Cash based operational guidelines and improving management practices for all amenities in recent years have permitted the board to approve a $6,023,557 balanced budget for fiscal 2014.
The 2013 budget will end the year approximately $250K better than the allocated cost basis. Those savings were attained through the exhaustive efforts of our amenity managers, guided by GM Paul Wellenberger, CFO Jack Keathley and their terrific administrative support team.
Amenity operations are forecast to yield over $700K of operational cash in 2014. This continuing improvement at our amenities relieves the pressure for dues revenue, enabling us to operate with no increase in dues in fiscal 2014.
The Board remains diligent in approving only capital expenditures that can be funded with cash available. No new debt is scheduled in the coming year. Capital expenditures approved for 2014 total $227K and include acquisition of two new pickup trucks for Public Works, installation of a new service department work stall at the Marina, and transitioning the aging putting greens at IHGC to Tif Eagle bermuda.
We are happy to announce that the 2014 budget includes a 2% pay increase for our Club associates. Their efforts contributed significantly to our ability to provide this well earned increase.
Community Club Board of Directors Dwayne Miller