HomeMy WebLinkAboutNo. 2405 appropriatign monies 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
• RESOLUTION NO. 2405
A RESOLUTION OF THE SOUTH BEND REDEVELOPMENT COMMISSION DETERMINING
TO APPROPRIATE MONIES FOR THE PURPOSE OF DEFRAYING THE EXPENSES OF
CERTAIN LOCAL PUBLIC IMPROVEMENTS FOR THE FISCAL YEAR BEGINNPNG
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 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
2008, 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 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, 2008, 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 7, 2007 at 10:00 a.m., 1308 County-City Building, 227 West Jefferson Boulevard, South
Bend, Indiana 46601
SOUTH BEND REDEVELOPMENT COMMISSION
arcia ones, ~ i ent
ATTEST:
r r S. o es, ecretary
•
Revised 12/4/07
•
Fund 619
Blackthorn Golf Course
Operations Budget
for Calendar Year 2008
2008
Budget
Beginning Cash @ 1/1 (est. for 2008) $179,511
Revenue:
Rounds (25,000)
Greens Fees 643,713
Golf Cart Income 225,232
Membership/Tee Time Revenue 85,200
Driving Range Income 40,000
Other Income 89,000
Lesson Instruction 8,500
Pro Shop Sales 260,200
Food & Beverage Sales 265,563
Total Revenue 1,617,408
Less Cost of Sales:
Pro Shop Merchandise 169,130
Concessions Food & Beverages 84,980
Total Cost of Sales 254,110
Total Revenue less Cost of Sales 1,363,298
Operating Expenses:
Golf Course Maintenance 541,284
Administration 160,633
Golf Operations/Pro Shop 433,344
Concessions 58,319
- Management 96,000
Total Operating Expenses 1,289,580
Net Operating Income 73,718
Capital Items 8 Debt Service:
Add:
Transfer of Funds from TIF
Less:
Capital Items
Debt Service
Change in Cash
Net Change in Assets & Liabilities
Ending Cash @ End of Period
Annual Sinking Fund Contribution (2.5% of Revenue)
Cumulative Sinking Fund
Reconciliation of Ending Cash Balance
Operating & Capital Cash
Cumulative Sinking Fund
Ending Cash Balance
C7
651, 500
140,000
651, 500
(66,282)
0
$113,229
40,435
120,774
(7,545)
120, 774
$113, 229
F:\DATA\SHARE\ECONDEV\FPM\Budgets\Budget 2008\BGCFUND 619.x1s12/4/2007