President's Letter

President's Letter ~ June 2014

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June 27, 2014 Dear Members: While for some time it seemed that July was never going to arrive, summer is finally here so we can now begin to enjoy our almost fully recovered golf course. Our new greens have taken well and are slated for opening on July the 3 rd . The new greens will take a full year to fully mature so that it is very important that all members take care to nurture them in their early development. It is most important to fix all ball marks in order to prevent the return of the old POA grasses. Plan to attend our Shareholder Appreciation Day on July the 5 th both in celebration of this long awaited event and in recognition of the contributions of our membership. I have received numerous requests to migrate our large cup sizes to our new greens. While I,for one, would certainly appreciate this advantage sadly, it is not in the cards. We are all going to have to get used to those "tiny" cups once again! The 2014 USGA Turf Advisory Report by Dave Otis is now available on our website. He is very complimentary on all the ongoing work as well as our decision to re-sod our greens. He notes that the greens are rooting very well due in large part to our ongoing drill and fill efforts. He also notes several other items including the effort and patience that will be required going forward to allow our new greens to fully mature. Please take the time to read this most comprehensive report. Year to Date revenues at the end of May stood at $3,312,066 to a budget of $3,414,705 and last year's actual of $3,420,466. As anticipated we experienced a $102,639 shortfall to budget due primarily to Green Fees and Cart Rental revenues as well as Food and Beverage Revenues. On the positive side our efforts to control expenses were extremely well done so that our Year to Date Expenses were $3,170,664 to a budget of $3,369,388 and to Last Years Actual of $3,451,255. As a result we are $198,724 better than budget and $280,592 better than last year. Our year to date Net Operating Contribution of $141,403 is better than budget by $96,086. The revised costs associated with our greens stand at $180,000 instead of the projected $200,000 are not reflected in the above but we are still confident that we will be able absorb the costs within this year's operations.

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