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12 June 2006 SilverRock Resort - Monthly Financial Statement Monthly Financial Statements July 2005 – June 2006 TABLE OF CONTENTS Summary Operating Income Expense 1 Variance Report 2 Statement of Fee Revenue 3 Golf Shop Income Statement 4 Course Maintenance Expense Statement 5 Outside Service Expense Statement 7 Clubhouse Expense Statement 8 Marketing Expense Statement 9 General & Administrative Expense Statement 10 Operating Leases & Miscellaneous Expense Statement 11 June Preliminary Budget Variance Preliminary Budget Variance Income 400000 Golf Green Fee Revenue 135,569.05 214,276.00 (78,706.95) 2,768,810.60 3,175,396.00 (406,585.40) 401000 Miscellaneous Golf Revenue 2,564.00 1,947.00 617.00 58,596.00 34,468.00 24,128.00 410000 Revenue-Golf Shop 8,844.25 18,295.00 (9,450.75) 253,818.28 248,753.00 5,065.28 420000 Revenue-F&B Concession 500.00 500.00 - 12,000.00 12,000.00 - 890000 Interest Income 2.39 - 2.39 99.67 - 99.67 Total Income 147,479.69 235,018.00 (87,538.31) 3,093,324.55 3,470,617.00 (377,292.45) Cost of Goods Sold 510000 COS-Golf Shop 5,782.22 10,900.43 (5,118.21) 145,510.52 148,210.77 (2,700.25) Total COS 5,782.22 10,900.43 (5,118.21) 145,510.52 148,210.77 (2,700.25) Gross Profit 141,697.47 224,117.57 (82,420.10) 2,947,814.03 3,322,406.23 (374,592.20) 610000 Golf Pro Shop 19,488.59 17,608.00 1,880.59 182,329.50 202,232.00 (19,902.50) 630000 Course Maintenance 199,196.03 142,940.00 56,256.03 1,921,862.61 1,790,259.00 131,603.61 640000 Outside Services 32,057.30 23,401.00 8,656.30 260,291.12 336,789.00 (76,497.88) 650000 Clubhouse 12,547.78 18,323.00 (5,775.22) 155,356.91 206,756.00 (51,399.09) 660000 Marketing 45,921.32 16,742.00 29,179.32 277,296.13 250,704.00 26,592.13 670000 General & Administrative 29,911.95 26,998.00 2,913.95 287,286.69 315,276.00 (27,989.31) 680000 Leases 34,467.46 36,255.33 (1,787.87) 399,790.97 404,972.97 (5,182.00) 690000 Miscellaneous Other Expense 28,405.92 23,451.00 4,954.92 236,577.32 285,546.00 (48,968.68) Total Expenses 401,996.35 305,718.33 96,278.02 3,720,791.25 3,792,534.97 (71,743.72) Net Income (260,298.88) (81,600.76) (178,698.12) (772,977.22) (470,128.74) (302,848.48) Rounds of Golf Played Rounds Played 2,313 2,781 (468) 38,934 37,814 1,120 Ave $ Per Round Green Fee 58.61 77.05 (18.44) 71.12 83.97 (12.86) Ave $ Per Round Merchandise 3.82 6.58 (2.75) 6.52 6.58 (0.06) Ave $ Per Miscellaneous 1.11 0.70 0.41 1.51 0.91 0.59 SilverRock Resort Summary Operating Income Statement June 2006 Month to Date Year to Date 1 ACTUAL BUDGET VARIANCE SALES AND COST OF SALES Revenue Fees 138,133.05$ 216,223.00$ (78,089.95)$ (To Include; Driving Range, Club Rental, Handicap Fees) Unfavorable variance: Due to no historical budget information the actual amount did not meet budget. Pro Shop Merchandise Sales 9,577.73$ 18,295.00$ (8,717.27)$ Unfavorable variance: Due to the number of golf rounds played. Course Maintenance 199,196.03$ 142,940.00$ 56,256.03$ Unfavorable variance: One extra pay period of labor cost for the month of June. Additional chemicals, fertilizer and the excess cost of fuel added to the unfavorable variance. Outside Services 32,057.30$ 23,401.00$ 8,656.30$ Unfavorable variance: One extra pay period of labor cost for the month of June Clubhouse 12,547.78$ 18,323.00$ (5,775.22)$ Favorable variance: Due to timing of payments for electric, sewer and security. Marketing 45,921.32$ 16,742.00$ 29,179.32$ Unfavorable variance: Due to timing of invoices on collateral expenses and advertising expenses. Further, we are doing prepaid advertising for next season because we have an additional amount of money which was carried over from last years budget which is not considered in the year to date budget amount. Misc Other Expenses 28,405.92$ 23,451.00$ 4,954.92$ Unfavorable variance: Due to loss of profits from Food and Beverage. SilverRock Resort Variance Explanations June 2006 (For Landmark Internal Review Only) 2 Income June Preliminary Budget Variance Preliminary Budget Variance 4000000 Revenue-Fees 135,569.05 214,276.00 (78,706.95) 2,768,810.60 3,175,396.00 (406,585.40) 4010000 Rider Fee 250.00 - 250.00 5,175.00 - 5,175.00 4040000 Club Rental 550.00 417.00 133.00 16,655.00 5,670.00 10,985.00 4050000 Driving Range 1,684.00 1,530.00 154.00 33,741.00 20,798.00 12,943.00 4060000 Handicap Fees 80.00 - 80.00 3,025.00 8,000.00 (4,975.00) Total Revenue Fees 138,133.05 216,223.00 (78,089.95) 2,827,406.60 3,209,864.00 (382,457.40) Total Income 138,133.05 216,223.00 (78,089.95) 2,827,406.60 3,209,864.00 (382,457.40) SilverRock Resort Statement of Fees Revenue June 2006 Month to Date Year to Date 3 Income June Preliminary Budget Variance Preliminary Budget Variance 4100000 Sales Miscellaneous (733.48) - (733.48) 8,270.89 - 8,270.89 4100110 Sales Hard Goods 5,716.79 7,231.00 (1,514.21) 90,378.93 98,316.50 (7,937.57) 4100112 Sales-Soft Goods 5,239.50 10,846.00 (5,606.50) 192,342.24 147,472.50 44,869.74 5100639 GS-Discounts-Mdse (1,378.56) 218.00 (1,596.56) (37,173.78) 2,964.00 (40,137.78) Total Revenue Golf Shop 8,844.25 18,295.00 (9,450.75) 253,818.28 248,753.00 5,065.28 COS 5100150 COS-GS-Hard Goods 3,452.08 4,360.29 (908.21) 52,149.17 59,284.85 (7,135.68) 5100151 COS-GS-Soft Goods 2,330.14 6,540.14 (4,210.00) 93,361.35 88,925.92 4,435.43 Cost of Sales - Golf Shop 5,782.22 10,900.43 (5,118.21) 145,510.52 148,210.77 (2,700.25) Gross Profit 3,062.03 7,394.57 (4,332.54) 108,307.76 100,542.23 7,765.53 COS % 60.4% 59.6% -0.8% 57.3% 59.6% 2.3% Expense 61-PS-SALARIES & BENEFITS 6101175 Employee Meals 240.00 240.00 - 3,516.41 3,240.00 276.41 6101320 Insurance Group 1,978.15 2,640.00 (661.85) 22,277.53 28,080.00 (5,802.47) 6101325 Insurance-Workers Comp 566.73 1,361.00 (794.27) 7,322.40 17,226.00 (9,903.60) 6101720 Salaries 3,923.10 3,333.00 590.10 33,714.12 39,996.00 (6,281.88) 6101800 Taxes-Employer Payroll 1,241.95 1,180.00 61.95 11,808.37 14,940.00 (3,131.63) 6101880 Wages-Hourly 9,331.58 6,145.00 3,186.58 76,636.55 79,980.00 (3,343.45) 6101882 Wages-Overtime 424.54 - 424.54 5,473.10 - 5,473.10 Total -PS-SALARIES & BENEFITS 17,706.05 14,899.00 2,807.05 160,748.48 183,462.00 (22,713.52) 61-PS-SUPPLIES & MATERIALS 6103742 Supplies-Expendable 100.55 200.00 (99.45) 1,519.11 3,800.00 (2,280.89) Total PS-SUPPLIES & MATERIALS 100.55 200.00 (99.45) 1,519.11 3,800.00 (2,280.89) 61-PS OTHER EXPENSES 6103762 Supplies-Office 114.56 45.00 69.56 2,565.28 870.00 1,695.28 6109090 Contract Services 1,000.00 500.00 500.00 6,500.00 6,000.00 500.00 6109150 Dues & Subscriptions - 1,500.00 (1,500.00) 114.18 1,500.00 (1,385.82) 6109197 Equipment Rental - - - 2,303.70 - 2,303.70 6109220 Freight & Delivery 113.91 164.00 (50.09) 826.42 2,300.00 (1,473.58) 6109490 Miscellaneous 107.41 50.00 57.41 197.81 450.00 (252.19) 6109500 ProShop-Over/Short (3.56) - (3.56) (80.51) - (80.51) 6109722 Seminars/Training - 35.00 (35.00) 4,194.84 1,960.00 2,234.84 6109810 Travel - Merchandise - 15.00 (15.00) 96.00 90.00 6.00 6109820 Uniforms 42.69 200.00 (157.31) 1,880.46 1,800.00 80.46 6117840 Telephones 306.98 - 306.98 1,463.73 - 1,463.73 Total PS-OTHER EXPENSES 1,681.99 2,509.00 (827.01) 20,061.91 14,970.00 5,091.91 Total Expenses 19,488.59 17,608.00 1,880.59 182,329.50 202,232.00 (19,902.50) Net Income (16,426.56) (10,213.43) (6,213.13) (74,021.74) (101,689.77) 27,668.03 Month to Date Year to Date SilverRock Resort Golf Shop Income Statement June 2006 4 June Preliminary Budget Variance Preliminary Budget Variance Expense 63-CM-SALARIES & BENEFITS 6311175 Employee Meals 240.00 240.00 - 2,209.18 2,880.00 (670.82) 6311320 Insurance-Group 10,613.29 5,880.00 4,733.29 128,415.25 70,560.00 57,855.25 6311325 Insurance-Workers Comp 4,857.44 8,756.00 (3,898.56) 72,551.75 102,328.00 (29,776.25) 6311720 Salaries 16,038.48 12,083.00 3,955.48 140,794.35 144,980.00 (4,185.65) 6311800 Taxes-Employer Payroll 7,680.30 7,706.00 (25.70) 76,587.46 89,636.00 (13,048.54) 6311880 Wages-Hourly 70,492.32 47,043.00 23,449.32 580,981.09 552,841.00 28,140.09 6311882 Wages-Overtime - 2,769.00 (2,769.00) 107,276.29 33,153.00 74,123.29 Total-CM-SALARIES & BENEFITS 109,921.83 84,477.00 25,444.83 1,108,815.37 996,378.00 112,437.37 63-CM-SUPPLIES & MATERIALS 6313734 Chemicals 11,579.40 - 11,579.40 24,485.63 - 24,485.63 6313744 Fertilizer 7,256.76 4,500.00 2,756.76 82,458.84 48,000.00 34,458.84 6313746 Flowers/Plants 944.42 - 944.42 1,076.02 5,500.00 (4,423.98) 6313748 Fuel-Gasoline 7,571.31 1,500.00 6,071.31 46,741.48 17,800.00 28,941.48 6313750 Golf Course Accessories 58.96 100.00 (41.04) 7,022.80 3,650.00 3,372.80 6313756 Supplies-Lubricants & Oils 92.58 - 92.58 3,975.34 - 3,975.34 6313758 Miscellaneous Supp 242.90 50.00 192.90 5,403.85 600.00 4,803.85 6313762 Supplies-Office 222.14 - 222.14 3,862.84 - 3,862.84 6313766 Pesticides 462.71 500.00 (37.29) 17,985.96 13,050.00 4,935.96 6313774 Sand 1,055.95 100.00 955.95 14,733.11 6,660.00 8,073.11 6313776 Seed 190.49 350.00 (159.51) 89,022.57 84,750.00 4,272.57 6313778 Small Tools & Non-Capital Equip 1,000.49 150.00 850.49 8,809.93 6,700.00 2,109.93 6313780 Sod 423.59 1,000.00 (576.41) 6,528.84 4,000.00 2,528.84 6313782 Topdressing - 1,000.00 (1,000.00) 1,996.93 4,000.00 (2,003.07) Total-CM-SUPPLIES & MATERIALS 31,101.70 9,250.00 21,851.70 314,104.14 194,710.00 119,394.14 63-CM-REPAIRS & MAINTENANCE 6315095 CM-R&M-Contract Lake Maint 3,888.12 1,500.00 2,388.12 18,627.57 18,000.00 627.57 6315685 CM-R&M-Bldngs & Other Structures 109.00 - 109.00 5,919.58 500.00 5,419.58 6315686 CM-R&M-Drainage 3,747.71 - 3,747.71 7,495.61 - 7,495.61 6315690 CM-R&M-Equipment 7,144.98 900.00 6,244.98 38,388.13 15,200.00 23,188.13 6315692 CM-R&M-Irrigation System 4,552.26 650.00 3,902.26 23,067.73 9,650.00 13,417.73 6315696 CM-R&M-Pumps 655.32 - 655.32 5,010.03 8,200.00 (3,189.97) 6315815 CM-R&M-Trees-Pruning Etc 2,500.00 - 2,500.00 9,569.55 5,000.00 4,569.55 Total-CM-REPAIRS & MAINTENANCE 22,597.39 3,050.00 19,547.39 108,078.20 56,550.00 51,528.20 63-CM-UTILTIES 6317830 Utilities-Electricity-Bldngs 5.38 2,360.00 (2,354.62) 17,686.92 22,080.00 (4,393.08) 6317836 Utilities-Natural Gas/LPG 20.42 - 20.42 157.30 - 157.30 6317840 Telephones 1,117.06 325.00 792.06 12,310.23 3,900.00 8,410.23 Total-CM-UTILITIES 1,142.86 2,685.00 (1,542.14) 30,154.45 25,980.00 4,174.45 63-CM-OTHER EXPENSES 6319000 CM-Other Expenses - - - - - - 6319020 Auto Mileage/Allowance 500.00 500.00 - 6,000.00 6,000.00 - 6319100 Contract Svcs-Soil/Tissue Test - - - - 4,000.00 (4,000.00) 6319101 Contract Svcs-Trash Removal 782.07 700.00 82.07 51,166.46 27,000.00 24,166.46 6319150 Dues & Subscriptions 300.00 250.00 50.00 435.00 1,000.00 (565.00) 6319170 Employee Education - 60.00 (60.00) 750.00 2,600.00 (1,850.00) 6319197 Equipment Rental 81.90 100.00 (18.10) 14,260.68 17,044.00 (2,783.32) 6319206 Licenses & Permits - - - 4.00 2,000.00 (1,996.00) 6319490 Miscellaneous 150.85 50.00 100.85 19,828.77 600.00 19,228.77 6319500 Propane/Natural Gas - 50.00 (50.00) 1,150.95 600.00 550.95 6319718 Safety Equipment & Training 403.25 100.00 303.25 5,240.25 3,400.00 1,840.25 6319822 Uniforms 1,144.56 750.00 394.56 12,790.24 9,750.00 3,040.24 Total-CM-OTHER EXPENSES 3,362.63 2,560.00 802.63 111,626.35 73,994.00 37,632.35 Month to Date Year to Date SilverRock Resort Course Maintenance Expense Statement June 2006 5 June Preliminary Budget Variance Preliminary Budget Variance 632-CM-LANDSCAPE MAINTENANCE 632-CM-LM-SALARIES & BENEFITS 6321320 Insurance-Group 986.00 - 986.00 12,390.97 - 12,390.97 6321325 Insurance-Workers Comp 494.95 2,143.00 (1,648.05) 11,867.49 25,335.00 (13,467.51) 6321800 Taxes-Employer Payroll 666.07 1,899.00 (1,232.93) 8,616.91 22,296.00 (13,679.09) 6321880 Wages-Hourly 16,438.00 14,264.00 2,174.00 110,219.62 171,168.00 (60,948.38) 6321882 Wages-Overtime - 988.00 (988.00) 22,961.76 7,903.00 15,058.76 Total-CM-LM-SALARIES & BENEFITS 18,585.02 19,294.00 (708.98) 166,056.75 226,702.00 (60,645.25) 632-CM-LM-SUPPLIES & MATERIALS 6323778 Small Tools - 75.00 (75.00) 1,743.12 1,025.00 718.12 6323788 Uniforms 381.55 225.00 156.55 4,111.11 2,850.00 1,261.11 Total-CM-LM-SUPPLIES & MATERIALS 381.55 300.00 81.55 5,854.23 3,875.00 1,979.23 632-CM-LM-REPAIRS & MAINTENANCE 6325687 CM-LM-R&M-Drip Irrigation 198.90 500.00 (301.10) 5,872.82 3,750.00 2,122.82 Total-CM-LM-REPAIRS & MAINTENANCE 198.90 500.00 (301.10) 5,872.82 3,750.00 2,122.82 632-CM-WATER & ENERGY 6337834 Utilities-Electricity-Pumping 9,744.33 18,964.00 (9,219.67) 50,229.60 189,642.00 (139,412.40) 6337842 Utilities-Water 2,159.82 1,860.00 299.82 21,070.70 18,678.00 2,392.70 Total-CM-WATER & ENERGY 11,904.15 20,824.00 (8,919.85) 71,300.30 208,320.00 (137,019.70) Total -COURSE MAINTENANCE 199,196.03 142,940.00 56,256.03 1,921,862.61 1,790,259.00 131,603.61 Month to Date Year to Date Silverrock Resort Course Maintenance Expense Statement June 2006 6 June Preliminary Budget Variance Preliminary Budget Variance Expense 641-CBR-SALARIES & BENEFITS 6411175 Employee Meals 540.00 360.00 180.00 5,017.27 5,580.00 (562.73) 6411320 Insurance-Group 318.05 720.00 (401.95) 4,403.89 11,160.00 (6,756.11) 6411325 Insurance-Workers Comp 379.80 1,119.00 (739.20) 6,255.52 15,346.00 (9,090.48) 6411800 Taxes-Employer Payroll 1,449.66 970.00 479.66 12,053.06 13,307.00 (1,253.94) 6411880 Wages-Hourly 10,142.81 7,793.00 2,349.81 96,665.54 106,875.00 (10,209.46) 6411882 Wages-Overtime 633.17 - 633.17 4,044.65 - 4,044.65 Total-CBR-SALARIES & BENEFITS 13,463.49 10,962.00 2,501.49 128,439.93 152,268.00 (23,828.07) 641-CBR-SUPPLIES & MATERIALS 6413732 Supplies-Carts 330.78 75.00 255.78 2,810.69 2,450.00 360.69 6413752 Supplies-Range Balls 2,385.00 - 2,385.00 6,097.50 6,000.00 97.50 6413742 Supplies-Expendable 39.00 4,000.00 (3,961.00) 9,476.75 23,900.00 (14,423.25) 6413762 Supplies-Office 165.92 50.00 115.92 410.47 700.00 (289.53) 6413768 Supplies-Printing & Stationary - 70.00 (70.00) - 420.00 (420.00) 6413786 Supplies-Towels 211.84 72.00 139.84 3,428.27 2,792.00 636.27 6413796 Supplies-Bottled Water 4,051.44 1,669.00 2,382.44 26,378.39 22,688.00 3,690.39 Total-CBR-SUPPLIES & MATERIALS 7,183.98 5,936.00 1,247.98 48,602.07 58,950.00 (10,347.93) 641-CBR-REPAIRS & MAINTENANCE 6415096 CBR-R&M-Contract Services-Carts 2,520.00 720.00 1,800.00 10,585.08 8,640.00 1,945.08 6415690 CBR-R&M-Equipment 1,073.48 125.00 948.48 3,374.47 1,500.00 1,874.47 6415695 CBR-R&M-Cart Maintenance & Repair 543.57 150.00 393.57 1,984.89 1,800.00 184.89 Total-CBR-REPAIRS & MAINTENANCE 4,137.05 995.00 3,142.05 15,944.44 11,940.00 4,004.44 641-CBR-OTHER EXPENSES 6419093 Contract Services-Handicaps 330.00 100.00 230.00 3,625.00 5,000.00 (1,375.00) 6419094 Contract Services-Laundry/Linen 951.49 55.00 896.49 4,317.36 660.00 3,657.36 6419220 Freight/Delivery - 25.00 (25.00) - 300.00 (300.00) 6419490 Miscellaneous - 125.00 (125.00) 381.14 1,500.00 (1,118.86) 6419820 Uniforms - 200.00 (200.00) 4,571.01 4,625.00 (53.99) Total-CBR-OTHER EXPENSES 1,281.49 505.00 776.49 12,894.51 12,085.00 809.51 TOTAL-CARTS,BAGROOM & RANGE 26,066.01 18,398.00 7,668.01 205,880.95 235,243.00 (29,362.05) 643-CS-SALARIES & BENEFITS 6431175 Employee Meals 180.00 180.00 - 2,856.64 2,880.00 (23.36) 6431320 Insurance-Group - 720.00 (720.00) 958.00 7,920.00 (6,962.00) 6431325 Insurance-Workers Comp 161.77 433.00 (271.23) 1,757.79 9,820.00 (8,062.21) 6431800 Taxes-Employer Payroll 396.73 375.00 21.73 6,665.12 8,510.00 (1,844.88) 6431880 Wages-Hourly 3,027.25 3,016.00 11.25 37,210.45 68,362.00 (31,151.55) 6431882 Wages-Overtime 26.26 - 26.26 791.04 - 791.04 Total-CS-SALARIES & BENEFITS 3,792.01 4,724.00 (931.99) 50,239.04 97,492.00 (47,252.96) 643-CS-OTHER EXPENSES 6433742 Supplies Expendable 1,837.73 100.00 1,737.73 2,669.96 1,100.00 1,569.96 6439490 Miscellaneous 361.55 4.00 357.55 638.73 504.00 134.73 6439718 Safety Equipment & Training - 100.00 (100.00) - 1,200.00 (1,200.00) 6439820 Uniforms - 75.00 (75.00) 862.44 1,250.00 (387.56) Total-CS-OTHER EXPENSES 2,199.28 279.00 1,920.28 4,171.13 4,054.00 117.13 Total-COURSE SERVICES 5,991.29 5,003.00 988.29 54,410.17 101,546.00 (47,135.83) TOTAL OUTSIDE SERVICES 32,057.30 23,401.00 8,656.30 260,291.12 336,789.00 (76,497.88) Month to Date SilverRock Resort Outside Services Expense Statement June 2006 Year to Date 7 June Preliminary Budget Variance Preliminary Budget Variance Expense 65-CH-SUPPLIES & MATERIALS 6503742 Supplies-Expendable 516.79 1,000.00 (483.21) 6,130.67 4,300.00 1,830.67 Total-CH-SUPPLIES & MATERIALS 516.79 1,000.00 (483.21) 6,130.67 4,300.00 1,830.67 65-CH-UTILITIES 6507830 Utilities-Electric-Bldgs - 4,073.00 (4,073.00) 3,418.40 45,256.00 (41,837.60) 6507836 Utilities-Natural Gas 290.55 200.00 90.55 4,084.18 2,400.00 1,684.18 6507838 Utilities-Sewer - 200.00 (200.00) - 2,400.00 (2,400.00) 6507840 Utilities-Telephone - 1,000.00 (1,000.00) 11,617.92 12,000.00 (382.08) 6507842 Utilities-Water 158.75 200.00 (41.25) 1,997.41 2,400.00 (402.59) 6507844 Utilities-Cable 651.86 - 651.86 3,064.73 - 3,064.73 Total-CH-UTILITIES 1,101.16 5,673.00 (4,571.84) 24,182.64 64,456.00 (40,273.36) 65-CH-OTHER EXPENSES 6509091 Contract Services-Cleaning 1,825.00 1,750.00 75.00 21,075.00 21,000.00 75.00 6509098 Contract Services-Refuse Dispose 319.02 300.00 19.02 5,723.61 3,600.00 2,123.61 6509099 Contract Services-Security 8,359.28 8,250.00 109.28 93,395.75 99,000.00 (5,604.25) 6509215 Flowers & Decorations 150.00 100.00 50.00 446.00 2,600.00 (2,154.00) 6509490 Miscellaneous - - - 1,235.46 - 1,235.46 6509718 Safety Equipment & Training - 500.00 (500.00) 500.00 2,800.00 (2,300.00) Total-CH-OTHER EXPENSES 10,653.30 10,900.00 (246.70) 122,375.82 129,000.00 (6,624.18) 65-CH-REPAIRS & MAINTENANCE 6515685 CH-R&M-Building Structures - 250.00 (250.00) 1,147.56 3,000.00 (1,852.44) 6515686 CH-R&M-Restaurant Repairs - 250.00 (250.00) 45.69 3,000.00 (2,954.31) 6515690 CH-R&M-Equipment Repair 276.53 250.00 26.53 1,474.53 3,000.00 (1,525.47) Total-CH-REPAIRS & MAINTENANCE 276.53 750.00 (473.47) 2,667.78 9,000.00 (6,332.22) Total CLUBHOUSE 12,547.78 18,323.00 (5,775.22) 155,356.91 206,756.00 (51,399.09) SilverRock Resort Clubhouse Expense Statement June 2006 Month to Date Year to Date 8 June Preliminary Budget Variance Preliminary Budget Variance Expense 66-MKT-SALARIES & BENEFITS 6601175 Employee Meals 60.00 60.00 - 787.26 720.00 67.26 6601320 Insurance-Group - 360.00 (360.00) - 4,320.00 (4,320.00) 6601325 Insurance-Workers Comp 191.15 431.00 (239.85) 3,355.15 5,172.00 (1,816.85) 6601720 Salaries 4,038.45 3,000.00 1,038.45 36,381.55 36,000.00 381.55 6601800 Taxes-Employer Payroll 308.96 374.00 (65.04) 3,122.47 4,488.00 (1,365.53) Total-MKT-SALARIES & BENEFITS 4,598.56 4,225.00 373.56 43,646.43 50,700.00 (7,053.57) 66-MKT-SUPPLIES & MATERIALS 6603080 Collateral Material 1,556.78 - 1,556.78 4,066.19 - 4,066.19 6603762 Supplies-Office 307.32 100.00 207.32 1,474.20 1,600.00 (125.80) 6603768 Supplies-Printing & Stationery - 125.00 (125.00) 848.47 6,550.00 (5,701.53) 1,864.10 225.00 1,639.10 6,388.86 8,150.00 (1,761.14) 66-MKT-UTILITIES 6607840 Utilities-Telephone 316.15 100.00 216.15 1,597.82 1,200.00 397.82 Total-MKT-UTILITIES 316.15 100.00 216.15 1,597.82 1,200.00 397.82 66-MKT-OTHER EXPENSES 6609010 Advertising 37,492.58 9,167.00 28,325.58 197,210.48 134,004.00 63,206.48 6609040 Business Meals 110.43 100.00 10.43 232.70 1,200.00 (967.30) 6609080 Collateral Material 984.50 2,000.00 (1,015.50) 18,704.52 31,500.00 (12,795.48) 6609102 Contract Services-Web Page 99.00 150.00 (51.00) 1,687.00 1,800.00 (113.00) 6609150 Dues & Subscriptions - - - 1,470.00 925.00 545.00 6609490 Miscellaneous - 50.00 (50.00) - 450.00 (450.00) 6609620 Postage - 100.00 (100.00) 1,003.76 1,200.00 (196.24) 6609630 Promotion 450.00 500.00 (50.00) 2,302.44 13,500.00 (11,197.56) 6609633 Promotion-Community - 75.00 (75.00) 1,057.05 5,175.00 (4,117.95) 6609634 Promotion-Media/Vendor - - - 1,550.82 - 1,550.82 6609820 Uniforms 6.00 50.00 (44.00) 444.25 900.00 (455.75) Total-MKT-OTHER EXPENSES 39,142.51 12,192.00 26,950.51 225,663.02 190,654.00 35,009.02 Total-MARKETING 45,921.32 16,742.00 29,179.32 277,296.13 250,704.00 26,592.13 Month to Date SilverRock Resort Marketing Expense Statement June 2006 Year to Date 9 June Preliminary Budget Variance Preliminary Budget Variance Expense 67-G&A-SALARIES & BENEFITS 6701175 Employee Meals 295.17 180.00 115.17 2,379.58 2,160.00 219.58 6701320 Insurance-Group 1,543.29 3,480.00 (1,936.71) 20,814.37 35,760.00 (14,945.63) 6701325 Insurance-Workers Comp 1,175.42 2,252.00 (1,076.58) 12,462.91 27,024.00 (14,561.09) 6701720 Salaries 17,741.76 13,083.00 4,658.76 162,067.51 156,996.00 5,071.51 6701800 Taxes-Employer Payroll 1,682.74 1,953.00 (270.26) 16,165.03 23,436.00 (7,270.97) 6701880 Wages-Hourly 3,720.08 2,600.00 1,120.08 29,974.46 31,200.00 (1,225.54) 6701882 Wages-Overtime 534.75 - 534.75 4,930.04 - 4,930.04 Total-G&A-SALARIES & BENEFITS 26,693.21 23,548.00 3,145.21 248,793.90 276,576.00 (27,782.10) 67-G&A-SUPPLIES & MATERIALS 6703740 Supplies-Computer 383.38 50.00 333.38 760.91 1,500.00 (739.09) 6703762 Supplies-Office 9.55 100.00 (90.45) 1,947.82 1,200.00 747.82 6703768 Supplies-Printing & Stationery 75.00 500.00 (425.00) 1,867.87 3,900.00 (2,032.13) 6703778 Supplies-Small Tools/Non-Capital - 100.00 (100.00) 685.05 1,000.00 (314.95) Total-G&A-SUPPLIES & MATERIALS 467.93 750.00 (282.07) 5,261.65 7,600.00 (2,338.35) 67-G&A-REPAIRS & MAINTENANCE 6705690 Repairs & Maintenance-Equipment 170.00 100.00 70.00 1,645.93 1,200.00 445.93 Total-G&A-REPAIRS & MAINTENANCE 170.00 100.00 70.00 1,645.93 1,200.00 445.93 67-G&A-OTHER EXPENSES 6709020 Auto/Mileage Allowance 400.00 400.00 - 4,866.31 4,800.00 66.31 6709090 Contract Services - - - 495.00 - 495.00 6709150 Dues & Subscriptions - 50.00 (50.00) 2,190.92 1,000.00 1,190.92 6709180 Employee Recruiting/Relocation 305.00 - 305.00 7,651.55 2,000.00 5,651.55 6709197 Equipment Rental 357.22 200.00 157.22 5,582.27 2,400.00 3,182.27 6709202 Fees-Bank 307.96 400.00 (92.04) 1,035.29 4,300.00 (3,264.71) 6709208 Fees-Payroll Processing 723.83 - 723.83 4,579.90 - 4,579.90 6709220 Freight/Delivery 139.78 50.00 89.78 1,042.84 600.00 442.84 6709490 Miscellaneous 149.69 100.00 49.69 545.59 1,200.00 (654.41) 6709620 Postage/Mail Services 66.59 100.00 (33.41) 410.05 1,100.00 (689.95) 6709625 Professional Fees - 500.00 (500.00) 1,560.00 6,000.00 (4,440.00) 6709636 Promotion/Entertainment - 100.00 (100.00) 83.58 2,100.00 (2,016.42) 6709722 Seminars & Training - 100.00 (100.00) 520.00 1,200.00 (680.00) 6709810 Travel - 500.00 (500.00) 342.95 2,000.00 (1,657.05) 6709820 Uniforms 130.74 100.00 30.74 678.96 1,200.00 (521.04) Total-G&A-OTHER EXPENSES 2,580.81 2,600.00 (19.19) 31,585.21 29,900.00 1,685.21 Total-GENERAL & ADMINISTRATIVE 29,911.95 26,998.00 2,913.95 287,286.69 315,276.00 (27,989.31) Month to Date SilverRock Resort General & Administrative Expense Statement June 2006 Year to Date 10 June Preliminary Budget Variance Preliminary Budget Variance Expense 68-LEASES 6800192 Equipment Leases-Carts 7,118.20 8,550.00 (1,431.80) 102,493.60 99,600.00 2,893.60 6800193 Equipment Leases-Course Maint 17,721.42 18,050.00 (328.58) 205,961.12 211,800.00 (5,838.88) 6800194 Equipment Leases-Trailer 310.41 850.00 (539.59) 3,414.51 10,200.00 (6,785.49) 6800195 Equipment Leases-Software 1,762.93 1,375.00 387.93 17,032.26 16,500.00 532.26 6800196 Equipment Leases-GPS 7,554.50 7,430.33 124.17 70,889.48 66,872.97 4,016.51 Total-LEASES 34,467.46 36,255.33 (1,787.87) 399,790.97 404,972.97 (5,182.00) 69-MISC OTHER EXPENSES 6900096 Contract Srvcs-Management Fee 7,500.00 13,755.00 (6,255.00) 90,250.00 131,954.00 (41,704.00) 6900097 Contract Srvcs-Golf Ops-Management Fee - - - 21,787.50 14,000.00 7,787.50 6900098 Contract Srvcs-Management Fee-F&B 18,143.22 - 18,143.22 38,843.77 10,239.00 28,604.77 6900210 FF&E Reserve 2,762.70 4,696.00 (1,933.30) 60,664.83 69,353.00 (8,688.17) 6900323 Insurance-Commercial - 5,000.00 (5,000.00) 25,031.22 60,000.00 (34,968.78) Total-MISC OTHER EXPENSES 28,405.92 23,451.00 4,954.92 236,577.32 285,546.00 (48,968.68) SilverRock Resort Operating Leases & Miscellaneous Other Expense Statement June 2006 Month to Date Year to Date 11