Submitted by Gary Ward, General Manager & C.O.O.

Mid-season Financial Overview

With the completion of our July financials, we’ve arrived at the mid-point of summer. With that in mind, I thought it appropriate for a brief update on our operating results and the project financials.

Despite the slow start to the season, our operating revenues are up 1.3% to budget. The higher than budgeted revenues are primarily due to greater than expected dues, guest and cart revenues. Golf shop and food and beverage sales are both running slightly behind budget through July, however both significantly exceeded July budgets and are tracking ahead of budget in August.

Our operating expenses are underspent against budget by 2.7%. The slow start delayed the timing of our typical opening “ramp up” expenses. We will still incur most of these expenses, it’s just that our slow start pushed our timing back, so these expenses are occurring later than budgeted. Our cost of goods sold are also lower than budgeted, due to the lower than projected sales.

As a result, I expect our expenses to balance out over the next two months. Given we were still under construction in May and June, I’m delighted with our current situation. Notwithstanding anything drastic occurring over the next couple months, it’s very possible we’ll deliver an operating surplus this year.

 
Submitted by Chad Vibert, Golf Course Superintendent

 

 
Submitted by Dean Elliott, Men's Captain

 

Submitted by Ryan Rinneard, Director of Instruction
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Submitted by Michelle Larcher, Food & Beverage Manager