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HomeMy WebLinkAboutCC RES 01-030RESOLUTION NO. 01-30 A RESOLUTION OF THE CITY COUNCIL OF THE CITY OF PALM DESERT, CALIFORNIA, AMENDING THE FISCAL YEAR 2000-2001 BUDGET AS A RESULT OF THE MID YEAR ADJUSTMENTS. Whereas, a result of a Mid -year review of the budget, it is desirable to revise the 2000-2001 budget; NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Palm Desert, California, that the 2000-2001 Budget is hereby revised as follows: 1. The amounts shown in the column entitled " Revised Appropriations" the table entitled "Desert Willow, Mid -Year 2000-2001 Budget Review, Revised Appropriations Operating Budget", attached hereto as Exhibit "B", are hereby appropriated to the departments, activities and projects identified therein as the Operating Budget for 2000-2001. 2. The amounts shown in the column entitled " Revised Estimated Revenue" in the table entitled " Desert Willow, Mid -Year 2000- 2001Budget Review, Revised Estimated Revenues", attached hereto as Exhibit "A", are hereby accepted as the Estimated Revenues for the 2000-2001 Fiscal Year for Desert Willow revenue sources. PASSED, APPROVED AND ADOPTED at the regular meeting of the Palm Desert City Council held on this 8th day of March 2001, by the following vote, to wit: EST: AYES: BENSON, CRITES, KELLY, SPIEGEL, FERGUSON NOES: NONE ABSENT: NONE ABSTAIN: NONE -L 4 SHEILA R. CITY OF PALM /JIM F ftGfJSON, MAYOR , CITY CLERK ERT, CALIFORNIA 2 DESERT WILLOW MID YEAR 2000-2001 BUDGET REVIEW REVISED ESTIMATED REVENUES OPERATING BUDGET RES: 01-30 EXHIBIT: "A" Account Account Original Revised Change Code Description Estimated Revenue Estimated Revenue Increase (Decrease) 520-0000-380-0101 Golf Course Fee $ 5,132,152 $ 4,978,840 $ (153,312) 520-0000-380-0102 Cart Fee $ 354,847 $ 334,018 $ (20,829) 520-0000-380-0103 Pro shop sales $ 975,030 $ 922,706 $ (52,324) 520-0000-380-0104 Range Ball Fees $ 58,720 $ 12,385 $ (46,335) 520-0000-380-0105 Food & Beverage Revenues $ 1,546,400 $ 1,355,466 $ (190,934) 520-0000-380-0107 Learning Center- The Academy $ 126,250 $ 226,717 $ 100,467 520-0000-380-0108 Other G&A Income $ 96,000 $ - $ (96,000) 520-0000-380-0106 Interest Income $ 18,000 $ 21,861 $ 3,861 Net Change $ (455,406'' Budget Amendments for Steff Report. Budget 2Uf1:Staff Repo" DESERT WILLOW MID YEAR 2000-2001 BUDGET REVIEW REVISED APPROPRIATIONS OPERATING BUDGET RES: 01-30 Exhibit "B" Account Account Original Revised Change Code Description Appropriations Appropriations Increase (Decrease) 520-4195-495-8021 Salaries- Desert Willow 2,523,738 2,682,255 158,517 520-4195-495-8025 Salaries- Food & Beverage 595,539 528,087 (67,452) 520-4195-495-8031 Golf Course Maintenance Expenditures 1,561,139 1,208,169 (352,970) 5204195-495-8032 Cart Expenses 245,580 241,382 (4,198) 520-4195-495-8033 Pro Shop Expenses 44,384 55,752 11,368 520-4195-495-8010 Pro Shop - Costs of Goods sold 440,440 481,073 40,633 520-4195-495-8034 Range Expenses 30,450 16,737 (13,713) !0-4195-495-8035 Food & Beverage expenses 154,152 280,337 126,185 520-4195-495-8011 Food & Beverage - Costs of Goods Sold 456,735 447,609 (9,126) 520-4195-495-8037 General & Administration Expenses 693,018 752,744 59,726 520-4195-495-8091 Financing 240,870 85,524 (155,346) 520-4195-495-8039 Learning Center (The Academy) 70,365 31,936 (38,429) 520-4195-495-8093 Reserve for replacement 510,000 946,944 436,944 Net Change 192,139 Budget Amendments for Staff Report- Budget 2081;5taff Report Revenues Course & ground Carts Golf Shop Range Interest Income Comparative Profit Loss Statement Budget to Budget Desert Willow Golf Resort fiscal Year 2000-2001 Budget Revisions Projected Budget PCT 2000-2001 2000-2001 Variance Change 4,978,840 334,018 922,706 12,385 21,861 5,228,152 (249,312) -5.00% 354,847 (20,829) -6.00% 975,030 (52,324) -5.00% 58,720 (46,335) -79.00% 18,000 3,861 21.00% Total Revenues 6,269,810 6,634,749 (364,939) -6.00% COGS Expenditures Payroll General & Administrative Course & Grounds Carts Golf Shop Range Management Fee Interest expense Perimeter (12%) 481,073 2,479,658 752,744 1,208,169 241,382 55,752 16,737 300,000 85,524 14,496 440,440 40,633 9.00% 2,473,445 6,213 0,00% 693,018 59,726 9.00% 1,561,139 (352,970)-23.00% 245,580 (4,198) -2.00% 44,384 11,368 26.00% 30,450 (13,713) -45.00% 300,000 0.00% 240,870 (155,346)-64.00% 14,496 0.00% Total Golf Resort Expenditures 5,635,535 6,043,822 (408,287) -7.00% Palm Desert Recreational Facilities Revenues Expenses Cost of Goods Sold Payroll Other 1.355.466 1.546.400 1190.934) -12.00°/Q 447,609 528,087 280,337 456,735 (9,126) -2.00% 595,539 (67,452)-11.00% 154,152 126,185 82.00% Total PDRFC Income 99,433 339,974 (240,541) -71.00% ✓ Operational Income (loss) KSM Youth Golf Academy / The Academy Revenues Payroll Benefits Expenditures 733,708 930,901 (197,193) -21.00% 226,717 126,250 100,467 80.00% {.166,237) (40,680) (125,557) 309.00% (36,360) (9,613) (26,747) 278.00% (31,936) (70,365) 38,429 -55.00% ✓ KSM YGA Income (7,816) 5,592 (13,408) -240.00% Exhibit "C" Resolution No. 01-30 Project Net Income (loss) 725,892 936,493 (210,601) -22.00% Equipment Replacement Reserve 946,944 510,000 436,944 86.00% ✓ Total Net Income (loss) (221,052) 426,493 (647,545)-152.00%