HomeMy WebLinkAboutNo. 2524 determining to transfer monies among various accounts within fund 619 for purpose of defraying the expenses of certain local public improvements for 1/1/08 to 12/31/08 including all outstanding claims & obligations•
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SUBSTITUTE
RESOLUTION NO. 2524
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION
DETERMINING
TO TRANSFER MONIES AMONG VARIOUS ACCOUNTS WITHIN FUND 619 FOR THE
PURPOSE OF DEFRAYING THE EXPENSES OF CERTAIN
LOCAL PUBLIC IMPROVEMENTS FOR THE FISCAL YEAR BEGINNING
JANUARY 1, 2008 AND ENDING DECEMBER 31, 2008 INCLUDING ALL OUTSTANDING
CLAIMS AND OBLIGATIONS, FIXING A TIME WHEN THE SAME SHALL TAKE EFFECT
WHEREAS, the South Bend Redevelopment Commission is the lessee of certain local
public improvements which, during calendar year 2008, realize revenues and incur expenses in connection
with the operation and maintenance of the same; and
WHEREAS, the South Bend Redevelopment Commission has determined that it is
necessary to transfer monies among certain accounts within Fund 619 in order to defray the expenses of
those local public improvements.
NOW, THEREFORE, BE IT RESOLVED BY THE SOUTH BEND
REDEVELOPMENT COMMISSION AS FOLLOWS:
1. The sum of $53,414 is hereby transferred among accounts within Fund 619 as set forth hereinafter,
which is hereby approved and incorporated by reference with respect to the following distributions:
Reduce the following: Amount
Cost of Sales - Golf Shop 1,130
Operating Expenses — Course Maintenance 52.284
Total 53,414
Increase the following: Amount
Cost of Sales - Food & Beverage 11,720
Operating Expenses - Golf Operations/Pro Shop 8,656
Operating Expenses - Food & Beverage 5,371
Operating Expenses - Administration & Management 27.667
Total 53,414
2. For the fiscal year ending December 31, 2008, the above referenced transfers are made within the
Blackthorn Golf Course Fund.
3. This resolution shall be in full force and effect from and after its adoption by the South Bend
Redevelopment Commission.
Adopted at the regular meeting of the South Bend Redevelopment Commission held Friday,
December 5, 2008 at 10:00 a.m., 1308 County -City Building, 227 West Jefferson Boulevard, South Bend,
Indiana 46601
ATTES .
Signature
Nancy N. King, Secretary
Printed ame and Title
South Bend Redevelopment Commission
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CITY OF SOUTH BEND,
D PARTMENT OF VELOPMENT
Signature
Marcia I. Jones, President
Printed Name and Title
South Bend Redevelopment Commission
Fund 619
Blackthorn Golf Course
10 Operations Budget
for Calendar Year 2008
Operating Expenses:
Course Maintenance 489,000
Golf Operations /Pro Shop 442,000
Food & Beverage 63,690
Administration & Management 284,300
Total Operating Expenses 1,278,990
Net Operating Income (55,958)
Capital Items & Debt Service:
Add:
Transfer of Funds from TIF 651,500
Less:
Capital Items 0
Debt Service 651,500
Change in Cash
Ending Cash @ End of Period $72,467
Revised
2008
Budget
Beginning Cash @ 1/1
$128,425
Revenue:
Rounds (25,000)
Greens Fees
654,205
Golf Cart Income
158,074
Membership/Tee Time Revenue
66,656
Driving Range Income
36,352
Other Income
86,490
Lesson Instruction
5,914
Golf Shop Sales
234,182
Food & Beverage Sales
245,859
Total Revenue
1,487,732
Less Cost of Sales:
Golf Shop
168,000
Food & Beverage
96,700
Total Cost of Sales
264,700
Total Revenue less Cost of Sales
1,223,032
Operating Expenses:
Course Maintenance 489,000
Golf Operations /Pro Shop 442,000
Food & Beverage 63,690
Administration & Management 284,300
Total Operating Expenses 1,278,990
Net Operating Income (55,958)
Capital Items & Debt Service:
Add:
Transfer of Funds from TIF 651,500
Less:
Capital Items 0
Debt Service 651,500
Change in Cash
Ending Cash @ End of Period $72,467