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Fort Walton Beach Council agenda — 06-17-08 special agenda — reading text
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59
Page 40 of
City of Fort Walton Beach, Florida
PROPRIETARY FUNDS
STATEMENT OF REVENUES, EXPENSES AND CHANGES IN NET ASSETS
Pro-Forma for Golf Fund (without rate increases)
Adopted Amended Projected
FY 2008 FY 2008 FY 2009 FY 2010 FY 2011 FY 2012 FY 2013
OPERATING REVENUES
Charges for services " 2, 435, 000 2, 416,974 2,416,974 2,416,974 2, 416,974 2, 416,974 2,416,974
OPERATING EXPENSES
Personal servicesP 1, 240,928 1, 196,247 1, 060,928 1, 135, 193 1, 214,657 1, 299,683 1, 390,661
3)
Operating ( 695,837 641, 837 673,929 707,625 743,006 780, 156 819, 164
Depreciation`) 502,050 502,050 502,550 516,050 530,883 532,383 582,383
TOTAL OPERATING EXPENSES 2,438,815 2,340, 134 2,237,407 2, 358,868 2,488,546 2,612,222 2, 792,208
OPERATING INCOME ( LOSS) 3,815) 76,840 179,567 58, 106 71, 573) 195,249) 375,235)
NON- OPERATING REVENUES ( EXPENSES)
Rental Income 103,272 103,272 106,370 109,561 112,848 116,233 119,720
Interest expense 218,977) 218, 977) 218, 977) 218,977) 218,977) 218,977) 218,977)
Alnordzabon ( est. based on FY07 actual) 91 000) 9, 000) 9, 000) 9, 000) 9, 000) 9, 000) 9, 000)
Other debt service ( est. based on FY07 actual) 250) 250) 250) 250) 250) 250) 250)
Gain ( loss) on disposal of fixed assets
Interest Income
Miscellaneous Revenue 1, 750 16,523 1, 750 1, 750 1, 750 1, 750 1, 750
TOTAL OPERATING REVENUES
EXPENSES) 123,205) 108,432) 120, 107) 116,916) 113,629) 110, 244) 106,757)
VCOME ( LOSS) BEFORE OPERATING
TRANSFERSTRANSFERS 127,127, 020)020) 31, 592) 59,460 58,810) 185,202) 305,493) 481, 992)
Transfer Outer' 62, 150) 62, 150) 64,015) 65,935) 67, 913) 69,950) 72,049)
TOTAL CONTRIBUTIONS AND TRANSFERS 62, 150) 62, 150) 64,015) 65, 935) 67,913) 69,950) 72,049)
CHANGE IN NET ASSETS 189, 170) 93,742) 4,555) 124,745) 253, 115) 375,443) 554,041)
NET ASSETS - BEGINNING OF YEAR 407, 199 407, 199 313,457 308, 902 184,184, 157157 68,68, 957)957) 444,444, 400)400)
NETNET ASSETSASSETS
- - ENDEND OFOF YEARYEAR 218,218, 029029 313,457 308,902 184, 157 68,957) 444,400) 998,441)
Notes:
FY 2008 adjusted based on actuais; no projected rate increases
FY 2008 assumes elimination of 3 FT greenkeepers 07/01/ 08
FY 2009 assumes elimination of 3 FT greenkeepers and conversion of 7 FT to PT; assumes 7% annual increase thereafter
3)FY 2008 reduced by $ 54K (grounds maintenance funds moved to budget cuts); Projected assumes 5% annual increase
Depreciation included in lieu of budgeted capital outlay and CIP expenses; based on FY 2009 CIP budget submission
5 Projected assumes 3% annual increase based on lease agreements
b' Projected assumes 3% annual increase; includes only "other shared expenses ", not cost allocation plan
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