3501 Quadrangle Blvd., Suite 270, Orlando, FL 32817

Phone: 407-723-5900

Fax: 407-723-5901

https://universityparkrd.com/

The Joint Committee Workshop of the Finance Committee and Strategic Planning Committee of the University
Park Recreation District will be held on Monday, March 2nd at 1:00 pm at the Business Offices located at 8301 The Park Boulevard, University Park, FL 34201 and or virtually.

Meeting ID: 823 0379 3933 Passcode: 161921

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Finance Committee Workshop Meeting Agenda

Organizational Matters
Call to Order




Roll Call
Public Comment Period [for any members of the public desiring to speak on any proposition before the Committee]

Business Matters
Club Benchmarking Presentation
Presenter: Jim Boyle, Club Benchmarking

Discuss Priority of Front 9 Golf Course Improvements
Presenter: John Fetsick & Paul Fay



Discuss itemized list of improvements and review priorities

Review of Progress on Cost of Ownership Project
Presenter: Tony Crisafio

Review Budget Process Schedule
Presenter: Paul Fay

Next Meeting Scheduled

Committee Member Requests & Public Comments

Adjournment

Date

Meeting Type

Time

Location

Note

March 16, 2026

Rescheduled Finance Committee Meeting

3:00 pm

Business Offices

In person or by Zoom

Club Benchmarking Presentation

University Park Country Club Finance Committee Overview
2025

Selected Filters:
Total Revenue	$12,000,000 - $15,500,000
Clubs with Golf	Yes
Geographic Region	South Region
Number of Clubs	61

The Framework: Club Benchmarking Financial Insight Model

Capital Ledger
Total Capital Income
(Initiation, Capital Dues/Assessments, Investment Income)

Operating Ledger
Revenue
(Dues, F&B, Ancillary Departments)

Adjust for Net Operating Result

Gross Profit
(Net of Direct Cost to Produce Revenue including COGS and Labor)

Subtract Lease and Interest Expenses

Net Available Capital = EBTDA
Amount available for Capital Investment, Debt Reduction and Increasing Reserves

Fixed Operating Expenses
General & Administrative
Buildings Maintenance & Operation
Fixed Charges
Golf Operations Labor
Course Maintenance Expense
Sports, Recreation, Youth

Net Available Capital

Subtract Depreciation

Net Worth should increase at least 3.5% per year

Change in Net Worth

ting Result

Net Opera

Priority Front 9 Golf Course Improvements
Under separate cover, list of priority projects (will be presented by Curtis Nickerson)

2/12/2026

1/1

University Park Country Club

Capital Account Forecast

Initiation Fees

Capital Dues

10% Outside Golf

Total

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

Cost of Ownership Project

University Park home ownership
The project entailed calculating the estimated cost of ownership of an average home in University Park in comparison to an average home in several other communities in the area. There are five parts to the analysis.
The communities that University Park was compared to are as follows:

a.
b.
c.
d.
e.
f.
g.

University Park Laurel Oaks
Lakewood Ranch	- Club East
- LWR Country Club
Waterside Waterlefe
University Place

The first part of the analysis was to obtain substantially all closed real estate transactions for the prior twelve-month period in the six communities. This information, with the help of local real estate agents, who obtained from the MLS. For each community in the group, the transactions were summarized to include,

a.
b.

Number of transactions
Average square footage of homes sold and the range of square footage from smallest to largest.
Average sales price of homes sold and the range of sales price from smallest to largest. Average sales price per square foot and the range of sales price per square foot from smallest to largest.

c.
d.

Once the samples groups were compiled, many of the outlier transactions were eliminated. For example, in one community four homes were sold with sales per square foot of between approximately $600 and $900, when the average sales price per square foot of the remaining homes in the sample was approximately $400.
The second part of the analysis was to calculate the estimated real estate, CDD and Non-Ad Valorem taxes of the properties. The Manatee and Sarasota web sites were visited to obtain the millage rate for the properties in the sample and the composition of the Non-Ad Valorum taxes to obtain those taxes levied on lot size and unit size. For each home in the sample the estimated future real estate taxes and non-ad valorum taxes were calculated. No consideration was given to the homestead exemption that may be carried over to the property sold.
The third part of the analysis was to determine the types of amenities available to homeowners in the communities in the sample. For example, they are gated, with and without guards, number of holes of golf available, tennis and pickleball courts, fitness and club house, and dog parks. This

information was obtained from the MLS listings of the individual homes and the respective websites for the communities.
The fourth part of the analysis was to obtain, as best as could be determined, the HOA inclusions of benefits. For example, some communities included trash collection in the HOA dues, other landscaping and Xfinity, although the level of Xfinity packages varied. The HOA dues were obtained from the MLS listing information. To the extent it could be independently verified it was, but this information was not readily available.
The fifth and final part of the analysis was to obtain the minimum cost of membership in the community for example social, fitness center or other amenities. This information was the most difficult to obtain. No consideration was given to elective memberships, such as golf, fitness, tennis, or others.

Budget Process Schedule

University Park Recreation District
2027 Budget Development C Approval Schedule

February 23 – Budget templates distributed to Managers
March 11 – Completed budgets due from Managers
Weeks of March 16 and March 23 – Meetings with each Manager, that includes the General Manager, Controller and a Finance Committee member
Week of March 30 – Preparation of the budget presentation
Week of April 6 – Finance Committee Workshop: review and discuss the 2027 budget and presentation
April 15 – Finance Committee Meeting: formally recommend the budget to the Board
April 28 – UPRD Workshop: Budget presentation to the Board
May 8 – UPRD Meeting: Board approval of the budget