Every year the Exchange City Golf Corporation (ECGC) is required to submit an annual budget to the City Council for approval at the year's start. The proposed budget for the 2019 operating year is being submitted by the ECGC Board of Directors for consideration and approval. The annual distribution of net profit is declared by the ECGC Board of Directors based on: 1st meeting the expenses of the operation; 2nd paying for the debt retirement; 3rd providing reserves for the operating expenses; 4th to provide a reserve for the proposed capital expenditure included in the proposed budget; 5th providing the net profit distribution to the City and the Downtown Exchange Club on a 2/3-1/3 basis, respectively, as outlined in the operating contract between the City of Billings and the ECGC. The 2019 proposed budget was reviewed by the Billing Parks, Recreation, and Cemetery (PRC) Board on November 14th, 2018. The PRC Board recommends the ECGC budget and fee structure for 2019 be adopted as presented.   

The proposed budget and fee structure is attached for Council review.

City Council may:

• Approve the proposed ECGC 2019 annual budget and fee structure, or 
• Approve the proposed ECGC 2019 annual budget and fee structure with requested changes.

The proposed budget and fee structure includes a $1.00 increase in green fees (18 holes and an extra 9 holes).  ECGC has indicated that the annual distribution will be $20,000.00 for the City of Billings, the same as it was in 2018.

Staff recommends approval of the 2019 ECGC annual budget and fee structure as presented.