Finance Committee Meeting Minutes; May 10, 2016





Mad River Glen Cooperative
Finance Committee Minutes
May 10, 2016

Attendance: Russ Bowen, Bruce Button, Sharon Crawford, John Eberlein, Richard Gervase, Annika Holtan, Meg Hourihan,
Pete Ludlow, Andrew Snow, Deb Steines, John Stetson, John Tobin, Jamey Wimble.

The meeting was brought to order at 8:00 AM.
The minutes from April were reviewed. Pete Ludlow moved to approve the minutes, Meg Hourihan seconded. All were
in favor.

Jamey Wimble reviewed the April financials. The insurance cost for April should be reduced due to credits. The cash
projection for June reflects $50,000 in unpaid furloughs for year‐round staff. Given the recent season, the only summer
spend that is proposed is $15,000 in roof repairs for the Base Box. The members of the committee were in general
agreement with the summer spend plan.

Jamey then presented the FY2017 budget proposals. Four options were presented, Option A was the same as last year’s
budget, Option B reduced the day ticket income as requested by the Board of Trustees, Option C included additional
income and cost reductions, and Option D projected that the main mountain would not be open for Christmas. A
discussion followed. Deb Steines felt that Option C was a reasonable alternative. John Eberlein said he could not support
any of the options as he believed there was not a plan to pay off the line of credit. Deb Steines moved to vote on Option
C., Russ Bowen seconded. The vote was two against (one member changed after the meeting), two abstain, and six in
favor. The motion passed.

Deb Steines moved to adjourn, seconded by John Stetson. The meeting adjourned at 8:52 AM.

The Finance Committee will meet again at 8:00 AM on Tuesday June 9.

Respectfully submitted,
John Tobin, Treasurer