The Encinitas Ranch Golf Course and JC Resorts recently installed a fantastic small free mini golf course between the club house and the driving range. It is not only for golfers to practice their putting but can be used by anyone. The golf course encourages local residents to take advantage. Bring your kids and a putter, a few golf balls and you are all set.
Also, this fiscal year for the golf course that ended June 30th, the Encinitas Ranch Golf Authority (ERGA) finished fully funding their Contingency Reserve Fund of $500,000. This fund, set up by the city council in 2011, was established to provide the golf course with reserves that could be used to address some type of extraordinary event where they might need to gain access to funding. ERGA was allowed to contribute a maximum of $100,000 per year for five years. The remaining Net Excess Golf Course Revenues are then to be applied to the Community Facilities District (CFD) #1 bond repayment.
In the past month ERGA paid $182,502 toward these bonds and that represents the first time they have been able to do so since the need to fund the Contingency Reserve Fund was established. In making this contribution of $182,502 this diminishes the need for all of the homeowners in CFD #1 to make up that shortfall.
The golf course is doing very well in comparison with other similar golf courses and on track to have more than 68,000 rounds of golf played this fiscal year, which is a 7% increase over last fiscal year. That means there is a far greater likelihood of them contributing their fair share toward the bond repayment and lowering the Mello Roos taxes for CFD #1 homeowners.
For anyone interested in learning more about CFD #1 and homeowner obligations for paying off the infrastructure bonds, you can visit our website and find a complete set of Q & A’s under Community Info in the bottom navigation panel, or visit this link: CFD-1-FAQs-080117.pdf