The unaudited financial results for the Club in 2012 are now in the books. The cash based operational disciplines and leaning of our amenity staffing of the past two years continue to yield improvement in our operational efficiencies and long term debt reduction.
2012 was the second consecutive year that no new debt was incurred. All capital expenditures for the year, a total of $296K, were funded with cash available. Our existing Club debt was reduced by a total of $234K during 2012 and Waste Water operations debt was reduced by $121K during 2012.
Operationally in 2012, expenditures were reduced by $159K compared to 2011.
While home resale growth in the Bay was a robust 36% in 2012 versus the prior year, active Club ownership declined by 4.8% during the same period.
The 2013 budget approved by the Board continues cash-based funding of all planned capital expenditures scheduled for the coming year. We continue to seek opportunities to gain efficiencies and reduce operational costs, while simultaneously reducing our long term debt burden.
The decision to select Paul Wellenberger as our new Club General Manager brings a new mentality to operations. We have shifted our focus from being a Club-based entity to a business operation entity, seeking even greater value for the dues dollars provided by our owners. Paul’s successful business background will guide operations in this new direction.
Community Club Board of Directors Dwayne Miller