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Saddlebrooke board warned of $506,000 shortfall; golf operations singled out as largest driver
Summary
At an Aug. 28 Saddlebrooke board meeting, directors reviewed a reforecast projecting roughly a $506,000 year‑end deficit driven mainly by golf operations. Staff outlined steps to cut costs, including ending a surge contractor to free about $100,000, while the board affirmed transparency and posted reforecast materials online.
The Saddlebrooke Board of Directors was told on Aug. 28 that a midyear reforecast projects a roughly $506,000 year‑end deficit, with golf operations accounting for the largest portion of the shortfall.
President mat cic framed the presentation as a direct assessment of current performance. "My job was to deliver the Ugly Truth," he said as the finance team walked through revenue and expense changes.
Director of Finance Terry Dempsey presented the financial snapshot that underpins the reforecast: the staff projects roughly $15.4 million in total revenue for 2024 against about $15.9 million in expenses, producing the roughly $506,000 gap. Terry pointed to amenity performance swings — restaurants, golf, fitness, theater and lifestyle operations — and said amenity subsidies are the key drivers of the change from the board’s original plan.
General manager Walter yazzi and staff outlined immediate measures to narrow the shortfall. Walter described a common‑area staffing and contract adjustment plan that would finish targeted level‑4 work, terminate a temporary “surge” contractor after completing units 14, 15 and 17, and redeploy internal crews to prioritize level‑4 maintenance. Walter said that terminating the surge contractor after those units would free about $100,000 that can be applied toward the deficit; he summarized the approach as a combination of reallocation and targeted cuts.
The board and staff emphasized the role of golf in the variance. The reforecast shows golf revenue down versus the plan and a larger projected subsidy; board members said the Mountain View pool closure earlier this year contributed to lost golf revenue and asked TR (the golf operator) to produce a revenue/execution plan for 2025. Dan (board lead on the topic) was asked to hold TR accountable to month‑by‑month performance against any recovery plan.
President mat cic said the staff will continue to seek savings across departments and commit to posting the detailed reforecast and supporting workshop materials on the community website so residents can review the work behind the numbers.
Votes at a glance: The meeting included several routine approvals by voice vote: prior minutes and motions listed on the agenda were approved; the board also approved governance documents and rules changes (see separate articles).
