HomeMy WebLinkAbout2006-087 CCRMember Kay Lasman introduced the following resolution
and moved its adoption:
RESOLUTION NO. 2006-87
RESOLUTION APPROVING CENTERBROOK GOLF COURSE FINANCING
PLAN
WHEREAS, the growth of golf courses in Minnesota, combined with unfavorable
economic conditions has effected the profitability of golf courses in general; and
WHEREAS, the reduction in net revenues at Centerbrook, combined with the current
loan repayment schedule caused staff to become concerned about the future viability of the golf
course fund; and
WHEREAS, the City Council and Financial Commission met in joint session to
discuss the Centerbrook Golf Course finances; and
WHEREAS, the City Council directed that a Capital Plan be developed, along with a
revised loan repayment schedule; and
WHEREAS, said plan was developed, reviewed and unanimously recommended by
the Park and Recreation Commission and the Financial Commission; and
WHEREAS, the City Council met in a work session to discuss the revised plan.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of
Brooklyn Center; a revised financial plan for Centerbook Golf Course containing the following items
is hereby approved:
1. A Capital Plan is established with a one-time contribution of $49,000 from the
Storm Water Utility Fund and an annual contribution from golf course
operations;
2. At the end of each fiscal year, an annual reserve shall be calculated to
accommodate cash flows and a contingency for emergencies;
3. Any cash balance remaining in the golf course fund at the end of the fiscal year
after all operational expenses, cash flow and emergency reserves shall be
transferred to the Capital Improvements Fund to reduce the inter-fund loan
balance, until the loan is paid in full.
RESOLUTION NO. 2006-87
Julv 24. 2006
Date
ayor
V
ATTEST:
City Clerk
The motion for the adoption of the foregoing resolution was duly seconded by member
Kathleen Carmody
and upon vote being taken thereon, the following voted in favor thereof:
Myrna Kragness, Kathleen Carmody, and Kay Lasman;
and the following voted against the same: Diane Niesen, and Mary O'Connor;
whereupon said resolution was declared duly passed and adopted.
1