Finance Committee Meeting Minutes: February 14, 2020

Attendance: Geordie Hall, Matthew Milan, Matt Lillard, Meg Schultz, John Stetson, Andrew Snow, Deb Steines, John Tobin, Brian Williams.

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

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1. Approved January 2020 minutes
2. January Financial Reports and Cash Flow Review:

January 2020: 

• Balance Sheet – a successful month despite the weather roller-coaster. Great Cash position.
• P&L – Broke even – $30K better than budget
  • Income $67K over budget.
  • Operated 29 days with the full mountain, strong month in a challenging season, timing of snow was perfect.
• YTD P&L – Strong season, ahead of budget & prior year
• Cash Flow: expect a healthy balance going into the summer

Exceptional financial performance considering the conditions!

3.Discussion of 2020 building projects and cost estimates

• Matthew gave the Finance Committee an update on the new project budget as recommended by the Facilities Committee. Management will present this budget to the Board of Trustees on February 15, 2020. We reviewed the updated numbers and contingency plan and had a discussion about the options for financing of the Co-op’s contribution to this budget.
• The Finance Committee voted on a motion to “Endorse and Recommend to the Board of Trustees, the Budget for the Basebox and Patrol/Ski School Building Construction Project”. All members on the phone voted in favor, one member provided their assent in absentia.
• On approval of the budget by the Board of Trustees, the Finance Committee will work with and support management to develop and review a set of financing options with a recommendation for the board.
• Discussed submitting all appropriate projects to SMF regardless of available funding, Matt indicated he would follow-up with SMF.  The committee did not make a recommendation or issue a directive on this, discussion only

4. Review of 2019 Modeling work outputs –

• Brian discussed shifting the analysis to season pass sales to compare with our historical day ticket sales numbers over the same period. The initial analysis shows a change in the relationship between pass sales and day ticket sales over the past couple of years that may be in line with the broader industry trends we are seeing.
• How do we become more action oriented, to provide support to the board and staff.

Next Finance Committee Meeting – Wednesday March 18th at 8 AM

8:55 am – Meeting adjourned

Submitted:

Deb Steines