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

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

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.

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

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.

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:

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.