Mad River Glen Cooperative
Finance Committee Conference Call
May 22nd, 2009
Telephone Conference began at 7:34 am
Attending:, Andy Dulik, Jim Elkind, Ken Frey, Jed Kalkstein, Gary Lange, George Lesure, Roy Liu, Pete Ludlow, Deb Steines, Jamey Wimble, and Lars Bruns.
Absent: Tom Cagnina, Leigh Michl, Jeff Paduch, Eric Schoenholz, and Andrew Snow.
Schedule and Agenda Review
Lars reviewed the objective of the meeting which was to review the proposed budget from Management, review proposed pricing for next season, and supply the Board with a budget recommendation for their June 6th meeting.
Proposed Budget Review
Jamey reviewed the proposed budget and took questions from the group. He discussed assumptions and adjustments from the prior year, as well as adjustments that were made to the overall model that the team uses to predict volume and revenue. The group asked questions and reviewed together some of the expense adjustments that were proposed, and the impacts some of these would have if they were eliminated/reduced as proposed.
“Plan B” Budget Review
Jamey also reviewed a theoretical “bad-case” budget for a season that did not start until early January to understand what impacts this could have to our revenue and expenses. Questions were asked regarding expense risks, fixed/variable costs, as well as overall assumptions made regarding who skis MRG when, in terms of day tickets vs. passes vs. shareholders, etc.
Conclusion, and Recommendation
The group then discussed the overall impression of the submitted budget. In general, those attending felt that the budget was solid, made some realistic assumptions, and prepared for some unfortunate/realistic scenarios for weather and operational maintenance.
The Finance Committee unanimously voted to recommend the proposed budget as-is for approval at the next Board meeting on Saturday, June 6th.
Meeting was closed at 8:47 am.
Treasurer and Chairperson of the MRG Finance Committee