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

The rescheduled committee meeting of the Finance Committee of the University Park Recreation District will be held on Monday, March 16th 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 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]

Administrative Matters
Consideration of Minutes of the:
February 18, 2026, Finance Committee Meeting Minutes
March 2, 2026, Joint Committee Workshop Minutes
Staff Matters
Presenter: Paul Fay
Capital Approval Process (Revised draft)
Review of February Financial Summaries
Business Matters
Recommendation Regarding Current Irrigation Financing Note
Presenter: Dick Crouch
Review and discussion of the current note financing and consideration of a committee recommendation without proceeds from Bond financing regarding repayment strategy.
Review of Financing Alternatives Summary
Presenter: Dick Crouch
Presentation and discussion of a summary outlining potential financing alternatives, including long-term bond financing, assessment-based financing, and other short-term financing structures.
Results of Conference Call with Bob Gang, bond counsel and Brent Wilder, PFM.
Review of Front Nine Maintenance / Capital Project Scope
Presenter: All
Review of proposed minimal-impact projects discussed during the March 2 workshop, including bulkhead replacement at Hole #5, drainage improvements, cart path repairs, tree replacement, and boardwalk replacement, and discussion of potential funding approach and committee recommendation.
Continued Discussion of Capital Income Options and Reserve Requirements
Presenter: Cathie Schaffer
Discuss Banking Relationship Opportunities
Presenter: Craig Dwight
Discussion of line of credit, purchase card, etc.
Continued Discussion of Cost of Ownership
Presenter: Tony Crisafio

Next Meeting Scheduled
Date	Meeting Type	Time	Location	Note	
April 15, 2026	Finance Committee Meeting	3:00 pm	Business Offices	In person or by Zoom	

Committee Member Requests & Public Comments

Adjournment

Consideration of Minutes of the:
February 18, 2026, Finance Committee Meeting Minutes
March 2, 2026, Joint Committee Workshop Minutes Alternatives Summary

MINUTES OF MEETING
UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE MEETING
Wednesday, February 18, 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 (left at 3:41 PM; did not affect quorum) Alan Port	Secretary
Tony Crisaﬁo	Member
Craig Dwight	Member Also, present in person or via Zoom:
Scott Huebner	Interim Treasurer – University Park Recreation District John Fetsick	 General Manager – University Park Country Club
Paul Fay	Controller – University Park Country Club
Sydney Johnson	Communications Director – University Park Country Club Jennifer Brown	Executive Assistant – University Park Country Club Steven Ludmerer	Former Treasurer – University Park Recreation District 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 approximately 3:00 PM by Mr. Crouch. Those in
attendance were as outlined above. A quorum was conﬁrmed.

SECOND ORDER OF BUSINESS	Business Matters
Review of Financing Options With Board of Supervisors’ Member, Scott Huebner (Taken Out of Sequence)
With no objection from the Committee, this item was taken out of sequence to accommodate discussion with Board Member Scott Huebner.

The Committee engaged in discussion regarding repayment of the 2024 Bond Anticipation Note (BAN) issued for irrigation system improvements.

Discussion included statutory limitations on short-term financing, the five-year maximum term for bond anticipation notes, and the cost implications of extending the BAN.

It was noted that while a two-year extension may be possible, such extension would result in significant additional interest expense. Timing requirements and statutory deadlines for inclusion of an assessment on the 2026 tax bill were also discussed.

After discussion, the Committee concluded there are no viable alternatives to assessing homeowners for repayment of the $5 million BAN should bond financing remain unavailable. No formal action was taken.

THIRD ORDER OF BUSINESS	Administrative Matters
Approval of Meeting Minutes
January 13, 2026 Workshop Minutes
January 21, 2026 Meeting Minutes
The Committee considered the January 13, 2026 Finance Committee Workshop Minutes and the January 21, 2026 Finance Committee Meeting Minutes.
A motion to approve the minutes as presented was made by Mr. Dwight and seconded by Mr. Port.
Upon a vote, the motion passed unanimously (4–0), with one member absent.
FOURTH ORDER OF BUSINESS	Return to Organizational Matters
Public Comments
The public comment period was opened. No public comments were made.

Pledge of Allegiance
The Committee then stood and recited the Pledge of Allegiance.

FIFTH ORDER OF BUSINESS	Staff Matters:
Staff Reports
Review of January Financial Summaries, Membership Report, and Capital Accounts Forecast
Mr. Fay presented the January Financial Summary and Membership Report.
He reported total revenues were favorable to budget by approximately $77,000, while expenses were favorable by approximately $165,000, resulting in a net operating surplus of approximately $242,000 compared to budget.
Golf operations revenue exceeded budget, driven primarily by outside rounds, which were favorable by approximately 953 rounds year-to-date. Merchandise sales were also favorable to budget. Dining operations reported favorable cost of goods sold performance compared to budget.
Mr. Fay also reviewed membership composition, noting total memberships of approximately 1,332. He noted increases in grandfathered non-members and non-resident memberships compared to the prior month.

The Committee discussed the Club’s current cash position, reported at approximately $5.6 million, of which approximately $1.1 million is allocated to capital reserves.

The Committee further discussed the relationship between BAN repayment obligations and the District’s capital accounts forecast, including the potential merit of delaying the planned Front Nine renovation project in order to maintain adequate reserve levels.
Management noted that certain critical infrastructure components of the Front Nine renovation project may still need to proceed independent of the full renovation scope, including bulkhead replacement at Hole #5 and boardwalk replacement.

Committee members discussed maintaining a capital reserve level in the range of approximately $1.0 to $1.2 million. Management was requested to provide an itemized list of Front Nine renovation components and priorities for review at the March 2, 2026 Finance Committee Workshop.

Management was also requested to obtain additional detail regarding bulkhead replacement options at Hole #5, including consideration of a stone alternative.
Action Items:
Mr. Fay to provide year-to-date changes in membership data reporting moving forward.
Mr. Fetsick to provide an itemized list of Front Nine renovation components and priorities for review at the March 2, 2026 Finance Committee Workshop.
Mr. Fetsick to obtain additional detail regarding bulkhead replacement options at Hole #5, including consideration of a stone alternative.
The Finance Committee to provide a recommendation to the Board following receipt of additional details at the March meeting.
Benchmark Discussion

Mr. Fay provided an overview of the upcoming Club Benchmarking presentation scheduled for review at the March 2, 2026 Finance Committee Workshop. It was noted that ﬁnancial data is submitted annually to Club Benchmarking for comparative analysis against industry peers.

Action Items:
Mr. Fay to send reports to Committee members in advance of the workshop for review prior to the March 2, 2026 Finance Committee Workshop.

SIXTH ORDER OF BUSINESS	Return to Business Matters:
Continued Discussion on Capital Income Options and Reserve Requirements
This item was deferred to another meeting to allow for full participation of the presenter.

SEVENTH ORDER OF BUSINESS

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

This item was deferred to another meeting to allow for full participation of the presenters.

EIGHTH ORDER OF BUSINESS

Review of Progress on Cost of
Ownership Project

Mr. Crisaﬁo provided an update on the Cost of Ownership project. Data collection efforts were reported to be ongoing, and additional reﬁnement of comparable community data is required prior to presentation of ﬁndings.
NINTH ORDER OF BUSINESS
Discussion of Purchase Card
Status
The Committee discussed the status of the proposed purchase card program. It was reported that the initial application through Chase Bank had been denied but reopened for reconsideration. The Committee discussed exploring alternative banking partners if necessary. A relationship may include a line of credit option. Updates will be provided at the March meeting.
No formal action was taken.

TENTH ORDER OF BUSINESS
Return to Staff Matters:
Update on Capital Expenditure Approval Process
Mr. Fay presented revisions to the Capital Expenditure Approval Process.
The Committee discussed appropriate approval thresholds for capital expenditures, including emergency spending parameters and ﬂexibility for budgeted projects during execution.

Consensus was reached that capital projects exceeding $50,000 with a variance greater than 20% from the approved budget would require Board approval. Projects exceeding budget by more than 20% during execution would require additional approval, and completed projects exceeding a 20% variance would require explanation to the Board.
Action Items:
Mr. Fay to make the discussed revisions to the Capital Expenditure Approval Process.
The Committee to review a ﬁnalized version for consistency with The Park Boulevard Management Operating Agreement and provide a recommendation to the Board.

Next Meeting Scheduled

Date	Meeting Type	Time	Location	Note	
March 2, 2026	Finance & Strategic
Planning Joint	1:00 PM	Business
Offices	In person or by Zoom	

	Committee
Workshop				
March 16, 2026	Rescheduled Finance Committee
Meeting	3:00 PM	Business
Offices	In person or by Zoom	
March 18, 2026	Finance Committee
Meeting	Rescheduled to March 16, 2026			

Finance Committee Member Requests
Committee members discussed the importance of improving community understanding of the District’s capital planning responsibilities and the distinction between annual membership obligations and long-term capital ownership responsibilities.
The Committee discussed the potential for coordinating with the Strategic Planning Committee to develop community-facing educational materials related to capital needs and long-term facility investment.
Mr. Crouch indicated he would coordinate with Jim Freedman and Ronni Loundy regarding potential collaboration with the Strategic Planning Committee on community outreach initiatives related to capital planning.
Committee members requested that the following items be included on a future Finance Committee agenda:
Discussion of a potential operating line of credit
Discussion of the District’s capital needs in coordination with the Strategic Planning Committee
It was also noted that conﬁrmation of the proposed March 16, 2026 Finance Committee meeting date at 3:00 PM is pending Business Office availability.
Public Comment
Public comment was received from Mr. Bill Pratt via Zoom regarding capital reserve allocations, settlement discussions, and preparation of a summary of ﬁnancing options under consideration. Mr. Crouch indicated he would follow up with Mr. Pratt to review the items raised and that related topics may be addressed at a future meeting.

Adjournment

There being no further business to discuss, on a motion by Mr. Port, seconded by Mr. Dwight, with all in favor, the January 13, 2026 Finance Committee Workshop Meeting of the University Park Recreation District was adjourned at 5:07 PM.

MINUTES OF MEETING
UNIVERSITY PARK RECREATION DISTRICT
FINANCE COMMITTEE & STRATEGIC PLANNING COMMITTEE JOINT WORKSHOP
Monday, March 2, 2026
1:00 PM
Business Offices
8301 The Park Boulevard, University Park, FL 34201

Committee Members in Attendance (in person or via Zoom)
Finance Committee Richard Crouch, Chair Cathie Schaffer, Vice Chair Alan Port, Secretary
Tony Crisaﬁo, Member Craig Dwight, Member
Strategic Planning Committee
Jim Freedman, Chair Ronni Loundy, Vice Chair
Barbara Somma, Secretary Ken Schreder, Member
Also Present (in person or via Zoom)
Sally Dickson, Chairperson – University Park Recreation District
John Fetsick, General Manager – University Park Country Club
Curtis Nickerson, Director of Facilities – University Park Country Club Paul Fay, Controller – University Park Country Club
Sydney Johnson, Communications Director – University Park Country Club
Jennifer Brown, Executive Assistant – University Park Country Club Steven Ludmerer, Former Treasurer – University Park Recreation District Vivian Carvalho, District Manager – PFM
Kwame Jackson, Assistant District Manager – PFM Jim Boyle – Club Benchmarking, Presenter Various members of the public

FIRST ORDER OF BUSINESS	Organizational Matters
Call to Order, Roll Call, Pledge of Allegiance, Public Comment

The meeting was called to order at approximately 1:00 PM by Mr. Crouch. Those in attendance were as outlined above.
All committee members were present in person. A quorum was conﬁrmed for both
Committees.
Ms. Dickson reminded attendees that the workshop was publicly noticed and subject to Florida Sunshine Law requirements. It was noted that only one Board Supervisor may actively participate in discussion, and additional Board members present must remain observers.
The Committees then stood and recited the Pledge of Allegiance.
The public comment period was opened. No public comments were made.

SECOND ORDER OF BUSINESS	Business Matters
Club Benchmarking Financial Performance Review
Mr. Jim Boyle of Club Benchmarking presented a ﬁnancial benchmarking analysis
comparing University Park Country Club to 61 peer clubs in the southern region. Mr. Boyle reported:
Operating revenue ranks at the 10th percentile among comparable clubs.
Net available capital ranks at approximately the 33rd percentile.
Net available capital represents approximately 90 percent of operating revenue after equipment costs.
The Club maintains approximately $16.7 million in depreciable assets.
Net property, plant, and equipment ratio is approximately 56 percent.
Facilities are approximately 4 to 6 years old.
Mr. Dick Crouch noted that the benchmarking ﬁgures presented were based on standardized industry comparisons and had not been adjusted to reﬂect University Park Country Club–speciﬁc circumstances.
Committee members further noted that, while the statement accurately reﬂects the time since acquisition of the facilities, a signiﬁcant portion of the facilities have been in service for far longer than 6 years.

THIRD ORDER OF BUSINESS

Golf Course Renovation and Maintenance Priorities

Mr. Nickerson presented options for the Front Nine renovation project. Minimal Impact Projects (estimated cost of approximately $400,000). Projects discussed included:
Tree replacement and landscaping
Drainage and swale improvements
Cart path and curb repairs
Brick paver bump-outs
Expansion of the Hole #5 Gold Tee
Replacement of the Hole #5 bulkhead
Replacement of the Hole #5 bulkhead was identiﬁed as a structural and safety priority. Additional discussion included replacement of the boardwalk, with estimated costs
between $150,000 and $200,000.
Major renovation components, including tee-top rebuilds, fairway bunker reconstruction, and re-grassing, were also discussed. These items would require extended course closure and were considered for deferral.
The Committees discussed scaling the project scope to preserve cash ﬂow and maintain
capital reserves.
Estimated total expenditures for minimal impact projects and boardwalk replacement were discussed in the range of approximately $550,000 to $600,000.
Recommendation to the Board is expected to be made at the March 16th Finance Committee Meeting.

FOURTH ORDER OF BUSINESS

Mr. Fay outlined the 2027 budget development timeline:

Department submissions due March 11, 2026

2027 Budget Planning Process

Department review meetings scheduled March 16 through March 23, 2026
Finance Committee workshop scheduled April 6, 2026

Final Board approval anticipated May 8, 2026

Department review assignments were discussed among Committee members.

Guidance included focusing on major cost drivers and reviewing capital reserve schedules for useful life accuracy. Discussion also included identifying potential duplication between capital reserve items and planned capital improvement projects.

FIFTH ORDER OF BUSINESS

Review of Progress on Homeownership Cost Comparison Study

Mr. Crisaﬁo provided an update on the Homeownership Cost Comparison Study.
The study compares University Park to seven peer communities using 2025 transaction data and includes analysis of real estate taxes, HOA fees, and membership costs. Outlier transactions were excluded for accuracy.
The ﬁnal report will include a summary of total ownership costs by community and will be
presented to the Board prior to broader distribution.

Next Meeting Scheduled

Date	Meeting Type	Time	Location	Note	
March 5, 2026	Strategic Planning Committee
Special Meeting	11:00 AM	Business
Offices	In person or by Zoom	
March 16, 2026	Rescheduled Finance Committee
Meeting	3:00 PM	Business
Offices	In person or by Zoom	
March 18, 2026	Finance Committee
Meeting	Rescheduled to March 16, 2026			

Finance Committee Member Requests

Mr. Crouch noted that, in preparation for the March 16 meeting, he intends to prepare a one-page summary outlining potential ﬁnancing alternatives for the District to consider, including options related to the current note and possible long-term ﬁnancing approaches.
Committee members brieﬂy discussed potential ﬁnancing structures, including the possibility of ﬁnancing individual capital projects over multiple years, the use of assessment-based ﬁnancing, and the relationship between operating revenues and capital funding.
Mr. Crouch also noted that the irrigation ﬁnancing is currently structured as a note and that any future bond ﬁnancing would require additional legal steps, including potential validation proceedings.
Members noted the importance of reviewing updated project cost estimates considering inﬂation and construction timing.
Committee members further discussed the importance of clear communication to the community regarding benchmarking data and long-term capital planning responsibilities to avoid misunderstandings or misinterpretations.

Public Comment
The public comment period was opened.
Mr. Ludmerer noted that any recommendations regarding capital expenditures discussed during the workshop would need to be coordinated with the Board to ensure timely approval and implementation of related projects.
Mr. Ludmerer also noted that the previously adopted capital improvement bond resolution included a cap of approximately $21 million allocated to speciﬁc projects and indicated that any redistribution of capital funding should take that limitation into consideration.

Adjournment
There being no further business, upon a motion made and seconded, with all in favor, the Joint Workshop of the Finance Committee and Strategic Planning Committee was adjourned at approximately 3:33 PM.

Staff Matters
Capital Expenditure Approval Process
February Financial Summary

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 Supervisors
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 Supervisors 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. If a capital expenditure included in the original approved budget exceeds the authorized amount by more than 20%, additional approval from the Board of
Supervisors is required.
Approval authority for unplanned capital expenditures is as follows:
Management: Up to $50,000, provided the expenditure is within the approved capital budget
Finance Committee: Recommendation authority
Board of Supervisors: 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 completion, actual project costs are compared to the approved budget and
reported to the Board of Supervisors. Capital assets are recorded in the Club’s fixed asset register, and reserve schedules are updated as necessary.

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF OPERATIONS

YTD OPERATING RESULTS, 5 MONTHS THROUGH 2/28/26	Actual Results of UPCC Operations	

Budget	

$ Variance	

% Change	

COMMENTS	
						
Total Revenues	$6,434	$6,332	$103	1.6%		
Less: Outside Golf Capital Allocation	(141)	(128)	(13)	9.8%	10% of Outside Golf Allocated to Capital	
Total Revenues, Less Capital Allocation	6,293	6,203	90	1.4%		
						
Total Expenses	5,692	5,869	178	3.0%		
						
Net Operating Surplus (Deficit)	602	334	268	80.2%	Net Operating impact	
						
Revenues and Expenses, Details	Actual	Budget	$ Variance	% Change		
Dues revenue	$2,643	$2,677	($ 34)	(1.3%)		

Golf operations revenue	

1,947	

1,833	

114	

6.2%	Outside rounds exceeded the budget by 916 rounds. Merchandise sales $27K favorable to budget.	
Dining operations revenue	1,572	1,580	(7)	(0.5%)		

Racquets/Fitness/Other operations revenue	
130	
114	
17	
14.9%		
						
Subtotal, Revenues	6,293	6,203	90	1.4%		
						
Golf operations	797	826	30	3.6%		

Golf maintenance	
1,551	
1,510	
(41)	
(2.7%)	Projects that were budgeted for later in the year
completed early	

Dining operations	
1,975	
2,097	
122	
5.8%	COGS 32k, Payroll 32k, Linens 21k, waste and
supplies	
Racquets & Fitness operations	297	290	(7)	(2.4%)		

General & Adm	
1,073	
1,146	
73	
6.4%	Payroll 20k, Advertising 19k,Ins.11k, L&P 8k & other
various expenses	
Subtotal, Expenses	5,692	5,869	178	3.0%		
						
Net Operating Surplus (Deficit), net of $141k
outside golf capital allocation	
$602	
$ 334	
$ 268	
80.2%	
Variance is $268k, 80.2% from budget	

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF FEBRUARY 28, 2026 AND 2025

		UPCC Operating Fund		Capital Irrigation Fund			
	
Assets	Unaudited
2/28/26		Unaudited
2/28/25		Unaudited
2/28/26		Unaudited
2/28/25		
Comments & Assumptions	
											
	Operating Cash & Short-Term Investments	$4,018		$2,869							
	Accounts Receivable	811		856							
	Inventory	376		363							
	Deposits & Prepaids	669		541						FY26 - Prepaid Insurance & Prepaid Cart Lease,
software, sales tax etc.	
	Future Assessments based on BAN or Long-Term Bonds					

5,975		

5,592		Amounts drawn from BAN, $4,140 + Amounts borrowed from UPCC Capital Reserves, $1,835	
	Subtotal, operating assets	5,873		4,629		5,975		5,592			
											
	Board Designated Cash & Investments &
Receivable from Irrigation Fund:										
	Operating Reserves	400		400						BOS designated for future use.	
	Capital Reserves & Short-Term Investments	1,342		606							
	Capital Reserves Used for Irrigation Project--Due
from Capital Irrigation Fund	
1,835		
1,737						Portion of irrigation project paid out of UPCC
reserve funds	
	Sub total, Board Designated Cash, Capital Reserves
& Capital Irrigation Fund Receivable	
3,577		
2,744		
-		
-			

	Property and Equipment - Net	27,075		20,227							
	Property and Equipment - CIP	160		5,757		-		-			
	TotaI Assets	$36,685		$33,357		$5,975		$5,592			
											
	Liabilities & Net Position:										
	Accounts Payable										
	Operations Related	$419		$403							
	Accrued Liabilities & Other Payables	312		295		-		-			
	Gift Cards & Store Credits	133		121							
	Subtotal, operating liabilities	864		819		-		-			
											
	Deferred Revenue	4,866		4,499							
	Capital Lease Obligations	2,009		418						New cart lease and GCM Equipment	
	Capital Projects Payable	1		-							
											
	Due to UPCC Operating Fund					$1,835		$1,737			
	BAN Payable to Bank					4,140		3,855			
	Total Liabilities	7,741		5,736		5,975		5,592			
											
	Beginning Balance, Purchase of UPCC assets in
2019	
16,750		
16,750		
-		
-			
	Due From Capital Irrigation Fund	1,835		1,737							
	Prior Years' Operating Surplus	9,868		7,281							
	Current Period Operating Surplus	491		1,854							
	Net Position	28,944		27,622		-		-			
											
	Total Liabilities & Net Position	$36,685		$33,357		$5,975		$5,592			

UNIVERSITY PARK COUNTRY CLUB CAPITAL SOURCES AND USES AS OF FEBRUARY 28, 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	1,184		
Sub total, Init Fees, Capital Dues & 10% Outside Golf	7,141	Capital raised through Operations	
			
Total Sources of Capital	15,911		
			
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		
Carpeting	5		
Locker Room Renovation	5		
VC - Tables & Chairs	5		
Subtotal, FY2026 Uses	1,316		
			
Construction In Progress			
2020, Master Plan Project	160		
Subtotal, CIP	160		
			
Total Uses	14,568		
			
Remaining Capital Reserves	1,343	Capital Account Balance at 2/28/2026	
			
Due to operating capital from BAN or Bond	1,835		
			
Total Capital Reserves	3,178	Balance with Irrigation Project repayment	

3/12/2026	3/4

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF CASH FLOWS AS OF FEBRUARY 28, 2026

MTD & YTD STATEMENT OF CASH FLOWS, 5 MONTHS
THROUGH 2/28/26				
	February	
	MTD		YTD	
Cash Flows From Operating Activities:				
				
Cash Receipts From Members & Guests	$ 1,026		$ 9,086	
Cash Payments To Vendors & Suppliers	(518)		(3,066)	
Cash Payments To PBM Staff Serving UPCC & UPRD	(542)		(3,163)	
				
Net Cash Provided (Used) By Operating Activities	(35)		2,857	
				
Cash Flows From Capital, Financing, And Other Non-Operating
Activities:				
Initiation Fees	$ 157		$ 686	
Capital Dues	10		368	
Purchase Of Equipment & Capital Projects	(5)		(355)	
Transfer to General Fund	(55)		(175)	
Interest From Investments	-		1	
Net Cash Provided (Used) By Capital And Other Non-Operating
Activities	108		526	
				
Net Increase (Decrease) In Cash	73		3,383	
Cash At Beginning Of Period	5,687		2,378	
Cash At End Of Period	$ 5,760		$ 5,760	

3/12/2026	4/4

University Park Recreation District Summary Operating Data
As of February 28, 2026

Rounds of Golf (as of February 28, 2026):

	February		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	4,290	4,889	(599)		19,994	21,888	(1,894)	
Outside Rounds	2,943	2,918	25		14,002	13,024	978	
	7,233	7,807	(574)		33,996	34,912	(916)	
Rounds of Golf (as of February 28, 2025):

	February		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	4,645	5,030	(385)		18,839	21,572	(2,733)	
Outside Rounds	2,919	2,970	(51)		11,267	13,936	(2,669)	
	7,564	8,000	(436)		30,106	35,508	(5,402)	

Overall revenue is $103k favorable to budget, driven primarily by Golf operations. Golf revenue is $114k favorable to budget (net of capital allocation), with higher outside rounds producing an $110k favorable variance in greens fees, which helped offset lower member rounds resulting in a $7k unfavorable variance in cart fees. Merchandise sales also surpassed budget, contributing an additional $27k 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 the end of summer.

Membership

University Park Recreation District Summary Operating Data
As of February 28, 2026

MEMBERSHIP COUNTS													
		YTD Change		Beg. Feb.		Additions		Resignations		Conversions		Total	
Golf													
Family - Resident		-		178		1		(1)		-		178	
Family - Non Resident		4		77		2		-		-		79	
Single - Resident		2		122		1		-		2		125	
Single - Non Resident		2		71		2		-		-		73	
		8		448		6		(1)		2		455	
Racquets & Fitness													
Family - Resident		1		28		1		-		-		29	
Family - Non Resident		-		15		-		-		-		15	
Single - Resident		(1)		37		-		(1)		-		36	
Single - Non Resident		(2)		25		-		(1)		(1)		23	
		(2)		105		1		(2)		(1)		103	
Social													
Family - Resident		1		460		3		(2)		(2)		459	
Family - Non Resident		(1)		52		-		(1)		-		51	
Single - Resident		(3)		209		-		(4)		-		205	
Single - Non Resident		-		58		-		(1)		1		58	
		(3)		779		3		(8)		(1)		773	
													
Total Memberships		3		1,332		10		(11)		-		1,331	
													
Passes		YTD Change		Beg. Feb.		Net Change		Total					
Fitness		1		146		-		146					
Range		2		55		2		57					
Pickleball		(1)		50		(1)		49					
Twilight Tennis		-		20		(1)		19					
SAP		1		130		1		131					
		3		401		1		402					
*141 grandfathered non-members (+1 to prior month), 184 grandfathered members (-3 to prior month)
**294 non-resident memberships (-4 to prior month)

Review of Financing Alternatives Summary

Conference call with Brent Wilder and Bob Gang.
Conclusions regarding Alternate Bond Financing
DRAFT( for 3-16-2026 Committee Meeting)
Current Note Options with Regions Bank (Limited Options):
Repayment can only come from the current proposed bond proceeds or the contracted Non-Ad Valorem Special Assessments {collected via Uniform Method).
The ability to borrow short- term is limited to 5 years by our Charter and Statute. Confirmed by the PFM financial advisor and Bond Counsel.
Two-year extension is possible, but the note is only payable in “whole”, not in “part”. Adding two more years will cost the district $500,000.
The Finance Committee recommends one-time assessment in FY27 (payable with
taxes December 2026) if Bond proceeds are not realized.
Alternate Long-term financing of the Capital Improvement Plan:
Alternate Long-term financing from a bank loan or new Bond would require the contractual imposition of special assessments from the District. The Club or the District could not pledge its assets as collateral.
Several steps will need to be taken to secure an alternative to the current bond and
start a new long-term financing proposal.
A new referendum would be required
If so, “Validation” of the new bond instrument or bank loan would be required (i.e.. Start a new process of validation and appeal periods all over again)
Funding the Capital Improvement Plan WITHOUT Long-Term Financing:
Non-Ad Valorem assessments with timing based on the projected cash outflow for each project
One- time Non-Ad Valorem assessment(s) for the entire capital improvement
plan (ex the irrigation system, covered by the 2024 Note).
Successive additional Short-Term financing (5 yrs) either through a series of loans or one 5 year loan structured as a term loan. Per Bob Gang, legally
possibly. Complicated and cumbersome. Incurs additional Interest and Loan costs.

Review of Front 9 Maintenance Capital Project Scope

Item	Cost	Operational Impact	
CONTRACTOR COSTS			
Repair cart paths & curbs	$95,000	Minimal impact	
Expand #5 Gold tee (palmetto removal)	$9,800	Minimal impact	
Brick paver cart path bump outs	$57,000	Minimal impact	
Tree replacement and landscape beautification	$63,750	Minimal impact	
Pond bank & drainage swale reclamation and drainage projects.	$100,000	Minimal impact	
Replace #5 bulkhead	$79,750	Hole Closure	
Front 9 tee, bunkers and fairway renovation (including re-grade of #4&6)	$915,669	Course closure	
Contractor Subtotal	$1,320,969		
MATERIAL COSTS			
G-Angle bunker sand (1,300 tons)	$76,000		
#89 granite gravel (370 tons)	$31,000		
Bimini sod (138,500 sq ft)	$75,000		
Fertilizer & control products	$47,000		
Material Subtotal	$229,000		
TOTAL ESTIMATED INVESTMENT	$1,549,969		
ADD 10-15% CONTINGENCY TO EACH APPROVE PROJECT!			

Estimated Investment Summary

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

Purchase Cards & Credit Alternatives

For Finance Committee Discussion Purposes Only March 16, 2026

Proposal:	To allow management to UPPC’s banking relationship and to expand services to include 1. Bank Purchasing Card Program; 2. Revolving Line of Credit to fund short-term working capital needs; 3. A non-revolving line of credit to fund equipment purchases. (See details
below and on the following pages.) and 4. Any other services that the bank or Finance committee may recommend.

Bank Purchasing Card Program is to assist our club in making routine purchases and improve accounting efficiency in reporting said purchases by department and employee.

A purchasing card is really a procurement tool, not just a payment tool. It replaces small purchase orders and simplifies buying routine items.

Benefits:
Streamlines accounting for routine and customary purchases.
Provides detailed reporting by department.

Risks:

Unauthorized purchases.
Misuse by employee (i.e., for personal reasons).
Fraud.
Lost or stolen cards.
Collusion with vendor.
Fake receipts.
Incorrect accounting entries (i.e., wrong expense category).
Using non-approved vendors
Purchase outside of vendor agreements.
Failure to cancel cards of departed employees.

If approved by the Board of Supervisors (“Board”), management should establish a bank purchasing card policy that outlines card controls, including but not limited to: maximum aggregate corporate limit, individual employee authority limits, merchant categories, if
available, and who authorizes / approves individual employee participation and their card limits, and who cancels the cards upon an employee’s departure. In addition, the policy, history of card usage and related approval limits should be reviewed by the Finance Committee and/or Board on an annual basis.

Revolving Line of Credit to handle our seasonal and temporary cash flow needs. (See details on following pages).
Benefits: Provides a safety cushion to bridge potential cashflow shortfalls due to seasonality or and as a backup in case of climate disaster to help bridge payouts from Federal and State Government Disaster payments and other Insurance proceeds.
Risks:
Non-renewal by the bank and therefore entire unpaid balance is due and payable-in-full at maturity.
Misuse by company to fund long term capital expenditures with short term
borrowings.
Funding operating losses which will eventually inhibit the ability to repay and increase risk of non-renewal.
Standard provisions of default typically included in a bank’s loan agreement, (i.e., change in key personnel, failure to submit requested information timely and as requested, etc.)
The bank’s right of offset against deposit accounts.

*** See next page for the details on a proposed revolving line of credit. ***

Revolving Line of Credit Details

As a starting point for discussion, the suggestion is for UPCC to seek a one-million-dollar
($1,000,000), revolving line of credit to fund UPCC’s temporary working capital needs to assist in bridging its seasonal cash flow gap and as a backup in case of climate disaster to help bridge payouts from Federal and State Government Disaster payments and other Insurance proceeds.

Request Details:	
Borrower:	University Park Country Club	
Amount:	$1,000,000	
Type:	Revolving line of credit	
Term:	One year	
Payments:	Monthly interest only	
Maturity Date:	One year and to coincide with the receipt of our year-end audited financial statements, typically April or May.	
Clean-up Period:	We fully expect that this line to be paid to a zero balance for at least 30 consecutive days per year. (Note: may not wish to include in bank request to see if the bank’s come back with this requirement, however given our seasonal cashflow this should be an easy requirement to meet and quite frankly a Board expectation.)	
Collateral:	Unsecured (Note to Finance Committee: unless prohibited by the bond debentures and as a fallback position, the Committee may need to consider pledging certain short-term assets such as accounts receivable & inventory)	
Rate:	To be determined, we should request a tax-exempt rate (Note: not sure this is possible if golf course is the borrowing entity, legal to advise & may need opinion letter.)	
Other Terms & Conditions:	
Any additional conditions required by the bank.
Note to Committee: This may include the submission of annual audited
financial statements, quarterly management prepared financial statements and other information as requested.	

Non-revolving line of credit to handle capital equipment purchases with each advance to be termed out for a period not to exceed five years. (See detailed request on following page)

Benefits:
Having knowledge of availability to fund equipment purchases.
May be a lower cost financing option compared to an operating lease alternative.
Each disbursement is within the five years full payout per charter & state statues1 and match funds equipment purchases with general life of the asset.
The term out of each advance minimizes risk of non-renewal.

Risks:
Similar risks of default as mentioned above with the revolving line of credit.
Bank’s loan documents, typically cross collateralize all loans, whether one note is secured, and the other loan is unsecured. (Cross default clauses)
The bank’s right of offset against deposit accounts.
In addition, management could abuse the availability without proper approval / controls in place. (Similar to purchase card program, however bigger ticket items.)

*** See next page for the details on a proposed revolving line of credit. ***

1 Need to confirm with legal counsel.

Non-revolving Line of Credit – Details

For discussion purposes only, the suggestion is for UPCC to seek a five hundred thousand dollar ($500,000), non-revolving line of credit for the purpose of purchasing equipment for use by the golf course or other recreational facilities at the club.
Request Details:

Borrower:	University Park Country Club	
Commitment		
Amount:	$500,000	
Type:	Non-Revolving line of credit	
Commitment		
Term:	One year	
Each “Advance		
Term”:	Five years, statutory maximum	
Payments:	Each advance to be termed out over a period not to exceed five years	
	with monthly payments of principal and interest to amortize in full over	
	the Advance Term.	

Maturity Date:	This commitment shall be reviewed annually at the same time as the Revolving Line of Credit for working capital purposes.

Collateral:	Purchase security interest in the equipment to be acquired by UPCC.

Rate:	To be determined, we request a tax-exempt rate (Note: not sure this is possible if golf course is the borrowing entity.2)

Other Terms
& Conditions:	Any additional conditions required by the bank.
Note: This may include the submission of annual audited financial statements, quarterly management prepared financial statements and other information as requested.

Discussion of Cost of Ownership

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.	University Park		
b.	Laurel Oaks		
c.	Lakewood Ranch	- Club East	
d.		- LWR Country Club	
e.	Waterside		
f.	Waterlefe		
g.	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, was obtained from the MLS. For each community in the group, the transactions were summarized to include,
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 lowest to highest.
Average sales price per square foot and the range of sales price per square foot from lowest to highest.
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. In some instances, available information was incomplete and appeared inaccurate, relative to the other transactions in the group are were eliminated – some transactions had no CCD costs when most of the other homes in the group did.
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. Non-Ad Valorum taxes are calculated on lost size and by property. Lot size was not easily obtainable, so square footage of the property was used as a proxy.

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. University Park had hurricane cleanup in the HOA and some communities within University Park have community pool costs included in the community portion of the HOA dues. 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. Some communities were split with half of the homes having HOA fees and the other half not having fees. In this instance the average for those that did was utilized for those that did not.
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.

Home sales for 2025 in a range of approximately $500K to $2,000K from selective communities around University Park	
			University
Park		
Laurel Oaks		
Waterlefe		Country
Club East		LWR
Country Club		University
Place		
Waterside	
																
	Number of Transactions within Range	51		22		18		68		69		13		63	
	Average Square Footage	2,570		3,368		2,419		2,668		2,764		2,267		2,519	
		Smallest Sq footage	1,735		2,110		1,481		1,603		1,730		1,459		1,764	
		Largest Square Footage	4,227		5,460		4,049		3,883		4,701		3,304		4,413	
	Average Sales Price	$	938,000		$ 1,351,000		$	712,000		$ 1,115,000		$ 1,008,000		$	592,000		$ 1,124,000	
		Lowest Sales Price	$	489,000		$	800,000		$	400,000		$	515,000		$	520,000		$	415,000		$	560,000	
		Highest Sales Price	$ 1,900,000		$ 2,075,000		$ 1,250,000		$ 1,890,000		$ 1,906,000		$	780,000		$ 2,083,000	
	Average Sales Price Per Square Foot	$	360		$	402		$	295		$	411		$	354		$	265		$	442	
		Lowest sales price per sq foot	$	236		$	262		$	171		$	259		$	226		$	183		$	311	
		Highest sales price per sq foot	$	614		$	571		$	365		$	628		$	576		$	326		$	610	
	Calculated taxes based upon sales price	$	13,615		$	15,497		$	10,083		$	15,794		$	14,277		$	8,928		$	12,893	
	Calculated CDD and Non Advalorum	$	1,590		$	995		$	3,386		$	3,194		$	4,210		$	3,273		$	2,652	
	Calculated Average HOA based														
		upon Public information available	$	8,528		$	5,466		$	5,173		$	5,410		$	3,023		$	1,571		$	4,702	
		Total Estimated and Calculated Costs
exclusive of memberships	
$	23,732		
$	21,958		
$	18,642		
$	24,397		
$	21,509		
$	13,772		
$	20,247	
																
HOA Inclusions - obtained from public available information												
	Landscaping	yes		yes						yes					
	Irrigation - Reclaimed Water			yes				yes		yes				yes	
	Xfinity	yes				yes				yes					
	Pool	yes								yes					
	Trash			yes											
																
Memberships														
	Type of Club	Semi Private		Equity		Semi Private			Private					
	Golf Holes	27		36		18				72					
	Tennis Courts	11		12		no				20		yes			
	Pickleball Courts	yes		10		no				12					
	Dog Park			yes										yes	
	Fitness Center	yes		yes		yes				yes		yes		yes	
	Club House	yes		yes		yes								yes	
	Playground			yes		yes						yes		yes	
	Pool			yes		yes						yes		yes	
Social Membership Costs														
	Annual	$	1,550													
	Initiation	$	2,500		$	7,500						$	6,000					
	Gated Community														
		Gated	yes		yes		yes				yes		yes			
		Guard	yes		yes		yes									
	Size														
		Homes	1,200		400		600				16,000		400			
		Members	1,300		950		300				5,300