HomeMy WebLinkAboutOrdinance 1979-002 Budget Transfer FY 1977-78ORDINANCE NO. 2-79
AN ORDINANCE OF THE VILLAGE COUNCIL OF NORTH PALM BEACH,
FLORIDA, AMENDING THE NORTH PALM BEACH BUDGET FOR THE FISCAL YEAR
1977-78 BY INCREASING REVENUES AND APPROPRIATIONS OF THE GENERAL
FUND BY $39,163.00 AND TRANSFERRING SAID AMOUNT TO THE COUNTRY CLUB
REVENUE FUND.
WHEREAS, the Country Club Fund of the North Palm Beach
budget has a deficit of $39,163.00; and
WHEREAS, it is desired to fund that deficit from General
Fund with provision for repayment over a six -year period in order
that the general taxpayers of the Village need not support the opera-
tions of the North Palm Beach Country Club;
NOW, THEREFORE, BE IT ORDAINED BY THE VILLAGE COUNCIL OF
THE VILLAGE OF NORTH PALM BEACH, FLORIDA:
Section 1. Ordinance No. 18-77, the budget ordinance of
the Village of North Palm Beach is hereby amended as follows:
GENERAL FUND
Increase Revenues:
Account No. 389.00 - Appropriated
Fund Balance $39,163.00
increase Appropriations:
Account No. 42-299.03 - Inter -
fund Transfer to Country Club
Revenue Fund
COUNTRY CLUB FUND
Increase Revenues:
$39,163.00
Account No. 332.91 - Inter -
fund Transfer from General
Fund $39,163.00
Section 2. The annual budgets for the following six years
shall include Country Club appropriations as follows:
Year Principal Interest Total
1978-79 0 $2,741.00 = $ 2,741.00
1979-80 $7,832.60 + $2,741.00 = $10,573.60
1980-81 $7,832.60 + $2,193.13 = $10,025.73
1981-82 $7,832.60 + $1,644.85 = $ 9,477.45
1982-83 $7,832.60 + $1,096.56 = $ 8,929.16
1983-84 $7,832.60 + $ 548.28 = $ 8,380.88
$50,127.82
1
1
As scheduled, these payments shall be transferred to the General
Fund for repayment of this $39,163.00 operating Country Club loss
together with a sum equal to seven percent (7%) interest on the
outstanding balance per year, and the Village Manager shall advise
the Village Council of the terms of this section at budget hearings
during each of the next five years to accomplish this result.
Section 3. This Ordinance shall take effect immediately
upon passage.
PLACED ON FIRST READING THIS 11TH DAY OF JANUARY, 1979.
PLACED ON SECOND, FINAL READING AND PASSED THIS 25TH DAY OF
JANUARY, 1979.
ATTEST:
/s/ Dolores R. Walker
Village Clerk
/s/ Al Moore
MAYOR
VILLAGE OF NORTH PALM BEACH
SUMMARY
Discussion Topics
1. Overview of operations of Country Club
Revenue Fund for year ended September 30, 1978
2. Review of food and beverage operations for
year ended September 30, 1978
3. Present status of food and beverage opera-
tions
Financial Statements Page
Country Club Revenue Fund
Statement of Income and Expenses 1
Income Statement - Food and Beverage 2
Seasonal Comparison - Income Statement
Food and Beverage 3
12/78
Page: 1
VILLAGE OF NORTH PALM BEACH
COUNTRY CLUB REVENUE FUND
STATEMENT OF INCOME AND EXPENSES
YEARS ENDED SEPTEMBER 30, 1978 AND 1977
Increase
1978 1977 (Decrease)
Membership Dues 433,000 385,124 47,876
Golf (66,188) (60,504) (5,684)
Pool (57,444) (49,319) (8,125)
Tennis (27,033) (24,644) (2,389)
Clubhouse (37,719) ( 2,063) (39,782)
Net Dues, Sports Activities
& Clubhouse Revenue 244,616 252,720 (8,104)
Undistributed Operating Expense
Net Operating Income
Other Expenses
Debt Service Contribution
Reserve Operation Fund Transfer
206,302 200,112 6,190
38,314 52,608 (14,294)
61,537 54,587 6,950
16,091 16,091
77,628 54,587 23,041
Net Loss (39,314) -(1,979) (37,335)
Page: 2
VILLAGE OF NORTH PALM BEACH
COUNTRY CLUB
INCOME STATEMENT - FOOD & BEVERAGE
YEARS ENDED SEPTEMBER 30, 1978 AND 1977
Increase
1978 1977 (Decrease)
Income
Dining Room 189,408 215,488 (26,080)
Bar 120,060 126,491 (6,431)
Snack Bar '10,644 10,069 575
Room Rental 460 99 361
320,572 352,147 (31,575)
Cost of Sales
Food 123,923 132,156 (8,233)
Bar 42,936 44,649 (1,713)
166,859 176,805 (9,946)
Gross Profit 153,713 175,342 21,629
Operating Expenses
Payroll & Fringe Benefits
Other Expenses
Net Loss
Gross Profit - Food
Gross Profit - Beverage
162,488 150,267 12,221
37,698 36,121 1,577
200,186 . "186,388 13,798
(46,473) (11,046) (35,427)
38.06% 41.42%
64.24% 64.70%
VILLAGE OF NORTH PALM BEACH
COUNTRY CLUB
SEASONAL COMPARISON -INCOME STATEMENT -FOOD & BEVERAGE
FOR YEARS ENDED SEPTEMBER 30, 1978 AND 1977
Page: 3
,OMPARISON OF NOVEMBER 1 TO APRIL 30, FOR PERIODS ENDED APRIL 30, 1978 & APRIL 30, 1977
1978 1977
INCOME - Dining Room 124,455 120,666
Bar 68,436 66,387
Snack Bar 817 3,035
Room Rental 323 75
COST OF SALES - Food
Beverage
GROSS PROFIT
OPERATING EXPENSES - Payroll & Fringe Benefits
Other Expenses
NET (LOSS) PROFIT
Gross Profit - Food % (1)
Beverage %
COMPARISON OF THE MONTH OF OCTOBER & THE MONTHS
MAY 1 TO SEPTEMBER 30
194,031 190,163
70,563 63,747
21,802 21,238
92,365 84,985
101,666 105,178
92,177 77,572
18,850 17,856
111,027 95,428
( 9,361) 9,750
43.68% 48.47%
68.15% 68.01%
INCOME - Dining Room 64,953 94,832
Bar 51,624 60,094
Snack Bar 9,827 7,034
Room Rental 137 24
COST OF SALES - Food
Beverage
GROSS PROFIT
OPERATING EXPENSES - Payroll & Fringe Benefits
Other Expenses
NET (LOSS)
Gross Profit - Food % (1)
Beverage
126,541 161,984
53,360 68,409
21,134 23,411
74,494 91,820
52,047 70,164
70,311 72,695
18,848 18,265
89,159 90,960
(37,112) (20,796)
28.65% 32.85%
59.07% 61.05%
(1) Includes Dining Room & Snack Bar
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