The Landings Yacht Golf & Tennis Club, Inc. Annual Membership Meeting February 26, 2016 Presentation by:
The Landings Yacht Golf & Tennis Club, Inc. THE LANDINGS YACHT GOLF & TENNIS CLUB, INC. SUMMARY PROFIT & LOSS FINANCIAL RESULTS OCTOBER 2014 - SEPTEMBER 2015
ACTUAL
BUDGET
VARIANCE
PRIOR YEAR
VARIANCE
TOTAL REVENUE
$8,942,138
$8,929,782
$12,357
$9,262,528
($320,390)
INCOME OVER EXPENSE
$765,862
$787,674
($21,812)
$966,978
($201,116)
(BEFORE DEPRECIATION/AMORTIZATION & INTEREST)
-POSITIVE VARIANCE TO BUDGET IN OVERALL REVENUE OF$12,812 -NEGATIVE 3.0% VARIANCE TO BUDGET IN INCOME OVER EXPENSES BEFORE DEPRECIATION/AMORTIZATION & INTEREST
The Landings Yacht Golf & Tennis Club, Inc. THE LANDINGS YACHT GOLF & TENNIS CLUB, INC. FOOD & BEVERAGE - COMBINED FINANCIAL RESULTS OCTOBER 2014 - SEPTEMBER 2015
ACTUAL
BUDGET
VARIANCE
PRIOR YEAR
VARIANCE
TOTAL REVENUE
$1,597,279
$1,590,861
$6,418
$1,604,606
($7,327)
INCOME OVER EXPENSE
($473,478)
($370,876)
($102,601)
($420,745)
($52,733)
REVENUE VARIANCE: -BANQUET REVENUE SHORTFALL OFFSET BY OUTLET REVENUES SURPLUS -NEGATIVE VARIANCE TO BUDGET IN REVENUE FOR HELM CLUB OPERATIONS DUE TO LACK OF EXPECTED BANQUET BUSINESS
INCOME OVER EXPENSE VARIANCE: -FOOD COST OF SALES WERE CONTROLLED AND ENDED THE YEAR AT BUDGET OF 42.6% AND UNDER PREVIOUS YEAR BY 2.7% -BEVERAGE COST OF SALES 32.4% VERSUS 32.2% BUDGET -PAYROLL 75.2% VERSUS 69.2% BUDGET DUE TO BEING SHORT STAFFED AND NECESSITY OF OVERTIME HOURS -OTHER EXPENSES CONTROLLED AND MAINTAINED BUDGETED PERCENT OF REVENUES AT 16.8%
The Landings Yacht Golf & Tennis Club, Inc. THE LANDINGS YACHT GOLF & TENNIS CLUB, INC. GOLF OPERATIONS FINANCIAL RESULTS OCTOBER 2014 - SEPTEMBER 2015
ACTUAL
BUDGET
VARIANCE
PRIOR YEAR
VARIANCE
TOTAL REVENUE
$313,480
$288,953
$24,528
$291,522
$21,958
INCOME OVER EXPENSE
($65,903)
($51,500)
($14,403)
($42,521)
($23,382)
REVENUE VARIANCE: -ALL REVENUE ITEMS EXCEEDED BUDGET -GOLF ROUNDS OVER PRIOR YEAR BY 2,612 INCOME OVER EXPENSE VARIANCE: -MERCHANDISE COST OF SALES PERCENT OF 73.9% VERSUS 67.0% BUDGET -PAYROLL EXPENSE AFFECTED BY EMPLOYEE SEPERATION -OTHER EXPENSE PERCENT OF 23.1% VERSUS 25.3%
The Landings Yacht Golf & Tennis Club, Inc. THE LANDINGS YACHT GOLF & TENNIS CLUB, INC. TENNIS OPERATIONS FINANCIAL RESULTS OCTOBER 2014 - SEPTEMBER 2015
ACTUAL
BUDGET
VARIANCE
PRIOR YEAR
VARIANCE
TOTAL REVENUE
$312,522
$326,077
($13,555)
$344,408
($31,886)
INCOME OVER EXPENSE
($182,973)
($182,885)
($88)
($182,881)
($92)
REVENUE VARIANCE: -SHORT OF BUDGET BY $13K DUE TO TENNIS LESSONS BEING BELOW BUDGET
INCOME OVER EXPENSE VARIANCE: -OVERALL DEPARTMENTAL EXPENSE WAS FLAT TO BUDGET AND PRIOR YEAR -MERCHANDISE COST OF SALES OF 81.5% VERSUS BUDGET OF 80.2% -PAYROLL UNDER BUDGET DUE TO OFFSET OF LESSON REVENUE BEING DOWN
The Landings Yacht Golf & Tennis Club, Inc. THE LANDINGS YACHT GOLF & TENNIS CLUB, INC. MARINA OPERATIONS FINANCIAL RESULTS OCTOBER 2014 - SEPTEMBER 2015
ACTUAL
BUDGET
VARIANCE
PRIOR YEAR
VARIANCE
TOTAL REVENUE
$1,772,782
$1,776,547
($3,764)
$2,060,741
($287,959)
INCOME OVER EXPENSE
$72,998
$18,832
$54,165
$102,897
($29,899)
REVENUE VARIANCE: -FUEL SALES SHORTAGES WERE OFFSET BY SERVICING SURPLUSES
INCOME OVER EXPENSE VARIANCE: -COST OF SALES OF 80.3% VERSUS 83.4% BUDGET
The Landings Yacht Golf & Tennis Club, Inc. THE LANDINGS YACHT GOLF & TENNIS CLUB, INC. ADMINISTRATION & GENERAL FINANCIAL RESULTS OCTOBER 2014 - SEPTEMBER 2015
EXPENSE
ACTUAL
BUDGET
VARIANCE
PRIOR YEAR
VARIANCE
$811,152
$787,593
$23,559
$828,924
($17,772)
-A&G ENDED CURRENT YEAR OVER BUDGET ALTHOUGH UNDER PRIOR YEAR BY $17K -INCREASED MAINTENANCE CONTRACTS AND OFFICE SUPPLIES
The Landings Yacht Golf & Tennis Club, Inc. COMMUNITY PATROL FINANCIAL RESULTS OCTOBER 2014 - SEPTEMBER 2015
EXPENSE
ACTUAL
BUDGET
VARIANCE
PRIOR YEAR
VARIANCE
$319,409
$324,669
($5,260)
$306,253
$13,159
The Landings Yacht Golf & Tennis Club, Inc. THE LANDINGS YACHT GOLF & TENNIS CLUB, INC. GOLF COURSE MAINTENANCE FINANCIAL RESULTS OCTOBER 2014 - SEPTEMBER 2015
EXPENSE
ACTUAL
BUDGET
VARIANCE
PRIOR YEAR
VARIANCE
$835,037
$824,228
$10,810
$755,802
$79,235
-OVER BUDGET DUE TO HIGHER THAN EXPECTED R&M AND SAND EXPENSE
The Landings Yacht Golf & Tennis Club, Inc. THE LANDINGS YACHT GOLF & TENNIS CLUB, INC. PROPERTY MAINTENANCE FINANCIAL RESULTS OCTOBER 2014 - SEPTEMBER 2015
EXPENSE
ACTUAL
BUDGET
VARIANCE
PRIOR YEAR
VARIANCE
$627,632
$604,675
$22,957
$589,279
$38,353
-DEPERTMENT OVER BUDGET DUE TO HIGHER THAN EXPECTED MAINTENANCE AND REPAIR EXPENSES (INC POOL)
The Landings Yacht Golf & Tennis Club, Inc. THE LANDINGS YACHT GOLF & TENNIS CLUB, INC. UTILITIES FINANCIAL RESULTS OCTOBER 2014 - SEPTEMBER 2015
EXPENSE
ACTUAL
BUDGET
VARIANCE
PRIOR YEAR
VARIANCE
$375,926
$382,872
($6,946)
$355,716
$20,210
The Landings Yacht Golf & Tennis Club, Inc. THE LANDINGS YACHT GOLF & TENNIS CLUB, INC. RESERVE FUND BALANCES OCTOBER 2014 - SEPTEMBER 2015
CAPITAL REPLACEMENT FUND
BEGINNING BALANCE ANNUAL CONTRIBUTIONS
CAPITAL EXPENDITURES ENDING BALANCE
$841,617
$1,071,911
$1,079,630
-DERIVED FROM SALES WITHIN THE COMMUNITY THROUGHOUT THE YEAR
REPLACEMENT FUND EXPENDITURES FOR YEAR D-Dock Replacement Pool Renovation Erosion Barrier - Lake Banks Lake Banks - Admin & LHV Painting - Community Wall Pavilion - Picnic Pointe - Replace Tennis Parking Lot Exit Landscaping - General Patio Chairs Workman Toro HDX Lightning System Landscaping - Course Improvements Battery Gas Fryer Court Laser Grading Fiber Optic - Gatehouse Workman Toro Top dresser Computers - POS Dinnerware - Restaurants Upholstery - Compass Rose Blower - Toro Blow Force Water Valve Asphalt - Reseal Admin. Lot Fountain Motor Banquet Chaffers Landscaping - Marina Parking Lot Furnishings - Admin - Conf. Chairs Food Warmer - Two Door Fence - GCM Compound Dredging - Channel Security Cameras - Marina
$296,351 $163,811 $85,140 $81,457 $58,047 $43,440 $28,255 $27,715 $21,818 $21,388 $19,306 $14,311 $13,265 $12,950 $12,479 $11,036 $10,625 $9,324 $8,776 $7,533 $7,500 $7,469 $7,367 $7,191 $5,751 $5,591 $5,484 $5,473 $5,065 $3,957
Awning - Tee #4 Parcel 5 Develop. Survey Chain Link Fence - Marina Maint. Yard Software - POS & Acctg. Bench/Canopy - Stadium/Ct. 1 Shade Shelter Hole #7 Fencing - LYGTC Property Line A/C Condenser - 5-Ton Rebuild Motor - Irrigation Pump House Signage - Sunset Harbor Road Sign Garage Doors - Tennis Shed Digital Phones - Club Porta Cool Fan - Maint. Bldg. Ice Globes HVAC Slicer Paint Marina Fuel Tank Plant ID Program Fence - Windjammer Extension Glass Chiller -WH Bar Electrical Outlet - Main Dining Room A/V Equipment - TV Tennis Office - Renov. Pilings - PT Wood - Wrapped Banquet Display Software - Jonas Table - Stainless Fitness Center - DVR Upgrades Popcorn Machine
$3,890 $3,600 $3,400 $2,962 $2,960 $2,960 $2,925 $2,700 $2,647 $2,482 $2,400 $2,300 $2,122 $2,092 $2,055 $2,050 $2,030 $1,944 $1,890 $1,876 $1,855 $1,777 $1,551 $1,475 $1,415 $1,352 $1,339 $1,297 $690
$849,336
