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REQUEST FOR COUNCIL CONSIDERATION ITEM DESCRIPTION: Consideration of Resolution Authorizing a Transfer from the Community Reinvestment Fund to the Municipal Golf Course. DEPARTMENT HEAD’S APPROVAL: Brenda Davitt Jennifer Fink CITY MANAGER’S APPROVAL: No comments to supplement this report ___ Comments attached ___ Recommendation: Accept and Approve the Resolution Authorizing a Transfer from the Community Reinvestment Fund to the Municipal Golf Course. Explanation: During the 2017 Budget process, it was identified Brightwood Hills Golf Course revenues would be under expenditures and a transfer of $71,100 from the General Fund was appropriated to cover the deficit. As of December 31, 2017, a cash deficit of $92,683 exists creating the need for an additional $21,583 over the appropriated $71,100 to cover the deficit. The revenue collected during the 2017 golf season fell short of projections due to weather conditions. Brightwood Hills opened for play 18 days later and closed 10 days earlier than the previous season. Once the course was open, the weather did not fully cooperate until after the month of June. Staff were diligent about minimizing rain closures, but weather was extreme. Either hot, humid and windy, or cold and wet. The latter stages of October and November did not provide the warm and enjoyable late fall warm up staff hoped for. Though total revenues fell short of the budget by $43,900 mainly due to weather, staff responded efficiently and expenditures came in $22,600 under budget. Financial Impact: The Community Reinvestment Fund is committed to providing transfers to those funds experiencing temporary cashflow deficits. __________________________ Brenda Davitt Director of Finance ____________________________ Jason Hicks Assistant Parks & Recreation Director Attachments: Resolution Agenda Section: Consent Report Date February 22, 2018 Council Meeting Date February 27, 2018