University Park Recreation District
3501 Quadrangle Blvd., Suite 270, Orlando, FL 32817
Phone: 407-723-5900 Fax: 407-723-5901
http://universityparkrd.com/

The Meeting of the Board of Supervisors of the University Park Recreation District will be held on Tuesday, April 28, 2026, at 2:00 PM at the Business Offices, 8301 The Park Boulevard, University Park, FL 34201 and virtually.

Meeting ID: 648 161 1158
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BOARD OF SUPERVISORS’ MEETING AGENDA

Organizational Matters 	(2:00 – 2:10PM)





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 Board]

Administrative Matters	(2:10 – 2:15PM)

1.
2.
3.

Consideration of Minutes of the March 31, 2026, Board of Supervisors’ Meeting Public Records Request Summary List
Correspondence Summary List

Staff Report Matters		(2:15 – 2:25PM)

4.
5.
6.
7.

District Counsel District Manager Club Management Committee Reports
Finance
Strategic Planning

Old Business Matters	(2:25 – 2:30PM)
Update of Town Hall Meeting Location Venue and Scheduling Date
Update of Boardwalk Project

New Business Matters	(2:30 – 2:50PM)

10. Update of Proposed FY 2027 Budgets







Operating Budget (Enterprise Fund) Capital Budget (Enterprise Fund) General Fund
Debt Service
Capital Irrigation Fund

District Financial Matters 	(2:50 – 2:52PM)
11. Ratification of Payment Authorization Nos. 159 & 160

12. Supervisor Comments & Future Agenda Items	(2:52 – 3:00PM)

Adjournment

Date

Meeting Type

Time

Location

May 5, 2026

Special Board of Supervisors’ Meeting and Attorney/Client Session

9:00 AM

University Park Business Offices

May 8, 2026

Board of Supervisors’ Meeting

2:00PM

University Park Business Offices

May 13, 2026

Strategic Planning Committee Meeting

3:00 PM

University Park Business Offices

May 20, 2026

Finance Committee Meeting

3:00 PM

University Park Business Offices

June 1, 2026

Board of Supervisors’ Meeting

2:00PM

University Park Business Offices

University Park Recreation District

Consideration of Minutes of the March 31, 2026,
Board of Supervisors’ Meeting

MINUTES OF MEETING

UNIVERSITY PARK RECREATION DISTRICT BOARD OF SUPERVISORS’ MEETING
Tuesday, March 31, 2026
2:00 p.m.
Business Offices
8301 The Park Boulevard, University Park, FL 34201

Board Members present in person or via phone:

Steve Heitzner Scott Huebner Gregory Selep
Steve Swanson

Chairperson
2nd Vice Chairperson Board Secretary Treasurer

Also, Present in person or via phone:

Vivian Carvalho Kwame Jackson John Fetsick Curtis Nickerson
Marisa Powers

District Manager – PFM Group Consulting LLC

ADM - PFM Group Consulting LLC General Manager - Country Club

(via Zoom)

Director of Properties & Facilities– Country Club District Counsel – Blalock Walters

Various Audience Members in-person and via Zoom

FIRST ORDER OF BUSINESS

Organizational Matters

Call to Order, Roll Call, and Pledge of Allegiance

The meeting was called to order at 2:00 p.m. by Mr. Heitzner. Those in attendance are outlined above.

The Pledge of Allegiance was recited.

Public Comments

Mr. Dickson noted it was a little hard to hear the meeting via Zoom. The mic was adjusted.

Mr. Charlesworth commented regarding the public comment period and noted he preferred the public comments at the end of the meetings.

There were no further public comments at this time.

SECOND ORDER OF BUSINESS

Administrative Matters

Chairperson’s Comments

Mr. Heitzner noted the meetings should be more than two hours and agenda items will be assigned times within the meeting. He noted that Ms. Carvalho will now be the person to run the meetings in order to allow for more Chair participation and focus.

Mr. Heitzner noted that healthy debates during the meetings are encouraged, but decisions have to be made at the meetings in order to move business forward. These decisions should be supported by the Board no matter their opinion once made. It was noted that the Board represents everyone in the community.

Mr. Heitzner recommended reviewing the Core Values, Mission Statement, and Vision Statement. It was noted that Ms. Dickson will request that the Strategic Planning Committee start reviewing and updating these items.

Mr. Heitzner noted there has been no RD Board representation on the PBM Board since Ms. Dickson resigned. Mr. Murphy has now been appointed to be the Board liaison at those meetings. It was recommended that there be quarterly meetings with PBM and possibly UPCAI.

Mr. Heitzner noted the Board participated in creating the General Manager’s goals and objectives. These goals and objectives need to be updated and could be reviewed at the quarterly meetings. It was noted these would be public meetings.

There was discussion regarding Mr. Murphy serving as the Board liaison on the PBM Board and the information relayed to the RD Board.

Mr. Heitzner recommended establishing a Governance Committee that would report to the Board. It would consist of three to five members and would help the Board run effectively by recommending governance improvements. It was noted the items that the Governance Committee would review will be in the deliverables for the Strategic Planning consultant.

Mr. Huebner will be the Board liaison to help develop the Governance Committee and work with Mr. Freedman and Strategic Planning consultant. It was noted the same process would be followed to set up the Governance Committee as the other Committees.

Mr. Crouch would like to add an annual finance meeting for the UPRD residents for transparency and to give updates. It was noted this could begin in the fall.

There was brief discussion regarding the budget process timeline and the timing to hold the finance meeting. Mr. Heitzner noted the budget should be separate from the Finance Committee annual update meeting.

Mr. Heitzner recommended that the Board should include a bi-monthly update in the Club Monthly. Mr. Selep will be the Board liaison for this item. Mr. Heitzner recommended the update be called “Board Business”.

There was brief discussion regarding the timing of meeting minutes and including those in the Club Monthly. It was noted the minutes may or may not be available based on the turnaround time of the Club Monthly update. Ms. Carvalho noted it should include highlights of any major decisions made at the meetings. Mr. Selep will send the drafted “Board Business” updates to Mr. Fetsick to include in the Club Monthly. This should be submitted by noon on Thursdays.

Mr. Selep noted that meeting notices will be sent out on Sunday afternoons to notify residents, with all pertinent information and Zoom links.

Mr. Heitzner noted that there will be additional meetings throughout the year for communication and updates to residents, such as the Finance Meeting and Town Hall meetings. Therefore, public comments will only be at the beginning of each meeting.

THIRD ORDER OF BUSINESS

Staff Report Matters

District Counsel

No report.

District Manager

No report.

Club Management

Mr. Fetsick gave an update on the successful March events and an overview of upcoming events. He noted the Club has 458 full memberships at this time. It was noted the events happening in the community are listed in the newsletter and all events are sold out.

Mr. Festick will follow up with how many full members are attending the Easter brunch. Members get a 10% discount compared to the public.

Mr. Fetsick noted the golf course and tennis facility received the Best of Sarasota in the SRQ Magazine.

Committee Reports
a.  Finance

i.

Presentation

from

the	Committee	on Financing

Alternatives Capital Improvement Projects

for

ii.

Recommendation of Golf Course Front Nine Project

Mr. Crouch noted that Mr. Crisafio is on the Finance Committee and is in charge of a project that will compare the cost of ownership in University Park versus the cost of similar neighborhoods in the area. This will include data on HOA fees and CDD fees. It was noted this should be presented to the community when completed at a Town Hall meeting.

Mr. Crouch noted the Finance Committee is also researching options to open a line of
$500,000.00 credit. This would be for emergency purposes and based on the cash flow analysis. It was noted the current capital revenue is insufficient to cover the capital needs for the current asset base. Mr. Crouch reviewed the elements of capital income that could be increased including golf operations, initiation fees, membership dues, and transfer fees. Mr. Crouch will follow up with Ms. Carvalho regarding the process related to these increases.

Mr. Crouch stated that each member of the Finance Committee is taking a department and reviewing the reserve requirements for that department. This has not been updated since 2019. The goal is to have this completed by September.

Currently, the Finance Committee is reviewing the operating and capital budget for Fiscal Year
27. The first budget meeting is April 13th. The Committee is also going to be reviewing the Fiscal Year 26 audit report prior to choosing an upcoming auditor. It was noted the Finance Committee reviews the monthly financials prior to their presentation to the Board and monitor cash flow.

The Finance Committee has met with the Strategic Planning Committee to present data related to benchmarking against other Clubs. He recommends that someone from that Committee be the lead on that project.

Mr. Crouch provided a presentation on alternatives for the Capital Improvement projects, which included the current note options with Regions Banks (two year extension and one-time assessment), alternate long-term financing, and funding the capital improvement plan or portions of it without long-term financing. It was noted the current note is $4.2 million. It was noted that if the bond does not come through, the Finance Committee recommends imposing a one-time assessment. Mr. Crouch gave an overview of the timeline related to assessments.

There was discussion regarding outside non-resident members being assessed in some way. There are currently 298 non-resident members who can choose to resign if they do not want to pay.

There was brief discussion regarding the cost of the assessment and including non-resident members in that cost. Mr. Selep requested that Mr. Crouch review what the deliverables would be with including non-resident members.

Mr. Huebner recommended giving a discount or incentive for those who pre-pay the assessment amount prior to the tax roll. There was discussion regarding providing a discount and who would be responsible for collecting those prepayments. It was noted the assessments are not the only funding the District will need. Collecting the non-tax roll payments could cause administrative issues.

Mr. Crouch continued to review the options if the bond does not come through, including alternate long-term financing such as a new bond or term loan, multiple non-ad valorem assessments based on the projected cash flow, non-ad valorem one or two equal assessments, and short-term financing such as a five year loan.

There was continued discussion regarding providing a discount for those who pay in full.

Mr. Nickerson gave an overview of the recommendation for the Golf Course Front 9 improvements, which included an investment summary of the items needed, costs, and operational impacts.

Mr. Crouch reviewed the Finance Committee’s recommendation to defer the closure of the Front Nine, but to proceed with the minimal impact projects.

There was brief discussion regarding the cost of the minimal impact projects and the water restrictions. It was noted the minimal impact projects would cost $466,000.00 and there will be multiple contracts that will be reviewed by District Counsel and District Management.

Mr. Fetsick gave an update on the Boardwalk. It was noted this design will be deferred until the next meeting, but the approximate cost is $200,000.00.

Mr. Crouch noted the Finance Committee does not recommend any more capital improvements beyond the cost of $650,000.00.

There was brief discussion regarding the other capital improvement projects. Mr. Heitzner recommended having a multi-purpose design for the Boardwalk.

b. Strategic Planning

i.

Recommendation from the Committee

on

Scope

of for Club

Services Strategic Solutions

Mr. Freedman gave an overview of the Strategic Planning Committee meeting that took place and the Committee’s recommendation. He noted the Committee met with Strategic Club Solutions via Zoom. Strategic Club Solutions will adjust their scope of work and cost based on the data and work that has already been completed. It was noted the consultant will provide a long-term strategic plan to apply as membership changes within the District.

Mr. Freedman noted the Strategic Planning Committee will be reviewing the membership categories and comparing them to other Clubs in the area based on the benchmarks provided by Mr. Crouch. The Committee will also be reviewing the Core Values, Mission Statement, and Vision Statement as requested by Mr. Heitzner.

Mr. Freedman gave an overview of the process that the consultant will follow. It was noted there needs to be communication between the RD, the HOA neighborhood Boards, and the residents.

There was lengthy discussion regarding the consultant’s process and cost. It was noted the Executive Summary will be reviewed at the next Board meeting. Mr. Selep recommended moving forward with the discovery phase, with a second review after that is completed. Mr. Fetsick will follow up with the consultant for a revised cost for this phase of the process.

FOURTH ORDER OF BUSINESS

Business Matters

Consideration

of

Proposed

Amendments to Board Meetings Agenda Format

a.  Correspondence

&

Public Requests

Records

b. Public Comments

ON MOTION by Mr. Selep, second by Mr. Swanson, with all in favor, the Board of Supervisors for the University Park Recreation District approved the Golf Course Front Nine Project to include minimal impact projects and bulkhead, with a not to exceed amount of $466,000.00.

Mr. Selep provided an overview of the proposed amendments to include correspondence and public records. Ms. Johnson drafted a letter that will be sent out to all residents for notification. The letter noted that public records will be included in a table format in the agenda and correspondence will include the author and subject. Detailed documents will be available on the District’s website.

There was lengthy discussion regarding the criteria for inclusion of correspondence. It was noted this will apply to resident emails only. All emails should be forwarded to District Management for inclusion.

It was noted public comments will only be listed in the agenda at the beginning of meetings and not at the end.

Discussion and Consideration of Town Hall Meetings

Ms. Carvalho gave an overview and noted the Board needs to decide when to have the first Town Hall meeting and what topics will be covered.

There was brief discussion regarding the topics of the Town Hall meeting. Mr. Heitzner noted the Town Hall meeting could include a Finance Committee update and capital improvement projects update. Mr. Fetsick will follow up with a space to reserve.

Mr. Selep will work on the Town Hall agenda. It was noted it should be held before May.

This will be deferred to the next Board meeting.

Nominations/Appointment

of

Strategic Member

Planning

Committee

Ms. Carvalho noted an email blast was sent out to residents to gain interest for the vacancy on the Strategic Planning Committee. It was noted three resumes were received.

The Board provided their nominations.

ON MOTION by Mr. Selep, second by Mr. Swanson, with all in favor, the Board of Supervisors for the University Park Recreation District approved the Proposed Amendments to Board Meetings Agenda Format, including Correspondence Public Records and Requests, and authorized Sydney to send the letter of notification to residents.

Mr. Huebner recommended utilizing the other candidates. Mr. Freedman will follow up.

District Management will notify Mr. Sheets of his nomination.

Racquets Membership Marketing Campaign

Mr. Fetsick provided an overview. He recommended implementing a pilot program that would include a junior academy program. The instructor would work as a 1099 employee, or he would lease the courts for this program. The second part of the pilot program would include an invite only for the top players in the area to use the tennis courts in the afternoon, with an annual fee of
$3,300.00. This would solely be for court utilization.

Mr. Fetsick recommended having a trial period of six months to see how these programs drive membership.

Mr. Heitzner noted there would be a cap for the invite only top players.

Mr. Huebner recommended keeping track of what money is spent and what money is brought in for comparison and review.

Public Comments

Mr. Charlesworth noted that is was a great Board meeting.

Supervisor	Requests	&	Future Agenda Items

The upcoming workshops and meetings were noted.

Date

Meeting Type

Time

Location

March 30, 2026

Strategic Planning Committee Meeting

12:00 PM

Lakeside Room

ON MOTION by Mr. Heitzner, second by Mr. Swanson, with all in favor, the Board of Supervisors for the University Park Recreation District nominated Mr. Sheets to the Strategic Planning Committee.

Mr. Huebner commented regarding the agenda layout. Ms. Carvalho noted the agenda will be updated moving forward.

Mr. Swanson provided a Treasurer role description.

Mr. Heitzner read comments for the record regarding the SHADE meeting, litigation, and possible settlement. Mr. Matt has now rejected the opportunity to discuss a settlement offer. It was noted that if the bond is not issued prior to the end of the fiscal year, there is a resolution in place to

assess residents, which will be placed on next year’s tax roll. The recommends these assessments.

Finance

Committee

There were no further Supervisor requests at this time.

FIFTH ORDER OF BUSINESS

Adjournment

There was no further business to discuss.

Secretary / Assistant Secretary

Chairperson / Vice Chairperson

ON MOTION by Mr. Selep, second by Mr. Swanson, with all in favor, the March 31, 2026, Board of Supervisors Meeting for the University Park Recreation District was adjourned at 4:18 p.m.

March 31, 2026

Board of Supervisors’ Meeting

2:00PM

Varsity Club Card Room

April 8, 2026

Strategic Planning Committee Meeting

3:00 PM

University Park Business Offices

April 9, 2026

Board of Supervisors’ Meeting & Attorney/Client Session

2:00 PM

University Park Business Offices

April 10, 2026

Board of Supervisors’ Meeting

2:00PM

University Park Business Offices

April 15, 2026

Finance Committee Meeting

3:00 PM

University Park Business Offices

April 28, 2026

Board of Supervisors’ Meeting

2:00PM

University Park Business Offices

University Park Recreation District

Public Records Request Summary List

Total of All Records Request

Tally of Records

ID# Assignment

Date

Requester

Name of File / Subject/ Law Firm

Status

Files Released

1

9.6.24

Dean Matt

Additional Documents

Completed

33

1

9.26.24

Dean Matt

Insurance

Completed

8

1

10.25.24

Dean Matt

Additional Records

Completed

3

1

11.7.24

Dean Matt

Additional Document

Completed

1

1

11.12.24

Dean Matt

Additional Documents

Completed

5

1

12.12.24

Dean Matt

Additional Document

Completed

2

1

10.1.24 & 12.19.24

Dean Matt

Additional Document Pertaining to Trustee and Bond Counsel

Completed

6

1

2.6.25

Dean Matt

Election Request #1 A

Completed

20

1

2.6.25

Dean Matt

Election Request # 1B

Completed

6

1

2.20.25

Dean Matt

4th Election Voter List

Completed

2

1

3.14.25

Dean Matt

UPRD 4th Election Invalid Ballots

Completed

1

1

3.14.25

Dean Matt

Official Tally Sheet

Completed

1

1

3.31.25

Dean Matt

Records Request

Completed

1

1

4.3.25

Dean Matt

2025 Election

Completed

19

1

4.7.25

Dean Matt

Ballot Results

Completed

1

1

4.14.25

Dean Matt

4.14.25

Completed

5

1

4.14.25

Dean Matt

Business Plan Group Executive Summary

Completed

1

1

5.6.25

Dean Matt

5 Year Plan

Completed

17

1

7.15.25

Dean Matt

Organizational Charts

Completed

2

1

7.28.25

Dean Matt

Finance & Strategic Planning Committees

Completed

9

1

7.29.25

Dean Matt

Committee Expertise Summary

Completed

2

1

8.1.25

Dean Matt

July Board Meetings Attendance

Completed

4

1

8.7.25

Dean Matt

8.7.25 District Financial Reports

Completed

5

1

8.8.25

Dean Matt

MD&A Request

Completed

3

1

8.12.25

Dean Matt

District Financials

Completed

2

1

9.17.25

Dean Matt

Irrigation System Evaluation

Completed

1

1

9.18.25

Dean Matt

MB 9.18.25

Completed

1

1

9.28.25

Dean Matt

Records Request #1 Fact Focus 9.28.25

Completed

3

1

9.28.25

Dean Matt

Records Request #2 Finance and Legal Issues Club

Completed

16

1

10.27.25

Dean Matt

Records Request #4 BOS Workshop Cancellation

Completed

20

1

9.28.25

Dean Matt

Records Request #3 Stock Touting - SEC 9.28.25

Completed

5

1

10.17.25

Dean Matt

Records Request #9 Proposals (1)

Completed

2

1

10.17.25

Dean Matt

Records Request #9 Proposals (2)

Completed

2

1

10.13.25

Dean Matt

Records Request #7 Finance Cancellation

Completed

10

1

10.16.25

Dean Matt

Records Request #8 Invoice Redaction 10.16.25

Completed

2

1

9.22.25

Dean Matt

Records Request #6 9.22.25

Completed

3

1

3

11.2.25

Dean Matt

Public Records Request - ID# 3 11.2.25

Completed

1

1

1

10.29.25

Dean Matt

Public Records Request - ID# 1 10.29.25

Completed

3

1

7

7.10.24

Dean Matt

ID-7 7.10.24 (Maintenance 5- Year/ Nov - Dec 2023)

Completed

23

1

6

7.8.24

Dean Matt

ID-6 7.8.24

Completed

19

1

6

11.19.25

Dean Matt

ID-6 (Maintenance 5- Year Plan / 1 Year Ago)

Completed

25

1

8

7.8.24

Dean Matt

ID-8 7.8.24 ( Maintenance Nov- Dec Flow of Funds)

Completed

5

1

7.8.24

Dean Matt

ID-5 7.8.24

Completed

4

1

7.8.24

Dean Matt

ID- 1 7.8.24

Completed

5

1

11.16.23

Dean Matt

Records Request 11.16.23

Completed

2

69

Total of Records Request

As of 4.21.26

524

Total of Files Released

As of 4.21.26

1

2.23.24

Dean Matt

Records Request 2.23.24

Completed

2

1

3.22.24

Dean Matt

Records Request 3.22.24

Completed

5

1

5.11.24

Dean Matt

Records Request 5.11.24

Completed

3

1

5.29.24

Dean Matt

Records Request 5.29.24

Completed

4

1

1.22.25

Dean Matt

Records Request 1.22.25

Completed

2

1

3.14.25

Dean Matt

Records Request 3.14.25

Completed

2

1

9.26.25

Dean Matt

Records Request #5 Varsity Club - Card Room Closure 9.26.25

Completed

8

1

2

10.29.25

Dean Matt

Records Request ID #2 10.29.25 (2nd Request)

Completed

16

1

4

11.2.25

Dean Matt

Insurance

Completed

1

1

5

11.16.25

Dean Matt

Records Request ID # 5 11.16.25

Completed

2

1

9

11.24.25

Dean Matt

E-mail Threats 1/4 Town Hall 30 Days

Completed

1

1

10

12.12.25

Dean Matt

E-mails from Mark Invoice

Completed

8

1

11

12.27.25

Dean Matt

Invoices from Mark B Year 2024

Completed

31

1

12

12.27.25

Dean Matt

Invoice from Mark B Year 2023

Completed

69

1

13

12.29.25

Dean Matt

Election Procedure & General Information Package

Completed

2

1

14

12.29.25

Dean Matt

Election Communication Invites

Completed

0

1

15

12.19.25

Dean Matt

Dec. Start Mtg Recording, Strategic Planning Committee

Completed

4

1

16

1.14.26

Dean Matt

D&O Limit Meeting mInutes Search 7-2025 thru 11-2025

Completed

0

1

17

1.14.26

Dean Matt

Zoom Information

Completed

2

1

18

1.15.26

Dean Matt

AI Invoice from District Counsel

Completed

2

1

19

1.28.26

Dean Matt

Funds Transaction Points A, B, C

Completed

42

1

20

3.11.26

Lewis Longman Walker

Lewis Longman Walker

1

21

3.25.26

Dean Matt

Lewis Longman Walker

Completed

2

1

22

4.15.26

Dean Matt

Draft of the Opinion Letter from the Comission on Ethics

Completed

5

University Park Recreation District

Correspondence Summary List

Correspondence Summary List (as of 4/21/2026)

Name

Date Received

Topic

Valerie Szymaniak

4/15/2026

Open Board Seat

John Barry

4/15/2026

Open Board Seat

Dean Matt

4/15/2026

Public Records Request

Thomas D. Williamson

4/16/2026

Open Board Seat

Robert Taylor

4/16/2026

Open Board Seat

Maureen Hicks

4/18/2026

Open Board Seat

Dean S. Miller

4/19/2026

Open Board Seat

University Park Recreation District

Staff Reports

University Park Recreation District

Committee Reports

University Park Recreation District

Update of Town Hall Meeting Location Venue and Scheduling Date

University Park Recreational District
Kitchen Renovation Project Town Hall

Date:

, 2026

1.

Welcome - Steve Heitzner

2.

Financial Summary - Dick Crouch
a. Operating Statement

b.
c.
d.
e.

Balance Sheet
Capital Income Source and Use Observations
Capital Improvement Plan Financing

Kitchen Renovation - Steve Heitzner
a. Advisory Group

3.

b.
c.
d.
e.
f.

Expert Help Existing Design Pain Points
Impact on Members and Staff Key Planning Outcomes Proposed Design
Old vs New Space Comparison Pain Points Addressed
Key Questions Addressed Cost

h.
i.
j.
k.

4.

Funding Options

5.

Thank You

6.

University Park Recreation District

Update of Boardwalk Project

University Park Recreation District

Update of Proposed FY 2027 Budgets

•
•
•
•
•

Operating Budget (Enterprise Fund) Capital Budget (Enterprise Fund) General Fund
Debt Service
Capital Irrigation Fund

UNIVERSITY PARK RECREATION DISTRICT

FY 2027 Budget
October 2026 – September 2027

May 2025 Presentation

Enterprise Fund – Executive Summary

FY'27 Budget

FY'26 Forecast

FY'26 Budget

Revenue

14,335

13,782

13,702

Expenses

13,854

13,072

13,299

Operating Income

481

710

403

Capital Allocation

1,387

1,384

1,174

Total Revenue Breakdown

MEMBERSHIP DUES
RACQUETS & FITNESS

GOLF OPERATIONS
DINING INCOME

Total Revenue: $14,335
Membership Dues $7,056

22%

Golf Operations

$3,972

Racquets & Fitness $86

1%

49%

Dining

$3,215

28%

Total Expense Breakdown

Payroll Expense $7,800

$ 888
$ 1,875
$ 406

Direct Expense $6,054

$ 1,023

$ 1,336

$ 187

$ 406

$ 805

$ 507

$ 2,586

$ 2,045

$ 1,789

Golf Operations Dining Oper Exp General & Admin
Dining CGS

Racquets & Fitness
Golf Course Maintenance Property Insurance

Golf Operations Dining
General & Administrative

Racquets & Fitness
Golf Course Maintenance

Key Assumptions – Membership Dues

Annual Dues Increases:
Full: $710 / $540
Racquets: $305 / $230
Social: $100 / $75
Annual Full Membership capped at 450

Minimal Pass Increases:
Pickleball Pass $800 (+$50)
Twilight Pass $800 (+$50)
Social Access Pass $550 (+$50)
Social Driving Range Pass $500 (+$50)

Family

Single

2027 Budget

2026 Actual

2027 Budget

2026 Actual

Full Memberships

$	12,425

$	11,715

$	9,450

$	8,910

Racquets Memberships

$	5,355

$	5,050

$	4,015

$	3,785

Social Memberships

$	1,650

$	1,550

$	1,275

$	1,200

Initiation Fees, Capital Funding, & Capital Dues

Initiation Fees:

Continued Outside Golf Allocation (10%)
Capital Dues – Same percentages as 2023–2026
Resident: 5% of Dues
Non-Resident: 10% of Dues
Capital Dues rates remain flat & competitive locally

2026 / 2027 Fees

2025 / 2026 Fees

Resident

Non-Resident

Resident

Non-Resident

Full

$	25,000

$	50,000

$	20,000

$	30,000

Racquets

4,500

5,500

4,000

5,000

Social/Resident

3,500

N/A

2,500

N/A

Key Assumptions – Golf Operations

Golf Rounds

Continue prioritizing member rounds and experience
More Full Members – capacity available for members
10% Social Member Discount
Trail Fee Increase

2027 Fees

2026 Fees

Resident

Non-Resident

Resident

Non-Resident

Single

$	1,950

$	2,950

$	1,750

$	2,650

Family

2,450

3,675

2,200

3,300

2027 Budget

2025 Actual

Last 12 Mths

Member Rounds

44,446

41,706

42,859

Outside Rounds

28,281

26,639

29,372

Total

72,727

68,345

72,231

Key Assumptions – Dining Operations

No disruption due to Renovation of Kitchen considered
Similar hours of operation to FY2026
Revenue reflects modest increase aligned with menu price adjustments
Wage expenses increased for minimum wage & cost-of-living adjustments
Food costs reduced via improved kitchen efficiency, strategic planning,

and optimized menu design
Cost of goods sold is aligned with both the forecast and the rolling 12-month period.

2026

Rolling

2027

Forecast

12 Months

Budget

FOOD

44.5%

45.5%

46.0%

WINE

39.1%

44.4%

40.0%

LIQUOR

30.5%

27.6%

31.0%

BEER

31.5%

30.7%

32.0%

SODA

37.6%

31.4%

34.0%

Key Assumptions – Labor

No significant headcount increases or decreases
Blended 4-5% increase for salaried employees
Hourly Wages:
– Minimum wage increase
– Discretionary increases generally around 3–4%
Total Payroll reflects 54% of Total Revenue, near industry standard

Enterprise Fund – Executive Summary

FY'27 Budget

FY'26 Forecast

FY'26 Budget

Revenue

14,335

13,782

13,702

Expenses

13,854

13,072

13,299

Operating Income

481

710

403

Capital Allocation

1,387

1,384

1,174

University Park Country Club 2026 Budget

SUMMARY INCOME STATEMENT

2025

2026

2026

Rolling

2027
Budget

7,055,981
3,972,489
86,217
3,214,730
5,480

2027 Budget

FISCAL YEARS ENDING SEPTEMBER 30

Actual

Budget

Forecast

12 Months

vs. 2026 FC

COUNTRY CLUB OPERATIONS:

REVENUE:

MEMBERSHIP DUES

6,131,043

6,724,088

6,690,397

6,331,983

365,584

GOLF OPERATIONS

3,451,413

3,759,858

3,873,761

3,819,508

98,728

RACQUETS & FITNESS CENTRE

58,549

77,324

78,767

63,510

7,451

DINING INCOME

3,010,876

3,135,420

3,128,216

3,095,363

86,514

OTHER INCOME

13,499

5,480

10,735

11,073

(5,255)

TOTAL REVENUE

12,665,380

13,702,170

13,781,877

13,321,437

14,334,898

887,667
406,008
2,585,690
2,044,986
1,875,406

553,021

EXPENSES:

PAYROLL & RELATED:

GOLF OPERATIONS

719,677

856,026

815,823

740,303

71,844

RACQUETS & FITNESS CENTRE

359,929

386,008

381,840

368,553

24,168

DINING

2,308,561

2,435,666

2,404,993

2,331,002

180,697

GOLF COURSE MAINTENANCE

1,833,506

2,068,992

2,003,005

1,822,931

41,982

GENERAL & ADMINISTRATIVE

1,675,776

1,834,071

1,814,260

1,712,294

61,146

TOT PAYROLL & RELATED

6,897,450

7,580,764

7,419,920

6,975,083

7,799,757

1,023,261
186,837
1,336,151
805,415
1,789,315
506,890
406,436

379,837

DIRECT EXPENSES:

GOLF OPERATIONS

1,016,726

1,018,068

1,026,855

1,063,757

(3,595)

RACQUETS & FITNESS CENTRE

131,816

161,459

162,277

141,345

24,560

DINING CGS

1,249,831

1,306,757

1,264,088

1,264,138

72,063

DINING OPER EXP

755,303

782,785

741,513

736,277

63,902

GOLF COURSE MAINTENANCE

1,611,411

1,566,167

1,635,319

1,715,778

153,996

GENERAL & ADMIN

446,790

493,443

451,071

461,094

55,820

PROPERTY INSURANCE

335,919

390,000

371,063

351,187

35,372

TOTAL DIRECT EXPENSES

5,547,796

5,718,679

5,652,186

5,733,575

6,054,305

402,118

OPERATING INCOME/(LOSS)

220,133

402,726

709,770

612,779

480,836

(228,934)

680,400
265,305
440,948

CAPITAL ALLOCATION:

INITIATION FEES

853,150

510,800

707,750

1,411,900

(27,350)

CAPITAL ALLOCATION- GOLF OPS

252,656

248,670

261,299

257,158

4,006

CAPITAL DUES

380,552

414,769

414,835

393,970

26,113

TOTAL CAPITAL ALLOCATION

1,486,358

1,174,239

1,383,884

2,063,028

1,386,653

2,769

Net Operating Margin

1.74%

2.94%

5.15%

4.60%

3.35%

Payroll Ratio

54.46%

55.33%

53.84%

52.36%

54.41%

Net F&B Income/(Loss) as of % of F&B Revenue

-43.27%

-44.33%

-40.99%

-39.93%

-47.05%

University Park Country Club
Fiscal Year 2027
Capital Budget Detail - Replacements Needed

Grille
Grille Grille Grille Grille
Varsity Club Kitchen Fitness Fitness Racquets
Golf Operations Golf Operations Golf Operations Golf Operations Golf Operations Golf Operations Golf Operations Golf Operations Golf Operations GCM
GCM GCM GCM GCM GCM GCM GCM GCM GCM

Kegerator, Beverage Air 6 Tap DD58
Merchandiser, True Single Glass Door GDM 23 Refrigerator, Perlick 2 Door PS2DP Refrigerator, True Under Counter Cooler TBB-2 Ice Maker, Hoshizaki Water and Ice Dispenser Refrigerator, True Varsity Club 3 Tap Kegerator Walk-In, Kolpak Freezer Capital Refurbishment Aerobic, True Recumbent Bike
Aerobic, True Recumbent Bike Court, Ball Machine
Door, Pro Shop Double Glass and Wood
Roof Assembly, Cart Barn Flat Roof Membrane Wall, Cart Barn Metal
Rolling Rack System, Renovation Ice & Water Machine, Hoshizaki
Water & Ice Machine, Hoshizaki Holes 10-18 Water & Ice Machine, Hoshizaki Holes 1-9 Water & Ice Machine, Hoshizaki Holes 19-27 Awning, Bag Drop
Golf Course Improvements Artificial Turf, Fiberbuilt Mat Furniture, Bag Stand
Starter Structure, Refurbishment Vehicle, Club Car Carryall 2 Vehicle, Club Car Carryall 2 Vehicle, Club Car Carryall 2 Vehicle, Club Car Carryall 2 Vehicle, Club Car Carryall 300
Grinder, Bernhard Express Dual Reel 5500

2004
1999
2004
2004
2016
1999
2019
2017
2017
2006
1999
1999
1999
1999
2022
2022
2019
2022
2015

4,223
3,605
4,996
5,150
4,841
3,914
5,000
3,811
3,811
6,695
18,540
53,354
77,250
7,725
9,270
4,841
4,841
4,841
7,210
1,200,000
10,609
9,013
3,605
13,792
13,792
13,792
13,792
13,792
56,940

2022
2019
2019
2014
2014
2014
2014
2015
2020

Total

1,583,045

4/10/2026

1/2

Department	Asset Name	Year Installed	Estimated Cost

University Park Country Club
Fiscal Year 2027
Capital Budget Detail - Items that may need to be replaced

Kitchen
Kitchen Kitchen Kitchen Kitchen Fitness Fitness Fitness Fitness Fitness Fitness Fitness Fitness Racquets Racquets Racquets Racquets GCM GCM

Oven, Zephaire Convection Oven
Refrigerator, Pull Out Drawers Cold Line Refrigerator, Pull Out Drawers Hot Line Shelving, Shelving for walk-ins
Warming Cabinet, FWE Plate Carrier & Warmer Aerobic, True Elliptical
Aerobic, True Elliptical Aerobic, True Treadmill Aerobic, True Treadmill Aerobic, True Treadmill Aerobic, True Treadmill Aerobic, True Upright Bike Aerobic, True Upright Bike
Demolition of existing ball/work shed New Ball/Work Shed
Hitting Wall
Court 1 Remove Landscape, Replace With Bleachers/Seating Blower, Buffalo
Vehicle, Club Car Carryall

2018
1992
1992
2023
2006
2017
2017
2017
2017
2017
2014
2017
2017

14,850
5,665
5,665
7,000
6,901
8,446
8,446
8,034
8,034
8,034
8,034
3,399
3,399
TBD 6,000 TBD TBD 8,549
13,390

New
New New New

2015
2010

Total

123,846

4/10/2026

2/2

Department	Asset Name	Year Installed	Estimated Cost

University Park Recreation District FY2027 Proposed General Fund Budget

Actual Through 2/28/2026

Anticipated Mar. - Sept.

Anticipated FY 2026
Total

FY 2026
Adopted Budget

FY 2027
Proposed Budget

Revenues
PrYr Surplus
Inter-Fund Transfers - Debt Service to O&M Inter-Fund Transfers - Country Club to O&M

- 5,486
	175,000
$180,486

- 70,000
	72,412
$142,412

- 75,486
	247,412
$322,898

9,088
70,000
	220,912
$300,000

2,878
70,000
	269,822
$342,700

General & Administrative Expenses Assessment Administration Audit
Bank Fees
Bond Admistration Fee Contingency Dissemination Agent District Counsel
Dues, Licenses, and Fees Election Costs
Insurance
Legal Advertising Management Meeting Set Up Office Supplies Postage & Shipping
Web Site Maintenance
Total General & Administrative Expenses

10,000
29,125
120
6,687
300
5,000
65,722
175
6,691
21,569
5,065
29,167

- 5,000
-
- 420
- 84,000
900
-
- 2,100
40,833

10,000
34,125
120
6,687
720
5,000
149,722
1,075
6,691
21,569
7,165
70,000
-
- 86
6,000

10,000
35,000
500
7,500
15,000
5,000
110,000
2,500
10,000
17,500
5,000
70,000
5,000
1,000
1,000
5,000

10,000
35,000
500
7,500
15,000
5,000
150,000
2,500
- 24,200
5,000
75,000
5,000
1,000
1,000
6,000

36
2,700

50
3,300

$182,357

$136,603

$318,961

$300,000

$342,700

University Park Recreation District FY 2027 Proposed Debt Service Budget

FY 2027 Proposed Budget

REVENUES:
Series 2019 Bonds Special Assessments

$

1,594,068.75

TOTAL REVENUES

$

1,594,068.75

EXPENDITURES:
Interest 11/01/2026 Interest 5/1/2027 Principal 5/1/2027

333,856.25
333,856.25
600,000.00

TOTAL EXPENDITURES

$

1,267,712.50

Funds Available for 11/1 Payment

326,356.25

Interest 11/01/2027

326,356.25

University Park Recreation District
FY 2027 Proposed Capital Irrigation Budget

FY 2027 Proposed Budget
5,000,000.00

REVENUES:
Series 2024 Note Special Assessments

$

TOTAL REVENUES

$

5,000,000.00

EXPENDITURES:
Series 2024 Note due 8/11/2027

$

5,000,000.00

$

5,000,000.00

TOTAL EXPENDITURES

University Park Recreation District

Ratification of Payment Authorization Nos. 159 & 160