FINANCE REPORT (6 Monthly 2006)
With eight months of the current financial year behind us the Clubs finances remain steady, with not many variations to budget.
Green fee receipts are $7500 up on budget to the end of May. A total of $12774 has been received to date for hole signage. An added bonus $10000 was received from Community First Foundation for upgrading and repair to clubhouse paths, teeing arrears and car park. Thanks go to Neville for his work in obtaining this funding. The one area of concern continues to be the income from the Clubs gaming machines despite the recent upgrade.
EXPENSES
All expenses are close to budget except wages, up $6500 and course development up $4400.
CAPITAL EXPENDITURE
The cost to upgrade the gaming machines was $25000.
FINANCES
The term loan from the SBS was $235003 at 31/5/06 (7.85%), and the SBS flexiloan $60178 (9.35%).
FINANCIAL OUTLOOK
No major variances in income and expenditure are expected in the near future. An increase in revenue from the lease of the Clubs facilities will be offset by an increase in contract greenkeeping. Hopefully with the restaurant and bar being utilised more then the gaming machine revenue will increase.
A cautious approach to spending would be advised.
John Walter