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July 2004 - June 2005 SilverRock Resort - Monthly Financial Statement MONTHLY FINANCIAL STATEMENT JULY 2004-JUNE 2005 TABLE OF CONTENTS Summary Operating Income Expense 1 Variance Report 2 Statement of Fee Revenue 3 Golf Shop Income Statement 4 Food & Beverage Income Statement 5 Course Maintenance Expense Statement 6 Outside Service Expense Statement 8 Clubhouse Expense Statement 9 Marketing Expense Statement 10 General & Administrative Expense Statement 11 Operating Leases, FFE & 12 Miscellaneous Other Expense Statement June Final Budget Variance Final Budget Variance Income 400000 Revenue-Fees 100,589.75 193,725.00 (93,135.25) 904,856.50 2,333,321.00 (1,428,464.50) 410000 Revenue-Golf Shop 10,974.48 17,550.00 (6,575.52) 90,199.22 158,885.00 (68,685.78) 420000 Revenue-Food&Bev 7,017.90 16,200.00 (9,182.10) 43,258.99 164,101.00 (120,842.01) 890000 Interest Income 13.68 - 13.68 44.63 - 44.63 Total Income 118,595.81 227,475.00 (108,879.19) 1,038,359.34 2,656,307.00 (1,617,947.66) Cost of Goods Sold 510000 COS-Golf Shop 6,310.09 10,530.00 (4,219.91) 49,966.16 94,582.60 (44,616.44) 520000 COS-Food & Beverage 3,144.66 5,184.00 (2,039.34) 15,569.57 53,556.00 (37,986.43) Total COGS 9,454.75 15,714.00 (6,259.25) 65,535.73 148,138.60 (82,602.87) Gross Profit 109,141.06 211,761.00 (102,619.94) 972,823.61 2,508,168.40 (1,535,344.79) 610000 Golf Pro Shop 14,335.96 15,392.00 (1,056.04) 81,638.33 139,324.00 (57,685.67) 620000 Food & Beverage 17,744.39 14,486.00 3,258.38 71,553.61 122,126.00 (50,572.39) 630000 Course Maintenance 172,202.64 127,259.00 44,943.64 740,269.05 713,751.00 26,518.05 640000 Outside Services 27,461.92 15,951.00 11,510.92 89,787.25 170,165.00 (80,644.43) 650000 Clubhouse 12,208.63 9,473.00 2,735.63 41,865.86 71,944.00 (30,078.14) 660000 Marketing 26,457.00 12,165.00 14,292.00 63,393.39 183,260.00 (119,866.61) 670000 General & Administrative 23,023.52 31,117.00 (8,093.48) 165,384.85 313,588.00 (148,203.15) 680000 Leases 22,780.89 23,045.00 (264.11) 202,975.73 205,250.00 (2,274.27) 690000 Misc Other Expenses 8,685.18 34,775.00 (26,089.82) 65,933.17 121,563.00 (55,629.83) Total Expenses 324,900.13 283,663.00 41,237.12 1,522,801.24 2,040,971.00 (518,169.76) Net Income (215,759.07) (71,902.00) (143,857.06) (549,977.63) 467,197.40 (1,017,175.03) Silverrock Resort Summary Operating Income Statement July 2004-June 2005 Month to Date Year to Date 1 June 2005 June 2005 ACTUAL BUDGET VARIANCE SALES AND COST OF SALES Green Fees 100,589.75$ 193,725.00$ (93,135.25)$ (To Include; Driving Range, Club Rental, Handicap Fees) Unfavorable variance: Green fee revenues were down due to: 1.) storm damaged native areas has caused some guests to not play or not return to play until things are more mature. 2.) unfavorable weather conditions-high winds and blowing sand. 3.) Lack of Marketing & Local Publicity. 4.) No liquor license. 5.) Course aerification from June 21-23 caused limited play. Pro Shop Merchandise Sales 10,974.48$ 17,550.00$ (6,575.52)$ Pro Shop Cost of Sales 6,310.99$ 10,530.00$ (4,219.01)$ Unfavorable variance is due to fewer rounds than budgeted. However, sales per paid round was $6.79 per round which is $.29 higher than budgeted. Food & Beverage Sales 7,017.70$ 16,200.00$ (9,182.30)$ Food & Beverage Cost of Sales 3,144.66$ 5,184.00$ (2,039.34)$ Unfavorable variance is due to fewer rounds than budgeted. Not having a liquor license and full kitchen in June affected F&B revenues. June 2005 June 2005 EXPENSES ACTUAL BUDGET VARIANCE Golf Pro Shop 14,335.96$ 15,392.00$ (1,056.04)$ Favorable variance due to handicap fee reclassed to budgeted department of outside services. Food and Beverage 17,744.39$ 14,486.00$ 3,258.39$ Unfavorable variance due to food & beverage staff at a minimum. Majority of employees must work 6 days to accommodate restaurant schedule. Staff summer uniforms were also purchased in this month. Course Maintenance 172,202.64$ 127,259.00$ 44,943.64$ Unfavorable variance due to completion the pre-approved Bunker Renovation for $71,000.00. This project has been ongoing over several months. Outside Services 27,461.92$ 15,951.00$ 11,510.92$ Unfavorable variance due to expendable supplies over budget from the increase of bottled water given to guests to accommodate the hot summer months. Scorecards were also purchased to cover the next 9 months. Laundry / linen over budget due to timing of receiving invoices. Clubhouse 12,208.63$ 9,473.00$ 2,735.63$ Unfavorable variance due to unbudgeted roving security patrol. This patrol is necessary during non business hours. Marketing / Advertising 26,457.00$ 12,165.00$ 14,292.00$ Unfavorable variance due to settling McMurray's outstanding advertising expenses. G & A 23,023.52$ 31,117.00$ (8,093.48)$ Favorable variance due to credit card fees being accounted for on the City's Books. Misc Other Expenses 8,685.18$ 34,775.00$ (26,089.82)$ Favorable variance due to prepayment of Commercial Liability Insurance. FFE reserve expense is under budget due to revenues falling below budget. Property tax payment was not made during the month of June. SilverRock Resort Variance Explanations June 2005 2 Income June Final Budget Variance Final Budget Variance 4000000 Revenue-Fees 98,249.75 190,620.00 (92,370.25) 888,176.50 2,300,210.00 (1,412,033.50) 4010000 Rider Fee 150.00 - 150.00 1,230.00 - 1,230.00 4030000 Cart Rental - 675.00 (675.00) 75.00 6,111.00 (6,036.00) 4040000 Club Rental 210.00 405.00 (195.00) 2,555.00 3,666.00 (1,111.00) 4050000 Driving Range 1,740.00 2,025.00 (285.00) 10,740.00 18,334.00 (7,594.00) 4060000 Handicap Fees 240.00 - 240.00 2,080.00 5,000.00 (2,920.00) Total Revenue Fees 100,589.75 193,725.00 (93,135.25) 904,856.50 2,333,321.00 (1,428,464.50) Total Income 100,589.75 193,725.00 (93,135.25) 904,856.50 2,333,321.00 (1,428,464.50) Silverrock Resort Statement of Fees Revenue July 2004-June 2005 Month to Date Year to Date 3 Income June Final Budget Variance Final Budget Variance 4100000 Sales Miscellaneous 289.67 - 289.67 729.68 - 729.68 4100110 Sales Hard Goods 3,730.71 7,020.00 (3,289.29) 27,800.12 63,553.00 (35,752.88) 4100112 Sales-Soft Goods 6,954.10 10,530.00 (3,575.90) 61,669.42 95,332.00 (33,662.58) Total Revenue Golf Shop 10,974.48 17,550.00 (6,575.52) 90,199.22 158,885.00 (68,685.78) COS 5100000 COS-GS Shop $0.00 $0.00 - $3,328.42 $0.00 3,328.42 5100150 COS-GS-Hard Goods 3,590.14 4,212.00 (621.86) 15,770.22 37,809.40 (22,039.18) 5100151 COS-GS-Soft Goods 3,828.35 6,371.00 (2,542.65) 31,775.69 57,252.20 (25,476.51) 5100220 COS-GS-Freight-Mdse - 159.00 (159.00) 1,550.71 1,438.00 112.71 5100639 COS-GS-Discounts-Mdse (1,108.40) (212.00) (1,705.00) (2,458.88) (1,917.00) (541.88) Cost of Sales - Golf Shop 6,310.09 10,530.00 (5,028.51) 49,966.16 94,582.60 (44,616.44) Gross Profit 4,664.39 7,020.00 (11,604.03) 40,233.06 64,302.40 (24,069.34) COS % 57.5% 60.0% 76.5% 55.4% 59.5% 65.0% Expense 61-PS-SALARIES & BENEFITS 6101175 Employee Meals 476.35 240.00 236.35 1,062.82 2,400.00 (1,337.18) 6101320 Insurance Group 1,826.46 2,400.00 (573.54) 5,641.28 19,800.00 (14,158.72) 6101325 Insurance-Workers Comp - 1,229.00 (1,229.00) - 10,816.00 (10,816.00) 6101720 Salaries 2,231.68 2,500.00 (268.32) 15,621.76 22,500.00 (6,878.24) 6101800 Taxes-Employer Payroll 584.38 1,066.00 (481.62) 5,329.87 9,379.00 (4,049.13) 6101880 Wages-Hourly 4,901.56 6,062.00 (1,160.44) 30,509.44 52,834.00 (22,324.56) 6101882 Wages-Overtime 73.13 - 73.13 1,423.98 - 1,423.98 Total -PS-SALARIES & BENETITS 10,093.56 13,497.00 (3,403.44) 59,589.15 117,729.00 (58,139.85) 61-PS-SUPPLIES & MATERIALS 6103742 Supplies-Expendable 102.27 200.00 (97.73) 2,192.99 4,200.00 (2,007.01) 6103762 Supplies-Office 302.49 45.00 257.49 1,283.84 870.00 413.84 Total PS-SUPPLIES & MATERIALS 404.76 245.00 159.76 3,476.83 5,070.00 (1,593.17) 61-PS OTHER EXPENSES 6109090 Contract Services 500.00 500.00 - 5,037.49 4,500.00 537.49 6109150 Dues & Subscriptions 1,155.00 - 1,155.00 1,255.00 1,500.00 (245.00) 6109197 Equipment Rental 2,134.58 1,000.00 1,134.58 7,790.59 6,000.00 1,790.59 6109220 Freight & Delivery 44.48 - 44.48 137.80 75.00 62.80 6109490 Miscellaneous - 50.00 (50.00) 22.60 450.00 (427.40) 6109500 ProShop-Over/Short 10.87 - 10.87 (46.87) - (46.87) 6109722 Seminars/Training 750.00 35.00 715.00 2,450.00 510.00 1,940.00 6109810 Travel - Merchandise - 15.00 (15.00) - 90.00 (90.00) 6109820 Uniforms - 50.00 (50.00) 1,016.90 3,400.00 (2,383.10) 6117840 Telephones 67.71 - 67.71 808.84 - 808.84 6119206 License and Permits - - - 100.00 - 100.00 6119225 Handicap Expense (825.00) - (825.00) - - - Total PS-OTHER EXPENSES 3,837.64 1,650.00 2,187.64 18,572.35 16,525.00 2,047.35 Total Expenses 14,335.96 15,392.00 (1,056.04) 81,638.33 139,324.00 (57,685.67) Net Income (9,671.57) (8,372.00) (10,547.99) (41,405.27) (75,021.60) 33,616.33 Month to Date Year to Date Silverrock Resort Golf Shop Income Statement July 2004-June 2005 4 Income June Final Budget Variance Final Budget Variance 4200120 Sales-Food 3,871.65 12,150.00 (8,278.35) 33,250.49 90,767.00 (57,516.51) 4200122 Sales-Beer & Wine 0.00 - - 36,667.00 (36,667.00) 4200124 Sales-Other Beverages 3,146.25 4,050.00 (903.75) 10,008.50 36,667.00 (26,658.50) Total Revenue Food & Beverage 7,017.90 16,200.00 (9,182.10) 43,258.99 164,101.00 (120,842.01) 5200000 Cost of Sales-Food & Beverage 3,144.66 5,184.00 (2,039.34) 15,569.57 53,556.00 (37,986.43) Cost of Goods Sold 3,144.66 5,184.00 (2,039.34) 15,569.57 53,556.00 (37,986.43) Gross Profit 3,873.24 11,016.00 (7,142.76) 27,689.42 110,545.00 (82,855.58) COS% 44.8% 32.0% 36.0% 32.6% Expense 62-FB-SALARIES & BENEFITS 6201175 Employee Meals 505.80 300.00 205.80 800.85 2,730.00 (1,929.15) 6201320 Insurance-Group 21.64 2,400.00 (2,378.36) 1,397.64 18,300.00 (16,902.36) 6201325 Insurance-Workers Comp - 678.00 (678.00) - 5,812.00 (5,812.00) 6201720 Salaries 2,769.24 2,999.00 (229.76) 13,153.93 23,992.00 (10,838.07) 6201800 Taxes-Employer Payroll 1,100.21 961.00 139.21 4,746.03 8,027.00 (3,280.97) 6201880 Wages-Hourly 7,407.53 4,723.00 2,684.53 26,971.83 40,490.00 (13,518.17) 6201882 Wages-Overtime 707.91 - 707.91 1,443.42 - 1,443.42 Total FB-SALARIES & BENEFITS 12,512.33 12,061.00 451.33 48,513.70 99,351.00 (50,837.30) 62-FB-SUPPLIES & MATERIALS 6203736 Supplies-Cleaning 835.69 200.00 635.69 3,960.31 1,400.00 2,560.31 6203742 Supplies-Expendable 244.85 1,000.00 (755.15) 5,111.01 10,400.00 (5,288.99) 6203762 Supplies-Office 79.72 100.00 (20.28) 939.03 1,100.00 (160.97) 6203764 Supplies-Paper Goods 787.03 350.00 437.03 4,979.67 2,450.00 2,529.67 6203778 Supplies-Small Tools - 50.00 (50.00) 612.42 350.00 262.42 6203790 Supplies-Utensils 94.87 100.00 (5.13) 1,272.85 700.00 572.85 Total-FB-SUPPLIES & MATERIALS 2,042.16 1,800.00 242.16 16,875.29 16,400.00 475.29 62-FB-REPAIRS & MAINTENANCE 6205690 Repairs & Maint-Equipment - 200.00 (200.00) 84.09 1,400.00 (1,315.91) Total-FB-REPAIRS & MAINTENANCE - 200.00 (200.00) 84.09 1,400.00 (1,315.91) 62-FB-OTHER EXPENSES 6209094 Contract Services-Laundry/Linen 1,273.32 300.00 973.32 2,620.88 2,100.00 520.88 6209490 Micellaneous 792.48 50.00 742.48 817.20 350.00 467.20 6209500 F&B Over/Short 0.01 - 52.01 - 52.01 6209722 Seminars & Training - 25.00 (25.00) - 175.00 (175.00) 6209820 Uniforms 999.09 50.00 949.09 2,365.44 1,150.00 1,215.44 6219206 Licenses and Permits 125.00 - 125.00 225.00 1,200.00 (975.00) Total-FB-OTHER EXPENSES 3,189.90 425.00 2,764.89 6,080.53 4,975.00 1,105.53 Total FOOD&BEVERAGE EXPENSES 17,744.39 14,486.00 3,258.38 71,553.61 122,126.00 (50,572.39) Net Income (13,871.15) (3,470.00) (10,401.14) (43,864.19) (11,581.00) (32,283.19) Month to Date Year to Date Silverrock Resort Food & Beverage Income Statement July 2004-June 2005 5 June Final Budget Variance Final Budget Variance Expense 63-CM-SALARIES & BENEFITS 6311175 Employee Meals 168.60 240.00 (71.40) 311.91 1,440.00 (1,128.09) 6311320 Insurance-Group 11,420.08 5,400.00 6,020.08 58,599.28 32,400.00 26,199.28 6311325 Insurance-Workers Comp (1,074.32) 7,793.00 (8,867.32) 36,168.88 45,408.00 (9,239.12) 6311720 Salaries 10,384.62 11,750.00 (1,365.38) 57,115.41 69,594.00 (12,478.59) 6311800 Taxes-Employer Payroll 5,651.80 6,867.00 (1,215.20) 36,006.25 39,700.00 (3,693.75) 6311880 Wages-Hourly 41,437.22 40,733.00 704.22 233,410.36 241,259.00 (7,848.64) 6311882 Wages-Overtime 10,523.76 2,676.00 7,847.76 64,410.20 8,028.00 56,382.20 Total-CM-SALARIES & BENEFITS 78,511.76 75,459.00 3,052.76 486,022.29 437,829.00 48,193.29 63-CM-SUPPLIES & MATERIALS 6313734 Chemicals 7,986.26 - 7,986.26 12,889.09 - 12,889.09 6313744 Fertilizer 8,497.21 3,000.00 5,497.21 28,951.83 20,000.00 8,951.83 6313746 Flowers/Plants - 100.00 (100.00) - 4,200.00 (4,200.00) 6313748 Fuel-Gasoline 6,788.54 1,500.00 5,288.54 22,883.68 8,400.00 14,483.68 6313750 Golf Course Accessories 2,159.71 250.00 1,909.71 4,103.95 1,000.00 3,103.95 6313756 Supplies-Lubricants & Oils 147.11 - 147.11 1,612.08 - 1,612.08 6313758 Miscellaneous Supp 2,223.97 - 2,223.97 4,865.16 - 4,865.16 6313762 Supplies-Office 611.79 - 611.79 1,603.97 - 1,603.97 6313766 Pesticides 2,557.29 1,000.00 1,557.29 2,557.29 4,000.00 (1,442.71) 6313774 Sand 12,885.86 500.00 12,385.86 19,499.54 4,500.00 14,999.54 6313776 Seed 147.00 - 147.00 1,412.00 2,000.00 (588.00) 6313778 Small Tools & Non-Capital Equip 744.68 150.00 594.68 12,116.33 10,750.00 1,366.33 6313780 Sod 569.28 575.00 (5.72) 3,497.30 1,100.00 2,397.30 6313782 Topdressing - - - - 3,000.00 (3,000.00) Total-CM-SUPPLIES & MATERIALS 45,318.70 7,075.00 38,243.70 115,992.22 58,950.00 57,042.22 63-CM-REPAIRS & MAINTENANCE 6315095 CM-R&M-Contract Lake Maint 2,522.17 1,667.00 855.17 4,343.83 9,998.00 (5,654.17) 6315685 CM-R&M-Bldngs & Othr Structures 897.47 - 897.47 1,267.49 500.00 767.49 6315686 CM-R&M-Drainage 563.01 - 563.01 9,458.60 - 9,458.60 6315690 CM-R&M-Equipment 7,244.17 2,000.00 5,244.17 15,790.72 10,500.00 5,290.72 6315692 CM-R&M-Irrigation System 5,439.70 1,000.00 4,439.70 9,928.12 4,000.00 5,928.12 6315696 CM-R&M-Pumps 790.12 1,000.00 (209.88) 1,081.84 5,000.00 (3,918.16) 6315815 CM-R&M-Trees-Pruning Etc - 2,000.00 (2,000.00) 419.09 2,000.00 (1,580.91) Total-CM-REPAIRS & MAINTENANCE 17,456.64 7,667.00 9,789.64 42,289.69 31,998.00 10,291.69 63-CM-UTILTIES 63-17830 Utilites-Electricity-Bldngs 102.13 2,522.00 (2,419.87) 520.65 10,845.00 (10,324.35) 63-17836 Utilities-Natural Gas/LPG 143.46 50.00 93.46 143.46 460.00 (316.54) 63-17840 Telephones 1,610.42 250.00 1,360.42 5,764.75 1,500.00 4,264.75 Total-CM-UTILITIES 1,856.01 2,822.00 (965.99) 6,428.86 12,805.00 (6,376.14) 63-CM-OTHER EXPENSES 6319020 Auto Mileage/Allowance - - - - 6319100 Contract Service-Security-Bldgs (35.42) - (35.42) 621.49 - 621.49 6319100 Contract Svcs-Soil/Tissue Test - - - - 1,000.00 (1,000.00) 6319101 Contract Svcs-Trash Removal 2,758.98 1,000.00 1,758.98 8,958.97 6,000.00 2,958.97 6319150 Dues & Subscriptions - - - - 725.00 (725.00) 6319170 Employee Education - 150.00 (150.00) 192.30 1,400.00 (1,207.70) 6319197 Equipment Rental 6,427.73 1,150.00 5,277.73 21,623.81 1,900.00 19,723.81 6319206 Licenses & Permits 4.00 - 4.00 463.00 2,000.00 (1,537.00) 6319490 Miscellaneous 483.63 170.00 313.63 518.80 1,020.00 (501.20) 6319718 Safety Equipment & Training 327.91 100.00 227.91 3,410.57 4,000.00 (589.43) 6319822 Uniforms 932.07 900.00 32.07 4,736.52 6,000.00 (1,263.48) 6319990 Miscellaneous-Contingency - - - 15,920.61 - 15,920.61 Total-CM-OTHER EXPENSES 10,898.90 3,470.00 7,428.90 56,446.07 24,045.00 32,401.07 Month to Date Year to Date Silverrock Resort Course Maintenance Expense Statement July 2004-June 2005 6 June Final Budget Variance Final Budget Variance 632-CM-LANDSCAPE MAINTENANCE 632-CM-LM-SALARIES & BENEFITS 6321320 Insurance-Group - - - 190.70 - 190.70 6321325 Insurance-Workers Comp - 1,015.00 (1,015.00) - 5,958.00 (5,958.00) 6321800 Taxes-Employer Payroll 826.93 900.00 (73.07) 1,983.15 5,223.00 (3,239.85) 6321880 Wages-Hourly 7,366.50 6,759.00 607.50 16,523.50 40,554.00 (24,030.50) 6321882 Wages-Overtime 2,353.73 468.00 1,885.73 4,610.72 1,404.00 3,206.72 Total-CM-LM-SALARIES & BENEFITS 10,547.16 9,142.00 1,405.16 23,308.07 53,139.00 (30,021.63) 632-CM-LM-SUPPLIES & MATERIALS 6323778 Small Tools 373.18 75.00 298.18 490.24 500.00 (9.76) 6323788 Uniforms 244.50 225.00 19.50 468.14 1,500.00 (1,031.86) Total-CM-LM-SUPPLIES & MATERIALS 617.68 300.00 317.68 958.38 2,000.00 (1,041.62) 632-CM-LM-REPAIRS & MAINTENANCE 6325687 CM-LM-R&M-Drip Irrigation 1,803.53 500.00 1,303.53 3,598.29 1,750.00 1,848.29 Total-CM-LM-REPAIRS & MAINTENANCE 1,803.53 500.00 1,303.53 3,598.29 1,750.00 1,848.29 632-CM-WATER & ENGERY 6330000 CM-WATER & ENERGY - 1,860.00 (1,860.00) - 9,688.00 (9,688.00) 6337834 Utilities-Electricity-Pumping 5,037.50 18,964.00 (13,926.50) 5,037.50 81,547.00 (76,509.50) 6337842 Utilities-Water 154.76 - 154.76 187.68 - 187.68 Total-CM-WATER & ENERGY 5,192.26 20,824.00 (15,631.74) 5,225.18 91,235.00 (86,009.82) Total -COURSE MAINTENANCE 172,202.64 127,259.00 44,943.64 740,269.05 713,751.00 26,327.35 Month to Date Year to Date Silverrock Resort Course Maintenance Expense Statement July 2004-June 2005 7 Year to Date June Final Budget Variance Final Budget Variance Expense 641-CBR-SALARIES & BENEFITS 6411175 Employee Meals 505.80 360.00 145.80 1,239.21 3,420.00 (2,180.79) 6411320 Insurance-Group 443.82 300.00 143.82 1,733.82 2,100.00 (366.18) 6411325 Insurance-Workers Comp - 996.00 (996.00) - 8,313.00 (8,313.00) 6411720 Salaries - 1,667.00 (1,667.00) - 11,669.00 (11,669.00) 6411800 Taxes-Employer Payroll 971.28 864.00 107.28 4,464.92 7,207.00 (2,742.08) 6411880 Wages-Hourly 7,597.18 5,270.00 2,327.18 36,860.81 46,225.00 (9,364.19) 6411882 Wages-Overtime 124.70 - 124.70 1,357.07 - 1,357.07 Total-CBR-SALARIES & BENEFITS 9,642.78 9,457.00 185.78 45,655.83 78,934.00 (33,278.17) 641-CBR-SUPPLIES & MATERIALS 6413000 CBR-SUPPLIES & MATERIALS - - 266.68 - 6413732 Supplies-Carts 447.68 75.00 372.68 1,983.84 2,450.00 (466.16) 6413742 Supplies-Expendable 8,768.51 150.00 8,618.51 15,662.14 13,750.00 1,912.14 6413762 Supplies-Office 131.29 50.00 81.29 207.47 400.00 (192.53) 6413768 CBR-S&M-Printing & Stationery - 70.00 (70.00) 117.23 420.00 (302.77) 6413786 Supplies-Towels - 72.00 (72.00) 144.18 2,432.00 (2,287.82) Total-CBR-SUPPLIES & MATERIALS 9,347.48 417.00 8,930.48 18,381.54 19,452.00 (1,337.14) 641-CBR-REPAIRS & MAINTENANCE 6415000 CBR-REPAIRS & MAINTENANCE - 120.00 (120.00) - 870.00 (870.00) 6415096 CBR-R&M-Contract Services-Carts - 900.00 (900.00) 27.50 5,400.00 (5,372.50) 6415690 CBR-R&M-Equipment 983.86 120.00 863.86 983.86 845.00 138.86 Total-CBR-REPAIRS & MAINTENANCE 983.86 1,140.00 (156.14) 1,011.36 7,115.00 (6,103.64) 641-CBR-OTHER EXPENSES 6419093 Contract Services-Handicaps 1,175.00 - 1,175.00 1,175.00 1,250.00 (75.00) 6419094 Contract Services-Laundry/Linen 1,251.37 55.00 1,196.37 2,435.94 430.00 2,005.94 6419220 Freight/Delivery - 25.00 (25.00) - 175.00 (175.00) 6419490 Miscellaneous - 65.00 (65.00) - 490.00 (490.00) 6419820 Uniforms 916.27 - 916.27 2,446.24 3,925.00 (1,478.76) Total-CBR-OTHER EXPENSES 3,342.64 145.00 3,197.64 6,057.18 6,270.00 (212.82) TOTAL-CARTS,BAGROOM & RANGE 23,316.76 11,159.00 12,157.76 71,105.91 111,771.00 (40,931.77) 643-CS-SALARIES & BENEFITS 6431175 Employee Meals 252.90 120.00 132.90 570.43 1,920.00 (1,349.57) 6431320 Insurance-Group - 600.00 (600.00) 7.82 4,200.00 (4,192.18) 6431325 Insurance-Workers Comp - 418.00 (418.00) - 5,289.00 (5,289.00) 6431800 Taxes-Employer Payroll 347.20 363.00 (15.80) 1,526.30 4,587.00 (3,060.70) 6431880 Wages-Hourly 2,741.00 2,912.00 (171.00) 11,874.25 36,844.00 (24,969.75) 6431882 Wages-Overtime 189.02 - 189.02 241.54 - 241.54 Total-CS-SALARIES & BENEFITS 3,530.12 4,413.00 (882.88) 14,220.34 52,840.00 (38,619.66) 643-CS-SUPPLIES & MATERIALS 64-33742 Supplies-Expendable - 200.00 (200.00) 2,720.79 2,200.00 520.79 Total-CS-SUPPLIES & MATERIALS - 200.00 (200.00) 2,720.79 2,200.00 520.79 643-CS-OTHER EXPENSES 64-39490 Miscellaneous - 4.00 (4.00) 349.85 304.00 45.85 64-39718 Safety Equipment & Training 38.79 100.00 (61.21) 91.56 1,600.00 (1,508.44) 64-39820 Uniforms 576.25 75.00 501.25 1,298.80 1,450.00 (151.20) Total-CS-OTHER EXPENSES 615.04 179.00 436.04 1,740.21 3,354.00 (1,613.79) Total-COURSE SERVICES 4,145.16 4,792.00 (646.84) 18,681.34 58,394.00 (39,712.66) TOTAL OUTSIDE SERVICES 27,461.92 15,951.00 11,510.92 89,787.25 170,165.00 (80,644.43) Month to Date Silverrock Resort Outside Services Expense Summary July 2004-June 2005 8 Year to Date June Final Budget Variance Final Budget Variance Expense 65-CH-SUPPLIES & MATERIALS 6503742 Supplies-Expendable 865.63 1,000.00 (134.37) 3,554.78 3,500.00 54.78 Total-CH-SUPPLIES & MATERIALS 865.63 1,000.00 (134.37) 3,554.78 3,500.00 54.78 65-CH-UTILITIES 6507830 Utilities-Electric-Bldgs - 4,073.00 (4,073.00) 3,290.87 29,344.00 (26,053.13) 6507836 Utilities-Natural Gas - 200.00 (200.00) - 1,400.00 (1,400.00) 6507838 Utilities-Sewer - 200.00 (200.00) - 1,400.00 (1,400.00) 6507840 Utilities-Telephone 1,990.32 1,000.00 990.32 5,576.95 10,000.00 (4,423.05) 6507842 Utilities-Water 67.98 200.00 (132.02) 203.16 1,400.00 (1,196.84) Total-CH-UTILITIES 2,058.30 5,673.00 (3,614.70) 9,070.98 43,544.00 (34,473.02) 65-CH-OTHER EXPENSES 6509091 Contract Services-Cleaning 1,750.00 1,500.00 250.00 5,250.00 13,500.00 (8,250.00) 6509098 Contract Services-Refuse Dispos 550.10 500.00 50.10 2,839.64 3,500.00 (660.36) 6509099 Contract Services-Security 6,734.70 300.00 6,434.70 20,280.61 2,100.00 18,180.61 6509215 Flowers & Decorations - 100.00 (100.00) - 2,100.00 (2,100.00) 6509490 Miscellaneous 249.90 300.00 (50.10) 869.85 2,100.00 (1,230.15) 6509718 Safety Equipment & Training - 100.00 (100.00) - 1,600.00 (1,600.00) Total-CH-OTHER EXPENSES 9,284.70 2,800.00 6,484.70 29,240.10 24,900.00 4,340.10 Total CLUBHOUSE 12,208.63 9,473.00 2,735.63 41,865.86 71,944.00 (30,078.14) Silverrock Resort Clubhouse Expense Statement July 2004-June 2005 Month to Date 9 Year to Date June Final Budget Variance Final Budget Variance Expense 66-MKT-SALARIES & BENEFITS 6601175 Employee Meals (16.55) 60.00 (76.55) 104.28 540.00 (435.72) 6601320 Insurance-Group - 300.00 (300.00) - 2,700.00 (2,700.00) 6601325 Insurance-Workers Comp - 431.00 (431.00) - 3,879.00 (3,879.00) 6601720 Salaries 2,692.55 3,000.00 (307.45) 18,846.35 27,000.00 (8,153.65) 6601800 Taxes-Employer Payroll 205.98 374.00 (168.02) 1,848.82 3,366.00 (1,517.18) Total-MKT-SALARIES & BENEFITS 2,881.98 4,165.00 (1,283.02) 20,799.45 37,485.00 (16,685.55) 66-MKT-SUPPLIES & MATERIALS 6603080 Collateral Material - - - 1,884.18 - 1,884.18 6603762 Supplies-Office 104.28 100.00 4.28 778.21 1,300.00 (521.79) 6603768 Supplies-Printing & Stationery 371.74 125.00 246.74 663.67 6,350.00 (5,686.33) 476.02 225.00 251.02 3,326.06 7,650.00 (4,323.94) 66-MKT-UTILITIES 6607840 Utilites-Telephone 201.56 100.00 101.56 600.05 900.00 (299.95) Total-MKT-UTILITIES 201.56 100.00 101.56 600.05 900.00 (299.95) 66-MKT-OTHER EXPENSES 6609010 Advertising 19,069.67 5,000.00 14,069.67 32,162.90 75,000.00 (42,837.10) 6609040 Business Meals - - - 43.00 - 43.00 6609080 Collateral Material 3,242.19 2,000.00 1,242.19 4,030.84 42,000.00 (37,969.16) 6609102 Contract Services-Web Page 198.00 300.00 (102.00) 362.34 1,800.00 (1,437.66) 6609150 Dues & Subscriptions - - - 1,445.00 925.00 520.00 6609490 Miscellaneous - 50.00 (50.00) - 450.00 (450.00) 6609620 Postage - 100.00 (100.00) - 600.00 (600.00) 6609630 Promotion 234.41 100.00 134.41 257.34 600.00 (342.66) 6609633 Promotion-Community 137.00 75.00 62.00 332.24 4,950.00 (4,617.76) 6609634 Promotion-Media/Vendor - - - 18.00 10,000.00 (9,982.00) 6609820 Uniforms 16.17 50.00 (33.83) 16.17 900.00 (883.83) Total-MKT-OTHER EXPENSES 22,897.44 7,675.00 15,222.44 38,667.83 137,225.00 (98,557.17) Total-MARKETING 26,457.00 12,165.00 14,292.00 63,393.39 183,260.00 (119,866.61) Month to Date Silverrock Resort Marketing Expense Statement July 2004-June 2005 10 Year to Date June Final Budget Variance Final Budget Variance Expense 67-G&A-SALARIES & BENEFITS 6701175 Employee Meals 259.36 180.00 79.36 1,019.24 1,680.00 (660.76) 6701320 Insurance-Group 1,576.55 3,300.00 (1,723.45) 7,812.14 31,200.00 (23,387.86) 6701325 Insurance-Workers Comp - 2,203.00 (2,203.00) - 21,024.00 (21,024.00) 6701720 Salaries 11,230.78 12,916.00 (1,685.22) 97,839.09 124,577.00 (26,737.91) 6701800 Taxes-Employer Payroll 1,062.95 1,910.00 (847.05) 9,992.89 18,227.00 (8,234.11) 6701880 Wages-Hourly 2,273.21 2,427.00 (153.79) 8,510.21 21,843.00 (13,332.79) 6701882 Wages-Overtime 390.75 - 390.75 2,002.50 - 2,002.50 Total-G&A-SALARIES & BENEFITS 16,793.60 22,936.00 (6,142.40) 127,176.07 218,551.00 (91,374.93) 67-G&A-SUPPLIES & MATERIALS 6703740 Supplies-Computer - 50.00 (50.00) 559.80 1,100.00 (540.20) 6703762 Supplies-Office 424.30 100.00 324.30 4,345.38 1,000.00 3,345.38 6703768 Supplies-Printing & Stationery 50.00 250.00 (200.00) 852.07 2,500.00 (1,647.93) 6703778 Supplies-Small Tools/Non-Cap Eq - 100.00 (100.00) 102.82 1,000.00 (897.18) Total-G&A-SUPPLIES & MATERIALS 474.30 500.00 (25.70) 5,860.07 5,600.00 260.07 67-G&A-REPAIRS & MAINTENANCE 6705690 Repairs & Maintenance-Equipment 148.37 100.00 48.37 148.37 1,000.00 (851.63) Total-G&A-REPAIRS & MAINTENANCE 148.37 100.00 48.37 148.37 1,000.00 (851.63) 67-G&A-OTHER EXPENSES 6709020 Auto/Mileage Allowance 400.00 400.00 - 2,400.00 4,000.00 (1,600.00) 6709090 Contract Services 2,086.40 - 2,086.40 4,380.44 - 4,380.44 6709150 Dues & Subscriptions 1,256.00 50.00 1,206.00 1,951.68 650.00 1,301.68 6709180 Employee Recruiting/Relocation 270.69 - 270.69 1,125.27 5,000.00 (3,874.73) 6709197 Equipment Rental 728.11 1,000.00 (271.89) 7,413.23 11,000.00 (3,586.77) 6709202 Fees-Bank (449.03) 400.00 (849.03) 602.32 3,700.00 (3,097.68) 6709204 Fees-Credit Cards - 3,981.00 (3,981.00) - 46,487.00 (46,487.00) 6709208 Fees-Payroll Processing 926.13 - 926.13 2,699.49 - 2,699.49 6709220 Freight/Delivery 1.39 50.00 (48.61) 145.04 500.00 (354.96) 6709490 Miscellaneous - 100.00 (100.00) - 1,000.00 (1,000.00) 6709620 Postage/Mail Services 125.85 100.00 25.85 401.54 1,000.00 (598.46) 6709625 Professional Fees - 500.00 (500.00) 6,122.80 5,000.00 1,122.80 6709636 Promotion/Entertainment 51.71 300.00 (248.29) 1,914.75 3,700.00 (1,785.25) 6709722 Seminars & Training 210.00 100.00 110.00 390.98 1,000.00 (609.02) 6709810 Travel - 500.00 (500.00) - 2,500.00 (2,500.00) 6709820 Uniforms - 100.00 (100.00) 2,652.80 2,900.00 (247.20) Total-G&A-OTHER EXPENES 5,607.25 7,581.00 (1,973.75) 32,200.34 88,437.00 (56,236.66) Total-GENERAL & ADMINISTRATIVE 23,023.52 31,117.00 (8,093.48) 165,384.85 313,588.00 (148,203.15) Month to Date Silverrock Resort General & Administrative Expense Statement July 2004-June 2005 11 June Final Budget Variance Prelim Budget Variance Expense 68-LEASES 6800192 Equipment Leases-Carts 6,969.27 6,300.00 669.27 26,874.54 37,800.00 (10,925.46) 6800193 Equipment Leases-Course Maint 15,811.62 16,745.00 (933.38) 176,101.19 167,450.00 8,651.19 Total-LEASES 22,780.89 23,045.00 (264.11) 202,975.73 205,250.00 (2,274.27) 69-MISC OTHER EXPENSES 6900096 Contract Srvcs-Management Fee 7,500.00 7,500.00 - 37,500.00 45,000.00 (7,500.00) 6900210 FF&E Reserve 1,185.18 2,275.00 (1,089.82) 10,386.08 26,563.00 (16,176.92) 6900323 Insurance-Commercial - 5,000.00 (5,000.00) 18,047.09 30,000.00 (11,952.91) 6900800 Property Tax - 20,000.00 (20,000.00) - 20,000.00 (20,000.00) Total-MISC OTHER EXPENSES 8,685.18 34,775.00 (26,089.82) 65,933.17 121,563.00 (55,629.83) Silverrock Resort Operating Leases & Miscellaneous Other Expense Statement July 2004-June 2005 Month to Date Year to Date 12 June Final Budget Variance Prelim Budget Variance 98-FFE 9801010 FFE-CH-Electrical Systems 4,689.55 - 4,689.55 25,485.39 19,300.00 6,185.39 9801020 FFE-CH-Cart/Retal Club Storage - - - 21,506.24 31,000.00 (9,493.76) 9801030 FFE-CH-Driving Range - - - 23,435.18 16,450.00 6,985.18 9801040 FFE-CH-Admin Offices - - - 10,204.79 7,250.00 2,954.79 9801050 FFE-CH-Golf Shop 114.86 - 114.86 3,147.39 82,000.00 (78,852.61) 9801060 FFE-CH-F&B 6,593.13 - 6,593.13 26,393.66 80,000.00 (53,606.34) 9801070 FFE-CH-Signage 885.00 - 885.00 1,240.58 4,000.00 (2,759.42) 9802010 FFE-CM-Course Signage - - - 33,183.41 40,000.00 (6,816.59) 9802020 FFE-CM-Course Setup 2,531.65 - 2,531.65 15,240.73 16,000.00 (759.27) 9802025 FFE-CM-Course Equipment - - - 1,585.28 - 1,585.28 9802030 FFE-CM-Sweepers & Blowers - 1,500.00 - 1,500.00 (1,500.00) 9802040 FFE-CM-Trim Mowers 3,295.00 3,300.00 (5.00) 10,052.60 9,900.00 152.60 9802050 FFE-CM-Other Equipment - - - 37,396.02 24,700.00 12,696.02 9802060 FFE-CM-Shop Equipment 27,245.32 20,700.00 6,545.32 34,243.02 25,700.00 8,543.02 9802070 FFE-CM-Maint Bldg Furnishings 17,146.57 30,000.00 (12,853.43) 19,691.32 30,000.00 (10,308.68) 9901000 Construction-Rain Damage-Pumps - - - 14,104.68 - 14,104.68 Total-FFE 62,501.08 55,500.00 8,501.08 276,910.29 387,800.00 (110,889.71) Silverrock Resort FF&E July 2004-June 2005 Month to Date Year to Date 13