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Annual Plan FY 2005-2006 SilverRock Resort
4hf��aaArw COUNCIL/RDA MEETING DATE: June 7, 2005 ITEM TITLE: Consideration of Annual Plan for SilverRock Resort Golf Course RECOMMENDATION: As deemed appropriate by the City Council. FISCAL IMPLICATIONS: AGENDA CATEGORY: BUSINESS SESSION: CONSENT CALENDAR: STUDY SESSION: PUBLIC HEARING: As drafted, the 2005/2006 Annual Business Plan (Attachment 1) for SilverRock Resort projects Operator expenses of $3,726,752 and revenues of $3,467,655, for a net loss of $259,097. As a result of the Food and Beverage License Agreement between the City and Landmark Golf Management, LLC, food and beverage revenue and expenses are not recognized in the 2005/2006 Annual Plan. Instead, food and beverage income will be accounted for through the food and beverage license agreement. In addition to the Annual Plan with the operator other revenues and expenses from City operations will be included in the draft FY 05/06 budget. The expenses include staff time, the Jim Murray Tournament at $200,000, and other expenses. As well as the added expenses, $52,500 revenue from resident cards will be included. With these additional City revenues and expenses, the projected operating deficit for FY 05/06 will increase by $19,773 to $278,870. Staff proposes an advance of $278,870 from General Fund reserves to the SilverRock Golf Enterprise Fund to fund this operating deficit. In addition, staff is finalizing the FY 04/05 revenue and expenditure projections and will be reporting the deficit at the June 21, 2005 City Council meeting. Assumptions used in this plan include: 37,814 rounds of play for Fiscal Year 2005/2006 An average projected revenue of $91.70 per round An increase from 1.5 % to 2 % capital reserve for future golf course improvements/renovations as per the Management Agreement (section 3.10.1) • $146,299 is included as new expenses for such things as replacement range balls, towels for golf carts, bottled water, and additional maintenance staff in order to maintain the facility's image as a premier golf resort. CHARTER CITY IMPLICATIONS: Operation of the golf course is not subject to prevailing wage requirements. BACKGROUND AND OVERVIEW: The City entered into a Golf Course Management Agreement (Agreement) with Landmark Golf Management, LLC (Manager) in April 2004. Section 3.2.1 of the Agreement provides that the Manager shall submit an Annual Plan to the City Manager, including a projected operating budget, for the upcoming fiscal year. Last year's Annual Plan (2004/2005) budget was $3,379,366, with a projected net revenue of $108,042. A $250,000 advance from the General Fund, per the Agreement, was used to establish the Landmark Golf Operating Account. It should be noted that the Annual Plan does not account for additional SilverRock expenses including City staffing costs, overhead, performance and fiscal auditing, or other management activities. Last year's revenue projections were not met due to unusual weather conditions, marketing delays, and less than five months of course operation. As of this date, the kitchen is not fully operational and the Manager is currently in the process of obtaining a liquor license. These two items will be completed in the near future, and the Manager and City staff believe the 2005/2006 Annual Plan will be closer to meeting previously projected rounds and revenue. Therefore, the total rounds projection will remain the same as the projection for Fiscal Year 2004/2005. The Manager submitted its first version of the Annual Plan on April 6, 2005. Staff has worked with the Manager since that time to refine the Annual Plan in the spirit of the Agreement. In accordance with the Agreement, the Capital Plan for SilverRock Resort will be submitted with the Public Works Department Budget for separate consideration by City Council. 2 The Manager has proposed to include $146,299 in additional expenses for the following: 1. Replacement Range Balls = $6,000 The condition of the range balls could affect revenues and the image of the golf course if not replaced regularly. Therefore, range balls should be replaced annually. 2. SilverRock Logo Bottled Water = $22,657 Due to OSHA and Riverside County Health Department regulations, water given to guests must be bottled or dispensed from a securely enclosed water cooler. The annual cost of water is approximately $0.50 per round of golf. The SilverRock logo on each bottle facilitates a resort feel to the course. 3. Cart Towels = $ 2, 500 Towels will be provided on each cart as a customer service, for cleaning clubs, wetting for cooling off, etc. 4. One Additional Course Ranger = $12,350 Course Rangers monitor the pace of play and assist golfers whenever necessary to improve the playing experience. Currently only one ranger is on duty making it difficult to monitor the entire golf course. 5. Four Additional Native Area Maintenance Employees = $102,792 With over 57 acres of native areas, the Manager and Palmer Design recommend additional employees for restoration and continual maintenance of these critical architectural features. Staff concurs with the aforementioned recommendations. Additional items that have not been included in the Annual Plan for City Council's consideration are: 1. An annual lease for a Global Positioning Satellite (GPS) system for 80 golf carts for $72,000. GPS systems provide golfers with accurate yardage to the center of the green which generally expedites play and enjoyment of the course. GPS systems are found at many high -end resort facilities. 2. Site Security Patrol in the annual amount of $49,800. A security presence may helps deter criminal activity and protect the Agency's investment in the resort. "0 3 FINDINGS AND ALTERNATIVES: The alternatives available to the City Council include: 1. Approve the Annual Plan as submitted by Landmark Golf Management, LLC which projects $3,467,655 in revenues and $3,726,752 in expenses for a net loss of $259,097; or 2. Approve the Annual Plan with modifications; or 3. Provide staff with alternative direction. Respectfully submitted, Timothy R. Jonasson, P.E. Public Works Director/ City Engineer Approved for submission by: Thomas P. Genovese, City Manager Attachment: 1. Annual Plan ATTACHMENT 1 �f R E S 0 R_ Annual Plan July 2005-June 2006 2005-2006 BUDGET 4th ROUND Prepared For: City of La Quinta SilverRock Resort Prepared By: Landmark Golf Management 74-947 Highway 111, Suite 200 Indian Wells, California 92210 Phone: (760) 776-6688 April 5, 2005 Submitted: May 27, 2005 tiV Table of Contents 00 SILVERROCK RESORT Annual Plan Table of Contents Part I -Project Overview 1 Project Fact Sheet 2 Mission Statement 3 Goals and Objectives 3 Philosophy Statement 4 Brand Promise 4 Organizational Chart 5 Key Employee Staffing and Salaries 6 Part II -Assumptions and Capital Expenditures 8 2005/2006 Assumptions 9 Golf Operations 11 Course Maintenance 12 Startup Expenditures 13 Part III -Operational Financial Projections 14 Consolidated Income Statement by Month 15 Department Detail 16 Golf Rounds and Revenue 17 Carts, Bagroom & Range 18 Golf Shop Merchandise 19 Course Services 20 Course Maintenance 21 General & Administrative Department 23 Marketing Department 24 Clubhouse 25 Miscellaneous 26 Part I -Protect Overrvin SILVERROCK RESORT Annual Plan PROJECT FACT SHEET COURSE NAME SilverRock Resort -Arnold Palmer Classic Course ADDRESS 79-179 Ahmanson Lane, La Quinta, Ca. 92253 TELEPHONE 1-888-600-7272 WEBSITE WWW.SILVERROCK.ORG PERSONELL Randy Duncan, Director of Golf / General Manager Doug Anderson, Golf Course Superintendent COURSE YARDAGE SILVER 7,553 PAR 72 BLUE 7,101 PAR 72 WHITE 6,639 PAR 72 YELLOW 5,974 PAR 72 GREEN 5,306 PAR 72 RED 4,884 PAR 72 GRASS TYPES GREENS: TIFF DWARF FAIRWAY / TEES: TIFF SPORT ROUGHS: TIFF SPORT OWNER CITY OF LA QUINTA MANAGED BY LANDMARK GOLF MANAGEMENT, LLC 2 r: t} 9 SILVERROCK RESORT Annual Business Plan Mission Statement TO BE THE BEST TO HAVE THE BEST GOLF FACILITIES TO HAVE THE BEST GOLF COURSE CONDITIONS TO PROVIDE THE BEST SERVICE SilverRock Resort Golf Club is dedicated to providing the finest public golf experience. All Staff members of the facility play an important role in this mission. We support our staff through training and resources to insure success. We aspire to represent ownership and management with the highest standard of service in the industry and produce superior course conditions to meet and exceed our goals. Goals and Objectives: To support our Mission Statement and Financial Plan, SilverRock Resort Golf Club will pursue the following goals and objectives. • To hire and train a staff that will provide a high standard of guest services and maintain the highest level of course conditions. • To set up an aggressive marketing plan that caters to La Quinta residents, locals, the avid tourist golfer and the golfing public that allows us to meet the financial plan. • To provide the facility and course conditions to host the Bob Hope Classic and to be in the host club rotation. • To have all departments operate within their budget allowing us to reach the net operating goals. 10 SILVERROCK RESORT Annual Plan PHILOSOPHY STATEMENT The previous partial year Annual Plan accommodated the operational start- up through and including grow -in, final construction of the Arnold Palmer Classic Course and a notable Grand Opening Celebration. As the 2005-2006 upcoming Annual Plan is implemented, focus should naturally shift from a construction completion and opening mode to concentrated efforts in order to broaden the awareness, marketability and noteworthiness of SilverRock Resort's Arnold Palmer's Classic Course golf facility. A philosophy that Landmark Golf Management desires to see at SilverRock Resort is: operations that allow management to utilize golf industry best - practices in accommodating market -driven demands as market shifts may occur. Each golf course facility has its own personality and characteristics; therefore, each golf operation is unique to some degree. Golf operations that adjust procedures to short and long term market and industry fluctuations are better suited to maximize opportunities. In this upcoming first complete twelve months of operations, Landmark will put forth every effort to better position SilverRock Resort as a place to frequent in the eyes and minds of the influential decision makers in the world of golf. BRAND PROMISE Discover the mystique of SilverRock Resort, the crown jewel of La Quinta and its golf legacy. Rich in both history and legend, the majestic Santa Rosa Mountains frame an unwavering commitment to an exceptional experience at SilverRock Resort. Our Promise: Exceptional in All, For All, Always. 4 11 SILVERROCK RESORT Annual Plan SilverRock Resort Annual Plan City of La Quinta City Council & Staff City Manager Department of Public Works Landmark Golf Management Management Team SilverRock Resort Golf Club General Manager/Director of Golf Golf Shop Golf Course Maintenance Accounting Food & Beverage Marketing & Sales Head Golf Professional Superintendent FController/Human Resources F&B Manager Toumament Sales Manager Asst. Golf Professionals Asst. Superintendent Admin. Asst. Restaurant/Snack Shop P To Controller & GM Golf Shop Buyer Mechanic(s) F&B Server(s) / Cart Attendent(s) (Sub -Contract Sales Associates Irrigation Technician Guest / Outside Service Spray Technician Outside Services Manager Greenskeeper(s) Carts/Bag Room Starters P.A Rangers Driving Range I Administrative Asst. 2005-2006 BUDGET 4th ROUND SilverRock Resort Key Employee Staffing and Salaries RUN DATE: 27-May-05 PREPARED BY: Landmark Golf Management DEPARTMENT SUMMARY SALARY JUL AUG SEP OCT NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. GOLF OPERATION OUTSIDE SERVICES 1 1 OUTSIDE SERVICES MANAGER $10.00 1 1 1 1 1 1 1 1 1 1 OUTSIDE SERVICES SUPERVISORS (FULL-TIME) $9.00 1 1 1 1 1 1 1 1 1 1 1 1 DRIVING RANGE (PART-TIME) $7.50 0 0 0 0 1 1 2 2 2 2 0 0 CART/BAG/VALET/BAG DROP (FULL-TIME) $7.50 4 4 4 4 4 4 4 4 4 4 4 4 CART/BAG/VALET/BAG DROP (PART-TIME) $7.50 0 0 0 0 2 2 2 2 2 2 2 0 6 6 6 6 9 9 10 10 10 10 8 6 PRO SHOP 1 1 HEAD GOLF PROFESSIONAL $40,000.00 1 1 1 1 1 1 1 1 1 1 ASSISTANT PROFESSIONAL 1st $28,000.00 1 1 1 1 1 1 1 1 1 1 1 1 ASSISTANT PROFESSIONAL 2nd $26,000.00 1 1 1 1 1 1 1 1 1 1 1 1 ASSISTANT PROFESSIONAL 3rd $24,000.00 0 0 0 0 0 0 0 0 0 0 0 0 SALES CLERKS (FULL TIME) $9.50 1 1 1 1 1 1 1 1 1 1 1 1 SALES CLERKS (PART TIME) $7.50 0 0 0 0 1 1 1 1 1 1 0 0 4 4 4 4 5 5 5 5 5 5 4 4 COURSE SERVICES STARTERS (PART TIME) $7.50 1 1 1 1 1 1 1 1 1 1 1 1 RANGER/MARSHALS (PART TIME) $7.50 2 2 2 2 3 3 3 3 3 3 1 1 TEE -TIMES (PART TIME) $7.50 0 0 0 0 1 1 1 1 1 1 1 1 3 3 3 3 5 5 5 5 5 5 3 3 GOLF COURSE MAINTENANCE SUPERINTENDENT $96,000.00 1 1 1 1 1 1 1 1 1 1 1 1 ASST SUPERINTENDENT $49,000.00 1 1 1 1 1 1 1 1 1 1 1 1 FOREMAN/SPRAY TECHNICIAN $14.42 1 1 1 1 1 1 1 1 1 1 1 1 HEAD MECHANIC / FACILITY MANAGER $22.00 1 1 1 1 1 1 1 1 1 1 1 1 ASST MECHANIC $12.00 1 1 1 1 1 1 1 1 1 1 1 1 HEAD IRRIGATOR $15.50 1 1 1 1 1 1 1 1 1 1 1 1 ASST IRRIGATOR $11.50 1 1 1 1 1 1 1 1 1 1 1 1 GREENSMEN $9.27 18 18 18 18 18 18 18 18 18 18 18 18 ADMINISTRATIVE ASSISTANT $12.36 1 1 1 1 1 1 1 1 1 1 1 1 TOTAL TURF & ADMIN STAFF 26 26 26 26 26 26 26 26 26 26 26 26 LANDSCAPE MAINTENANCE FOREMAN $15.00 1 1 1 1 1 1 1 1 1 1 1 1 IRRIGATOR $11.33 1 1 1 1 1 1 1 1 1 1 1 1 LANDSCAPERS $9.33 6 6 6 6 6 6 6 6 6 6 6 6 TOTAL LANDSCAPE CREW 8 8 8 8 8 8 8 8 8 8 8 8 TOTAL COURSE MAINTENANCE STAFF 34 34 34 34 34 34 34 34 34 34 34 34 FOOD & BEVERAGE F& B MANGER / SUPERVISOR $45,000.00 1 1 1 1 1 1 1 1 1 1 1 1 F& B COOKS (PART TIME 28HR) $10.00 1 1 1 1 1 1 1 1 1 1 1 1 LEAD SERVER (FULL-TIME) $10.00 1 1 1 1 1 1 1 1 1 1 1 1 F& B WAIT/CART/HALF(FULL TIME) $7.25 2 2 2 2 2 2 2 2 2 2 2 2 F& B WAIT/CART/HALF(PART TIME) $7.00 0 0 0 0 2 4 4 4 4 4 1 0 5 5 5 5 7 9 9 9 9 9 6 5 w cd 2005-2006 BUDGET 4th ROUND SilverRock Resort Key Employee Staffing and Salaries RUN DATE: 27-May-05 PREPAREDBY: Landmark Golf Management DEPARTMENT SUMMARY SALARY JUL AUG SEP OCT NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. G&A DIRECTOR OF GOLF/GM $100,000.00 1 1 1 1 1 1 1 1 1 1 1 1 CLUB CONTROLLER $57,000.00 1 1 1 1 1 1 1 1 1 1 1 1 ADMINISTRATIVE ASSISTANT $15.00 1 1 1 1 1 1 1 1 1 1 1 1 AP/PY/HR/AUDITOR $12.00 0 0 0 0 0 0 0 0 0 0 0 0 3 3 3 3 3 3 3 3 3 3 3 3 MARKETINGITOURNAMENT TOURNAMENT SALES $36,000.00 1 1 1 1 1 1 1 1 1 1 1 1 TOTAL EMPLOYEES 56 56 56 56 64 66 67 67 67 67 59 56 Part II - Assumptions & Capital Expenditures 15 SILVERROCK RESORT Annual Plan 2005-2006 Budget Assumptions Revenue Green Fees: Green fee income includes; golf green fees, which includes a golf cart and warm-up range balls. A combination of the various green fee rates and green fees mix of regular, twilight, and resident play is anticipated to yield an average of $83.97 per round on an annualized basis. It is assumed the overseeding dates will be October 10 through November 11, 2005; overseeding reduces revenues due to the course being closed during these dates. It is also assumed that aerification will occur in May, June, & July of 2006 which reduces revenue for 3-5 days. Greens Fee Mix: Through proper marketing, yield management, and limited advanced resident bookings the projected mix of green fees is: 35% Resident, 30% Regular, 20% Twilight, & 15% Other. Miscellaneous and other Revenue: Based upon $.91 per round. This consists of club rentals, club repairs, handicap fees, driving range fees, rider fees, 15 % of golf lessons and independent contractor's fees. Golf Shop Merchandise: Based on $6.50 per round. Food & Beverage: Based on $7.18 per round. Cost of Sales Merchandise 60 % Food & Beverage 33 % Expenses Golf Carts, Bag Room, and Driving Range: Includes outside service, valet, bag room, and driving range staff plus supplies and operating expense for this department. In order to stay competitive with similar facilities a GPS System will be added to the golf cart fleet costing $72,000 annually. Per OSHA regulations, bottled water on the golf carts will cost an additional $24,000 annually. Golf Shop Merchandise: Includes golf professionals, merchandising sales staff, receiving staff and golf shop operational expenses. A promotion of the 1 St Assistant Golf Professional to Head Professional will result in a higher compensation and increased responsibility; 3rd Assistant position will be eliminated. Course Services: Includes course service staffing, tee -time central, course rangers and starters plus related department supplies and materials. We SILVERROCK RESORT Annual Plan Golf Course Maintenance: Includes grounds maintenance staffing, supplies, and materials. Assumed are the overseeding dates of October 10 through November 11, 2005, which will result in projected higher labor and supply costs during the 30 days of overseeding. Water & Electrical: This includes water and electrical cost to irrigate the golf course. Food & Beverage: Includes food & beverage staffing and expenses for the temporary clubhouse. There will be a separate agreement for the Food & Beverage Department when the Liquor License arrangement between the City and Landmark Golf Management is finalized. Food & Beverage lease with Landmark. Marketing: Includes marketing, promotions, advertising, web page, collateral and tournament sales, etc. Clubhouse: Includes clubhouse expenses, maintenance/cleaning staff, landscape maintenance, parking lot and entry drive clean up. Management Fee: $7,500 per month; Based off the Golf Course Management Agreement not including temporary clubhouse Food & Beverage adjustments. Capital Reserve: Per the Golf Course Management Agreement, 3.10.1, the Capital Improvement Fund has been adjusted to 2.0% of the portion of the Gross Revenues of the previous months attributed to green fees. Insurance: Includes a comprehensive golf club insurance policy, general liability, property, equipment and business interruption etc. Property Tax: Exempt, except personal property taxes on equipment purchases or leases. Golf Carts and Maintenance Lease: Golf carts and maintenance equipment are being leased. Due to location of the driving range, 10 additional golf carts are needed for service and transportation needs of the customers. Lease increase of $11,880.00 annually. 10 77 17 2005-2006 BUDGET 4th ROUND SilverRock Resort RUN DATE: 27-May-05 03:06 PM Projections - July 2005 to June 2006 FILE NAME: 0 Capital Expenditures PREPARED BY: Landmark Golf Management CAPITAL EXPENDITURES TOTAL JUL. AUG. SEP. I OCT. I NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. GOLF OPERATIONS Range Clock $2,500 2,500 Tournament Plot Printer $1,500 1,500 Instruction Video System $1,300 1,300 T.V.'s $5,250 $5,250 2-Handicap Golf Carts $7,500 $7,500 TOTAL GOLF OPERATIONS $18,050 $12,750 $0 $4,000 $1,300 $0 $0 $0 $0 $0 $0 $0 $0 Range Clock Used to Inform Golfers of current time Tournament Plot Printer Used to create large scoreboards for Tournaments and Golf Outings Teaching Video System For Instructional Purposes T.V.'s Located in Retail and Grill Room 1-Handicap Golf Carts Required by A.D.A. F&B DEPARTMENT Portable Bar $3,000 $3,000 Chef Trac - Software $1,500 $1,500 TOTAL FOOD & BEVERAGE $4,500 $4,500 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Portable Bar Chef Trac - Software c •tl 00j Bar that could be moved during outdoor banquets Software Program that allows for tracking of food costs. 11 2005-2006 BUDGET 4th ROUND SilverRock Resort RUN DATE: 27-May-05 03:06 PM Projections - July 2005 to June 2006 FILE NAME: 0 Capital Expenditures PREPARED BY: Landmark Golf Management CAPITAL EXPENDITURES TOTAL JUL. AUG. SEP. I OCT. I NOV. I DEC. JAN. FEB. MAR. I APR. I MAY JUN. MAINTENANCE 300 Gallon JD HD 300 Spray Tank for Greens and Tees $23,750 $23,750 JD 1200H Sandbrake with hydraulic lift and spiker attachment unit $14,200 $14,200 (2) JD 2020 Diesel Progator transportation utility vehicle (Native Area repair) $35,600 $35,600 (3) JD 220 Walking greens mower with trailer and grooming attachments $18,600 $18,600 Gypsum Injector $13,000 $13,000 Grounds Link Computer Program $20,000 $20,000 Mower Attachments: 1-set of tri-plex verticut reels $5,300 $5,300 1-set of tri-plex mowing reels $5,100 $5,100 1-set of fairway mowing reels $7,900 $7,900 1-set of fairway verticut reels $7,900 $7,900 1-set of rough mowing reels $3,200 $3,200 1-4 Wheel Drive Kit $3,200 $3,200 1-Equipment hauling utility trailer $3,200 $3,200 2-3" Trash Pumps with 500H $3,200 $3,200 1-Graden heavy duty dethacting unit $5,100 $5,100 1-Brower utility roller $3,600 $3,600 TOTAL MAINTENANCE $172,850 $172,850 300 Gallon JD HD 300 Spray Tank for Greens and Tees To be used as a dedicated greens sprayer. Currently, unable to spray tees 8, greens at the same time. JD 1200H Sandbrake with hydraulic lift and spiker attachment unit The 3 Sandpros that we currently have are not enough. With the additional bunkers and larger than expected native areas this unit it essential. (2) JD 2020 Diesel Progator transportation utility vehicle (Native Area repair) Need additional transportation vehicles. Increased native area work has created a need for this vehicle. (3) JD 220 Walking green's mower with trailer and grooming attachments Need additional walking greens mowers. Gypsum Injector Recommended by Soil Specialist due to clay soil to help with the salts in the soil. Grounds Link Computer Program Software Program that will help with Golf Course Maintenance Organization, Planning, & Efficiency. Mower Attachments: 1-set of tri-plex verticut reels Need to have additional reels for backup. 1-set of tri-plex mowing reels Need to have additional reels for backup. 1-set of fairway mowing reels Need to have additional reels for backup. 1-set of fairway verticut reels Need to have additional reels for backup. 1-set of rough mowing reels Need to have additional reels for backup. 1-4 Wheel Drive Kit Current Fairway mowers do not have 4-wheel drive, unable to mow when grass is wet 1-Equipment hauling utility trailer Used to transport equipment back to maintenance yard 2-3" Trash Pumps with 500H Used during rain storms to pump out native areas, fairways, and cart paths. 1-Graden heavy duty dethacting unit Specialized dethachting unit for tees and greens. 1-Brower utility roller Currently have one, need another. Used to roll greens after aerification of greens. 12 c� � 2005-2006 BUDGET 4th ROUND SilverRock Resort RUN DATE: 27-May-05 03.06 PM Projections - July 2005 to June 2006 FILE NAME: 0 Capital Expenditures PREPARED BY: Landmark Golf Management CAPITAL EXPENDITURES TOTAL JUL. I AUG. I SEP. I OCT. I NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. START UP EXPENDITURES Car Port Refuribishment $5,000 $5,000 3 Compartment Sink w/Dishwasher in New Kitchen $5,500 $5,500 Surveillance System $6,500 $6,500 Misting System $5,500 $5,500 TOTAL START UP EXPENDITURES $22,500 $12,000 $5,500 $5,000 $0 $0 $0 $0 $0 $0 $0 $0 $0 Car Port Refuribishment Paint and Fix up Car Port 3 Compartment Sink w/Dishwasher in New Kitchen Possibly required to meet code for Health Department. Surveillance System Required per Management Agreement Misting System Water misting system would create a cooler environment around the outside seating areas TOTAL CAPITAL EXPENDITURES- $217,900 $29,250 $178,350 $9,000 $1,300 $0 $0 $0 $0 $0 $0 $0 $0 1J 13 O Part III.Operational Financial ProiecUons 14 21 2005-2006 BUDGET 4th ROUND SilverRock Resort DATE&TIME: 27-M.y-05 N:N:14PM CONSOLIDATED INCOME STATEMENT FILENAME: B FOR FISCAL YEAR - JULY 2005 - JUNE 2006 PREPAREDBY: L-d-kGM(Ma .Z-t DEPARTMENT % TOTAL JUL. AUG. SEP. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. ROUNDS ROUNDS 100% 37,814 2,618 2,682 2,700 1,115 2,001 2,821 4,321 3,903 4,474 4,182 4,215 2,781 TOTAL ROUNDS 100% 37,814 . 2,618 2,682 2,700 1,115 2,001 2,821 4,321 3,903 4,474 4,182 4,215 2,781 REVENUE GREEN FEES 91.6% 3,175,395 132,340 135,568 136,474 84,811 152,161 214,546 455,800 411,690 471,887 441,096 324,747 214,276 MISC. REVIRANGE/CARTS/RENTALS 1.0% 34,470 1,833 1,877 1,890 2,281 3,401 4,475 4,025 3,232 3,632 2,927 2,950 1,947 GOLF SHOP MERCHANDISE 7.1% 245,790 17,019 17,434 17,550 7,249 13,005 18,337 28,089 25,371 29,080 27,183 27,396 18,077 FOOD & BEVERAGE CONCESSIONS 0.3% 12,000 500 500 500 1,500 1,500 1,500 1,500 1,500 1,500 500 500 500 TOTAL REVENUE 1oo.o% 3,467,654 151,691 155,379 156,414 95,840 170,067 238,858 489,414 441,793 506,099 471,707 355,594 234,799 COST OF SALES PRO SHOP 60% 60.0% 147,470 10,211 10,460 10,530 4,349 7,803 11,002 16,853 15,222 17,448 16,309 16,437 10,846 TOTAL COST OF SALES 4.3% 147,470 15,238 15,610 15,714 6,914 12,405 17,491 28,434 25,683 29,438 27,517 26,131 16,185 GROSS PROFIT 95.7% 3,320,184 136,453 139,769 140,700 88,926 157,662 221,367 460,979 416,110 476,661 444,190 329,462 218,614 OPERATING EXPENSES GOLF CARTSIBAGS\RANGE 6.8% 235,245 14,105 14,143 14,154 27,572 15,136 20,374 20,669 21,268 21,186 23,686 24,555 18,398 GOLF SHOP MERCHANDISE 5.8% 200,011 15,249 14,649 14,649 17,574 17,603 17,603 17,323 17,323 17,323 17,323 17,444 15,944 COURSE SERVICES 2.9% 101,545 7,329 7,479 7,479 7,704 10,149 10,149 10,269 10,269 10,269 10,394 5,050 5,004 GOLF COURSE MAINTENANCE 44.41/6 1,538,594 114,088 114,605 125,935 244,196 129,005 112,769 121,249 109,370 116,877 113,400 114,984 122,116 WATER & ELECTRIC COST 6.0% 208,320 22,720 28,255 13,895 17,186 18,463 16,566 9.136 10,955 11,032 14,825 24,463 20,824 GENERAL & ADMINISTRATIVE 9.1% 315,272 23,448 23,648 25,648 26,648 26,648 28,148 26,598 27,998 26,498 26,498 26,498 26,998 MARKETING 7.2% 250,692 12,016 12,016 15,216 25,891 26,741 28,241 33,976 29,266 17,106 16,741 16,741 16,741 CLUBHOUSE 3.1% 107,756 8,973 9,426 8,068 8,015 7,615 9,015 8,520 9,426 8,973 9,826 9,826 10,073 MANAGEMENT FEE 4.1% 142,194 12,730 12,509 12,461 20,161 19,248 16,991 6,610 8,535 6,699 6,402 6,092 13,755 CAPITAL RESERVES 2.0% 69,353 3,034 3,108 3,128 1,917 3,401 4,777 9,788 8,836 10,122 9,434 7,112 4.696 INSURANCE 1.7% 60,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 PROPERTY TAXES 0.6% 20,000 0 0 0 0 0 0 0 0 0 0 0 20,000 LEASES (Cart & Maint.) 9.5% 330,300 27,525 27,525 27,525 27,525 27,525 27,525 27,525 27,525 27,525 27,525 27,525 27.525 TOTAL OPERATING EXPENSES 103.2% 3,579,282 266,217 272,363 273,158 429,389 306,534 297,159 296,664 285,771 278,610 281,054 285,290 307,073 NET INCOME -7.5% (259,097) (129,763) (132.594) (132,458) (340,463) (148,872) (75,792) 164,316 130,339 198,051 163,136 44,173 (88,459) NET INCOME % -7.5% -85.5% -85.3% -84.7% -355.2% -87.5% -31.7% 33.6% 29.5% 39.1%1 34.6% 12.4% -37.7% Average Rounds per Day N/A 84 87 90 112 100 91 139 139 144 139 136 93 Average Green Fee $83.97 $50.55 $50.55 $50.55 $76.05 $76.05 $76.05 $105.48 $105.48 $105.48 $105.48 $77.05 $77.05 Average $ Misc. Income per Rd $0.91 $0.70 $0.70 $0.70 $2.05 $1.70 $1.59 $0.93 $0.83 $0.81 $0.70 $0.70 $0.70 Average $ Merchandise per Rd $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 Total Average Revenue per Round $91.70 $57.94 $57.93 $57.93 $85.94 $85.00 $84.67 $113.25 $113.19 $113.12 $112.79 $84.37 $84.43 15 Department Detail 16 r: 83 W UO W l� 2005-2006 BUDGET 4th ROUND SilverRock Resort RUN DATE: 27-May-05 03:11 PM Projections - July 2005 to June 2006 PREPAREDBY: Landmark Golf Management Golf Rounds Total JUL. AUG. SEP. Course Closes IQA0 Reopens 101 OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. Resident Rnds (Weekday) 6,466 448 459 462 191 342 482 739 667 765 715 721 476 Resident Rnds (Weekend) 4,878 338 346 348 144 258 364 557 504 577 539 544 359 Sub -Total Resident Rnds 785 805 810 335 600 846 1296 1171 1342 1255 1264 834 % of Total 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 0.30 Public Rnds (Weekday) 7,544 522 535 539 222 399 563 862 779 893 834 841 555 Public Rnds (Weekend) 5,691 394 404 406 168 301 425 650 587 673 629 634 419 Sub -Total Public Rnds 916 939 945 390 700 987 1512 1366 1566 1464 1475 973 %of Total 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35 0.35, 0.35 0.35 0.35 Public Twi (Weekday) 4,311 298 306 308 127 228 322 493 445 510 477 480 317 Public Twi (Weekend) 3,252 225 231 232 96 172 243 372 336 385 360 362 239 Sub -Total Twilight Rnds 524 536 540 223 400 564 864 781 895 836 843 556 %of'Total 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 0.20 Other (Weekday) 3,233 224 229 231 95 171 241 369 334 383 358 360 238 Other (Weekend) 2,439 169 173 174 72 129 182 279 252 289 270 272 179 Sub -Total Other 393 402 405 167 300 423 648 585 671 627 632 417 %of Total 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 0.15 T-I Ro-d, 37,814 2618 2682 2700 1115 2001 2821 4321 3903 4474 4182 4215 2781 Green Fees Resident Rnds (Weekday) 30 30 30 45 45 45 55 55 55 55 45 45 Resident Rnds (Weekend) 30 30 30 45 45 45 55 55 55 55 45 45 Public Rnds (Weekday) 65 65 65 95 95 95 145 145 145 145 95 95 Public Rnds (Weekend) 75 75 75 115 115 115 155 155 155 155 115 115 Public Twi (Weekday) 40 40 40 65 65 65 85 85 85 85 65 65 Public Twi (Weekend) 50 50 50 75 75 75 95 95 95 95 75 75 Other (Weekday) 40 40 40 60 60 60 90 90 90 90 65 65 Other (Weekend) 45 45 45 65 65 65 100 100 100 100 70 70 Golf Revenue Resident Rnds (Weekday) 299,322 $ 13,432 $ 13,759 $ 13,851 $ 8,581 $ 15,3% $ 21,708 $ 40,643 $ 36,710 $ 42,077 $ 39,332 $ 32,433 $ 21,400 Resident Rnds (Weekend) 225,804 $ 10,133 $ 10,380 $ 10,449 $ 6,474 $ 11,615 $ 16,377 $ 30,660 $ 27,693 $ 31,742 $ 29,671 $ 24,467 $ 16,144 Public Rnds (Weekday) 837,167 $ 33,952 $ 34,780 $ 35,013 $ 21,136 $ 37,920 $ 53,467 $ 125,007 $ 112,910 $ 129,419 $ 120,975 $ 79,880 $ 52,707 Public Rnds (Weekend) 707,921 $ 29,554 $ 30,274 $ 30,477 $ 19,301 $ 34,629 $ 48,826 $ 100,807 $ 91,052 $ 104,365 $ 97,556 $ 72,947 $ 48,132 Public Twi (Weekday) 295,887 $ 11,939 $ 12,230 $ 12,312 $ 8,264 $ 14,826 $ 20,904 $ 41,874 $ 37,822 $ 43,352 $ 40,524 $ 31,231 $ 20,607 Public Twi (Weekend) 255,733 $ 11,259 $ 11,533 $ 11,610 $ 7,193 $ 12,905 $ 18,196 $ 35,306 $ 31,889 $ 36,552 $ 34,167 $ 27,185 $ 17,937 Other (Weekday) 302,124 $ 11,939 $ 12,230 $ 12,312 $ 7,628 $ 13,685 $ 19,296 $ 44,338 $ 40,047 $ 45,902 $ 42,907 $ 31,231 $ 20,607 Other (Weekend) 251,437 $ 10,133 $ 10,380 $ 10,449 $ 6,234 $ 11,184 $ 15,770 $ 37,164 $ 33,568 $ 38,476 $ 35,965 $ 25,373 $ 16,742 Total Revenue 3,175,395 $ 132,340 $ 135,568 $ 136,474 $ 84,811 $ 152,161 $ 214,546 $ 455,800 $ 411,690 $ 471,887 $ 441,096 $ 324,747 $ 214,276 Avg. Rate S 83.97 $ 50.55 $ 50.55 $ 50.55 $ 76.05 $ 76.05 $ 76.05 $ 105.48 $ 105.48 $ 105.48 $ 105.48 $ 77.05 $ 77.05 MISC REVENUE Club Rental ($.15 per round) 5,672 $ 393 $ 402 $ 405 $ 167 $ 300 $ 423 $ 648 $ 585 $ 671 $ 627 $ 632 $ 417 Driving Range Balls ($.55 per round) 20,798 $ 1,440 $ 1,475 $ 1,485 $ 613 $ 1,100 $ 1,552 $ 2,377 $ 2,147 $ 2,461 $ 2,300 $ 2,318 $ 1,530 Handicap Fees (based on 200 @ S40) 8,000 $ - $ - $ - $ 1,500 $ 2,000 $ 2,500 $ 1,000 $ 500 $ 500 $ - $ - $ - Total 34,470 $ 1,833 $ 1,877 $ 1,890 $ 2,281 $ 17 3,401 $ 4,475 $ 4,025 $ 3,232 $ 3,632 $ 2,927 $ 2,950 $ 1,947 N 2005-2006 BUDGET 4th ROUND SilverRock Resort RUN DATE: 27-May-05 03:11PM Projections - July 2005 to June 2006 PREPAREDRY: Landmark Golf Management CARTS, BAGROOM & RANGE - 641 TOTAL JUL. AUG. SEP. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. SALARIES AND BENEFITS Salaries and Wages 106,877 7,793 7,793 7,793 4,355 5,870 10,913 10,913 10,913 10,913 10,913 10,913 7,793 Incentives \ Bonus 0 0 0 0 0 0 0 0 0 0 0 0 0 Payroll Taxes 13,306 970 970 970 542 731 1,359 1,359 1,359 1,359 1,359 1,359 970 Workers' Compensation 15,347 1,119 1,119 1,119 625 843 1,567 1,567 1,567 1,567 1,567 1,567 1,119 Employee Meals 5,580 360 360 360 360 540 540 540 540 540 540 540 360 Health Insurance 11,160 720 720 720 720 1,080 1,080 1,080 1,080 1,080 1,080 1,080 720 TOTAL SALARIES AND BENEFITS 152,270 10,962 10,962 10,962 6,603 9,064 15,459 15,459 15,459 15,459 15,459 15,459 10,962 SUPPLIES AND MATERIALS Expendable Supplies 23,900 150 150 150 8,000 1,500 150 150 1,500 150 4,000 4,000 4,000 Towel Replacement 2,792 72 72 72 2,000 72 72 72 72 72 72 72 72 Bottled Water 22,688 1,571 1,609 1,620 669 1,200 1,693 2,593 2,342 2,684 2,509 2,529 1,669 Cart Supplies 2,450 0 0 0 500 1,000 500 75 75 75 75 75 75 Range Balls 6,000 0 0 0 6,000 0 0 0 0 0 0 0 0 Handicap Expenses (Based on 200 @ $25ea) 5,000 100 100 100 500 500 1,250 1,000 500 500 250 100 100 Tournament Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL SUPPLIES AND MATERIALS 62,830 1,893 1,931 1,942 17,669 4,272 3,665 3,890 4,489 3,481 6,906 6,776 5,916 REPAIRS AND MAINTENANCE Equipment Repair - Golf 1,500 125 125 125 125 125 125 125 125 125 125 125 125 TOTAL REPAIRS AND MAINTENANCE 1,500 125 125 125 125 125 125 125 125 125 125 125 125 OTHER EXPENSES Office Supplies 700 50 50 50 100 100 50 50 50 50 50 50 50 Printing / Stationary 420 0 0 0 0 0 0 70 70 70 70 70 70 Postage 0 0 0 0 0 0 0 0 0 0 0 0 0 Cart Contract Services - ($9 per cart per mo. @ 80 carts) 8,640 720 720 720 720 720 720 720 720 720 720 720 720 Cart Contract GPS - Pro Shot/ParView etc- 0 0 0 0 0 0 0 0 0 0 0 0 0 Cart Maintenance & Repairs 1,800 150 150 150 150 150 150 150 150 150 150 150 150 Dues and Subscriptions 0 0 0 0 0 0 0 0 0 0 0 0 0 Freight / Delivery 300 25 25 25 25 25 25 25 25 25 25 25 25 Travel 0 0 0 0 0 0 0 0 0 0 0 0 0 Entertainment 0 0 0 0 0 0 0 0 0 0 0 0 0 Auto Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 Equipment Rental 0 0 0 0 0 0 0 0 0 0 0 0 0 Non -Capital Equipment 0 0 0 0 0 0 0 0 0 0 0 0 0 Uniforms 4,625 0 0 0 2,000 500 0 0 0 925 0 1,000 200 Laundry and Linen 660 55 55 55 55 55 55 55 55 55 55 55 55 Telephone 0 0 0 0 0 0 0 0 0 0 0 0 0 Professional Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Employee Relations (Emp.of Month/Xmas) 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 1,500 125 125 125 125 125 125 125 125 125 125 125 125 TOTAL OTHER EXPENSES 18,645 1,125 1,125 1,125 3,175 1,675 1,125 1,195 1,195 2,120 1,195 2,195 1,395 TQTAL EXPENSES 235,245 14,105 14,143 14,154 27,572 15,136 20,374 20,669 21,268 21,186 23,686 24,555 18,398 Supplies Expendable - Scorecards, Tees, Pencils, Trash Bags, Cups, First Aid Supplies & Bottled Water for guests. Uniforms- Each employee receive 4 shirts, 1 hat T .') 18 N cx. 2005-2006 BUDGET4th ROUND SilverRock Resort RUN DATE: 27-May-05 03:IIPM Projections - July 2005 to June 2006 PREPAREDBY: Landmark Golf Management GOLF SHOP MERCHANDISE - 61 TOTAL JUL. AUG. SEP. OCT. NOV. DEC. JAN. FEB. I MAR. I APR. I MAY JUN. GOLF SHOP MERCHANDISE SALES TOTAL #OF ROUNDS 37,814 2,618 2,682 2,700 1,115 2,001 2,821 4,321 3,903 4,474 4,182 4,215 2,781 AVERAGE REVENUE / ROUND $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 $6.50 TOTAL MERCHANDISE SALES $245,790 17,019 17,434 17,550 7,249 13.005 18,337 28,089 25,371 29,080 27,183 27,396 18,077 52,003 38,591 MERCHANDISE REVENUE Soft Goods Sales 147,474 10,211 10,460 10,530 4,349 7,803 11,002 16,853 15,222 17,448 16,310 16,438 10,846 Hard Goods Sales 98,316 6,807 6,974 7.020 2,900 5,202 7,335 11,236 10,148 11,632 10,873 10,958 7,231 Misc. Golf Shop Sales 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales Discounts - 0 0 0 0 0 0 0 0 0 0 0 0 0 Sales Discounts - Hit the Green (1%) 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL MERCHANDISE REVENUE 245,790 17,019 17,434 17,550 7,249 13,005 18,337 28,089 25,371 29,080 27,183 27,396 18,077 COST OF SALES 60.00% 60.00% 60.00% W.00x 60.00x 60.00% 60.00% 60.00% 00.00% W.00x 60.00% 60.00% 60.00% COS - Merchandise (60%) 148,211 10,262 10,513 10,583 4,371 7,842 11,057 16,938 15,299 17,536 16,391 16,520 10,900 Purchase Disc Taken -(2%) (2,964) (205) (210) (212) (87) (157) (221) (339) (306) (351) (328) (330) (218) Freight- Merchandise 2,223 154 158 159 66 118 166 254 229 263 246 248 164 TOTAL COST OF SALES 147,470 10,211 10,460 10,530 4,349 7,803 11,002 16,853 15,222 17,448 16,309 16,437 10,846 GROSS PROFIT 98,320 6,808 6,974 7,020 2,900 5,202 7,335 11,236 10,149 11,633 10,874 10,959 7,231 SALARIES AND BENEFITS Salaries and Wages 119,980 9,478 9,478 9,478 9,478 10,518 10,518 10,518 10,518 10,518 10,518 9,478 9,478 Incentives \ Bonus 0 0 0 0 0 0 0 0 0 0 0 0 0 Incentives \ Commission 0 0 0 0 0 0 0 0 0 0 0 0 0 Payroll Taxes 14,937 1,180 1.180 1,180 1,180 1,310 1,310 1,310 1,310 1,310 1,310 1,180 1,180 Workers' Compensation 17,229 1,361 1,361 1,361 1,361 1,510 1,510 1,510 1,510 1,510 1,510 1,361 1,361 Employee Meals 3,240 240 240 240 240 300 300 300 300 300 300 240 240 Health Insurance 28,080 1,440 1,440 1,440 2,640 2,640 2,640 2,640 2,640 2,640 2,640 2,640 2,640 TOTAL SALARIES AND BENEFITS 183,466 13,699 13,699 13,699 14,899 16,278 16,278 16,278 16,278 16,278 16,278 14,899 14,899 SUPPLIES AND MATERIALS Expendable Supplies 3,800 200 200 200 1,000 500 500 200 200 200 200 200 200 TOTAL SUPPLIES AND MATERIALS 3,800 200 200 200 1,000 500 500 200 200 200 200 200 200 OTHER EXPENSES 870 0 0 0 500 50 50 45 45 45 45 45 45 Office Supplies 0 0 0 0 0 0 0 0 0 0 0 0 0 Postage Contract Services - Merchandise Consultant 6,000 500 500 500 500 500 500 500 500 500 500 500 500 Recruiting / Relocation 0 0 0 0 0 0 0 0 0 0 0 0 0 Dues and Subscriptions 1,500 0 0 0 0 0 0 0 0 0 0 1,500 0 Freight / Delivery 75 0 0 0 25 25 25 0 0 0 0 0 0 Travel 90 0 0 0 0 0 0 15 15 15 15 15 15 Entertainment 0 0 0 0 0 0 0 0 0 0 0 0 0 Auto Expense 0 0 0 0 0 0 u" 0 0 0 0 0 0 0 0 0 0 0 n 0 n 0 n 0 n 0 Equipment Rental 0 0 0 0 0 0 0 0 0 0 0 0 0 Non -Capital Equipment Uniforms 1,800 100 100 100 100 100 100 200 200 200 200 200 200 Laundry and Linen 0 0 0 0 0 0 0 0 0 0 0 0 0 Telephone 0 0 0 0 0 0 0 0 0 0 0 0 0 Professional Fees 0 0 0 0 0 0 0 0 0 0 0 0 0 Seminars / Training 1,960 750 150 150 500 100 100 35 35 35 35 35 35 Miscellaneous 450 0 0 0 50 50 50 50 50 50 50 50 50 TOTAL OTHER EXPENSES 12,745 1,350 750 750 1,675 825 825 845 845 845 845 2,345 845 TOTAL EXPENSES 200,011 15,249 14,649 14,649 17,574 17,603 17,603 17,323 17,323 17,323 17,323 17,444 15,944 TOTAL GOLF SHOP MERCHANDISE INCOME (LOSS) (97,892) (8,242) (7,476) (7,429) (13,675) (11,901) (9,768) (5,887) (6,975) (5,491) (6,250) (6,285) (8,513) Supplies Expendable - Golf Cart Rental Agreements, Golf Club Rental Agreements, Gift Certificates & Merchandise Bags Uniforms- Each Full -Time Emp receives (1) shirt per month 2005-2006 BUDGET 4th ROUND SilverRock Resort RUN DATE: 27-May-05 03:11 PM Projections - July 2005 to June 2006 PREPARED BY: Landmark Golf Management COURSE SERVICES - 643 TOTAL JUL. I AUG. SEP. OCT. NOV. DEC. I JAN. I FEB. MAR. I APR. MAY JUN. SALARIES AND BENEFITS Salaries and Wages 68,363 5,027 5,027 5,027 5,027 7,037 7,037 7,037 7,037 7,037 7,037 3,016 3,016 Incentives \ Bonus 0 0 0 0 0 0 0 0 0 0 0 0 0 Incentives \ Commission 0 0 0 0 0 0 0 0 0 0 0 0 0 Payroll Taxes 8,511 626 626 626 626 876 876 876 876 876 876 375 375 Workers' Compensation 9,817 722 722 722 722 1,011 1,011 1,011 1,011 1,011 1,011 433 433 Employee Meals 2,880 180 180 180 180 300 300 300 300 300 300 180 180 Health Insurance 7,920 600 600 600 600 600 600 720 720 720 720 720 720 TOTAL SALARIES AND BENEFITS 97,491 7,154 7,154 7,154 7,154 9,824 9,824 9,944 9,944 9,944 9,944 4,725 4,725 SUPPLIES AND MATERIALS Expendable Supplies 1,100 0 100 100 100 100 100 100 100 100 100 100 100 Course Services Supplies 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL SUPPLIES AND MATERIALS 1,100 0 100 100 100 100 100 100 100 100 100 100 100 REPAIRS AND MAINTENANCE Building Structures 0 0 0 0 0 0 0 0 0 0 0 0 0 Equipment Repair 0 0 0 0 0 0 0 0 0 0 0 0 0 TOTAL REPAIRS AND MAINTENANCE 0 0 0 0 0 0 0 0 0 0 0 0 0 OTHER EXPENSES Office Supplies 0 0 0 0 0 0 0 0 0 0 0 0 0 Contract Services 0 0 0 0 0 0 0 0 0 0 0 0 0 Recruiting / Relocation 0 0 0 0 0 0 0 0 0 0 0 0 0 Dues and Subscriptions 0 0 0 0 0 0 0 0 0 0 0 0 0 Freight / Delivery 0 0 0 0 0 0 0 0 0 0 0 0 0 Travel 0 0 0 0 0 0 0 0 0 0 0 0 0 Auto Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 Equipment Rental 0 0 0 0 0 0 0 0 0 0 0 0 0 Non -Capital Equipment 0 0 0 0 0 0 0 0 0 0 0 0 0 Uniforms 1,250 75 75 75 300 75 75 75 75 75 200 75 75 Laundry and Linen 0 0 0 0 0 0 0 0 0 0 0 0 0 Telephone Tee -Time 0 0 0 0 0 0 0 0 0 0 0 0 0 Seminars / Training 0 0 0 0 0 0 0 0 0 0 0 0 0 Refuse Disposal 0 0 0 0 0 0 0 0 0 0 0 0 0 Electricity 0 0 0 0 0 0 0 0 0 0 0 0 0 Water & Sewers 0 0 0 0 0 0 0 0 0 0 0 0 0 Safety Equipment 1,200 100 100 100 100 100 100 100 100 100 100 100 100 Employee Relations 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 504 0 50 50 50 50 50 50 50 50 50 50 4 TOTAL OTHER EXPENSES 2,954 175 225 225 450 225 225 225 225 225 350 225 179 TOTAL COURSE SERVICES EXPENSES 101,545 7,329 7,479 7,479 7,704 10,149 10,149 10,269 10,269 10,269 10,394 5,050 5,004 Supplies Expendable - Clipboards, Paper (starter sheets, ranger sheets), Towels, Trash Bags Uniforms- Each employee receives 4 shirts, 1 hat 20 r.� 2005-2006 BUDGET 4th ROUND SilverRock Resort RUN DATE: 27-May-05 03:11 PM Projections - July 2005 to June 2006 PREPARED 8Y: Landmark Golf Management MAINTENANCE DEPARTMENT - 63 TOTAL JUL. I AUG. I SEP. I OCT. I NOV. I DEC. I JAN. I FEE MAR. APR. MAY I JUN. SALARIES AND BENEFITS Salaries and Wages 697,821 56,211 56,211 59,118 64,933 59,118 56,211 59,118 56,211 59,126 56,219 56,219 59,126 Overtime Hourly Wages 22,153 0 0 2,769 8,308 2.769 0 2,769 0 2,769 0 0 2,769 Incentives 1 Bonus 0 0 0 0 0 0 0 0 0 0 0 0 0 Payroll Taxes 89,637 6,998 6,998 7,705 9,119 7,705 6,998 7,705 6,998 7,706 6,999 6,999 7,706 Workers' Compensation 102,328 8,072 8,072 8,754 10,120 8,754 8,072 8,754 8,072 8,756 8,073 8,073 8,756 Employee Meals 2,880 240 240 240 240 240 240 240 240 240 240 240 240 Health Insurance 70,560 5,880 5,880 5,880 5,880 5,880 5,880 5,880 5,880 5,880 5,880 5,880 5,880 TOTAL SALARIES AND BENEFITS 985,379 77,401 77,401 84,466 98,600 84,466 77,401 84,466 77,401 84,477 77,411 77,411 84,477 SUPPLIES AND MATERIALS Fertilizer Flowers/Plants 48,01JD 5,500 4,000 0 Z,DUU 100 Duu 500 1u,3uu 1,000 o,uuu 0 c,ovu 1,500 1,ovv 2,000 100 100 100 --- 100 0 Gas & Oils 17,800 1,400 1,400 1,400 2,700 1,600 1,300 1,100 1,100 1,200 1,600 1,500 1,500 Golf Course Accessories 3,650 100 100 200 2,000 250 250 250 100 100 100 100 100 Pesticides 13,050 750 750 750 2,100 1,100 2,100 3,100 300 300 300 1,000 500 Sand/Mulch 6,660 390 390 0 2.100 2,100 800 380 100 100 100 100 100 Seed 84,750 350 350 250 81,000 350 350 350 350 350 350 350 350 Small Tools 6,700 350 0 5,550 0 0 0 100 100 100 200 150 150 Sod 4,000 1,000 500 0 0 250 250 500 0 0 0 500 1,000 Topdressing 4,000 1,000 1,000 0 1,000 0 0 0 0 0 0 0 1,000 TOTAL SUPPLIES AND MATERIALS 194,110 9,340 7,090 9,150 102,400 11,650 9,050 9,280 5,150 5,250 8,750 7,800 9,200 REPAIRS AND MAINTENANCE Buildings & Bridges 500 0 0 0 0 0 0 250 250 0 0 0 0 Equipment 15,200 1,000 1,000 1,500 3,500 2,500 700 700 700 900 900 900 900 Irrigation System 9,650 650 650 1,000 1,800 1,000 650 650 650 650 650 650 650 Pumps 5,000 0 1,000 0 1,000 0 1,000 0 1,000 0 0 1,000 0 SW Aquatics Lake Maint Contract 12,000 1,500 1,500 1,500 0 0 0 0 1,500 1,500 1,500 1,500 1,500 Trees 5,000 0 0 0 3,000 1,000 1,000 0 0 0 0 0 0 TOTAL REPAIRS AND MAINTENANCE 47,350 3,150 4,150 4,000 9,300 4,500 3,350 1,600 4,100 3,050 3,050 4,050 3,050 OTHER EXPENSES Contract Services Soil/Tissue Tests 4,000 0 0 2,000 0 0 0 0 0 0 0 2,000 0 Dues and Subscriptions 1,000 250 0 0 0 250 0 0 250 0 0 0 250 Employee Education 2,600 60 1,200 60 0 150 150 0 0 60 800 60 60 Equipment Rental 3,900 100 100 100 1,800 100 100 1,100 100 100 100 100 100 Auto Expense 6,000 500 500 500 500 500 500 500 500 500 500 500 500 Licenses and Permits 2,000 250 250 0 0 0 0 1,000 0 250 250 0 0 Miscellaneous 600 50 50 50 50 50 50 50 50 50 50 50 50 Supplies Miscellaneous 600 50 50 50 50 50 50 50 50 50 50 50 50 Propane/Natural Gas 600 50 50 50 50 50 50 50 50 50 50 50 50 Safety Equipment & Training 3,400 100 100 1,700 200 200 200 200 200 200 100 100 100 Telephone 3,900 325 325 325 325 325 325 325 325 325 325 325 325 Trash Removal 17,000 800 800 800 5,000 3,800 800 900 700 900 900 900 700 Uniforms & Linen/Towels 9,750 750 750 750 1,500 750 750 750 750 750 750 750 750 Utitilities-Electricity-Buildings 22,080 2,274 3,151 1,765 1,918 2,070 1,605 1,109 1,106 1,021 1,526 2,175 2,360 TOTAL OTHER EXPENSES 77,430 5,559 7,326 8,150 11,393 8,295 4,580 6,034 4,081 4,256 5,401 7,060 5,295 TOTAL MAINTENANCE EXP. (EXCL UTILITIES) 1,304,269 95,450 95,967 105,766 221,693 108,911 94,381 101,380 90,732 97,033 94,612 96,321 102,022 LANDSCAPE Wages 171,168 14,264 14,264 14,264 14,264 14,264 14,264 14,264 14,264 14,264 14,264 14,264 14,264 Overtime Hourly Wages 7,903 0 0 988 2,963 988 0 988 0 988 0 0 988 Payroll Taxes 22,294 1,776 1,776 1,899 2,145 1,899 1,776 1,899 1,776 1,899 1,776 1,776 1,899 Workers' Compensation 25,335 2,048 2,048 2,143 2,332 2,143 2,048 2,143 2,048 2,143 2,048 2,048 2,143 Health Insurance 0 0 0 0 0 0 0 0 0 0 0 0 0 Landscape Wages a& Benefits 226,700 18,088 18,088 19,294 21,704 19,294 18,088 19,294 18,088 19,294 18,088 18,088 19,294 Small Tolls 1,025 75 75 150 75 75 75 100 75 75 75 100 75 Repairs & Maintenance - Drip Irrigation 3,750 250 250 500 500 500 0 250 250 250 250 250 500 Uniforms 2,850 225 225 225 225 225 225 225 225 225 375 225 225 1 TOTAL LANDSCAPE MAINTENANCE 234,325 18,638 18,638 20,169 22,504 20,094 18,388 19,869 18,638 19,844 18,788 18,663 20,094 COURSE & LANDSCAPE MAINTENANCE TOTAL 1.538,594 114,088 114,605 125,935 244,196 129,005 112,769 121,249 109,370 116,877 113,400 114,984 122,116 21 N � 00 a 2005-2006 BUDGET 4th ROUND SilverRock Resort RUN DATE: 27-May-05 03:11P Projections - July 2005 to June 2006 PREPARED BY: Landmark Golf Management MAINTENANCE DEPARTMENT 63 TOTAL JUL AUG SEP OCT NOV. I DEC. I JAN. I FEB. I MAR. I APR. I MAY I JUN. WATER & ELECTRICITY COSTS Water Cost 18,678 1,860 1,705 620 2,015 1,395 1,395 1,550 1,473 1,550 1,550 1,705 1,860 Electricity Pumping Costs 189,642 20,860 26,550 13,275 15,171 17,068 15,171 7,586 9,482 9,482 13,275 22,758 18,964 TOTAL WATER AND ELECTRIC COST 208,320 22,720 28,255 13,895 17,186 18,463 16,566 9,136 10,955 11,032 14,825 24,463 20,824 TOTAL COURSE MAINTENANCE EXPENSES 1,746,914 136,808 142,860 139,830 261,382 147,468 129,335 130,385 120,325 127,909 128,225 139,447 142,940 1,205 120 110 40 130 90 90 100 95 100 100 110 120 0 0 0 0 0 0 0 0 0 0 0 0 0 365 31 31 30 31 30 31 31 28 31 30 31 30 45 90 150 150 150 150 150 150 150 1,273,161 1,167,065 438,533 1,379,258 986,700 954,871 1,060,968 1,115,911 1,060,968 1,096,333 1,167,065 1,315,600 $15.50 $15.50 $15.50 $15.50 $15.50 $15.50 $15.50 $15.50 $15.50 $15.50 $15.50 $15.50 Cost of electric per acre foot - Pump Stations (Double pumped water - to lake & out on to the course) $140.00 $140.00 $140.00 $140.00 $140.00 $140.00 $140.00 $140.00 $140.00 $140.00 $140.00 $140.00 11% 14% 7% 8% 9.0% 8% 4% 5% 5% 7% 12% 10% Annual Engineering Course Maintenance Electricity Estimate North Irrigation Station 84,240 9,266 11,794 5,897 6,739 7,582 6,739 3,370 4,212 4,212 5,897 10,109 8,424 Pump Station Village 1 14,934 1,643 2,091 1,045 1,195 1,344 1,195 597 747 747 1,045 1,792 1,493 Water Feature Pumps - North Irrigation 26,422 2,906 3,699 1,850 2,114 2,378 2,114 1,057 1,321 1,321 1,850 3,171 2,642 Pump Station Main Entry 41,356 4,549 5,790 2,895 3,308 3,722 3,308 1,654 2,068 2,068 2,895 4,963 4,136 Comfort Station - North Service 4,600 506 644 322 368 414 368 184 230 230 322 552 460 Maintenance Building 16,021 1,762 2,243 1,121 1,282 1,442 1,282 641 801 801 1,121 1,923 1,602 Comfort Station - South Service 4,600 506 644 322 368 414 368 184 230 230 322 552 460 Pump Station Village 3 22,688 2,496 3,176 1,588 1,815 2,042 1,815 908 1,134 1,134 1,588 2,723 2,269 214,861 23,634 30,081 15,040 17,189 19,338 17,189 8,595 10,743 10,743 15,040 25,785 21,486 Uniforms -Rented through outside company 22 2005-2006 BUDGET 4th ROUND SilverRock Resort RUN DATE: 27-May-05 03:12PM Projections - July 2005 to June 2006 PREPAREDBY: Landmark Golf Management G & A DEPARTMENT - 67 TOTAL JUL. AUG. SEP. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. SALARIES AND BENEFITS Salaries and Wages 188,196 15,683 15,683 15,683 15,683 15,683 15,683 15,683 15,683 15,683 15,683 15,683 15,683 Incentives \ Bonus 0 0 0 0 0 0 0 0 0 0 0 0 0 Payroll Taxes 23,430 1,953 1,953 1,953 1,953 1,953 1,953 1,953 1,953 1,953 1,953 1,953 1,953 Workers' Compensation 27,025 2,252 2,252 2,252 2,252 2,252 2,252 2,252 2,252 2,252 2,252 2,252 2,252 Employee Meals 2,160 180 180 180 180 180 180 180 180 180 180 180 180 Health Insurance 35,760 1,080 1,080 2,280 3,480 3,480 3,480 3,480 3,480 3,480 3,480 3,480 3,480 TOTAL SALARIES AND BENEFITS 276,572 21,148 21,148 22,348 23,548 23,548 23,548 23,548 23,548 23,548 23,548 23,548 23,548 REPAIRS AND MAINTENANCE Equipment Repair 1,200 100 100 100 100 100 100 100 100 100 100 100 100 TOTAL REPAIRS AND MAINTENANCE 1,200 100 100 100 100 100 100 100 100 100 100 100 100 OTHER EXPENSES Office Supplies 1,200 100 100 100 100 100 100 100 100 100 100 100 100 Printing / Stationary 3,900 0 100 100 100 100 500 500 500 500 500 500 500 Postage 1,100 0 100 100 100 100 100 100 100 100 100 100 100 Contract Services 0 0 0 0 0 0 0 0 0 0 0 0 0 Recruiting / Relocation 2,000 0 0 500 500 500 500 0 0 0 0 0 0 Dues and Subscriptions 1,000 50 50 250 50 50 250 50 50 50 50 50 50 Freight / Delivery 600 50 50 50 50 50 50 50 50 50 50 50 50 Travel 2,000 0 0 0 0 0 0 0 1,500 0 0 0 500 Entertainment & Promotion 2,100 100 100 100 100 100 1,000 100 100 100 100 100 100 Auto Expense 4,800 400 400 400 400 400 400 400 400 400 400 400 400 Equipment Rental (Copier/Trailer/Storage) 2,400 200 200 200 200 200 200 200 200 200 200 200 200 Non -Capital Equipment 1,000 0 0 100 100 100 100 100 100 100 100 100 100 Uniforms 1,200 100 100 100 100 100 100 100 100 100 100 100 100 Laundry and Linen 0 0 0 0 0 0 0 0 0 0 0 0 0 Professional Fees (I.T. & Safety Fees) 6,000 500 500 500 500 500 500 500 500 500 500 500 500 Seminars / Training 1,200 100 100 100 100 100 100 100 100 100 100 100 100 Data Processing 0 0 0 0 0 0 0 0 0 0 0 0 0 Computer Supplies 1,500 200 200 200 200 200 200 50 50 50 50 50 50 Civic and Community Expense 0 0 0 0 0 0 0 0 0 0 0 0 0 Bank & ADP Fees 4,300 300 300 300 300 300 300 500 400 400 400 400 400 Management Reimburseables 0 0 0 0 0 0 0 0 0 0 0 0 0 Employee Relations 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 1,200 100 100 100 100 100 100 100 100 100 100 100 100 TOTAL OTHER EXPENSES 37,500 2,200 2,400 3,200 3,000 3,000 4,500 2,950 4,350 2,850 2,850 2,850 3,350 TOTAL G & A EXPENSES 315,272 23,448 23,648 25,648 26,648 26,648 28,148 26,598 27,998 26,498 26,498 26,498 26,998 Uniforms- Expense to be shared between GM & Controller Entertainment & Promotion - GM promoting property for potential tr ' 23 w 0 ,Vcv 2005-2006 BUDGET4th ROUND SilverRock Resort MARKETING 27-May-05 03:12PM Projections - July 2005 to June 2006 PREPAREDBY: Landmark Golf Management MARKETING DEPARTMENT - 66 TOTAL JUL. AUG. SEP. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. SALARIES AND BENEFITS Salaries and Wages 36,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 3,000 Incentives \ Commision (5% of 25% rounds)- Marketinc 0 0 0 0 0 0 0 0 0 0 0 0 0 Payroll Taxes 49482 374 374 374 374 374 374 374 374 374 374 374 374 Workers' Compensation 5,170 431 431 431 431 431 431 431 431 431 431 431 431 Employee Meals 720 60 60 60 60 60 60 60 60 60 60 60 60 Health Insurance 4,320 360 360 360 360 360 360 360 360 360 360 360 360 TOTAL SALARIES AND BENEFITS 50,692 4,224 4,224 4,224 4,224 4,224 4,224 4,224 4,224 4,224 4,224 4,224 4,224 OTHER EXPENSES Office Supplies 1,600 100 100 100 500 100 100 100 100 100 100 100 100 Printing / Stationary 6,550 0 0 200 5,000 200 200 325 125 125 125 125 125 Postage 1,200 100 100 100 100 100 100 100 100 100 100 100 100 Contract Services Web Page 1,800 150 150 150 150 150 150 150 150 150 150 150 150 Dues and Subscriptions 925 0 0 0 0 0 0 35 525 365 0 0 0 Auto/Gas Expenses 0 0 0 0 0 0 0 0 0 0 0 0 0 Uniforms 900 0 0 0 500 50 50 50 50 50 50 50 50 Telephone 1,200 100 100 100 100 100 100 100 100 100 100 100 100 Seminars / Training 0 0 0 0 0 0 0 0 0 0 0 0 0 Civic, Community and Trade Show 5,175 75 75 75 1,500 1,500 1,500 75 75 75 75 75 75 Direct Mail 0 0 0 0 0 0 0 0 0 0 0 0 0 Promotions / Meals 1,200 100 100 100 100 100 100 100 100 100 100 100 100 Promotion - (Media, Vendor Days, etc) 13,500 500 500 1,000 19000 1,000 2,500 2,500 2,500 500 500 500 500 Advertising (Ad Purchases) 134,000 5,167 5,167 7,667 7,667 14,167 14,167 24,167 19,167 9,167 9,167 9,167 9,167 Collateral Material - (Yrd Bks, Rack Cds, Statn, Brochu 31,500 1,500 1,500 1,500 5,000 5,000 5,000 2,000 2,000 2,000 2,000 2,000 2,000 Miscellaneous 450 0 0 0 50 50 50 50 50 50 50 50 50 TOTAL OTHER EXPENSES 200,000 7,792 7,792 10,992 219667 22,517 24,017 29,752 25,042 12,882 12,517 12,517 12,517 TOTAL MARKETING EXPENSES 250,692 12,016 12,016 15,216 25,891 26,741 28,241 33,976 29,266 17,106 16,741 16,741 16,741 Uniforms- Goff Sales Manager Promotion/Meals - Off property events (Chamber Mixers, Rotaries and entertaining potential clients) Promotion/MediaNendor Days - Radio/TV Onsite Broadcasting. Vendor Days - Show casing property in exchange for positive publicity 24 w r.� c.0 wA 2005-2006 BUDGET 4th ROUND SilverRock Resort Projections - July 2005 to June 2006 MARKETING 27-May-05 03:12 PM PREPARED BY: Landmark Golf Management TEMPORARY CLUBHOUSE - 800 TOTAL JUL. AUG. SEP. OCT. NOV. DEC. JAN. FEB. MAR. APR. MAY JUN. SUPPLIES AND MATERIALS Expendable Supplies 4,300 300 300 300 300 300 300 300 300 300 300 300 1,000 Equipment Lease 0 0 0 0 0 0 0 0 0 0 0 0 0 Laundry Supplies 0 0 0 0 0 0 0 0 0 0 0 0. 0 TOTAL SUPPLIES AND MATERIALS 4,300 300 300 300 300 300 300 300 300 300 300 300 1,000 REPAIRS AND MAINTENANCE Building Structures 3,000 250 250 250 250 250 250 250 250 250 250 250 250 Restaurant Repairs 3,000 250 250 250 250 250 250 250 250 250 250 250 250 Equipment Repair 3,000 250 250 250 250 250 250 250 250 250 250 250 250 TOTAL REPAIRS AND MAINTENANCE 9,000 750 750 750 750 750 750 750 750 750 750 750 750 OTHER EXPENSES Contract Services Cleaning 21,000 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 1,750 Dues and Subscriptions 0 0 0 0 0 0 0 0 0 0 0 0 0 Non -Capital Equipment 0 0 0 0 0 0 0 0 0 0 0 0 0 Uniforms - Clubhouse 0 0 0 0 0 0 0 0 0 0 0 0 0 Seminars/Training 0 0 0 0 0 0 0 0 0 0 0 0 0 Cleaning_ Supplies 0 0 0 0 0 0 0 0 0 0 0 0 0 Refuse Disposal 3,600 300 300 300 300 300 300 300 300 300 300 300 300 Electricity 45,256 4,073 4,526 3,168 2,715 2,715 2,715 3,620 4,526 4,073 4,526 4,526 4,073 Telephone 8,400 700 700 700 700 700 700 700 700 700 700 700 700 Telephone - Cell Phones 3,600 300 300 300 300 300 300 300 300 300 300 300 300 Water 2,400 200 200 200 200 200 200 200 200 200 200 200 200 Sewer 2,400 200 200 200 200 200 200 200 200 200 200 200 200 Safety Equipment 2,800 100 100 100 500 100 100 100 100 100 500 500 500 Natural Gas 2,400 200 200 200 200 200 200 200 200 200 200 200 200 Flowers and Decorations 2,600 100 100 100 100 100 1,500 100 100 100 100 100 100 Building Security 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous 0 0 0 0 0 0 0 a 0 0 0 0 0 TOTAL OTHER EXPENSES 94,456 7,923 8,376 7,018 6,965 6,565 7,965 7,470 8,376 7,923 8,776 8,776 8,323 TOTAL CLUBHOUSE EXPENSES 107,756 8,973 9,426 8,068 8,015 7,615 9,015 8,520 9,426 8,973 9,826 9,826 10,073 Supplies Expendable- Locksmith, Trashbags, Lightbulbs, Mats, Items related to Maintenance of Clubhouse r.� � 25 N IJ 2005-2006 BUDGET4th ROUND SilverRock Resort RUN DATE: 27-May-05 03:12PM Projections - July 2005 to June 2006 PREPAREDBY: Landmark Golf Management MISC. DEPARTMENT - 980 & 990 TOTAL JUL. AUG. I SEP. I OCT. I NOV. I DEC. JAN. I FEB. I MAR. I APR. MAY JUN. MISC OTHER EXPENSES Management Fee - Fixed 142,194 12,730 12,509 12,461 20,161 19,248 16,991 6,610 8,535 6,699 6,402 6,092 13,755 FF&E Reserve (2.0%) 69,353 3,034 3,108 3,128 1,917 3,401 4,777 9,788 8,836 10,122 9,434 7,112 4,696 General Liability Insurance 60,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 5,000 Property Taxes - Regular ($15M @ 1.25%) 0 0 0 0 0 0 0 0 0 0 0 0 0 Personal Property Taxes 20,000 0 0 0 0 0 0 0 0 0 0 0 20,000 291,547 20,764 20,617 20,589 27,078 27,649 26,769 21,399 22,371 21,821 20,836 18,204 43,451 LEASE EXPENSES Golf Cart Leases 96,600 8,050 8,050 8,050 8,050 8,050 8,050 8,050 8,050 8,050 8,050 8,050 8,050 Trailer Leases 10,200 850 850 850 850 850 850 850 850 850 850 850 850 Computer/ Software Lease 16,500 1,375 1,375 1,375 1,375 1,375 1,375 1,375 1,375 1,375 1,375 1,375 1,375 Golf Course Maintenance Equipment Leases 207,000 17,250 17,250 17,250 17,250 17,250 17,250 17,250 17,250 17,250 17,250 17,250 17,250 330,300 27,525 27,525 27,525 27,525 27,525 27,525 27,525 27,525 27,525 27,525 27,525 27,525 r.a CID 26 W C.J W