Total Payroll $ 69,204 $ 65,657 $ 3,547 $ 69,204 $ 65,657 $ 62,806 $ 3,547

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1 November 17, 2015 Luciana Santangelo Parks & Recreation Director City of Palm Coast 305 Palm Coast Pkwy, NE. Palm Coast, FL Luanne, The following is the Operational and Financial Summary Report for October 2015 for Palm Harbor GC. FINANCIAL SUMMARY FOR MONTH ENDING OCTOBER 2015 Current Year to Date Revenue Actual Budget Variance Actual Budget Pr. Year Variance Course & Grounds $ 32,533 $ 31,055 $ 1,478 $ 32,533 $ 31,055 $ 28,899 $ 1,478 Cart Fees $ 41,451 $ 44,933 $ (3,482) $ 41,451 $ 44,933 $ 42,243 $ (3,482) Range $ 4,175 $ 3,850 $ 325 $ 4,175 $ 3,850 $ 3,606 $ 325 Pro Shop Revenues $ 8,490 $ 6,471 $ 2,019 $ 8,490 $ 6,471 $ 6,137 $ 2,019 Food & Beverage $ 17,572 $ 22,299 $ (4,727) $ 17,572 $ 22,299 $ 21,334 $ (4,727) Loyalty Program $ $ $ $ $ $ $ Misc $ $ $ $ $ $ $ Total Revenue $ 104,221 $ 108,608 $ (4,387) $ 104,221 $ 108,608 $ 102,219 $ (4,387) Cost of Sales $ 10,893 $ 10,921 $ (28) $ 10,893 $ 10,921 $ 10,080 $ (28) Merchandise $ 4,302 $ 2,893 $ 1,409 74% $ 4,302 $ 2,893 $ 2,657 $ 1,409 54% Food and Beverage $ 6,590 $ 8,028 $ (1,438) 38% $ 6,590 $ 8,028 $ 7,423 $ (1,438) 35% Gross Margin $ 93,328 $ 97,687 $ (4,359) $ 93,328 $ 97,687 $ 92,139 $ (4,359) Total Payroll $ 69,204 $ 65,657 $ 3,547 $ 69,204 $ 65,657 $ 62,806 $ 3,547 $ $ Operating Expenses $ 48,230 $ 57,354 $ (9,124) $ 48,230 $ 57,354 $ 56,297 $ (9,124) EBITDA $ (24,106) $ (25,324) $ 1,218 $ (24,106) $ (25,324) $ (26,964) $ 1,218 Other Expenses $ 7,879 $ 7,000 $ 879 $ 7,879 $ 7,000 $ 7,879 $ 879 Management Fee $ 7,879 $ 7,000 $ 879 $ 7,879 $ 7,000 $ 94,313 $ 879 Disb. to Owner $ $ $ $ $ $ $ Net Operating Incom $ (31,985) $ (32,324) $ 339 $ (31,985) $ (32,324) $ (34,843) $ 339 Rounds Daily Fee rounds 2,784 2,832 (48) 2,784 2,832 2,753 (48) Other Rounds Total Rounds 3,010 3,055 (45) 3,010 3,055 2,956 (45) Avg. GF&CF $ $ $ (0.29) $ $ $ $ (0.29) Avg. Merch/Round $2.82 $2.12 $ 0.70 $2.82 $2.12 $2.08 $ 0.70 Avg. F&B/round $5.84 $7.30 $ (1.46) $5.84 $7.30 $7.22 $ (1.46)

2 Executive Overview October 2015 hit budget, giving the facility a positive start to the fiscal year. Merchandise, DrivingRange and Greens Fees were the main revenue drivers. Rounds were relatively flat to prior year, with GF/CF averages finishing slightly above. Operational Expenses were well below budget in October, with Course and Grounds finding saving with a surplus of chemicals from prior fiscal year. Pro Shop also over with additional Staff Uniform expenses. All departments have been outfitted with new shirts, hats, and nametags total rounds played in October, with 226 listed as comp or other. KemperSports TrueService surveys were sent out to over 500 players during the month. Canfield s at Palm Harbor won Restaurant Week s Best Lunch adding to other recent Best of contests the facility won this season. Golf Merchandise COGS finsihed at 74%, due to continued clearance sales. Food & Beverage COGS finished at 38%. Course Evaluations appointed team continued efforts in October Departmental Summaries Course & Grounds Continued Weekly foliar spray applications on greens utilizing and rotating liquid fertilizers, fungicides, wetting agents, and plant growth regulators. Continued granular fertilizer applications to the greens. Will supplement weekly foliar applications as needed. Wall to wall fertilizer application made to the golf course using a with good results. Spiking of greens on a weekly basis with good results Weed control efforts are really starting to show on the golf course. The preemergent herbicide application of Specticle was performed. Continue monitoring mole cricket activity. Breakthrough of activity is minimal. Will continue to monitor and spot apply as needed. Average high temperatures82, Average low temperature66, with 1.47 inches of rain. Flowmeter at pump station is repaired. The repair was made with a new faceplate and a new board. A protective cover is being used with the flowmeter to eliminate deterioration due to the elements. For reporting purposes, it will be necessary to have someone test the calibration on the flowmeter to ensure accuracy and report to the ST. Johns River Water Management District. This has been scheduled and will be done soon. Personnel Former PGA Tour Player, David Morland IV, returned to Palm Harbor as a 1099 instructor to assist with winter programming, camps, and clinics Golf A very strong month overall with 3 poor weather afternoons in the final week of the month causing us to fall just shy of budget. Golf revenue was up over last year by 2%. Range revenue was outstanding for the month with a gain of 8% or $325 over budget. At $4175 we were 16% over this time last year. With aging pro shop merchandise we aggressively marketed for the month with great returns. Coming in at $2759 over budget for the month and besting last year by a whopping 50%. Lesson revenue continued to stay strong for the month with great weather for most of the month apart form the last week. Weekly junior clinics on Saturday from 10:00 a.m.11:30 a.m. continued with Christian Bell leading. Averaging participants weekly. Participation continues to grow. GetGolfReady program relaunched with steady participation. Survey results continue to show improvement in greens and fairways, with bunkers receiving highest level of dissatisfaction. 312 Rounds booked via GolfNow with $4,526 in sales. *Number includes trade rounds

3 G & A Daily comp department head meals have cut discounted in food half compared to last year Peak Rack Rate grew to $37.50 during month of October Staff Uniforms were ordered for all departments, as well as nametags and logo hats. Food & Beverage We were happy to host the following events successfully, leaving our Golfers & Customers extremely pleased: Niners Opening Lunch $ Holers Opening Lunch $350 David Tiernan Baptism (offsite) $525 International Food Festival $150 Firefighters Tournament $500 Annual Mayors Luncheon $80 Our nongolf dining clientele is continuing to increase. We received great exposure from the events we have participated in as well the exposure we received from winning Flagler County Restaurant week Best Lunch Plans for Season to increase revenue: Charity of The Month (great exposure for F&B and could increase golfing revenue with limited labor) Monthly Dinners Live music (we hope to capture nongolfer participation target home owners on course and our current lunch clientele) Networking to bring in smaller group for private evening events, people to serve high end meals, that are low food cost and not labor heavy to facilitate. Main Goal = Profitability Our WGA & MGA continue to support us and with season in full swing they are increasing our business by joining us for lunch after play November Events Charity of the Month (Flagler County Girl Rising) City Hall Grand Opening off site Catering Event $2,500 NEFSGA Tournament $ Nifty Niners Opening Brunch $450 December Events Charity of the Month (Christmas Come True) Tennis Club Dinner Niners Holiday Party 18 Holers Holiday Party WGA Holiday Party Nifty Niners Holiday Party December Events in the Works Club Christmas Party Negotiating 2 private dinner events, not yet finalized GROUP & OUTINGS Firefight Memorial Event* 144 players WGA Opening Luncheon 24 players 9 Holers Opening Luncheon 37 players Gearst 18 players Travelers 21 players Daytona Travelers 26 players NEFSGA 98 players

4 Leads MOAA Cancelled Marine Corp League returning from Grand Haven Contract Signed April 2016 MGA Scholarship returning from Grand Haven Contract Signed April 2016 Regular Lutz Group (Mondays 30+) Waiting to hear back on proposed flat rate ($39) Love in a Backpack Pursuing to return from Grand Haven Palm Coast United Methodist Contract Signed April 2016 Golf Pro is running through all of Jeri s old files. Jost Golf Group (4550 players) Contract Signed June 16 NEFSGA Signed Contract Nov 16 Camps/Clinics/Internal 1 Junior Camp ran during August/Sept 33 total participants Regular Saturday Camps 1220 regular participants Palm Coast Championship 27 participants Evening Food & Entertainment Steamer November 12 Karen (need details) International Food Festival Golf/Tennis/Canfields all attended Holiday Junior Camp Dec 2330 Golf w/ Tennis breakout Free Ladies Clinic w/ Alan Nov 10 th (15 signed up) Couples Clinic Nov 6 & Nov 20 w/ David Morland $25 includes drink ticket Nov 30 Ladies Clinic w/ David Morland $20 Thanksgiving Day $30 8:30 start includes continental breakfast WHOLESALERS/GOLFNOW First Coast of Florida Adjusted wholesale rates submitted for season GolfNow Returned to posting all round types/eblast in late October afternoon promo rate TeeTimesUSA Adjusted wholesale rates submitted for season Hotels Hilton / Hampton /Best Western/ Legacy Resorts (Met w/ Pete, follow up meeting ASAP) Golf Pac partnership w/ Cypress Head Adjusted wholesale rates submitted for season Projects in the works (but not limited to) Daytona News Journal/Propel Marketing Partnership *Review Proposal Palm Coast Observer Ad (Course has credit w/ company waiting to be used) Radio Continued monthly auctions for both golf course and tennis center. Marketing proposal submitted way too $$$ GLF Golf in Schools. January start date. Cooperative Tennis/Golf Holiday Camps Tennis golf course) GolfNow dynamic pricing structure City Hall Grand Opening Catering Return of 9 & Dines Multi Day Golf Academy w/ packages at Legacy and potentially Hammock (David Morland w/ Hammock) Website NEEDS FACELIFT Look at Carlsbad and Cypress Head new design. Links on Front Page Golf Package Deals & GLF Locker *changed GLF graphic to Palm Harbor Academy Hover ads run for upcoming events Microsite Web Promo Video complete (Front page)

5 Summary October 2015 total rounds played, although missing budget, proved to be better than PY, continuing a round growth trend in place since June. Food & Beverage missed budget for the first time in months. November is shaping up to be another positive month with outside events, improved course playability, and various promotional activities. Course and Grounds rating continues to grow, with Net Promoter Scores via TrueReview following suit. Through improved conditions, expanded programming, and outstanding customer service, Palm Harbor shows growth in the areas so much needed in the past. November should continue the same trends, with expected growth in rounds over prior year. Respectfully Submitted, Regional Operations Executive KemperSports