The Capital Golf fund advanced $3,627,329 to the Desert Willow Golf Course for the purchases of golf carts totaling $1,598,773. The advance for the golf carts will be repaid over 48 months beginning January 1, 2024 and bears interest at a rate of 2.5%. The advance for the golf course equipment will be repaid over 60 months beginning November 1, 2022 and bears interest at a rate of 2.5%.
The future payment schedule for these advances are as follows:
| Advance to Desert Willow Golf Course Fund | |||
| Fiscal Year | Principal Payments | Interest Payments | Total Payments |
|---|---|---|---|
| 2026 | $ 820,670 | $ 30,608 | $ 851,278 |
| 2027 | 633,196 | 10,937 | 644,133 |
| 2028 | 144,907 | 756 | 145,663 |
| Total | $ 1,598,773 | $ 42,301 | $ 1,641,074 |
| Receivable Fund | Payable Fund | Amount |
|---|---|---|
| General Fund | Palm Desert Recreational Facilities Corporation | $ 420,000 |
| Desert Willow Golf Course | Palm Desert Recreational Facilities Corporation | 1,793,417 |
| $ 2,213,417 |
The Palm Desert Recreational Facilities Corporation (the Corporation) owes the General Fund $420,000 in deferred unpaid rent for various years through FY 2020-21 associated with the lease between the City and the Corporation. The Corporation owes the Desert Willow Golf Course Fund $1,793,417 which represents subsidies for operation, $1,437,644 of which relates to prior fiscal years and $355,773 which relates to the current year. There is no payment schedule in place for the repayment of these amounts, therefore these transactions have been recorded as long-term in the accompanying financial statements.
The composition of interfund transfers as of June 30, 2025, was as follows:
Transfers Out Transfers In
General Fund $ - - 380,542 - - 380,542
Housing Authority
Special Revenue Fund - - - - - - 2,115,140
Other Governmental Funds 2,115,140 - - - - - 376,285
Parkview Office 376,285 - - - - - 376,285
Totals $ 2,491,425 $ 5,000,000 $ 22,418,897 $ 3,950,608 $ 19,200 $ 33,880,130
- 5,000,000 22,038,355 $ 3,950,608 $ 19,200 $ 31,008,163
General Fund Prop A Fire Tax Special Revenue Fund Other Governmental Funds Internal Service Fund Parkview Office Totals
Transfers In
Transfers are used to:
1. Transfer revenues to provide for capital projects.
2. Transfer revenues to provide for additional resources to pay for expenditures.
3. Transfer to cover future cost of assets.