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

The workshop of the Finance Committee of the University Park Recreation District will be held on Wednesday, June 17 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 & Discussion of Meeting Minutes (5/20/2026)
Note: No official motions or approvals can be made during workshop
Staff Matters
Review of May Financial Summaries and Membership Report
Status Update on Departmental Reserve Review Efforts

Business Matters
Review of Progress on Country Club Management Agreement Review
Presenter: Alan Port
Progress update on review of the Country Club Management Agreement
Discussion of findings, observations, and areas requiring additional analysis

Review of Progress on Cost of Ownership Project
Presenter: Tony Crisafio
Progress update on cost categorization and ownership analysis
Review of preliminary findings and identification of additional information needed
Review Status of Line of Credit Proposal
Presenter: Craig Dwight
Status update regarding financing alternatives and line of credit proposal
Discussion of information received and potential next steps for evaluation

Capital Raising Activities
Presenter: Dick Crouch
Review of previously identified capital raising initiatives
Discussion regarding reassignment of responsibilities and future work plan

Committee Position Vacancy
Presenter: Committee Discussion
Update regarding replacement of committee vacancy
Discussion of Town Hall Question
Presenter: Committee Discussion
Paying for interest and extending the Irrigation Note by on year

Review of 2-Page Document submitted by Board Member regarding funding options
Presenter: Committee Discussion
Executive Summary
Cash Flow Alternative Plan

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

Finance Committee Member Requests & Comments Public Comments
Adjournment

Review & Discussion of Meeting Minutes
(5/20/2026)

MINUTES OF MEETING
UNIVERSITY PARK RECREATION DISTRICT FINANCE COMMITTEE MEETING
Wednesday, May 20, 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 Kwame Jackson	Assistant District Manager, PFM
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, and Pledge of Allegiance
Mr. Crouch called the meeting to order at approximately 3:00 PM. Roll call was conducted, and a quorum was conﬁrmed with four Committee members present in person. Craig Dwight was present via zoom. The Pledge of Allegiance was recited.

Announcement Regarding Committee Resignation
Mr. Crouch announced that Cathie Schaffer had submitted her resignation from the
Finance Committee due to other volunteer and personal commitments. Committee

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members expressed appreciation for Ms. Schaffer’s service and contributions to the
Committee.
Discussion followed regarding the process for ﬁlling the vacancy. District Management advised that the Board of Supervisors would formally acknowledge the resignation and determine the replacement process in accordance with established District procedures.

Temporary Vice Chair Appointment
Mr. Crouch recommended appointing Tony Crisaﬁo to serve as temporary Vice Chair of the
Finance Committee until the Board appoints a replacement committee member.

On MOTION by Mr. Port, seconded by Ms. Schaffer, with all in favor, Mr. Crisaﬁo was
appointed temporary Vice Chair of the Finance Committee.

Public Comment Period
No public comments were made.

SECOND ORDER OF BUSINESS	Administrative Matters Review & Approval of Prior Meeting Minutes
The Committee reviewed the following draft minutes:
March 16, 2026 Finance Committee Meeting Minutes
April 13, 2026 Finance Committee Workshop Minutes
April 15, 2026 Finance Committee Meeting Minutes

On MOTION by Mr. Port, seconded by Mr. Crisaﬁo, with all in favor, the March 16, 2026 Meeting Minutes, April 13, 2026 Workshop Minutes, and April 15, 2026 Meeting Minutes were approved as presented.

THIRD ORDER OF BUSINESS	Staff Matters
Review of April Financial Summaries and Membership Report

Mr. Fay reviewed the April ﬁnancial summaries and membership report.
Key ﬁnancial highlights included:

2 | Pa g e

Year-to-date total revenue is approximately $149,000 favorable to budget.
Net operating surplus totaled approximately $1.052 million compared to a budgeted surplus of approximately $761,000, resulting in a favorable variance of approximately $291,000.
Golf operations revenue remained favorable to budget, driven primarily by outside rounds and merchandise sales.
Outside rounds exceeded budget by 1,666 rounds year-to-date.
Merchandise sales were approximately $55,000 favorable to budget.
Dining operations expenses remained favorable due primarily to lower cost of goods
sold, payroll efficiencies, and operational controls.
General and administrative expenses remained favorable due to payroll savings, lower advertising costs, insurance savings, and credit card fee variances.

Discussion followed regarding golf course maintenance timing differences caused by projects completed earlier than originally budgeted, the current cash and reserve position, capital reserve balances and amounts due back from the irrigation fund, continued strong initiation fee performance, and operational expectations entering the summer season.

Mr. Fay also reviewed membership totals as of April 30, 2026:
454 Golf Memberships
107 Racquets & Fitness Memberships
769 Social Memberships
1,330 Total Annual Memberships
63 Summer Golf Memberships
14 Summer Racquets Memberships
The Committee discussed the continued strength of membership demand, including the Full Golf membership waitlist.

No formal action was taken.

Review, Discuss, and Approve Final Draft of Capital Expenditure Approval Process
Mr. Fay reviewed the ﬁnal draft of the Capital Expenditure Approval Process and
summarized revisions made following prior Committee discussion. Discussion included the changes made since the last draft was presented.

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On MOTION by Mr. Crisaﬁo, seconded by Ms. Schaffer, with all in favor, the Capital Expenditure Approval Process was approved as presented and recommended for implementation.

FOURTH ORDER OF BUSINESS	Business Matters
Discuss & Recommend Proposed Operating Budget (Enterprise Fund) FY2027
Mr. Fay reviewed revisions made to the proposed FY2027 Enterprise Fund Operating Budget
following the April budget workshop and continued management review.
Key revisions included increased projected outside rounds revenue assumptions, adjustments to salary increase assumptions, reﬁnement of departmental expense forecasts, and updated operating surplus projections.

The revised budget reﬂected:
Revenue of approximately $14.495 million;
Expenses of approximately $13.841 million;
Operating surplus of approximately $655,000; and
Capital income of approximately $1.406 million.

Mr. Fay stated that revised assumptions improved the projected operating surplus by approximately $174,000 compared to earlier draft projections.
Committee discussion focused extensively on balancing operating performance with long-term capital funding needs, the potential impact of future assessments, opportunities to offset future member cost increases through operational efficiencies, identiﬁcation of ﬁxed, variable, and discretionary expenses, food and beverage operating performance, payroll and minimum wage pressures, and industry benchmarking comparisons.
Mr. Fetsick cautioned that achieving a zero-dues-increase environment would not be realistic given industry labor trends and inﬂationary pressures, particularly with minimum wage increases impacting a signiﬁcant portion of staff.

The Committee discussed initiating a structured review process to categorize expenditures into ﬁxed, variable, and discretionary categories to better inform future budget and assessment discussions. The Committee agreed to begin a 60-day review effort immediately, with Paul Fay serving as the initial preparer of the expenditure categorization. The Committee will review the resulting analysis, with a goal of completing the process by mid-July.

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On MOTION by Mr. Crisaﬁo, seconded by Ms. Schaffer, with all in favor, the Committee recommended approval of the revised FY2027 Enterprise Fund Operating Budget, as amended and discussed.

Discuss & Recommend 2025 Audit Report
The Committee reviewed the ﬁnal draft of the Fiscal Year 2025 Audit Report. Mr. Fay indicated that no material changes had been made to the audit and related reports since the last draft presented to the Committee.

Discussion included timing of presentation to the Board of Supervisors, government accounting presentation requirements, Enterprise Fund operational performance, depreciation impacts, and storm-related accounting impacts. Kwame Jackson raised scheduling concerns regarding the timing of the audit presentation relative to the June Board agenda.
Committee consensus supported moving forward with presentation of the audit report to the Board, subject to scheduling coordination.

On MOTION by Mr. Port, seconded by Mr. Crisaﬁo, with all in favor, the Committee recommended approval of the FY2025 Audit Report for presentation to the Board of Supervisors.

Review of Progress on Country Club Management Agreement Review
Mr. Port and Mr. Fay provided an update regarding the ongoing review of the Country Club Management Agreement and Mutual Cooperation Agreement.
Discussion included identiﬁcation of outdated policy references and provisions, areas requiring clariﬁcation or modernization, governance responsibilities related to agreement review, insurance provisions and liability language, operational consistency between agreements, and coordination with District Counsel.

Committee members noted several provisions requiring additional review by legal counsel and insurance professionals to ensure current market appropriateness and operational consistency. Kwame Jackson advised that comments and recommendations should ultimately be routed through District Counsel before Board consideration.

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The Committee agreed that members would continue reviewing the agreements individually and provide comments to District Management and District Counsel for consolidation.
No formal action was taken.

Review of Progress on Cost of Ownership Project
Mr. Crisaﬁo provided an update on the Cost of Ownership comparison project. He stated that additional outreach had occurred with residents and volunteers to improve the methodology and consistency of data collection among comparable communities.
Discussion included reﬁnement of data gathering methods, ensuring comparable assumptions between communities, identifying ﬁxed versus variable ownership costs, use of the information for future ﬁnancial planning discussions, and the importance of presenting information in a clear and understandable format for residents.

No formal action was taken.

Review Status of Line of Credit Proposal
Mr. Dwight provided an update regarding the banking relationship and line of credit Request for Proposal (RFP) process.
Discussion included responses currently anticipated by June 17, 2026, potential banking relationship opportunities, revolving and non-revolving credit facilities, procurement and statutory compliance considerations, non-collusion requirements, and scheduling of a special workshop to review proposals.
Due to multiple Committee members being unavailable during portions of June, the Committee discussed holding a workshop instead of a standard meeting on June 17, 2026 to review responses and formulate recommendations, subject to district management conﬁrmation

No formal action was taken.

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Schedule Reserve Review by Department
The Committee discussed scheduling departmental reserve review meetings with department heads during June and July.

The reviews will focus on useful life assumptions, replacement cost assumptions, capital prioritization, deferred assets, operating impacts, and alignment with the reserve study.

Committee members volunteered to assist with various departmental reserve reviews, including golf operations, general and administrative operations, and dining operations.
No formal action was taken.

FIFTH ORDER OF BUSINESS	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	

Committee Member Comments & Requests
Committee members discussed continued reﬁnement of Club Benchmarking data, to more clearly reﬂect the local situation, the speciﬁc operations of the Country Club and its unique organizational structure, and scheduling coordination during summer travel months.
Mr. Crouch also discussed communication with banking representatives and broader
ﬁnancial relationship considerations involving both the District and HOA.

Public Comment
No public comments were made.

Adjournment
There being no further business to come before the Committee, the meeting was adjourned
at approximately 5:11 PM.

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STAFF REPORT:
May Financial Summaries Membership Report
Status Update on Departmental Reserve Review

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF OPERATIONS

YTD OPERATING RESULTS, 8	
MONTHS	
Actual Results of	

Budget					

COMMENTS	
				THROUGH 5/31/26		UPCC Operations		$	Variance	%	Change		
						
										Total	Revenues	$10,526	$10,264	$262	2.6%		
				Less: Outside Golf	Capital	Allocation	(229)	(207)	(22)	10.8%		10%	of Outside	Golf	Allocated	to	Capital	
		Total Revenues, Less	Capital	Allocation	10,297	10,058	240	2.4%		
						
										Total	Expenses	9,147	9,213	66	0.7%		
						
					Net Operating	Surplus	(Deficit)	1150	845	306	36.2%	Net Operating impact	
						
		Revenues	and	Expenses,	Details	Actual	Budget	$	Variance			%	Change		
Dues	revenue												$4,323	$4,377		($	55)	(1.2%)		

3,208	

2,971	

238	

8.0%	Outside	rounds exceeded the budget by 1,827	
														rounds.	Merchandise sales $53K favorable to		
Golf	operations	revenue												budget.			
Dining	operations	revenue								2,540	2,538	2	0.1%		

Racquets/Fitness/Other operations	
revenue	
227	
172	
55	
32.1%		
						
								Subtotal,	Revenues	10,297	10,058	240	2.4%		
						
Golf	operations												1,322	1,293	(28)	(2.2%)		
												
2,459	
2,384	
(76)	
(3.2%)	Projects that were	budgeted	for later in	the	year	
Golf	maintenance															completed early					

Dining	
operations											
3,168	
3,281	
113	
3.4%	
Food	
COGS	
64k,	
Linens	
31k,	
waste	
and	
supplies	
Racquets	& Fitness	operations						491	454	(37)	(8.0%)		

General	
& Adm												
1,707	
1,800	
93	
5.2%	
Payroll	
57k,	
Advertising	
13k,Ins.14k,	
CC	
Fees	
16k	
								Subtotal,	Expenses	9,147	9,213	66	0.7%		
						
Net Operating Surplus (Deficit),	net of $229k	
$1,150	
$ 845	
$ 306	
36.2%									
outside golf capital allocation								Variance	is $306k,	36.2%	from	budget		

6/12/2026	1/4

UNIVERSITY PARK COUNTRY CLUB COMPARATIVE BALANCE SHEET AS OF MAY 31, 2026 AND 2025

		UPCC Operating Fund		Capital Irrigation Fund			
	Assets	Unaudited
5/31/26		Unaudited
5/31/25		Unaudited
5/31/26		Unaudited
5/31/25		Comments & Assumptions	
											
	Operating Cash & Short-Term Investments	$3,591		$2,607							
	Accounts Receivable	645		513							
	Inventory	313		329							
	Deposits & Prepaids	540		407						FY26 - Prepaid Insurance & Prepaid Cart Lease, software, sales tax etc.	
	Future Assessments based on BAN or Long-Term Bonds					

6,027		

5,744		Amounts drawn from BAN, $4,140 + 52k Accrued Interest + Amounts borrowed from UPCC Capital Reserves, $1,835	
	Subtotal, operating assets	5,090		3,856		6,027		5,744			
											
	Board Designated Cash & Investments & Receivable from Irrigation Fund:										
	Operating Reserves	400		400						BOS designated for future use.	
	Capital Reserves & Short-Term Investments	1,565		1,111							
	Capital Reserves Used for Irrigation Project--Due
from Capital Irrigation Fund	
1,835		
1,835						Portion of irrigation project paid out of UPCC reserve funds	
	Sub total, Board Designated Cash, Capital Reserves
& Capital Irrigation Fund Receivable	
3,800		
3,346		
-		
-			

	Property and Equipment - Net	26,553		25,254							
	Property and Equipment - CIP	393		456		-		-			
	TotaI Assets	$35,836		$32,912		$6,027		$5,744			
											
	Liabilities & Net Position:										
	Accounts Payable										
	Operations Related	$375		$287							
	Accrued Liabilities & Other Payables	311		264		52		-			
	Gift Cards & Store Credits	138		122							
	Subtotal, operating liabilities	824		673		52		-			
											
	Deferred Revenue	3,616		3,371							
	Capital Lease Obligations	2,009		418						New cart lease and GCM Equipment	
	Capital Projects Payable	143		210							
											
	Due to UPCC Operating Fund					$1,835		$1,835			
	BAN Payable to Bank					4,140		3,909			
	Total Liabilities	6,593		4,672		6,027		5,744			
											
	Beginning Balance, Purchase of UPCC assets in 2019	
16,750		
16,750		
-		
-			
	Due From Capital Irrigation Fund	1,835		1,835							
	Prior Years' Operating Surplus	9,868		7,281							
	Current Period Operating Surplus	789		2,374							
	Net Position	29,243		28,240		-		-			
											
	Total Liabilities & Net Position	$35,836		$32,912		$6,027		$5,744			

6/12/2026	2/4

UNIVERSITY PARK COUNTRY CLUB CAPITAL SOURCES AND USES AS OF MAY 31, 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 -2025 Initiation Fees	3,554		
FY 2021-2025 10% Outside Golf	1,530		
FY 2023-2025 Capital Dues	872		
FY 2026 Interest on Investments	9		
FY 2026 Initiation Fees	858		
FY 2026 10% Outside Golf	229		
FY 2026 Capital Dues	402		
Sub total, Init Fees, Capital Dues & 10% Outside Golf	7,454	Capital raised through Operations	
			
Total Sources of Capital	16,224		
			
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	123		
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	13,092		
			
FY2026 Uses			
			
2026, Golf Course Maintenance Equipment	36		
2026, Back 9 Renovation	1,164		
2026, Buildings, Varsity Club, Admin & Locker Room Renovation, Cart Barn Garage Doors	
87		
2026, Golf Club Rentals	12		
2026, Grille - Kitchen Equipment	26		
2026, Admin Furniture	3		
Subtotal, FY2026 Uses	1,328		
			
Construction In Progress			
2020, Master Plan Project	171		
Security Cameras	13		
Front 9 Project	193		
Boardwalk Project	4		
Subtotal, CIP	381		
			
Total Uses	14,802		
			
Remaining Capital Reserves	1,422	Capital Account Balance at 5/31/2026	
			
Due to operating capital from BAN or Bond	1,835		
			
Total Capital Reserves	3,257	Balance with Irrigation Project repayment	

6/12/2026	3/4

UNIVERSITY PARK COUNTRY CLUB STATEMENT OF CASH FLOWS AS OF MAY 31, 2026

MTD & YTD STATEMENT OF CASH FLOWS, 8 MONTHS THROUGH
5/31/26				
	May	
	MTD		YTD	
Cash Flows From Operating Activities:				
				
Cash Receipts From Members & Guests	$ 894		$ 12,170	
Cash Payments To Vendors & Suppliers	(555)		(4,595)	
Cash Payments To PBM Staff Serving UPCC & UPRD	(592)		(4,958)	
				
Net Cash Provided (Used) By Operating Activities	(253)		2,618	
				
Cash Flows From Capital, Financing, And Other Non-Operating
Activities:				
Initiation Fees	$ 33		$ 866	
Capital Dues	10		402	
Purchase Of Equipment & Capital Projects	(32)		(470)	
FEMA Proceeds	-		8	
Transfer to General Fund	(21)		(259)	
Interest From Investments	11		14	
Net Cash Provided (Used) By Capital And Other Non-Operating
Activities	2		562	
				
Net Increase (Decrease) In Cash	(251)		3,180	
Cash At Beginning Of Period	5,808		2,378	
Cash At End Of Period	$ 5,557		$ 5,557	

6/12/2026	4/4

University Park Recreation District Summary Operating Data
As of May 31, 2026

Rounds of Golf (as of May 31, 2026):

	May		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	3,942	3,528	414		33,570	35,464	(1,894)	
Outside Rounds	2,650	2,489	161		23,062	21,235	1,827	
	6,592	6,017	575		56,632	56,699	(67)	
Rounds of Golf (as of May 31, 2025):

	May		YTD	
	Actual	Budget	Variance		Actual	Budget	Variance	
								
Member Rounds	3,357	4,567	(1,210)		32,278	36,580	(4,302)	
Outside Rounds	2,263	3,490	(1,227)		19,815	23,407	(3,592)	
	5,620	8,057	(2,437)		52,093	59,987	(7,894)	

Overall revenue is $240k favorable to budget, driven primarily by Golf operations. Golf revenue is $238k favorable to budget (net of capital allocation), with higher outside rounds producing an $191k favorable variance in greens fees. Merchandise sales also surpassed budget, contributing an additional $53k 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 May 31, 2026

		CYTD Change		Beg. Mar.		Additions		Resignations		Conversions		Total	
Golf													
Family - Resident		2		179		1		-		-		180	
Family - Non Resident		1		76		-		-		-		76	
Single - Resident		4		128		-		-		(1)		127	
Single - Non Resident		-		71		-		-		-		71	
		7		454		1		-		(1)		454	
Racquets & Fitness													
Family - Resident		2		30		-		-		-		30	
Family - Non Resident		(1)		14		-		-		-		14	
Single - Resident		-		38		-		-		(1)		37	
Single - Non Resident		1		25		-		-		1		26	
		2		107		-		-		-		107	
Social													
Family - Resident		(3)		455		1		(2)		1		455	
Family - Non Resident		-		52		-		-		-		52	
Single - Resident		3		209		1		-		1		211	
Single - Non Resident		(6)		53		-		-		(1)		52	
		(6)		769		2		(2)		1		770	
													
Total Memberships		3		1,330		3		(2)		-		1,331	
													
Passes		CYTD Change		Beg. Mar.		Net Change		Total					
Fitness		(5)		139		1		140					
Range		4		59		-		59					
Pickleball		2		52		-		52					
Twilight Tennis		(1)		18		-		18					
SAP		7		137		-		137					
		7		405		1		406					
*135 grandfathered non-members (-2 to prior month), 182 grandfathered members (Same as prior month)
**292 non-resident memberships (Same as prior month)

Summer Memberships		Current		Budget		Last Year	
Golf		63		63		75	
Tennis		14		50		51	
Total		77		113		126	

Capital Raising Activities

Closing the capital gap									

Current sources:	
2025 Pro Forma		Transfer fee 1/2% <600K,
1%> 600K			Transfer fee flat 1/2%	Transfer fee flat 3/4%	Transfer fee flat 1%	
	Initiation fees		746,000						
									
	10% of outside play		276,000						
									
	Capital dues 5% / 10%		381,000						
		Current sources	1,403,000						
									
Potential new sources:									
	Transfer fees - 2025 sales	1/2% under $600K	16,875						
		1% over $600K	447,250			234,948	352,410	469,880	
									
	Increase Capital Dues	10% all categories; $500 Min. for non-full members	380,000			380,000	380,000	380,000	
									
		New sources	844,125			614,948	732,410	849,880	
									
		Current + New Sources	2,247,125			2,017,948	2,135,410	2,252,880	
									
	Recommend eliminating F&B minimum when implement new charges							
									
						Dec. sales $6.6MM		
	adjustments from last version: dele	ted capital charge per lot				1 sale <$600,000	$375,000	
						5 Sales > $600K totalling $6,225,000	
									
						prior 11 months $40,388,000	
						Total sales 2025 $46,988,000	
									
						8 sales < $600K		
						44 sales >$600K		

University Park Country Club Capital Dues Scenarios

Capital Dues	
	2027	
	Scenario #1	
	Scenario #2	
	Scenario #3	
	Scenario #4	
												
			Preliminary Budget	Nonresident % Increase to 12%		Nonresident % Increase to 13%		Nonresident % Increase to 14%		Nonresident % Increase to 15%	

Memberships	

Membership Dues	
% of Dues 5%
5%
10%
10%

5%
5%
10%
10%

5%
5%
10%
10%	

Count	

Rate	

Total	
% of Dues
5%
5%	

Count	

Rate	

Total	
% of Dues
5%
5%	

Count	

Rate	

Total	
% of Dues
5%
5%	

Count	

Rate	

Total	
% of Dues
5%
5%				
Full Family - Resident	12,425		177	621.25	109,961.25		177	621.25	109,961.25		177	621.25	109,961.25		177	621.25	109,961.25		177	621.25	109,961.25	
Full Single - Resident	9,450		130	472.50	61,425.00		130	472.50	61,425.00		130	472.50	61,425.00		130	472.50	61,425.00		130	472.50	61,425.00	
Full Family - Nonresident	12,425		73	1,242.50	90,702.50	12%
12%	73	1,491.00	108,843.00	13%
13%	73	1,615.25	117,913.25	14%
14%	73	1,739.50	126,983.50	15%
15%	73	1,863.75	136,053.75	
Full Single - Nonresident	9,450		70	945.00	66,150.00		70	1,134.00	79,380.00		70	1,228.50	85,995.00		70	1,323.00	92,610.00		70	1,417.50	99,225.00	
Full Total					328,238.75	
5%
5%			359,609.25	
5%
5%			375,294.50	
5%
5%			390,979.75	
5%
5%			406,665.00	
Racquets Family - Resident	5,355		21	267.75	5,622.75		21	267.75	5,622.75		21	267.75	5,622.75		21	267.75	5,622.75		21	267.75	5,622.75	
Racquets Single - Resident	4,015		36	200.75	7,227.00		36	200.75	7,227.00		36	200.75	7,227.00		36	200.75	7,227.00		36	200.75	7,227.00	
Racquets Family - Nonresident	5,355		15	535.50	8,032.50	12%
12%	15	642.60	9,639.00	13%
13%	15	696.15	10,442.25	14%
14%	15	749.70	11,245.50	15%
15%	15	803.25	12,048.75	
Racquets Single - Nonresident	4,015		23	401.50	9,234.50		23	481.80	11,081.40		23	521.95	12,004.85		23	562.10	12,928.30		23	602.25	13,851.75	
Racquets Total					30,116.75	
5%
5%			33,570.15	
5%
5%			35,296.85	
5%
5%			37,023.55	
5%
5%			38,750.25	
Social Family - Resident	1,650		459	82.50	37,867.50		459	82.50	37,867.50		459	82.50	37,867.50		459	82.50	37,867.50		459	82.50	37,867.50	
Social Single - Resident	1,275		205	63.75	13,068.75		205	63.75	13,068.75		205	63.75	13,068.75		205	63.75	13,068.75		205	63.75	13,068.75	
Social Family - Nonresident	1,650		51	165.00	8,415.00	12%
12%	51	198.00	10,098.00	13%
13%	51	214.50	10,939.50	14%
14%	51	231.00	11,781.00	15%
15%	51	247.50	12,622.50	
Social Single - Nonresident	1,275		58	127.50	7,395.00		58	153.00	8,874.00		58	165.75	9,613.50		58	178.50	10,353.00		58	191.25	11,092.50	
Social Total					66,746.25				69,908.25				71,489.25				73,070.25				74,651.25	
																						
				Total	425,101.75			Total	463,087.65			Total	482,080.60			Total	501,073.55			Total	520,066.50	
																						
					Increase from Preliminary Budget	37,985.90		56,978.85		75,971.80		94,964.75	
																						
Capital Dues		2027		Scenario #5		Scenario #6		Scenario #7		Scenario #8	
							Nonresident % Increase to 12%		Nonresident % Increase to 13%		Nonresident % Increase to 14%		Nonresident % Increase to 15%	
			Preliminary 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%	

Count	

Rate	

Total	
% of Dues
5%
5%	

Count	

Rate	

Total	
% of Dues
5%
5%	

Count	

Rate	

Total	
% of Dues
5%
5%				
Full Family - Resident	12,425		177	621.25	109,961.25		177	621.25	109,961.25		177	621.25	109,961.25		177	621.25	109,961.25		177	621.25	109,961.25	
Full Single - Resident	9,450		130	472.50	61,425.00		130	472.50	61,425.00		130	472.50	61,425.00		130	472.50	61,425.00		130	500.00	65,000.00	
Full Family - Nonresident	12,425		73	1,242.50	90,702.50	12%
12%	73	1,491.00	108,843.00	13%
13%	73	1,615.25	117,913.25	14%
14%	73	1,739.50	126,983.50	15%
15%	73	1,863.75	136,053.75	
Full Single - Nonresident	9,450		70	945.00	66,150.00		70	1,134.00	79,380.00		70	1,228.50	85,995.00		70	1,323.00	92,610.00		70	1,417.50	99,225.00	
Full Total					328,238.75	
5%
5%			359,609.25	
5%
5%			375,294.50	
5%
5%			390,979.75	
5%
5%			410,240.00	
Racquets Family - Resident	5,355		21	267.75	5,622.75		21	267.75	5,622.75		21	300.00	6,300.00		21	400.00	8,400.00		21	500.00	10,500.00	
Racquets Single - Resident	4,015		36	200.75	7,227.00		36	200.75	7,227.00		36	300.00	10,800.00		36	400.00	14,400.00		36	500.00	18,000.00	
Racquets Family - Nonresident	5,355		15	535.50	8,032.50	12%
12%	15	642.60	9,639.00	13%
13%	15	696.15	10,442.25	14%
14%	15	749.70	11,245.50	15%
15%	15	803.25	12,048.75	
Racquets Single - Nonresident	4,015		23	401.50	9,234.50		23	481.80	11,081.40		23	521.95	12,004.85		23	562.10	12,928.30		23	602.25	13,851.75	
Racquets Total					30,116.75	
5%
5%			33,570.15	
5%
5%			39,547.10	
5%
5%			46,973.80	
5%
5%			54,400.50	
Social Family - Resident	1,650		459	82.50	37,867.50		459	200.00	91,800.00		459	300.00	137,700.00		459	400.00	183,600.00		459	500.00	229,500.00	
Social Single - Resident	1,275		205	63.75	13,068.75		205	200.00	41,000.00		205	300.00	61,500.00		205	400.00	82,000.00		205	500.00	102,500.00	
Social Family - Nonresident	1,650		51	165.00	8,415.00	12%
12%	51	200.00	10,200.00	13%
13%	51	300.00	15,300.00	14%
14%	51	400.00	20,400.00	15%
15%	51	500.00	25,500.00	
Social Single - Nonresident	1,275		58	127.50	7,395.00		58	200.00	11,600.00		58	300.00	17,400.00		58	400.00	23,200.00		58	500.00	29,000.00	
Social Total					66,746.25				154,600.00				231,900.00				309,200.00				386,500.00	
																						
				Total	425,101.75			Total	547,779.40			Total	646,741.60			Total	747,153.55			Total	851,140.50	
																						
					Increase from Preliminary Budget	122,677.65		221,639.85		322,051.80		426,038.75	

4/15/2026

Town Hall Question - Irrigation Note

From: steve heitzner <steve.heitzner@universityparkrd.com>
Sent: Wednesday, June 10, 2026 5:43 AM To: Vivian Carvalho <carvalhov@pfm.com> Subject: Fwd: Town Hall F/U

ALERT: This message is from an external source.BE CAUTIOUS before clicking any link or attachment

Can you get this e mail to Dick Crouch as it keeps being returned to me as undeliverable.
---------- Original Message ----------
From: steve heitzner <steve.heitzner@universityparkrd.com>
To: "dick.crouch@universityparkrd.com" <dick.crouch@universityparkrd.com>, Vivian Carvalho <carvalhov@pfm.com>, "mbarnebey@blalockwalters.com"
<mbarnebey@blalockwalters.com> Date: 06/10/2026 5:39 AM EDT
Subject: Town Hall F/U

One of the follow up suggestions I got from the Townhall related to the BAN. Can we assess each homeowner $125.00(hypothetical #) to cover the $150K interest expense due to extending the BAN one more year to avoid having to assess for the irrigation this year(yes; this kicks the can down the road one more year) but it does mitigate that homeowner expense this year especially if we need to assess(or decide to) for the kitchen. Then we avoid a double assessment this year. Thoughts?

Also, can we develop a response to Dean's question regarding the kitchen questions related to 2022/2024 estimates. I believe the questions are related to when the estimates for the kitchen were obtained(2022).

Thanks...

University Park Recreation District	
Estimated Cost to Extend Note by 1 Year & Assess Residents	
Closing Costs	70,000	
Assessment Methodology	25,000	
Additional Interest	167,000	
Administrative Collection Cost	19,720	
Total Cost to Extend	281,720	

6/15/2026	1/1

Review of submitted Documents - Funding Options

Executive Summary
Executive Summary
Cash Flow Alternative Plan – May 15, 2026
The Cash Flow Alternative Plan presents a lower-cost, cash-flow-driven financing strategy intended to address capital improvement needs while avoiding a large long-term homeowner assessment similar to the proposed 2024 Bond structure. The plan focuses on spreading costs over time, leveraging existing operational revenues, and restructuring debt obligations to reduce annual homeowner impact.
Key considerations identified in the proposal include homeowner preference for deferred payment structures and the significant burden associated with the prior 2024 Bond model, which would have averaged approximately $1,250 annually per homeowner for 30 years. The plan also recognizes the strength of existing golf and operational revenues, including approximately $2.5 million annually from outside play, a recurring operating surplus of roughly $500,000 per year, and approximately $1.4 million annually in existing capital allocations from initiation fees, outside play contributions, and capital dues.
The proposed strategy centers on implementing a $50 per month member charge dedicated to irrigation and kitchen improvements. This would generate approximately $800,000 annually while reducing the average member burden by roughly 50% compared to the 2024 Bond proposal. Additional funding support would come from redirecting existing golf operation capital allocations toward debt service obligations.
The plan also recommends extending the existing Bond Anticipation Note (BAN) for two additional years through 2029 and using operational surplus funds to cover interest payments during the extension period. To create additional financing flexibility, the proposal suggests pursuing a member referendum to increase the UPCRD short-term borrowing authority from 5 years to 10 years. This change is intended to avoid the need for a large immediate capital assessment.
Under the proposal, UPCRD would borrow approximately $9 million over 10 years at an estimated annual debt service cost of $1.165 million. These proceeds would be used to retire the remaining BAN balance and provide approximately $4.5 million for kitchen improvements. In addition, refinancing the existing 2019 Bond could potentially generate an additional $5 million in capital funding while restructuring long-term obligations.
Overall, the Cash Flow Alternative Plan seeks to balance infrastructure funding needs with homeowner affordability by combining modest recurring member contributions, operational cash flow, debt restructuring, and refinancing strategies to reduce reliance on large long-term assessments.

Cash Flow Alternative Plan
Executive Summary – One Page Presentation May 15, 2026
OBJECTIVE
Develop lower-cost capital funding strategy
Reduce homeowner burden versus 2024 Bond
Avoid large upfront assessments
Leverage existing operational cash flow
KEY FINANCIAL FACTS
2024 Bond estimated at ~$1,250 annually for 30 years
Outside play revenue: ~$2.5M annually
Operating surplus: ~$500K annually
Annual capital allocation: ~$1.4M annually
CURRENT DEBT
2019 Bond: ~$24M outstanding; callable May 1, 2030
BAN: ~$4.5M remaining at 5%; due August 2027
PROPOSED PLAN
$50/month member charge (~$600 annually)
Generates approximately $800K annually
Estimated 50% lower annual cost than 2024 Bond
Redirect golf capital allocations to debt service
Extend BAN approximately 2 additional years
Increase borrowing authority from 5 to 10 years
Borrow ~$9M over 10 years (~$1.165M annual debt service)
USE OF FUNDS
Retire remaining BAN balance
Fund kitchen improvements
Potential 2019 Bond refinancing could generate ~$5M capital
STRATEGIC BENEFITS
Lower annual homeowner/member cost
Reduced reliance on long-term assessments
Improved capital flexibility
Creates phased and manageable funding structure