07-24-1991 VC B WS-M~`' _.
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M E M O RAN D U M
VILLAGE OF NORTH PALM BEACH
T0: Mayor & Village council
FROM: Dennis W. Kelly, Village Manager
RE: Budget Workshop Minutes - Wednesday, July 24, 1991
DATE: July 29, 1991
The following represents the North Palm Beach Village Council's
workshop session discussing the Country Club budget (revised).
Mayor Gardner convened the meeting at 7:00 p.m. All Council
members were present. In addition, The Village Manager, Finance
Director, Country Club Administrative Secretary Sheila Dewberry,
Country Club Administrative Board Chairman M. C. Love, CCAB members
Dick Voss, Arnold Hess, Frank Shone, Jim Rusnak and Chuck Weston
were also in attendance.
The Village Council, along with staff and Country Club
Administrative Board Chairman M. C. Love, spent the entire evening
discussing the Country Club budget (revised) as presented by the
Country Club Administrative Board. Based on the summary as of July
22, 1991 (CCAB Revised), the following changes were made:
REVENUES:
1. L4100-09300 - Loan change from $175,600 to $165,000.
EXPENSES:
1. L8045-66210 - Construction and Major Renovation
Cart Paths change from $40,000 to $46,000.
Mayor & Village Council
July 29, 1991
Page 2
Administration:
2. L8056-33220 - Administration - Village change from
$43,100 to $58,600 (Village Manager).
3. L8056-33220 - Administration - Village change from
$58,600 to $50,600 (Public Services).
Debt Service:
1. L8565-49160 - Payment Loan change from $47,370 to $40,000
(see attached schedule).
Reserve Expenses:
1. L8070-49900 - Village Manager Contingency change from
$5,000 to $0.
2. L8070-49910 - Country Club Contingency change from
$75,000 to $65,264. (The following will be an integral
part of the budget and placed as a footnote to the
Country Club Contingency Account: In the event
sufficient funds are available in Account L8070-49910 at
the beginning of the fiscal year fourth quarter (July 1,
1992) to fund the NPBCC Pool diving tower improvements
for $18,000 and the Pool underwater lights repair for
$16,000, then said funds will be committed for these
purposes. The lights will be a first priority and the
tower will be a second priority.)
Pool:
1. L8051-66210 - Construction and Major Renovation
Diving Tower change from $18,000 to $0 (see note to
Country Club Contingency - L8070-49910).
2. L8051-66210 - Construction and Major Renovation
Underwater Lights change from $16,000 to $0 (see note to
Country Club Contingency - L8070-49910).
Mayor called for continuation of the budget workshops to Monday,
'- July 29, 1991, and Tuesday, July 30, 1991, from 7:00 p.m. to 10:00
p.m. both nights for continuation of the budget workshops. The
meeting adjourned at approximately 9:50 p.m.
Mayor & Village Council
July 29, 1991
Page 3
This memorandum will represent and serve as the minutes of the
above stated Village Council workshop of the FY 91-92 budget.
DWK:sh
Attachment
cc: Department Heads
CCAB
VILLAGE OF NORTH PALM BEACH
BACKUP BUDGET WORKSHEET
BUDGET YEAR 1991 - 92
)EPT. #: L4100 DEPT: COUNTRY CLUB RESERVES
3BL4100 _
ACCOUNT # ACCOUNT TITLE DETAIL HEAD
REQUEST CCAB
RECOMMEND
FINAL
09300 LOAN
----- NORTH PALM BEACH COUNTRY CLUB
CAPITAL FINANCING FY 1991-92
CCAB COUNCIL
REVISED WORKSHOP
7-22-91 7-24-91
CART PATHS $100,000 $ 40,000 $ 46,000
RANGE LIGHTS 20,000 30,000 30,000
TENNIS SOFT COURTS 80,000 80,000 80,000
POOL DIVING TOWER 18,000 0 0
POOL UNDERWATER LIGHTS 16,000 16,000 0
---------
-------- ---------
5UB TOTAL: $234,000 $166,000 $156,000
CONTINGENCY 5$: 11,700 8,300 7,800
MISC. EXPENSES: 1,300 1,300 1,200
--------- --------
---------
$247,000 $175,600 165,000
DEBT SERVICE SCHEDULE
PRINCIPAL REQUIRED $247,000 $175,600 165,000
PERIOD 10 YEARS 10 YEARS 5 YEARS
APPROX. INTEREST RATE 9$ 9$ 7$
YEARLY PAYMENTS (APPROX.) $ 38,500 $ 27,370 40,000
OPTIONS
1. BORROW FUNDS FROM GENERAL FUND
2. LOAN FROM BANK
3. ISSUE REVENUE BOND