The fiscal year (July 1, 2017 through June 30, 2018) has ended and we now have the final numbers regarding the financial status of the Community Center and Golf Courses.Community Center
The Community Center Fund (CCF) ended the year $74,010 in the red. This number includes the fact that your sales tax contribution for the year was $2,330,941. It also includes the annual $120,000 pay back to the General Fund (the Town Council borrowed $1.2 million from the General Fund in 2015 to start the Community Center Fund).
The Town fell well short of their desired capital outlay. They promised to spend $94,250 in capital improvements, but spent only $45,464. The Town has fallen short of expected capital outlay since the Community Center inception in May 2015, hence the $6 million dollar bond for improvements in the FY 2018/19 budget.
The Town’s losses (fitness/recreation) were $123,800 in FY 2017/18 and a total loss of $291,009 since inception in 2015. In other words, the Town’s losses in FY 2017/18 were almost half of their total losses since 2015. Is this the trend we desire?
• The CCF ended FY 2014/15 with $1,025,222.
• It ended FY 2015/16 with $162,152.
• It ended FY 2016/17 with $97,156 (however, this was due to the Council transferring $350,000 from the General Fund to the CCF).
• And it has now ended FY 2017/18 at $74,010 in the red. The trend is not going in the right direction.
The Overlook Restaurant lost $96,100 in FY 2017/18. This is $23,606 more than forecasted.
Troon Golf lost $1,993,040 in FY 2017/18. This is $170,099 more than forecasted. Since the beginning of this debacle, your sales tax revenues diverted to this fund have been $7,067,867 and Troon has lost $7,536,042.
Adding the Town’s losses since 2015 ($291,009) with Troon losses since 2015 ($7,536,042) equals total losses of $7,827,051. This number is $759,184 more than the sales tax revenues ($7,067,867) that were supposed to support this misadventure. Are the members really paying their share for a private course?
Member Dues
FY 2015/16 ended with $876,133
FY 2016/17 ended with $726,811
FY 2017/18 ended with $784,071
Although member dues were $57,260 higher in 2018 than 2017, the fiscal year began in July 2017 with $58,678 in member dues and ended the year in June 2018 with $52,388 in member dues.
Fresh eyes
This investment continues to be an eyesore on our books. Beginning in November, we will have a new Council majority. Let’s hope that fresh eyes and innovative ideas can stem these losses. You can be assured that I will continue to keep a close eye on this situation.
