Golf’s pe­riod of con­sol­i­da­tion

Yarrawonga Chronicle - - Front Page - BY ROBERT MUIR

Yar­ra­wonga Mul­wala Golf Club Re­sort must en­ter into a pe­riod of fi­nan­cial con­sol­i­da­tion for up to at least three years ac­cord­ing to unop­posed, re-elected pres­i­dent Gil Cunningham.

“This has al­ready com­menced and the bud­get for 2018/19 pro­vides for essen­tial cap­i­tal ex­pen­di­tures only, not­ing it is im­per­a­tive that we main­tain the in­tegrity of the golf cour­ses, im­prove ac­com­mo­da­tion rates and in­crease gam­ing rev­enue,” he stated in his re­port for last Thurs­day night’s An­nual Gen­eral Meeting.

Mr Cunningham’s com­ments fol­lowed the club’s fi­nan­cial loss for 2017/18. He was pleased to state a trad­ing profit of $1,331,095 for the last fi­nan­cial year. “How­ever, with the in­clu­sion of our de­pre­ci­a­tion sum of $1,972,330 the profit and loss state­ment shows a loss of $641,235.00. The club’s debt is $1.725 mil­lion,” he said.

“We ex­pect the level of cap­i­tal ex­pen­di­ture on essen­tial items to be ap­prox­i­mately $1 mil­lion per an­num.”

A to­tal of 201 el­i­gi­ble vot­ers at­tended the AGM. “It’s a great turn out,” Mr Cunningham said. He de­tailed the to­tal of $1,861,000 spent on cap­i­tal im­prove­ments and the re­place­ment of as­sets around the club.

This in­cluded the $860,000 bistro up­grade, gam­ing ma­chine re­place­ment of $479,000 and $176,000 of the 45-hole golf course com­plex in­clud­ing machin­ery re­place­ment pro­gram, new paths and drainage works, and $80,000 la­goons area for which 11 fu­ture wed­dings have been booked.

Com­ment­ing on the bistro and kitchen fa­cil­i­ties, and other mat­ters, Mr Cunningham said: “I think you will all agree it looks great, is func­tional and well over­due.

“The whole fa­cil­ity is great – the three golf cour­ses, bowl­ing greens, cro­quet green – we have a great team of ground­staff. We’re host­ing fi­nals and cham­pi­onships.

“For var­i­ous rea­sons, this year our gam­ing rev­enue was $60,000 less than our pre­vi­ous year’s re­sult. The gam­ing in­dus­try showed a down­turn across the board dur­ing the 2017/18 pe­riod. The pur­chase of new machines and the in­stal­la­tion of a side door en­trance have sig­nif­i­cantly turned the num­bers for 2018/19.

“We are look­ing at ways to im­prove our oc­cu­pa­tion rate in our rooms which has been af­fected by the new wave of ac­com­mo­da­tion that has in­fil­trated our town.”

Sig­nif­i­cant im­proved rev­enue from im­proved sys­tems and up­grad­ing room fur­nish­ings in­clud­ing bed­ding are ex­pected for 2018/19.

In con­clu­sion, Mr Cunningham ex­pressed his thanks and ap­pre­ci­a­tion to fel­low di­rec­tors, staff and vol­un­teers for their work and sup­port.

YMGCR’s man­age­ment line-up for 2018/19; back row, from left, di­rec­tors Steve Buck­ley, Don Pres­ley, cap­tain Dar­rell Lynch, vice-cap­tain Peter Warner and new di­rec­tor Wendy Dick­son. Front row; di­rec­tors An­drew Shell and Barry Cocks, Pres­i­dent Gil Cunningham, Vice Pres­i­dent Lau­rie Bridge­man and act­ing CEO Peter Savy.

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