Attendance: Matt Lillard, Andrew Snow, John Stetson, John Tobin, Geordie Hall, Matthew Milan, Meg Hourihan, Eric Palola, Meg Schultz, Deb Steines

The meeting was brought to order at 8:00 AM by Matthew Milan, MRG Treasurer and Finance Committee Chair.

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Approved January minutes.

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December Financial Reports and Cash Flow Review:

• Switched payment plan for fuel from pre-buy model, higher costs now, lower in off-season, better for cash flow going forward.

• Question from Eric Palola about being off budget on day ticket sales: Do we think that IKON/Epic pass sales are hurting our day ticket sales? Matt Lillard says it’s a possible factor, there are other considerations at play as well like weather. They will look at yields, and how things like Mad Card usage plays into this as well.

• Deb Steines asked if we are cannibalizing lift ticket sales with Mad Card sales. Matt Lillard says that they are going to do deeper analysis when they have time, they will look at ways to improve yield, and are considering a raise in Mad Card pricing for next season.

• There was a question about increased workers comp payments. Management replied that it’s due to an overall increase to in payroll and changes to health care coverage for older employees.

Reviewing campaign-related finances, the mountain returned some unused grant money to SMF. This period of the year is usually slow for SMF/grant related activity.

• Based on January numbers, the new projection on the line of credit is $225K, last month was $175K.

• The mountain is ahead of the game for payables based on last year. It’s not grossly ahead of where it should be, but it is in a good position with respect to payables.

• Question from Deb Steines: are we planning to offer early pass sales for 2019-2020 season in the spring. Management would like to propose a plan for that at the next Finance Committee meeting and have it recommended to the board.

• Question from Matthew Milan: Can we target past Mad Card purchasers for the early Season Pass program? Management says we do have the ability to target those who have left their email addresses.

• Management is looking at adding a young adult pass for the 19-29 age group. It looks like a good opportunity as we don’t see many pass sales to this group currently.

• A question about reciprocal relationships with places like Silverton. The experience with Silverton didn’t move the needle for us. Management is looking for other western resorts to explore partnership with in the future.

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Matthew Milan made a motion to adjourn – Deb Steines seconded. Motion passed.

The meeting adjourned at 8:30 AM.

Next meeting, Wednesday, March 13 at 8:00 am

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Respectfully submitted,

Matthew Milan, Treasurer, Finance Committee