Finance Committee Meeting Minutes: February 16, 2022

Attendance:  Andrew Carey, Andrew Snow, Brad Noble, Brian Williams, Eric Palola, Geordie Hall, John Skelly, John Stetson, John Tobin, Leigh Michl, Matt Lillard, Meg Shultz, Richard Gervase, Sharon Crawford, Will Kriewald.

The meeting was brought to order at 9:34 AM by Andrew Carey, MRG Treasurer and Finance Committee Chair.

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Approved January 2022 minutes

• Suggested corrections to the minutes: Will Kriewald was incorrectly named as the board member who is spearheading revisions to the document management system. This is a joint effort by the board.
• Motion to approve as corrected by Geordie Hall, seconded by Eric Palola. Minutes were approved.

Review of Financial Reports – Andrew Snow

• Documents can be found here in Google Drive.
• Balance Sheet
  • Despite a less than stellar month of January, cash position continues to be strong. Adjusted COOP Cash (cash, less POP account, PPP Loan and Construction Loan) is $1.366M, or $782K greater  than last year.
• January P&L
  • Limited operations in January resulted in missing the budgeted NOI by about $69K. However, it was on par with last year.
  • Management is fine tuning the ticket selling strategy. Did not sell-out of day tickets in January.
  • Fewer pass holders skiing; day ticket sales are up year over year; revenues in the BaseBox are up on a per skier basis; retail continues to be strong; and, Ski school and rental beat their budgets.
• YTD P&L
  • NOI is $303K better than budget, and $307K ahead of last year.
  • Demand continues to be strong, although total skier visits are down by almost 4,600.
  • Covid-related expenses are carried “below the line” and total about $6,000.
• Cash Flow
  • Cash is in a good position. The ending cash balance is forecasted to remain $1 Million.
  • There is no anticipation of using the LOC or Rainy Day account.
  • Major uses of cash in January include the final payment on the groomer of $120K and the final payment on the roof project of $19K.

Other Discussion

• The present document management system is under study by the Board. Modifications or implementation of any changes will happen once Staff and Management can be more engaged after the ski season.
• Brad Noble updated the FC on the efforts being made to evaluate and update the Strategic Plan. It will be ready for presentation to the Shareholders in April.  In general, it is less prescriptive and will require annual evaluation by the Board of any necessary updates in the future.
• The FC Mission Statement is also under review by the Board.  It will be distributed to the committee members prior to the March meeting for discussion at that time.  Of particular concern and interest is the role of the FC as it pertains to the Strategic Plan.

10:44 AM  – Motion to adjourn by Geordie Hall, seconded by consensus.  Meeting adjourned.

Next Finance Committee Meeting – March 16th, 9:30 AM.

Submitted by:  John Stetson