President's Letter

President's Letter ~ February 5 2018

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Feb. 1, 2018 Dear Members: As follow up to our 96 th Annual General Meeting held on Saturday January 20, 2018, I am pleased to provide you with a brief overview of the highlights from the meeting as well as links to the shared Long Range Planning projects presentation and videos. 2017 was another very successful year for our Club. While operating contribution was slightly behind budget it remained positive and our overall financials were very healthy. Revenues exceeded expenses by $514,000 and with continued strong Initiation revenues of $765,000 we were able to comfortably pay our debt obligations while increasing our cash position significantly. As a result, I am pleased to report that on the recommendation of the Finance Committee, we expect to make a substantial payment against our debt exceeding $1,000,000 by July of this year. Ten years ago, our Board, Management and ultimately our Membership committed to a plan which required significant investment in the future of our Club and today we are the benefactors of their vision. Our Golf Course has never looked better, our Clubhouse and Curling facilities are magnificent and as a result we have maintained the ability to attract and sustain a strong and vibrant membership without needing to withdraw or lower Initiation fees. Through utilizing Trial memberships as a strategy to attract members, our golf caps have remained at capacity and our curling numbers are stronger than ever. Looking ahead to 2018, we have approved 27 new member applications and have received 16 Trial member applications for this upcoming season. This increment in membership demand is incredible news and means that at this point to reach our cap limits we will only require 7 Trial or new Shareholding members. As of January 1 st , a new Membership policy came into effect whereby our "A" golf category became the only category option for new incoming members. This policy change addresses the previous inability of existing members to transfer to the "B" category from A, yet maintains a clear and equitable pathway for all members over time to earn a restricted membership offering. All motions presented at the recent AGM were approved. The most significant one was aimed at improving the consistency and quality of our curling ice. As identified by an independent engineering study, significant improvement of the insulation in our curling roof will reduce the effects of weather on our ability to provide quality ice, especially in the warmer months of fall and spring. Work will be completed during this upcoming curling off season.

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