Finance News (FTAA)
Hello fellow members, 2020 will be a remembered as a year to forget but also a year which has provided a boom to the golfing community. With so many golfers working from home or on job keeper, the impact at our club has been two-fold. A strong resurgence in members and social’s playing golf and the opportunity to get on top of our financial position to prepare the club for the future.
Over the past 6 months, the club qualified for job keeper. This covered approximately 80% of club and golf wages. This also provided the club with a positive cash flow and gave us the opportunity to invest back in the golf course. Last year at the end of September we had a $700K overdraft. Today we have a positive bank balance and a nil overdraft.
Your board has worked tirelessly to ensure those who want to play get the opportunity. This includes introducing the lottery system and increasing golf opportunities with Vets to include competitions every Monday. With day light savings in play golfers can find a spot to tee off.
The team at your golf club deserve a strong shout out for working through the COVID-19 restrictions. Their dedication to COVID Marshalling and sign in are very much appreciated. As COVID-19 restrictions are relaxed, the golfing community has become much more aware of social distancing, lack of rakes in the bunkers and of course keeping the flag in.
Functions are now back on just in time for the Christmas season. The restaurant is slowly gaining traction with continued support from members. They have introduced Weekend lunch specials that will benefit golfers at the end of their round.
We have made several changes over the past few months as we work through the COVID-19 issues. We brought on a new Finance Manager with a strong accounting background, streamlined monthly reporting and placed a strong emphasis on our cash flow.
With our strong cash flow, we began to rebuild the areas that were in major need of upgrades. These improvements were properly costed and budgeted for.
Some of the notable improvements have been completed such as;
1. Rebuilt the halfway bar
2. Cellar/Keg room upgrade
3. TAB Installation
4. TV Upgrades
5. Concreting 13th pathway
6. 6 upgraded gaming machines
7. IT Upgrades
We are following our strategic plan that was developed by your board. We are in a strong position to continue to develop and invest in the course into the coming year.
See you on the golf course. Cheers,
Tim McCauley – Chairman FTAA