Finance Committee Meeting Minutes: October 12, 2022

Attendance:  Andrew Carey, Andrew Snow, Brad Noble, Brian Williams, Eric Palola, John Skelly, John Stetson, Geordie Hall, Leigh Michl, Mariah Riggs, Matt Lillard, Meg Schultz, Richard Gervase, Will Kriewald

The meeting was brought to order at 9:32 AM by Andrew Carey, MRG Treasurer and Finance Committee Chair.

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Approved September 14, 2022 minutes

• Suggested corrections to the minutes: None noted
• Motion to approve by Eric Palola, seconded by Will Kriewald. Minutes were approved.

Review of Financial Reports – Andrew Snow

• All referenced documents can be found here in Google Drive. Refer to reports for detailed comments.
• September P&L
  • Basebox continued to be very strong.
  • Mad Money breakage was higher than budget but less than last year.
  • Retail income beat the budget but was less than last year.
  • Gross Profit was $153K, which was $46K over budget, and $15K less than last year.
  • Basebox expense includes some building related costs ($2 to 3K) that would occur whether or not the Pub was operational. The Pub has been marginally profitable over the summer.
  • More detail of departmental P&L continues to be discussed.
  • A negative NOI of $100K is $14K less than budget, and $39K less than last year.
• YTD P&L
  • Season passes and ski school significantly beat the budget.
  • Day tickets were significantly under budget.
  • Some breakout of service departments was provided.
  • NOI of $139K is $117K better than budget, and $409K ahead of last year.
• Balance Sheet
  • Adjusted CoOp Cash (cash, less POP account and Construction Loan) is $2.1M, or $139K higher than last year.
• Cash Flow Forecast
  • Projecting about $100K net share sales in 2022-23.
  • There is no expectation to use the LOC or Rainy Day account in 2022-23.

• Pre-Season Numbers
  • The overall volume is slightly less than last year while the revenues are slightly up.
  • The kids program continues to be strong.
  • Expect to make up some of the gap through continued sales and day tickets.
  • Demand continues to be strong for skiing across the industry.
• Other Discussion
  • Callie’s is now childcare and does not include a skiing component. There was considerable discussion regarding viability of Callie’s.
  • Labor and the resulting costs will continue to be of concern.

10:30 AM  –  Motion to adjourn by Will Kriewald, seconded by Leigh Michl.  Meeting adjourned.

Next Finance Committee Meeting – November 16th, 9:30 AM.

Submitted by:  John Stetson