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M Chairman Macht felt that another consideration for deferring the environmental land purchase would be that the County should have a greater revenue base by then and the load would be better distributed to the taxpayers. Commissioner Bird asked that, at the proper time during the budget workshops, an update on the financial position of the golf course be presented. He felt that the recent article in the newspaper was very misleading and that the Taxpayers' Association was a little off -base in some of their comments. In his opinion, the golf course is in excellent financial shape, with plenty of reserves to cover budgeted items. He wished everyone was more aware of the various funds for the golf course operation. Director Baird advised that a reply to the Taxpayers' Association was made and financial statements were provided for their examination. He explained that there was a $34,484 loss on the financial statement for a $3,000,000 operation. The golf course operating cash as of April 30th was $308,526; there was sinking fund cash of $257,010; renewal replacement of $504,000; capital construction reserves of $97,000; and a bond reserve account of $522,000. Commissioner Bird emphasized that he was not attacking that particular organization but hoped that when they reach a conclusion, it will be one based on research and facts because he believes that people tend to believe that the information is accurate when the organization's name is attached. Director Baird added that staff had responded that the Board of County Commissioners is not responsible for investments. The Clerk of the Circuit Court is responsible for investments. Clerk of Circuit Court Jeff Barton advised that he had also responded to the Taxpayers' Association letter -because they had not met with him. It was explained that each constitutional officer has an independent set of books. They are given draws and do their accounting independently. Chairman Macht suggested it might be appropriate to consider designations of how and where taxpayer monies are invested, such as the proportion between equities, bonds and cash funds. Director Baird continued his explanation that Clerk Barton is responsible for investments. Last year's interest rates were a lot lower at the beginning of the year than they were on September 30th, so almost every community in the United States had to write their investments down because of the natural fluctuation of interest rates. Any investment purchased 3 months ago had a lower interest rate and, therefore, sold on the market at a lower market 5 MAY 229 1995 806K 95 P,�u 146