Discussion and possible action to approve a budget amendment by increasing revenues and expenditures in the amount of $24,735.34 to cover Touchstone Golf LLC incentive management fee in accordance with Texas Local Government Code, Section 111.07075 (Special Budget for Revenue Received after Start of Fiscal Year). [Fund #7100 Casa Blanca Golf Course]
Account Number
Account Name
Amount
7100-6110-347140
Merchandise Sales
$24,735.34
7100-6130-001-432069
Incentive Management Fee
$24,735.34
Issue: Increase budget for new revenue and budget expenditures to cover Touchstone Golf LLC incentive management fee.
Solution: Appropriate new revenues and expenditures to be used for incentive management fee.
Result: Touchstone Golf LLC will be paid the contractual incentive management fee based on improvement in earnings before interest, taxes and depreciation (EBITDA).