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CC Year End Financials Village of North Palm Beach Unaudited Statement of Net Assets Proprietary Fund September 30,2013 Assets Enterprise Cash&Cash Equivalents $ 875,868 Accounts receivable 11,779 Inventories 96,924 Prepaids 55,017 Intangible Asset 28,967 Land,buildings,&equipment 5,695,752 Total Assets 6,764,306 Liabilities Accounts Payable 59,269 Accrued Interest Payable - Deposits 3,800 Deferred Revenue 217,682 Compensated absences 26,078 Capital Leases 396,055 Loans payable 3,357,875 Other post employment benefits 45,168 Total Liabilities 4,105,927 Net Assets Invested in capital assets 1,970,789 Unrestricted 687,590 Total net assets $ 2,658,379 The Village of North Palm Beach Unaudited Statement of Revenues,Expenses,and Changes in Fund Net Assets Proprietary Fund September 30,2013 Enterprise Operating revenue Greens fee/cart rentals/membership fees $ 2,307,240 Golf shop revenues 373,902 Driving range revenues 281,518 Restaurant revenues 610,439 Miscellaneous 4,349 Total operating revenues 3,577,448 Operating expenses Golf course maintenance 1,124,919 Clubhouse grounds 93,779 Golf shop 862,151 Food&beverage 729,446 Administrative&general 103,749 Insurance 43,680 Depreciation 514,401 Total operating expenses 3,472,126 Operating income(loss) 105,321 Nonoperating revenues(expenses) Interest revenue 8,554 Interest expense (170,751) Other revenues - Other expenses - Gain/(Loss)on disposal of fixed assets 74,633 Total nonoperating revenues(expenses) (87,563) Transfers out - Change in net assets 17,758 Net assets-beginning 2,640,622 Net assets-ending $ 2,658,380 The Village of North Palm Beach Unaudited Schedule of Revenues and Departmental Expenses Proprietary Fund-Budgetary Basis September 30,2013 Enterprise Revenue Greens fee/cart rentals/membership fees $ 2,307,240 Golf shop revenues 373,902 Driving range revenues 281,518 Restaurant revenues 610,439 Interest revenue 8,554 Sales of Surplus 133,800 Miscellaneous 4,349 Total revenues 3,719,802 Expenses Golf Course Maintenance 1,124,919 Golf Pro Shop&Range 862,151 Food&Beverage 729,446 Administration 103,749 Clubhouse Grounds 93,779 Insurance&General Liability 43,680 Contingency - Debt Service 617,895 Capital Outlay 14,546 Total expenses 3,590,166 Revenues over(under)expenses $ 129,636 To reconcile to the GAAP Basis: Adjustments to reconcile to the GAAP Basis(Revenues) Total Revenues on Budgetary Basis $ 3,719,802 Add: Other Revenue - Add: Gain/(Loss) on Disposal of Fixed Assets (59,167) Total Operating Revenues 3,660,635 Adjustments to reconcile to the GAAP Basis(Expenses) Total Expenses on Budgetary Basis $ 3,590,166 Less: Capital Outlay (14,546) Less:Debt Service (617,895) Add: Transfers - Add: Interest Expense 170,751 Add: Depreciation 514,401 Total Operating Expenses 3,642,877 Net Income(Loss) $ 17,758 The Village of North Palm Beach Country Club Budget Summary Fiscal Year Ending September 30,2013 Unaudited UNAUDITED Fiscal Year Ending 913012013 FY 2013 %of budget Golf F&B Admin Total Budget (Target 100%) REVENUES Driving Range $ 281,518 $ 281,518 $ 209,026 134.68% Membership 563,401 563,401 623,580 90.35% Cart Rental 849,010 849,010 939,400 90.38% Walking Fees 40,927 40,927 37,520 109.08% Greens Fees 841,875 841,875 912,480 92.26% Lessons 146,627 146,627 100,000 146.63% Tournament Proceeds 2,447 2,447 2,716 90.10% Merchandise Sales 165,861 165,861 140,150 118.35% Special Events/Camps - 0 4,000 0.00% Food&Beverage-Lease Operation - 0 0 0.00% Liquor Sales 206,272 206,272 240,000 85.95% Food&Beverage Sales 397,098 397,098 545,000 72.86% Sales of Surplus 133,800 - 133,800 96,000 139.38% Interest Earnings 8,554 8,554 7,327 116.75% Other 70,994 7,345 4,073 82,411 91,734 89.84% Total Revenues 3,096,460 610,715 12,627 3,719,802 3,948,933 94.20% EXPENSES Personnel: Salary&Benefits 567,104 342,423 61,723 971,250 938,748 103.46% Operating: Accounting&Auditing - - 8,151 8,151 7,000 116.44% Charge Card Fees 51,053 8,643 0 59,696 59,500 100.33% Contractual Services 1,063,787 23,953 4,139 1,091,879 1,213,802 89.96% Entertainment - 7,353 0 7,353 10,000 73.53% Rental-Equipment/Uniform,etc. 1,550 14,762 4,068 20,381 22,714 89.73% Legal Fees 13,517 13,517 7,500 180.22% Lessons 36,666 - 0 36,666 35,000 104.76% Marketing&Advertising 21,791 568 0 22,359 45,000 49.69% Materials&Supplies 37,742 16,783 3,879 58,405 65,675 88.93% Merchandise 98,155 224,018 0 322,173 388,000 83.03% Repairs&Maintenance 37,569 27,701 0 65,270 76,424 85.41% Solid Waste Disposal 6,648 6,646 0 13,294 14,450 92.00% Utilities 146,434 43,615 4,682 194,730 217,202 89.65% Other Operating Costs 12,351 12,981 3,590 28,922 43,000 67.26% Capital: Capital Outlay - 14,546 0 14,546 53,639 27.12% Debt&Other: Debt Service 398,159 398,159 398,151 100.00% Golf Cart Lease 219,736 219,736 234,183 93.83% Insurance-Prop&Gen Liab 43,680 43,680 43,881 99.54% Contingency 0 0 75,064 0.00% Total Expenses 2,698,744 743,993 147,429 3,590,166 3,948,933 90.91% Revenues over(under)expenses $ 397,716 $ (133,278) $ (134,802) $ 129,636 $ - Rounds 43,893 48,000