Sun City West · Punch List Grand Opening 2020202020. Recreation 1% Other 3% Bowling 7% Asset...
Transcript of Sun City West · Punch List Grand Opening 2020202020. Recreation 1% Other 3% Bowling 7% Asset...
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Sun City West2011 12 Fi i l Pl2011-12 Financial Plan
General Manager Mike Whiting
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HousekeepingHousekeeping
• Copies of budget detail availableCopies of budget detail available– Fee schedule, specific capital projects
• Entire presentation online• Entire presentation online– www.rcscw.com
Pl h ld ti til th d• Please hold questions until the end– Write down slide No. and we’ll refer back to it
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Did You Know?Did You Know?• The vitality of SCW is directly linked to the y y
financial well-being of our community• We have 28,000 residents and 17,122
individual rooftopsindividual rooftops• The Recreation Centers and Golf Courses
are valued at $150,000,000are valued at $150,000,000• Golf Courses alone are worth $70,000,000• Your homes are valued at around $3 billion• Is it any wonder we want to protect our
assets?
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Did you know…Did you know…• We’re in great financial shapeg p
– No Debt• We maintain our amenities
Del Webb Standards– Del Webb Standards• We have over $8 million in reserves• We educate our residentsWe educate our residents
– Torch / Rec Center News• We proactively manage our money• We plan for the future
– 5 year Financial PlanLong Range Plan– Long Range Plan
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How do we go about developing the b d t?budget?
• Budget TimelineBudget Timeline • Governing Board Assumptions • Financial Model developed by the BudgetFinancial Model developed by the Budget
and Finance Committee • Budget submitted March 1, 2010g ,• Public Hearings / Board Meetings /
Committee Meetings• Formal Adoption – May 26th 9:00 am R.H.
Johnson Social Hall
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Budget TimelineStrategic Priorities Annual Financial Plan and FiveStrategic Priorities, Annual Financial Plan and Five
Year Plan
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Governing Board AssumptionsGoverning Board Assumptions
• Reserve: 5% Increase (3% recommended)Reserve: 5% Increase (3% recommended)• Expenses: 4% Increase
G lf R 1% I• Golf Revenue:1% Increase • Other Revenue: no increase• Capital: $3,000,000 • Membership: As necessary to meet overallMembership: As necessary to meet overall
resource requirements ($15 or 4% increase)
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increase)
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Financial Model Developed by the Budget and Finance Committee
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How our revenue is generatedgenerated
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One CommunityOne Community• All divisions accounted for separatelyp y• All revenues support entire Association
Membership e be s pFees are the foundation of
the Associationthe Association
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10 year revenue10 year revenue$10,000,000
$12,000,000
$6,000,000
$8,000,000
$10,000,000
$2,000,000
$4,000,000
$6,000,000
$-
$2,000,000
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Recreation Golf Bowling APF Other
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FY 2011-12 Revenue SourcesFY 2011 12 Revenue Sources
1% Oth
3% Bowling
7% Asset Preservation
Fee1% Other Fee
53% Recreation
35% Golf
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Expense HistoryExpense HistoryExpense History
Operating & Capital Depreciation
$19.3 $19.9 $20.3 $20.8 $20
$25
Mill
ions
p g p p
$15
$10
$0
$5
FY 08 09 FY 09 10 FY 10 11 Proj FY 11 12 Req
13
FY 08-09 FY 09-10 FY 10-11 Proj. FY 11-12 Req.
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How do we spend the money?$20.8 Million in FY 2011-12
2% COGS13% Capital
(D i ti )
5% Landscape
2% Taxes and Insurance
1% Employee Related
2% COGS (Depreciation)
1% Legal and
3% Supplies and Services
5% Landscape Maintenance
5% Repair and
1% Interest & Financial
1% Legal and Professional
51% Wages and Benefits
12% Utilities
Maintenance
1414141414
4% Operating Expenses
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How are we controlling costs?How are we controlling costs?
• No increase in insuranceNo increase in insurance • No increase in Wages and Benefits• Only 2% increase in overall expensesOnly 2% increase in overall expenses
– Water, electricity, gas, telephone, trash removal– Goods and services– Repairs and maintenance
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FTE’FTE’sDivision 2011-2012 2011-2012 Division Full Time Part-Time
Recreation 65 51Golf Operations 3 34
Golf Maintenance 94 0Golf Maintenance 94 0
Bowling 4 9
General Services 17 1
Total 183 9516
Total 183 95
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FY 2011-12 Capital by DivisionsFY 2011 12 Capital by Divisions$3.0 Million Total
1% Admin
46% Recreation
50% Golf50% Golf
3% Bowling
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2011-12 Capital Projects2011 12 Capital ProjectsGolf and Landscape Equipment $741,157
R. H. Johnson Fitness Center $589,890
Grandview Cart Barn & Related Projects $261,000Grandview Cart Barn & Related Projects $261,000
New Pump Station $215,000
Athletic Equipment $223 500Athletic Equipment $223,500
Others $969,110
Total $2,999,657
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Capital Project Process Allows Many Opportunities For Inputpp p
Community Committees & PlanningGoverning Committees &
Board Identifies
Needs
Planning Committee is
Formed
Board Authorized
& Funds Architect
1st Community1st Community Forum
Wishes, Hopes, Dreams
Ideas
2nd Community2nd Community Forum
Architect Presents
Concerns/OpinionsMinutes
Recorded
1919191919
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Year Two / Construction
Plans Select General Facility ShutReview
MaricopaCounty
Contractor &
Sign Contract
ConstructionPermits
DownContractor
Stages
AcceptanceConstruction Phase ! Phase II
WalkThrough AcceptanceBegins Phase ! Phase II Punch
List
Grand Opening
2020202020
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RecreationRecreation 1% Other
3% Bowling 7% Asset Preservation Fee1% Other
53% Recreation
35% Golf
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$ 21.3 Million Total Revenue in FY 2011-2012
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R tiRecreation2010-2011
Projected2011-2012Requested
Revenue $11,007,174 $11,341,223
Operating Expense
$10,219,736 $10,523,186Expense
Net Revenue $787,438 $818,037
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Association Fees
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Membership Dues Per FY (for year ending June 30)Membership Dues Per FY (for year ending June 30)
$600
$400
$500
$200
$300
5-Yr Projections
$100
$0
Dues Change from Prior Expon. (Dues)
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Del Webb Member Dues Comparisonp$3,600
$3,500
$4,000 2011-12
$2,088
$2,884
$1 860
$2,676
$
$2,500
$3,000
$740
$1,555
$1,061
$1,500
$1,000 $1,188 $1,260
$1,860
$1,000
$1,500
$2,000
$432 $740
$0
$500
2525252525
Based on a two-person household basisBased on a two-person household
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For Your $1.00 a Day, YouFor Your $1.00 a Day, You Have Access to:
• 4 Recreation Centers
• 7 Golf Courses
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• 1 Sports Pavilion 30 Bowling Lanes30 Bowling Lanes29 Billiards Tables5 Shuffleboard Courts
Lib•1 Library45,000 books, tapes, CDs etc.
•1 Village Storeg
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• 27 Tennis Courts• 15 Pickleball /Platform Tennis Courts• 15 Pickleball /Platform Tennis Courts• 6 Pools • 8 spas• Bocce, Racquetball & Table Tennis
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• 1 Softball Field• Lawn BowlingLawn Bowling• 2 Dog Parks• 2 Mini Golf Courses
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• 3 Walking Tracks• 4 Fitness Centers• Horseshoe Pits,
Arcade, Children’s PlaygroundPlayground
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• 10 Ramadas 1 Park & 1• 10 Ramadas, 1 Park & 1 Bandstand
• 1 Performance Theater• 2 Restaurants & 6 Snack
Shops• 1 Lecture Hall• 2 Ballrooms
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• 5 Card Rooms• 20 Arts & Crafts Club
R (i l diRooms (including Computer Room, Woodworking & Metal S )Shops)
• Men’s Club• And More!And More!
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3333333333
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GolfGolf 1% Other
3% Bowling7% Asset Preservation
Fee1% Other
53% Recreation35% Golf
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$ 21.3 Million Total Revenue in FY 2011-2012
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G lfGolf 2010 2011 2011 20122010-2011
Projected2011-2012Requested
Revenue $7,490,733 $7,544,566
Operating Expense
$8,331,385 $8,475,661
Net Revenue ‐$840,652 ‐$931,095
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Golf Rounds Per FY (Ending J ne 30)(Ending June 30)
450,000500,000
f
300 000350,000 400,000 450,000 * Actual Rounds instead of “Equivalent Rounds”
150 000200,000 250,000 300,000
50,000 100,000 150,000
-
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Rounds Per Year Trendline
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Year To DateG lf R d Pl dGolf Rounds Played
300,000
250,000
150,000
200,000
100,000
0
50,000
37
Jul Aug Sep Oct Nov Dec Jan Feb Mar Apr May Jun
09-10 Cum. 10-11 Budget - Cum. 10-11 Cum
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Del Webb R id t D il F G lf R t C iResident Daily Fee Golf Rate Comparison
$65 70
FY 2011 12
$35
$41
$48 $51
$56 $59 $60
40
50
60 FY 2011-12
$26 $31
10
20
30
-
3838383838
Based on a two-person household basis
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Golf Fees - No Change in FY 2011-12
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The Growing Importance ofN R id t PlNon-Resident Play
100%
Percent of Golf Fee Income
8.5% 8.2% 9.3%14.8% 17.1% 18.1% 21.0% 20.5% 22.0%
70%
80%
90%
50%
60%
70%
20%
30%
40%
0%
10%
2002‐2003 2003‐2004 2004‐2005 2005‐2006 2006‐2007 2007‐2008 2008‐2009 2009‐2010 2010‐2011
40
Resident % Non‐Resident %
Generates $1.4 Million = $50/Member
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Environmental Services Department
Golf Course MaintenanceFY 2011-2012 Budget
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Operating BudgetsCost Control Measures Cost Control Measures
Reduced overseeding
Less preparation at overseeding
Reduced fertilizer applications
Use of plant growth regulators
Use of generic brand chemicals
Soil and water testing
Changed rough mowers from reel type to rotary units
Increased hand watering
Perform annual irrigation audit
Not filling non essential lakes
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Cost ControlUsing a portion of In-House labor for capital projects
Cross training staff members Reduces overtime
Employee sharing
Adjust operating hours during aerification, overseeding and frost delays
Reduced overtime hours
Eliminated seasonal workers (5)
R fi i ti f t Refining operation for greater efficiency
Limiting capital expenditures
Developed a five-year plan for equipment replacement and capital projects
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Staffing History (Full-Time)Staffing History (Full Time)
107120
110 10798 97 94 94 94 94
80
100 94 94
60
20
40
0
2002 2003 2004 2005 2006 2007 2008 2009 2010 20112002 2003 2004 2005 2006 2007 2008 2009 2010 2011
* eliminated 33 positions since 1992
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Capital ProjectsSumm r 2011 Summer 2011
Cart Path RepairCart Path RepairStardust Trail RidgeDeer Valley D V y
Pump Station ReplacementGrandview
Bunker RenovationTrail RidgeDeer ValleyDesert Trails
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Five-Year Plan Year 2011-12 2012-13 2013-14 2014-15 2015-16
Pebblebrook Cart Path Repair Cart Path RepairpLevel Range Tee
Stardust Cart Path Repair
Replace MainLine Valves Phase I
Replace Main Line Valves Phase II
Level Range Tee
Grandview Pump Station Replacement
Level Range Tee Replace Main Line Valves
Cart Path Repair
Replace Main Line Valves Lake Aeration
E h M Cart Path Repair Cart Path Replace PumpEcho Mesa Cart Path Repair Cart Path Repair Level Range Tee
Replace Pump Station
Trail Ridge Cart Path Repair S d T
Replace Pump Station
Cart Path Repair Level R TSand Trap
WorkRange Tee
Deer Valley Sand Trap Work Cart Path Repair
Granite For Desert Areas
Cart Path Repair Level Range Tee
Desert Trails Drainage Sand TrapWork
New Granite For Desert Areas Pump Filtration
Granite For Desert Areas
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Summer Course Closures5 Y Pl 5 Year Plan
2011-2012 2012-2013 2013-2014 2014-2015 2015-2016
PebblebrookClosed June-October
Cl d Cl d Stardust
Closed June-October
Closed June-October
GrandviewClosed June-October
Echo MesaClosed June-October
Trail RidgeClosed June-October
Closed June-OctoberTrail Ridge June-October June-October
Deer ValleyClosed June-October
Closed Closed Desert Trails
June-October
June-October
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Equipment Replacementq p p
Total of 23 units scheduled Total of 23 units scheduled for replacement
Average of 3 units per golf Average of 3 units per golf course
Average age of equipment Average age of equipment being replaced 11.91 years
A f l lif f Average useful life of equipment being replaced 6.2 years
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BowlingBowling 1% Other
3% Bowling 7% Asset Preservation Fee1% Other
53% Recreation
35% Golf
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$ 21.3 Million Total Revenue in FY 2011-2012
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BOWLINGBOWLING 2010-2011
Projected2011-2012Requested
Revenue $651,824 $703,911
Operating Expense $634,461 $690,129
Net Revenue $17,363 $13,782
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Revenue
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Bowling Fees - No change to our members
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Facilities and Equipment ReserveFacilities and Equipment Reserve
• Forecast fund balance June 30, 2011…Forecast fund balance June 30, 2011… $8,700,000
• Net increase in fund balance for FY 2011-12… $300,000 (3.3%)
• Estimated total balance June 30, 2012…$9,000,000
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Reserve Fund Balance FY 2011 12FY 2011-12
6% Budget 14% Capital gStabilization,
$500,000
14% Capital Equipment, $1,250,000
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81% Uninsurable Loss, $7,250,000 * Budgeted $25,000 in FY2011-12
for reserve study
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Bottom Line for 2011-2012Budget will modestly increase over 2010-11 budget
FY FY FY FYAll Amounts in
$ Millions
FY 2008-2009
FY 2009-2010
FY 2010-11
Bud.
FY 2010-11
Proj.
FY 2011-12
Req.Revenue $19.6 $21.0 $20.9 $20.9 $21.3
$ $ $ $ $Operating Expenses $16.4 $16.9 $17.9 $17.7 $18.0
Depreciation Expense $2.9 $2.9 $2.8 $2.7 $2.8
T t l E $19 3 $19 9 $20 6 $20 3 $20 8Total Expenses $19.3 $19.9 $20.6 $20.3 $20.8
Net Income $0 2 $1 1 $0 3 $0 6 $0 5
55555555
Net Income $0.2 $1.1 $0.3 $0.6 $0.5
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ConclusionsConclusionsRecommending:• No increase in insurance • No increase in Wages and Benefits• 2% increase in overall expense (including depreciation)• 4% increase in dues • No increase in golf fees• No increase in bowling feesg• 3% increase in reserves• $3 million in capital projects• Spending $25,000 in FY2011-12 for reserve studyp g $ , y
Projecting 1% increase in golf revenue
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oject g % c ease go e e ue
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Challenges for the futureChallenges for the future• Changing DemographicsChanging Demographics• Aging of our community• Legislative Mandates• Legislative Mandates• Surrounding growth
CC&R f t• CC&R enforcement• Volunteerism (cost impact)• Competition of newer communities• Wells / Water issues
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QuestionsQuestions
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