am not sure how the Committee intends to proceed with this matter and how collection is intended, but it is unclear how PBM and UPCAI would assist. If approved, it is likely that the District would record a notice of adoption of transfer fee and payment would be at closing.	my conservative recommendation would be to consider starting with a relatively small fee to begin.

For now, the Committee is interested in the feasibility of imposing a transfer fee. The Committee is interested in the procedural and mechanical details only to the extent that they may affect the Committee’s analysis of feasibility. My responses are in light of the early nature of your inquiry.

	The Committee also had a few peripheral, but related, questions as follows: Is there a relatively simple way to make the UPRD an attractive choice as an estate

planning beneficiary for the UPRD members? Are there any restrictions on promoting such an option? This question represents what we think is a remote possibility and does not justify very much of your time. I am not aware of any law that would prevent the District from being designated as an estate planning beneficiary. Governmental entities are occasionally included as beneficiaries. Such a designation could be done through a will or trust document.

Your email of 10/10/25 to the UPRD board indicates that the extension of the term of the bond anticipation note beyond 5 years would be contrary to the UPRD’s Charter. Is the 5 year limitation also a matter of state law? In other words, can the maximum term of short-term borrowing be extended by amendment of the Charter? And, if so, what is the maximum possible term for short-term borrowing? A bond is defined in the Charter in Section 2-8-152(c), which states: "Bond" shall mean any general obligation bond, special assessment bond, refunding bond, revenue bond, and other such obligation in the nature of a bond. A "Bond" does not include short-term loans or lines of credit with a maturity of five year(s) or less.”	Section 2-8-156 and Section 2-8-157(g) of the Charter provides for short-term borrowing of a maturity of five years or less. These sections do not require a referendum. Section 2-8-157 of the Charter provides for the issuances of Bonds and specifically does require a referendum prior to issuance of a proposed Bond. However, I want to remind the Committee that one of the reasons for the requirement of a referendum for the issuance of longer term debt is to provide the residents a direct opportunity to weigh in on major financial issues, which is one of the reasons a referendum is currently required for borrowing of funds for a period in excess of five years.

As this issue implicates the possible issuances of bonds, I reached out to Bond Counsel Robert Gang on this issue last year. He stated: “Referenda are required if an enabling act requires it, such as for sales surtaxes in Section 212.055(2) or (6) both of which allow issuance of bonds by local governments. A pledge of ad valorem tax revenue beyond 12 months also requires a referendum, which includes all ad valorem (“general obligation”) tax bonds. But I know of no requirement for a referendum solely because of the length of the term. The requirement for a referendum is dictated by the enabling act, or if ad valorem taxes are pledged, by the constitution. Your notes are secured by assessments; a portion of the levy is dictated by benefit and the other portion is dictated by assessed value. . A bond anticipation note cannot have a total term beyond 5 years (215.431). An extension beyond 5 years would mean the obligation is no longer a “bond anticipation note” . But I don’t see that it matters. UPRD notes are not secured by ad valorem taxes.” I

have reached to Mr. Gang to see if he has any updates to his prior comments, but have not received them to date.

If you have any questions, please do not hesitate to call me.

Mark P. Barnebey
Board Certified in City, County and Local Government Law