Finance Committee Meeting Minutes: May 15, 2019

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

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

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Approved April 2019 minutes

April Reports and Cash Flow Review:

Balance Sheet:

• Cash remains strong.
• A/P trending flat, on top of payments.
• A/R all current.

April  P&L:

• Missed budget primarily due to the ‘# open days’ goal.

Year to Date P&L:

• Day tickets beat budget without breakage factored in.
• $72K over budget, $304K over last year.
• Online advanced ticket system working great, ticket yields up
• All service departments did well

Cash Flow:

• Because of preseason sales, and current strong cash flow LOC draw projected at $40K for one month
• Some salary and insurance savings are not factored in.
• Design costs for the Basebox and Patrol building have not been added but will be offset by SMF grants and will not affect cash flow longterm

Budget:

• See Budget Overview document below.
• NOI $50K is realistic & attainable
• Pass sales increased, 100 new pass holders purchased passes in April,
• 2-2.5% increase in passes, moving to three tier pricing, Spring, Fall and Winter
• Day tickets increasing 3-4%

Thank you to Matt and Andrew for an excellent and complete budget presentation.

Future discussion:

• Mission Statement, discussion on line prior to next meeting
• Capital Budget expected end of May beginning of June
• 2019/20 Cash flow after budget is approved
• Past NOI expectations to accommodate all expenses and capital (Deb to review her old files for appropriate exhibits in July)

9:10 am – Meeting adjourned

Submitted:

Matthew Milan, Treasurer