Board Book 2023

We had a brief discussion relating to the Payroll, Taxes and Benefits line of the Board’s Summary and the challenges surrounding inflationary pressures on labor costs. We will continue to monitor trends in this area and make sure we are managing to budget. Another item to monitor is member participation in club events as consumers are forced to make decisions regarding their discretionary spending. Some highlighted items on the Metrics Report included the Dues to Total Revenue ratio and the Full Time Head Count. We emphasized the fact that the Dues to Total Revenue goal of 55% is a long-term goal. Reaching the 55% goal will reduce our reliance on members’ discretionary spending. The year over- year increase in Full Time Head Count and FTE’s is a positiv e sign that hospitality workers are returning to the labor force.

New Business:

No new business items presented.

Finance Committee Action(s) Capital Request(s): The following capital requests were presented to the Finance Committee:

 Replacement of sod in winter-damaged areas at a cost of $83,621.53;  Replacement of greens covers at a cost of $77,381.65;  Purchase of TrackMan Launch Monitor at a cost of $26,114.88;  Replacement of vibration plate at Fitness Center at a cost of $12,063.69; and  Purchase of portable digital signage at a cost of $5,381.47.

Total cost of all projects presented was $204,563.22.

On a motion by David Potts and seconded by Eric Portman, the Finance Committee unanimously recommends the Board approve all five of the capital projects listed above.

There being no further business, the meeting was adjourned at 8:55 a.m. Next Finance Committee meeting scheduled for Friday, June 16 at 7:30 a.m.

Respectfully submitted,

Scott Sperry For the Finance Committee