July 6, 2012
In the September 2011 newsletter the City published the following statement: “The City golf course has shown positive cash flow from operating activities since 2005 and even had a cash surplus of over $90,000 in 2009.” This statement refers to a section of the Statement of Cash Flows in the City’s audited financial statements that addresses much, but not all, of the overall financial position of the golf course. While the statement is accurate as it relates to operations, for some it created the impression that the golf course, as a whole, was profitable. This was not the case. The golf course receives an annual subsidy through tax dollars.
Due to questions surrounding the financials of the golf course, the City Council has assigned an ad hoc Golf Course Finance Advisory Committee with analyzing the history of the golf course and creating a summary for residents. The committee hopes to have this completed by year end. Questions and concerns can be sent to Councilmember Gary Gygi, who leads the committee.