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Palm Harbor Golf Course Golf Cart Purchase October 29 th, 2013 Presented by Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director.

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Presentation on theme: "Palm Harbor Golf Course Golf Cart Purchase October 29 th, 2013 Presented by Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director."— Presentation transcript:

1 Palm Harbor Golf Course Golf Cart Purchase October 29 th, 2013 Presented by Christopher M. Quinn, MACC, CPA, CFE, CGFO, CGMA Finance Director

2 Background  2009 City enters into agreement with Kemper Sports Management, Inc. to operate the Palm Harbor Golf Course Council approves lease of golf carts from EZ Go for four years Current lease expires November 1, 2013  September 2013 Kemper contacts three major golf cart manufacturers to obtain new proposals for lease of golf carts Club Car, LLC5.50% Lease Rate EZ GO4.65% Lease Rate Yamaha4.20% Lease Rate  October 1 st 2013 City Council approves new lease agreement with Club Car, LLC

3 Additional Background  Golf Carts 1 Turf Gas Cart 1 Café Express Cart 2 Gas Golf Carts (Precedent i2) 70 Electric Golf Carts (Precedent i2)  Current Lease Ends in November 2013 $5,451.00/month 48 months  Approved Lease (if entered into new lease agreement) $5,385.00/month 48 months 5.5% Lease Rate

4 Lease Execution Issues  Required to list the Leasing Company as an additional insured on the Certificate of Liability Insurance provided by the City  The City cannot comply as it would be waiving our right to sovereign immunity

5 Proposal  Purchase Total Purchase Amount $303,  Internal Lease Payment Option $4,631.08/month 48 months 2% Lease Rate Over $9, annual savings to the Golf Course Use available funds within the Fleet Fund to make the purchase Sufficient funds exist for this purchase Current rate of return is 1.13% based on a 3 year average Internal lease payment option would increase the rate of return on these funds

6 Fund Balance Use of existing Fleet fund balance to make purchase Sufficient funds exist for this purchase

7 Recommendation  Adopt Resolution Approving the Purchase of Golf Carts from Club Car, LLC for a total of $303,761.92, utilizing Fleet funds

8 Discussion


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