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

Finance Committee Members present in person or via Zoom:

Richard Crouch	Chair	
Cathie Schafer	Vice-chair	
Alan Port	Secretary	
Tony Crisaio	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 Mana er – PFM
Various members of the public.

FIRST ORDER OF BUSINESS	Organizational Matters
Call to Order, Roll Call, Pledge of
Alle iance
The meeting was called to order at 3:00 pm by Richard Crouch. The pledge of alle iance 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.

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 Schafer to approve the minutes as presented. Motion passed unanimously.

THIRD ORDER OF BUSINESS	Staf Reports: December Financial Summary, KPl's and Membership Report
Paul Fay presented the December Financial Summary, KPl'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
or the first quarter ending December 31.
Revenue performance was favorable in golf operations (+$94K), dining operations (+$35K), and racquets/fitness (+$11K); dues revenue was sli htly unfavorable due to ewer trial memberships.
Expense performance was favorable in golf operations (+$12K), dining operations (+$37K), and general and administrative expenses (+$33K); olf course mainte-nance expenses were unfavorable (-$35K) due to early completion o 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 Per ormance lndicators (KPls):
Net worth growth reported at a 1.6% compound annual growth rate, below the 4.1% industry median, and primarily driven by debt.

Operatin mar in was 2.5% for FY25 and increased to 9.7% in FY26 Q1, reflectin seasonal revenue patterns.
Labor costs were reported to be in line with the industry median.
The ood and beverage subsidy was avorable in FY26 Q1 due to hi h seasonal activity.
Membership Report
Total memberships totaled 1,328, including 447 full memberships, 105 rackets/itness memberships, and 789 social memberships.
An increase in grandfathered non-members was noted due to resignations.
Typical membership turnover was observed at the beginnin of the membership cycle.
Current club members were estimated at approximately 2,186 individuals.
Non-resident ull members were noted to enerate 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.
lnvestment Actions
Approximately $3M from operating cash and $800K rom 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
lnvestments are expected to enerate interest income, contributing to inancial 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.

Policy Compliance
lnvestment strate y aligns with the club s investment policy reviewed in November.

FIFTH ORDER OF BUSINESS	Summary o Alternate bond Financing meetin 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 conirm conclusions and address any legal concerns.
Final recommendations to the board will be tabled until the next meeting.

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

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 o ensuring adequate unding to meet
long-term capital needs and maintain the inancial 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 le al easibility 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 o options or both transfer fees (1%-2%) and minimum capital dues ($200-$500) to determine the most equitable and efective approach.
Next Steps
Paul Fay will develop a "what-if" spreadsheet to model diferent scenarios or trans er fees and minimum capital dues.
Tony Crisaio will gather more information on trans er fees at other clubs and legal considerations for implementation.
The committee will revisit the discussion in the next meeting to inalize 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 livin 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 Pro  ress

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 or 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 or 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 inancial processes.
lnitial 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.
lf Chase denies the application a ain, the committee plans to explore other banks that have expressed interest in working with University Park, such as Re ions and Truist.
Next Steps
Cathie Schafer will reach out to Brent Wilder to conirm which banks were interested in working with University Park durin 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 meetin . No detailed discussion or decisions were made durin this meet-ing.

Next Meetin  Scheduled

Date	Meeting Type	Time	Location	Note	
February 18,
2026	Finance
Committee Meeting	3:00 PM	Business
Ofices	ln 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 ood and beverage minimum. No other comments were received.
Adjournment
The meeting was adjourned at approximately 5:13 pm.