Staff recommends approval of the 2021 Exchange City Golf Corporation (ECGC) annual budget and fee structure as presented.

Every year the Exchange City Golf Corporation (ECGC) is required to submit an annual budget to the City Council for approval at the start of the year. The proposed budget for the 2021 operating year is being submitted by the ECGC Board of Directors for 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 ECGC.  The 2021 proposed budget was reviewed by the Billing Parks, Recreation, and Cemetery (PRC) Board on December 9, 2020. The PRC Board recommends the ECGC budget and fee structure for 2021 be adopted as presented.   

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

City Council may:

• Approve the proposed ECGC 2021 annual budget and fee structure, or
• Approve the proposed ECGC 2021 annual budget and fee structure with requested changes.

The proposed budget and fee structure does include a $1 increase in the nine-hole cart fee and a $2 increase in the 18-hole cart fee in 2021.  The ECGC has indicated that there will not be an annual distribution in 2021.  There was no annual distribution in 2019 and 2020.