Finance Committe Meeting September 10, 2009
Finance Committee Conference Call
September 10, 2009
Telephone Conference began at 8:02 am
Attending:Andy Dulik, Jed Kalkstein, Eric Schoenholz, Deb Steins, Tom Cagnina, Pete Ludlow, Jim Elkind, Pete Ludlow, Roy Liu, Bruce Button, Leigh Michl, Jamey Wimble, & Lars Bruns
Absent: Ken Frey, George Lesure, Jeff Paduch, & Andrew Snow
Schedule and Agenda Review
Lars reviewed the objective of the meeting which was to discuss the latest industry trends, APR/preseason update, summer camp wrap-up, capex update, August P&L/Cashflow review, rainy day fund balance, and Single Chair mortgage update.
Market and Industry News/Trends
Nothing to note other than a pending court case at a ski area out west may impact the industry regarding ski helmet usage by ski patrollers.
Preseason/APR & Summer camp Update
Preseason sales and APRs are on schedule at the same level as last year.Our summer camp program broke even, according to plan given the tough economy.
Summer work update
Capital projects are completing under budget.There is some more work to do on the bridges, roof repairs are complete, and basebox matting is due to come in shortly.Rentals are all set, and the double chair bullwheel bearing replacement is now complete.Fuel fill projects are complete.Jamey will likely be re-purposing unspent previously allocated summer project funds for electronic power filtering equipment to help improve the Cooperative’s power rating from GMP to reduce our costs.The first phase has a $3600 price which will help with our off peak demand.The payback on this is less than one year.The second phase costing ~$16k is to be planned for next year, this will address our power rating for our on-peak periods.Payback on the second phase is about 30 months.The team also discussed some potential other usage for unspent funds including other items on the summer project list such as windows and maybe bar stools.Jamey will assess this at his discretion for spending up to the total capex amount approved earlier in the year.
June P&L and Cashflow (Rainy Day fund) Review
Cash position is holding firm and per plan.With the next fiscal year we plan to break out the rainy day line item for visibility.The Finance Committee is comfortable with the current cash position and projected year end cash position as discussed on the call.End of year cash is projected to be lower due to advance and prepayment of advertising and GL insurance costs to obtain lower rates for the coming season.
Single Chair Pledges and Mortgage Update
<![if !supportLists]>· <![endif]>Jamey noted that we currently have ~ $30k in outstanding pledges from 2008.Single Chair Mortgage balance is about $67k at Northfield. Payments down to $600/month.We may have an opportunity to pay off the Single Chair mortgage by year end if 2009 pledges (planned to be ~$100k) come in.
Numerous varied questions were posed and answered regarding line items in the P&L and balance sheet.
Lars closed the call by thanking the FC members for their time and reminded them of the Board mtg on Saturday @8am in the basebox.
Meeting was closed at 8:39 am.
Treasurer and Chairperson of the MRG Finance Committee