The Good News
The mandated annual $120,000 pay back from the Community Center Fund (CCF) to the General Fund has been made. This is the first time since the purchase that this promise was fulfilled. (Unless you count the time that the Hiremath council borrowed $350,000 from the General Fund so they could pay $120,000 of that money back into the General Fund…aka the shell game.)
Troon’s losses for the fiscal year came to $1,674,187. This is the best they have done since the golf courses were opened in May 2015, but we are a far cry from patting them on the back.
The Bad News
Total Troon losses for the 50 months that we have owned this white elephant have totaled $9,320,693. Your sales tax subsidy for FY 2018/19 (which the Town calls income) totaled $2,463,034. Your tax subsidy since the purchase has totaled $9,530,901.
The Overlook Restaurant lost $113,917 in FY 2018/19. That is more than they lost in FY 2017/18 ($96,100). Why is this restaurant still open?
Do the golf members deserve their own course? As of June 30th there were 238 members. Membership dues accounted for $761,764. The money the members contributed does not come close to allowing for their own dedicated course.
If we did not subsidize the “member’s course,” we could provide for capital improvements. We could have the Community Center ADA compliant. We would not have to bond. We would not have to depend on HOA’s to provide financial assistance.
We can have 18 holes of municipal golf and convert the remaining 18 holes to green space to avoid any potential loss in property values for those living along the golf course. Then we can start making capital improvements and have money for park improvements.
