Finance Committee Meeting Minutes: November 10, 2016





November 10, 2016

Attendance: Bruce Button, Sharon Crawford, Richard Gervase, Geordie Hall, Meg Hourihan,  Pete Ludlow, Eric Palola, Andrew Snow, Deb Steines, John Stetson, John Tobin

The meeting was brought to order at 8:00 AM. 

The minutes from October were reviewed. Geordie Hall moved to approve, Deb Steines seconded. All were in favor.

John Tobin made the committee aware that we are continuing to defer consideration of the campaign pro-forma spreadsheet while Nate Martin is wrapping up his review.

The snowmaking electrical project is proceeding on schedule and should be done by the end of November.

Sharon Crawford reviewed the October 2016 financials. The Basebox roof repair has been expensed and not capitalized. “Facilities” expenses are under budget as staff is holding off on ordering to help cash flow. All supplies will be on hand for the season. We paid off $300K on the line of credit from preseason sales. Sharon also reviewed the cash flow projection. We expect to pay the line of credit down to $110K during the winter. Geordie Hall asked if we can add the original projected cash balance to the actual starting cash balance.

John Tobin passed along an update on the campaign. $53,788 was granted by SMF to cover the snowmaking project. The campaign received $35K in additional pledges in October.                                                                                                                             

John Tobin told the committee that a spreadsheet containing long term financial and other data has been mostly updated by the staff and he will work on the charts and present the document to the committee shortly. The financial subcommittee has not yet met but will start up prior to the next meeting.

Deb Steines moved to adjourn, seconded by Pete Ludlow. The meeting adjourned at 8:29 AM.           

The Finance Committee will meet again at 8:00 AM on Thursday, December 8.

Respectfully submitted,

John Tobin, Treasurer