2018 Annual Budget. With 2017 Audited Results CORPORATE OFFICERS. Chief Operating Officer. Tom Judson, Director of Finance & Dwain Mitchell,

Transcription

1 With 2017 Audited Results BOARD OF DIRECTORS Ron Stratton- Chairman John Nuttall - Vice Chairman Jim Abrahamson David Brandenburg Joshua Hart Ruth Hatcher Patrick Laury Bruce Portillo David Whelchel CORPORATE OFFICERS Tom Judson, Chief Operating Officer Dwain Mitchell, Director of Finance & Administration Leia Bush, Assistant to the Chief Operating Officer/Corporate Secretary

2 Contents Consolidated Balance Sheet Working Capital & Cash Flow Budget Changes Budget Changes to Date Summary Cash Flow Consolidated Statement Summary Cash Flow POA Statement Capital 2018 Budget Divisions for 2018 Budget Food and Beverage Tommy Lee Clubhouses Tom Judson Golf Maintenance Keith Ihms Golf Pro Shops Phillip Wright Recreation Joan Glubczynski Maintenance and Construction Mike Taggart Lakes Rick Echols Water Charlie Holt General Manager s Office Tom Judson Human Resources Cindy Bassett Communications Kim Carlson Legal Doug McCash Accounting Dwain Mitchell Member Services Carmen Dissing Information Technology Jack Brooks General Dwain Mitchell Fees

3 Bella Vista Village POA CONSOLIDATED BALANCE SHEET As of December 31, 2017 ASSETS Change Current Assets Cash and Short Term Investments 2,059,298 3,271,126 (1,211,828) Debt Service Sinking Fund 922,257 1,076,617 (154,360) Accounts Receivable 846, ,278 (125,108) Inventories 664, ,948 (40,374) Prepaid 290, ,854 82,092 Total Current Assets 4,783,245 6,232,823 (1,449,578) Delinquent Assessments Receivable (Net of Allowance) Property, Plant & Equipment 102,435,269 95,592,185 6,843,084 Capital Projects - WIP 1,258, , ,642 Less Accumulated Depreciation (50,687,427) (48,415,384) (2,272,043) Net Property, Plant & Equipment 53,006,478 47,553,795 5,452,683 Other Assets Long Term Investments 8,702,750 13,774,773 (5,072,023) Total Other Assets 8,702,750 13,774,773 (5,072,023) TOTAL ASSETS 66,492,473 67,561,391 (1,068,918) LIABILITIES Current Liabilities Payables and Accruals 1,257,912 1,402,858 (144,946) Accrued Payroll 756, ,069 63,954 Prepaid Assessments 229, ,792 (452,791) Accrued Taxes 487, , Member Functions 891,711 1,141,644 (249,933) Advance Deposits - Food and Beverage Events 20, ,905 Short Term / Water Bond , ,000 (100,000) Total Current Liabilities 4,122,822 4,985,546 (862,724) Long Term Portion - Water Bond ,429,811 6,067,976 (638,165) Total Long-Term Liabilities 5,429,811 6,067,976 (638,165) Members' Equity Contributed Capital 32,628,284 32,628,284 0 Cumulative Excess of Revenue over 23,879,585 23,961,784 (82,199) Designated for Debt Service Beginning Equity 56,507,869 56,590,068 (82,199) Year-To-Date Contributions Year-To-Date Gain/Loss 431,971 (82,199) 514,170 Year-To-Date Designated for Debt Service Members' Equity at Month End 56,939,840 56,507, ,971 TOTAL LIABILITIES & MEMBERS' EQUITY 66,492,473 67,561,391 (1,068,918) 2

4 Bella Vista Village POA Consolidated WORKING CAPITAL As of December 31, /31/17 12/31/16 CURRENT ASSETS $ 4,783,245 $ 6,232,823 Less Current Portion of Debt Service Reserved (Water Bond) (922,257) (1,076,617) Less CURRENT LIABILITIES (4,122,822) (4,985,546) EQUALS WORKING CAPITAL AT MONTH END $ (261,834) $ 170,660 STATEMENT OF CHANGES IN FINANCIAL POSITION For the Period Ending December 31, 2017 Net (Loss) From Operations $ 431,971 Add Back Non-Cash Depreciation and Amortization 2,665,516 Net Cash Flows From Operations $ 3,097,487 Sources (Uses) of Cash Accounts Receivable - Current $ 91,522 Accounts Receivable - Non Current 33,570 Inventories 40,390 Prepaid (82,092) Accruals & Payables (309,932) Prepaid Assessments (452,791) Assessment Liability - Contributions - Total Sources (Uses) of Cash $ (679,333) Total Cash From Operating Activities $ 2,418,154 Investing Activities Addition of Property & Equipment $ (8,118,198) Long term Investments $ 4,703,780 Net Cash Flow From Investing Activities $ (3,414,418) Financing Activities: Short Term Loans (131,368) Long Term Loans $ (606,797) Net Cash Flow From Financing Activities $ (738,165) Net Increase (Decrease) in Cash $ (1,734,429) Cash and Equivalents at Beginning of Period $ 4,715,984 Cash and Equivalents at End of Period $ 2,981,555 3

5 2017 Budget Changes Date Description Changes Reserves Balance Original 2017 Approved Budget - POA 0 Approved Board Changes 01/19/17 Highland's Pub - Reassign Recreation Capital (50,000) 0 03/16/17 Branchwood Rec. Parking Lot - Reassign Recreation Capital (50,299) 0 03/16/17 Branchwood Recreation Architect - Reassign Recreation Capital (14,000) 0 03/16/17 Lake Avalon Beach - Reassign Recreation Capital (227,701) 0 03/16/17 Reassigned Recreational Capital Total 342, /09/17 Valley Golf Courses Flood Expense - Reassigned From GM Contingency (46,522) 0 07/18/17 Country Club Golf Course - Tee Signs Expense - From GM Contingency (11,718) 0 Reassigned From GM Contingency Fund 58,240 0 Note: Reassigned funds for the above projects and expenses do not impact overall budget 06/15/17 Metfield Golf Course Maintenance - Pickup Replacement (28,000) 28,000 07/26/17 Lakepoint Restaurant & Event Center - Kitchen Air Conditioner (28,000) 28,000 09/28/17 Scotsdale Golf Course Maintenance - Irrigation Pump Replacement (10,800) 10,800 11/10/17 Dogwood Golf Course Maintenance - Deep Well Replacement (32,000) 32,000 06/15/17 Highlands Golf Course Maintenance - Course Renovation (293,497) 293,497 08/15/17 Valley Golf Courses - Hydrology Study (94,700) 94,700 Revised 2017 Approved Budget (486,997) 486, Budget Changes Date Description Changes Reserves Balance Original 2018 Approved Budget - POA 0 Approved Board Changes 02/22/18 Branchwood Trailhead and Trail Expansion - Reassigned Recreation Capital (29,000) 0 02/22/18 Playground Equipment for Beach at Lake Avalon- Reassigned Recreation Capital (47,668) 0 02/22/18 Branchwood Playground Equipment- Reassigned Recreation Capital (14,163) 0 02/22/18 Reassigned Recreational Capital Total 90,831 0 Note: Reassigned funds for the above projects do not impact overall budget 02/22/18 Branchwood Playground Equipment ADA Reserve (27,837) 27, /22/18 Tanyard Creek Driving Range Club Fitting System & Flight Simulator (17,160) 17, /26/18 Camping Pod for Blowing Springs RV Park (22,000) 22,000 0 Revised 2018 Approved Budget (66,997) 66,

6 Bella Vista POA Consolidated Assessments 8,160,374 7,924,080 7,922,023 8,064, , % City of Bella Vista 113,721 12,000 11,344 12,500 1, % Food and Beverage 30, , ,330 1,914,137 1,324, % Golf 4,155,609 4,469,300 4,077,970 4,317, , % Pro Shop 468, , , ,254 84, % Other Recreation 70,237 69,829 23,755 22,475 (1,280) ( 5.4%) RV 280, , , ,178 (546) ( 0.2%) Facility Use Fees 808, , , ,311 18, % Boat 350, , , ,945 22, % Investment 645, , , ,644 (505,511) ( 69.5%) Water 6,913,585 6,990,975 7,110,202 7,137,380 27, % Restricted Revenue ,340 3,600 (740) ( 17.1%) Stump Dump 38,735 58,565 98,275 82,800 (15,475) ( 15.7%) Lot Sales 126, , , ,000 (23,509) ( 11.6%) Transfer Fees 372, , , ,300 (52,509) ( 11.2%) Past Due Collections 42, , , ,000 (232,828) ( 45.9%) Advertising 133, , , ,100 23, % Rebates 0 85,000 93,088 0 (93,088) ( 100.0%) POA Lot Inventory Valuation 82,798 89, , ,000 15, % Water Capital Buy In Fees 185, , , ,000 (100,000) ( 25.0%) Water Late Fees 204, , , ,000 (2,387) ( 1.6%) Gain / Loss Disposal Surplus Assets (49,903) 0 72,733 37,500 (35,233) ( 48.4%) Cell Tower Rents 103,992 80,075 87,410 80,800 (6,610) ( 7.6%) Donations Received , (179,890) ( 99.9%) Other 246, , , ,118 (91,486) ( 39.8%) Total 23,484,677 24,409,031 25,244,983 25,803, , % Food and Beverage 15, , , , , % Water 2,216,918 2,094,070 2,234,906 2,330,020 95, % Pro Shop 403, , , ,573 17, % Recreation 25,813 29,937 27,293 26,407 (886) ( 3.2%) Total Cost of Goods 2,661,794 2,824,328 2,932,246 3,428, , % Gross Profit 20,822,883 21,584,703 22,312,737 22,375,096 62, % Salary and Wages 7,397,979 9,127,822 9,052,006 10,015, , % Employee Benefits 2,175,475 2,297,903 2,004,512 2,208, , % Memberships, Training and Travel 109, , , ,165 28, % Supplies 990,673 1,007,486 1,095,124 1,131,675 36, % Fuel and Oil 238, , , , % Equipment and Tools 433, , , , , % Lease, Rents and Licenses 859, , , ,422 98, % Maintenance and Repairs 1,285,906 1,206,429 1,182,648 1,120,308 (62,340) ( 5.3%) Maintenance and Service Agreements 375, , , ,698 47, % Outside Contracts 554, , , ,732 38, % Professional Services 410, , , ,047 (8,888) ( 5.5%) Insurance 518, , , ,811 46, % Utilities 960,550 1,018,137 1,012,849 1,098,798 85, % Taxes and Permits 508, , , ,306 28, % Postage 162, , , ,879 8, % Credit Card Fees & Interest Expense 384, , , ,971 83, % Membership Elections 95,540 38,750 36,949 66,000 29, % Advertising Expense 123, , , ,150 33, % Bad Debts 128,253 31,500 36,611 41,200 4, % Uniforms 56,236 47,210 61,386 55,255 (6,131) ( 10.0%) Investment Fund Fees 77,860 72,480 78,166 24,000 (54,166) ( 69.3%) Donations 10,011 25,000 18,705 38,000 19, % Other 497,141 90,522 48,255 81,663 33, % Total Operating 18,354,082 19,437,229 19,222,085 20,984,494 1,762, % EBITDA 2,468,802 2,147,474 3,090,653 1,390,602 (1,700,051) ( 55.0%) Allocations - MAC % Allocations - F & A (0) 0 0 (0) (0) 0.0% Total Allocations (0) 0 0 (0) (0) 0.0% Pre Depreciation Gross 2,468,802 2,147,474 3,090,653 1,390,602 (1,700,051) ( 55.0%) Depreciation 2,551,000 2,693,948 2,658,682 3,137, , % Net / Cost of Operations (82,199) (546,474) 431,971 (1,746,971) (2,178,941) ( 504.4%) Add: Depreciation 2,551,000 2,693,948 2,658,682 3,137, , % Add: Book Value of Assets Sold or Retired 91,588 0 (169,474) 0 169, % Subtract: Capital Projects (1,780,431) (4,766,825) (2,258,699) (7,559,683) (5,300,984) (234.7%) Add: From Reserves 784,492 3,304, ,841 7,100,506 6,158, % Add: Funds for Carry Over 656, ,116 0 (189,116) (100.0%) Subtract: Carry Over Capital Projects (972,268) (2,220,173) (3,154,654) (1,454,790) 1,699, % Add: Reserves for Carry Over Capital 972,268 2,220,173 3,154,654 1,454,790 (1,699,864) (53.9%) Subtract: Debt Service - POA to Subtract: Debt Service - Water (580,000) (480,000) (591,008) (490,000) 101, % 1,641, ,243 1,202, ,425 (761,004) (63.29%) 5

7 Bella Vista POA Assessments 8,159,174 7,922,880 7,920,823 8,063, , % City of Bella Vista 70,507 12,000 11,344 12,500 1, % Food and Beverage 30, , ,330 1,914,137 1,324, % Golf 4,155,609 4,469,300 4,077,970 4,317, , % Pro Shop 468, , , ,254 84, % Other Recreation 70,237 69,829 23,755 22,475 (1,280) ( 5.4%) RV 280, , , ,178 (546) ( 0.2%) Facility Use Fees 808, , , ,311 18, % Boat 350, , , ,945 22, % Investment 382, , , ,000 (161,321) ( 61.0%) Stump Dump 38,735 58,565 98,275 82,800 (15,475) ( 15.7%) Lot Sales 126, , , ,000 (23,509) ( 11.6%) Transfer Fees 372, , , ,300 (52,509) ( 11.2%) Past Due Collections 42, , , ,000 (232,828) ( 45.9%) Advertising 133, , , ,100 23, % Rebates 0 85,000 93,088 0 (93,088) ( 100.0%) POA Lot Inventory Valuation 82,798 89, , ,000 15, % Gain / Loss Disposal Surplus Assets (53,858) 0 27,733 2,500 (25,233) ( 91.0%) Water Rent 65,676 65,676 65,674 65, % Cell Tower Rents 103,992 80,075 87,410 80,800 (6,610) ( 7.6%) Donations Received , (179,890) ( 99.9%) Other 245, , ,998 68,518 (101,480) ( 59.7%) Total 15,934,605 16,988,996 17,075,089 18,054, , % Food and Beverage 15, , , , , % Pro Shop 403, , , ,573 17, % Recreation 25,813 29,937 27,293 26,407 (886) ( 3.2%) Total Cost of Goods 444, , ,340 1,098, , % Gross Profit 15,489,729 16,258,738 16,377,749 16,955, , % Salary and Wages 6,464,622 8,121,450 8,021,362 8,986, , % Employee Benefits 1,877,875 1,986,190 1,724,465 1,938, , % Memberships, Training and Travel 91, , , ,065 26, % Supplies 790, , , ,175 52, % Fuel and Oil 198, , , ,104 3, % Equipment and Tools 388, , , ,850 (48) ( 0.0%) Lease, Rents and Licenses 854, , , ,982 98, % Maintenance and Repairs 1,054, , , ,708 (27,670) ( 2.9%) Maintenance and Service Agreements 363, , , ,052 17, % Outside Contracts 457, , , ,937 39, % Professional Services 183, , , ,047 (9,316) ( 6.3%) Insurance 405, , , ,370 40, % Utilities 867, , ,111 1,003,938 86, % Taxes and Permits 351, , , ,431 14, % Postage 114,971 92,950 94, ,679 6, % Credit Card Fees & Interest Expense 143, , , ,891 99, % Membership Elections 95,540 38,750 36,949 66,000 29, % Advertising Expense 123, , , ,150 33, % Bad Debts 128,335 30,000 33,570 41,200 7, % Uniforms 50,324 40,210 55,547 48,055 (7,492) ( 13.5%) Investment Fund Fees 46,140 48,000 28,413 0 (28,413) ( 100.0%) Donations 10, ,005 3,000 (5) ( 0.2%) Other 174,567 89,322 50,875 80,463 29, % Total Operating 15,235,671 16,765,643 16,517,424 18,209,839 1,692, % EBITDA 254,059 (506,905) (139,675) (1,254,471) (1,114,797) ( 798.1%) Allocations - MAC (192,452) (385,083) (385,083) (464,925) (79,842) ( 20.7%) Allocations - F & A (803,300) (780,710) (780,710) (781,505) (794) 0.0% Total Allocations (995,752) (1,165,793) (1,165,793) (1,246,429) (80,636) 0.0% Pre Depreciation Gross 1,249, ,888 1,026,119 (8,042) (1,034,161) ( 100.8%) Depreciation 1,598,656 1,695,839 1,681,612 1,936, , % Net / Cost of Operations (348,845) (1,036,950) (655,493) (1,944,504) (1,289,010) ( 196.6%) Add: Depreciation 1,598,656 1,695,839 1,681,612 1,936, , % Add: Book Value of Assets Sold or Retired 91,588 0 (169,474) 0 169, % Subtract: Capital Projects (1,444,142) (3,963,482) (1,622,189) (3,371,683) (1,749,494) (107.8%) Add: From Reserves 768,531 3,304, ,918 3,500,506 2,589, % Add: Funds for Carry Over 426, ,116 0 (189,116) (100.0%) Subtract: Carry Over Capital Projects (1,145,875) (1,696,163) (2,586,226) (1,454,790) 1,131, % Add: Reserves for Carry Over Capital 1,145,875 1,696,163 2,586,226 1,454,790 (1,131,436) (43.7%) Subtract: Debt Service - POA to Water (120,781) (120,781) 0.0% Subtract: Debt Service - 6 1,092, ,490 0 (334,490) (100.00%)

8 2018 Budgeted Capital Projects and 2017 Carry Over's Project # Department Name Description Amount 7000 Metfield Building Metfield Clubhouse Overlay Parking Lot 23, Metfield Building Metfield Parking Lot Lighting 13, Metfield Building Metfield Bar Upgrade 37,000 Total Carry Over 0 Total New 73,700 Total Clubhouses Capital 73, * Central Golf Maintenance Chemical Wash Rack for Golf Maintenance 350, * Metfield Golf Maintenance Equipment Wash Rack - Waste Material Collection Facility (A) 1, * Central Golf Maintenance Hydrology Study for Valley Golf Course 60, * Metfield Golf Maintenance Dogwood Deep Well Equipment 2, Central Golf Maintenance Irrigation Tech Service Truck 38, Central Golf Maintenance Field Maintenance Service Truck 36, Central Golf Maintenance Parking Lot Repair Asphalt Overlay 35, Scotsdale Golf Maintenance 7-Gand Rotary Rough Mower 89, Scotsdale Golf Maintenance Equipment Wash Station 62, Scotsdale Golf Maintenance Chemical Storage Building 27, Metfield Golf Maintenance Bunker Renovation 299, Metfield Golf Maintenance Chemical Storage Building 27, Metfield Golf Maintenance Greens Roller 16, Country Club Golf Maintenance Equipment Wash Station 33, Country Club Golf Maintenance #2 Low Water Crossing 50, Highlands Golf Maintenance Gc Master Plan Architect 31, Highlands Golf Maintenance Equipment Wash Station 62, Highlands Golf Maintenance Chemical Storage Building 27,100 Total Carry Over 414,571 Total New 835,250 Total Golf Course Maintenance Capital 1,249, Highlands Golf Operations Carry All 500 For Range 10, Tanyard Creek Driving Range Flight Scope Launch Monitor 17,160 Total Carry Over 0 Total New 27,660 Total Golf Pro Shops 27, * RV Park Rebuild RV Park Entrance Building (R) 30, ADA* RV Park Rebuild RV Park Entrance Building ADA 20, * RV Park Blowing Springs Bathrooms/ Shower House (A) 68, ADA* RV Park Blowing Spring Bathrooms / Shower House ADA 47, * Branchwood Recreation Building Extension / Lobby / Restrooms Estimate 40 X 52' (U) Architect * Branchwood Recreation Branchwood Parking Lot Project 5, * Metfield Outside recreation Metfield Park Restroom - ADA 64, * Lake Avalon Beach Lake Avalon Beach Project 104, Branchwood Recreation Building Expansion - Phase 1 (expansion) 526, Branchwood Recreation Building Expansion - Phase 2 (interior and restrooms) 578, Branchwood Park Branchwood Park Playground Equipment (Reserves - Phase 2) Repurposed Riordan Hall Audiovisual System 42, Riordan Hall Design Work - Master Plan 45, RV Park Convert 28 Spaces To 50 Amp, Add Power To Back Of Park 110, RV Park Add Pull Through Spaces 42, RV Park Wi Fi Aerohive For Upper RV & Campground 22, Metfield Recreation Pool Deck Restructure Including Edging Of Main Pool 170, Metfield Recreation Playground Equipment And Sailcloth 100, Metfield Recreation New Fence For Pool 14, Metfield Recreation Bathhouse Renovation 65, Tennis Cap Post Tension New Court Foundation 150, Blowing Springs Trail New Bridge Lower Trail 16, Branchwood Park Branchwood Trailhead and Trail Expansion-Repurposed from CP , Lake Avalon Beach Playground Equipment for Beach at Lake Avalon - Repurpose from CP , Branchwood Park Branchwood Playground Equipment- Repurpose from CP , ADA Branchwood Park Branchwood Playground Equipment ADA Reserve 27, RV Park Camping Pod at Blowing Springs RV Park 22,000 Total Carry Over 340,110 Total New 2,022,868 (Continued next page) 7

9 Bella Vista POA 2018 Budgeted Capital Projects and 2017 Carry Over's Project # Department Name Description Amount Total Recreation Capital 2,362, Food and Beverage Admin. Utility Van (Used) 25,000 Total Carry Over 0 Total New 25,000 Total F&B Capital 25, General Grounds Maintenance Crew-Cab Pickup (1-Ton) R 35, HVAC Duct Cleaning Machine 10, HVAC (Dept. 07) Metfield Fitness Room AC (Replacement) 17, HVAC (Dept. 07) Metfield Lobby/Dogwood Room AC Renovation 35, Facilities Maintenance Service Truck 4X4 (Additional Staff 2018) New 30,000 Total Carry Over 0 Total New 127,205 Total MAC 127, Highland Gun Range New Trap Field (Reserves - Lead Reclamation) 32, Lakes and Parks Replace Truck 35, Lakes and Parks Ranger Boat (Replacement) 30, Loch Lomond Marina Cover 16 Slips At C Dock (A) 58, Loch Lomond Marina Replacement Rental Pontoon Boat 28, Fisheries and Water Quality Ranger Boat Bay (A) 12, Fisheries and Water Quality Water / Trash Pump For Aquaculture Golf Ponds (A) 14,000 Total Carry Over 0 Total New 209,000 Total Lakes & Parks Capital 209, * General Manager Country Club Renovation 700, Information Technology MSX Prospero Implementation 51,000 Total Carry Over 700,109 Total New 51,000 Total Finance & Administration 751,109 Total POA Carry Over 1,454,790 Total POA New 3,371,683 Total POA without Water Utility 2018 Capital 4,826, Water - OMR Complete Water Meter Replacement 3,600, Water - OMR Ground Penetrating Radar (R) 32, Water - OMR 5500 Series Service Truck (R) 68, Water - OMR 580 Series Backhoe (R) 97, Water - OMR Single Axle Dump Truck (R) 91, Water - OMR Water Line Replacements 300,000 Total Carry Over 0 Total New 4,188,000 Total Water Utility - OMR 4,188,000 Total Consolidated Carry Over 1,454,790 Total Consolidated New 7,559,683 Total Consolidated Capital 9,014,473 * 2017 Carry Over Project 8

10 Bella Vista Village POA 2018 Budget Divisions Food and Beverage - Tommy Lee Food & Beverage Administration Highland's Pub Lakepoint Building & Equipment Lakepoint Restaurant and Event Center Country Club Restaurant Clubhouses - Tom Judson Highland's Club Building & Equipment Metfield Club Building & Equipment Country Club Building & Equipment Kingsdale Grill Building & Equipment Golf Course Maintenance - Keith Ihms Central Golf Maintenance Scotsdale Golf Maintenance Metfield Golf Maintenance Kingswood Golf Maintenance Country Club Golf Maintenance Highlands Golf Maintenance Berksdale Golf Maintenance Brittany Golf Maintenance Maintenance and Construction - Mike Taggart Maintenance and Construction Administration Heavy Equipment & POA Streets Vehicle & Equipment Maintenance HVAC Facilities Maintenance Stump Dump General Grounds Maintenance Lakes and Parks - Rick Echols Lakes & Parks Fisheries and Water Quality Gun Range R V Storage Loch Lomond Dog Park Veterans Wall of Honor Tanyard Creek Trail Loch Lomond Trail Water Utility - Charlie Holt General Manager's Office - Tom Judson Golf Pro Shops - Phillip Wright General Golf Operations Scotsdale Golf Operations Metfield Golf Operations Kingsdale Golf Operations Country Club Golf Operations Highlands Golf Operations Tanyard Creek Practice Center Tanyard - Repair Recreation - Joan Glubczynski Recreation Administration Branchwood Recreation Center Branchwood Park Riordan Hall R V Park Metfield Outside Recreation Kingsdale Outside Recreation Tennis Blowing Springs Trail Metfield Club Recreation Lake Avalon Beach Human Resources - Cindy Bassett Human Resources Environmental Health & Safety Communications and Marketing - Kim Carlson Member Communications Community Outreach Web Site Office Services Marketing Legal Department - Doug McCash Legal Foreclosed Lots Sales Accounting - Dwain Mitchell Member Services - Carmen Dissing Information Technology - Jack Brooks General - Dwain Mitchell 9

11 Food and Beverage Division Assessments % City of Bella Vista % Food and Beverage 0 797, ,672 1,758,825 1,326, % Other Recreation % RV % Facility Use Fees 0 18,795 (2,897) 38,570 41, % Investment % Transfer Fees % Past Due Collections % Advertising % Gain / Loss Disposal Surplus Assets 2, (597) ( 100.0%) Donations Received % Other 0 0 6,400 0 (6,400) ( 100.0%) Total 2, , ,771 1,797,395 1,360, % Food and Beverage 0 249, , , , % Recreation % Total Cost of Goods 0 249, , , , % Gross Profit 2, , ,090 1,207, , % Salary and Wages 21, , ,215 1,050, , % Employee Benefits 2,715 96, , ,536 96, % Memberships, Training and Travel 500 8,900 17,146 10,950 (6,196) ( 36.1%) Supplies ,790 76,702 70,230 (6,472) ( 8.4%) Fuel and Oil (109) ( 100.0%) Equipment and Tools 4,232 3,000 53,299 3,550 (49,749) ( 93.3%) Lease, Rents and Licenses 0 3,000 2,256 1,344 (912) ( 40.4%) Maintenance and Repairs 10,506 3,800 44,867 24,900 (19,967) ( 44.5%) Maintenance and Service Agreements 3,129 12,650 20,113 18,000 (2,113) ( 10.5%) Outside Contracts 4,834 6,622 21,089 15,448 (5,641) ( 26.7%) Professional Services 1, ,456 0 (2,456) ( 100.0%) Insurance 9,666 14,861 15,570 31,679 16, % Utilities 27,267 59,848 91, ,126 28, % Taxes and Permits 12,844 20,783 22,250 15,385 (6,865) ( 30.9%) Postage (91) ( 100.0%) Credit Card Fees & Interest Expense ,026 1,176 (14,850) ( 92.7%) Membership Elections % Advertising Expense 6,678 9,850 31,809 25,300 (6,509) ( 20.5%) Bad Debts % Uniforms 176 1,000 5,694 2,800 (2,894) ( 50.8%) Investment Fund Fees % Donations % Other 0 7,000 9,719 0 (9,719) ( 100.0%) Total Operating 106, ,535 1,143,543 1,587, , % EBITDA (104,027) (378,246) (906,452) (380,409) 526, % Allocations - MAC 80, % Allocations - F & A 15, % Total Allocations 95, % Pre Depreciation Gross (199,915) (378,246) (906,452) (380,409) 526, % Depreciation 40,284 89,696 98, ,013 70, % Net / Cost of Operations (240,199) (467,942) (1,005,208) (549,422) 455, % Add: Depreciation 40,284 89,696 98, ,013 70, % Add: Book Value of Assets Sold or Retired 526 (526) (100.0%) Subtract: Capital Projects (218,565) (78,000) (50,095) (25,000) 25, % Add: From Reserves 218,565 78,000 50,095 (50,095) (100.0%) Add: Funds for Carry Over 0 0.0% Subtract: Carry Over Capital Projects (1,154,632) (1,663,986) 1,663, % Add: Reserves for Carry Over Capital 1,154,632 1,663,986 (1,663,986) (100.0%) Subtract: Debt Service - POA 0 0.0% 10 (199,915) (378,246) (905,926) (405,409) 500, %

12 Clubhouses Division Assessments % City of Bella Vista % Other Recreation % RV % Facility Use Fees % Investment % Transfer Fees % Past Due Collections % Advertising % Gain / Loss Disposal Surplus Assets (24,633) (275) ( 100.0%) Donations Received % Other 11,900 7,200 6,000 6, % Total (12,733) 7,200 6,275 6,000 (275) ( 4.4%) Recreation % Total Cost of Goods % Gross Profit (12,733) 7,200 6,275 6,000 (275) ( 4.4%) Salary and Wages 12, % Employee Benefits 1, % Memberships, Training and Travel % Supplies 4,114 6,660 2,526 3,576 1, % Fuel and Oil % Equipment and Tools 8,492 17,600 2,376 2, % Lease, Rents and Licenses % Maintenance and Repairs 112,916 32,280 44,108 45,950 1, % Maintenance and Service Agreements 22,699 29,491 30,223 38,520 8, % Outside Contracts 8,369 10,149 7,624 9,790 2, % Professional Services % Insurance 44,931 40,692 39,353 40,356 1, % Utilities 36,938 59,294 24,354 28,557 4, % Taxes and Permits 36,752 44,467 43,277 46,210 2, % Postage % Credit Card Fees & Interest Expense % Membership Elections % Advertising Expense (244) ( 100.0%) Bad Debts 13, % Uniforms % Investment Fund Fees % Donations % Other % Total Operating 303, , , ,359 21, % EBITDA (316,463) (233,433) (187,811) (209,359) (21,548) ( 11.5%) Allocations - MAC 302, % Allocations - F & A 56, % Total Allocations 358, % Pre Depreciation Gross (675,279) (233,433) (187,811) (209,359) (21,548) ( 11.5%) Depreciation 298, , , ,925 57, % Net / Cost of Operations (973,748) (525,562) (474,510) (553,284) (78,774) ( 16.6%) Add: Depreciation 298, , , ,925 57, % Add: Book Value of Assets Sold or Retired 24, % Subtract: Capital Projects (58,494) (73,368) (73,700) (332) (0.5%) Add: From Reserves 3,404 73,368 (73,368) (100.0%) Add: Funds for Carry Over 63, % Subtract: Carry Over Capital Projects 49,679 (26,746) 3,405 (3,405) (100.0%) Add: Reserves for Carry Over Capital (49,679) 26,746 (3,405) 3, % Subtract: Debt Service - POA 0 0.0% (642,097) (233,433) (187,811) (283,059) (95,248) (50.71%) 11

13 Golf Maintenance Division Assessments % City of Bella Vista % Other Recreation % RV % Facility Use Fees % Investment % Transfer Fees % Past Due Collections % Advertising % Gain / Loss Disposal Surplus Assets (57,587) 0 18,157 0 (18,157) ( 100.0%) Donations Received % Other 0 0 9,205 10, % Total (57,587) 0 27,362 10,000 (17,362) ( 63.5%) Recreation % Total Cost of Goods % Gross Profit (57,587) 0 27,362 10,000 (17,362) ( 63.5%) Salary and Wages 1,629,569 1,824,258 1,827,955 1,888,822 60, % Employee Benefits 477, , , ,078 28, % Memberships, Training and Travel 8,685 17,790 11,188 14,200 3, % Supplies 505, , , ,114 46, % Fuel and Oil 89, ,311 91, ,190 9, % Equipment and Tools 70,052 67,808 66,530 59,295 (7,235) ( 10.9%) Lease, Rents and Licenses 586, , , ,820 53, % Maintenance and Repairs 461, , , ,194 (124,146) ( 27.3%) Maintenance and Service Agreements 11,227 9,855 10,356 10, % Outside Contracts 17, ,000 15, % Professional Services 3,200 3,200 3,915 3,500 (415) ( 10.6%) Insurance 92,782 95,188 97, ,396 15, % Utilities 260, , , ,671 8, % Taxes and Permits 108, , , ,158 9, % Postage 214 1, , % Credit Card Fees & Interest Expense (3) % Membership Elections % Advertising Expense % Bad Debts % Uniforms 18,207 17,400 14,204 17,005 2, % Investment Fund Fees % Donations % Other (795) ( 100.0%) Total Operating 4,341,276 4,546,727 4,428,175 4,551, , % EBITDA (4,398,863) (4,546,727) (4,400,814) (4,541,381) (140,568) ( 3.2%) Allocations - MAC 90, % Allocations - F & A 196, % Total Allocations 287, % Pre Depreciation Gross (4,685,869) (4,546,727) (4,400,814) (4,541,381) (140,568) ( 3.2%) Depreciation 544, , , ,983 56, % Net / Cost of Operations (5,230,200) (5,152,311) (5,004,967) (5,202,365) (197,397) ( 3.9%) Add: Depreciation 544, , , ,983 56, % Add: Book Value of Assets Sold or Retired 60, % Subtract: Capital Projects (561,036) (1,477,947) (1,059,578) (835,250) 224, % Add: From Reserves 154, , ,097 (422,097) (100.0%) Add: Funds for Carry Over 142, ,953 (168,953) (100.0%) Subtract: Carry Over Capital Projects (474,712) (350,000) (414,571) (414,571) 0.0% Add: Reserves for Carry Over Capital 474, , , , % Subtract: Debt Service - POA 0 0.0% 12 (4,889,530) (5,266,377) (4,869,342) (5,376,631) (507,290) (10.42%)

14 Golf Pro Shops Division Assessments % City of Bella Vista % Food and Beverage 24,904 64, , ,211 (6,872) ( 5.2%) Golf 4,155,609 4,469,300 4,077,970 4,317, , % Pro Shop 468, , , ,150 75, % Other Recreation % RV % Facility Use Fees (91) ( 100.0%) Investment % Transfer Fees % Past Due Collections % Advertising % Gain / Loss Disposal Surplus Assets 1, ,500 2, % Donations Received % Other 101,536 94,369 33,551 30,968 (2,583) ( 7.7%) Total 4,752,270 5,217,810 4,733,194 5,041, , % Food and Beverage 14,003 28,145 66,583 56,675 (9,908) ( 14.9%) Pro Shop 403, , , ,923 9, % Recreation % Total Cost of Goods 417, , , ,598 (436) ( 0.1%) Gross Profit 4,334,655 4,768,317 4,273,160 4,581, , % Salary and Wages 895,949 1,100,586 1,049,049 1,159, , % Employee Benefits 246, , , ,471 19, % Memberships, Training and Travel 15,579 20,086 13,738 21,540 7, % Supplies 38,075 29,014 54,348 49,156 (5,192) ( 9.6%) Fuel and Oil 41,567 51,051 11,677 3,635 (8,042) ( 68.9%) Equipment and Tools 59,067 14,778 15,362 26,735 11, % Lease, Rents and Licenses 222, , , ,064 34, % Maintenance and Repairs 73,152 47,647 26,333 66,196 39, % Maintenance and Service Agreements 67,603 60,901 85,126 79,276 (5,850) ( 6.9%) Outside Contracts 54,275 41,313 40,632 35,186 (5,446) ( 13.4%) Professional Services 7, ,913 3, % Insurance 30,663 33,936 34,499 36,493 1, % Utilities 119, , , ,674 13, % Taxes and Permits 35,719 29,427 27,028 28,167 1, % Postage , (664) ( 53.4%) Credit Card Fees & Interest Expense 79,607 82,470 90,928 99,966 9, % Membership Elections % Advertising Expense 4,833 48,480 35,926 34,920 (1,006) ( 2.8%) Bad Debts % Uniforms 12, % Investment Fund Fees % Donations % Other 70,829 42,105 7,091 15,776 8, % Total Operating 2,074,778 2,202,499 2,080,267 2,313, , % EBITDA 2,259,878 2,565,818 2,192,893 2,268,404 75, % Allocations - MAC 123, % Allocations - F & A 512, % Total Allocations 635, % Pre Depreciation Gross 1,624,403 2,565,818 2,192,893 2,268,404 75, % Depreciation 46,671 57,345 55,675 50,487 (5,188) ( 9.3%) Net / Cost of Operations 1,577,732 2,508,473 2,137,217 2,217,917 80, % Add: Depreciation 46,671 57,345 55,675 50,487 (5,188) (9.3%) Add: Book Value of Assets Sold or Retired 0 0.0% Subtract: Capital Projects (334,384) (38,700) (39,673) (27,660) 12, % Add: From Reserves 334,384 17,160 17, % Add: Funds for Carry Over 0 0.0% Subtract: Carry Over Capital Projects 34, % Add: Reserves for Carry Over Capital (34,227) 0 0.0% Subtract: Debt Service - POA 0 0.0% 1,624,403 2,527,118 2,153,220 2,257, , % 13

15 Recreation Division Assessments % City of Bella Vista % Food and Beverage 5,307 3,830 23,575 29,101 5, % Pro Shop ,104 9, % Other Recreation 10,617 8,609 16,967 13,890 (3,077) ( 18.1%) RV 190, , , ,853 (1,526) ( 0.6%) Facility Use Fees 409, , , ,061 (46,315) ( 10.4%) Investment % Transfer Fees % Past Due Collections % Advertising % Gain / Loss Disposal Surplus Assets (230) ( 100.0%) Donations Received ,659 0 (171,659) ( 100.0%) Other 29,075 25,802 22,397 10,610 (11,787) ( 52.6%) Total 646, , , ,619 (219,965) ( 23.7%) Food and Beverage 1,448 1,397 10,333 15,020 4, % Pro Shop ,650 7, % Recreation 3,316 2,937 4,613 3,097 (1,516) ( 32.9%) Total Cost of Goods 4,763 4,334 14,945 25,767 10, % Gross Profit 641, , , ,852 (230,787) ( 25.3%) Salary and Wages 594, , , ,590 (11,361) ( 1.8%) Employee Benefits 109, , , ,870 8, % Memberships, Training and Travel 3,902 9,419 7,992 11,306 3, % Supplies 82,572 71,751 72,327 77,646 5, % Fuel and Oil 1,452 1,607 1,614 1, % Equipment and Tools 127,969 66,945 74, , , % Lease, Rents and Licenses 3,425 3,000 4,370 5,380 1, % Maintenance and Repairs 173, , , ,191 22, % Maintenance and Service Agreements 71,807 84,161 74,205 78,186 3, % Outside Contracts 71,936 64,692 63,543 70,482 6, % Professional Services 11, ,025 1, % Insurance 37,959 40,167 38,375 39, % Utilities 218, , , ,899 24, % Taxes and Permits 30,663 32,828 36,784 35,161 (1,623) ( 4.4%) Postage (16) ( 43.9%) Credit Card Fees & Interest Expense 11,657 10,480 17,253 14,608 (2,645) ( 15.3%) Membership Elections % Advertising Expense ,000 7, % Bad Debts % Uniforms 5,094 1, , % Investment Fund Fees % Donations % Other 22,719 24,241 5,139 6,573 1, % Total Operating 1,579,107 1,572,928 1,523,338 1,721, , % EBITDA (937,481) (923,415) (611,699) (1,040,745) (429,046) ( 70.1%) Allocations - MAC 524, % Allocations - F & A 412, % Total Allocations 937, % Pre Depreciation Gross (1,874,561) (923,415) (611,699) (1,040,745) (429,046) ( 70.1%) Depreciation 180, , , ,983 88, % Net / Cost of Operations (2,054,666) (1,124,600) (804,312) (1,321,728) (517,416) ( 64.3%) Add: Depreciation 180, , , ,983 88, % Add: Book Value of Assets Sold or Retired (170,000) 170, % Subtract: Capital Projects (109,299) (66,685) (2,022,868) (1,956,183) (2,933.5%) Add: From Reserves 109,299 66, , , % Add: Funds for Carry Over 82, % Subtract: Carry Over Capital Projects (734,823) (162,251) (340,110) (340,110) 0.0% Add: Reserves for Carry Over Capital 734, , , , % Subtract: Debt Service - POA 0 0.0% 14 (1,792,340) (923,415) (781,699) (2,422,945) (1,641,246) (209.96%)

16 Maintenance and Construction Division Assessments % City of Bella Vista 6, (284) ( 100.0%) Other Recreation % RV % Facility Use Fees % Investment % Stump Dump 38,735 58,565 98,275 82,800 (15,475) ( 15.7%) Transfer Fees % Past Due Collections % Advertising % Gain / Loss Disposal Surplus Assets 15, ,875 0 (7,875) ( 100.0%) Cell Tower Rents 103,992 80,075 87,410 80,800 (6,610) ( 7.6%) Donations Received % Other 77,384 49,860 66,581 5,500 (61,081) ( 91.7%) Total 242, , , ,100 (91,325) ( 35.1%) Recreation % Total Cost of Goods % Gross Profit 242, , , ,100 (91,325) ( 35.1%) Salary and Wages 939,907 1,293,023 1,264,973 1,460, , % Employee Benefits 390, , , ,051 43, % Memberships, Training and Travel 994 1,150 1,976 1,325 (651) ( 32.9%) Supplies 18,230 18,575 16,305 21,983 5, % Fuel and Oil 49,549 56,738 60,598 61, % Equipment and Tools 39,212 82, ,575 44,730 (79,845) ( 64.1%) Lease, Rents and Licenses 3,278 1,730 3,324 3,200 (124) ( 3.7%) Maintenance and Repairs 131, , , ,030 (20,945) ( 13.8%) Maintenance and Service Agreements 6,858 5,790 8,131 8, % Outside Contracts 39,803 43,440 40,925 38,420 (2,505) ( 6.1%) Professional Services % Insurance 77,501 87,702 76, ,967 27, % Utilities 37,465 40,509 36,650 34,200 (2,450) ( 6.7%) Taxes and Permits 21,332 21,804 21,934 23,737 1, % Postage % Credit Card Fees & Interest Expense (3) ( 100.0%) Membership Elections % Advertising Expense % Bad Debts (179) % Uniforms 7,923 8,400 7,582 10,700 3, % Investment Fund Fees % Donations % Other 1, (388) ( 39.3%) Total Operating 1,765,341 2,175,252 2,103,973 2,275, , % EBITDA (1,522,675) (1,986,752) (1,843,549) (2,106,330) (262,781) ( 14.3%) Allocations - MAC (1,937,701) (385,083) (385,083) (464,925) (79,842) ( 20.7%) Allocations - F & A 5, % Total Allocations (1,931,859) (385,083) (385,083) (464,925) (79,842) ( 20.7%) Pre Depreciation Gross 409,184 (1,601,669) (1,458,465) (1,641,405) (182,940) ( 12.5%) Depreciation 174, , , ,591 (2,836) ( 1.8%) Net / Cost of Operations 234,436 (1,760,834) (1,617,893) (1,797,996) (180,103) ( 11.1%) Add: Depreciation 174, , , ,591 (2,836) (1.8%) Add: Book Value of Assets Sold or Retired 1, % Subtract: Capital Projects (24,965) (125,900) (126,536) (127,205) (669) (0.5%) Add: From Reserves 125, ,536 (126,536) (100.0%) Add: Funds for Carry Over 20, % Subtract: Carry Over Capital Projects (3,365) 0 0.0% Add: Reserves for Carry Over Capital 3, % Subtract: Debt Service - POA 0 0.0% 406,047 (1,601,669) (1,458,465) (1,768,610) (310,145) (21.27%) 15

17 Lakes and Parks Division Assessments % City of Bella Vista 0 12,000 11,060 12,500 1, % Other Recreation 59,620 61,220 6,788 8,585 1, % RV 90,176 88,500 93,345 94, % Facility Use Fees 32,347 29,015 85,242 84,680 (562) ( 0.7%) Boat 350, , , ,945 22, % Investment % Transfer Fees % Past Due Collections % Advertising % Gain / Loss Disposal Surplus Assets 11, % Donations Received 0 0 8, (8,231) ( 98.0%) Other 10, ,606 0 (1,606) ( 100.0%) Total 554, , , ,200 16, % Recreation 22,498 27,000 22,680 23, % Total Cost of Goods 22,498 27,000 22,680 23, % Gross Profit 532, , , ,890 16, % Salary and Wages 292, , , ,425 52, % Employee Benefits 62,568 67,019 62,376 84,285 21, % Memberships, Training and Travel 4,371 2, ,765 4, % Supplies 55,508 56,710 65,183 77,010 11, % Fuel and Oil 13,385 13,750 18,634 20,270 1, % Equipment and Tools 21,772 39,625 37,676 54,350 16, % Lease, Rents and Licenses 1, , (232) ( 21.6%) Maintenance and Repairs 80,031 77,455 74, ,730 72, % Maintenance and Service Agreements 29,855 16,460 35,761 29,794 (5,967) ( 16.7%) Outside Contracts 28,862 28,900 24,383 13,980 (10,403) ( 42.7%) Professional Services 6, ,000 0 (6,000) ( 100.0%) Insurance 67,499 88,693 74,564 50,618 (23,946) ( 32.1%) Utilities 39,163 35,480 36,700 40,041 3, % Taxes and Permits 52,856 58,561 58,733 60,763 2, % Postage (55) ( 15.8%) Credit Card Fees & Interest Expense 3,643 4,285 13,068 11,319 (1,749) ( 13.4%) Membership Elections % Advertising Expense % Bad Debts % Uniforms 2,272 3,000 2,805 2,300 (505) ( 18.0%) Investment Fund Fees % Donations % Other (45) % Total Operating 762, , ,475 1,007, , % EBITDA (230,575) (343,578) (320,725) (442,895) (122,170) ( 38.1%) Allocations - MAC 547, % Allocations - F & A 246, % Total Allocations 794, % Pre Depreciation Gross (1,024,946) (343,578) (320,725) (442,895) (122,170) ( 38.1%) Depreciation 135, , , ,007 11, % Net / Cost of Operations (1,160,018) (479,787) (453,655) (586,903) (133,248) ( 29.4%) Add: Depreciation 135, , , ,007 11, % Add: Book Value of Assets Sold or Retired 0 0.0% Subtract: Capital Projects (194,055) (290,101) (181,756) (209,000) (27,244) (15.0%) Add: From Reserves 57, , ,137 32,000 (140,137) (81.4%) Add: Funds for Carry Over 0 20,163 (20,163) (100.0%) Subtract: Carry Over Capital Projects (16,715) (2,534) (36,254) 36, % Add: Reserves for Carry Over Capital 16,715 2,534 36,254 (36,254) (100.0%) Subtract: Debt Service - POA 0 0.0% 16 (1,161,047) (389,378) (310,181) (619,895) (309,714) (99.85%)

18 Water Utility Assessments 1,200 1,200 1,200 1, % City of Bella Vista 43, % Other Recreation % RV % Facility Use Fees % Investment 263,036 96, , ,644 (344,190) ( 74.4%) Water 6,913,585 6,990,975 7,110,202 7,137,380 27, % Restricted Revenue ,340 3,600 (740) ( 17.1%) Transfer Fees % Past Due Collections % Advertising % Water Capital Buy In Fees 185, , , ,000 (100,000) ( 25.0%) Water Late Fees 204, , , ,000 (2,387) ( 1.6%) Gain / Loss Disposal Surplus Assets 3, ,000 35,000 (10,000) ( 22.2%) Donations Received % Other 1,016 8,320 59,605 69,600 9, % Total 7,615,748 7,485,711 8,235,568 7,815,424 (420,144) ( 5.1%) Water 2,216,918 2,094,070 2,234,906 2,330,020 95, % Recreation % Total Cost of Goods 2,216,918 2,094,070 2,234,906 2,330,020 95, % Gross Profit 5,398,830 5,391,641 6,000,662 5,485,404 (515,258) ( 8.6%) Salary and Wages 933,357 1,006,372 1,030,644 1,028,982 (1,662) ( 0.2%) Employee Benefits 297, , , ,556 (10,492) ( 3.7%) Memberships, Training and Travel 18,269 8,692 13,072 15,100 2, % Supplies 200, , , ,500 (16,009) ( 8.2%) Fuel and Oil 40,327 45,690 50,144 46,340 (3,804) ( 7.6%) Equipment and Tools 45,064 14,870 29, , , % Lease, Rents and Licenses 69,982 70,116 70,210 70,116 (94) ( 0.1%) Maintenance and Repairs 231, , , ,600 (34,670) ( 16.3%) Maintenance and Service Agreements 12,524 39,990 39,414 68,646 29, % Outside Contracts 96,313 96,950 95,187 93,795 (1,392) ( 1.5%) Professional Services 227,117 12,000 13,571 14, % Insurance 112, , , ,441 6, % Utilities 92,887 99,340 95,739 94,860 (879) ( 0.9%) Taxes and Permits 156, , , ,875 13, % Postage 47,942 50,100 46,690 49,200 2, % Credit Card Fees & Interest Expense 241, , , ,080 (16,981) ( 7.2%) Membership Elections % Advertising Expense % Bad Debts (82) 1,500 3,041 0 (3,041) ( 100.0%) Uniforms 5,913 7,000 5,839 7,200 1, % Investment Fund Fees 31,720 24,480 49,753 24,000 (25,753) ( 51.8%) Donations 0 25,000 15,700 35,000 19, % Other 322,574 1,200 (2,620) 1,200 3, % Total Operating 3,184,087 2,737,262 2,770,335 2,840,331 69, % EBITDA 2,214,743 2,654,379 3,230,327 2,645,073 (585,254) ( 18.1%) Allocations - MAC 192, , , ,925 79, % Allocations - F & A 803, , , , % Total Allocations 995,752 1,165,793 1,165,793 1,246,429 80, % Pre Depreciation Gross 1,218,991 1,488,586 2,064,534 1,398,644 (665,890) ( 32.3%) Depreciation 952, , ,070 1,201, , % Net / Cost of Operations 266, ,476 1,087, ,533 (889,931) ( 81.8%) Add: Depreciation 952, , ,070 1,201, , % Add: Book Value of Assets Sold or Retired 0 0.0% Subtract: Capital Projects (336,289) (803,343) (636,510) (4,188,000) (3,551,490) (558.0%) Add: From Reserves 15, ,923 3,600,000 3,569,077 11,541.8% Add: Funds for Carry Over 230, % Subtract: Carry Over Capital Projects 173,607 (524,010) (568,428) 568, % Add: Reserves for Carry Over Capital (173,607) 524, ,428 (568,428) (100.0%) Add: Debt Service - POA to Water 120, , % Subtract: Debt Service - Water (580,000) (480,000) (591,008) (490,000) 101, % 548, , , ,425 (426,514) (49.14%) 17

19 General Manager's Office Assessments % City of Bella Vista % Other Recreation % RV % Facility Use Fees % Investment % Transfer Fees % Past Due Collections % Advertising % Gain / Loss Disposal Surplus Assets % Donations Received % Other % Total % Recreation % Total Cost of Goods % Gross Profit % Salary and Wages 535, , , ,279 (13,010) ( 3.2%) Employee Benefits 101,249 93,342 96,827 76,532 (20,296) ( 21.0%) Memberships, Training and Travel 20,353 10,227 7,143 8, % Supplies 5,182 2,724 2,446 4,440 1, % Fuel and Oil 555 1,200 1,299 1, % Equipment and Tools 6,358 1,400 46,708 19,800 (26,908) ( 57.6%) Lease, Rents and Licenses 4,649 3,528 6,740 7, % Maintenance and Repairs 1, , % Maintenance and Service Agreements 7,762 7,424 7,293 4,650 (2,643) ( 36.2%) Outside Contracts 9,856 5,840 8,919 9, % Professional Services 64,677 68,931 60,111 76,188 16, % Insurance 13,366 11,321 11,179 10,690 (489) ( 4.4%) Utilities 15,762 16,148 14,648 16,652 2, % Taxes and Permits 13,735 9,037 10,493 9,396 (1,097) ( 10.5%) Postage (146) ( 100.0%) Credit Card Fees & Interest Expense , , % Membership Elections 95,540 38,000 36,949 66,000 29, % Advertising Expense 1, ,688 12,000 5, % Bad Debts % Uniforms 1,942 1,700 1,409 2, % Investment Fund Fees % Donations 10, ,005 3,000 (5) ( 0.2%) Other 65,392 29,260 28,717 32,800 4, % Total Operating 974, , , ,667 99, % EBITDA (974,688) (723,792) (753,861) (853,667) (99,806) ( 13.2%) Allocations - MAC 52, % Allocations - F & A (15,250) (256,216) (256,216) (193,697) 62, % Total Allocations 37,380 (256,216) (256,216) (193,697) 62, % Pre Depreciation Gross (1,012,068) (467,576) (497,645) (659,970) (162,325) ( 32.6%) Depreciation 3,935 9,757 3,924 3, % Net / Cost of Operations (1,016,003) (477,333) (501,569) (663,894) (162,325) ( 32.4%) Add: Depreciation 3,935 9,757 3,924 3, % Add: Book Value of Assets Sold or Retired 0 0.0% Subtract: Capital Projects (1,818,265) 0 0.0% Add: From Reserves 1,988,797 2,810,678 2,810, % Add: Funds for Carry Over 62, % Subtract: Carry Over Capital Projects (166) (889,391) (700,109) 189, % Add: Reserves for Carry Over Capital , ,109 (189,282) (21.3%) Subtract: Debt Service - POA (120,781) (120,781) 0.0% 18 (949,939) (297,044) (497,645) 2,029,927 2,527, %