G-03-11-25-11C4 - 11/25/2003ORDINANCE NO.103_ 11 J5-11CL/
AN ORDINANCE APPROVING AND ADOPTING A BUDGET FOR
THE FOREST CREEK GOLF COURSE FOR FISCAL YEAR 2003-2004.
WHEREAS, CCA Silband/Golfcorp/Round Rock, Inc. ("Operator")
has submitted a proposed capital budget for the Forest Creek Golf
Course for Fiscal Year 2003-2004, and
WHEREAS, the City Council wishes to approve said capital
budget, Now Therefore
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF ROUND ROCK,
TEXAS:
That the capital budget for the Forest Creek Golf Course
submitted by Operator for Fiscal Year 2003-2004, attached hereto as
Exhibit "A", is hereby approved.
The City Council hereby finds and declares that written notice
of the date, hour, place and subject of the meeting at which this
Ordinance was adopted was posted and that such meeting was open to
the public as required by law at all times during which this
Ordinance and the subject matter hereof were discussed, considered
and formally acted upon, all as required by the Open Meetings Act,
Chapter 551, Texas Government Code, as amended.
READ and APPROVED on first reading this the /3th—
day
of
, 2003.
Dir, APPROVED and ADOPTED on second reading this the
Cl!5 day of , 2003.
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C y of Round Rock, Texas
CHRISTINE R. MARTINEZ, City Secreta
2
City of Round Rock
Forest Creek Golf Club
2003-2004 Proposed Capital Budget
DESCRIPTION OF ITEM
02-03 02-03 03-04
Approved Estimated Proposed
Budget Actual Budget
Beginning Fund Balance 10/01/03
Less: Departmental Reserves
Unreserved Fund Balance
$13,115 $13,143 $16,473
0 0 0
13,115 13,143 16,473
REVENUES:
Green Fees Transfer (@ 6%) 60,000 49,210 49,186
Interest 0 313 235
Total Revenues
60,000 49,523 49,421
EXPENDITURES:
Improvements 0 0 0
Golf Course Equipment & Machinery 71,945 44,978 58,100
Contingency 1,170 0 7,794
Construction 0 1,215 0
Total Expenditures 73,115 46,193 65,894
Change in Operations (13,115) 3,330 (16,473)
Estimated Unreserved Fund Balance at 9/30/04 $0 $16,473 $0
DATE: November 20, 2003
SUBJECT: City Council Meeting - November 25, 2003
ITEM: 11.C.4. Consider an ordinance approving and adopting the Forest
Creek Golf Course Capital Budget for Fiscal Year 2003-
2004. (Second Reading)
Resource: David Kautz, Assistant City Manager/Chief Financial Officer
Cindy Demers, Finance Director
History: The City owns Forest Creek Golf course and has contracted with
Golf Corp to manage and operate the course. As part of operating
the course, Golf Corp prepares a capital budget for major
improvements and equipment. The budget is funded by 6% of
green fees. The course has always been self-supporting and no tax
money or general revenues have been required to operate the
course or to pay debt service.
Funding:
Cost: Outlined in the attached budget
Source of Funds: 6% of green fees
Outside Resources: Golf Corp (the golf course operator)
Impact/Benefit:
To maintain and improve the Forest Creek Golf Course,
preserve the asset and keep its competitive with other
courses.
Public Comment: N/A
Sponsor: Finance Department