Treasurer reports golf revenue shortfall; board told cash and PIF balances remain strong

Treasurer Borsky reported the recreation centers are tracking below budget on golf revenue for the month, but overall balances remain substantial and investment earnings are higher than expected.

"I'm not going to read [the report] this time, but it will be filed for audit," Treasurer Borsky said, noting that most of the organization’s red numbers are occurring in golf but that year-to-date income remains higher than last year.

Borsky gave specific balances: a cash balance of $14,722,734, a PIF (Project Improvement Fund) balance of $39,349,936 and an SIF balance of $1,040,726, producing combined assets the treasurer described as $66,779,233. He said investment earnings were about two-and-a-half times what had been forecast.

Board members pressed for clarification about the golf shortfall. Kevin McCurdy, director of finance, explained the monthly deficit differs from the year-to-date figure because the first paragraph of the finance section on the summary page reports month results while the second paragraph is year-to-date. "So when you're looking at that $172,657 deficit, that's for the month of March. The year to date, golf income deficit to budget is $335,000," McCurdy said.

Directors discussed timing and presentation differences in the summary and detailed income statements; McCurdy said cost of sales is included in the summary operating-expense line to save space, which affects comparisons to a fully detailed statement.

Board members and staff said they expect another membership influx when winter visitors return, which could boost revenue, and they are monitoring expenses closely. Director Brian Duthu, the golf director, and other board members flagged additional operational issues including pricing of concessions and weekend tournament policies as areas for future review.

Ending: Treasurer's report was formally filed for audit as part of the meeting’s actions.