HomeMy WebLinkAbout05221986 GCMINUTES OF MEETING OF GOLF COURSE ADVISORY BOARD - MAY 22, 1986
MEETING WAS CALLED TO ORDER BY VICE CHAIRMAN JOHN VAN ANTWERP AT 4:00 P.M.
PRESENT: VICE CHAIRMAN JOHN VAN ANTWERP, GEORGE PEPPER, ROBERT FAUST, RAY LADD.
ABSENT: DON LIVINGSTON (EXC. ), LYNN WRIGHT (EXC. ), ANDREW GREGORY.
MOTION BY MR. PEPPER, SECONDED BY MR. FAUST, TO APPROVE THE MINUTES OF THE
MEETING OF MAY 1. CARRIED.
CHAIRMAN VAN ANTWERP ADVISED THAT,,THE CITY COUNCIL TOOK THE RECOMMENDATION OF
THE ADVISORY BOARD TO DROP CORPORATE MEMBERSHIPS. THEY APPROVED MEMBERSHIPS
FOR SEBASTIAN LAKES RESIDENTS. THEY THANKED THE BOARD FOR THE INPUT ON CAPITAL
EXPENDITURES. ARCH ROBERTS MADE A PRESENTATION TO THE COUNCIL WITH REFERENCE
TO RE-FINANCING OF THE GOLF COURSE BONDS. COUNCIL O.K.'D THEM TO PREPARE
WHATEVER IS NECESSARY IN ORDER TO TAKE ADVANTAGE OF ANY FUTURE OPPORTUNITY
TO RE-FINANCE.
CHAIRMAN VAN ANTWERP MENTIONED THAT BUDGET TIME IS UPON US AND THE BOARD SHOULD
OFFER THEIR ASSISTANCE TO MR. LADD. MR. LADD STATED THAT HE IS IN THE PROCESS
OF PREPARING THE BUDGET AND INVITED THE MEMBERS TO COME AND LOOK AT IT. THE
BOARD AGREED TO HOLD A SPECIAL MEETING ON JUNE 12 TO DISCUSS THE BUDGET.
MR. LADD REMARKED THAT IN LOOKING OVER LAST YEAR'S BUDGET, THROUGH THE END OF
THE FISCAL YEAR, OUR GROSS EXCESS PROFIT WAS $270,000. SUPPOSEDLY WE DIDN'T
MAKE ANY.-.MONE.Y BECAUSE OUT OF THAT CAME DEPRECIATION, DEBT PAYMENT, INSURANCE,
INTEREST.; CHAIRMAN VAN ANTWERP STATED THAT W~ NEED TO GET THE FINANCIAL
STATEMENTS INTO A GOOD, SOLID FORMAT. WE NEED TO KNOW EXACTLY WHERE WE ARE
AND OUR DEPRECIATION AND GENUINE NUMBERS. MR. LADD ADDED THAT THE FINANCIAL
STATEMENTS ARE A MANAGEMENT TOOL AND WE KNOW HOW TO INTERPRET THEM, BUT THE
AVERAGE LAYMAN CAN'T, IT APPEARS WE'RE MAKING A LOT OF MONEY.- WE'RE NOT.
IF WE CLOSED THE GOLF COURSE TODAY, IT WOULD APPEAR THAT WE HAD A PROFIT OF
$350,000.., BUT WE HAVE TO PAY THE EXPENSES ON THE BOTTOM. HE ALSO'ADDED
THAT THIS HAS BEEN THE BEST MAY WE'VE EVER HAD - $50,000. TO DATE AND HE HOPED
IT WOULD KEEP UP.
MEETING ADJOURNED AT 4:20 P.M.
GOLF COURSE ADVISORY BOARD
MAY .22, 1986 - 4:00 P.M.
AGENDA
CALL TO ORDER
ROLL CALL
APPROVE MINUTES OF MEETING OF MAY 1
APPROVE FINANCIAL STATEMENT FOR PERIOD ENDING MARCH 31
OLD BUSINESS:
NEW BUSINESS: