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

The meeting of the Finance Committee of the University Park Recreation District will be held on Wednesday, May 20 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 to Conﬁrm Quorum
Public Comment Period [for any members of the public desiring to speak on any proposition before the Committee]
Administrative Matters
Review & Approval of Finance Committee Minutes:
3/16/2026 Meeting Minutes
4/13/2026 Workshop Minutes
4/15/2026 Meeting Minutes

Staff Matters
Review of April Financial Summaries and Membership Report
Review, Discuss, and Approve Final Draft of Capital Expenditure Approval Process
Business Matters
Discuss & Recommend Proposed Operating Budget (Enterprise Fund) FY 2027

Discuss & Recommend 2025 Audit Report
Review of Progress on Country Club Management Agreement Review
Presenter: Alan Port
Review of Progress on Cost of Ownership Project
Presenter: Tony Crisafio
Review Status of Line of Credit Proposal
Presenter: Craig Dwight
Schedule Reserve Review by Department

Next Meeting Scheduled
Date	Meeting Type	Time	Location	Note	
June 17, 2026	Finance Committee Meeting	3:00 pm	Business Offices	In person or by Zoom	

Finance Committee Member Requests & Comments Public Comments
Adjournment

Approval of Finance Committee Minutes

3/16/2026 Meeting Minutes
4/13/2026 Workshop Minutes
4/15/2026 Meeting Minutes

MINUTES OF MEETING
UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE MEETING
Monday, March 16, 2026
3:00 pm
Business Offices
8301 The Park Boulevard, University Park, FL 34201

Finance Committee Members present: Richard Crouch	Chair
Cathie Schaffer	Vice-chair
Alan Port	Secretary
Tony Crisaﬁo	Member
Craig Dwight	Member Also, present in person or via Zoom:
Steve Swanson	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 Various members of the public

FIRST ORDER OF BUSINESS	Organizational Matters:
Call to Order, Roll Call, Pledge of Allegiance
Mr. Crouch called the meeting to order at approximately 3:00 PM. Roll call was conducted, and a quorum was conﬁrmed. The Committee then stood and recited the Pledge of Allegiance.
Public Comments
Mr. Steve Ludmerer provided comments regarding the proposed Capital Expenditure Approval Process. He suggested consideration of increasing the capitalization threshold from $2,500 to $5,000, including the Treasurer in department review communications, and distinguishing replacement of existing facilities from new or expanded facilities in capital presentations. Mr. Ludmerer also commented on ﬁnancing ﬂexibility within an enterprise

fund framework and clariﬁed that any borrowing entity would likely need to be the District
and/or enterprise fund rather than a speciﬁc amenity being the country club. There being no further public comments, the public comment period was closed.

SECOND ORDER OF BUSINESS	Administrative Matters: CONSIDERATION OF MINUTES
Mr. Crouch referenced the February 18, 2026 Finance Committee Meeting Minutes and the March 2, 2026 Joint Finance Committee and Strategic Planning Committee Workshop Minutes.

A clarification was noted for the March 2 workshop minutes to reflect that the benchmarking figures presented were unadjusted and that direct comparisons to benchmarks without adjustment were not entirely appropriate.
On MOTION by Mr. Port, seconded by Mr. Crisafio, with all in favor, approval of the February 18, 2026 Finance Committee Meeting Minutes and the March 2, 2026 Joint Workshop Minutes, as
clarified, was approved.		
THIRD ORDER OF BUSINESS	REVIEW OF CAPITAL	
	EXPENDITURE APPROVAL	
	PROCESS	
Mr. Fay reviewed the revised Capital Expenditure Approval Process and explained that the
document had been updated to reﬂect prior Committee feedback.

Discussion included increasing the capitalization threshold from $2,500 to $5,000, requiring Board approval for capital expenditures that exceed the authorized budgeted amount by more than 20 percent, reporting project variances to the Committee and Board upon completion, and removing the emergency capital section. Committee members also discussed revisions to improve clarity in certain language and to better identify funding sources.

Management indicated it was comfortable with the revised $5,000 capitalization threshold and noted that items in the $2,500 to $5,000 range would still be internally reviewed to ensure no signiﬁcant assets were overlooked.
On MOTION by Mr. Crouch, seconded by Ms. Schaffer, with all in favor, the Capital Expenditure Approval Process was approved, as revised and discussed, including an increase in the capitalization threshold to $5,000.
Mr. Fay stated he would update the document and present it to the committee at a future meeting.

FOURTH ORDER OF BUSINESS	Staff Reports:
REVIEW OF FEBRUARY FINANCIAL SUMMARY
Mr. Fay reviewed the February 2026 ﬁnancial summary and reported that year-to-date total revenues were favorable to budget, while operating expenses were also favorable, resulting in a positive net operating surplus variance of approximately $268,000.
Mr. Fay noted favorable performance in golf operations, including outside rounds and merchandise sales, as well as favorable dining variances related to cost of goods sold and payroll. He also reported a favorable variance in general and administrative expenses.
Discussion followed regarding the District’s cash position compared to the prior year, including the impact of amounts advanced to the irrigation fund. It was noted that if bond proceeds do not materialize, available cash would be materially reduced.
Mr. Fay also reviewed the revised membership report format, which now reﬂects activity on a calendar-year basis and includes additions, resignations, conversions, and net changes. Committee members expressed support for the revised presentation format.

Mr. Fetsick also reviewed recently approved initiation fee increases adopted by the Board of Supervisors and clariﬁed implementation dates and grandfathering of certain waitlisted applicants.
The Committee also discussed simplifying the sources and uses schedule to separate major projects over $250,000 and more clearly break out current-year sources such as initiation fees, capital income, and outside golf.
No formal action was taken.

FIFTH ORDER OF BUSINESS	Business Matters:
RECOMMENDATION REGARDING CURRENT IRRIGATION FINANCING NOTE
Mr. Crouch reviewed the status of the current irrigation ﬁnancing note and summarized recent discussions with bond counsel and the District’s ﬁnancial advisor. He explained that repayment of the note could only be made from bond proceeds or from the related non-ad valorem assessments.

Mr. Crouch stated that while a two-year extension of the note may be possible, such an extension would result in approximately $500,000 in additional interest expense. He further

noted that any long-term ﬁnancing beyond ﬁve years would likely require a new referendum
and bond validation process.
The Committee discussed whether to recommend extending the note in the event bond proceeds are not available in time to meet the tax roll deadline. Committee members expressed concern regarding the additional interest cost associated with an extension and the lack of certainty that a new referendum process would avoid similar legal challenges.

On MOTION by Mr. Crouch, seconded by Mr. Port, with all in favor, the Committee recommended that if bond proceeds are not available by the tax roll deadline, the Board proceed with assessment rather than extend the current note.
The Committee also expressed that it did not recommend initiating a new referendum and bond validation process at this time.

SIXTH ORDER OF BUSINESS	REVIEW OF FINANCING ALTERNATIVES SUMMARY
Mr. Crouch continued the discussion regarding ﬁnancing alternatives if bond proceeds are
not available for the broader capital improvement plan. Three options were reviewed:
A non-ad valorem assessment phased according to projected project cash ﬂow over
a three- to four-year period;
A one-time assessment for the full project amount;
Successive short-term ﬁnancing or term-loan style borrowing over ﬁve years.
The Committee discussed the relative advantages and disadvantages of each option. Members generally agreed that successive short-term borrowing would be the least practical due to cost and complexity.

The Committee also discussed the beneﬁts and drawbacks of a phased assessment versus a one-time assessment, including the impact on residents and the overall administrative approach.
Mr. Fetsick suggested that if a one-time assessment were considered, the District could explore whether a ﬁnancial institution such as Regions Bank may be willing to offer ﬁnancing options directly to residents.
Committee consensus favored the phased assessment approach tied to cash ﬂow as the most sensible option at this time, while acknowledging that a one-time assessment remained a viable alternative.

Mr. Crouch and Mr. Fay stated they would prepare an advantages and disadvantages summary for presentation to the Board on March 31, 2026.
SEVENTH ORDER OF BUSINESS	REVIEW OF FRONT NINE MAINTENANCE / CAPITAL PROJECT SCOPE
The Committee reviewed the proposed Front Nine maintenance and capital project scope, including several high-priority improvements that could proceed without a full closure of the front nine.
Discussion included bulkhead replacement at Hole No. 5, drainage improvements, cart path and curb repairs, tree replacement, and landscape enhancements. The total estimated cost of these projects was approximately $400,000.

Mr. Fetsick also reviewed the condition of the boardwalk area in front of the Varsity Club and stated that the Board supported moving forward with improvements, but requested that management explore alternatives beyond a like-for-like wood replacement. He noted that possible alternatives may include composite materials and a broader design approach that could better integrate the space as an outdoor extension of the Varsity Club. Estimated cost for the boardwalk work was discussed in the range of approximately $150,000 to
$200,000.
On MOTION by Mr. Crouch, seconded by Mr. Crisaﬁo, the Committee recommended that the RD Board of Supervisors approve approximately $600,000 in capital expenditures, consisting of approximately $400,000 for Front Nine projects and approximately $150,000 to $200,000 for boardwalk replacement or renovation.

Upon a vote, the motion passed 4-1.
EIGHTH ORDER OF BUSINESS	CONTINUED DISCUSSION OF CAPITAL INCOME OPTIONS AND RESERVE REQUIREMENTS
Ms. Schaffer presented additional analysis regarding capital income options, including
transfer fee scenarios and capital dues increase models.
Discussion focused primarily on a potential transfer fee to be imposed in connection with property sales within the community. Various scenarios were reviewed, including 0.5 percent, 0.75 percent, 1 percent, and 2 percent structures, based on recent sales activity. Committee members generally expressed strong support for continuing to evaluate the transfer fee concept as a potential long-term capital funding source.
The Committee discussed whether the fee should be designated to the buyer or seller or
left to negotiation between the parties, and whether a ﬂat percentage would be preferable

to a tiered structure. Legal authority, comparable community practices, and implementation considerations were also discussed.
Committee direction was given for continued research and coordination with appropriate legal counsel and outside contacts regarding the implementation process and comparable transfer fee structures used elsewhere.
The Committee also reviewed scenarios for increasing capital dues across membership categories. It was the consensus of the Committee to defer further consideration of capital dues increases until there is more clarity regarding the bond situation, assessments, and broader capital funding strategy.

No formal action was taken.

NINTH ORDER OF BUSINESS	DISCUSSION OF BANKING RELATIONSHIP OPPORTUNITIES
Mr. Dwight led a discussion regarding banking relationship opportunities, including a purchasing card program, a revolving line of credit, and a non-revolving line of credit for equipment purchases.
The Committee discussed the potential beneﬁt of establishing broader banking services to support operating liquidity, purchasing controls, emergency reserves, and equipment ﬁnancing. It was also suggested that maintaining more than one banking relationship could provide both risk management and competitive leverage.
Mr. Fetsick reported that management had begun discussions with Regions Bank and that the bank had expressed strong interest in providing banking and credit services. It was also noted that the HOA may have an interest in participating in a broader banking relationship discussion.

No formal action was taken.

TENTH ORDER OF BUSINESS	CONTINUED DISCUSSION OF COST OF OWNERSHIP ANALYSIS
Mr. Crisaﬁo presented an updated analysis comparing University Park with other communities based on homeownership costs, taxes, fees, and amenities.

Discussion followed regarding the challenges of comparing communities with differing amenity packages, HOA structures, non-ad valorem assessments, and included services. Committee members generally agreed that the analysis supported the conclusion that University Park’s overall costs are not materially out of line with comparable communities.

Committee members discussed the need to simplify the presentation for broader community use and to gather more detailed HOA-related information directly from contacts within comparable communities.
Mr. Crisaﬁo agreed to continue reﬁning the analysis and prepare a list of questions for
Committee members to use in gathering additional comparison information. No formal action was taken.
ELEVENTH ORDER OF BUSINESS	BUDGET WORKSHOP SCHEDULING
The Committee discussed scheduling a budget workshop to review the proposed Fiscal Year 2027 operating and capital budgets.
Consensus was reached to hold the budget workshop on April 9, 2026, at 2:00 p.m., with in-person attendance and a Zoom option available.
It was noted that the workshop would be used to review the proposed budgets and related presentation materials in advance of the Committee’s recommendation to the Board.
Next Meeting Scheduled

Date	Meeting Type	Time	Location	Note	
April 9, 2026	Finance
Committee Workshop	2:00 PM	Business
Offices	In person or by Zoom	

Committee Member Comments & Requests:
Mr. Swanson and other participants also offered comments related to community comparisons, the complexity of HOA cost comparisons across neighborhoods, and the importance of presenting conclusions in a clear and simpliﬁed manner for residents.
Committee discussion also emphasized the need for practical and understandable communication regarding future capital funding options and the District’s competitive position relative to comparable communities.

Public Comment:

Mr. Ludmerer provided comments regarding transfer fee authority, capitalization thresholds, the structure of capital presentations, and ﬁnancing ﬂexibility within an enterprise fund framework.
Adjournment
There being no further business to come before the Committee, the meeting was adjourned at 5:25 PM.

MINUTES OF MEETING
UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE WORKSHOP
Monday, April 13, 2026
11:00 AM
Business Offices
8301 The Park Boulevard, University Park, FL 34201

Finance Committee Members present in person or via Zoom: Richard Crouch	Chair
Alan Port	Secretary
Tony Crisaﬁo	Member
Craig Dwight	Member Absent:
Cathie Schaffer	Vice Chair Also, present in person or via Zoom:
Steve Swanson	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 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, Public Comment

The workshop was called to order at approximately 11:00 AM by Mr. Crouch. A quorum was
conﬁrmed with four directors attending in person. The Pledge of Allegiance was recited. The public comment period was opened. No public comments were made.

SECOND ORDER OF BUSINESS	Business Matters
REVIEW & DISCUSS PROPOSED OPERATING BUDGET (ENTERPRISE FUND) FY 2027
Chair Crouch stated the meeting was a workshop for discussion purposes only and that no final decisions would be made. He noted a recommendation is expected to be made at the regular Finance Committee Meeting scheduled for April 15, 2026.
Chair Crouch also discussed procedural considerations regarding inclusion of any assessment increases in the preliminary budget to be presented to the Board of Supervisors. Staff indicated legal counsel would confirm requirements prior to the next meeting.
Controller Paul Fay reviewed the budget development process, explaining that department heads were provided budget workbooks in February containing prior-year actuals, current-year budgets, rolling 12-month performance, and forecasts. Department heads submitted FY2027 proposals which were reviewed and refined by staff and management over the past 6–8 weeks.
The proposed FY2027 Enterprise Fund Operating Budget reflects:
Revenue: $14.335 million
Expenses: $13.854 million
Operating Income: $481,000
Capital Allocation: $1.387 million Revenue Discussion
Discussion included the primary revenue streams:
Membership Dues: $7.056 million
Golf Operations: $3.972 million
Racquets & Fitness: $86,000
Dining: $3.215 million Membership Dues
Mr. Fay reviewed the proposed 6% increase in membership dues.
Examples discussed included:
Full Family Membership: $12,425 (up $710)

Full Single Membership: $9,450 (up $540)
Racquets Family Membership: $5,355 (up $305)
Racquets Single Membership: $4,015 (up $230)
Social Family Membership: $1,650 (up $100)
Social Single Membership: $1,275 (up $75)
The budget assumes annual full memberships remain capped at 450.
Minimal increases were also proposed for certain passes, including:
Pickleball Pass
Twilight Pass
Social Access Pass
Social Driving Range Pass
Committee members clarified that dues and pass increases would take effect January 1, 2027. The Fitness Pass add-on will remain unchanged due to current facility limitations.
Initiation Fees, Capital Funding & Capital Dues
Initiation fees are proposed to remain flat following recent increases.
Capital dues remain at:
Resident: 5% of dues
Non-resident: 10% of dues
The Committee discussed whether capital dues percentages could be increased prior to final budget adoption in August.
Staff noted the initiation fee budget was conservatively estimated at $680,000 based on recent home sale and membership conversion trends.
Discussion also included recent increases in initiation fees to:
Resident Full: $25,000
Non-Resident Full: $50,000
Staff noted the market response will continue to be monitored. Golf Operations

Mr. Fay reviewed assumptions for golf rounds:
Member Rounds: 44,446
Outside Rounds: 28,281
Total Rounds: 72,727
Staff noted the continued prioritization of member access and experience.
The Committee discussed outside rounds assumptions, public play trends, and impacts from prior-year hurricane closures.
Trail Fee Increases
Trail fee increases were proposed as follows:
Resident Single: $1,950
Non-Resident Single: $2,950
Resident Family: $2,450
Non-Resident Family: $3,675
Mr. Fetsick explained the club alternates cart fee and trail fee increases.
He also clarified that non-resident trail fees are no longer sold and are only maintained for existing grandfathered participants.
Dining Operations
Staff reviewed dining assumptions, including:
modest revenue increases from menu price adjustments;
no disruption assumed from kitchen renovations;
improved efficiencies under Chef Justin.
A 3% menu price increase is included in the budget.
Food cost assumptions include:
Food: 46%
Wine: 40%
Liquor: 31%
Beer: 32%

Soda: 34%
The Committee discussed the dining subsidy and whether future increases should be covered by menu pricing or dues.
Labor
Payroll assumptions include:
no significant headcount changes;
4–5% increases for salaried staff;
3–4% discretionary increases for hourly staff;
minimum wage increases effective September 2026.
Payroll is projected at 54% of total revenue, consistent with industry benchmarks.
Staff compensation assumptions took into account Club Benchmarking, RSM compensation reports, and local club comparisons.
Food & Beverage Minimum
The FY2027 budget includes approximately $40,000 in food and beverage minimum revenue.
The Committee discussed potentially removing the food and beverage minimum in future years. Staff noted any such change would likely affect FY2028 due to timing of fiscal year recognition.
Operating Surplus Philosophy
The Committee discussed why FY2027 operating income is budgeted lower than the FY2026 forecast.
Staff explained the budget uses conservative assumptions for variable revenues while maintaining reliable dues revenue.
The Committee also discussed allocation of future operating surpluses to capital or operating reserves. Staff noted current operating reserves are approximately $400,000.
The Committee requested that in future comparison schedules that the percentage increase or decrease be included in the analyses.

THIRD ORDER OF BUSINESS

REVIEW & DISCUSS PROPOSED CAPITAL BUDGET (ENTERPRISE FUND) FY 2027

Mr. Fay presented the proposed FY2027 Capital Budget totaling approximately $1.583 million.
The budget includes assets identiﬁed as requiring replacement in FY2027, including:
Golf course improvements;
Golf operations assets;
Park Grille equipment;
Varsity Club equipment;
Fitness equipment; and
Racquets equipment.
The list includes, but is not limited to:
$1.2 million in golf course improvements;
roof assembly/cart barn ﬂat roof membrane repairs;
cart barn wall repairs;
starter structure improvements;
recumbent bikes;
racquets ball machine;
refrigeration and beverage equipment replacements; and
various golf course maintenance vehicles and equipment.
Mr. Fay explained that these items were identiﬁed through the capital reserve study and through meetings with department heads regarding assets that are beyond useful life or in need of replacement during FY2027.
A second list of items totaling approximately $123,846 was also presented as items that may need replacement but could potentially be deferred depending on operational needs and future capital improvement planning.
Committee discussion focused on the necessity and timing of the proposed expenditures. Staff noted that some items may overlap with future capital improvement projects, including kitchen renovation and broader facility enhancements.
Staff noted current capital account balances are approximately $1.1 million, with a portion
already committed toward front nine improvements.

Committee members generally agreed the listed items were reasonable and necessary.

FOURTH ORDER OF BUSINESS

REVIEW & DISCUSS PROPOSED GENERAL FUND BUDGET FY 2027

Mr. Fay reviewed the proposed General Fund Budget totaling $342,700.
Revenue sources include:
Prior Year Surplus: $2,878
Debt Service Transfer: $70,000
Country Club Transfer: $269,822
Discussion focused on increased District Counsel expenses of $150,000, due to:
bond-related matters;
bond anticipation note matters;
litigation;
public records matters; and
election-related matters.
Mr. Fetsick noted additional legal matters may continue to increase these costs. Insurance costs were increased to $24,200 based on broker recommendations. Election costs were removed for FY2027.
Website maintenance and management expenses were also adjusted slightly.

FIFTH ORDER OF BUSINESS

REVIEW & DISCUSS PROPOSED DEBT SERVICE FUND BUDGET FY 2027

Mr. Fay reviewed the proposed Debt Service Fund Budget.
Revenue:
Series 2019 Bonds Special Assessments: $1,594,068.75
Expenditures:

Interest Payment (11/1/2026): $333,856.25
Interest Payment (5/1/2027): $333,856.25
Principal Payment (5/1/2027): $600,000.00
Funds available for the November 1, 2027, interest payment were also reviewed.

SIXTH ORDER OF BUSINESS

REVIEW & DISCUSS PROPOSED CAPITAL IRRIGATION FUND BUDGET FY 2027

Mr. Fay reviewed the proposed Capital Irrigation Fund Budget.
Revenue:
Series 2024 Note Special Assessments: $5,000,000.00
Expenditure:
Series 2024 Note due August 11, 2027: $5,000,000.00
The Committee discussed the relationship between the irrigation note and future ﬁnancing
considerations.

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	

Finance Committee Member Requests
The Committee requested:
percentages be added to the budget presentation slides for Board review where practical;
additional detail and follow-up from department-speciﬁc budget meetings; and
continued review of operating and capital assumptions prior to formal recommendation.
Committee members generally expressed comfort with the operating budget assumptions, while noting risks related to:
golf maintenance costs;

fuel and fertilizer pricing; and
legal expenses.
Public Comment
No public comments were made.
Adjournment
There being no further business, the workshop of the Finance Committee was adjourned at approximately 12:38 PM.

MINUTES OF MEETING
UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE MEETING
Wednesday, April 15, 2026
3:00 pm
Business Offices
8301 The Park Boulevard, University Park, FL 34201

Finance Committee Members present: Richard Crouch	Chair
Cathie Schaffer	Vice-chair
Alan Port	Secretary
Tony Crisaﬁo	Member
Craig Dwight	Member Also, present in person or via Zoom:
Steve Swanson	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 Various members of the public

FIRST ORDER OF BUSINESS	Organizational Matters:
Call to Order, Roll Call, Pledge of
Allegiance
The meeting was called to order at 3:00 pm by Richard Crouch. A quorum was established. The Pledge of Allegiance was recited.

Public Comments
No public comments were made.

SECOND ORDER OF BUSINESS	Staff Matters:
REVIEW OF MARCH FINANCIAL SUMMARIES AND MEMBERSHIP REPORT
Paul Fay presented the March ﬁnancial summaries and membership report as included in the agenda packet. The Committee engaged in discussion of operating performance, capital position, and key performance metrics. The following points were noted:
Net operating surplus reﬂects a $354,000 favorable variance year-to-date, with
$93,000 attributable to March.
Golf operations revenue contributed approximately $196,000 in favorable variance, driven by 1,424 additional outside rounds year-to-date.
Merchandise sales were approximately $43,000 favorable to budget.
Dining operations and general and administrative expenses combined produced
approximately $193,000 in favorable variance.
Year-to-date surplus of approximately $912,000 is projected to normalize to approximately $750,000 by ﬁscal year-end as seasonal activity declines.
Cash decreased by approximately $62,000 in March, with capital reserves and
short-term investments totaling approximately $1.478 million.
Including irrigation-related loaned funds, capital reserves could approximate $3.3 million assuming bond proceeds; otherwise, only $600,000–$700,000 is expected if the bond is not issued.
Year-to-date initiation fees total approximately $761,000, exceeding the budget of
$500,000.
The year-to-date adjusted net operating margin is approximately 14%, compared to 2.5% in FY2025. Labor expense remains acceptable at approximately 55% of operating revenue.
Membership levels are as follows:
Full: 458
Racquets: 107
Social: 767
Outside rounds exceeded budget by 1,424 year-to-date, while member rounds were below budget, creating capacity for public play.
Discussion included sustainability of current favorable variances, seasonal performance expectations, and operational impacts of late tee time cancellations and no-shows.
Management noted that a proposal addressing tee time policies will be presented to the Golf Advisory Committee.

Conclusion:
Operating performance remains favorable to budget, with strong revenue performance offsetting expected seasonal moderation. Capital reserves remain stable but require continued monitoring and strengthening relative to future commitments.

THIRD ORDER OF BUSINESS	REVIEW AND DISCUSS AUDIT REPORT DRAFT
The Committee reviewed the draft audit report for the ﬁscal year ending September 30, 2025.

The draft audit report was distributed for Committee review.
The ﬁnal audit report will be provided prior to the May 20 Finance Committee
meeting.
The audit will be presented to the Board of Supervisors on June 2, 2026, with
submission required prior to the June 30 deadline.
The Enterprise Fund reﬂects an operating loss due to depreciation and storm-related expenses; however, adjusted results reﬂect underlying operational proﬁtability.
Discussion noted that the government accounting presentation is complex and differs from operational reporting, with Enterprise Fund results providing the most meaningful management perspective.
Conclusion:
Committee members will review the audit report in detail and provide comments prior to the next meeting.

FOURTH ORDER OF BUSINESS	REVIEW AND DISCUSS CAPITAL EXPENDITURE APPROVAL PROCESS
The Committee discussed proposed revisions to the capital expenditure approval process.
The capitalization threshold will remain at $2,500.
The Treasurer will be added to the approval process.
A variance threshold was established as the lesser of 20% of the project cost or
$50,000.
Unplanned capital expenditures will be limited to:
$50,000 per project
$100,000 annually

Emergency expenditure language will be added to address situations involving operational continuity, asset preservation, and safety.
Discussion included clariﬁcation of approval requirements for large capital projects and the need to prevent excessive budget overruns while maintaining ﬂexibility for operational needs.
Conclusion:
The revised capital expenditure approval process will be incorporated into the operating agreement.

FIFTH ORDER OF BUSINESS	Business Matters:
FY2027 PRELIMINARY BUDGETS
The Committee discussed the proposed FY2027 budgets, including the Enterprise Fund
(Operating), Capital, General Fund, Debt Service Fund, and Capital Irrigation Fund budgets.

Discussion included overall expense trends, including the increase in golf operations expenses over time, and the need for additional analysis to distinguish between payroll and direct operating costs. The Committee also discussed balancing operating expenditures with capital funding needs and evaluating opportunities to reduce discretionary spending.
The Committee reviewed timing requirements for budget adoption, noting that the preliminary budget must be approved by the Board of Supervisors by May 8, 2026, with ﬁnal adoption required by September 15, 2026.

The Committee further discussed capital funding considerations, including the Capital Irrigation Fund (note repayment) and the potential need to include a kitchen project assessment in the preliminary budget if the Board intends to levy the assessment in the current tax cycle. It was noted that assessment amounts may be reduced after the preliminary budget but cannot be increased.
Motion:
A motion was made by Mr. Dwight to recommend to the Board of Supervisors approval of the FY2027 Preliminary Operating Budget (Enterprise Fund), Capital Budget (Enterprise Fund), General Fund Budget, and Debt Service Fund Budget, subject to continued review and reﬁnement of expenses prior to ﬁnal adoption.
Second:
The motion was seconded by Ms. Schaffer.
Vote:
The motion passed unanimously.

Motion:
A motion was made by Mr. Port to recommend that the Board approve the FY2027 Capital Irrigation Fund Budget and consider inclusion of a kitchen project assessment in the preliminary budget if funding is to occur within the current tax cycle.
It is anticipated that further kitchen project expense analysis will be completed prior to ﬁnal budget approval.
Second:
The motion was seconded by Ms. Schaffer.
Vote:
The motion passed unanimously.

SIXTH ORDER OF BUSINESS	COST OF OWNERSHIP COMPARISON STUDY
Tony Crisaﬁo presented an update on the ongoing Cost of Ownership comparison study.
The study is focused on comparing University Park to peer communities, including Laurel Oaks, Waterlefe, Country Club East, Lakewood Ranch Country Club, University Place, and Waterside.
The analysis centers on total cost of ownership, including HOA fees, special assessments, CDD taxes, and other related costs.
Approximately 300 data points have been collected to date, with a goal of obtaining 3–5 responses per community to establish a representative sample.

The study focuses on single-family homes in the $500,000 to $2 million range to ensure
comparability.

Committee members were asked to identify any contacts they may have within these
communities who might provide additional information to reﬁne the data.
Discussion emphasized that the purpose of the study is to support future ﬁnancial planning discussions, including capital funding strategies, transfer fees, and overall cost positioning relative to comparable communities.
Conclusion:
The Committee will continue data collection efforts, with results to inform future
discussions regarding capital income strategies and long-term ﬁnancial planning.

Next Meeting Scheduled

Date	Meeting Type	Time	Location	Note	
May 20, 2026	Finance Committee
Meeting	3:00 PM	Business
Offices	In person or by Zoom	

Committee Member Comments & Requests:
Request for a ﬁve-year analysis of golf operations expenses, including separation of payroll and direct operating costs
Continued discussion of capital funding strategies, including transfer fees and capital dues, to be addressed at a future meeting
Committee members to assist in gathering data for the Cost of Ownership comparison study
Concern raised regarding tee time cancellations and no-shows, with management noting a proposal will be presented to the Golf Advisory Committee
Request for review of governing documents, including the Operating Agreement and Mutual Cooperation Agreement, to identify any inconsistencies

Public Comment:
No public comments were made.

Adjournment
The meeting was adjourned at approximately 4:58 pm.

STAFF REPORT:
April Financial Summaries Membership Report

For Review & Recommendation
Final Draft: Capital Expenditure Approval Process

For Discussion & Recommendation
Proposed Operating Budget (Enterprise Fund) FY 2027

UNIVERSITY PARK RECREATION DISTRICT

FY 2027 Budget
October 2026 – September 2027

May 2026 Presentation

FY2027 Budget Process

Departmental workbooks are pre-populated with PY actuals, CY budget, CY forecast, and rolling 12 and are distributed to department directors

Directors prepare the FY2027 budget using the workbook, general ledger, and variance reports

Review meetings are held with each director, the General Manager, Controller, and an assigned Finance Committee member

Final budget is presented to the Finance Committee for recommendation to the Board of Supervisors

Final budget is presented to the Board of Supervisors for approval

Enterprise Fund – Executive Summary

	FY'27 Budget		FY'26 Forecast		FY'26 Budget	
						
Revenue	14,495		13,858		13,702	
						
Expenses	13,841		13,059		13,299	
						
Operating Surplus	655		800		403	
						
Capital Allocation	1,406		1,450		1,174	

Total Revenue Breakdown

Total Revenue: $14,495
Membership Dues $7,056 Golf Operations $4,133
*Racquets & Fitness $86 Dining	$3,215

*Revenue for Racquets & Fitness is the club’s portion of the revenue generated from lessons, classes, clinics and personal training.

MEMBERSHIP DUES	GOLF OPERATIONS RACQUETS & FITNESS	DINING INCOME

22%

1%	49%

28%

Total Expense Breakdown

Payroll Expense $7,782	Direct Expense $6,058

$ 1,867

$ 885

$ 405

$ 1,336

$ 1,027

$ 187

$ 406	$ 805

$ 2,041

$ 2,584

$ 507

$ 1,789

Golf Operations	Racquets & Fitness
Dining	Golf Course Maintenance General & Administrative

Golf Operations Dining Oper Exp General & Admin Dining CGS

Racquets & Fitness
Golf Course Maintenance Property Insurance

Key Assumptions – Membership Dues

	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	

Annual Dues Increases (~6%):
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)
Fitness Pass $500 (no increase)

Initiation Fees, Capital Funding, & Capital Dues

Initiation Fees:

	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	
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

Key Assumptions – Golf Operations

Golf Rounds

	2027 Budget	2025 Actual	Last 12 Mths	
Member Rounds	43,458	41,706	42,921	
Outside Rounds	29,692	26,639	29,634	
Total	73,150	68,345	72,555	
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	

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

	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%	

Food costs reduced due to refined kitchen processes & procedures, and optimized menu design
Cost of goods sold is aligned with both the forecast and the rolling 12-month period.

Key Assumptions – Labor

No salaried headcount increases or decreases
Blended 3-4% increase for salaried employees
Hourly Wages:
– FL Minimum wage increase
– $10.98 to $11.98 (tipped)
– $14.00 to $15.00 (non-tipped)
– Discretionary increases generally around 3–4%
Total Payroll reflects 54% of Total Revenue, at industry standard

Enterprise Fund – Executive Summary

	FY' 27 Budget		FY' 26 Forecast		FY' 26 Budget	
Revenue	14,495		13,858		13,702	
Expenses	13,841		13,059		13,299	
Operating Surplus	655		800		403	
Capital Allocation	1,406		1,450		1,174	

University Park Country Club 2027 Budget

SUMMARY INCOME STATEMENT	2025	2026		2026	Rolling	2027	2027 Budget	
FISCAL YEARS ENDING SEPTEMBER 30	Actual	Budget		Forecast	12 Months	Budget	vs. 2026 FC	
COUNTRY CLUB OPERATIONS:								
								
REVENUE:								
MEMBERSHIP DUES	6,131,043	6,724,088		6,687,222	6,380,181	7,055,981	368,759	
GOLF OPERATIONS	3,451,413	3,759,858		3,963,157	3,920,372	4,132,755	169,598	
RACQUETS & FITNESS CENTRE	58,549	77,324		88,458	74,491	86,217	(2,241)	
DINING INCOME	3,010,876	3,135,420		3,108,631	3,084,146	3,214,730	106,099	
OTHER INCOME	13,499	5,480		10,835	12,185	5,480	(5,355)	
								
TOTAL REVENUE	12,665,380	13,702,170		13,858,303	13,471,376	14,495,164	636,861	
								
EXPENSES:								
PAYROLL & RELATED:								
								
GOLF OPERATIONS	719,677	856,026		811,399	744,724	885,464	74,064	
RACQUETS & FITNESS CENTRE	359,929	386,008		380,896	369,329	405,457	24,562	
DINING	2,308,561	2,435,666		2,406,961	2,334,481	2,584,038	177,077	
GOLF COURSE MAINTENANCE	1,833,506	2,068,992		1,999,032	1,891,414	2,040,886	41,854	
GENERAL & ADMINISTRATIVE	1,675,776	1,834,071		1,804,263	1,768,332	1,866,560	62,297	
								
TOT PAYROLL & RELATED	6,897,450	7,580,764		7,402,550	7,108,280	7,782,405

1,027,198
186,837
1,336,151
805,415
1,789,315
506,890
406,436	379,855	
								
DIRECT EXPENSES:								
								
GOLF OPERATIONS	1,016,726	1,018,068		1,039,786	1,073,913		(12,588)	
RACQUETS & FITNESS CENTRE	131,816	161,459		166,268	147,312		20,569	
DINING CGS	1,249,831	1,306,757		1,244,500	1,270,256		91,651	
DINING OPER EXP	755,303	782,785		732,236	737,096		73,179	
GOLF COURSE MAINTENANCE	1,611,411	1,566,167		1,645,755	1,664,759		143,560	
GENERAL & ADMIN	446,790	493,443		456,395	464,048		50,495	
PROPERTY INSURANCE	335,919	390,000		371,063	354,191		35,372	
								
TOTAL DIRECT EXPENSES	5,547,796	5,718,679		5,656,003	5,711,575	6,058,242	402,239	

OPERATING INCOME/(LOSS)	220,133	402,726		799,749	651,520	654,516	(145,233)	
								
CAPITAL ALLOCATION:								
INITIATION FEES	853,150	510,800		774,000	1,392,550	680,400	(93,600)	
CAPITAL ALLOCATION- GOLF OPS	252,656	248,670		261,299	257,158	284,679	23,380	
CAPITAL DUES	380,552	414,769		415,092	397,051	440,948	25,856	

TOTAL CAPITAL ALLOCATION	1,486,358	1,174,239		1,450,391	2,046,759	1,406,028	(44,363)	

For Discussion & Recommendation
Discuss & Recommend 2025 Audit Report