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Historical Revenues and Expenses
<br />The following table shows the historical operating
<br />and expenses for the Sandridge golf course.
<br />Year Ended September 30
<br />1987 1988 1989
<br />(6 months)
<br />Revenues
<br />Pro Shop Sales $
<br />Green Fees
<br />Cart Rentals
<br />Food and
<br />Beverage Sales
<br />Other Income
<br />Total Revenues
<br />Expenses
<br />14,521
<br />170,206
<br />63,499
<br />16,619
<br />32.854
<br />Salaries and
<br />Benefits $
<br />Materials and
<br />Supplies
<br />Depreciation
<br />and Amortization
<br />Total Expenses
<br />Net Revenues
<br />Available for
<br />Debt Service(1)
<br />Annual Debt
<br />Service (2)
<br />$297,699
<br />260,140
<br />204,761
<br />181, 517
<br />$ 646,418
<br />(167,202)
<br />$ 50,520
<br />687,667
<br />259,247
<br />89,587
<br />38.368
<br />$1,125,389 $1,313,363
<br />$ 55,654
<br />783,363
<br />292,848
<br />122,421
<br />59.077
<br />$ 451,276
<br />390,639
<br />361.550
<br />$1,203,465
<br />283,474
<br />$ 539,902
<br />430,128
<br />367.822
<br />$1,337,852
<br />343,333
<br />201,360
<br />1990
<br />$ 70,460
<br />939,343
<br />318,019
<br />131,002
<br />67.797
<br />$1,526,621
<br />$ 618,532
<br />480,693
<br />342.959
<br />$1,442,184
<br />revenues
<br />1991
<br />(October 1,
<br />1990 -March
<br />1, 1991)
<br />$ 32,974
<br />444,562
<br />168,856
<br />48,260
<br />34.960
<br />$729,612
<br />$278,948
<br />178,947
<br />125.958
<br />$ 583,853
<br />427,396 271,717
<br />201,360 100,567(3)
<br />(1) Total revenues less total expenses exclusive of depreciation and
<br />amortization.
<br />(2) Annual debt service on the Parity Bonds. Interest on the Parity
<br />Bonds was capitalized out of bond proceeds until September 1, 1988.
<br />(3) Prorated for the five month period.
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