Staff recommends approval of the 2023 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 2023 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 2023 proposed budget was reviewed by the Billing Parks, Recreation, and Cemetery (PRC) Board on November 19, 2022.  The PRC Board recommends the ECGC budget and fee structure for 2023 be adopted as presented.  The proposed budget and fee structure is attached for Council review.

City Council may:

• Approve the proposed ECGC 2023 annual budget and fee structure, or
• Approve the proposed ECGC 2023 annual budget and fee structure with requested changes.

The proposed fee structure does not include any fee increases in 2023.  The ECGC has indicated that there will be an annual distribution of $20,000 in 2022.  There was no annual distribution in 2019, 2020, and 2021.