Last time I wrote to you I provided details of our financial position as a result of the ongoing rain during the first quarter of this financial year. In that communication I provided details of a several options the board were considering to ensure the financial health of the club.
With the beginning of a new year I thought it time to give you a further update. As most of you would be aware, the board decided the initial action to help improve our financial position was the introduction of a temporary 10% increase in competition fees (an extra $2). To date this, together with increases in member/visitor play and upstairs patronage have allowed the club to meet its financial obligations over the last couple of months.
The month of November saw the club have a small surplus of just under $18,000, with the year-to-date result a loss of $129,000, and a bank balance at the end of November of $120,000. Whilst this might sound like a lot of money, it is down substantially on the same time last year ($340,000) and needs to be considered in line with how much we owe our creditors.
December/January are normally our best golf trading months and the board expects these months to be cashflow positive (rain not withstanding). February through to May tend to be cashflow negative, with subscriptions due in June. At this stage the board does not expect to need to impose a levy and is continuing to monitor the need for the additional competition fee on a month by month basis.
I would therefore encourage all members to continue to support the club by playing golf, purchasing your golf equipment from the Pro-shop and having a meal/drink upstairs.
Happy New Year
Allan Keith
Treasurer