HomeMy WebLinkAbout2023 ERMD(19065) Budget (1)EAGLE RANCH METROPOLITAN DISTRICT ____________________________________________________________________________________________________________ Administrative & Financial Management Provided By Marchetti & Weaver, LLC Mountain Office Website & Email Front Range Office 28 Second Street, Suite 213 www.mwcpaa.com 245 Century Circle, Suite 103 Edwards, CO 81632 Admin@mwcpaa.com Louisville, CO 80027 (970) 926-6060 (720) 210-9136 January 26, 2023 Division of Local Government VIA: E-Filing Portal RE: Eagle Ranch Metropolitan District LG ID # 19065 Attached is the 2023 Budget for the Eagle Ranch Metropolitan District in Eagle County, Colorado, submitted pursuant to Section 29-1-116, C.R.S. This Budget was adopted on November 15, 2022. If there are any questions on the budget, please contact Mr. Eric Weaver, telephone number 970- 926-6060 ext. 6. The mill levy certified to the County Commissioners of Eagle County is 25.000 mills for all general operating purposes, subject to statutory and/or TABOR limitations; 6.000 mills for G.O. bonds; 0.000 mills for refund/abatement; and 0.000 mills for Temporary Tax Credit/Mill Levy Reduction. Based on an assessed valuation of $75,390,810, the total property tax revenue is $2,337,115.11. A copy of the certification of mill levies sent to the County Commissioners for Eagle County is enclosed. I hereby certify that the enclosed is a true and accurate copy of the budget and certification of tax levies to the Board of County Commissioners of Eagle County, Colorado. Sincerely, Eric Weaver District Accountant Enclosure(s) EAGLE RANCH METROPOLITAN DISTRICT 2023 BUDGET MESSAGE Eagle Ranch Metropolitan District is a quasi-municipal corporation organized and operated pursuant to provisions set forth in the Colorado Special District Act. The District was established to supply the necessary services of water, streets, parks & recreation, safety protection, sanitary sewer, and mosquito control. The following budget is prepared on the modified accrual basis of accounting, which is consistent with the basis of accounting used in presenting the District's financial statements. 2023 BUDGET STRATEGY The District's strategy in preparing the 2023 budget is to strive to provide the type of recreational facilities desired by the property owners and residents of the District in the most economic manner possible. The debt service fund is levying a mill levy of 6.000 mills to cover a portion of the debt service on Districts general obligation bonds. The General Fund mill levy of 25.000 mills covers the operating expenses of the District with the remaining available funds being transferred to the Debt Service Fund to cover the additional debt service costs and to the Golf Course Enterprise Fund to cover shortfalls. Remaining funds will be held in fund balance for spending in future years. Page 1 of 5 RESOLUTIONS OF EAGLE RANCH METROPOLITAN DISTRICT TO ADOPT 2023 BUDGET A RESOLUTION SUMMARIZING EXPENDITURES AND REVENUES FOR EACH FUND AND ADOPTING A BUDGET FOR THE EAGLE RANCH METROPOLITAN DISTRICT, COLORADO, FOR THE CALENDAR YEAR BEGINNING ON THE FIRST DAY OF JANUARY 2023 AND ENDING ON THE LAST DAY OF DECEMBER 2023. WHEREAS, the Board of Directors of the Eagle Ranch Metropolitan District has appointed a budget committee to prepare and submit a proposed 2023 budget at the proper time; and WHEAREAS, such committee has submitted a proposed budget to this governing body at the proper time, for its consideration, and; WHEREAS, upon due and proper notice, published or posted in accordance with the law, said proposed budget was open for inspection by the public at a designated place, and a public hearing was held on November 15, 2022, and interested taxpayers were given the opportunity to file or register any objections to said proposed budget; and; WHEREAS, whatever increases may have been made in the expenditures, like increases were added to the revenues or planned to be expended from reserves/fund balances so that the budget remains in balance, as required by law. NOW, THEREFORE, BE IT RESOLVED by the Board of directors of the Eagle Ranch Metropolitan District, Eagle County, Colorado: Section 1. That the budget as submitted, amended, and summarized by fund, hereby is approved and adopted as the budget of the Eagle Ranch Metropolitan District for the year stated above, as adjusted for immaterial changes in the final certified assessed value of the District as certified by the county assessor and corresponding adjustments resulting from such changes to the assessed value. In the event there are material changes to the assessed value then a subsequent meeting of the Board shall be called to consider such changes. Furthermore, to the extent capital or significant operating expenditures forecasted for the current year are anticipated to be extended into the following year, the expenditures and offsetting change in the budgeted beginning fund balance shall be updated to reflect management’s best estimate at the time the budget is to be filed with the Colorado Division of Local Affairs. Section 2. That the budget hereby approved and adopted shall be certified by any officer or the District Administrator of the District and made a part of the public records of the District. Page 2 of 5 RESOLUTIONS OF EAGLE RANCH METROPOLITAN DISTRICT (CONTINUED) TO SET MILL LEVIES A RESOLUTION LEVYING PROPERTY TAXES FOR THE YEAR 2022, TO HELP DEFRAY THE COSTS OF GOVERNMENT FOR THE EAGLE RANCH METROPOLITAN DISTRICT, EAGLE COUNTY, COLORADO, FOR THE 2023 BUDGET YEAR. WHEREAS, the Board of Directors of the Eagle Ranch Metropolitan District, has adopted the annual budget in accordance with the Local Government Budget Law, on November 15, 2022 and; WHEREAS, the amount of money necessary to balance the budget for general operating expenses and capital expenditure purposes from property tax revenue is $1,884,770.25 and; WHEREAS, the Eagle Ranch Metropolitan District finds that it is required to temporarily lower the general operating mill levy to render a refund for $0.00, and; WHEREAS, the amount of money necessary to balance the budget for capital expenditure purposes from property tax revenue approved by voters or at public hearing is $0.00, and; WHEREAS, the amount of money necessary to balance the budget for voter approved bonds and interest is $452,344.86, and; WHEREAS, the 2022 valuation for assessment for the Eagle Ranch Metropolitan District, as certified by the County Assessor is $75,390,810.00. NOW, THEREFORE, BE IT RESOLVED by the Board of Directors of the EAGLE RANCH METROPOLITAN DISTRICT, EAGLE COUNTY, COLORADO: Section 1. That for the purposes of meeting all general operating expenses of the Eagle Ranch Metropolitan District during the 2023 budget year, there is hereby levied a tax of 25.000 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2022. Section 2. That for the purposes of rendering a refund to its constituents during budget year 2023 there is hereby levied a temporary tax credit/mill levy reduction of 0.000 mills. Section 3. That for the purpose of meeting all capital expenditures of the Eagle Ranch Metropolitan District during the 2023 budget year, there is hereby levied a tax of 0.000 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2022. Page 3 of 5 RESOLUTIONS OF EAGLE RANCH METROPOLITAN DISTRICT (CONTINUED) TO SET MILL LEVIES (CONTINUED) Section 4. That for the purpose of meeting all payments for bonds and interest of the Eagle Ranch Metropolitan District during the 2023 budget year, there is hereby levied a tax of 6.000 mills upon each dollar of the total valuation for assessment of all taxable property within the District for the year 2022. Section 5. That any officer or the District Administrator is hereby authorized and directed to either immediately certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Eagle Ranch Metropolitan District as hereinabove determined and set, or be authorized and directed to certify to the County Commissioners of Eagle County, Colorado, the mill levies for the Eagle Ranch Metropolitan District as hereinabove determined and set based upon the final (December) certification of valuation from the county assessor. (THE REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK) Page 4 of 5 RESOLUTIONS OF EAGLE RANCH METROPOLITAN DISTRICT (CONTINUED) TO APPROPRIATE SUMS OF MONEY (PURSUANT TO SECTION 29-1-108, C.R.S.) A RESOLUTION APPROPRIATING SUMS OF MONEY TO THE VARIOUS FUNDS AND SPENDING AGENCIES, IN THE AMOUNT AND FOR THE PURPOSE AS SET FORTH BELOW, FOR THE EAGLE RANCH METROPOLITAN DISTRICT, EAGLE COUNTY, COLORADO, FOR THE 2023 BUDGET YEAR. WHEREAS, the Board of Directors has adopted the annual budget in accordance with the Local Government Budget Law, on November 15, 2022, and; WHEREAS, the Board of Directors has made provision therein for revenues in an amount equal or greater to the total proposed expenditures as set forth in said budget, and; WHEREAS, it is not only required by law, but also necessary to appropriate the revenues and reserves or fund balances provided in the budget to and for the purposes described below, thereby establishing a limitation on expenditures for the operations of the District. NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE EAGLE RANCH METROPOLITAN DISTRICT, EAGLE COUNTY, COLORADO: Section 1. That the following sums are hereby appropriated from the revenues of each fund, to each fund, for the purposes stated: GENERAL FUND: Current Operating Expenses $ 150,443 Transfer to Debt Service Fund 884,000 Transfer to Golf Fund 761,000 TOTAL GENERAL FUND $ 1,795,443 DEBT SERVICE FUND: Debt Service Expenditures $ 1,359,013 WATER SPECIAL REVENUE FUND: Current Operating Expenses $ 100,000 GOLF FUND: Current Operating Expenses $ 1,828,147 Current Cost of Sales Expenditures 216,634 Capital Expenditures 761,022 TOTAL GOLF FUND $ 2,805,803 EAGLE RANCH METROPOLITAN DISTRICTSTATEMENT OF NET POSITION Debt WaterGolfSeptember 30, 2022 General Service Spec RevEnterprise Long-TermFundFundFundFundDebtTotalAssets:Cash- First Bank Checking 6,529 4,511 280,533 291,573 Cash- UMB Cash Account 4,153 4,153 Cash- Colotrust 4,542,603 4,542,603 Cash - CoBiz CD 03/17/23 0.1% 249,621 249,621 Cash- UMB Brokered CD's & Treasuries 1,391,339 1,391,339 Pooled Cash (437,637) 445,120 (7,483) - - Total Cash5,756,609 445,120 (2,972) 280,533 - 6,479,290 Accounts Receivable- - Inventories101,612 101,612 Property Tax Receivable 4,815 1,156 - 5,970 Due from County Treasurer - - - - Due From Town of Eagle- - Due From EC SD REJ50- - Prepaid Expenses & Deposits - 7,738 7,738 Total Other Current Assets4,815 1,156 - 109,350 - 115,320 Golf Course, Buildings & Equipment 9,020,218 9,020,218 Total Non-Current Assets- - - 9,020,218 - 9,020,218 Total Assets5,761,424 446,275 (2,972) 9,410,101 - 15,614,828 Liabilities & Deferred Inflows:Accounts Payable 11,406 (3,000) 75,158 83,564 Other Current Liabilities & Deferred Inflows 52,062 52,062 Deferred Property Tax 4,815 1,156 - 5,970 Total Current Liabilities & Def Inflows16,221 1,156 (3,000) 127,220 - 141,596 Series 2013 Bonds Payable3,805,000 3,805,000 Series 2017 Bonds Payable1,915,000 1,915,000 Series 2021 Bonds Payable3,960,000 3,960,000 Accrued Interest Payable18,906 18,906 Bond Issue Premium, Net of Amortization- - Accrued Compensated Absences 34,910 34,910 Total Non-Current Liabilities- - - 34,910 9,698,906 9,733,816 Total Liabilities & Deferred Inflows16,221 1,156 (3,000) 162,129 9,698,906 9,875,412 Net Position:Assigned & Unassigned 5,745,203 445,120 28 262,663 6,453,014 Invested in Capital Assets, 9,020,218 - 9,020,218 Net of Related Debt(34,910) (9,698,906) (9,733,816) Total Net Position5,745,203 445,120 28 9,247,972 (9,698,906) 5,739,416 Total Liab, Def Inflows, & Net Position5,761,424 446,275 (2,972) 9,410,101 - 15,614,828 = = = = = = ======No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 1 EAGLE RANCH METROPOLITAN DISTRICTSCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 1/26/2023COMBINED FUNDS- EXCLUDING WATER FUND Modified Accrual Basis2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 9/30/2022 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsRevenues: Assessed Value 67,564,620 75,610,850 75,610,850 75,390,810 November Final AV Mill Levy Rate 35.000 31.000 31.000 31.000 Projected long-term needProperty Tax Revenues 2,367,588 2,343,936 - 2,343,936 2,337,966 2,332,217 5,750 2,337,115 AV times mill levySpecific Ownership Tax 129,623 105,475 11,718 117,193 86,742 70,317 16,425 116,856 5% of property taxesInterest & Other Income 8,000 5,500 68,000 73,500 43,891 3,917 39,975 164,500 Increased interest ratesBond Proceeds & Premium 3,960,000 - - - - - - - Developer ContributionTotal Revenues: 6,465,210 2,454,911 79,718 2,534,630 2,468,599 2,406,450 62,149 2,618,471 Expenditures:General & Debt Service Fund OverheadOperating & Administrative 45,885 60,400 (1,679) 62,079 50,906 52,650 1,744 69,900 See DetailTreasurers Fees 71,089 70,318 0 70,318 70,202 69,967 (236) 70,113 3% of taxesOperating Contingency - 30,000 30,000 - - - - 30,000 Unforeseen needsTotal General & Debt Svc Overhead 116,974 160,718 28,321 132,397 121,108 122,617 1,508 170,013 Bond Debt ServicePrincipal 4,900,000 1,110,000 - 1,110,000 - - - 1,140,000 Per Amortization ScheduleInterest 409,634 226,874 - 226,874 113,437 113,437 - 199,443 Per Amortization ScheduleRefunding & Defeasance Costs 53,114 - - - - - - - - Total Bond Debt Service 5,362,748 1,336,874 - 1,336,874 113,437 113,437 - 1,339,443 Total Expenditures: 5,479,721 1,497,592 28,321 1,469,271 234,545 236,053 1,508 1,509,456 Net Before Golf Course 985,489 957,320 108,039 1,065,359 2,234,054 2,170,397 63,658 1,109,015 Golf Course Revenues (Expenditures)Operating Revenues 1,609,395 1,467,515 338,667 1,806,182 1,715,877 1,397,243 318,634 1,828,300 See Golf Fund for detailsOperating Expenses (1,652,309) (1,685,525) 26,487 (1,659,038) (1,279,858) (1,383,694) 103,836 (1,828,147) See Golf Fund for detailsLeases, Trade Ins & Dev /HOA Donations - 158,400 - 158,400 158,400 158,400 0 - See Golf Fund for detailsCapital Expenses (263,693) (997,950) 180,488 (817,462) (721,920) (880,416) 158,496 (761,022) See Golf Fund for detailsEquipment Loan Principal & Interest - - - - - - - - Golf Course Net Revenues (Expenditures) (306,607) (1,057,560) 545,642 (511,918) (127,501) (708,467) 580,966 (760,869) Change in Fund Balance 678,882 (100,240) 653,681 553,441 2,106,553 1,461,930 644,623 348,145 Beginning Fund Balance: 3,667,550 4,242,135 104,297 4,346,433 4,346,433 4,242,135 104,297 4,899,874 Ending Fund Balance: 4,346,433 4,141,895 757,979 4,899,874 6,452,986 5,704,065 748,921 5,248,019 = = = = = = = = = = = = Breakout of Mill Levy:General Operations (0.306) 0.658 (0.771) (1.477) Debt Service 20.762 17.681 17.681 17.767 Golf Course 14.586 12.661 14.090 14.710 TOTAL 35.042 31.000 31.000 31.000 No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 2 EAGLE RANCH METROPOLITAN DISTRICTSCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 1/26/2023GENERAL FUND Modified Accrual Basis2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 09/30/22 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsRevenues: Assessed Value 67,564,620 75,610,850 75,610,850 75,390,810 November Final AV Mill Levy Rate 25.000 25.000 25.000 25.000 Maximum Operations Mill LevyProperty Tax Revenues 1,691,134 1,890,271 - 1,890,271 1,885,457 1,880,820 4,637 1,884,770 AV times mill levySpecific Ownership Tax 92,588 85,060 9,450 94,510 69,953 56,707 13,247 94,239 5% of property taxesInterest & Other Income 7,418 5,000 68,000 73,000 43,496 3,750 39,746 164,000 UMB CDs, ColoTrust, Delinquent taxes Total Revenues: 1,791,140 1,980,331 77,450 2,057,781 1,998,906 1,941,277 57,630 2,143,009 Expenditures:Accounting 29,294 34,500 9,500 25,000 16,479 29,325 12,847 27,000 Based on 2022 ForecastAudit 9,400 9,700 300 9,400 9,400 9,700 300 10,000 Based on 2022 ForecastBank Charges 30 50 - 50 40 38 (3) 50 Based on 2022 ForecastElection - 3,500 (15,500) 19,000 18,834 3,500 (15,334) 20,000 Assume HeldOffice Overhead 1,173 1,250 - 1,250 812 938 126 1,350 Based on 2022 ForecastDues and Subscriptions 1,238 1,300 52 1,248 1,248 1,300 53 1,500 SDA DuesInsurance 3,676 4,100 469 3,631 3,631 4,100 469 4,000 Based on 2022 ForecastLegal Fees 170 5,000 3,500 1,500 464 3,750 3,287 5,000 Normal Plus Unforeseen NeedsTreasurers Fees 50,778 56,708 - 56,708 56,615 56,425 (190) 56,543 3% of Property TaxesOther - - - - - - Contingency 25,000 25,000 - - - 25,000 Unforeseen Needs/ Avoid Budget AmendTotal Expenditures: 95,757 141,108 23,321 117,787 107,521 109,075 1,554 150,443 Net Revenues Over (Under) Expenditures 1,695,382 1,839,223 100,771 1,939,994 1,891,386 1,832,202 59,184 1,992,566 Other Sources and (Uses) Transfer to Debt Service Fund (710,000) (882,000) 7,000 (875,000) - - - (884,000) To cover debt service shortfall Transfer to Golf Fund (307,000) (1,058,000) 546,000 (512,000) (284,737) (709,000) 424,263 (761,000) To balance golf budget- higher due to capita Total Other Sources (Uses) (1,017,000) (1,940,000) 553,000 (1,387,000) (284,737) (709,000) 424,263 (1,645,000) Change in Fund Balance 678,382 (100,777) 653,771 552,994 1,606,648 1,123,202 483,446 347,566 Beginning Fund Balance: 3,460,172 4,033,506 105,049 4,138,555 4,138,555 4,033,506 105,049 4,691,549 Ending Fund Balance: 4,138,555 3,932,729 758,820 4,691,549 5,745,203 5,156,708 588,495 5,039,115 = = = = = = = No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 3 EAGLE RANCH METROPOLITAN DISTRICTSCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 1/26/2023DEBT SERVICE FUND Modified Accrual Basis2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsRevenues: Assessed Value 67,564,620 75,610,850 75,610,850 75,390,810 November Final AV Mill Levy Rate 10.000 6.000 6.000 6.000 Amt Required to fund debt serviceProperty Tax Revenue 676,454 453,665 - 453,665 452,510 451,397 1,113 452,345 AV times mill levySpecific Ownership Tax 37,035 20,415 2,268 22,683 16,789 13,610 3,179 22,617 5% of property taxesInterest Income 582 500 - 500 395 167 228 500 Delinquent taxes Total Revenues: 714,071 474,580 2,268 476,848 469,693 465,173 4,520 475,462 Expenditures:Treasurer's Fees 20,311 13,610 0 13,610 13,588 13,542 (46) 13,570 3% of Property Tax RevenuePaying Agent Fees 905 1,000 - 1,000 - - - 1,000 2011 Bonds- Interest 204,375 - - - - - - - Refunded in 20212011 Bonds- Principal 3,890,000 - - - - - - - Refunded in 20212013 Bonds- Interest 143,811 130,131 - 130,131 65,066 65,066 - 115,938 Per Schedule- Paid off in 20292013 Bonds- Principal 400,000 415,000 - 415,000 - - - 430,000 Per Schedule- Paid off in 20292017 Bonds- Interest 49,238 37,343 - 37,343 18,671 18,671 - 25,155 Per Schedule- Paid off in 20242017 Bonds- Principal 610,000 625,000 - 625,000 - - - 640,000 Per Schedule- Paid off in 20242021 Bonds- Interest 12,210 59,400 - 59,400 29,700 29,700 - 58,350 Per Schedule- Paid off in 20292021 Bonds- Principal 70,000 - 70,000 - - 70,000 Per Schedule- Paid off in 2029Other/Contingency 5,000 5,000 - - - 5,000 To avoid budget amendmentPrior Bond Principal & Interest - - - - - - - - Total Expenditures: 5,330,850 1,356,484 5,000 1,351,483 127,024 126,979 (46) 1,359,013 Net Revenues Over (Under) Expenditures (4,616,779) (881,903) 7,268 (874,635) 342,669 338,195 4,474 (883,551) Other Sources and (Uses):Transfer From General Fund 710,000 882,000 (7,000) 875,000 - - - 884,000 Amt required to cover shortfallTransfer to Golf Fund - - - Developer Contribution - - - Bond Proceeds 3,960,000 - - - - No bonds callableReissuance Premium - - - No bonds callableBond Cost of Issuance (53,114) - - - - No bonds callableBond Redemption/Defeasance - - - No bonds callable Total Other Sources (Uses) 4,616,886 882,000 (7,000) 875,000 - - - 884,000 Excess (Deficit) Revenues over Expenditures107 97 268 365 342,669 338,195 4,474 449 Beginning Fund Balance: 102,344 102,779 (329) 102,451 102,451 102,779 (329) 102,816 Ending Fund Balance 102,451 102,876 (60) 102,816 445,120 440,974 4,146 103,265 = = = = = = = No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 4 EAGLE RANCH METROPOLITAN DISTRICTSCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 1/26/2023WATER SPECIAL REVENUE FUND Modified Accrual Basis2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsRevenues:Water Tap Fees:Tap fees 37,500 100,000 (70,000) 30,000 24,000 75,000 (51,000) 100,000 Budgeted high to avoid amendmentInterest income - - - - - - - - Developer Contribution - - - - - - Total Revenue: 37,500 100,000 (70,000) 30,000 24,000 75,000 (51,000) 100,000 Expenditures:Town & Developer Repayments 37,500 100,000 70,000 30,000 24,000 75,000 51,000 100,000 All paid out, no impact to DistrictBank charges - - - - - - Total Expenditures 37,500 100,000 70,000 30,000 24,000 75,000 51,000 100,000 Revenues and Other Sources Over Expenditures - - - - - - - - Beginning Fund Balance: 28 28 (0) 28 28 28 (0) 28 Ending Fund Balance: 28 28 (0) 28 28 28 (0) 28 = = = = = = = No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 5 EAGLE RANCH METROPOLITAN DISTRICTSCHEDULE OF REVENUE, EXPENDITURES AND CHANGES IN FUND BALANCE Printed: 1/26/2023GOLF FUND Modified Accrual Basis2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsOperating Revenues: Green Fees - Page 7 1,025,331 931,643 213,112 1,144,755 1,097,820 889,323 208,497 1,135,042 See detail below Other Golf Revenue - Page 7 381,708 359,916 100,945 460,861 426,858 330,804 96,054 482,567 See detail below Golf Shop Merchandise - Page 10 181,311 176,820 12,819 189,639 163,700 148,935 14,765 192,000 See detail below Food & Beverage Revenue - Page 13 219,438 204,265 13,511 217,776 198,930 204,265 (5,334) 234,250 See detail below Federal Grant Revenue - Page 18 - - - - - - - See detail below Other Income - Page 18 1,070 2,150 (1,075) 1,075 817 1,613 (795) 1,075 See detail belowGross Operating Revenues: 1,808,857 1,674,793 339,313 2,014,106 1,888,125 1,574,939 313,186 2,044,934 Cost of Sales: Golf Shop Merchandise - Page 10 122,026 126,981 1,952 125,029 98,040 97,470 (571) 128,490 See detail below Food & Beverage - Page 13 77,437 80,297 (2,597) 82,895 74,207 80,226 6,019 88,144 See detail belowTotal Cost of Sales 199,463 207,278 (645) 207,924 172,248 177,696 5,448 216,634 Net Revenues: 1,609,395 1,467,515 338,667 1,806,182 1,715,877 1,397,243 318,634 1,828,300 Operating Expenses: Golf Department - Page 9 307,486 318,722 10,229 308,492 247,914 268,293 20,378 344,784 See detail below Golf Shop Merchandise - Page 10 16,400 17,305 3,260 14,044 13,215 16,439 3,224 15,156 See detail below Golf Course Maintenance - Page 12 780,036 790,861 33,862 756,999 545,331 627,560 82,229 853,229 See detail below Food & Beverage - Page 14 115,716 126,492 16,734 109,758 94,231 115,023 20,792 127,547 See detail below General & Administrative - Page15 306,489 323,536 (32,239) 355,775 287,831 259,675 (28,155) 371,031 See detail below Marketing - Page 16 43,807 37,000 1,850 35,150 32,332 37,000 4,668 35,150 See detail below Clubhouse - Page 17 82,374 71,610 (7,210) 78,820 59,005 59,705 700 81,250 See detail belowTotal Operating Expenses: 1,652,309 1,685,525 26,487 1,659,038 1,279,858 1,383,694 103,836 1,828,147 Net Golf Course Operating Income (Loss) (42,914) (218,010) 365,154 147,144 436,019 13,549 422,470 153 Other Sources (Uses)Capital Expenditures - Page 18 (263,693) (997,950) 180,488 (817,462) (721,920) (880,416) 158,496 (761,022) See detail belowLease Proceeds - Page 18 - - - - - - - Sale/Trade In Of Fixed Assets - Page 18 - 158,400 - 158,400 158,400 158,400 0 Trade in of Old Fleet of CartsDebt Service Expense - Page 18 - - - - - - - - Income (Loss) Before DS, Dev Cont, & Trfr(306,607) (1,057,560) 545,642 (511,918) (127,501) (708,467) 580,966 (760,869) Transfer From General Fund - Page 18 307,000 1,058,000 (546,000) 512,000 284,737 709,000 (424,263) 761,000 To cover shortfall. Transfer From Debt Svc Fund - Page 18 - - - - - Developer & HOA Contributions - Page 18 - - - - - - - - Total Transfers & Dev Contributions307,000 1,058,000 (546,000) 512,000 284,737 709,000 (424,263) 761,000 Increase (Decrease) In Fund Balance 393 440 (358) 82 157,236 533 156,703 131 Beginning Fund Balance 105,034 105,850 (423) 105,427 105,427 105,850 (423) 105,509 Ending Fund Balance 105,427 106,290 (781) 105,509 262,663 106,383 156,280 105,640 = = = = = = = No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 6 Golf Course Enterprise Fund - Operating - Golf Revenues2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsGolf RevenueGreens Fees 586,326 529,000 119,000 648,000 601,065 486,680 114,385 712,800 10% increase based on new pass structureSeason Pass & Punch Cards 439,005 402,643 94,112 496,755 496,755 402,643 94,112 422,242 15% decrease based on new pass structure Total Green Fee Revenue 1,025,331 931,643 213,112 1,144,755 1,097,820 889,323 208,497 1,135,042 Other Golf RevenueCart Rental Fees 274,642 251,160 39,840 291,000 265,357 228,556 36,801 305,550 5% increase. Increased cart fees late in 202Range Balls 45,025 41,216 10,634 51,850 50,439 41,216 9,223 51,850 Club Rental, Cart Storage 24,195 22,080 7,712 29,792 26,918 20,534 6,384 29,792 Club Repair 20 100 100 200 200 75 125 200 Mgr EstHandicap Fees 10,840 7,500 2,340 9,840 9,800 7,500 2,300 12,000 Raise handicap fee from $40 to $50 due to Junior Golf Programs 21,625 20,000 (996) 19,004 19,004 20,000 (997) 20,000 Add more space for participants w/ Asst ProGPS Advertising Income - - - - - - - - Cancellation Fees - - 11,575 11,575 9,875 - 9,875 11,575 Advanced Reservation Fee - 37,100 37,100 35,980 - 35,980 37,100 Misc Golf Sales - - - - - - - - Miscellaneous Income 4,831 3,860 (1,360) 2,500 2,343 3,590 (1,247) 2,500 Shipping Income - - - - - - - - Over/Under - - - - - - - - Golf Simulator 530 14,000 (6,000) 8,000 6,943 9,333 (2,391) 12,000 Full winter season, add hoursTotal Other Golf Revenue 381,708 359,916 100,945 460,861 426,858 330,804 96,054 482,567 Total Golf Revenue 1,407,039 1,291,559 314,057 1,605,616 1,524,677 1,220,127 304,551 1,617,609 No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 7 Golf Course Enterprise Fund - Golf Operating Expenses2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsSalaries & BenefitsHead Professional 49,636 51,130 (7,290) 58,420 43,450 38,348 (5,103) 65,520 5% increase from new salary established MGolf Shop 38,088 42,000 - 42,000 25,645 31,500 5,855 44,940 Two Golf shop staff were allocated to Playe2nd Assistant Golf Professional - 18,000 18,000 - - 15,429 15,429 18,000 Fill 1st Assistant PositionPGM Interns - - - - - - - - Outside Services Supervisor - - - - - - - - Outside Services 41,932 43,260 (6,740) 50,000 46,516 41,097 (5,419) 50,000 Raises, increase starting wage, more staffOutside Services (Part Time) - - - - - - - - Player Assistants (Full Time) - - - - - - - - Player Assistants 70,676 48,000 4,000 44,000 47,661 46,080 (1,581) 46,200 Two Golf shop staff were allocated to PlayeOvertime Wages 503 620 - 620 366 595 229 620 forecastIncentives \ Bonus - Golf 5,800 8,500 - 8,500 - - - 12,000 add more incentives for returning staff, full sPayroll Taxes - Golf 3,943 4,016 139 3,877 3,054 3,343 289 4,467 1.45% Med, 0.3% SUTA401A Retirement - Year-round 3,759 3,980 (450) 4,430 3,460 3,187 (273) 4,870 6.2%401A Retirement - Seasonal 1,966 2,320 200 2,120 1,562 1,986 424 2,470 1.3%457 Retirement - Year Round 1,711 1,530 (220) 1,750 1,551 1,148 (404) 1,970 3% Match (3%ER, 6%EE)Workers' Compensation - Golf 5,643 5,925 (862) 6,787 6,787 5,925 (862) 7,805 15% increaseEmployee Meals - Golf - 1,440 1,440 - - 1,382 1,382 - No longer trackedHealth Insurance - Golf 9,880 10,470 28 10,442 8,702 8,725 23 11,131 Per Health Insurance Budget WorksheetHFWA Sick Leave Wages - 3,780 3,780 - - 2,835 2,835 - Included in wages aboveTotal Salaries & Benefits 233,537 244,972 12,025 232,946 188,756 201,580 12,824 269,993 Supplies & MaterialsExpendable Supplies - Golf 3,443 3,610 (890) 4,500 4,467 3,610 (857) 4,500 COVID-19 related expenses - Golf - - - - - - Towel Replacement - Golf 377 390 - 390 - 341 341 390 Club Repair - Golf 475 520 - 520 139 455 316 520 Rental Club Lease 480 490 - 490 - 429 429 490 Junior Golf programs 15,609 16,000 1,000 15,000 11,747 15,200 3,453 16,000 increase hourly rate for instructorsRange Balls and Supplies 4,412 4,640 - 4,640 3,500 4,640 1,140 4,640 Handicap Expenses - Golf 8,747 9,060 - 9,060 7,460 9,060 1,600 11,144 CGA raising price 23% in 2023Tournament Expenses - Golf 1,827 1,880 - 1,880 1,799 1,786 (13) 1,880 Golf Simulator Expenses - - (1,500) 1,500 558 - (558) 1,000 software subscription, sensor repair, new sc Total Supplies & Materials 35,371 36,590 (1,390) 37,980 29,669 35,521 5,852 40,564 No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 8 Golf Course Enterprise Fund - Golf Operating Expenses (Continued)2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsOther ExpensesRepairs & Maintenance 96 410 - 410 - 410 410 410 Contract Services 1,421 - (600) 600 535 - (535) 600 new carts, no service contract in 2023Cart Contract (GPS System) 10,360 14,300 - 14,300 11,951 10,725 (1,226) 10,360 GPS lease, plus change out to new cartsCart Maintenance & Repairs - Golf 8,534 1,000 (600) 1,600 616 1,000 384 1,600 new carts, fewer repairsPoint of Sale System 6,537 8,100 1,600 6,500 4,950 6,075 1,125 6,500 Club Prophet($550/mo) + 1,500 estim otherRecruiting and Relocation 1,801 1,910 310 1,600 1,580 1,910 330 2,500 possibly help with Asst Pro relocation expenDues & Subscriptions - Golf 1,057 1,340 - 1,340 1,085 1,340 255 1,340 Uniforms - Golf 6,332 6,520 (196) 6,716 6,716 6,520 (196) 6,917 Seminars & Training - Golf 300 1,000 - 1,000 - 1,000 1,000 1,000 PGA EducationEmployee Relations (Emp Mo/Xmas/Emp Golf) 2,140 2,580 (920) 3,500 2,056 2,211 156 3,000 Misc Expenses - - - - - - - Total Other Expenses 38,578 37,160 (406) 37,566 29,489 31,191 1,702 34,227 Total Expenses 307,486 318,722 10,229 308,492 247,914 268,293 20,378 344,784 Total Golf Department Income (Loss) 1,099,553 972,837 324,287 1,297,124 1,276,763 951,834 324,929 1,272,824 ==No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 9 Golf Course Enterprise Fund - Operating - Golf Shop Merchandise2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsMerchandise RevenueSoft Goods Sales 85,689 79,120 3,880 83,000 75,143 71,208 3,935 83,000 Based on 2022 ForecastHard Goods Sales 85,496 75,900 13,100 89,000 80,059 68,310 11,749 89,000 Based on 2022 ForecastSale of Rental Clubs 3,305 15,000 (10,000) 5,000 800 3,750 (2,950) 10,000 Historical averageEmployee Purchase Sales 6,821 6,800 5,839 12,639 7,698 5,667 2,031 10,000 Historical average Total Merchandise Revenue 181,311 176,820 12,819 189,639 163,700 148,935 14,765 192,000 Cost of SalesSoft Goods Cost of Sales 50,145 51,428 2,458 48,970 41,270 46,285 5,015 48,970 % 59% 65% 6% 59% 55% 65% 10% 59%Hard Goods Cost of Sales 60,096 50,853 (9,667) 60,520 54,362 45,768 (8,594) 60,520 % 70% 67% -1% 68% 68% 67% -1% 68%Club Rental Cost of Sales 4,559 18,000 11,000 7,000 - - - 13,000 Historical averageLess: Purchase Discounts Taken - (1,000) 4,000 (5,000) (4,702) (1,000) 3,702 (5,000) Freight - - - - - - Employee Purchase Cost of Sales 6,512 6,200 (5,839) 12,039 7,111 5,167 (1,944) 9,500 Historical average%- Merchandise Shortages 713 1,500 - 1,500 - 1,250 1,250 1,500 Total Cost of Sales 122,026 126,981 1,952 125,029 98,040 97,470 (571) 128,490 Gross Profit on Sales 59,285 49,839 14,771 64,610 65,659 51,465 14,194 63,510 Salaries & BenefitsHourly Wages 15,158 15,550 2,550 13,000 12,222 14,773 2,551 14,000 Overtime Wages 8 - (100) 100 84 - (84) 100 Incentives\ Bonus 350 - - - - - - - Payroll Taxes 272 272 43 229 203 259 55 247 1.45% Med, 0.3% SUTA401A Retirement 202 202 32 170 160 192 32 183 1.3%Worker's Compensation 411 432 (113) 545 545 432 (114) 626 15% increaseEmployee Meals - - - - - - - - No longer trackedHFWA Sick Leave Wages - 389 389 - - 324 324 - Included in wages above Total Salaries & Benefits 16,400 16,845 2,800 14,044 13,215 15,979 2,764 15,156 Other ExpensesExpendable Supplies - 310 310 - - 310 310 - 3% increase from forecastUniforms - 150 150 - - 150 150 - 3% increase from forecast Total Other Expenses - 460 460 - - 460 460 - Total Expenses 16,400 17,305 3,260 14,044 13,215 16,439 3,224 15,156 Total Golf Merchandise Income (Loss) 42,885 32,534 18,031 50,566 52,445 35,027 17,418 48,354 ==No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 10 Golf Course Enterprise Fund - Operating - Maintenance Department2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsSalaries & BenefitsManagement Salaries - Course Maintenance 87,772 90,905 (1,109) 92,014 68,974 68,179 (795) 96,769 5% increaseAssistant Superintendent - Course Maintenance55,266 57,424 (514) 57,938 43,430 43,068 (362) 60,931 5% increase2nd Assistant Superintendent - - - - - - - - Not replaced when moved to mechanicMechanic -YearRound 59,641 65,500 500 65,000 48,750 49,125 375 68,250 5% increaseHourly Wages - Course Maintenance 216,207 200,000 35,000 165,000 137,924 172,000 34,076 215,000 Raises, increase number of staffOvertime Hourly Wages - Course Maintenance 11,738 10,000 - 10,000 4,665 9,600 4,935 10,000 Incentives \ Bonus - Course Maintenance 9,125 10,000 - 10,000 - - - 10,000 Incentives for returning staff, full seasonPayroll Taxes - Course Maintenance 7,594 7,365 593 6,772 5,006 5,805 799 7,839 1.45% Med,0.3% SUTA401A Retirement - Year-round 12,907 13,877 (70) 13,947 9,992 9,943 (49) 14,629 6.2%401A Retirement - Seasonal 2,963 2,730 455 2,275 1,854 2,361 507 2,925 1.3%457 Retirement - Year Round 6,213 6,415 (34) 6,449 4,566 4,811 245 6,779 3% Match (3%ER, 6%EE)Workers' Compensation - Course Maintenance 11,072 11,625 (2,923) 14,548 14,548 11,625 (2,923) 16,730 15% increaseEmployee Meals - Course Maintenance - 500 500 - - 500 500 - No longer trackedHealth Insurance - Course Maintenance 35,382 37,630 (45) 37,675 31,901 31,358 (543) 39,644 Per Health Insurance Budget WorksheetHFWA Sick Leave Wages - 5,000 5,000 - - 3,750 3,750 - Included in wages above Total Salaries & Benefits 515,879 518,971 37,353 481,618 371,609 412,125 40,516 549,496 Supplies & MaterialsExpendable Supplies - Course Maintenance 11,040 10,000 1,500 8,500 6,938 9,600 2,662 10,000 Mgr EstCOVID-19 Expenses - Course Maintenance - - - - - - - - Sand / Topdressing - Course Maintenance 17,457 20,000 - 20,000 14,494 19,000 4,506 25,000 Mgr EstSeed / Sod / Plants - Course Maintenance 825 1,000 - 1,000 960 950 (10) 1,500 Mgr EstFertilizer / Chemicals - Course Maintenance 86,280 87,550 (2,450) 90,000 51,379 56,908 5,529 92,700 2022 forecast + 3%Fuel / Lubricants - Course Maintenance 26,146 23,000 (6,000) 29,000 23,645 18,860 (4,785) 29,000 higher gas pricesSmall Tools - Course Maintenance 1,222 1,200 (800) 2,000 1,707 1,200 (507) 2,000 Tee & Green Equipment 971 1,000 - 1,000 822 1,000 179 1,000 Total Supplies & Maintenance 143,941 143,750 (7,750) 151,500 99,945 107,518 7,573 161,200 Repairs & MaintenanceBuilding Structures - Course Maintenance 438 500 (1,000) 1,500 1,133 500 (633) 1,500 Mgr EstIrrigation System - Course Maintenance 15,077 18,540 12,040 6,500 5,735 15,296 9,561 15,000 Historical average, can fluctuate yr to yrIrrigation System - Shared TOE & ECSD 9,060 1,200 (6,800) 8,000 - 1,032 1,032 8,000 Mgr EstEquipment Repair - Course Maintenance 22,115 23,500 - 23,500 17,811 20,445 2,634 23,500 Mgr EstCart paths / Bridges - Course Maintenance 800 1,000 - 1,000 - 1,000 1,000 1,000 Mgr EstDrainage - Course Maintenance - 500 - 500 - 500 500 500 Mgr EstTrees / Landscape - Course Maintenance 3,910 4,000 - 4,000 1,110 4,000 2,890 4,000 Mgr EstLakes - Course Maintenance 6,898 12,000 - 12,000 8,366 10,000 1,634 12,000 Continue w/lakes managementErosion Control - Course Maintenance - - - - - - Total Repairs & Maintenance 58,298 61,240 4,240 57,000 34,155 52,773 18,618 65,500 Continued on Next PageNo assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 11 Golf Course Enterprise Fund - Operating - Maintenance Department2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsOther ExpensesOffice Supplies - Course Maintenance 20 150 - 150 53 135 82 150 Contract Services - Course Maintenance 363 1,000 1,000 - - 1,000 1,000 - Recruiting and Relocation 438 520 (305) 825 822 520 (302) 825 Dues & Subscriptions - Course Maintenance 2,190 2,000 - 2,000 500 1,340 840 2,000 Mgr EstTravel - Course Maintenance 1,806 800 194 606 1,206 800 (406) 2,000 National industry conference every other yeAuto Expense - Course Maintenance 209 1,500 - 1,500 566 495 (71) 1,500 Truck needs new brakes and tiresEquipment Rental - Course Maintenance 1,109 9,270 - 9,270 - 5,933 5,933 9,270 Uniforms - Course Maintenance 2,090 2,160 - 2,160 1,010 2,160 1,150 2,160 Telephone - Course Maintenance 3,955 3,610 (590) 4,200 3,101 2,708 (394) 4,200 Seminars & Training - Course Maintenance 2,745 900 900 - - 900 900 2,800 Every other year to attend conference (Jan/Refuse Disposal - Course Maintenance 8,614 7,210 - 7,210 1,220 1,180 (40) 7,210 Electricity - Course Maintenance 1,349 1,550 - 1,550 615 1,268 653 1,550 Electricity Pumping Costs 26,996 28,840 10,340 18,500 16,520 25,091 8,571 23,000 Historical averageAgreement Reimbursements (4,814) (5,870) (10,570) 4,700 - - - 5,870 Historical averageWater - Course Maintenance 3,224 2,880 - 2,880 2,520 2,506 (15) 2,880 Safety Equipment - Course Maintenance 724 700 (200) 900 739 700 (39) 900 Natural Gas - Course Maintenance 3,034 2,880 - 2,880 3,846 2,160 (1,686) 3,168 10% increase from forecastSoil Testing - Course Maintenance 1,515 2,500 (100) 2,600 2,585 1,950 (635) 2,600 Mgr EstAnimal Management - Course Maintenance 137 - - - - - - - No beekeeping suppliesPest Control - Course Maintenance 5,019 3,000 (250) 3,250 3,150 3,000 (150) 3,250 Computer Supplies 100 100 - 100 100 100 0 100 Employee Relations - Course Maintenance 1,094 1,200 (300) 1,500 998 1,200 202 1,500 Mgr EstMiscellaneous - Course Maintenance - - (100) 100 70 - (70) 100 Other Expenses - - - - - - - Total Other Expenses 61,917 66,900 19 66,881 39,622 55,145 15,522 77,033 Total Course Maintenance Expenses 780,036 790,861 33,862 756,999 545,331 627,560 82,229 853,229 ==No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 12 Golf Course Enterprise Fund - Operating - Food & Beverage 2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsFood RevenueGrill Room - Food & Soda 87,603 81,780 12,420 94,200 86,023 81,780 4,243 94,200 Beverage Cart - Food & Soda 8,480 7,971 (3,180) 4,791 4,788 7,971 (3,184) 8,000 Historical average, increase staff coverageOther - Tobacco - - - - - - - - Banquet / Wedding - Food & Soda 14,456 13,589 5,357 18,946 18,400 13,589 4,811 19,000 Sales Discounts - - - - - - - - Vendor Fee - - - - - - Total Food Revenue 110,539 103,340 14,597 117,937 109,210 103,340 5,870 121,200 Beverage RevenueGrill Room - Beer & Wine 48,563 45,120 1,380 46,500 40,986 45,120 (4,134) 46,500 Grill Room - Liquor 26,969 24,440 10,610 35,050 30,446 24,440 6,006 35,050 Beverage Cart - Beer & Wine 19,194 18,042 (7,868) 10,174 10,174 18,042 (7,869) 18,000 Historical average, increase staff coverageBeverage Cart - Liquor 10,201 9,589 (4,550) 5,039 5,039 9,589 (4,550) 10,000 Historical average, increase staff coverageBanquet / Wedding - Beer & Wine 3,972 3,734 (658) 3,076 3,076 3,734 (658) 3,500 Banquet / Wedding - Liquor - - - - - - - - Kitchen Rental Agreement - - - - - - - - Miscellaneous - - - - - - - - Over/Under - - - - - - - - Total Beverage Revenue 108,898 100,925 (1,086) 99,839 89,721 100,925 (11,204) 113,050 Total Food & Beverage Revenue 219,438 204,265 13,511 217,776 198,930 204,265 (5,334) 234,250 Cost of SalesFood & Soda Cost 50,503 47,536 (6,715) 54,251 49,574 47,536 (2,038) 55,752 % 46% 46% 0% 46% 45% 46% 1% 46%Beer & Wine Cost 18,585 23,414 4,891 18,523 16,066 23,414 7,348 21,080 % 27% 35% 4% 31% 31% 37% 6% 31%Liquor Cost 8,349 8,848 (774) 9,621 8,568 8,848 280 10,812 % 22% 26% 2% 24% 24% 26% 2% 24%Tobacco Cost - - - - - - - - Spoiled Products - 500 - 500 - 429 429 500 Total Cost of Sales 77,437 80,297 (2,597) 82,895 74,207 80,226 6,019 88,144 Food & Beverage Gross Profit 142,001 123,967 10,914 134,881 124,723 124,039 684 146,106 Continued on Next PageNo assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 13 Golf Course Enterprise Fund - Operating - Food & Beverage 2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsSalaries & BenefitsManagement Salaries - F & B - - - - - - - - Supervisory Salaries - F & B 22,071 22,560 1,560 21,000 15,953 18,950 2,997 22,050 5% increase from forecastHourly Wages - F & B 69,937 71,070 14,070 57,000 55,035 69,649 14,614 71,000 Raises, increase starting wage, more staffOvertime Wages 2,315 2,580 (920) 3,500 3,260 2,580 (680) 3,500 Incentive/Bonus - F & B 2,825 5,150 - 5,150 328 - (328) 7,000 add more incentives for returning staff, full sPayroll Taxes - F & B 2,186 1,949 257 1,691 1,682 1,753 72 1,987 1.45% Med, 0.3% SUTA401A Retirement - Seasonal 1,624 1,448 191 1,256 1,003 1,302 299 1,476 1.3%Workers' Compensation - F & B 3,276 3,440 (115) 3,555 3,555 3,440 (115) 4,088 15% increaseEmployee Meals - F & B - 310 310 - - 266 266 - No longer trackedHealth Insurance - F & B - - - - - - - - HFWA Sick Leave Wages - 2,341 2,341 - - 1,951 1,951 - Included in wages above Total Salaries & Benefits 104,234 110,847 17,694 93,153 80,815 99,891 19,075 111,102 Supplies & MaterialsExpendable Supplies - F & B 8,121 8,550 (450) 9,000 8,635 8,037 (598) 9,000 3% increase from forecastBar Utensils - F & B - - - - - - - - Menus, Napkins and Placemats - F & B - - - - - - - - Total Supplies & Materials 8,121 8,550 (450) 9,000 8,635 8,037 (598) 9,000 Other ExpensesEquipment Repair 150 2,500 - 2,500 715 2,500 1,785 2,500 Mgr EstBuilding Structures - - - - - - - - Office Supplies - F & B - 100 - 100 100 100 0 100 Contract Labor - - - - - - - - Recruiting and Relocation 1,055 800 (300) 1,100 1,058 800 (258) 1,100 Mgr EstTravel & Training- F & B - - - - - - - - Auto- F & B 216 400 150 250 175 400 225 400 Mgr EstNon-Capital Equipment - F & B - - - - - - - - Uniforms - F & B 484 1,000 - 1,000 800 1,000 200 1,000 Mgr EstTelephone - F & B 400 400 - 400 - 400 400 400 $50 * 8 mo - F&B mgr reimbSeminars and Training - 400 (310) 710 710 400 (310) 400 ServSafe & TIPS certificationsCleaning Supplies - F & B - - - - - - - - Licenses & Permits - F & B 385 775 (50) 825 825 775 (50) 825 3 license renewalsEmployee Relations - F & B 672 720 - 720 398 720 322 720 3% increase from forecast Other Expenses - - - - - - - Total Other Expenses 3,362 7,095 (510) 7,605 4,781 7,095 2,314 7,445 Total Expenses 115,716 126,492 16,734 109,758 94,231 115,023 20,792 127,547 Total Food & Beverage Profit (Loss) 26,285 (2,525) 27,648 25,123 30,492 9,016 21,476 18,560 ==No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 14 Golf Course Enterprise Fund - Operating - G & A Department2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsSalaries & BenefitsGeneral Manager 109,639 112,410 (1,962) 114,372 85,723 84,308 (1,416) 120,326 5% increaseClub Controller - - - - - - - - Administrative Assistant 8,408 8,960 2,460 6,500 5,622 8,243 2,621 9,000 5% increase, more hoursIncentive/Bonus 1,700 2,060 - 2,060 - - - 3,000 Payroll Taxes 2,288 2,026 9 2,017 1,466 1,519 52 2,181 1.45% Med,0.3% SUTA401A Retirement - Year-round 7,193 7,097 (122) 7,219 5,428 5,227 (201) 7,646 6.2% 401A Retirement - Seasonal 109 116 32 85 73 107 34 117 1.3%457 Retirement - Year Round 3,479 3,372 (59) 3,431 2,482 2,529 47 3,610 3% Match (3%ER, 6%EE)Workers' Compensation 3,428 3,600 (730) 4,330 4,330 3,600 (730) 4,980 15% increaseEmployee Meals - 150 150 - - 150 150 - No longer trackedHealth Insurance 17,626 18,530 (95) 18,625 16,178 15,442 (736) 19,249 Per Health Insurance Budget WorksheetHFWA Sick Leave Wages - 224 224 - - 168 168 - Included in wages aboveTotal Salaries & Benefits 153,872 158,546 (92) 158,638 121,303 121,293 (10) 170,109 Other ExpensesAccounting & Administration - G & A 46,078 60,100 (2,900) 63,000 46,815 45,075 (1,740) 66,150 5% increase from forecastExpendable Supplies 52 200 - 200 963 150 (813) 200 Name tagsEquipment Repair - - - - - - - - Office Supplies - G & A 3,392 3,090 - 3,090 2,162 2,318 155 3,090 3% increase from forecastPrinting & Stationary - G & A - - - - - - - - Postage - G & A 613 720 - 720 325 540 215 720 3% increase from forecastContract Services - G & A - - - - - - - - Dues & Subscriptions - G & A 1,171 1,600 (100) 1,700 1,673 1,200 (473) 1,700 NGCOA; PGA; Kaspersky securityTravel - G & A - - - - - - - - Auto Expense - G & A 287 260 - 260 222 195 (27) 260 Equipment Rental (Copier) - G & A 1,752 2,470 - 2,470 1,688 1,853 164 2,470 Uniforms - G & A 100 260 - 260 - 195 195 260 Telephone - G & A 4,320 4,640 (2,860) 7,500 5,850 3,480 (2,370) 7,500 Professional Fees - G & A 1,761 5,000 (5,000) 10,000 7,866 3,750 (4,116) 10,000 HR Plus Membership + Employee Manual UpdateSeminars & Training - G & A 490 500 - 500 - 375 375 500 PGA class, ServSafe certificationLicenses & Permits 91 75 - 75 75 56 (19) 75 Town of Eagle Business LicenseComputer Supplies - G & A 4,785 2,000 (3,000) 5,000 4,542 1,500 (3,042) 2,500 software, email subscriptions, Bank & ADP Fees - G & A 15,050 15,450 (550) 16,000 11,949 11,588 (362) 16,000 3% increase from forecastCredit Card Charges - G & A 43,988 41,032 (16,370) 57,402 53,066 38,586 (14,480) 56,236 2.85% of RevenuesEmployee Relations - G & A 182 280 - 280 650 210 (440) 280 3% increase from forecastInsurance 28,505 27,313 (1,367) 28,680 28,680 27,313 (1,367) 32,982 forecast + 15% increaseMiscellaneous - G & A - - - - - - - - Other Expenses - - - - - - - Total Other Expenses 152,617 164,990 (32,147) 197,137 166,528 138,383 (28,145) 200,923 Total General & Administrative Expenses 306,489 323,536 (32,239) 355,775 287,831 259,675 (28,155) 371,031 ==No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 15 Golf Course Enterprise Fund - Operating - Marketing2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsOther ExpensesExpendable Supplies - - - - - - - - Dues & Subscriptions - Marketing 983 1,500 - 1,500 1,190 1,500 310 1,500 VVP Bronze; Eagle Chamber; GoDaddy Direct Mail - Marketing - - - - - - - - Promotion - Marketing 210 1,500 - 1,500 599 1,500 901 1,500 PR - brochure delivery, hotel promotionsAdvertising - Marketing 34,998 32,000 2,000 30,000 29,304 32,000 2,696 30,000 Print, Radio, TV, DigitalCollateral Material - Marketing 791 1,500 - 1,500 596 1,500 904 1,500 Printing brochures, coupons, etc.Creative Costs - Marketing - 500 (150) 650 643 500 (143) 650 Ad & brochure creativePhotography - Marketing 6,825 - - - - - - - There was new photography in 2021 Other Expenses - - - - - - - Total Other Expenses 43,807 37,000 1,850 35,150 32,332 37,000 4,668 35,150 Total Marketing Expenses 43,807 37,000 1,850 35,150 32,332 37,000 4,668 35,150 ==No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 16 Golf Course Enterprise Fund - Operating - Clubhouse2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsOperating ExpensesExpendable Supplies - Clubhouse 7,783 7,000 - 7,000 5,792 6,125 333 7,000 Mgr EstCOVID-19 expenses - Clubhouse 6,968 - - - - - - - anticipate no special COVID expenses in 20Building Structures - Clubhouse 2,865 5,000 - 5,000 2,835 3,750 915 5,000 Mgr EstEquipment Repair - Clubhouse 1,087 3,000 - 3,000 302 2,250 1,948 3,000 Mgr EstContract Services - Clubhouse 15,865 14,420 (3,580) 18,000 15,806 14,420 (1,386) 18,900 5% increaseEquipment Rental - - - - - - - - Non-Capital Equipment - - - - - - - - Television/Cable - Clubhouse 2,030 2,110 - 2,110 1,684 1,846 162 2,110 Refuse Disposal - Clubhouse 4,137 3,300 (1,450) 4,750 3,684 2,475 (1,209) 4,750 Electricity - Clubhouse 8,363 8,760 - 8,760 5,263 7,634 2,371 8,760 Water & Sewer - Clubhouse 6,434 5,360 (1,640) 7,000 5,020 4,671 (349) 7,000 Safety Equipment - Clubhouse 1,533 1,550 (1,000) 2,550 2,058 1,351 (708) 2,550 Natural Gas - Clubhouse 12,066 11,330 (670) 12,000 8,262 7,672 (590) 13,200 10% increase over 2022 forecastPest Control - Clubhouse 490 520 - 520 450 520 70 520 Flowers & Decorations - Clubhouse 11,301 7,730 1,130 6,600 6,600 5,521 (1,079) 6,930 5% increaseBuilding Security - Clubhouse 1,283 1,320 - 1,320 1,249 1,320 71 1,320 Miscellaneous - Clubhouse - - - - - - - - Automotive 170 210 - 210 - 150 150 210 Other Expenses - - - - - - - Total Other Expenses 82,374 71,610 (7,210) 78,820 59,005 59,705 700 81,250 Total Clubhouse Expenses 82,374 71,610 (7,210) 78,820 59,005 59,705 700 81,250 ==No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 17 Golf Course Enterprise Fund - Transfers & Debt Service2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsOther Sources (Uses) of Funds:Interest Earnings 20 150 (75) 75 59 113 (54) 75 Grant Revenue - - - - - - - - Misc Income 1,050 2,000 (1,000) 1,000 758 1,500 (742) 1,000 CEBT Stipend & Safet Gran in 19Over/(Under) - - - - - - - - Developer & HOA Contributions - - - - - - Lease Proceeds & ER HOA Contribution - - - - - - - - Sale of Fixed Assets - 158,400 - 158,400 158,400 158,400 0 - Trade in Value of Old CartsTransfer from General Fund 307,000 1,058,000 (546,000) 512,000 284,737 709,000 (424,263) 761,000 Amount needed to balance budgetTransfer from Debt Service Fund - - - - - Total Other Sources of Funds 308,070 1,218,550 (547,075) 671,475 443,955 869,013 (425,058) 762,075 No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 18 Golf Course Enterprise Fund - Capital2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsCapital Expenditures:Clubhouse:F&B Capital Expenditures - 150,000 142,500 7,500 5,400 90,000 84,600 200,000 Patio Cover deferred from 2022Clubhouse Parking Lot - - - - - 116,816 Mill and OverlayClubhouse Curb, Gutter, Drain - - - - - 16,453 Curb & Gutter and DrainpansClubhouse Interior & Restooms 7,154 - - - - Clubhouse Kitchen 10,024 - - - - 14,758 Appliance ReplacementsTechnology 13,462 1,200 - 1,200 - 1,200 1,200 9,000 Server & ComputersGolf Cart Batteries - - - - - Clubhouse Bldg & Equipment - - - - - G&A Capital Expenditures - - - - - Golf Capital Expenditures - - - - - Clubhouse (including signage) - - - - - Clubhouse Walkways - - - - - 11,691 Repair and ReplacementsClubhouse Trees 7,190 - - - - Clubhouse Electrical - - - - - Clubhouse Mechanical - - - - - Clubhouse Hot H2O Heater - - - - - Clubhouse Air Handling, Furnace - - - - - Clubhouse Air Conditioner - 15,000 15,000 - - 15,000 15,000 15,000 replace A/C if necessaryClubhouse Roof - - - - - Clubhouse Paint, Sidings, Trim - 22,783 3,408 19,375 19,375 22,783 3,408 Clubhouse Gutters, Downspouts - - - - - Clubhouse Windows, Doors - - - - - Clubhouse Solar - - - - - Clubhouse Cart Barn, Garage Door - - - - - Clubhouse ProShop Interior - - - - - Clubhouse Furnishings - 10,000 - 10,000 - 10,000 10,000 20,000 Patio FurnitureBeverage Cart - - - - - Golf Carts, Bikes - 588,787 18,787 570,000 553,613 588,787 35,174 - Range Picker - - - - - Ball Washer - - - - - Total Clubhouse & Cart Barn 37,829 787,770 179,695 608,075 578,388 727,770 149,382 403,718 No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 19 Golf Course Enterprise Fund - Capital - 2021 2022Variance YTD Thru YTD ThruVariance 2023Audited Adopted Favorable 2022 9/30/2022 09/30/22 Favorable AdoptedActual Budget (Unfavor) Forecast Actual Budget (Unfavor) Budget Budget CommentsCapital & Expenditures (Continued):Maintenance Facility:- - - - - Maintenance Equipment 172,804 90,000 (63,000) 153,000 109,932 90,000 (19,932) 60,000 XUV w/tracks $31,966, small tractor $25,91Pond R&M - - - - - Paint, Siding, Trim 8,275 20,678 (3,191) 23,869 23,869 20,678 (3,191) Interior - - - - - Mechanical - 10,650 10,650 - - 10,650 10,650 12,000 Pressure washer (+/- $5,000), water softeneDriveway R&M - - - - - 11,422 Mill & OverlayGarage Doors - - - - - Windows, Doors - - - - - Roof - - - - - Bathrooms - 6,334 6,334 - - - - Kitchen - 1,200 - 1,200 - - - Grinders - - - - - Total Golf Maintenance 181,079 128,862 (49,207) 178,069 133,801 121,328 (12,473) 83,422 Golf Course:Golf Course Construction/Capital Improveme25,810 - - - - Cart Path Overlay - - - - - Sealcoating & Repair SectionsCart Path Repair - - - - - Irrigation -Pump, Control, VFD - 24,000 - 24,000 7,450 24,000 16,550 Golf Course Trees - - - - - Golf Course Other - - - - - Construction - - - - - Cart Path Seal Coat - - - - - 142,045 Bathroom/Shelters Exterior - 7,318 - 7,318 2,281 7,318 5,037 Bathroom/Shelters Interior 5,691 - - - - Irrigation -System Control 13,284 - - - - Irrigation -System Clocks - - - - - Irrigation - System Line - - - - - Fencing - - - - - 5,000 Fence Staining & RepairTotal Course 44,784 31,318 - 31,318 9,731 31,318 21,587 147,045 Capital Contingency50,000 50,000 - - - 126,837 20% ContingencyTotal Capital Expenditures 263,693 997,950 180,488 817,462 721,920 880,416 158,496 761,022 ===No assurance is provided on these non-GAAP budgetary basis financial statements;substantially all disclosures ordinarily included have been omitted.Page 20 044 County Tax entity code DOLA LGID/SID 19065 / TO: County Commissioners1 of Eagle County , Colorado. On behalf of the Eagle Ranch Metropolitan District the Board of Directors of the Eagle Ranch Metropolitan District $ $ Submitted:12/5/2022 for budget/fiscal year 2023 . (not later than Dec 15) (mm/dd/yyyy)(yyyy) PURPOSE (see end notes for definitions and examples)LEVY2 REVENUE2 1.General Operating ExpensesH 25.000 mills 1,884,770.25$ 2. (0.000) mills -$ SUBTOTAL FOR GENERAL OPERATING: 25.000 mills 1,884,770.25$ 3.General Obligation Bonds and InterestJ 6.000 mills 452,344.86$ 4.Contractual ObligationsK 0.000 mills -$ 5.Capital ExpendituresL 0.000 mills -$ 6.Refunds/AbatementsM 0.000 mills -$ 7.OtherN (specify): 0.000 mills -$ 0.000 mills -$ TOTAL:[]31.000 mills 2,337,115.11$ Daytime phone:(970) 926-6060 x6 Signed: Title: District Accountant (local government)C Include one copy of this tax entity's completed form when filing the local government's budget by January 31st, per 29-1-113 C.R.S. with the Division of Local Government (DLG), Room 521, 1313 Sherman Street, Denver, Colorado 80203. Questions? Call DLG (303) 864-7720. (GrossD assessed valuation, Line 2 of the Certification of Valuation From DLG 57E) (NETG assessed valuation, Line 4 of the Certification of Valuation Form DLG 57) Hereby officially certifies the following mills to be levied against the taxing entity's GROSS assessed valuation of: 75,390,810 75,390,810 1 If the taxing entity's boundaries include more than one county, you must certify the levies to each county. Use a separate form for each county and certify the same levies uniformly to each county per Article X, Section 3 of the Colorado Constitution. 2 Levies must be rounded to three decimal places and revenue must be calculated from the total NET assessed valuation (Line 4 of Form DLG57 on the County Assessor's FINAL certification of valuation). USE VALUE FROM FINAL CERTIFICATION OF VALUATION PROVIDED BY ASSESSOR NO LATER THAN DECEMBER 10 <Minus> Temporary General Property Tax Credit/ Temporary Mill Levy Rate ReductionI Contact person: (print) Eric Weaver Sum of General Operating Subtotal and Lines 3 to 7 Note: If the assessor certified a NET assessed valuation (AV) different than the GROSS AV due to a Tax Increment Financing (TIF) AreaF the tax levies must be calculated using the NET AV. The taxing entity's total property tax revenue will be derived from the mill levy multiplied against the NET assessed valuation of: CERTIFICATION OF TAX LEVIES for NON-SCHOOL Governments (taxing entity)A (governing body)B Form DLG 70 (rev 9/15)Page 1 of 4 THIS SECTION APPLIES TO TITLE 32, ARTICLE 1 SPECIAL DISTRICTS THAT LEVY TAXES FOR PAYMENT OF GENERAL OBLIGATION DEBT (32-1-603 C.R.S.). Taxing entities that are Special Districts or Subdistricts of Special Districts must certify separate mill levies and revenue to the Board of County Commissioners, one each for the funding requirements of each debt (32-1-603, C.R.S.) Use additional pages as necessary. The Special District's or Subdistrict's total levies for general obligation bonds and total levies for contractual obligations should be recorded on Page 1, Lines 3 and 4 respectively. CERTIFY A SEPARATE MILL LEVY FOR EACH BOND OR CONTRACT: BONDSJ: 1 Purpose of Issue:Refunding of 2003A and 2003B General Obligation Refunding Bonds Series: 2013 General Obligation Refunding Bonds Date of Issue: September 23, 2013 Coupon rate: 3.420% Maturity Date: December 1, 2029 Levy: 2.446 Revenue: $184,405.92 2 Purpose of Issue:Refunding of 2007 General Obligation Bonds Series: 2017 General Obligation Refunding Bonds Date of Issue: October 18, 2017 Coupon rate: 1.950% Maturity Date: December 1, 2024 Levy: 2.980 Revenue: $224,664.61 3 Purpose of Issue:Refunding of 2011 General Obligation Refunding Bonds Series: 2021 General Obligation Refunding Bonds Date of Issue: September 17, 2021 Coupon rate: 1.500% Maturity Date: December 1, 2029 Levy: 0.574 Revenue: $43,274.33 4 Purpose of Issue: Series: Date of Issue: Coupon rate: Maturity Date: Levy: Revenue: CONTRACTSK: 5 Purpose of Contract: Title: Date: Principal Amount: Maturity Date: Levy: Revenue: Use multiple copies of this page as necessary to separately report all bond and contractual obligations per 32-1-1603, C.R.S. CERTIFICATION OF TAX LEVIES, continued Form DLG 70 (rev 9/15)Page 2 of 4