HomeMy WebLinkAboutNo. 1652 appropriating monies for purpose of defraying the expenses of certain local public improvements for fiscal year beginning 1/1/99 ending 12/31/99 including all outstanding claims/obligations fixing a time when the same shall take effectRESOLUTION NO. 1652
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION APPROPRIATING
MONIES FOR THE PURPOSE OF DEFRAYING THE EXPENSES OF CERTAIN LOCAL
PUBLIC IMPROVEMENTS FOR THE FISCAL YEAR BEGINNING JANUARY 1, 1999,
AND ENDING DECEMBER 31,1999, 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 1999, realize revenues and incur expenses in
connnection with the operation and maintenance of the same; and
Whereas, the South Bend Redevelopment Commission has determined that it is
necessary to appropriate the revenues of certain public improvements 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. For the expenses of the Blackthorn Golf Course and its various divisions, for the fiscal
year 1999, the sums of money, as set forth in the budget which is made a part hereof, are hereby
appropriated and ordered set apart out of the funds hereinafter named, and for the purposes hereinafter
specified, subject to the laws governing the same. The sums herein appropriated shall be deemed to
rw
include all expenditures authorized to be made in said year, unless otherwise expressly stipulated or
provided by law.
2. For the fiscal year ending December 31, 1999, the above referenced appropriations are
made within the Blackthorn Golf Course Fund.
This resolution shall be in full force and effect from and after its adoption.
Adopted at the regular meeting of the South Bend Redevelopment Commission held Friday,
December 18, 1998, at 10:00 a.m., 1308 County -City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601.
SO D RE ✓DEVEOPME T COMMISSION
Robert W. Hunt, President
AWN
ATTEST:
. Schwartz, Secretary
HAWPDATA\RESOLUTkRES 1652
3 r
South Bend Redevelopment Commission - Resolution No. 1652
1999 Blackthorn Golf Course Budget
Cash Balance 10/31/98 $590,755
Expenditures (net of revenue) Nov. & Dec. 1998 $109,365
Projected Cash Balance 12/31/98 $481,390
INCOME
Green Fees
$971,526
Golf Carts
$239,019
Membership
$10,125
Driving Range
$55,813
Other Golf
$3,721
Instruction
$35,000
Merchandise
$196,794
Food & Beverage
$264,262
TOTAL INCOME $1,776,260
LESS: COST OF SALES
Instruction $31,500
Pro Shop $127,916
Food & Beverage $92,492
TOTAL COST OF SALES $251,908
NET INCOME $1,524,352
NET INCOME + 12/31/98 CASH BALANCE $2,005,742
EXPENSES
Pro Shop $311,496
Course Maintenance $482,404
Food & Beverage $60,727
Administration $236,170
TOTAL EXPENSES $1,090,797
OPERATING INCOME $914,945
DEBT SERVICE
February 1999 $213,000
August 1999 $223,000
TOTAL DEBT SERVICE $436,000
Projected Cash Balance 12/31/99 $478,945