Friday, January 06, 2006

City Manager John Lawton reported that the financial analysis showed that the Golf Courses Fund would not be able to meet operating costs, pay debt service, and maintain bond coverage ratios any time in the near future with this additional internal debt. The action requested on item 11 would write off the golf courses loan. He explained that the golf courses were losing money and the deficit had to be made up somewhere. He added that it didn't make sense to continue these loans expecting the General Fund to cover the short fall.
Mr. Lawton added that the City golf course operations were experiencing many of the same declining net revenue trends as other courses throughout the nation. The City was committed to continued operation of our municipal golf courses. Mr. Lawton explained that cash transfers were approved from the General Fund in the amount of $185,000 and $120,000 in FY 2003 and FY 2004 respectively. While these transfers and the proposed forgiveness of interfund debts do not meet the bond covenant definition of revenue, they provide evidence of the City's commitment to the golf courses. Staff continues to explore long term solutions to the financial health of the municipal golf courses fund. At the time of all three of these interfund loans, it was believed that the golf courses fund was experiencing a short-term cash flow problem.

Trying to find what happened to Morony Natatoriums pool liner money for Aaron, I ran across this. Funny how things change. All emphasis is mine.

As for the pool money, I have found some evidence that money was intended for the pool, but not what happened with it.

4 Old Comments:

How about a link reference?

By Blogger GeeGuy, at 9:50 AM  

When was this?

By Blogger Treasure State Jew, at 11:03 AM  

There, ya happy now? Uh, 2004.

By Blogger a-fire-fly, at 9:39 AM  

I'm happy now. I can follow up!

By Blogger GeeGuy, at 8:07 AM