Finance Committee Meeting Minutes: March 18, 2020

Attendance: Geordie Hall, Annika Holtan, Matthew Milan, Matt Lillard, Xander Patterson, 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 February 2019 minutes

2. February 2020 Financial Reports and Cash Flow Review:
   • Balance Sheet – Strong position $842k Cash, including $500k in rain day account balance daily cash
   • P&L – 40% increase in volume in February, ran 100%. Yields to be analyzed but expected to be about the same as last year
   • YTD P&L – YTD NOI ($927k), ahead of budget by $393k, and last year by $326k
   • Cash Flow: does not reflect an early closing yet, a very strong cash position reflected, construction project to be added.

3. Cash Flow Modeling as it relates to construction projects
   • Currently looking at the options for long-term financing on project shortfall, shopping for the best terms
   • Beginning the siding project on the Admin building, will continue for several years
   • Strong support from the FC for LT financing
   • Motion made ‘to recommend the board approve the summer projects as presented’

4. Update to LT capital plan

• Matt will be working on the update over the next month and will look for FC input at our next meeting.

5. The FC supports Matt keeping staff on the payroll as best he can as a result of the early closing.

6. There are no plans to carry-over Mad Cards to next season. Mad Money can still be used in the retail store.

7. Discussed the content of the Treasurer’s report at the annual meeting. Suggestions included: address          LT debt and to review our mission statement.  Matthew will circulate the presentation prior to the annual meeting.

Next Finance Committee Meeting – TBD

8:58 am – Meeting adjourned

Submitted:

Deb Steines