The Villages
Golf and Country Club
2009/2010
Operating and Reserve
Budget Presentation
FINAL DRAFT – APRIL 22, 2009
The Remaining Schedule
The Club Budget Development Process (what’s remaining)
March 26, 2009
Operating budget recommendations are presented to
Finance Committee – including any fee changes
April 2, 2009
Replacement Reserve budgets and Facility Reserve
budgets are presented to Finance Committee
April 9, 2009
April 16, 2009
April 28, 2009
Complete budget overview is presented to Finance
Committee
Operating budget, Replacement Reserve budget and
Facility Reserve budget are presented to the Board of
Directors
Board of Directors formally approves and accepts FY10
budget
2
Club Operating
Draft Budget - FY 09/10
Process To Date





Budget workshop with Board of Directors
Departmental meetings
Line-by-line review of each budget
There was a heightened awareness this year to be as
frugal as we could without affecting service levels to
obvious extent
Three budget review meetings were conducted with
Finance Committee and the Committee approves of
the budget with the exception of the golf operation
element
4
2009-2010 Fiscal Year Draft Club
Budget Summary


As it stands today, the operating assessment can
remain flat for the next fiscal year – assuming
fee adjustments are made to the golf operation
The history…
CLUB ASSESSMENT HISTORY
YEAR
OPERATING
FY 06
FY 07
% CHANGE
FY 08
% CHANGE
FY 09
% CHANGE
FY 10
% CHANGE
158.37
174.23
10.0%
178.72
2.6%
197.71
10.6%
198.18
0.2%
RESERVE-REPLACEMENT
21.38
25.07
17.3%
33.02
31.7%
37.82
14.5%
42.35
12.0%
*RESERVE-FACILITY FUND
20.00
7.00
-65.0%
15.00
114.3%
15.00
0.0%
10.00
-33.3%
199.75
206.30
3.3%
226.74
9.9%
250.53
10.5%
250.53
0.0%
TOTAL
5
The Big Picture
Association and the Club
CLUB/ASSOCIATION ASSESSMENT CHANGE SUMMARY
2010
2009
Difference
% Change
Association Operating Assessments
7,082,133
7,297,740
215,607
-3.0%
Association Reserve Assessments
4,766,970
4,426,300
(340,670)
7.7%
11,849,103
11,724,040
(125,063)
1.1%
Club Operating Assessments
6,031,071
6,017,086
(13,985)
0.2%
Club Reserve Assessments
1,289,113
1,150,938
(138,175)
12.0%
Club Facility Fund Assessments
304,320
456,480
152,160
-33.3%
Total Club
7,624,504
7,624,504
Total Club & Association
19,473,607
19,348,544
Total Association
(125,063)
0.0%
6
0.6%
2009-2010 Fiscal Year Draft
Operating Budget Summary

Decrease in total revenue of $93,600




Pro Shop retail ($18,000)
Food and Beverage ($81,500 – 4.7 percent)
Advertising ($23,500 – 9.3 percent) – Villager and
Directory
Total decrease to expenses of $40,200

Employee benefits up $179,800


Total cost of wages and benefits equals $123,800
Cost of water increased $90,500
7
2009-2010 Fiscal Year Draft
Operating Budget Summary






Insurance is flat
Repair and Maintenance increased $28,300 (7.1
percent increase)
Landscape expenses decreased $240,100 (31.9
percent) – this includes savings from the recent
contract renewal and reduced landscape expenses on
the golf course
General utilities are down $56,400 – mainly electricity
(UCCC-driven)
Cable television expenses increased $21,700 per
contract – less than the maximum amount permitted
Outside services increased $47,100 (8.5 percent)

Villager printing $20,000, aeration on course $10,000 and
payroll processing $10,000
8
The Main Expense Categories
FY 10
FY 09
$ Change % Change
CATV
$34.22
$33.50
$0.72
2.1
Clubhouse/Restaurant
$21.70
$17.90
$3.80
21.2
Clubhouses
$20.62
$19.98
$0.64
3.2
All others
$24.04
$32.33
($8.29)
Community Activities
$18.08
$16.66
$1.42
8.5
G&A
$23.53
$22.46
$1.07
4.8
Pools
$6.23
$6.33
($0.10)
-1.6
$27.82
$27.07
$0.75
2.8
$4.26
$4.01
$0.25
6.2
$17.68
$17.47
$0.21
1.2
Public Safety
Maint Admin
Golf/Pro-Shop
-25.6
9
Totals
$198.18
$197.71
$0.47
0.2
Revenues:
Assessments
Green Fees
Pro Shop Revenue
Golf Cart Fees
Restaurant Sales
Rental Income
Advertising
Billable Services
Activities/Lessons/Classes
Other
Total Revenues
FY 10
6,031,100
1,327,500
314,100
146,700
1,655,500
96,200
229,500
43,500
231,400
175,500
10,251,000
FY 09
6,017,000
1,419,500
332,600
153,000
1,737,000
100,500
253,000
46,000
230,300
175,500
10,464,400
Change
14,100
(92,000)
(18,500)
(6,300)
(81,500)
(4,300)
(23,500)
(2,500)
1,100
(213,400)
Per Cent
0.2
-6.5
-5.6
-4.1
-4.7
-4.3
-9.3
-5.4
0.5
0.0
-2.0
Expenses:
Wages and Benefits
Cost of Sales
Operating Supplies
Repair & Maint
Landscape
Water
Utilities
Cable TV
Outside Services/Consultants
Insurance
All Other
Club Transfers to Association/HO
6,327,000
1,019,000
324,700
426,800
511,700
656,900
536,800
1,041,300
602,700
98,200
258,400
(1,582,400)
6,203,200
1,033,900
331,500
398,500
751,800
566,400
593,200
1,019,600
555,600
98,500
259,100
(1,550,000)
123,800
(14,900)
(6,800)
28,300
(240,100)
90,500
(56,400)
21,700
47,100
(300)
(700)
(32,400)
2.0
-1.4
-2.1
7.1
-31.9
16.0
-9.5
2.1
8.5
-0.3
-0.3
2.1
10,221,100
10,261,300
(40,200)
-0.4
Surplus(deficit)
29,900
203,100
(173,200)
New capital purchases
(11,800)
Cash Surplus (Deficit)
18,100
Total expenses
(36,000)
24,200
10
167,100
(149,000)
Landscape Contract Renewal
ASSOCIATION
$433,100
CLUB
$237,600
HOMEOWNERS
TOTAL
Note:
$6,700
$677,400
When the savings were applied to the operating
assessment, $40,000 remained that was
transferred to the Reserve Fund
11
TRUGREEN ALLOCATION-8445
1,915,000
%
10.8%
10.0%
3.0%
8.8%
8.0%
9.1%
10.4%
3.7%
11.9%
1.5%
4.5%
3.7%
85.4%
Association
301
302
303
304
305
306
307
308
309
310
311
312
Cribari District
Montgomery District
The Heights District
Hermosa District
Verano District
Del Lago I District
Highlands District
Glen Arden District
Olivas District
Fairways District
Sonata District
Valle Vista District
FY 10
YEAR
206,820
191,500
57,450
168,520
153,200
174,265
199,160
70,855
227,885
28,725
86,175
70,855
1,635,410
Homeowners
3.5%
Estates
67,025
67,025
Club
1.7%
0.7%
0.6%
0.8%
6.1%
0.4%
0.1%
0.7%
11.1%
100.0%
081
082
084
085
146
151
161
168
Cribari Center
Montgomery Ctr
Vineyard Ctr
Foothills Ctr
Other properties
Cribari Pool
R.V. Lot
Corporation Yard
32,555
13,405
11,490
15,320
116,815
7,660
1,915
13,405
212,565
12
1,915,000
The Villages Golf and Country Club
FY 2009-10
Capital Equipment/Improvements Section
Cost Center
Item
Amount
25-Mar-09
Reason
Cribari Center
Stiga Table Tennis Table/Wheels
Powermatic Band Saw
Sand-Free Drum Sander
1,400
1,100
750
Amenity Enhancement
Amenity Enhancement
Amenity Enhancement
Public Safety
Exit Bar Code Reader
8,500
Improve Security
Grand total
11,750
Last year
36,000
13
Club Operating Expense Components - FY
09/10
Club Operating Expense Components
Outside
Services/Contractors
5%
Cable TV
9%
Water & Utilities
10%
Insurance
1%
All Other
2%
Salaries and Benefits
54%
Landscape
4%
Repair & Maint
4%
Operating Supplies/
Cost of Sales
11%
14
Payroll Related Expenses


Overall increase of $123,800 or 2 percent
Head count reduced by 3 FTEs


Only two departments increased head count




Wages and taxes reduced by $55,000
.5 FTE in GM office (delivery of monthly statements)
.5 FTE in Community Activities (AV set ups)
Reductions in overtime pay (F&B and Golf
Maintenance)
2.75 percent increase to employee salaries – except
F&B – no increases


CPI – 3.3 percent
Fed COLA 5.8 percent
15
Payroll Related Expenses - Benefits

Increase cost to benefit package of $178,800 –
a 20 percent increase



Benefit plan renewal equated to roughly 11 percent
Dental was budgeted short last year – $35,000
Participant plan mix changed – single to family


Average cost per employee increased from $7,400 to
$9,100
Plan was adjusted – deductibles and co-pays were
increased – passing $300 to $400 in additional cost
back to employee in form of monthly program
contribution
16
THE VILLAGES GOLF & COUNTRY CLUB
Full-time equivalent staffing
Payroll Comparative Changes
FY 10
Budget
Department
General Services
FY 09 Budget
Budget Change
FY 10 Budget:
FY 08 Actuals
9.9
9.4
18.0
18.0
2.0
2.0
14.2
15.5
(1.3)
15.5
Golf Professional
5.9
6.2
(0.3)
5.5
0.4
Community Activity
4.1
3.6
0.5
3.8
0.3
Club Maintenance
8.4
9.0
(0.6)
8.5
(0.1)
Stables
0.3
0.5
(0.2)
0.3
15.3
15.7
(0.4)
16.1
Villager
4.9
5.1
(0.2)
4.7
0.2
Post Office
0.8
0.8
0.7
0.1
The Clubhouse
2.9
3.2
(0.3)
2.6
0.3
30.9
31.5
(0.6)
32.2
TOTALS 117.5
120.5
Maintenance Services
Shop Maintenance
Golf Maintenance
Public Safety
Food & Beverage
0.5
FY 08
Actuals
9.0
0.9
-
16.8
1.2
-
2.0
-
(3.0)
117.7
(1.3)
(0.8)
(1.3)
(0.2)
FY 10 Payroll Costs
Wages
Taxes
Benefits
$
$
FY 10
4,862,800
394,800
1,069,400
6,327,000
% Change
$
123,800
$
Total $ Change
Fiscal Year
FY 10
FY 09
$
FY 09
4,908,200
404,400
890,600
6,203,200
Average Pay Data
FTE Wages, Taxes, and Benefits
Wages
Taxes
Benefits
41,400
3,400
9,100
40,700
3,400
7,400
1.7%
0.0%
23.0%
% Change
-0.9
-2.4
20.1
2.0
Total
53,900
51,500
18
4.7%
Food and Beverage

Loss of revenue - $81,000 (4.7 percent)



Lower diner count expected
Will not jump out to a big start this summer as we
did last summer
Total expenses increased by $39,100 (1.7
percent)

Wages and Benefits




Salary flat other than F&B Director incentive that was
never budgeted
Benefits increased by $62,800 (25 percent)
Overtime cut in half
No wage adjustments – frozen
19
The Bottom Line – not better…worse
F&B Bottom Assessment - Historical Subsidies (Assessments)
2007 Actual
2008 Actual
2009 Budget 2009 Forecast 2010 budget
2006 Actual
$ 475,132.00
$ 604,380.00
$ 551,428.00
$ 544,877.00
$ 544,872.00
$ 660,513.00
700000
600000
500000
400000
300000
200000
100000
0
2006 Actual
2007 Actual
2008 Actual
2009 Budget
2009 Forecast 2010 budget
20
Golf Program Revenue Base
FY 10
FY 09
Green fees
1,327,500
1,420,000
No change in fee structure
Golf carts
146,700
153,000
No change in fee strucutre
Pro shop revenue
314,000
333,000
1,788,200
1,906,000
Remarks
21
Golf Program Cost Distribution
Costs shared 65/35 -
FY 10
Golf Maintenance Op
FY 09
Change
Per Cent
1,838,000
1,796,000
42,000
2.3
Pro Shop Op-Net
163,000
144,000
19,000
13.2
Golf Reserves
250,000
227,000
23,000
10.1
Prior budget deficit
-
Total shared costs
2,251,000
2,167,000
84,000
3.9
Costs to golfers Pro Shop Op-Net
-
Prior budget deficit
150,000
Deferred
172,000
(150,000)
Total cost base
(10,000)
2,251,000
Paid by resident golfers
1,003,300
Paid by guest golfers
459,700
Paid by assess (35% of 2,251,000)
788,000
2,329,000
48%
19%
33%
1,085,400
485,600
758,000
47%
21%
33%
(22,000)
-12.8
(140,000)
1400.0
(78,000)
(3.3)
(82,100)
(25,900)
30,000
-7.6
-5.3
4.0
22
Monthly assessment
(788,000/2536/12)
$
25.89
$
24.90
0.99
4.0
Golf Rates and Fees
FY 10
Weekday
FY 09
Weekday
Member, regular 18
Member, regular 9
Member, short 9
Guest, regular 18
Guest, regular 9
Guest, Guest day, regular 18
Guest, Team/Invitational, regular 18
Guest day, regular 9
Guest day, short 9
$22.00
$14.00
$9.00
$52.00
$37.00
$32.00
$22.00
$15.00
$9.00
Special green fees:
Twilight
Outside tournaments
Green fees:
Private Club Exchange
Golf Cart Rentals(Subject to change)
Members
Diff
FY 10
Weekend
FY 09
Weekend
Diff
$22.00
$14.00
$9.00
$52.00
$37.00
$32.00
$22.00
$15.00
$9.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$22.00
$14.00
$9.00
$60.00
$40.00
$32.00
N/A
N/A
N/A
$22.00
$14.00
$9.00
$60.00
$40.00
$32.00
N/A
N/A
N/A
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$0.00
$14.00
$50.00
$14.00
$50.00
$0.00
$0.00
$14.00
N/A
$14.00
N/A
$0.00
$0.00
$50.00
$50.00
$0.00
$50.00
$50.00
$0.00
$25.00
$25.00
$0.00
$25.00
$25.00
$0.00
23
Emergency Preparedness Committee



$10,000 in this year’s budget
EPC requested $22,000
Resubmitted at $15,000, which was
approved
24
The Villages Golf and Country Club
FY 09
Schedule of Fees and Charges
FY 09
Amount
Third Resident Assoc. Fee (Per Month)
Fourth Party Club Fee (Per Month)
Stabling Fee (Per Month)
R.V. Storage Fees (Per Month):
20 Feet or Less
21 to 25 Feet
26 to 30 Feet
31 Feet or More
RV Lot Electricity Connection
Guest Rooms (Daily Rate):
Single
Double
(Plus 10% Room Tax)
Facility Use:
Deposit (Varies with Facility)
Clean-up Charge (Per Hour, 1/2 Hr Min.)
Rental Fee (Varies with Facility)
Key Purchase
Equipment rental
The Villager Newspaper:
Display Advertising (Per Inch)
Non-Resident Subscription (Per Year)
Inserts (Per 1000)
Classified Ad/Resident (Minimum)
Classified Ad/Non-Resident (Minimum)
Golf Cart Fees (Per Month):
Golfer's Trail Fee
Storage
Electricity
Green Fees:
Member, Regular 18
Member, Regular 9
Member, Short 9
Member, Twilight
*Guest, Regular 18
*Guest, Regular 9
*Guest, Short 9
*Guest day, Regular 18
*Guest Day, Regular 9
*Guest Day, Short 9
*Guest, Team Play/Invitational, Reg. 18
*Outside Tournament
*Private Club-Reciprocal
*Golf Cart Rental:
Member
Guest
FY 08
Amount
Diff
$55.00
$113.37
$250.00
$55.00
$113.37
$250.00
$0.00
$0.00
$0.00
$28.25
$33.25
$36.50
$40.25
$10.00
$28.25
$33.25
$36.50
$40.25
$10.00
$0.00
$0.00
$0.00
$0.00
$0.00
$75.00
$85.00
$70.00
$80.00
$35.00
$35.00
Refer to published rates
Refer to published rates
Refer to published rates
$5.00
$5.00
$0.00
$10.00
$80.00
$160.00
$5.00
$10.00
$10.00
$80.00
$160.00
$5.00
$10.00
$0.00
$0.00
$0.00
$0.00
$0.00
$15.00
$2.00
$7.00
$15.00
$2.00
$7.00
$0.00
$0.00
$0.00
$22.00
$14.00
$9.00
$14.00
$60.00
$37.00
$15.00
$32.00
$15.00
$9.00
$22.00
$50.00
$50.00
$20.00
$13.25
$8.75
$13.25
$49.00
$36.00
$14.75
$30.00
$15.00
$9.00
$20.00
$48.00
$48.00
$2.00
$0.75
$0.25
$0.75
$11.00
$1.00
$0.25
$2.00
$0.00
$0.00
$2.00
$2.00
$2.00
$25.00
$35.00
$25.00
$35.00
$0.00
$0.00
Things to Consider









Shortening the swimming season at Cribari and Foothill by 12-13 weeks
saves roughly $5,000 in utility and pool-related expenses
Increasing the assessment late fee from $5 to $10 (which we can) could
generate an additional $10,000
Going “electronic only” with the Villager could save $125,000
Billable charges to Association could be increased to reflect staff’s time
Turning off irrigation to first 175 feet of fairway from the tee could save
$35,000
Cancelling home delivery of Villager could save $25,000 – news-boxes
would be placed around the community
Not using the tent for the July 4 celebration could save $5,000
Restaurant and golf operation could shut down for a day (Mondays for
golf and Tuesdays for the restaurant) could save $
Cellular providers are re-interested – could generate $20-50,000 per year
26
Capital Budget Proposal
Process To Date



Budget workshop with Board of Directors
Departmental meetings
Line-by-line review of each schedule
28
Key Points Relating the Reserve Fund

Total spending plan for 2009/2010 is
$1,586,600

Golf portion of spending plan is $268,500


2009/2010 ending fund balance is $977,900
Club portion of spending plan is $1,318,100

2009/2010 ending fund balance is $870,100
29
Key Points Relating the Reserve Fund


Total funding (assessment) for consolidated
plan equates to $1,289,100
Increase in funding plan from last year’s
projection is roughly $140,000

Increase in asphalt and roadway maintenance plan
accounts for a $110,000 increase over the
$235,000 projected last year – now $343,000
30
Key Points Relating the Reserve Fund






$27,000 ADA improvements to Cribari Center
$126,700 for seven new vehicles - four for
maintenance, two for janitorial and one for public
safety
$82,000 in improvements to corporation yard
building
$60,500 to replace roof on professional buildings
$65,000 for fitness equipment
$50,000 for landscape improvements
32
Key Points Relating the Reserve Fund






$42,000 for outdoor and pool area furniture
$65,000 for chairs for Cribari
$60,000 for Montgomery Center renovations
$60,000 for driving range irrigation
replacement
$60,000 for driving range replacement netting
$123,000 in golf course replacement
equipment
33
The Reserve Fund in Detail
34
The Villages Golf and Country Club - Consolidated Reserve Fund and Cashflow
4/13/09
Inf factor
Invest factor
Estimated replacement costs at future dollars
1
2010
Location
Cribari Center
152,400
Montgomery Center
128,000
Pro-Shop
3,800
Vineyard Center
18,400
Foothills Center
11,100
Pools
74,200
Tennis Courts
Lakes and Ponds
Perimeter Fences
9,700
Gazebo Park
10,000
Hill Lands
Landscape
50,000
Public Safety
50,000
Other Equipment and Vehicles 107,600
Professional Building
77,600
Corporation Yard
208,700
The Clubhouse
77,400
Signs
Streets
343,000
Golf
264,700
4
2013
5
2014
6
2015
7
2016
8
2017
9
2018
10
2019
260,800
57,800
3,300
3,300
800
300
800
27,600
57,900
12,000
130,500
400
29,900
142,700
11,000
224,500
323,800
54,700
11,600
22,600
700
4,600
60,800
11,700
4,100
1,700
71,800
35,000
11,600
412,600
227,400
36,500
26,200
78,800
900
1,200
2,100
158,900
9,700
63,800
20,400
17,300
24,400
13,900
75,200
6,100
752,900
209,500
79,300
29,600
3,800
3,000
18,700
244,200
5,900
112,300
67,000
2,600
26,000
1,200
7,500
37,500
72,700
669,500
2,700
19,300
36,300
13,400
6,700
3,200
70,400
30,800
86,400
49,000
60,400
302,200
320,300
46,300
580,100
39,700
19,800
11,500
209,900
53,900
11,500
14,100
73,900
5,400
95,200
1,700
17,200
132,900
21,000
762,400
-
81,500
33,200
19,200
48,400
6,700
21,400
1,000
77,600
13,300
41,600
15,800
154,200
112,300
138,500
90,700
495,100
28,000
21,000
3,800
48,400
82,500
2,500
34,200
143,200
35,000
9,300
123,100
455,700
789,200
1,586,600
1,670,100
1,287,400
930,900
1,497,800
1,380,800
1,047,400
2,050,200
855,400
2,271,000
1,930,500
1,289,113
159,100
(1,586,600)
55,800
1,847,913
1,413,000
66,300
(1,670,100)
52,600
1,709,713
1,548,900
2,026,413
1,697,900
2,865,713
1,861,400
3,320,713
1,964,700
4,013,013
2,074,000
5,175,413
2,189,600
5,472,213
2,312,000
7,114,813
2,441,500
(1,287,400)
55,200
(1,497,800)
91,400
(1,380,800)
108,400
(1,047,400)
135,800
(2,050,200)
157,400
1,847,913
1,709,713
2,026,413
3,320,713
4,013,013
5,175,413
5,472,213
Est ending Balance
Est annual assessment
3
2012
203,100
52,300
10,200
30,600
45,400
38,500
127,800
33,100
5,300
55,100
43,800
99,100
20,900
168,700
354,700
15,900
169,200
196,400
Totals
Est Beginning Balance
Assessments
FF loan payments
less expenses
Est net interest
2
2011
5%
3%
$
42.35 $
12.0%
46.43 $
9.6%
(930,900)
72,300
2,865,713
50.90 $
9.6%
55.79 $
9.6%
61.17 $
9.6%
64.56 $
5.5%
68.15 $
5.6%
71.95 $
5.6%
(855,400)
186,000
(2,271,000)
216,000
7,114,813
75.97 $
5.6%
7,501,313
35
80.23
5.6%
The Villages Golf and Country Club
4/15/09
FY 10
Facility
Location
Club Reserve
Consolidated Cash Flow
ONLY GOLF
Estimated replacement costs at future dollars
1
2010
Location
Pro-Shop
Golf
Totals
Est Beginning Balance
Assessments
FF loan payments
less expenses
Est net interest
Est ending Balance
Est annual assessment
$
2
2011
3
2012
4
2013
5
2014
6
2015
Inf factor
7
2016
8
2017
5%
9
2018
10
2019
11
2020
12
2021
3,800
264,700
10,200
196,400
3,300
323,800
11,600
227,400
78,800
209,500
3,800
669,500
36,300
46,300
-
19,200
90,700
21,000
789,200
6,200
2,385,500
114,800
261,000
268,500
206,600
327,100
239,000
288,300
673,300
82,600
-
109,900
810,200
2,391,700
375,800
967,600
250,000
977,900
270,000
1,071,600
291,600
1,067,700
314,900
1,176,800
340,100
1,264,700
367,300
992,100
396,700
1,340,700
428,400
1,815,700
462,700
2,228,300
499,700
1,980,000
539,700
159,600
582,900
(268,500)
28,800
977,900
(206,600)
30,300
1,071,600
(327,100)
31,600
1,067,700
(239,000)
33,200
1,176,800
(288,300)
36,100
1,264,700
(82,600)
34,500
1,340,700
46,600
1,815,700
(109,900)
59,800
2,228,300
(810,200)
62,200
1,980,000
(2,391,700)
31,600
159,600
(375,800)
7,900
374,600
8.22 $
10.2%
8.87 $
8.0%
9.58 $
8.0%
10.35 $
8.0%
11.18 $
8.0%
(673,300)
33,400
992,100
12.07 $
8.0%
13.04 $
8.0%
14.08 $
8.0%
15.20 $
8.0%
16.42 $
8.0%
17.73 $
8.0%
19.15
8.0%
36
The Villages Golf and Country Club - The Club (golf numbers not included)
4/13/09
Estimated replacement costs at future dollars
3
2012
260,800
57,800
Vineyard Center
Foothills Center
Pools
Tennis Courts
Lakes and Ponds
Perimeter Fences
Gazebo Park
Hill Lands
Landscape
Public Safety
Other Equipment and Vehicles
Professional Building
Corporation Yard
The Clubhouse
Signs
Streets
18,400
11,100
74,200
9,700
10,000
50,000
50,000
107,600
77,600
208,700
77,400
343,000
30,600
45,400
38,500
127,800
33,100
5,300
55,100
43,800
99,100
20,900
168,700
354,700
15,900
169,200
3,300
800
300
800
27,600
57,900
12,000
130,500
400
29,900
142,700
11,000
224,500
22,600
700
4,600
60,800
11,700
4,100
1,700
71,800
35,000
11,600
412,600
900
1,200
2,100
158,900
9,700
63,800
20,400
17,300
24,400
13,900
75,200
6,100
752,900
3,000
18,700
244,200
5,900
112,300
67,000
2,600
26,000
1,200
7,500
37,500
72,700
13,400
6,700
3,200
70,400
30,800
86,400
49,000
60,400
302,200
320,300
19,800
11,500
209,900
53,900
11,500
14,100
73,900
5,400
95,200
1,700
17,200
132,900
21,000
762,400
48,400
6,700
21,400
1,000
77,600
13,300
41,600
15,800
154,200
112,300
138,500
3,800
48,400
82,500
2,500
34,200
143,200
35,000
9,300
123,100
455,700
1,000
11,600
75,200
59,100
70,200
62,200
315,200
633,500
1,318,100
1,463,500
960,300
691,900
1,209,500
707,500
964,800
2,050,200
745,500
1,460,800
1,367,500
962,900
1,039,113
159,100
(1,318,100)
27,100
870,113
870,113
1,143,000
66,300
(1,463,500)
22,300
638,213
638,213
1,257,300
958,813
1,383,000
1,689,013
1,521,300
2,056,113
1,597,400
3,021,013
1,677,300
3,834,813
1,761,200
3,656,513
1,849,300
4,886,613
1,941,800
5,521,413
2,038,900
(691,900)
39,100
1,689,013
(1,209,500)
55,300
2,056,113
(707,500)
75,000
3,021,013
(964,800)
101,300
3,834,813
(2,050,200)
110,700
3,656,513
(745,500)
126,300
4,886,613
(1,460,800)
153,800
5,521,413
(1,367,500)
175,700
6,368,513
Est annual assessment
$
34.15 $
12.5%
37.56 $
10.0%
41.32 $
10.0%
45.45 $
10.0%
49.99 $
10.0%
52.49 $
5.0%
7
2016
2,700
19,300
10
2019
495,100
28,000
2
2011
203,100
52,300
(960,300)
23,600
958,813
6
2015
79,300
29,600
9
2018
81,500
33,200
1
2010
152,400
128,000
Est Beginning Balance
Assessments
FF loan payments
less expenses
Est net interest
Est ending Balance
5
2014
36,500
26,200
3%
5%
Location
Cribari Center
Montgomery Center
Totals
4
2013
54,700
-
Invest factor
Inf factor
55.12 $
5.0%
8
2017
580,100
39,700
57.87 $
5.0%
60.77 $
5.0%
11
2020
92,800
46,700
63.81 $
5.0%
67.00
5.0%
37
The Facility Fund in Detail
Note: The following projections do not assume
that the Capital Project Improvement
Plan will be approved.
The recommendation: give $5 of the $15 back to
offset the burden
38
Facility Fund
Facilities Fund Status FY 2009/2010
( Exclusiv e of interest income)
Estimated balance at 06/30/09
$
Fixed commitments and contractsFixed payments
Approved contracts
Totals
1,299,500
(300,500)
(256,551)
(557,051)
Unallocated balance
$
742,449
$1M* cap limitation balance
$
1,105,467
Cap limitation assessment balance
$
363,018
Maximum allowable assessment
$
11.93
$
10.00
Recommendation
*2008 Inflation Adjustment 3.2%
*2009 Inflation Adjustment 2.9%
*2010 Inflation Adjustment 4.1%
39
Facility Fund
Facility Fund Annual Fixed Expenses
Loan payments to Club Reserve
$ 14 credit to 932 members
$ 143,900 (Done 11/10)
$ 156,600 (Done 06/11)
$ 300,500
40
Facility Fund
Current and Prospective Projects
FY 09 Current Contracts
Golf Cart Storage Facility
Driving Range Fence
$
106,551
$
150,000
$
256,551
$
256,551
FY 10 Prospective Projects
None Listed
Totals
41
How does all this affect the monthly
assessment?
Club Expense Categories Cost Per Member Per Month
Golf Course
Tennis Courts
Swimming Pools
Restaurant
Clubhouse
Community Centers
Post Office
Villager
Cable TV
Community Activities
Public Safety
Roads/Other Property
General/Admin
Reserve Replacement
Reserve Facility Fund
Total
Tot.Expense
Dollars
538,000
10,098
189,663
310,132
350,381
627,546
48,986
231,097
1,041,286
312,826
846,606
572,276
952,174
1,289,113
304,320
Cost per
Unit
17.68
0.33
6.23
10.19
11.51
20.62
1.61
7.59
34.22
10.28
27.82
18.81
31.29
42.35
10.00
42
7,624,504
250.53
2010 Club Assessment Cost Components
Total Monthly Assessment = $250.53
R e s e rve R e p lac e me nt
R e s e rve F ac ilit y F und
Go lf C o urs e
Te nnis C o urt s
S w im P o o ls
R e s t aurant
C lub ho us e
Ge ne ral/ A d minis t rat ive
C o mmunit y C e nt e rs
R o ad s / Ot he r P ro p e rt y
P ub lic S af e t y
C o mmunit y A c t ivit ie s
P o s t Of f ic e
V illag e r
C ab le TV
Golf Course - $17.68
Tennis Courts - $.33
Swim Pools - $6.23
Restaurant - $10.19
Clubhouse - $11.51
Community Centers - $20.62
Post Office - $1.61
Villager - $7.59
Cable TV - $34.22
Community Activities - $10.28
Public Safety - $27.82
Roads/Other Property - $18.81
General/Admin - $31.29
Reserve Replacement - $42.35
Reserve Facility Fund - $10.00 43
The Big Picture
Association and the Club
CLUB/ASSOCIATION ASSESSMENT CHANGE SUMMARY
2010
2009
Difference
% Change
Association Operating Assessments
7,082,133
7,297,740
215,607
-3.0%
Association Reserve Assessments
4,766,970
4,426,300
(340,670)
7.7%
11,849,103
11,724,040
(125,063)
1.1%
Club Operating Assessments
6,031,071
6,017,086
(13,985)
0.2%
Club Reserve Assessments
1,289,113
1,150,938
(138,175)
12.0%
Club Facility Fund Assessments
304,320
456,480
152,160
-33.3%
Total Club
7,624,504
7,624,504
Total Club & Association
19,473,607
19,348,544
Total Association
(125,063)
0.0%
44
0.6%