Finance Committee Meeting Minutes: December 15, 2021

Attendance:  Andrew Carey, Andrew Snow, Brad Noble, Brian Williams, Eric Palola, Geordie Hall, John Skelly, John Stetson, Jeff Whittingham, Leigh Michl, Matt Lillard, Meg Shultz, 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 November 2021 minutes

• Suggested corrections to the minutes: None
• Motion to approve by Eric Palola, seconded by John Skelly. Minutes were approved.

Review of Financial Reports – Andrew Snow

• Documents can be found here in Google Drive.
• Balance Sheet
  • November is typically a fairly quiet month. This month was also unseasonably warm.
  • Cash position continues to be COOP cash, less POP account is $526K ahead of last year.
  • Consideration will be given to paying down the construction loan at the end of the ski season.
• P&L
  • Total income is $153K ahead of last year.
  • Season passes are $308K over budget. Kids programs are up significantly and exceeded budget.
  • NOI is $426 over budget.
• Cash Flow
  • Ending cash balance remains very strong.
  • Share sales continue to be strong.
  • No anticipation of using the LOC or Rainy Day account at present.

Other Discussion

• The BoT is reviewing the makeup of all committees, including the FC.
• Staff shortage in all departments continues to be an issue for operations.

Next Finance Committee Meeting – January 12th, 9:30 AM, and will include a review of the audit.

10:08 AM  – Meeting adjourned.

Submitted by:  John Stetson